THE ANALYSIS TRUST (CIO) BIPORT AND FANCIAL STAIEMEN YEAR ENDED 31ST DECEMBER2024 CHARITY NUMBER: 1195108
THE ANALYSIS TRUST (CIO)
PAGE I
FINANCIAL STATEhlENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
REPORT OF TILE TRUSTEES
Thc TTllstee, present their a[U1 report aDd financial staierDents forthe ye4r ¢nded 31# December 2024. The financial
ststements haye E¢eD prepared in acc4)rdance with the accowiting polieies get out in nore I to the ac¢outts aTkd corDpIy
th th¢ ebaTity's lYu dee the CbaTities Act 2011 and Accounting and Reporting by Charities: StatEment of Reeon]niended
Practice applicable to charities preparing their accounts ID accordanc¢ with the Financial Reporting St&ndard appiirable
thE UK alld Republic of lTeland issued Ottor2019 {effectitre Isi January 2019).
CHANGB IN LEGAL STATUS
Dwing 2021 the eharty changed its legal status from an unincotwthl Tr( cotL8tituted Und a Trust Deed dated 1974,
hwity registration nutllber 325126. to a Charitsble Inc4)rled Orwi5atiOD (CIO). ¢1)8rity rewion number 1195108.
The change took effect on 8th July 2021, at wbith wjint all ets, ruouTces rights were traDsfeTred to the CIO.
The fonner unin¢oTporated Trnst w&s closed on 8th Juty 2021.
OBJECTS AND AcTIVIs FOR THE PUBLIC BENEFIT
The main objert ts the promotion and dissemination of philosophy of the highest qual1tythr0u supporting Systematic
Study of philosophy.
The Trustees h&ve publish¢d the j(Ktrnal'Analysis' to provide additional fjjnding to SUPEth and continue the fitrtherénce
of their obj¢¢ts. There have been no thaDg¢5 this year.
We have ref¢rrEd to the guidanc¢ CQDlained in the Charity CoMMl0n.S general guidaDce on public benefit wh¢D reviewing
aims and objective5 alld in planning our fvture activities. ID particular. th¢ Ttee8 consider howpl8Dlled activities
wdl contribute to the aims and objertives they have set.
GRANT MAKfNG POLICY
Thr Trllsi has established its wt makittg policy to achieve its objects foT1h¢ publtc benefit.
ACHIEVEMENTS AND PERFORMANCE
Duringih¢ year Trustees nOd that tbey had charttable [Pay]llents &8 per Dot¢ 6.
During tbis year the Trustees are satisfied that tbey have continued to opuate within theirobje£tives.
FANCIAL REVIEW
The CIO had income of £78,489 (2023.. £81,896) aDd all excess of incoxne over expenditttre of £9.764 {2023.. £24,659).
The reised and UDr¢alised gains on investtnents in the year £80,431 (2023.. £63,606).
INVESTMENT POLICY
It is the policy of the TDJstees to invest the reserve3 in a globally di7rtrsified investment portfolio. Details and rntio11e
aT¢ given in our policy document'Anatysis Inv¢sl Policy..
RESERVES POLICY
Sllfficient funds kept sn iovestments to gellcrate adcquate Kecurrillg income to cover the rtcurrtng nwiagement and
a
THE ANAL.YSIS TRUST (CIO) PAGE 2 FINANCIAL STA TEmE[S FOR THE YEAR ENDED 31ST DECEMBER 2024 REPORT OF THE TRUSTEES .....JCONTINIJED PLANS FOR FUTURE PERIODS The Coll1[ a]5 to continue its charitable exw)dibJre, while secwing the Trust's long lenll inc4)Tne againstthe risk of dimiDishing iDcome from OUP and increlsed nttming ecksts forthe Jo11. STRUCTURE GOVERNANCE AND MANAGEFdEN GOVF.RNfNG DOCUMEN The charity was originally formed Lmder aTr Deed in 1974. It 15 now as a CharitAble Incorporated organition. Th¢T¢ shall be no 01t than 4 OT Icss than 3 TJwtec5. have responsibklity for th¢ custody of the ats of the eIrity. The generdl ]nanagenMit Aud control of th¢ CIO i5 vested in the Conjmittee of Analysis who appoinl n FAlitor for the journal'Anatyryi5'. APPOINTMENT OF TRUSTEES The Cornrnittee of Analy5As powers to appoint OT Ternov¢ Tru. TRUSTEE tNDL'CTION AND TRAING The nawre of the cbarity is su¢h Trustee8 att by e of their occui)ati¢)D5 well versed iti its chaTity's activitÈ¢5. The Ci)Dunittee of Ana]ysis is responsible for en5wing that aTe falniliar with Chlty and Tegulations. ORGANISATION The CIO 18 nuE by th¢ TnreeS who meth annually delegatiDg the manwent thmugb Ihe seuetary of th¢ rnaJagement conunittee. TrLJ5te&q are appointed from any n(MuiDations rec¢iv¢d bi'tbe management CO1¢c. The management QlJ]]llittEe makes practical decigiots ill relation to the activities which are CO4ordiuated by the secretary. Thc D]anag¢ment cornmittee e unpaid. The CTO is known throughout the academic world for its work aThl n]akes the avatlabilty of awards known in its journal. Applications are scrutiDis¢d by a colljmittee alld lljade in accordaoce with its views. KEY MANAGEMEKf RENUMERATION POLICY The"[ntee5 Gonsiderthenuelves as Comprising the kcy MwJ#g¢mentpernllel of the CIO. All trustees give of their time fr¢ely and no reMertiOn was paid to Truste&s. REFBRENCE AND ADMtNISTRATIVE INFORMATION TRUSTEES.. Ptofe550r J Saul {Chatr) PrOf0r T William50n PrOf0r R Keefe Pmf4ssorN Sbackel COMMITTEE OF ANALYSIS.. Dr C Be&80 Dr D Debus Profeqsor A Hills Dr J Holro>d Professor R HoltOD Dr CT Kae DrA Mabtani Professor H N(K)tW Pmfessor R Pettigrew DrJWay Profr&wr R Wedgwood Professor R Williams Dr F Woollard Dr J Suikkne Professor M NIassimi DE R Zbejjg SECRETARY TO THE TRUSTEES: Prof&ssor B Colburn PRtNCIPAL ADDRESS.. 7 Linthay Place Gl&8gow G120HU CHABJTY BEQISTRATION NUMBER.. 1195108
THB ANALYSIS TRUST (CIO) PAGE 3 FINANCIAL STATEMENTS FOR THE YEAK ENDED 31ST DECEMBER 2024 REPORT OF THE TRL.bTEES ..... REFERENCE AND ADMINISTRATIVE INFORMATION. coDthiued National WesM)i¢¢I Bank P 10 Benc Stre Cambn'dge CB2 3PU AUDITORS.. Pmtis & O) tLP ch1 A¢countaDts & StaCeY Auditots 115c MiltoD Road Cambridge CB4 IXE INVESTMENT MANAGERS: crIeS Stsnly & Co Limitwl R&v¢Tr5croft Hous¢ s61 Rcgent Street Cambridge CB2 IAB TRUSTEES, RISPONSLBILrrIES IN RELATION TO THE FINANCIAL STATEME1s Thc Trltsttes aTe rGsponsible for prepaTing a TThstees' An] Rwrt 9d fiTRnGi&l state)r¢nts ill 0rd11C with appllcttble law and Unitrd Killgdom Accouttting Stdards ILDited Kingdom GEDEralty AGC¢Pted Aontilg Prncti¢e). The law wlicable to ch&riti&5 in EnglaDd and Wale5 requisc5 thr cnarity Tntsi¢es tOPTepare finau¢i&lstatements for eacb year wbich give a true and fair view of the stale of affairs of tbe cbarity ofthe incDming rc50twtts w)d applications of resource5, ef the charity forthatpeTiod. In preparing the financial sTrtei]cnts. the Tn]stes are Kquired io: - seleLt suitable accounting policies aml then ffpply them ¢onsistenty - observe the rnEtho- and m¢1p1¢S in the applicable Chlrsties SORP - llthke judgements and estimat¢s that are reasonable pnvlLt - ¥tatB wh¢ther applicaS1¢ account8 stsDdards hav- b¢tD follot4 5ubj¢¢tto any mat1>1 departu di8closed aTKI explained intk fi]]ancial ststctn¢nts - prepare tb¢ finanCl ststen]etts OTr the going coeM b15 unlw it ts inappropriate to pre5um¢ that the charity will CoTJtlle irj busines5. The Trustees aTe Tespun5l1e fkeeping Rccotmting recofds thatdisclose with reasonable accuracy at any time the fiLan¢ial position of the charity and to Enable thgm to ensLwe thai the fina]8 St8tED)ents comply wlth the Charities Acl 2011, the applicable Charitie8 (Accoullts aDd Reporrs) Regul3ti0]4 w]d thB pjtsvisiorns of the Trust deed. They ar¢ also re8p0ts5iblE for safeguardiD¥ th¢ ass¢ts of the clwity aud for tskillg 6trPS for the Pre1th0 YJHI detec4ion of fr&ud aud otlier trregularities. The Trustees are re5PX)Dsible for the MatteaTCe and illtegtty of th6 thity alld financial illfoTmation included on the Gh8rity8 website in accordance with legislation ID th¢ United Kingdorn governing the preparation alld di$slation of fiTiCial slmtements. Approved by the Trubtee8 on d $igned thcit behalf by.. IE S42oLS SAUL TRUSTEE
THE ANALYSIS TRUST (CJO) PAGE 4 FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ANALYSES TRUST (CIO) We have audited the finaDcia] statemuts of The Analysis TnLSt(CIO) for the Y ded 31st J)ecember 2024 wbich Comprise of tbe Statement of Financial Activities, th¢ Balauce She¢L SÉateDJent of Cash Flows and notes to the financial statements. The fin8]]cial reporting framework that has been applied tn their preparation is applicable law 8nd UnÉted Kingdom AccotIng StaLdards, including Finaticial Re)rting Standard 102 The Financia] Reporting Stsndard applicable in the UK and R¢public of trelaDd' (United Kingdom eallyACCepted AecountiDg Practice). In opinioo the finaucial sW¢ments: giye a true and fair view of the state ofthe clwity'5 affaits &$ at31st DeccJllber2024, and of its surplus for the year then ended,. . haye been prowly prepared in aecordance Ivath UDitrd Ktngdom GeneT&Ity Acceptyj AccouDtiDg Practiee. and . have been Prepared in ac¢ordance with the requirern of the Charities Act2011. BASIS OF OPtlilON W¢ conducted our audit irn accordance with IntentIo] StsRdards on Auditing IUK) (ISAS (UK)) and applicable12W. Our respon51bilities under th0 st8ndard5 further desctibed in the Auditovs resp(msibiiities for the audit of the f]nancial statenients section of our report. We are I[Edndt of the cbarity 4CQQTdaucE with the ethical requ1ments that are rel2vantto audit of the financia] statements in the UK, includiDg the FRC'S Ethi(xl Stsndar4 and the provisions &vailable for sma]l enttties, in th¢ circumstances set out in note 7 to the fin8ncial statements. we have fiLlfilled Ollr other ethical r¢sponsil)iliTies in &CCOEdance with these wuir¢ments. We lieve that the audit evidenc¢ we have obtsill is sufficient and appropriate ro provid¢ a basis for our OPiDiOtL CONCLUSIONS RELATING TO GO]NG CONCEIiN In auditing th¢ financial statements. we have couched thatthe trijstees us¢ of the gving ¢oncernb&sis of accounting in the prqjardtion of the financial statements is appropriatr. Based on the work we bave perfornrf we have not identified any material UerIllti&% relating to events or cijnditions thaL individually or collectively may cast Significant doubt on thc chaT1S abilityto continu¢ as a goittg concern for a period of at least twelve months from when the fllMllci&I ststrmettts are authorlsed for issue. OLrresponsll)ilities aDd the responsibilities ofthe tsILStees with resp¢ct to goitig ColeM are dtscrikd inthe relevani sections of tbis r¢porL OTHER INFORMATION The oth¢r information comprise5 the iDfonnation includ¢d ID the TTU5tee5' Annual ReporL other thallthe f1)¢131 ststements alld olr auditor's report thereon. Tbe truste£s are rESp0mle for tbe othEr lE&omtiOll. Our opinion on the fjnallcial staterneDts does not cover the other information and, except to the extent otherwise expli¢itly statrd in our report, we do not expre&8 ally fomi of a&surallce couclusion th¢TCOU. lu (onn¢ctiQD with our audit of th¢ fin}cial State¢ts. our iesponsillIty is to read the other information and. iti doing 50. con5idcr whethe.r the other infonDatton is materially inconsistent with the fitwicial staten]Ents or ourknowl¢dge obtained in the audit or otherwise appean to materially tsststed. If we identify such material inconsistencies or appsrelltllAlerial l55tents, we are required to determtne whether there is a ujaterial Tnisstatemeut in the finala] statemeDts or a material IDisslatenMrt of th¢ otheT infomiation. If, b&8ed on the work we have perfonne4 we conelllde that there ts a mtttsrial misgtatement of this other illfornMtiO we Hre required to report that facL We have nothing to report in this regard.
THE ANALYSIS TRUST (CIO) PAGB 5 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 )EPENDEvf AUDITORS, REPORT TO THE TRUSTEES OF THE ANALYSIS TRLST (CIO)..... CONE MATTERS ON WHICH WE ARE REQUtRED TO REPORT BY EXCEVfION We have nothing to report in respect of tbe following matters where the Charities Act 2011 TVqUiE8S US to reportto you if, ID our opinion: . the infort]Tration given in the Trvste¢s' Annua] Report is illCODsitht in ll)4terl wct with the financi&l st&iements,' or th¢ ¢harity hes not kept adequat¢ ac¢ountiDg r¢ci)rds" OE . the fjn8tttial statements are oot tn agreernt wtth the accountiDg TeLX)rds and rebjrns. or . we have not r¢cuiYed all the iDfoTmation and explanations we rwire for ow audit. RFSPONSIBILITIES OF TRL'STEES Ag explained more fully in the trustees. responsll)ilities s¢atem¢nt in the TnLStees' RestM)nsibilitip& statement on page 3, d ttEeS are Tesponsible for the preparation of the financial statetnents and for belug satsfied tbat they give a tru¢ and faiT view, and for such lDterll control &8 the trustee5 deteThuine ts llccessary to enable tbe pr¢paratioa of fillClaI statements that free fro material mi55tatemenL whether du¢ to fraud or ernTrr. In pr¢paring the fancIal staternenw the Inte&S are re5Fonsiblc for &8sessing the chatitys ability to continlle &s v4 going cimcern. dis¢105in& as applicable, mattets re]ate41 to going coticern and the going con¢¢rn basis of accounting unles5 the trustees either inteDd to liquidate th¢ chaTity or to C¢a5¢ OF¢TatiODS. OT have Do rea]r5tic alternative but to do w. The trusttts bave elected for the financial stat¢ments to audsted in awdanc£ witb the Chaxities Act 2011. A¢¢ordingly. we bave F*en appointed as auditOT ullder sectioll 144 of the Clwitie5 Act 2011 and re in acc<)r regulations made der s¢ction 154 of that Act AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FIN'ANCIAL STATEMENrs Our objectives are to obtain re¥Asonable &ssurdllee atrKJut wbether the finencial starements whole are free from nAaterial misgtatemenl whether due to frdud or ¢rn)r, aud to issue a Report of the Auditors that llicludes our opinion. Re&40nable assurance is a high level of assurance: but is not a guarall that an audit conducted in accordimce with ISA'S (UK) will always detsct a material missiat¢u)ent it ¢xi8ts. Mi551ateDients cau arise from fraud or ern)r and are considered mataial ic individually OT tb¢ awe8ate, they could reasonably be expectedto influence the ec¥Jnomic decisions of users taken on the basis of these financi8] slateni¢nts. ITregulariti4 illiluditig frau( are instances 0fnoDOlnp1iaTrtt with law5 2Dd regulations. The priDJary respoDs11Trility for the prevention and dettion of irregularities includiDg fraud rests with both the n]anagement and those charyed with governance of the charity. We desigll procedttres iti ]me with our respoJLsibilities. OUt]iDed abov¢, to d¢tect nnteria] misstatements in respeGt of Irregulariti including fraud. Tb¢ ¢Krt to wbicb our PTo¢edurts are capable of deterting irregularities, illcluding fraud is detailedbelow.. We have considered the Ttature of the indiL8ty and sector, control enviTonmenL law5 and regulations and b]nesS perforniae of the cbtirity, including the Ch5 reMeration pKJlicies. Laws aud regulati(FDS C4)llsidered includeiL wer¢ T)Ot limited to, the Chatities Act, and Chariti¢s SORP We have enquired MTth th? maDagemenl iUTegards to their owll $¢&tCt ofthe risks of iTheguI]tieS, including fral. We also enqU¢d 0fmaDag0II aDd those charged with g0venlatt a5 to 8JJy known instsnces of non-complimce or suspected non.¢oTnpliatice with laws aDd regulations. We Obtaed relevant diKwn¢ntatil)D alld repre5elltatiOll5 in order to form an opinion onpotential Irregu11t1es, including frau(L We considered the OPPOEtuuiiies and incentives that may exist within the OTganis&tion for fraud. Based ollihis understanding, we designed specific audit prOCedw to idelltrfy instan¢es ofnoll-compliance with laws &ttd regulations, including obtaining additional wrrobor&ive ¢vidEnce required. Examples of PTocedures includedreviewing large and ulluSu transactions and reviewing large and unexpected varianc¢s.
E ANALYSJS TRUST (CIO) PAGE 6 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 INDEPENDENT AUDITORS, REPORT TO THE TIiUSTEFS OF IHE ANALYSIS TRUST (CIO)..... CONT There are inherent limitstions in the audit prcthlures desenl)ed on page S. not le&st as sampling i5 used under Inl¢nJ8tional Auditing Standards. therefore not all transactions are reviewe(L Therefore ther¢ is a risk w¢ will not det¢ct all irregularities including those leading to a nmterial mi&stsiemellt in the fitwieiai ststements or non-compliance with regulatio. The rigk of not deteding a material LUi5St4frm¢ot du¢ to fraud is a]50 bigb¢r thall the risk of not detecting one from eOr, 85 fraud may involve delib¢rate Goncea]ment by, for exapIe, forg. coll10 omission or tntenttonal rnisrepresentAtion. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINTANCIAL STAIEMENryS In addition. w¢ Gcnsidered provisions of other laws and regulations which do ]Trothave a diTe£É eff¢cr on the fllwwial 8t8temcnts. but compliance which rnay be fUdthI for the cbarity to 0. RolevaDt identified laws and regulations were communicat¢d within the gernet team so they remained 8Jert tioughout the audit for indications of fraud w ncAI-compli8nc A fiwth¢r des¢ription of responsibilities fi)r the audit of the fin¢11 statejnents 15 lOted on tbe Fitiattcial Reporting Council's website at vrnw.frc.0rg.uklaudit0rsr&8>nslbI1lties. This descriptioll forn)s part of our Report of the Auditors. This report is nde solely to the chantys trnstees &q a bcxly, iti acujrdonce with Stttions 144 and 145 of Chariti¢s A 2011. Our audit WO h&$ been undenaken so that we migbt state to the charity5 those Tllatters we are required to 5tste to them in an audltor's report and for no other poSe. To the fiest extentMItted by law. we do not ac¢ept or assume responsibil]"ry to anyone othertban the clwity and the charitys t[st¢eS as a body, for our audit worK for thts rqiorl or for the opinions we have foTrn¢d. NIGEL A PRENfIs FCA {Senior Statutory Auditor) FOR AND ON BEHALF OF PIiEN'I'IS & CO LIF CHARTERED ACCOUNTANTS & STATtrroRY At]DrroRS 115¢ Miltott Road CaTllbridg¢ CB4 IXE Iilh aS8E 201 Prenti5 & Co LLP ts Eli8ible to act as an auditor in tcrnls of scction 1212 of the Cmpanies Act 2006.
THB ANALYSJS TRUST {CIO) PAGE 7 FANCIAL STATEMENTS FOR THE YBAR ENDED 31ST DECEMBER 2024 STATEMENT OF FINANcL ACTivmES Uurestricted Unrestricted Total 2024 2023 FNCOME FROM.. Invpsttneat iDrom¢ Charitable activities 9,596 68.893 73.996 TOTAL INCOME 78,489 81.896 EXPENDITURE ON.. Charitable Activities - Journal expenditure - sdentshIpS and graTtts TOTAL EXPENDITURE 37,564 31,161 27,436 29,801 68,725 57,237 NET INCOME AND NET MOVEMENT FUNDS BEFORE GAINS ON ENVESTMENrs 9.764 24,659 Gains OD inv¢s¢m¢nts 86,431 63,606 NET MOVEMEKr tN FUNDS FOR THE YEAR 96,195 88.265 RECONCILIATION OF FUNDS: Total fimds broug forwdrd Totrdl fimds caTried forward 725,965 637,700 725,965 822,160 The notes on pages 10 to 14 form part of accounts.
THE ANALYSIS TRUST (CIO) PAGE 8 FNANCIAL STATEMENTS FOR THE YEAR EYDED 31ST DECEMBER 2024 BALANCE SHEET Notes 2024 2023 FIXED ASSETS Inve5£Tnents 728,924 635,673 CURREhY ASSBTS D¢btors Cash at bank and in hd 41.491 50,968 41,738 52,324 95.459 94.062 LL4BILITIES Creditots.. Duo wlthiD one year io 3,770 NBT CURRENT ASSETS 93236 90.292 NET ASSETS 822.160 725.965 Unrestricted fitnds 22.ItS0 725,965 The finanGial 81aÈem¢Dts approwl bythe Tnjstees on IÉ 2c)IS and signed its b¢ha]f. J SAUL TRUSTEE The uotes on pa8es 10 to 14 forni part of th¢s¢ acc4uDts.
THE ANALYSIS TRUST (CIO) PAGE 9 FINANCIAL STATEMEwfs FOR THE YBAR ENDED 3 1ST DECEMBER2024 STATEMENT OF CASH FLOWS Note 2024 2023 Cash flows frorn operating aclivities: Net C&8h used in operatillg activities 1.868 20,019 Cash flows from investing activitiw.. Inler¢5t and divide Furchase of investnents Transferred fronV<to) capital account Sale of itive4itutnts 9,596 (6.820) 7,900 {06,028) 34,810 25.701 Nei cash used in investing activities 2.776 2.383 Chan¥e in cagh aud ¢quivalents in the year 22,402 Cash and cash equivalents brougbt foThv C&8h and ¢&sh equivalents caTried forwaTd 52,324 29,922 56.968 52,324
THE ANALYSIS TRUST (CIO) PAGE 10 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 NOTES TO THE FfNANCL4L STATEMENTS ACCOUNTING POLICIES (al BASIS OF PREPARATION AND ASSESSMENT OF GOING CONCERN The fjnancial ststements have beeu preparni UlldeT the histori cosi conventiorL with itrms rewgnised at st or transattiQll value uuless otheTwise 5tst¢d th¢ l¢Vallt notes to these fjnJnci8] gtAtements. The fitwncial statements have been prepared in accordance the Statem¢nt of RecomendedPTacti¢e." Arxouuting alld Reporting by Cbarities prqyariDg their accoullts in rdance with the Financia] R¢poTting Statth applicable in the UK and Republic of IrelaAd (FRS 102) tS5ued October 2019 (effective 1st January 2019) and the FinaTKial RqM)rting Stsndard opplicable in the United Kingdom and Kepublic of treland (FRS 102) and the Clwiti&s Act 2011. The Trust constitutes a public tr*Defit entity &$ defineAJ by FKS 102. The Trustees consider that there are no tilateri uncertainties atrKsutthe TnV5 ability to continue as a going con¢ern. (b) fNCOME RECOGNTfioN All incorne is recognised once tbe eTrJarity b&s entidement to tbe income, it l5 pmbabk Ihat the income will be received and the oUnt of income can be measured reliably. (cl EXPENDITUILE RECOGNITION Liabilities are recognised a% expendirure &% soon a8 there is & legal or wnstructive obligation cojnmittingtbe charityto that exp¢nditure, it is PTob&ble that settlellleut will iequirtd and the amount of obligation Cart be llhe&sured reliably. All expenditure is accounted for OD accrua15 basis. Charitable support expenses and govern8nce costs include all expenditure not directly rel8ttng to the chaTithle activity. (d) IRRECOVERABLE VAT trrecoverdble VAT 15 chged against the expendibjte kn]g for which it was incurretL (el ALLOCATIOfv OF SUPPORT GOVERNANCE COSTS Siipport costs hav¢ been all(Kaied Ethveeu governance costs alld other support costs. Govern¢¢ ¢osts COEDprise all costs involving the public accountability of tbe Ch[51 and it covupli8nce with regulation and good practice. These costs include costs Telatedto statutory audit and legal fees together with apportiomnent of overhead and support Costs. Governance costs and ort costs relating ÉO c]witsble activities bave been apiknioned based oll the number of individual grant awards made in recogDitiOD that the adtllinistrative costs of awardingi monitoring and assessing rEs¢8r¢h graTht4 s8]ary support grall postgraduate scholarships are broadty equivalent. The allocati<m of support a] governatKe costs is anatysed in note 5. (fj CHARrrABLE AcfivITtES C¢)sts of char&table activities include made. 8overnanLY C05t and au ¥4PPOrtionment of support costs as showll iu note 4. Igl FIXF.D ASSET INVESTMwr tnvestn)¢nts are a foTrill of basiG fiDanria] iDStnunrnt and 8r¢ mitially tEcogThi5ed at their transartion val aDd Subsequently Mured at their fair value as the balance sheei date using the closing quoted market price. The Stat¢m¢nt olFiDaDcial Activitie5 includes th¢ ll¢t g4[S atid lo arising on th¢ Tevalu3tioD and disposaI throughout the year. The Tr[ does t)ot acquire Option4 derivatives or other )mpleX finaDGiai instrutllettts. The maiD form of Fu)8nci81 risk faced by tbe charity is that of volatility in equity Tnarkets 8nd investhiettt tnarkets due to wider economic e4)ndition4 the attitude of Int0[S to iTrv¢stmellt IISK and changes in selltiment concerning equitie5 and within pthicutar ¢torS and Sub Sectors.
THE ANALYSIS TRUST (CIO) PAGEII FINANCIAL STATEMENTS FOR THE YEAR EIDED 31ST DECEMBER 2024 NOTES TO THE FfNANCIAL STATEMENTS (h) REALISED GAINS AND LOSSES All gains and losses are tsken to the Statement of FIrl(la1 Acttvtties as th¢y ari%. R¢aliged gains and I0eS on inv¢stsnents art c4lcu]gted Ls th¢ differen¢¢ b¢twe¢D sa]es proceeds and their Op¢nu carrying value or their pwcbase value if acquired subsequent to the first day of the finwJGial year. Unreali5ed gains aud I1£S are caicuiated as the differellc¢ b¢ts¥¢eD the fair valu¢ d the year end and their value. Realis¢d and wJr¢a]i5ed inve3tmeDt gains and losse5 atr co]nbined in the StatEment of Financial Activities. RELATED PARTY TRANSACTtONS AND TRUSTEES. EXPENSES AND REMUNERATION The TTUSt¢es all give fre¢ly theiT time and expertise without pny forni of reuwll¢rntioll or otberbenefit i ¢ash orkind (2023. £Nit). Exp¢ns¢i paid to the Trnstees duriug the year totalled £36 (2023: thiI). INVESTfvtEKF INCOME 2024 2023 Int¢re5t Dividends 35 9,561 106 7,794 9.596 7,900 ANALYSIS OF CHAIUTABLE EXPENDrruRE The charity uDdutakes its chaTitsble 3ctivitie5 thTough grant TnakiD8 alld awarded grants to a number of i]xlividuals a[ instilutions in furtheratKY of its charitable activities. Current Year Support fimded governAn¢e activity costs Tot)I 2024 Funded frnm unrestyicted fids. SDJdentship awards CoDference grallts Totsl charitable expenditsjre 17,375 3,441 9.310 1,035 10,345 26,685 4,476 20,816 31.161 Prlor Year Support fitllded govemmce activity osts Total 2023 Fded from unrestri¢t¢d fimds: Studentship &Wdtds Conf¢r¢nc¢ grJnts Total charitable expenditure 17,375 3,048 8,440 938 25,815 3,936 20.423 9,378 29,801
THE ANALYSIS TRUST (CIO) PAGE 12 FINANCIAL STATEMENTS FOR THE YEARENDED 31ST DECEMBER 2024 NOTES TO THE FtNANCIAL STATEMENrs AtLOCATION OF GOVERNANCE AND SUPPORT COSTS The breakdown of supwt Costs and how these were allwated betweett governance and other Support ¢ost is shoMTr in th¢ tabl¢ Fxk)w: Current Ye#r TotLI GovernanL% SUPWt allocation related cost Ba515 of apportiQDTtLent CO Type Secretarial costs (S) CornD]ittee travel (15%6) miscellaneo (50/) 8,276 1,552 517 1,656 310 103 6.620 Pro-rats to support C05ts 1242 Pro-rata to SUPPQrt wgts 414 Prrata to support costs 8276 (80Y.I 10,345 2,069 (20Yo) Prlor Year Other support cost B&sis of apportiODmenÉ Totsl GoVern8C allocation related Cost T)pe SecTetsTial cost5 (Str) Committee travel (15Yo) Mis¢¢llangous (5QA) 7.502 1,407 469 1.5(NJ 281 6.002 Pro-rata to support ¢osts 1,126 Pro-rats to support costs 375 Proprata to support cos¢8 7.503 9.378 1,875 (W/o) 180Yo) A]IwatioTh on 5tsff tIe 15 ba5cd on a surveyof time spent atTnF8te¢ m¢etings ott each activity. Software usage is b85ed on iteu)s p)Stl as recwded ID th¢ accounting systeLU'S thinistrative auditTecord Governpno ¢osts: 2024 2023 AditOrS Tcmuller8tion 2,050 1,948 The total support c(trst attributabl¢ lo dwitable activiiies is tILen apwtÉODed pro rats to the vue of gTantg awarded as shown in the tsble below. The trustees bav¢ decided to med a]1 govern8n¢e eo$ts from )restricted fid& al so no allo¢atioll OT cbarg¢ is lltade to restrictul fiu]ds or any governance relatsd 05ts. Allocation of gOveranCe aud otheT 5UPPOrt 2024 2023 SdelltshIp aw8rd5 ConfeTtDces giwits TO allocated 17.375 3.441 17,375 3,048 20,423 20,816
THE ANALYSIS TRUST (CIO) PAGE 13 FINANCIAL STATEfvIBNTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 NOTES TO THE FINANCIAL STATEM&Yrs ANALYSIS OF GRANTS TO INSTITUTIONS 2024 2023 - Conferellce Grants Paid Nottinghaln Utiiversity Durham University Cambridge Utiiversity Oxford UThiversity 150 210 375 1,190 760 540 360 270 Southampton University Skneffield University Warwick Universiry Si kndrows UCL Glasgow Luiver5ty Leeds University Man¢h¢st¢T University Bristol UnIv?1ty Winch¢ster University 645 5(KJ 500 450 450 700 180 454 250 loo 400 300 500 85 6,105 12,664) 5,164 12,116) L<ss unclaimed grgnts 3,441 3,048 AUDITORS REhlUNERATION ThB auditOT5 Temuneration corLStituted an audit fee of Q050 {2023'. £1,948). In Conon with other sniall Chariti we use our 8uditor5 to l$t with the ptrparation of ow financial statements. 2024 2Q23 Movetttnt ill fixid awt listed vJve5tments Market value brought fonwd at JallU 2024 Add.. additioD$ to inves¢ments at cost L,, disp05als Add net Bain on Tevaluation MaTkel value at I 1st DeC¢rnb 2024 635,673 6,820 531.740 66,028 (25,7011 63,606 86,431 728,924 635,673 Historic cost at 3 1st December 2024 390,108 383,289 All investmeDts aT¢ Carried at their fair value. Investment irn equitie5 and fixed inteT¢St seeurities are 811 trada in quoted public markets, prilljarilythe IA)Ddon SttKk ExchaDge. Hold.[ry in conllnoTh vestMent fiuKls, unit trusts and otKn-ended investment t4panieS aTe at the bid price. Tbe b35is of fair value for quoted investmellts is equivalent to the market value, using the bid price. As?*et sales and purchases are recognised at the date of trade at e05t (that is their trausactioll value).
THE ANALYSIS TRUST (CIO) PAGE 14 FANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 NOTES TO THE FtNANCIAL STATEMEYrs FIXED ASSET INVESTMENTS. contillL*d SCHEDULE OF FUND NVESTMENTS AT MARKET VALUE The inve5tmellts which illdividually omounttrj 5Y• ormore of the uwk¢t value are a5 follows.. 2024 5.24YI 53.02Q/ 9.57Vo 7.95% 2023 5.450 166 Vanguard ]nve51ment Series Japan Index tDStI Plus 901 Vanguard InvestE[l UK LÉd US E4 Instl Plus 321 V2guard Investments LX Ltd FTSE D¢v ILstl Plus 353 Vallguard InVestellt Series EM Stock Index EDStI Plus 10.730/0 ANALYSIS OF CURRENT ASSETS 2024 2023 Accrued incorn¢ 41,491 56.968 41,738 52.324 98,4S9 94,062 io. ANALYSIS OF CURRENT LIABILITIES CreditOf5 du¢ wtthin one year. Accn]als 2024 2023 5223 3,770 RECONCtLIATION OF NEf MOVEMENT IN FUNDS TO NET CASH FLOW FOR OPEBATING ACTIVITIES 2024 2023 Net mtsvem¢llt iti fimd Deduct inVeSellt iuco]J]e sbown in illve5ting activities Dedurt gaiD5 on inyesttnents IkcTrase in debtOTS reasel(decre&8e) ill creditors Net cash ed in operatiDg adivitÈ¢s 96.195 {9,596) (86,431) 247 1,453 88,265 (7,900) (63,606) 5,00¥ (1.748) 20,019 1,868