Charity number: 212498 THE CHARTERHOUSE RHEUMATISM CHARITY TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
THE CHARTERHOUSE RHEUMATISM CHARITY CONTENTS Page Reference and administrative details of the Charity. its Trustee and advisers Trustee's report Trustee's responsibilities statement Independent auditors. report on the financial statements statement of financial activities 10 Balance sheet Notes to the financial statements 12-20
THE CHARTERHOUSE RHEUMATISM CHARITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEE AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Trustee University of Leeds Charity registered number 212498 Principal office Central Finance Room 11.23 EC Sloner Building University of Leeds Leeds LS2 9JT Independent audltors Armstrong Watson Audit Limited Chartered Accounlanls & Slatulory Auditors Third Floor 10 South Parade Leeds Wesl Yorkshire LS15QS Page 1
THE CHARTERHOUSE RHEUMATISM CHARITY TRUSTEE'S REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustee presents the annual report and the audited financial statements for the year ended 31 July 2024. Name and registered office of the Charity The full name of the Charity is The Charterhouse Rheumatism Charity. The Charity is registered in England and Wales. Ils principal and registered office is Central Finance, 11.23 EC Stoner Building, University of Leeds. Leeds LS2 9JT. Trustee The University of Leeds is the Corporate Trustee of the Charity. Members of the University of Leeds Council are, for the purposes of Charity Law, the Iruslees of the University of Leeds and are disclosed on page 79 of ils Integrated Annual Report for the University- Objectives and activities for the public benefit The aims and objectives of the Charity are to fund research into the causes of rheumatism and the Irealmenl thereof and lo provide relief lo individuals by providing or paying for items, services or facilities for persons with theumalic lor chronicl conditions. The Trustee confirms that il has referred lo the guidance contained in the Charity Commission's general guidance on public benefit in its decision making. The Charity carries out the objectives by providing grants lo projects that seek lo provide innovation in this field. In the year, donations of £100,00012023". £100,000) were made lo the Charterhouse Endowment which supports the Chair of Rehabilitation Medicine, as head of the Rehabililalion Unil al the University of Leeds and as a praclicing clinician in the field. This supports rehabilitation for persons with disability. as well as further research into ways of helping people experiencing illness and disability. The Charity is committed to continuing to fund research in line with its aims and objectives. Achievement51 performance and future policy The nature of perfomiance and operations at Leeds Institute of Rheumatic and Musculoskeletal Medicine, University of Leeds, in the year mel with the objectives of the Charity- The reserves of the Charity increased by £324.69612023.. decrease by £103.8961 during the year. This was as a result of market movements in the value of inveslmenls. During the year, the main achievements of the grants provided to Leeds Institute of Rheumatic and Musculoskeletal Medicine included.. Continued work on rehabililalion in Parkinson's disease using augmented reality technology. This work has obtained an award of over £2.3m, the largest ever awarded to a rehabilitation physician in the UK, and recently featured in Rory Cellan-Jones Movers and Shakers" podcast. Project set-up commenced in July 2024 with recruilmenl of first participants in April 2025., Development of the assessment, monitoring and rehabilitation of patients with Long Covid, with 15°A of all NHS patients in Britain using the Institute's app. The LOCOMOTION study, completed during this financial year, gave valuable insights into Long Covid. A follow-on funding application lo expand on the most promising treatments developed during LOCOMOTION has been submilled lo NIHR., The Inslitule's long-standing collatioration with the University of Sheffield and Sheffield Teaching Hospital NHS Foundation Trust, which received a fourth tranche of funding for the next five years - nearly £3m - the largest award lo date, allowing consolidation of rehabilitation and methodological innov81ion work., Progression with work on the role of continuous slralific81ion in stroke rehabilitstion using digital twins. An app has been developed which can be used during rehabilitation to monitor progress and inform the next stage of Irealmenl- Collaboration on a randomised controlled trial with Kings College London on pulmonary rehabilitslion which is nearing completion of recruitment. It is hoped that this study will demonstrate new and effective ways to improve the care of people with long-lerm respiratory conditions., Expanding the suite of outcome measLJres on the University of Leeds website, available for researchers and clinicians to use to monitor the impact of rheumalological and neurological conditions and their treatment. The translation of the COVID-19 Yorkshire Rehabilitation Scale IC19-YRSI outcome measure into over 40 languages, and its extensive use in induslry-funded trials., Continued presentation of work on technology in rehabilitstion at national and international conferences as well as webinars for members of the public, and extensive publication in peer-reviewed journals., Page 2
THE CHARTERHOUSE RHEUMATISM CHARITY TRUSTEE'S REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Hosting a portfolio of courses teaching psychometric principles and practi, and providing input to psychometric leaching internationally. Feedback for the Courses remains uniformly high and form part of the CPD offering of the School of Medicine. Financial review and reserves The CharItS work is entirely reliant on income and investment returns from its endowments. During the year the net income before investment gains amounted to £1,17512023'. loss of £8701, with investment gains of £323,521 12023- losses of £103,026) contributing lo a net increase of funds by £324,696 12023.. decrease of £103,896). The Charity has subslanlial net assets and the Trustee believes that the reserves of £3,885,992 12023.. £3,561,296} are sufficient to fund the daY-ldaY working capital requirements and lo continue the objeclives of the Charity. The value of the investments has been impacted by the current economic situation and recent global events. The total fund gain before fees and costs of 12.60/012023.. 0.70/0 gain) is below the index benchmark of a gain of 14.10/0 12023". 3.5Q/o gain). The Charity continues lo invest in the Climate Active fund, a fund which aligns ils investments with the goals of the Paris Climate Accord. The Trustee believes that continuing to invest in the Climate Active fund, despite achieving lower returns on average than other fund options in the short-lerm, is ethically and slffitegically the right approach for the Charity. The Trustee remains confident that the long-tem) target of CPl+40/o will be achieved. The Trustee aims to maintain free reserves in unrestricted funds to support donations made throughout the year lo fulfil the objectives of the Charity. There is no further policy around reserves. The balan held as unrestricted reserves al 31 July 2024 was £3,885.992 {2023.. £3,561,296). Going concern The principal risks facing the Charity are discussed in this Trustee's report. The Trustee has reviewed the cash position of the Charity and cash forecasts al the dale of signing the financial statements and is satisfied that the Charity will be able to meet all of ils financial commilmenls. As a consequence, the Trustee believes that the Charity is well placed to manage its financial risks successfully. After making enquiries. the Trustee has a reasonable expectation that the Charity has adequate reserves to continue in operational existence for a minimum of 12 months after signing date. Under the current strategy of granting £100,000 annually to the Charterhouse Endowment. the Charity currenuy holds sufficient reserves to make over 30 years of grants. Accordingly. the Trustee continues lo adopt the going concern basis in preparing the financial slalemenls. Statement of investment policy The Trust Deed permits wide powers of investment. Investments are monitored closely by Central Finance al the University of Leeds on behalf of the Trustee. The funds are managed and invested on behalf of the Charity by Sarasin & Partners. Risk management The principal risks faced by the Charity lie in the performance of investments. The Trustee considers variability of investment relums lo conslilule the Charity's major financial risk. This is miligaled by retaining expert investment managers and having diversified investments within the climate active investment fund. The Trustee has examined the major business, strategic and operational risks that the Charity faces and confirms that systems have been estsblished to enable regular reports to be produced so that the necessary steps can be taken lo lessen these risks. Related parties All grants payable were paid to the Charterhouse Endowment, which is administered by the University of Leeds Faculty of Health & Medicine. The Trustee is the University of Leeds. which provides finance, secretarial, legal and treasury services to the Charity for an annual fee of £4.872 {2023.. £4,730). Page 3
THE CHARTERHOUSE RHEUMATISM CHARITY TRUSTEE'S REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Structure, governance and management The Charity is a registered charity in England & Wales, Charity number 212498. The Charity is governed by the Trust Deed dated 1 November 1936, as varied or affected by Schemes of the Charity Commissioners of the 9th January 1975 and 3rd December 1980. The University of Leeds was appointed as Corporate Trustee under a Charity Commission scheme effective 25 October 1996. Central Finance at the University of Leeds ensures that the Charity complies with all legal and slalutory requirements and conducts ils affairs in conformity with the Trust Deed and the practices and requirements as prescribed by the Council for the corporate govemance of the University. The University has established an administrative team to undertake the day-to-day responsibilities of the Charity. including maintenance of appropriate records, preparation of accounts and reporting to Council on an annual basis. The University ensures that the administrative team are inducted, trained and have adequate resources lo complete this role. A review of the grant making policy and process is underway and any necessary changes will be implemented in 2025. Armstrong Watson Audit Limited has been reappointed as the statutory auditor to the Charity- Approved by order of the Corporate Trustee and signed on its behalf by.. Alan Thomson Corporate Trustee Date.. 1110412025 Page 4
THE CHARTERHOUSE RHEUMATISM CHARITY STATEMENT OF TRUSTEE'S RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2024 The Trustee is responsible for preparing the Trustee's report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the Trustee lo prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the Charity and of ils incoming resources and application of resources. including its income and expenditure. for that period. In preparing these financial slatemenls, the Trustee is required to.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going concern basis unless It is inappropriate to presume that the Charity will continue in business. The Trustee is responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disdose with reasonable accuracy al any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. The Trustee is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 5
THE CHARTERHOUSE RHEUMATISM CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE CHARTERHOUSE RHEUMATISM CHARITY Opinion We have audited the financial statements of The Charterhouse Rheumatism Charity Ilhe 'charity') for the year ended 31 July 2024 which comprise the Statement of financial activities, the Balance sheet, and the related notes, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practi1. The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Slalement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations bul has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view of the stale of the charity's affairs as at 31 July 2024 and of ils incoming resources and application of resources for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemalional S18ndards on Auditing IUK) IISAS IUKII and applicable 18w. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material unrtaintieS relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustee with respect lo going nM are described in the relevant sections of this report. Page 6
THE CHARTERHOUSE RHEUMATISM CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE CHARTERHOUSE RHEUMATISM CHARITY ICONTINUEDI Other infomiation The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report Ihereon. The Trustee is responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the exlenl othenmise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial stslemenls or our knowledge obtained in the course of the audit, or othenNise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other infomialion, we are required lo report that fact. We have nothing lo report in this regard. Matters on whlch we are requlred to report by exceptSon We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the information given in the Trustee's report is inconsislenl in any material respect with the financial statements- or sufficient accounting records have not been kept., or the financial stslemenls are not in agreement with the accounting records and returns., or we have not reiVed all the infomialion and explanations we require for our audit. Responslbllltles of the Trustee As explained more fully in the Trustee's responsibilities statement, the Truslee is responsible for the preparation of the financial statements which give a true and fair view, and for such intemal control as the Trustee detemiines is necessary lo enable the preparation of financial statements that are free from material misslatemenl, whether due to fraud or error. In preparing the financial statements, the Trustee is responsible for assessing the charitls ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends lo liquidate the charity or lo cease operations, or has no realistic altemalive but to do so. Page 7
THE CHARTERHOUSE RHEUMATISM CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE CHARTERHOUSE RHEUMATISM CHARITY ICONTINUEDI Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 145 of the Charities Art 2011 and report in accordance with the Act and relevant regLJlations made or having effect Ihereunder. Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misststement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assuran is a high level of assurance, bul is not a guarantee that an audit conducted in accordan with ISAS IUKI will always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prOdureS in line wilh our responsibilities, outlined above, lo detect material misslalemenls in respect of irregularities, induding fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detsiled below.. Our approach non-compliance lo idenlrfwng and assessing the risks of material misstatement in respect of irregularities, including fraud and with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, such as the Charities Act 2011- we identified the laws and regulations applicable lo the charitable company through discussions with Trustees and other management., we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management., and identified laws and regulations were communicated within the audit team regulady and the team remained alert lo instances of non-compliance throughout the audit. We assessed the susceptibility of the charitable companls financial statements lo material misslatemenl, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as lo where they considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place lo mitigate risks of fraud and non•compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships., tested journal entries to identify unusual transactions., and In response lo the risk of irregularities and non-compliance with laws and regulations, we designed prOdureS which included, bul were not limited to.. agreeing financial statement dis¢losures to undedwng supporting documentation., and enquiring of management as to actual and potential litigation and claims. Due lo the inherent limitstions of an audit, there is a risk that we will not delecl all irregularities, including those leading to a material misstatement in the financial slalemenls or non<omplian¢e with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial stslements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financi81 Reporting Council's website at: www.frc.or .uklauditorsres onsibililies. This description forms part of our Auditors, report. Page 8
THE CHARTERHOUSE RHEUMATISM CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE CHARTERHOUSE RHEUMATISM CHARITY ICONTINUEDI Use of our report This report is made solely to the Charills Trustee, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. OLJr audit work has been undertaken so that we might stsle lo the Trustee those matters we are required to stale lo them in an Auditors, report and for no other purpose. To the fullest exlenl permitted by law, we do not a¢Trpt or assume responsibility to anyone other than the Charity and its Trustee for our audit work, for this report, or for the opinions we have formed. Amistrong Watson Audlt Llmlted Chartered Accounlanls & Slatulory Auditors Statutory Auditors Leeds Date.. 1110412025 Armstrong Walson Audit Limited are eligible lo act as auditors in terms of section 1212 of the Companies Act 2006. Page 9
THE CHARTERHOUSE RHEUMATISM CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from- Investments 125,947 125.947 122,842 Total Income 125.947 125.947 122,842 Expenditure on.. Raising funds Charitable activities 12,594 112,178 12,594 112.178 12,140 111,572 Total expenditure 124,772 124.772 123,712 Net incomellexpenditurel before net gainsl{losses} on investments Net gainslllossesl on investments 1.175 323,521 1.175 323.521 18701 1103,0261 Net movement in funds 324.696 324.696 1103,8961 Reconciliation of funds: Total funds brought forward Net movement in funds 3.561.296 324,696 3,561.296 324.696 3,665,192 1103,8961 Total funds carrled forward 3.885.992 3,885.992 3,561,296 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 12 to 20 form part of these financial statements. Page 10
THE CHARTERHOUSE RHEUMATISM CHARITY BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Note Fixed assets Investments 3.804,364 3,480,843 3.804,364 3,480,843 Current assets Debtors Cash al bank and in hand 9,913 88.148 9,099 86,355 98.061 95,454 Creditors.. amounts falling due within one year 116.433) {15,0011 Net current assets 81.628 80,453 Total net assets 3.885,992 3,561,296 Charlty funds Unrestricted funds 11 3.885,992 3,561,296 Totsl funds 3.885,992 3,561.296 The financial statements were approved and authorised for issue by the Trustee and signed on its behalf by: Alan Thomson Corporate Trustee Date-. 1110412025 The notes on pages 12 to 20 form part of these financial statements. Page 11
THE CHARTERHOUSE RHEUMATISM CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial $18lemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities= Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'lrue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a Yrue and fairf view. This departure has involved following the Charities SORP IFRS 102} published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effertive from 1 April 2005 which has since been withdrawn. The Charterhouse Rheumatism Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. As a small charity, the Charity has taken an exemption from the presentation of a cash flow statement. The entity is a charitable trust and is registered with the Charity Commission. The functional currency is pounds sterling as this is the currency of the principal economic environment in which il operates. 1.2 Going concern The principal risks facing the Charity are discussed in the Trustee's report. The Trustee has reviewed the cash position of the Charity and cash forecasts at the date of signing the financial statements and is satisfied that the Charity will be able to meet all of its financial commilmenls. As a consequence, the Trustee believes that the Charity is well placed to manage ils financial risks successfully. After making enquiries, the Trustee has a reasonable expectation that the Charity has adequate reserves to continue in operational existence for a minimum of 12 months after the signing dale. Accordingly, the Trustee continues lo adopt the going concem basis in preparing the financial statements. 1.3 Fund accountlng Unreslricled funds are available lo spend on activities that ftjrther any of the purposes of the Charity. 1.4 Income All income is recognised once the Charity has enlillement lo the income, any performance conditions attached to the income has been met, it is probable that the income will be received and the amount of income can be measured reliably. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity.. this is normally upon notification of the interest paid or payable by the bank. Page 12
THE CHARTERHOUSE RHEUMATISM CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (continued) 1.5 Expenditure ExpenditLJre is recognised once there is a legal or conslruclive obligation to make a payment to a third party. il is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Expenditure on raising funds includes the costs incurred in regard lo investment management costs. Expenditure on charitable activities includes.. Grants payable= Grants are given in support of projects which further the objectives of the Charity- Support costs.. Cost of functions that assist the work of the Charity but do not directly undertake charitable aclivilies. Support costs include back-office costs, finance, personnel, payroll and governance costs which support the Charity's programmes and aclivilies. These costs are allocated lo charitable activities as there are no identifiable support costs incurred in investment management aclivilies. 1.6 Realised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated 8s the difference between sales proceeds and their opening carrying value or their purchase value rf acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrwng value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities. 1.7 Investments Investments are included in the financial statements al market value. The Statement of Financial Activities indudes the net gains and losses arising on revaluations and disposals throughout the year. The Charity does not acquire pul options, derivatives or other complex financial instruments. The main form of financial risk fad by the Charity is that of volatility in equity markets and investment markets due lo wider economic conditions, the attitude of investors lo investment risk, and changes in sentiment concerning equities within particular sectors or subsectors. 1.8 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.9 Cash at bank and in hand Cash al bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 1.10 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates il will pay lo sellle the debt or the amount it has received as advanced payments for the goods or services it must provide. Page 13
THE CHARTERHOUSE RHEUMATISM CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies Icontinuedl 1.11 Financial instruments Financial assets and financial liabilities are recognised when the Charity becomes a party lo the conlra¢lual provisions of the instrument. All financial assets and liabilities are initially measured al transaction price {including transaction costs), except for those financial assets classified as al fair value through profil or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing Iransaclion. If an arrangement wnstilules a finan transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rale of interest for a similar debt inslrumenl. The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al amortised cost less impairment. Cash at bank and cash in hand includes cash and short term highly liquid investments with a short malurily of three months or less from the date of acquisition or opening of the deposit or similar account. Critical accounting estimates and areas of judgement In the application of the Charity's accounting policies, which are described in note 1, the Trustee is required lo make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Trustee does not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above. Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Sarasin investment portfolio Bank interest 121,924 4,023 121,924 4,023 120,956 1,886 125,947 125,947 122,842 Page 14
THE CHARTERHOUSE RHEUMATISM CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Expenditure on raising funds Unrestricted funds 2024 Total funds 2024 Total funds 2023 Portfolio management fees 12,594 12,594 12,140 12,594 12,594 12,140 Analysis of expenditure by activities Grant funding of activities 2024 Support costs 2024 Total funds 2024 Grants payable- Rheumatism research 100,000 12,178 112.178 100,000 12,178 112,178 Grant funding of activities 2023 Support costs 2023 Total fijnds 2023 Grants payable- Rheumatism research 100,000 11,572 111,572 100,000 11,572 111,572 Expenditure on charitable adivities in 2024 and 2023 was unrestrided. Page 15
THE CHARTERHOUSE RHEUMATISM CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysis of expenditure by activities (continued) Analysis of support costs Totsl funds 2024 Total funds 2023 tivities 2024 Slatulory audit Legal and profession81 Bank charges Accounts preparation 6,552 4,872 34 720 6,552 4,872 34 720 6,840 4,730 12,178 12,178 11,572 There were no staff costs incurred in the year12023.' £nill. No staff were employed by the Charity in the year 12023.. None). Those costs above labelled as audit and legal and professional are classified as governance costs for the Charity. Analysis of grants Grants to Institutions 2024 Total funds 2024 University of Leeds 100,000 100,000 100,000 100,000 Grants to Institutions 2023 Total funds 2023 University of Leeds 100,000 100,000 100,000 100,000 All grants in the year were made to the University of Leeds, the Corporate Trustee. Page 16
THE CHARTERHOUSE RHEUMATISM CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Fixed asset investrnents Llsted Investments Cost or valuation Al 1 August 2023 Net unrealised investments gains 3,480.843 323,521 Al 31 July 2024 3,804.364 The investment portfolio comprises one single investment in the Climate Active Fund. There have been no addttional investments in or disposals out of the investment fund during the year ended 31 July 2024. Investment listed or traded on a recognised stock exchange 2024 2023 Market value analysed between: Investments 3,804,364 3,480,844 3.804,364 3,480,844 2024 2023 UK Equities 3,804,364 3,480,844 3.804,364 3,480,844 All investments are listed. The historic cost of the investments since moving lo the Climate Active Fund. is £3,603,863 {2023.. £3,603,863). The investment managerfs charges were £12,594 12023.. £12,140) and are included in analysis of expenditure on raising funds in note 4. Debtors 2024 2023 Due within one year Prepayments and accrued income 9,913 9,099 9,913 9,099 Page 17
THE CHARTERHOUSE RHEUMATISM CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Creditors: Amounts falling due within one year 2024 2023 Trade creditors 4,875 11,558 4,730 10,271 Accruals 16,433 15,001 10. Financial instruments 2024 2023 Flnancial assets Financial assets al fair value through Statement of Financial Activities Investments Financial assets at amortised cost- Cash and cash equivalents Financial assets al amortised cost- Prepayments and accrued income 3,804,364 88,148 9,913 3,480,844 86,355 9,099 3.902,425 3,576,298 2024 2023 Flnanclal Ilabllltles Financial liabilities at amortised cost- Creditors 16,433 15,001 Page 18
THE CHARTERHOUSE RHEUMATISM CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 11. Statement of funds Statement of funds - current year Balance at 1 August 2023 Gainsl Balance at (Losses) 31 July 2024 Income Expenditure Unrestricted funds General Funds- all funds 3,561,296 125.947 1124.772} 323,521 3,885.992 Statement of funds - prior year Balance at 1 August 2022 Gainsl Balance at {Lossesl 31 July 2023 Income Expenditure Unrestricted funds General Funds - all funds 3,665,192 122,842 1123,7121 1103,0261 3,561,296 12. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 3,804,364 98,061 {16,433) 3,804.364 98.061 (16.4331 Totsl 3,885,992 3,885.992 Page 19
THE CHARTERHOUSE RHEUMATISM CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 12. Analysis of net assets between funds {continued} Analysis of net assets between funds- prior period Unrestrirted funds 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 3,480,843 95,454 (15,001) 3,480,843 95,454 115,0011 Total 3,561,296 3,561,296 13. Related party transactions During the year grants tolalling £100,000 12023.. £100.0001 were payable to the Charterhouse Endowment which supports the Chair of Rehabilitation Medicine who is head of the Rehabilitation Unit at the University of Leeds, the Corporate Trustee., in respect of research into rheumatism and the treatment thereof and to provide relief lo individuals to support the primary purpose of the Charity. Amounts totalling £4,87212023'. £4,730) were paid to the University of Leeds for legal and professional services provided. This covers finance, secretarial, legal, and treasury activity. This amount was included as a creditor al the year end, as an unsecured payable. 14. Controlling party In the opinion of the Trustee, the ultimate parent and controlling party is Ihe University of Leeds, an exempt charity registered in England and Wales. The University of Leeds is Ihe controlling party by virtue of being the Corporate Trustee. Page 20