THE ANALYSIS TRUST (CIO)
BIPORT AND F￿ANCIAL 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[￿U￿1 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 Otto￿r2019 {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)r￿l￿ed 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 AcTIVI￿s 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 CoMM￿l0n.S general guidaDce on public benefit wh¢D reviewing
aims and objective5 alld in planning our fvture activities. ID particular. th¢ T￿tee8 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 nO￿d 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.
F￿ANCIAL 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 re￿ised 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 rntio1￿1e
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<kninistratioll costs. In addition surpluses of inc4>me over expenditu￿ are invested in orderto inCr￿e our future
expenditur¢s on the cTrwitable purposes of the TTus¢ Detsils and rntionale 8Te given in ourpolicy docum¢nt'AnalysiS
Investment Polic￿.
RISK MANAGEMEKr
Ttustees periodically review risk ar￿ in the care of their main exw)sure (whtth lie5 iti the area of advEncing te£bnology aud
its impact upon delivery) are ¢on8tantly in iou¢h with their publisbm lo mollitor the position.

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 Coll￿1[￿ 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 Jo￿1￿1.
STRUCTURE GOVERNANCE AND MANAGEFdEN
GOVF.RNfNG DOCUMEN
The charity was originally formed Lmder aTr￿￿ Deed in 1974. It 15 now as a CharitAble Incorporated
organi￿tion. Th¢T¢ shall be no ￿01t than 4 OT Icss than 3 TJwtec5. have responsibklity for th¢ custody of the
a￿ts of the eI￿rity. 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 TRA￿ING
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 Ch￿lty and Tegulations.
ORGANISATION
The CIO 18 nuE by th¢ Tn￿reeS 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 CO￿￿1￿¢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"[n￿tee5 Gonsiderthenuelves as Comprising the kcy MwJ#g¢mentper￿nllel of the CIO. All trustees give of their time
fr¢ely and no reM￿er￿tiOn was paid to Truste&s.
REFBRENCE AND ADMtNISTRATIVE INFORMATION
TRUSTEES..
Ptofe550r J Saul {Chatr)
PrOf￿0r T William50n
PrOf￿0r 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 Ka￿￿￿e
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
ch￿￿1 A¢countaDts & Sta￿￿CeY Auditots
115c MiltoD Road
Cambridge CB4 IXE
INVESTMENT MANAGERS:
c￿rIeS Stsnly & Co Limitwl
R&v¢Tr5croft Hous¢
s￿61 Rcgent Street
Cambridge CB2 IAB
TRUSTEES, RISPONSLBILrrIES IN RELATION TO THE FINANCIAL STATEME1￿s
Thc Trltsttes aTe rGsponsible for prepaTing a TThstees' An￿￿￿] Rwrt 9￿d fiTRnGi&l state)r¢nts ill ￿0rd11￿C with appllcttble
law and Unitrd Killgdom Accouttting St￿dards ILDited Kingdom GEDEralty AGC¢Pted A￿o￿ntil￿g 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 pnvl*Lt
- ¥tatB wh¢ther applicaS1¢ account￿8 stsDdards hav- b¢tD follo￿t4 5ubj¢¢tto any mat￿1>1 departu￿ di8closed aTKI
explained intk fi]]ancial ststctn¢nts
- prepare tb¢ finanC￿l ststen]etts OTr the going co￿eM b￿15 unlw it ts inappropriate to pre5um¢ that the charity will CoTJt￿lle
irj busines5.
The Trustees aTe Tespun5l￿1e f￿keeping 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 Pre￿1th0￿ YJHI detec4ion of fr&ud aud
otlier trregularities.
The Trustees are re5PX)Dsible for the Mat￿te￿aT￿Ce 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$s￿l￿ation of
fiT￿iCial 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 Acco￿tIng StaLdards, including Finaticial Re￿)rting Standard 102 The Financia] Reporting Stsndard applicable
in the UK and R¢public of trelaDd' (United Kingdom ￿e￿allyACCepted 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 Inten￿tIo￿] 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[Ed￿nd￿t of the cbarity 4CQQTdaucE with the ethical requ1￿ments
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 couch￿ed 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 U￿er￿Illti&% relating to events or cijnditions
thaL individually or collectively may cast Significant doubt on thc chaT1￿S 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 Col￿eM 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 f￿￿1)¢131
ststements alld olr auditor's report thereon. Tbe truste£s are rESp0m￿le for tbe othEr lE&om￿tiOll. 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 iesponsi￿llIty 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 ￿l55t￿ents, we are required to determtne
whether there is a ujaterial Tnisstatemeut in the fina￿la] 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
t￿￿tEeS 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 fill￿ClaI statements
that free fro￿ material mi55tatemenL whether du¢ to fraud or ernTrr.
In pr¢paring the f￿ancIal staternenw the In￿te&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 0fnoD￿Olnp1iaTrtt with law5 2Dd regulations. The priDJary respoDs11Trility for the
prevention and det￿tion 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¢ ¢Kr￿t 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 perfornia￿e
of the cbtirity, including the Ch￿￿￿5 reM￿eration 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 ￿$¢&￿t￿C￿t ofthe risks of iTheguI￿]tieS, including fral￿.
We also enqU￿¢d 0fmaDag0￿II aDd those charged with g0venla￿tt a5 to 8JJy known instsnces of non-complimce or
suspected non.¢oTnpliatice with laws aDd regulations.
We Obta￿ed relevant diKwn¢ntatil)D alld repre5elltatiOll5 in order to form an opinion onpotential Irregu1￿1t1es, 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 e￿Or, 85 fraud may
involve delib¢rate Goncea]ment by, for exa￿pIe, forg￿. coll￿10￿ 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 fU￿d￿thI for the cbarity to 0￿.
RolevaDt identified laws and regulations were communicat¢d within the ￿￿gerne￿t team so they remained 8Jert
ti￿oughout the audit for indications of fraud w ncAI-compli8nc
A fiwth¢r des¢ription of responsibilities fi)r the audit of the fin￿¢1￿1 statejnents 15 lO￿ted 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 n￿de 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 p￿￿oSe. To the fi￿est extent￿MItted 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 a￿S￿8E 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
F￿ANCIAL STATEMENTS FOR THE YBAR ENDED 31ST DECEMBER 2024
STATEMENT OF FINANc￿L 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
- s￿dentshIpS 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 h￿d
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 Tn￿V5 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 ch￿ged 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 M￿ured 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 In￿t0[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 FIr￿l(la1 Acttvtties as th¢y ari%. R¢aliged gains and
I0￿eS 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 fi￿ds.
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
F￿ded 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 Pr￿rata to support costs
8276
(80Y.I
10,345
2,069
(20Yo)
Prlor Year
Other
support
cost B&sis of apportiODmenÉ
Totsl GoVern8￿C
allocation
related
Cost T)pe
SecTetsTial cost5 (S￿tr)
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 tI￿e 15 ba5cd on a surveyof time spent atTnF8te¢ m¢etings ott each activity.
Software usage is b85ed on iteu)s p)St￿l as recwded ID th¢ accounting systeLU'S thinistrative auditTecord
Governpno ¢osts:
2024
2023
A￿ditOrS Tcmuller8tion
2,050
1,948
The total support c(trst attributabl¢ lo dwitable activiiies is tILen apwtÉODed pro rats to the v￿ue of
gTantg awarded as shown in the tsble below. The trustees bav¢ decided to med a]1 govern8n¢e eo$ts from
)restricted fi￿d& al￿ so no allo¢atioll OT cbarg¢ is lltade to restrictul fiu]ds or any governance relatsd
05ts.
Allocation of gOver￿anCe aud otheT 5UPPOrt
2024
2023
S￿delltshIp 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 Con￿on 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 t4￿￿panieS 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
F￿ANCIAL 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 V2￿guard Investments LX Ltd FTSE D¢v ILstl Plus
353 Vallguard InVest￿ellt 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 inVeS￿ellt 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