Registratlon No. 233838 THE SIR JULES THORN CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 315TDECEMBER 2022 Charlty Number 233838 Reglstered Offlce 24 Manchestersquore. London, WIU 3TH Trustees Elizabeth Charal (Chairman) Timothy J Harvey-samuel Julian D F Ide K Mark LeverO8E Prof Sir Ravinder N Maini FRS. FRCP. Fmedsci (resigned 31° December 20221 Prof Sharon J Peacock CBE Fmedsci (appointed I" January 20231 John G Rhodes Prof David L Russell-jones MB8S, Bsc, MD. FRCP William H Sporborg Dlrector Richard Benson Audltor Haysmacintyre LLP 10 Queen St Place London EC4R IAG Bankers Natwest Bloomsbury Parrf5 Branch 214 High Holbom London WCIV 7BX Solicitors Mi115 & Reeve Botanic House ICK) Hi115 Road Cambridge CB2 IPH Investment Manager5 Ruffer LLP 80 Victoria Street London SWIE 5JL Baillie Gifford Calton Square l Greenside Row Edinburgh EHI 3AN Sara5in Juxon House ICQ St Paul's Churchyard London EC4M 8BU Vanguard Asset SeNices 4, Floor, The Walbrook Building London EC4N 8AF
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 315TDECEMBER 2022 The Trustees Psent their report along with the audited financial statements of the charity for the year ended 310ecember 2022. The flnancial statements have been prepared in accordance with the chariV5 Trust Deed. the Charities Act 2011. and the Statement of Recommended Practice for Charitie$1SORP 20191. Our accounting policies are set out on pages 21-23 of this report. The report describesthe Tm5t's governan and management structure. its grant programmes and main activities for 2022. As noted in the previous yearfs report, the Board of Trustees completed a review of the Trusys strategy in November 2021. and implemented a number of changes to its grant programmes during 2022. These changes were informed by an evaluation of the Trusvs existing programmes, feedback from current and previou5 grant-holders and other evidence about future needs and priorities for the research and health and care sectors a5 the immediate pressures of the Covid-19 pandemic began to recede. As described in later sections of this report. the changes implemented for 2022 were positive and resulted in a significant increase in the number of applications for some of the Trust's pro8rammes. The lonBer-term implications of the pandemic combined with the difficult economic climate nevertheless mean that many of the organisations that the Trust support5 tsce a period of continued uncertainty and potentially InCaSed demand for their seNices. The Trustees will keep the position under review and ensure that the Trust'5 activities continue to respond to change5 in the external environment. support its charitable objertive5 and remain sustainable for the long-term. Strurture, G(wernance and Management The Sir Jules Thorn Charitable Trust is constituted under a Trust Deed dated 18th February 1964 and is a registered charity. number 233838. It was established with an endowment from Sir Jules Thorn. The Trust does not fundraise and seeks to continue the charitable work inspired by Sir Jules through the careful stewardship of our existing resources. The charity has no fundraising activities requiring diKlosure under S162A of the Charities Art 2011. The Trust is govemed by a Board of Trustees who oversee the Trust's governance. set the strategic direction and review the progre55 of its implementation. The Trustees nomially meet twice each year and are able to deal with all essential business between meetings through correspondence and online conferencing. The Board's Investments Sub-committee meets with the investment managers at least annually to discuss in detail the performance of the Trusys investments. The sUcOMMIttee makes a report to the 8oard followin8 Its meetin8s. The Investment5 Sub<ommittee completed a review of the Trusvs investment strategy during 2020, and the review's recommendations were implemented in February 2021. The Boafd is also supported by the TrusY5 Medical Advisory Commrttee (MACI of leading clinician5 and researchers, which oversees the peer review of research grant applications and makes recommendations to the Board on funding. The Committee held three meetin8s in 2022. The Tru5tee5 Wish to express their thanks to the Chair and members of the Committee for their continued support and advice. and in particular to Profsharon Peacock who stood down aschèirof the Committee when her term came to an
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31DECEMBER 20Z2 end in December 2022. The Trustees were delighted that Prof Peacock agreed to join the Board from January 2023, and that Prof Hugh Watkins will succeed Prof Peao)ck a5 Chair of the Cornmittee. The Trustees wish to exp$$ their particular gratitude to Prof Ravinder Maini, who retired from the Board in December 2022. Professor Maini made an enormous contribution to the work of the Trust, both as Trustee and during his previous membership of the Medical Advisory Committee and was instrumental in the establishment of the Sir Jules Thorn Award. The Board undertakes an annual review of its effectiveness. in order to ensure continued compliance with the Charity Governance Code and relevant good practice. The review in November 2022 took account of regulatory chan8es that will come into force as a result of the Charities Act 2022. While the Trust Deed does not provide for a minimum or maximum number of Trustee5, the Board's Term5 of Reference state that, unless the circumstan$ are exceptional. there will not be less than seven and no more than ten Trustees. The composition of the Board is kept under regular review to ensure its members continue to provide the range of skills required to support the Trust's Strategy. The Board has considered guidance published in the Code regarding the period ft>r which individuals should normally serye on boards as Trustees and new Trustees are appointed for a term of 5 years. which may be renewable with the agreement of the Board. When Trustee vacancies arise. indNiduals are identified who provide the required skills and the broader requirements set out in the Trustee Role Description agreed by the Board. Potential candidates ore invited to a selection interview, which may lead to an appointment to the Board. New Trustees are given a briefing about the Trust and all aspects of their responsibilities. including governance. Trustee5 are a150 offered the opportunity to attend sector specific courses run by AMRC and other providers and in addition are made aware of changes to Charity Commission guidance as and when appropriate to their role on the Trustee Board. Further. where appropriate, induction meeting5 With the Trust's professional advisors are offered. All Trustees are unpaid. The Trust has a Conflitts of Inte5t Policy. which sets out the principles which are applied to identify transaciions and decisions in which individuals may have a personal interest, and the process for managin8 potential conflicts. The Policy applles to all Trustees. Trust staff and members of the Medical Advi50ry Committee. The Trust operates with a small team of four staff. including the Director, who provide5 the key management role within the definition of FRS 102. Key Management Personnel Salaries are set by the Board, after benchmarking to market condition5 and other similar charities. The Director is accountable to the Trustees for the implementation of the strategic plan. and for the day-to-day management of the Trust. The Trust acknowledges the importance of its staff in ensuring both the on80in8 Strategic development and efficient administration of the charity. The overall aim of the Trust's policy is to offer fair pay to attr8Ct and retain appropriately qualified staff to lead. manage and administer the charity and to fulfil the charitable objects on behalf of the Trustees. The Trustees review the remuneration of the Dirertor and other staff on an annual basis.
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 315TDECEMBER 2022 Risk Management The Trustees are responsible for monitoring the risks facing the Trust and ensuring that adequate steps are taken to manage them. The Trust has a fomal risk re8lSter which Is regularly reviewed by the Board, and risk is inherent to the Board's discussions on all aspects of the Trusys work. In addition. the Board considers any recommendations from the Trust's auditors regarding fvrther improvements to the Trust's System of internal controls, and mana8ement resF)onses to recommendations. The Investment Sub-committee reviews risks specifically related to the Trust's investments. The principal risks facing the Trust are: Finan¢ial- where inappropriate asset allocation or adverse market conditions Could potentially undermine the financial 5UStoinability of the Trust or mean that total returns from the Tru5Vs investments were not sufficient to meet its normal level of 8rant commitments. This risk was addressed by the Trustees, review of the Trust's investment strategy. implemented in 2021. and is managed through the on80in8 monitorin8 of investment performance by the Investments 5vComMIttee. The risk of short-tem) volatility in investment returns is further mitigated by the Trustees, policy of maintainin8 cash balances at a sufficient level to cover near-term grant commitments. The Board considers the affordability of new grant commitments when setting the annual budget. Strateglc- where the Trust's grant making Strategy has to keep pace with developments in research, clinical practice and relevant sector5 Qf care. The Trustees reviewed the Tru5Y5 Strategy and grant programmes in November 2021. When making significant awards the Trustees consider advice from the Medical Advisory Committee and external expert5 contributing to the peer review of research proposals. Operational- where processing failures. fraud. or major incidents, would impede the charit5 ability to function effectively, and thus to deliver its charitable objectives. Intemal controls are kept under review. The Trust adopted a hybrid working model throughout 2022. This has proved effectNe and has not led to any disruption in operations or adverse impact on controls. Compliance- where a failure to comply with charity law. the general law. or the foundin8 Trust Deed, would compromise the charitys status and reputation. The Trustees review 8overnance orrangements on an annual basis and will conduct a further review of the Board's effectiveness later in 2023 to ensure continued compliance. In common with other organisation5, the Trusys risk mana8ement arrangements have been tested in recent years through the pandemic and the subsequent period of economic uncertainty- The Trust does not face the same challenges a5 charities which are dependent on fundraising or those delNering front- line services. The Trusys ability to navigate the changes in the external environment since 2020 has nevertheles5 confirmed the Trustees, previous assessment of the principal risks facing the Trust and that its risk assessment process is robust. Overall, the Trustees are satisfied that all risks are being managed effectively and that measures are in place to ensure good 8ovemance, prevent financial or adrnini5tratNe fraud or malpracti. protect the good reputation of the Trust and ensure compliance with levant legi51atbon and 8uidance.
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THETRUSTEES FOR THE YEAR ENDED 31"DECEMBER 2022 Objerflves, A¢thiltles and Publ1¢ Benefft Objectives The Trust Deed gives the Trustees absolute discretion to apply the capitol and income of the Trust for charitable purposes generally but, in doing so, they take note of the Founderfs wishes. In keepin8 With Sir Jules's original intentions, the Trusvs largest grants support translational medical research undertaken in the UK'S leading medical schools and NHS organisations. Beyond medical research, the Trusvs Other grant programmes support health and care services for people living with serious or life.limiting conditions, and those with- or at high risk of - phy¢al or mental ill health, people living with disability, and their familie5 and carers. In discharging their responsibilitie5. the Trustees confirm that they have due regard to the Charity Commission's published guidance on the Public Benefit requirement under the Charities Act 2011. Actlvlties In pursuit of its objectNes, the Trust delivers public benefit by providing awards to universities, NHS organisations and other registered chartties. Awards are normalty made through the Trust's competitive grant pro8rammes,' the details of which a available on our website The Trustees reviewed the Trust's strategy in November 2021 and concluded that our research programmes were working well. The Trustees therefore agreed that the annual Sir Jules Thorn Award for Biomedical Research should continue in its existing form and that the Trust should continue to provide capital awards to support investment in laboratory equipment or other facilities needed to accelerate outstanding translational research. This capital funding had previously been offered under the Medically Related Donations programme. but in 2022 was awarded through the new Research Infrastructure Fund. In reviewing the strategy, the Trustees agreed to re-focu5 the capital funding for health and care projects previously offered through the Medically Related Donations Programme. The Innovation and Improvement in Health and Care Fund was launched in February 2022 to support capital investment to improve service5 or facilities for people livin8 With serious long-term or life-limitin8 conditions. Specifically. the new Fund aims to support the development of new models of health and care that will lead to improved outcomes for people using Services, enhance acce55 to seryices or improve their resilience. In launching this new fund. the Trustees agreed that the Trust should in particular look to support projerts which are either scalable or replicable by other organisations. and therefore have the potential to deliver benefits beyond a single setting. In previous years, the Trust has run two programmes offering small awards to support charities, core costs: the Hospice Fund, which offered core cost awards of E5,CKJO, and the Ann Rylands Small Donations Programme which offered awards of up to £2,51XI for either core costs or to support a specific project. Following the strategy review. the TriJstee5 refined the criteria for the Ann Rylands Small Donation5 Programme to include end-of-life care and increased the maximum level for award5 to £5,OCKI. This change will enable the Trust to maintain support for smaller hospices- including hospice at home services- that may not have the fundraising infr05trurture of larger hospi$ or that receive lower levels of statutory
THE SIR JULES THORN CHARITABLE TRusr REPORT OF THE TRUSTEES ST FOR THE YEAR ENDED 31 DECEMBER 2022 funding, and so help them to sustain existing provision. The broader scope of the new Innovètion and Improvement in Health and Care Fund will enable any hospice to apply for a larger capital award to support investment in the further development and integration of their services. The separate Hospice Fund closed in 2022. but the chan8es noted above have enabled the Trust to continue our support for the hospice settor throwdh our other programmes. The Trustees a150 c105ed the previous PhD programme in 2022. The programme was considered as part of the strategy review, and the Trustees concluded that while the Trust continued to attract Stron8 applications, the scheme was too small to meet its original objectives. The Trustees therefore agreed to reallocate funding to support a fellowship scheme to support potential future leaders to develop a clinical research career. The Trust is considering a number of option5 in liai50n with potential partners. The Trust did not directly advertise our research programmes during the year but our longstanding support for medical research meant that the Trust continued to receive significantly more applications than it is able to fund in any one year. The quality of applications remains hi8h. Given the changes outlined above, the Trust did place an announcement aboLrt the new Innovation and Improvement in Health and Care Fund in Civil Society. During the year the Trust also made changes to our website and published grants data through 360Giving, in order to raise awareness of our programmes an(i ensure that we continues to attract the strongest PO55ible field of applications. Reflecting the outcome of the 5trate8y review. the Trusys grant pro8rammes in 2022 are outlined briefly below. The Slrjules Thorn Awardfvr BlomedlcolReseor(h The Sir Jules Thom Award supports the work of outstanding investigators who are in the earty 5tage5 of on established clinical research career. It offer5 a grant of up to £1.7million over 5 years. Since the inception of the Award in 2001, the Trust has pledged almost £26m to fund the highest quality translational research which seeks to bring benefit to patients through improved diagnostits andlor the development of new therapies for important clinical problems. Research can be in any field of clinical research, and in recent years we have funded major research projects in areas as diverse a5 T cell immunotherapy in autoimmune liver disease, defining the genetic basis of cardiomyopath$ and treatment and headache mechanisms for people suffering from raised intracranial pressure. The Award is normally made followin8 an annual competition among UK medical schools and NHS organisations. Applications are subjected to rigorous peer review by the Medical Advisory Committee and external experts in the relevant clinical field. The Trusys peer review process is accredited by the Association of Medical Research Charitie5 IAMRCI and is subject to audit by the Association. The AMRC completed its most recent audit in April 2021 and found the Trusys processes were fully compliant with AMRC'S five principles of peer review: accountability. balance, independerbce. rotation and impartiality. The temis of the Award stipulate that intellectual property rights created a5 a result of Trust-funded research should be protected and exploited. where commercialw worthwhile. An Intellectual Property Agreement with each institution defines issues of protection and exploitation. and the arrangements for
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2022 sharing any commercial income which is generated. The Tru5Ys Share of any such income would be allocated to the Trusvs charitable purposes. Research Infrastrurture Fund The Trust has a lon8 track record of supportin8 capital investment in research equipment and facilitie5. As noted above, the Research Infra5trurture Fund was launched in 2022 to support capital investment that will accelerate internationally competitive research in UK universities and/or NHS organisations. Applications may address any discipline or disease area but must demonstrate that the investment will translate into improvements in healthcare for patients. The programme 15 open to UK universities and NHS organisations. Applications are also accepted from UK registered charitie5 which work in partnership with universities and the NHS to support translational research. Short-listed applications are subject to external peer vIeW. Innovatlon ond Improvement In Heolth ond Cqre Fund The Fund was launched in 2022 to support the development of new models of care and the integration of health and care services. The programme 15 designed to respond to feedback from the Tru5Ys previous 8rant-holders and other analyses of emerging priorities for NHS organisations and care charities as they continue to recover from the pandemic and plan for future health and care challenges. As noted above, the Trust looks to support projects which are either scalable or replicable by other organisation5. and therefore have the potential to delNer benefits beyond a single setting. The programme is open to registered and exempt charities in the UK and to NHS organisations. Applications are a150 accepted from UK universities which work in partnership with chorities or the NHS to support innovation and improvements in health and care. Projects may involve a number of partners, but the lead organisation should be an established centre of excellence or have the potential to become a leader in Its field. Where appropriate, the Chaimian and DirtOr undertake slte visits to shortlisted organi5ations as part of the assessment process. The Ann Rylands Smoll Donotlons Proqrnmme The programme is named in honour of a former Chairman of the Trust land daughter of Sir Julesl and awards grants to SUPPOrt the core costs of small charities (which for the purposes of the pro8ramme are defined a5 th05e with an income below £2ml. Charities can apply for grants of up to £5.000. The funding criteria were refined in 2022 to enable the Trust to increase support for smaller charities whose work aligns with our mission to improve provision in health and care. The Trust prioritises applications from charities providing practical and emotional support to people with- or at high risk of- physical or mental ill health, people living wrth disability, and their families and carers. Although the level of individual awards is modest. the Trustee5 maintained the overall budget at £5,0(M) for the year, consolidating the increases made in 2020 and 2021 in response to the pandemic. The curnulative support that the Trust provides for smaller charities IS therefore significant and feedback from recipients indicates that the programme is valued and continues to meet a need.
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 The Trust received 580 applications from small charities in 2022, which was a reduction of 16% from the previou5 year (when the Trust received 689 applications). The reduction reflects the more focused criteria introduced in 2022, and an easing of some of the most acute pressures on smaller charities experienced during the pandemic. The number of applications in 2022 was nevertheless IO% higher than in 2019 and was drawn from a narrower range of charitie5, Suggesting that the fundin8 environment and level of demand for SeiCe5 remain very challenging for rnany of the Organisatn5 that the Trust supports. Achlevements and Perfomian¢e During 2022 670 grant applications were processed and 221 grants awarded by the Trustees totallin8 £3,269.076 net. including future year commitments. This was significantly lower than the £5,283,094 warded in 2021. but thi5 higher figure was inflated by the resumption of the competitions for the Sirjules Thorn Award and the previous PhD pro8ramme, both of which had been suspended during the first wave of the pandemic, and by the additional Translational Biomedical Research Award1£974,2261 made in 2021. The number of applications to the Trusvs grant programmes decreased by 23% in 20221670 applications agalnst 874 in 2021). The reduction in applications to the Ann Rylands Small Donations programme, noted above, was partially off-set by a significont incfease in applications for the capital programmes (which increased from 20 in 2021 to a total of 76 in 20221. This 8rowth was driven by applications for the new Innovation and Improvement in Health and Care Fund. whith attracted 65 applications in its first year, compared to 13 applicotions for Care projects under the equivalent scheme in 2021. This substantial growth indicate5 that the chan8es implemented following the Trustee5' Strategy review were well made, and that the new Fund is responding to the priorities identified in the review. A full list of grants can be found on pages 3340 of this report, and hvdhli8hts are summarised in the followin8 table.
THE SIR JULES THORN CHARtrABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31-DECEM8ER 2022 Grants Summ•ryfry 2022 Applications Recelved TOTAL Funds Pledged in Year Gnnts Awarded 670 221 £3.269,076 2021.. £5.311,884 The redurtion in total fundinB pledged for the year is in part due to the phasing of awards in prior years. The figure for 2021 Includes research awards that had been deferred from 2020, due io the im ct of the ndemic. 2021.. 874 2021.- 451 Appllcatlons Recelved 14 Full appllcatlons Invlted Appllcatlons Shortlisted £199572 awarded to King's College London for their Project: Novel Diognostic ond Thernpeutic Insightsfor Fibromyolgtfl and £41.154 extension of an eadier Brant was awarded to the University of Birmingham for additional costs resulting from the interru tion of research durin8 the pandemi 2021.. 18 opplicotions receffved 2021..3 oppli¢utions shortlisted 2021.. Sfvllopplicotions Invited Capltal Awards Applications Recelved Appllcatlons Shortllsted 65 Awards for InnovatSon and Improvement In Health and Ca li Awardslor Aesearch Infrastructure 1.050.000 awarded in 2022 £500.CQO for 2 projects supportin8 the development of innovative care models £550,OCQ for 3 projects supportin8 research infrastructuTe 2021.. a totol of 20 opplicotions were received undertheprevit)us copitulowordscheme. £l,SCf1,OL wt75 owarded to 6 projects supportting either innovation5 in care orinve5tmentin research infrostructure The Ann Aylands Small Iyonatkn *wamme Appllcatlon% Recelved 580 Award5 Granted 21S £478.350 awarded in 2022 to Small charities across the UK providin8 practical and emotional support to people with- or at high risk of - physical or mental ill health, people living Wlth disability, and their familie5 and carers. 2021.. 689 2021.. 337 2021.. £418.2LXI owarded As exploinedeorlier trt the Trustees'Repo¢ the Twst fined rts grant progrummes in 2022. The compurotivefigures shown (rbovefvr2021 fvr totalfunds pledged, ondfor the number of opplicotions und owards in thot yeor, include two progrommes thut were not offered in 2022. In 2021, the Trust ron o seporote progrommefor hospices. which received 131 applications und mt7de owords totolling £515.OCi). The Trusr continued to mokefvndirtg ovoiloblefvr rhe hospice sector tn 2022 thmugh the revised copittilprogrommefor hetslth ond CO projects ond theAnn Rylonds prognlmme. In 2021 the Trust irtvited 4 oppli¢otions to tits prevffou5 PhD progrqmrne qndmode 2 uwords totolling £223,527. Following the strotegic review Ajoted eorlier in the Trustees. Report, the PhDpTogmmme wos not offered in 2022 ondfunding wus reallocotedforafellowship scheme to supportfuture potential let7ders to develop o clirticol re5eorch coreer. The fru5tis considerin o number o tions in lioistsn with potentiolpartners io
THE SIR JULES THORN CHARITABLE TRUST REPORTOF THE TRUSTEES FOR THE YEAR ENDED 31"DECEMBER 2022 Plans for the Future As outlined above, some significant change5 were made to the Trusvs grant programmes in 2022. The Trustees have reviewed the outcome of the competitions for each programme and a8reed some further refinements to the award criteria and 5UPPOrting processes for 2023. The Trustees will keep the programme5 under review to ensure that the Trust continues to focus our fundin8 in areas where we can make the greatest difference. The Trust is conscious of the workload for organisations apptying for funding and will continue to engage with potential applicants before they invest time and resources in submitting full applications. This will be particular priority for the Trusvs capital pro8rammes, where the total number of applications for the 2023 funding round (which closed in February 20231 increased to 104. This is a 37% increase on the number received in 2022, as reported above, and a five-fold increase on the number received for the equivalent schemes in 2021. This growth provides further assurance that the capital programmes are meeting a need, but the Trust will need to consider the most effertlve means of managing future funding rounds to ensure that the workload for applicants and the Trusys team remains proportionate to the number of awards. The Trustees consider that the Trust ha5 adequate funds to meet its current obligations and to finance its planned activities. Flnancial Review The endowment provided by Sir Jules Thorn remains the source of funding for the Tru5t'5 grant-makin8 activities and our day-to-day operations. As explained below, the Trust operates a total return approach which enables a prudent amount of investment 8ains made in previou5 years to be used to augment distributions. The Trust is therefore not 501ely reliant on the level of our investment income in detemiinire how much it IS able to dlstribute in any one year. Income of £1,616,493 was received during the year from the investment portfolios managed by Baillie Gifford. Sarasin and Partners. Ruffer and Vanguard. Total expenditure commitments were £3,807,090 which included net grants of £3,691,102 and Investment Managers, Costs of £115,988, resulting in a deficit of £2,190,597 which was augmented by net Investment losses of £18,263,219, from all investment funds, making an overall deficit for the year of £20,453,816 12021 surplus £371,979). This reduced total funds held as at 31st December 2022 to £108,381,20412021 £128,835,020]. Details of transfers between general and endowment funds are detailed below. Reserve5 Poli¢v Under the terms of the Trust Deed the Endowment Fund is expendable at the Trustees, discretion and provides the $oUrCeS to finance the Trust's artivities. including its administration. It is the Trustees. li
THE SIR JULES THORN CHARITA8LE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 intention that the Trust's grant-making should continue for the foreseeable futu and, as a consequence. the investments in the Fund are managed on a long-term basis, as described below. The Trustee5 aim to have a sustainable distribution policy which maintains the level of charitable giving provided it Is prudent to do so. They have adopted a total return approach desi8ned to ensure that a sustainable level of investment gains is distributed as 8rants. Investment income is reinvested in the Fund and expenditure 15 financed by cash wlthdrawn according to a fom)ula which recognises that some past capital gains can be Safely distributed, provided that the ability of the Fund to generate adequate returns into the future is not ompromised. The current formula provides for up to 3.5% of the market value of the Fund. averaged over the previous three years, to be withdrawn, subject to the value of the fund remaining above a minimum level. In 2022, the Trustees have authori5ed an additional transfer from endowment funds to cover the shortfall in unrestricted funds needed to finance the grants awarded in the year. Thi5 is presented as a transfer between funds of £2,074.609 in the statement of financial activities. The Trust does not need to retain unrestritted income funds as reserve5 although in some years such funds can remain due to the timing of commitments. The were no such balance5 extant at 31 December 2022. At the year end the value of the Endowment Fund was £108.381,204 which the Trustees consider adequate in the context of the above policy. despite the reduction in value of the Baillie Gifford fund during the year, as noted below. Investment Pollcy The Trust Deed does not impose any restriction on the Trustees. power to invest. The endowment funds a invested for the lon8 term under the professional guidance of The Trust's Fund Manager5. who operate wlth discretionary mandates but subject to guidelines defined in the Trustee5' Statement of Investment Principles. A5 noted previously. the Trustees undertook a review of the Investment Policy during 2020. This included an external assessment of asset allocation and historic perfomiance and a re-tendering process to assess alternative approaches and test managers, performance and value for money. The recommendations from the review were approved by the Trustees in November 2020, and fully implemented in February 2021. The effect of the changes was to increase the proportion of the Trust's investments held in equities to approximately 70%. This is the level that the Trustee5 consider necessary to achieve the Trust's investment objective of achieving retums of 3.5% above the Consumer Prices Index ICPII, net of fees, measured over a rollin8 3 year period. While greater exposure to equitie5 carries some risk of volatility in the short-term. the Trustee5 consider thi5 to be balanced by the Trusys other more defensive investments and stron8 cash balances. The retums achieved durin8 2022by the Trusvs investment managers were= Sarasin {whi¢h holds the Trust's funds in a pooled fund, comprisin8 approximately 70% equitiesl-9.S%: Ruffer la more defensive fund with approximately 15% equities16.0%, Baillie Gifford11(XYA equitie51-34.9%. and Vanguard IIOO% equitie51- 8.0%. Overall, the perfomiance of the funds managed by Sarasin. Ruffer and Vanguard was satlsfactory 12
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 315T DECEMBER 2022 given adverse market conditions. The performance of the portfolio managed by Baillie Gifford has been very disappointing since the Trust placed its investment in February 2021. and in 2022 off-set the more positive results delivered by other managers. The Investments Sublommittee monitored the Baillie Gifford Fund closely throughout the year and has met with Baillie Gifford to discuss performance and the changes that the firm has made to the management of the Fund Since yearnd. The Sub-committee will continue to a55ess performance in the months ahead. The fund managers provide the Tntstees Wlth a written valuation and perfomance report each quarter and meet with the Investments Sub-committee at least once per annum to review the performance of the funds which they manage and respond to questions from the Sub-commtttee on behalf of the Board. Additional meetings have been held with Baillie Gifford. The Trustees considered the Trust's approach to the Environmental, Social and Governance IESGI aspect5 of our portfolio holdings as part of their investment review, and the Sub-committee gave careful consideration to the managers. approach to ESG during the tender process. The Trustees expect the investment managers to adopt an active policy on the exercise of voting rights In actordance with the principles of good corporate governante published by the Institutional Shareholders, Committee. ESG considerations are included in the managers. reports to the Trustees. The Trust's cash re50urces- £15.204,694- at the yearnd - are invested to ensure that funds are readily avallable to meet grant payments and other obligations as they fall due. In the current environment, the Income yield on cash balances is modest but the Trustees opened a cash deposit account with Investec Specialist Bank plc in February 2022 to take advantage of higher interest rates than currently available to the Trust from the main high street banks. Diversifying the TrusY5 Cash management is a150 intended to mitl8ate any risk of holding large balances with a single bank. The Trustees regard the present 83% cash cover for all outstanding grant commitments to be appropriate. when coupled with the Trust's substantial £108m of expendable endowment funds. The Trustees consider that their responsibility for the safety and performance of the Trust's investments is discharged appropriately by the arrangements set out above, when combined with the Trust's own monbtorin8 of portfolio actNity, and the annual audit procedures. Conclusions regardlng Golng Concern The Trustees have a 3$Ortable expectation that the charity has adequate resources to continue its actlvities for the foreseeable future. The Trustees a not aware of any material uncertainties about the charity's ability to continue and accordingly, they consider it appropriate to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees, Responsibilitie5 on page 14. 13
THE SIR JULES THORN CHARITABLE TRUS[ REPORT OF THETRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 Trustee$. responsibilities in relation to the financlal statements The Trustees are sponsible for preparing the Trustees. Annual Report and financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). The law applicable to charities in England and Wales quireS the Trustees to prepare financial statements for each financial year whi¢h give a true and fair view of the stste of affairs of the charity and of the incoming reUrCeS and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to= Selert suitable accounting policies and then appfy them consistently.. Observe the methods and principles in the Charities SORP: Make judgements and estimates that are reasonable and prudent: Follow applicable UK Accounting Standards and the Charities SORP, dlsclosing and explainin8 any departures in the accounts,. and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charit5 transactions. disclose with reasonable accuracy at any time the financial position of the charity and enable then to ensure that the financial statements comply with the CharitWs constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularity. Audltor Haysmacintyre LLP has indlcated its willingness to be reappointed as statutory audit for the next financial year. Approved by the Trustees and signed on their behalf by: Ellzabeth Charal, Chalrman Date: 12, May 2023 14
THE SIR JULES THORN CHARITABLE TRU INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Independent auditorfs report to the Trustees of The Slr Jules Thorn Charitable Trust Oplnlon We have audited the financial statements of The Sir Jules Thorn Charitable Trust for the year eftded 31 Dember 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statement5. including a summary of significant accounting policies. The financial reporting framework that has been applied in their pparatIOn is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The FinonciJl Reporting Standord opplicoble in the UK ond Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statementS= give a true and fair view of the state of the charitys affairs as at 31 December 2022 and of the charitV5 net movement in funds for the year then ended,- have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnion We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Art and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing IUKI115*15 IUKII and applicable law. Our responsibilitie5 under those standards are further described in the auditorfs responsibilities for the audit of the financial statements sertion of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirement5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements. we have concluded that the Trustees, use of the going concern ba515 of accounting in the preparation of the financial Statements is appropriate. Based on the work we have perfom)ed, we have not identified any material uncertaintie5 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 twefve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other information. The other information comprises the information included in the Trustees. Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our rep)rt, we do not expres5 any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to ad the other information and, in doin8 so, consider whether the other information is materially inconslstent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine 15
THE SIR JULES THORN CHARITABLETRusr INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31"DECEMBER 2022 whether there is a material misstatement in the financial statements or a material mi55tatement of the other information. If. based on the work we have performed, we conclude that there is a material mlsstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulation5 2008 require us to report to you if. in our opinion.. adequate accounting records have not been kept by Ihe tharity,. or sufficient a¢¢ounting records have not been kept; or the charity's financial ststements are not in agreement with the accounting r8cords and returns- or we have not received all the infom)ation and 8xplanations we require for our audit. Responslbilitles of Trustees for the financlal statements As explained more fully in the Trustees. responsibilities statement set out on page 14. the Trustees are responsible for the preparation of the financial statements and for being sat15fied that they give a true and fair view, and for such internal control as the Trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the charivs ability to continue as a going concem, disclosin& as applicable, matters related to going concern and using the goin8 concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Audltorfs responslbllitles for the audlt of the financial ststements Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detert 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 reasonabty be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-complian with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detectin8 irregularities, including fraud is detailed below: Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory requirements of the Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Art 2011. Charities SORP120191 and payroll taxes. We evaluated managemenvs incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of contro15. Audit procedures performed by the engagement team included.. Enquiries of management regarding correspondence with regulators and tax authorities- 16
THE SIR JULES THORN CHARITABLE TRUST INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Discussions with management includin8 consideration of known or suspected instances of non- compliance with law5 and regulation and fraud,. Reviewing the controls and procedures of the charity. particularly in relation to grant payments. to ensure these were in place throughout the year. Evaluating managemenys controls designed to prevent and detect irregularities,. and Reviewing and testing journal entries made in the year, particularly those made as part of the year end financial reporting process. Because of the inherent limwtations of an audit, there isa risk that we will not detect all irregularities, includin8 those leading to a material misstatement in the financial 5tatement5 or non-compliance 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 statements, as we will be less likely to become aware of InStanS of non- compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment. forgery. collusion. omission or misrepresentation. A furtherde5cription of our re5pon5ibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or -uk auditorsres n5ibilities. This description fomis part of our auditorfs report. Use of our report This report is made solely to the tharitys Trustees, as a body. in accordance with section 144 of the Charities Act 2011 and regulations made Under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we a required to state to them in an auditor's report and for no other purpose. To the fullest extent perniitted by law, we do not atpt or assume responsibility to anyone other than the charity's Trustees as a body for our audit work. for this report, or for the opinions we have formed. LLP Haysmacintyre LLP Statutory Auditors 10 Queen Street Place London EC4R IAG Date 12 September 2023 Haysmacintyre LLP is eligible to att as an auditor in temis of section 1212 of the Companies Act 2(M)6. 17
THE SIR JULES THORN CHARITABLE TRUST STATEMEKf OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31ST DECEMBER 2022 Unre5trirted Funds 2022 Endowment Fund 2022 Total Funds 2022 Total Funds 2021 Notes INCOME AND ENDOWMENTS Income from Investments 1.616.493 1,616,493 1,411,068 Total Income and Endowments 1.616,493 1.616.493 1,411,068 EXPENDITURE Expenditure on Raising Funds Investment Management Costs 115.988 115,988 162,S99 Expenditure on Charltsble Actlvltles Grantmaklng Medical Research Grants Medically Related Grants Hospice Fund Small Donations Scheme 1.881.035 1.182,893 1,881,035 1,182,893 2,986,675 1,618,552 545,876 501,367 627.174 627,174 3,691,102 3,691,102 5.652,470 Total Expenditure 3.691.102 115,988 3,807,090 5.815,069 Net Opernting IDefi¢it) for the Year Net {Losses1 Gain5 on Investments 12.074.609) 1115.9881 (2,190.597) 14,404,001) 18 263 219 18 263,Z19 4.775,980 Net Income/lExpenditurel for the Year Transfer Between Funds 12.074.609) 18.379.207 20,453 816 371,979 2.074.609 12,074.6091 120,453.8161 (20,453A16) Net Movement in Funds 371,979 Reconclllation of Funds Balance brought forward As at l January 2021 128.835.020 128.835,020 128,463,041 Total Fund5 Carrled Forward At 31" December 2021 108,381,204 108381,204 128,835,020 The notes on pages 21 to 32fvmJ port ofthesefinondalstqtements 18
THE SIR JULES THORN CHARITABLE TRUST BALANCE SHEET AS AT 31" DECEMBER 2022 Notes 2022 2021 FIXED ASSETS Furniture and Fittings 4.039 5,681 Investments 111,406,699 131,591,102 111,410,738 131,596.783 CURRENT ASSETS Debtors & Accrued Income Cash at bank and in hand I,005 15.204,694 15,304,699 112,332 14 965 309 15,077.641 CREDITORS: amounts falling due within one year Grant Commitment5 Creditors 5,584.212 96.113 5,680.325 4.963.933 55.896 5.019.829 io NEf CURRENT ASSETS 9.624,374 10,057,812 TOTAL ASSETS LESS CURRENT UABiunES 121,035.112 141,654.595 CREDITORS: amounts falling due after more than one year Grant Commitments 12,653,908 108381,204 12,819,575 128,835.020 NET ASSETS li THE FUNDS OF THE CHARITY Endowment Funds Unrestricted income funds 108.381.204 128,835.020 Total Charlty Funds 108.381,204 128,835.020 The financial statements were approved and authorised for issue by the Trustees and were signed on their behalf bv.. Chairman . /2'/•/?25 Thenotes on paqes 21 to 32Aomi part of thesefinondolstotements 19
THE SIR JULES THORN CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 315f DECEMBER 2022 Notes 2022 2021 Net cash loutflowl from operating activities IA) 13,247,176) (3.628,064) Net cash inflow from investing activitie5 3A86,561 11,166,839 IDecreasel/lncrea5e in cash in the period 239,385 7.538,775 A) Reconclliatlon of net Incoming resources to net cash outhow from ¢Wrat1 activities 2022 2021 Net income lexpenditurel for the year Depreciation Loss on the disposal of fixed a55ets Management fees paid from endowment funds (Gains) l Losse5 on investments Dividends and interest from investments Interest income Ilncreasel/Decrease ID debtors IncreasellDecreasel in creditors {20,453,8161 371,979 2,385 102 268.950 (4,747,830) fl,404, 799) fl,284J f5,036) 1.887,469 205 117,090 18.263,219 (1,575,906) 1107,5321 12,327 494,829 Net cash louthow) from operatlng actlvltles {3,247,1761 13.628,064) B) Net cash Inflow from In¥estlng artlvltles 2022 2021 Cash withdrawals from investment portfolio Interest income Purchase of tangible fixed asset5 3,380.000 107.532 1971) 3A86,561 11.166.385 1.284 (830) 11.166.839 C) Analysls of changes In net cash funds Atl January 2022 At31 December 2022 Cashflows Cash in hand 14,965.309 239.385 15,204,694 Total cash and cash equivalents 14,965,309 239,385 15,204,694 The notes on poqes 21 to 32fvmi part oAthesefinondolstotements 20
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 I. PRINICIPAL ACCOUNnNG POUCIES o) Basls of accountlng The Trust is a registered charity in England and Wales and as such is a Public Benefit entity. Governed by its Trust Deed, dated 18 February 1964. The Trusvs Charity Commission registration number is 233838 and its registered address is 24, Manchester Square. London. WIU 3TH. The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice ISORP 20191 applicable io charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} and the Charities Act 201L The functional currency of the Trust is considered to be GBP because that is the currency of the primary economic environment in which the charity operates. After making enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to ontinue its activities for the foreseeable future. The trustees are not aware of any material uncertaintie5 about the charit$ ability to continue and accordingly, they consider it appropriate to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees. Responsibilities on page 14. b) Crltlcal accountlngjudzements and key sources of estimation uncertainty In the application of the charity's accounting policies, which are dexribed in this note. Trustees are required to make judgements, estimates and assumption5 about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlyin8 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 underlwng assumptions are reviewed on an on-going 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. In the view of the Trustees. no assumptions conceming the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to resutt in a material adjustment to their carrying amounts in the next financial year. The principal accounting policies adopted, judgements and key sources of estimotion uncertainty in the presentation of the financial statements are as follows= Incomefrom Investments Dividend, interest and other income is accounted for on an accruals basis and is shown gross of any associated tax credits recoverable. d) Grnnts ond donations poyoble Grants and donations are recognised in the Statement of Financial Activities based on the commitments made durin8 the year. Because most projects last for more than one year the total of amounts committed but not yet paid 15 shown split between current and long-tenn liabilities. 21
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2022 Fixed assets and depre¢iotion Fixed assets over £500 are capitalised. Depreciation is provided on fixed assets, in order to write off the cost of the assets over their experted useful lives estimated residual values. at the following rates: Office equipment Fixtures and fittin85 20% p.o. Straight line 20% p.a. straight line Investments Investments are stated at mid-market value at the year end. The Statement of Financial Activities includes the aggregate of realised and unrealised gain5 and losses during the year. oj Bo%5 of allocation of costs C05t of generotingfund5 The cost of generating funds represents amounts paid to the Trust's external investment managers. Support costs These costs are incurred directly in the delivery of the Trusys charitable actNitie5. These costs are based on the percentage of time that a resource is used in the application of grants administration and associated activities together with the overhead costs of the charity. Governonce costs Governance cost5 comprise costs incurred in Trust administration and compliance with regulatory requirements. Staff costs are calculated as a percentage of time committed. h) Portfvllo manaqementftes The cost of managing the Trusys investment portfolio is met from Endowment Funds. Portfolio management fees are reco8nised on an accruals basis. i) Pensions Contributions were made to all employee5, personal pension schemes in accordance with their employment contracts. All such contributions are expensed through the Statement of Financial Actwities in the year in which they are due. J) Funds Endowment funds represent the investment assets derived from the original gift from Sir Jules Thorn. The endowment is expendable at the discretion of the Trustees. 22
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" DECEMBER 2022 Financlal instruments Financial assets and financial liabilitie5 are recognised when the Trust becomes a party to the contractual provisions of the instrument. Additionally, all financial assets and liabilities are classified according to the substance of the contractual arran8ements entered into. Financial assets, comprised of cash. other debtors and accrued income. and financial Ilabilities, comprised of grants payable, other creditors and accruals, are initially measured at transaction price (including transaction costs) and re subsequently re-measured where applicable at amortised cost except fr)r investments which are measured at fair value with gains and losses recognised in the statement of financial activities. The Trust's investment managers enter into fonvard rate currency contracts to manage its exposure to fluctuations in exchange rates within the investment portfolio throughout the year. These contract5 are recognised at fair value within the overall valuation of the investment portfolio with gains or1055es reco8nised in the Statement of Financial Activities. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchan8e rate. 2. INCOME FROM INVESTMENTS 2022 2021 Listed investments Cash - interest income 1,508,961 107,532 1,616,493 1.409,784 1,284 1.411,068 23
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31" DECEMBER 2022 3. ANALYSIS OF TOTAL EXPENDITURE Ann Rylands Small Totsl Donatlons Expendlture Medltal Medlcallv- research related grants grants Hosplce Fund Raising funds 2022 Investment Management Fee5 115.988 115.988 Grants Awarded 1.740.726 1.050.IJJ) 478,350 3.269.076 Staff Costs 39.265 59,477 71,497 170,239 Support Costs 63.065 35.437 39,322 137,824 Depreciation & losses 871 2,563 Governance 37,133 37,133 37,134 111,400 2022 A¢tlvlty Totsl 115,988 1,881,035 1.182,893 627,174 3,807,090 2021 Investment Management Fees 162.599 162.599 Grants Awarded 2,890,644 1.500,0 471.250 421.200 5,283.094 Staff Costs 31.108 41,847 37.241 52.348 162.544 Support Costs 40.838 38.168 18.116 13.368 110.490 Depreciation & losses 622 995 498 373 2,488 Govemance 23.463 37.542 18.771 14.078 93.854 2021 Artivity Totsl 162,599 2,986.675 1.618,552 545,876 501,367 5,815.069 Full details of gronts oworded in the year ore on pooes 33 to 40 of this report 24
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 2022 zozi SUPPORT COSTS Staff Costs Rent, rate5 and service charges Other 170,239 57,841 82,546 310,626 162,544 58,127 54,851 275,522 Governance costs Staff costs Trustees & Peer Reviewers Expenses etc Other Audit fees- current year Audit fees- prior year Legal Fees 76,562 73,170 5,850 23,840 4,500 19,760 111.400 93,854 Total Support and Governance costs 422,026 369,376 2022 2021 4. STAFF COSTS Salarles Employer's National Insurance Pension and Death in Service Contributions 211,236 19,842 15,723 246AOI 198.103 19.688 17.766 235,557 The number of employees whose emoluments are above £60,(KKI during the year was.'- No. No. £90,IX(I- £IOO,ocK) The average weekly number Iheadcount) of persons employed by the charity during the year was: No. No. Administration and Governance The total amount of employee benefit5 received by key management in the year ended 31st December 2022 wa5 £125,93212021- £116.2721 including Employer's National Insurance Contributions TRUSTEES 2022 2021 Total emoluments Nll Nll Total reimbursement of expenses 76 569 2 Trustees received travel and meeting expenses in the year12021- 4 Trustees- £5691 25
THE SIRJULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 5. RELATED PARTIES There were no related party transactions or balances which qUIre disclosure within the financial statements during 202212021- £Nifj 6. TANGIBLE FIXED ASSErs Fittings and Equlpment Cost as at l January 2022 34,903 Addition5 Disposals 971 11.5751 At 31 December 2022 34,299 Depreclatlon At l January 2022 Charge for the year Disposals 29,222 2,408 11,3701 At 31 December 2022 30,260 Net Book Value At 31 December 2022 4,039 At 31 Oecember 2021 5.681 26
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 7. INVEsfMENTS 2022 2021 Market value at l January 2022 Investment income received Cash Fund withdrawals 131.591.102 136,873.808 1,575,906 (3380,0(M)I 1,404,799 fll.166,385J Net movement in investment cash balan5 129,787,008 127,112,222 Net gains / Ilosse51 on investments Net Management fees paid (18.263,219) 4.747.830 (117,090) (268,950) Market value at 31 December 2022 111,406,699 131,591.102 Cost at 31 December 2022 128,462,15Z 129.403,280 Investments at year end Vre made up as follows- 2022 2021 UK equities UK fixed interest securities Overseas equities Oversea5 fixed interest securtties Managed funds Forward foreign exchange Other Cash 1,725,266 5.043,485 8,038,688 2,662,608 10,305,643 85,492325 7.334.924 8.282.683 5.183,OC(I 101.069,929 {13,0651 1,404,666 1,790,568 111,406,699 147.273 2,678,797 1.851,011 131.591.102 Portfolio Mana8ement Fees Investment management lees incurred in the year Vre-. Cazenove - to February 2021 Ruffer Sarasin- Fees Rebated Net charge to SOFA 202Z 2021 30,820 277.015 (145,236) 162.599 270,260 {154.2721 115,988 Fees Arran8ement with Sarasln Included in the cost of units held within this fund is an ernbedded fee. This fee is higher than that agreed by the trustees and so the fund manager makes a rebate directly to the fund, which is reinvested in additional units. 27
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31" DECEMBER 2022 7. INVESTMENTS {CONTINUTED) Forward contracts There were no commitments to purchasing currencies under forward rate contracts at 31 December 202212021.. £NILI- The Trust 15 committed to sellin8 a total of USD £2,653,56612021.' USD £3.147.077) EUR ENIL 12021.. EUR £780,961), JPY £NIL {2021.- JPY£2,631.9601, under fofward rate contracts at 31 December 2022. All contracts mature on 19.1.23 and are included within the investment portfolio at a market value of £13,06511ossl at 31 December 202212021.. £147.273- profit). 8. DEBTORS 2022 2021 Accrued income 42,504 92.690 Prepayments 57,501 19.642 IQO,00S 112,332 28
THE SIR JULES THORN CHARITABLE TrUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31" DECEMBER 2022 9. GRANT COMMITMENTS 21 2021 Forward commitments at l January Z022 Commitments made during the year Adjustments re Grants made in Previous Year Amounts paid during the year Forward commitments at 31 December 2022 17.783508 2,749,572 41,154 (2,336,114) 18,238,120 15,775,918 5,311.844 (28.75OJ f3,275,504J 17.783,508 Forward commitments at 31 December 2022 in respect of ongoing projects were as follows= 50th Anniversary Award S,IXKJ,(M)O 5.Ck)O.000 Medical Research Grants 8,937,903 8.637.189 Medically Related Grant5 4,3fy),217 4.146,319 Ann Rylands Small Donations Scheme 18,238.120 17,783,508 split as follows: Amount5 due within one year Amounts due afterone year 5.584.212 12.653.908 18.238,120 4,963,933 12.819,575 17, 783,508 10. CREDITORS 2022 2021 Accruals 35,687 20.102 Taxation- PAYEINIC Portfolio management fees 10,703 60fv26 25.091 96.113 55,896 29
THE SIR JULES THORN CHARrrABLE TRUST NOTE5 TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31" DECEMBER 2022 ANALYSIS OF ASSEfs BETWEEN FUNDS Ila. ANALYSIS OF NET ASSETS BETWEEN FUNDS Investments Tangible Flxed Asses Other Net Llabilltles Total Funds Unrestricted funds Endowment fund5 111.406.699 4,039 13,029,534> 108,381,204 Total funds 111,406.699 4.039 13,029.534} 108,381,204 ANAL YSIS OF NET ASSETS BETWEEN FUNDS 2021 Investments Tanqlble FlxedAsses Other Net Uobllitles Total Funds Unrestrirtedfunds Endowmentfunds 131,591.102 5.681 (2.761,763) 128.835.020 Totalfvnds 131,591,102 5,681 (2.761, 763) 128,835,020 Ilb. RECONCIUATION OF FUNDS Funds ¢/fwd at 31.12.22 Funds b/fwd at 1.1.22 Income Expendltur¢ Transfers Galns and Losses Endowment funds Unrestricted funds 128,835,020 1115,9881 12,074.6091 118,263,219) 108,381,204 13,691.102) 2.074,609 1.616,493 128.835,020 1,616,493 (3A07,090 118,263,219) 108,381,204 RECONCILIA TION OFFUNDS 2021 Funds b/fvd atl.1.21 Income Expendlture Transfrrs Golns and Funds c/fvd Losses at 31.12.21 Endowmentfund5 Unrestrictedfunds 128,463,041 (162.599) 14.241.402J 15,652.470J 4.241.402 (5.815.069) 4.775,980 128,835,020 1.411.068 1.411.068 128,463,041 4, 775,980 128,835,020 The Endowment funds psent the investment assets derrved from the 0ri8inal glft from Sir Jules Thom. The endowment is expendable at the discretion of the Trustees. The Trustees have authorised an additional transfer from the endowment to unrestricted fund5 in order to finance grants awarded in the year.
THE 51R JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2022 12. OPERATING LEASE COMMITMENTS Total future minimum lease payments due under non-cancellable operating leases at the end of the year are as follows: 2022 2021 Land & Bulldlnzs Due not later than one year 11,750 47,000 Due later than one year but not later than fNe years Due later than five years 11,750 Total future mlnimum lease payments 11,750 58,750 Lease payments recognised as an expense in the year totalled £47,(LXI (2021.. £47.o901 31
THE SIR JULES THORN CHARITABLE TRUST NOTES TOTHE FINANCIALSTATEMENTS IcoKfiNUED) FOR THE YEAR ENDED 315T DECEMBER 2022 13. COMPARATIVE STATEMENT OF FINANCIAL STATEMENTS Unre5trirted Funds 2021 Endowment Fund 2021 Total Funds 2021 Total Funds 2020 Notes INCOME AND ENDOWMENTS Income from Investments 1.411.068 1,411.068 972.318 Total Income and End¢)wments 1.411,068 1,411,068 972.318 EXPENDITURE Expendlture on Ralslng Funds Investment Management Costs 162.599 162,599 489,073 Expendfture on Charftsble Artivities Grantmak5ng Medical Research Grants MedicaSly Related Grants Hospice Fund Small Donations Scheme 2.986,675 1,618,552 545.876 501.367 2.986,675 1,618,552 545,876 501,367 104,444 1,135,525 598,56S 488,159 5.652.470 5,652,470 2,326.693 Total Expenditure 5.652.470 162.599 2,815,766 Nel Operatln8 {Deflclt) for the Year 14.241,4021 1162,5991 14,404.001) (1,843,448) Net Gain5 on Inve5trnents 4.775.980 4,775,980 8,440,877 Net IncomellExpendSturel for the Year 4.241.402) 4.613.381 371,979 6,597.429 Transfer Between Funds 4,241.402 {4.241.4021 Net Movement In Funds 371.979 371,979 6,597.429 Reconclllatlon of Funds Balance brought forward Ast Irtjanuary 2021 128.463.041 128,463,041 121,865,612 Total Funds Carrled Forward At 3151 De¢ember 2021 128.835,020 128A35,OZO 128.463,041 32
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31" DECEMBER 2022 MEDICAL RESEARCH GRANTS THE SIR JULES THORN AWARO FOR MEDICAL RESEARCH Kln8's College London Novel Diagnostic and Therapeutic Insights for Fibromyalgia 5-year project 1.699.572 Ufilverslty of Bimiingham Defining new treatment and headache mechanisms in raised intercranial pressure 41,154 Total JTA Award5 1.740.726 MEDICALLY RELATED CAPITAL AWARDS INNOVAnoN AND IMPROVEMENT IN HEALTH AND CARE Tommrfs 250.000 Alder Hey Chlldren's Charity 250,(KX) Medlcal Detectlon Dogs 50.¢ Total Innovatlon and Improvement In Health and Care 550,(KX> RESEARCH INFRASTRUCTURE FUND Evellna London Chlldren's Charlty 350.¢)X) University of Dundee 150,LXIO Totsl Research Infrastructure Fund s,000 Total 1,050,000 33
THE SIR JULES THORN CHARftABLE TRUST NOTES TO THE FINANCIAL StATEMENTS (CONTINUED) FOR THE YEAR ENDED 31" DECEMBER 2022 THE ANN RYLANDS SMALL DONATIONS GRANT PROGRAMME Award Amount Number Total £5.CNXI £3.(NJO £2,500 £2,300 £2,(MXI £1,750 £1,51)J £1,250 £1,050 £i,o iO,OCM) 135.000 172,500 2.300 82,000 14,0(Xi 36.0(K¢ 7,5CKJ 1.050 18,IMXJ 45 69 41 24 18 215 478,350 34
THE SIR JULES THORN CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2022 THE ANN RYLAND5 SMALL DONATIONS GRANT PROGRAMME IDetsiledl NUMBER North Yorkshire Hospice Care The Sussex Beacon 5.IXJO 5,ly)O Barons Court Project Limited Berkshire Autistic Society Cambridge Samaritans Care Network Cambridgeshire Caxton Youth Organi5ation Chri5 Westwood Charity for Children with Physical Disabilities Clan Cancersupport 10 Cornwater Evergreens 11 Create IArts1 Limited 12 Dame Vera Lynn Children's Charity 13 DEMAND Design & Manufacture For Disability 14 Dementia Support 15 Dorset Mind 16 Glasgow'5 Golden Generation 17 Growing Well Limited 18 Headway Birmingham & Solihull 19 Headway East London 20 Hearts and Minds Limited 21 Home-stsrt Horizons 22 Integrated Neurological Services 23 Kinship Care Northern Ireland 24 LinkAble Woking Limited 25 Listening Books 26 MACS_Microphthalmia, Anophtholmia and Coloboma Support 27 Marches Family Network 28 ME2 CLUB 29 OverThe Wall 30 Positive Help 31 Reading Mencap 32 Scottish Huntington's Association 33 SERVE 34 Space4autism 35 Spinal Muscular Atrophy Support UK 36 Springboard Opportunity Group 37 Sussex MS Centre 3,0 3,C(10 3,OJO 3.000 3.000 3.000 3.000 3.000 3,000 3,000 3.000 3,000 3,QKIO 3.1XJO 3,000 3.000 3.000 3.000 3.000 3,000 3,000 3,OCK) 3,OC 3,000 3,000 3,000 3,000 3,000 3,OQX) 3,CilO 3,CK)O 3,000 3,000 3,0(YJ 38 Swings & Smiles 39 The 8ack-Up Trust 40 The Helpful 8ureau 41 The Honeypot Children's Charity
THE SIR JULES THORN CHARABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (COKnNUED) FOR THE YEAR ENDED 31ST DECEMBER 2022 42 The Peter Pan Centre 43 The Spitz Charitable Trust 44 Trailblazers Mentoring Ltd 45 Turning the Red Lights Green TIA Red2Green 46 Wetherby in Support of the Elderly IWISEI 47 Youth Concern 3,000 3,000 3.000 3.000 3,000 3,OLM) 48 A8e Concem North Norfolk 49 Amaze 50 Autism Bedfordshire 51 Aut15m Early Support Trust knmited 52 Bath and North East Somerset Carers Centre 53 Birmingham Disability Resource Cent 54 BOSP Brighter Opportunities for Special People 55 Braid Health and Wellbeing 56 Cancer Campaign in Suffolk 57 Cancer Support Scotland (Tak Tent) 58 Can¢erwise 59 Caring Hands 60 Cerebral Palsy Cymru 61 Child Brain Injury Trust 62 Children's Adventu Farm Trust 63 Clear Sky Childn,$ Charity 64 Colostomy UK 65 Community Voluntary Artion Ledbury & District 66 Cornpaid 67 Dads Unlimited 68 Daisy's Dream 69 Disability Advice and Support Hillingdon IDASHI 70 Fair 2,500 2,500 2,SOO 2,500 2.500 2.500 2,500 2,500 2.500 2.500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2.500 2,500 2,500 2,500 2,500 71 Families InFocu5 IEssexl 72 Go Beyond 73 Gympanzees 74 Headway Suffolk 75 Healthy Generattons 76 Home Start Camden and Islington 77 Home-start Aberdeen 78 Home-start Surrey Heath 79 Insight- Counselling Coachin8 And Support SeNice 80 Kindred Advocacy 81 Link to Change 82 Little Hearts Matter 83 London Wheelchair Rugby Club 84 Maggs Day Centre 85 Magic Me 2,5C(J 2.500 2,500 2,500 2,500 2,500 2,5 2,500 2.500 2,500 36
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 315f DECEMBER ZOZZ 86 Mentoring Plus Bath & North East Somerset 87 Merlin MS Centre 88 My Life Films Ltd. 89 Myvision Oxfordshire go Natural Ability 91 Open Age 92 Perth Autism Support SCIO 93 Phoenix Enterprises Iswindonl Ltd 94 Prisoners Abroad 95 SAFE Foundation 96 Safe New Futures 2,500 2.500 2,500 2.500 2,500 2,500 2,500 2,500 2,500 2,500 2.500 2.500 2.500 2,500 2.500 2.500 2.500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,5CKI 97 Salvesen Mindroom Centre 98 Seesaw 99 SNAP Special Needs Action Projert 100 Surrey Drug And Alcohol Qre 101 Sutton Vision 102 Tailor Ed Foundation 103 TALK Surrey CIO 104 Teapot Trust SCIO 105 The Anthony Seddon FurKI 106 The Downright Special Network 107 The Hollow Lane Club 108 The Neuromuscular Centre 109 The Sick Children's Trust 110 The Vine Centre 111 Visyon Ltd 112 Voluntary Action Stratford on Avon District 113 Wag & Company North East Friendship 114 Winchester Youth Counselling 115 York Blind and Partially Sight Society IMySi8ht York) 116 Youth Adventure Trust 117 Homfrstart Blackmore Vale 2,31Y) 118 Activity Club For Children with Speclal Needs- Thumbs Up aub 119 Alice (Relief of Poverty and Advancement of Community) 120 Alive Activities Ltd 121 Beverley Community Lift 122 Beyond the Horizon 123 Brainstrust 124 Cerebral Palsy Scotland 125 Cleft Lip and Palate Association 126 Daisy Programme 127 Different Strokes 128 Dorset Blind Association 2,fy)0 2,C()O 2,CKJO 2,OC4) 2,000 Ji
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICQNTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 129 Dundee Age Concern 130 Dyspraxia Foundation 131 ECHO for Extra Cholces in Heref0rdshi Limited 132 Essex Dementia Care 133 Every Parent & Child 134 Goldies Sing and Smile - ONLINE 135 Grarnpian Cardiac Rehabilitation Association 136 Headway Hertfordshire Limited 137 Home-start East Surrey 138 Home-start Hampshire 139 Home-start South Wiltshire 140 Home-start Wessex (formerly South East Dor5etl 141 Knowsley Disability Concern 142 Livin8 Paintings Trust 143 Magic Carpet (Exeter) 144 My Life My Choice 145 Nacoa- National Association for Children of Alcoholics 146 Oakleaf Enterprise 147 Only Connect UK 148 Parity for Disability 149 Pennyhooks Farm Trust 150 Purple Patch Arts 151 Reart 152 Skills for People 153 Space 154 Sparkle (South Wales) 155 Steps Charity Worldwide 156 The Open Theatre Company 157 West Berkshire Therapy Centre 158 Wintertomfort for the homele5S 2.cilo 2,CQO 2,Q)O 2,0 2,Crf)O 2,CQO 2.C()O 2.000 2.IXIO 2.oc 2,OCM) 2.CQO 2,CtyJO 2,QM)O 159 Age UK Ealing 160 Back On Track Manchester Ltd 161 Blue Smile 162 Brain Tumoursupport 163 Kent Multpile Sclerosis Therapy Centre 164 PLUS IForth Valley) Limited 165 Sussex Association for Spina Bifida and Hydrocephalus 166 Wessex Cancer Trust 1.750 1,750 1,750 1,750 1.750 1,750 1,750 1.750 167 Afasic 168 ABe Concern Voluntary Assoc. for the Elderty Merstham. Redhill & Rei8 169 A8e Well East Ltd 170 Assist Trust 171 Aylsham & District ca Trust I,soo 1,500 1,500 1.500 1.500
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICOKllNUED} FOR THE YEAR ENDED 31 DECEMBER 2022 172 Boccia England 173 Care and Repair Edinburgh 174 Cued Speech UK 175 Dingley Family and Specialist Early Years Centres 176 Eating Matters 177 Families United Network 178 Headway North Staffordshire IHead Injuries Association} Ltd 179 Herts Inclusive Theatre 180 Multiple-Sclerosis-UK Ltd 181 Our Special Friends 182 Somerset Sight 183 Soundwell Music Therapy Trust 184 The Booth Centre 185 The Carers Centre Bristol & South Gk)ucestershire 186 The Orpheus Centre Trust 187 Unite car$ in Mid Devon 188 Wiltshire Mind 189 Young Carers Development Trust 190 Young Roots 1,500 1,500 1,500 I,soo 1,500 1,500 1,500 1.500 1.500 1,500 1,500 1.500 1,500 1.500 1.500 1.500 1,500 1,500 1,500 191 BEfriend 192 Connects & Co 193 JIGSAW Thornbury 194 Room to Heal 195 The Rainbow Centre 196 Tom's Trust 1,250 1,250 1,250 1,250 1,250 1,250 197 Autism Nl IPAPAI 1,050 198 Bluebell Care Trust 199 Bucksvision i.OCNJ i.OCrtJ I,OLKJ 21XJ CANCER UNITED 201 Carymoor Environmental Trust 202 Fife Young Carers IFYCI 203 Gynaecology Cancer Research Fund 204 Kair05 Women WorkingTogether 205 Key Changes- Positive Mental Health Through Music Ltd 206 Lothian Centre for Inclusive Living 207 Next Steps Mental Health Resource Centre 208 North Norfolk Community Tran5POrt 209 Rookie Rockstars 210 SHINE (East Norfolkl 211 Staffordshire Sight LO A550Ciation 212 Suffolk Rape Crisis 213 Sydenham Garden I,(yJo I,coo I,wo i.0 I,¢Joo 1,000 1.000
THE SIR JULES THORN CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 214 The Anne Robson Trust 215 Washin8ton Mind 1.000 I,LN)o TOTALAWARDS MADE IN THE YEAR 478,350