Reglstratlon No. 233838 THE SIR JULES THORN CHARITABLE TRUST FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 DECEMBER 2023 THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES ST FOR THE YEAR ENDED 31 DECEMBER 2023 Charlty Number 233838 Re8iStered Office 24 Manchester Square. London. WIU 3TH Truslee5 Elizabeth Charal Ichaimanl Timothy Harvey-samuel Julian Ide Mark Lever OBE Prof Sharon Peacock CBE Fmedsci lappointed I" January 20231 John Rhodes Prof David Russell-jones MBBS. BSC. MD. FRCP William Sporborg Directar Richard Benson Audltor Hay5macintyre LLP 10 Queen St Place London EC4R IAG Bankers Natwest 250 8ishopsgate London EC2M 4AA Solicitors Milb & Reeve Botanic House ICQ Hills Road Cambridge CB2 IPH Investment Managers Ruffer LLP 80 Victoria Street London SWIE 5JL Vanguard Asset Service5 4th Floor. The Walbrook Buildin8 London EC4N 8AF 8aS11ie Gifford Cafton Square l Greenside Row Edinburgh EHI 3AN BlackRock Investment Management IUKI Ltd 12 Thro8morton Avenue London EC2N 20L Sarasin Juxon House IC(I St Paul's Churchyard London EC4M 8BU THE SIR JULES THORN CHARttABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31sf DECEMBER 2023 THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 315T DECEMBER 2023 re8ulatory changes that came into ft)rce as a resu￿ of the Charit￿5 Act 2022. While the Trust Deed does not provNle for a minimum or maximum number of Twstees, the Board's Terms of Reference state that, unless the circumstances are exceptK)nal. there will not be le5S than seven and no more than ten Trustees. The composition of the Board is kept under ￿gular review to ensure its members ontinue to provide the range of skills required to support the Trusys strategy. The Board has considered guidance published in the Code regarding the period for which individuals should normally serve on boards and new Twslees are appointed for a term of S years. which may be renewable with the agreement of the Board. When Trustee vacancies arise, individuals are identified who provide the required skills and the broader requirements set out in the Trustee Role Description agreed by the Board. Potential cantlidates are invited to a selection interview, whlch may lead io an appointment to the Board. New Trustees are given a briefing about the Trust and all a5pect5 of iheir ￿SponSIbl11t1es. including governance. Trustees are also offered the opportunity to attend sector specific courses run by AMRC and other providers and in addition are made aware of changes lo Charity Commission guidance as and when appropriate to their role on the Trustee Board. Further, where appropriate, induction meetings with the Trusys professional advmrs are offered. All Trustees are unpaid. The Trust has a Conflicts of Interest Policy, which set5 Out the principles which are applied to identify transactions and decisions in which individuals may have a personal Interest, and the process for managing potential conflicts. The Policy applTre5 to all Trustees, Trust staff and members of the Medical Advisory Committee. The Trust operates with a small teèm of four staff. induding the Director, who provides the key management role within the definition of FRS 102. The Director 15 atcountable to the Trustees forthe implementation of the strategy agreed by the Boar(I, and for the day-to-day mana8ernent of the Trust. The Trust acknowled8es the importance of its staff in ensuring both the on8oin8 Strategic development and efficient administration of the charity. The overall aim of the Trust's policy is to offer fair pay to attract and retahn appropriately qualrfied staff to lead. mana8e and administer the charity and to fulfil the charitable objecls on behalf of the Trustees. The Tmstees revbew the remuneration of the Director and other staff on an annual basis, after benchmarking to market conditions and other similar charities. Risk Mana8ement The Trustees are responsible for monitorin8 the risks facing the Trust and ensuring that risks are managed effectively. The Trust has a formal risk register which is regularly reviewed by the Board, and risk is inherent lo the Board's distussions on all aspects of the Trust's work. In additlon, the Board considers anv recommendations from the Trust's auditors regardin8 further improvements to the Trust's system of Internal controls, and management re5wnses to recommendations. The Investment Sub-committee review5 risks specificalty related to the Trust's investments. The principal risks facin8 the Trust are: Flnancial- where inappropriate asset allocation or adverse market conditions could potentiallv undermine the financial sustainability of the Trust or mean that total returns from the Trusvs investments were not sufficient to meet its normal level of grant commitments. The Trustees sought to address thbs risk through the p￿VIouS revw of the Trusys investment strate8Y, implemented in 2021, and the level of ￿sIdUal risk is managed through the ongoing monitoring of investment performance by the Investments Sublommittee. The risk of short-term volatility in THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 inve5tmenl returns is further mitigated by the Trustees. policy of maintaining sufficient cash balances to cover near-tem) grant commitments. The Board considers the affordabiltty of new grant commltments when setting the annual budget. Strategic- where the Trusys grant making strategy must keep pace with developments in research. clinical practice and relevant sectors of care. The Trustees reviewed the Trusvs strategy and grnnt programmes at the end of 2021. When making slgnificant awards the Trustees consider advice from the Medical Advisory Committee and external expert5 contributinE to the peer review of research proposals. The Chaim)an ènd Direttor visit all the organisalions shortlisted Ltnder the Trust's capital grants programme for health and care projects. Operatlonal- where prO￿Ssing failures. fraud, or major incidents. would impede the chèrit¢s ability to function effectNely, and ihus to deliver tts charitable objeclives. Intemal controls are kept under review. and systems and processes We￿ further developed during 2023 to enhance integration and efficierKy. Compliance- where a failure to comptywith charity law, the general law. or the foundin8 Trust Deed, would compromise the charity'5 Status and reputation. The Trustees review governance arrangements on an annual basis and will conduct a further review of the Board's effectiveness later in 2024 to ensure continued compliance. In common with other or8anisations. the Tru5t'5 risk management arrangements have been tested in recent years throuBh the pandemic and the 5ybseouent perioil of economlc uncertainty. The Trust doe5 not fa the same challenges as charities which are dependent on fundraising or or8anisations delNerin8 front- line servlces. The Trust's ability to navigate the changes in the external environment since 2020 has nevertheless confirnied the Trustees. previous assessment of the prlncipal risks facing the Trust and that ris risk assessment process is robust. Overall. the Truslees are satisfied that all risks are being mana8ed effectively and that measu￿5 are in place to ensu￿ good governance, prevent financial or administrative fraud or malpractice, protect the good reputation of the Trust. and ensure compliance with relevant legislation and guidance. Objective5, Artivitie5 and Public Benefit ObJertl¥es The Trust Deed gives the Trustees absolute discretion to apply the capital and income of the Trust for charitable purposes generally but, in doing $0, they tske note of the Founderfs wshes. In keeping with Sir Jules's original intentions, the Trust's largest grants support translational medical research undertaken In the UK'S leading medical schools and NHS organisatbons. Beyond medical researth. the Trust's other grant programmes support he3￿h an(i care services for people INing with serious or lrftrlimiting conditlons, and those with- or at high risk of - physical or mental ill health. people living with dlsabS1ity, and their families and carers. In discharging their responsibilities, the Trustees confirm that they have due regard to the Charity Commission's published 8uidance on the Public Benefit requirement under the Charities Act 2011. Artivities In pursuit of its objectNes. the Trust delivers public benefit by providing awards to unNersities, NHS organisations and other registe￿￿ charities in the UK. Awards are nomially made through the Trust's competitwe grant programmes: the details of which are available on our website. As noted prevlously, the Trustees reviewed the Trusvs strategy at the end of 2021 and concluded that its research programmes were working well. The Twstees therefo￿ agreed that the annual Sir Jules Thorn THE SIR ES THORN CHARITABLE TRUST ORT OF THE TRUSTEES R ENDED 31" DECEMBER 2023 FOR THE Award for Biomedical Research should c provide capital awards to support invest accelerate outstanding translational res Medically Related Donations programm Infrastructure Fund. inue in ils existin8 form and that the Trust should continue to nt in laboratory equipment or other facllities needed to h. Historicalty. this capttal funding had been offered under the ut from 2022 has been awarded through the new Research In reviewing the strategy, the Trustees a ed to re-f¢xus the capital funding for health and care project5 which had similarly been offered throu8 e prevK)us Medically Related Donations Programme. The Innovatlon and Improvement in Health Care Fund was launched at the start of 2022 to support capital investment to impr¢)ve seryices or facilit for people living with serious lon8-term or life-limitlng conditions. Specifically, the Fund aims to pport the development of new models of health and Care that will lead to improved outcomes for Organ￿lon5' beneficiaries, and enhance the accessibility and resilience of services. The Trustees aim in partKular*support projects which are either scalable or replicable by other organisations. and therefore have tentlal to delher benefts beyond a single 5ettir During 2023, the Trustees fvrther refine criteria for the Ann Ry￿ndS Small Donations Pro8ramme. which offers awards of up to £5,¢XK) to SuN￿rt the core costs of smaller, health-focused charities, including smaller hospices and hospice at home 5enices that were previously eligible to apply to the Trust's fomier Hospice Programme (which was discontiM*d following the strategic ￿VIew1. The Trustees also closed the previous Ph ramme In 2022. following the strategy review. While the programme had continued to attract stroryèpplications, the Trustees concluded that was too small to meet its original objectives, and agreed ts> Thllocate fvnding to support a fellowship scheme to support potential future leaders to develop a cliwlcal research career. The Trust has considered a number of options n liaison with potential partners and will v•visit future plans On￿ potential partners and their respective funders a￿ ready to move fonward. The Trust did not dITert￿ advertise our r rch pro8rammes during the year lyjt our lon8Standln8 SUPPOrt for medical research meant that the Trust￿ntinUed to receive 5ignificantfy more applications than it is able to fund. The quality of applications ￿maInS bEh. The Trust placed an announcement about the Innovation and Improvement in Health and Care Furtd kn Civil Society and published grants data through 360Givin& in order to raise awa￿ne$S of our progra and ensure that we continue to attract the strongest P055ible field of applications. Further information about the operatio ur grant programmes in 2023 is set out below. The Slr Jules Thorn Award for 8iornedica Pasearch The Sirjules Thom Award supports the of outstandin8 investvdators who are in the earty sta8es of an established clinical research career. It ofkn a grant of up to £1.7million over 5 years. Since the inception of the Award in 2(X)I, the Trust has pledged •knost £27m to fund the highest qualr(y translational research which seeks to bring benefit to patients thfi￿gh improved diagn05tics andlor the development of new therapies for important clinical problem& ftesearch can be in any field of clinical research, and in re￿nt years we have funded major research proJttt5 in a￿a5 as diverse as the devekipment of stratified therapies for HCC liver cancer, novel diagnostic an rapeutit insi8hts for fibromyalgia and T cell immunotherapy in autoimmune liver disease. The Award is made following an annual crynpetition among UK medical schools and NHS organisations. Applications are subjected to rigorous iew by the Medical Advisory Committee and external experts THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 In the relevant clinical fleld. The Trusys peer review process is accredited by the Association of Medical Researth Charltles IAMRCI and complies ful￿ WTth the Association's five principles of peer review: accountability, balance, independence. rolation, and impartiality. The terms of the Award stipulate that intellertual property rights created as a result of Trust-funded research should be protected and exploited, where commercially worthwhlle. An Intellectual Property reement with each institution defines issue5 of protection and exploitation, and the arrangements for sharln8 any commercial income which is generated. The Trust's share of any such income would be allocated to the Trusvs charttable purwses. Research Infrastrurture Fund The Trust ha5 a long track record of 5UPPOrting capfcal investment in research equipment and facilities. As noted above, the Research Infrastructure Fund was launched in 2022 to 5UPPQrt capital Investment that wlll accelerate internationally competitwe research in UK universities and NHS organisations. Applications may address any discipline or disease area but must demonstrate that the investment W411 translate into improvements in healthcare for patients. The programme Is open to UK universities and NHS organisations. Applications are also accepted from UK re8lStered charities which work in partnership with unNersities and the NHS to support translational research. Short-listed applications are subject to external peer review. Innovatlon and lrnprovement IA Health and Care Fund Like the Research Infrastrurture Fund, this Fund was also launched in 2022 but is open to registered charltles In the UK and to NHS organisations. Applications are a150 accepted from UK universitie5 which work in partnership with charities or the NHS to support innovation and improvements in health and care. The programme is designed to support the development of new models of care and the integration of health and care services, which the strategic review identified as key priorities both for the Trust's current and previous 8rant-holders an(J for NHS or8anisations and care charities more broadly. The number of applications received in the fund's first year represented a four-fold increase from the previous scheme165 in 2022 against 13 for comparable care projects in 20211, and the Trust saw further growth of 40% (to 91 applications) in 2023. This scale of growth indicates that the changes implemented following Strategic review were well made, and that the Fund is responding to an important and 8rowing need. As noted above, the Trust looks to support projerts which a￿ either scalable or replicable by other or8anisations, and therefore have the potential to delNer benefits beyond a single setting. Projects may invO￿e a number of partners. but the lead organisation should be an established Cent￿ of ex￿llenCe or have the polential to become a leader in its field. The Ann Ryland$ Small Donations Programme The prograrnme is named in honour of a former Chaimian of the Trust land daughter of Sirjulesl and awards grants to support the core costs of small charilies Iwhith for the purposes of the programme are defined as those with an annual income below £2ml- Charities can apply for grants of up to £5,000. The funding criteria have been refined in recent years to enable the Trust to increase support foi smaller charities whose work aligns with its mission to improve provision in health and care. The Trust prioritises THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES ST FOR THE YEAR ENDED 31 DECEMBER 2023 applications from charities providin8 practical and emotional support to people with- or at high risk of - physical or mental ill health, people living with disability. and their families and carers. Although the level of Individual awards is modest, the cumulative support that the Trust provides for Smaller charitTres is significant and the Trustee5 have maintained the annual budget for the programme at £500.c￿,. consolidating the increases initially made in response to the pandem￿. The feedback from recipients indicates that the programme is valued and continues to meet a need. This is reflected both in the continued volume of submissions, and by the financial and operating pressures that many smaller charities report in their applications. The Trust recelved 516 applicatbons from small charities between January and November 2023, when the budget for the year was fulty allocated and the programme was paused. This figure compares to 580 applications for the full year in 2022. The Trust refjpened the programme in January 2024 and received 126 applicatlons by the end of ihat month. At the point of writin& the volume of applications has returned to similar level to prior years but it is clear that the fundin8 environment and level of demand for servlces remain very challenging for many of the organisations that the Trust supports. Achle¥ements and perfornia￿e During 2023 634 grant applications weo processed and 218 grants awarded by the Trustees totalling £3.367,999 net. including future year commitments. This was 3% hlgher than the £3.269,076 awarded in 2022. The number of applications to the Trust's grant progrnmmes decreased by 5% in 20231634 applications against 670 it) 20221. The significant increase in applications to the Innovation and Improvement In Health and Cère Fund, noted above, was off-set by a redudion in the eventual number of submi55ions to the Ann Rylands programme due to the pause in applications during November and Oecember. A fvll list of grants can be found on pa8es 31 to 37 of this report, and highlights are summarised in the following table. THE SIR JULES THORN CHARtrABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 315T DECEMBER 2023 Grants Summary for 2023 Appllcatlons Received Grants Awarded TOTAL Funds Pled8ed in Year 634 2022.. 670 218 2022.. 221 £3,367.999 2022.. £3.269.076 The SlrJyle5 Th(Yn Award for Bl(#nedlcal Sdence Full applications Imtlted Appllcatlons Received 13 Appllcatlons Shortllsted £1,699,986 awarded to the University of Edinburgh for their project: Stratified systemic therapy in HCC- bringing tumour-specific can￿r therapy to liver cancer An extension of £120.000 was also approved for an earlier Award held by University College London. A further £16,000 was allocated to increase the value of existing studentships awar(led under the Trust's previous PhD prograrnme. This will support an increase in students, stipend in reco8nition of higher INing costs. 2022.. 14 pplications received 2022.. 3 opplicotions shortlisted 2022.- 5fv11 opplicotions Invited ca￿•1 Awards Applications Recelved 91 Applications Shortllsted Awards for Innovallon and Improvement in Health and Core 14 Awards for Researth Infrastrurture £I,CW,O(Xl awarded in 2023 £500,000 for 2 projects supporting the development of innovative care models £500,CI)J for 2 projects supporting research infrastructure 2022.. a total of 76 applications were ￿ceiVed for the two capital award programmes. £1,050,000 was awarded to 5 projects supporting either innovations in care or investment in research infrastructure The Ann Rylands Small Dor*atlon5 Pro8r•mme Appllcatlon5 Recelved 516 Awèrds Granted 213 £539.050 awarded in 2023 to small charities across the UK providing practical and emotional 5UPPQrt to people with- or at high risk of - physical or mental ill health, people living with disability. and their families and carers. 2022.. £478.350 oworded 2022: 580 2022: 215 THE SIR JULES THORN alARITABLE TRUST REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31" DECEMBER 2023 Plans for the Future As outlined above, 2023 was the second year that the Trust's grant pro8rammes have run in their current form. The substantial increase in the number of applications for the Innovation and Improvement in Health and Care Fund, and the enhanced quality of applications for both Capital programmes. indicate that thev are meeting an important need. While there was a very marginal reduction in the number of applications for the Sir Jules Thorn Award in 2023, the quality of the proposals was high, and the field of candidates shortlisted for final interviews was particularly strong. The volume of applications for the Ann Rylands Small Donations Pro8ramme remained Significantly higher than the Trust was able to fund. The Trustees have reviewed the outcome of the competitions for each pro8r3mme and agreed some further refinements to the award criteria and supporting prowses for 2024. The Trustees will keep the programmes under review to ensure that the Trust continues to focus its funding in areas Whe￿ we can make the greatest difference. The Trust Is always conscious of the workload for organisations applying for fvnding and will continue to engage with potential applicants before they invest time and resources in submittin8 full applications. This will continue to be a particular priority for the Innovation and Improvement in Health and Care Fund, for which the Trust received initial expressions of interest from more than 120 Organ￿allons for the 2024 funding round Iwhich closed in February 20241. Thbs continued growth provide5 further assurance that the capital programme5 are meeting a need. but the Trust implemented an additional stage to tria8e prospective applications for the 2024 competttion. which reduced the number of written applications to 62. The Trust plans to Implement further phased changes to the process from 2025 to ensure thal we continue to attract innovative and impactful projects whilst ensuring that the WO￿load for applicants and the TNsYs team remains proportionate to the numbei of awards. The Trustees consider that the Trust has adequate funds to meet it5 current obligations and to finante its planned activitles. Financlal Re¥lew The endowment provSded by Sir Jules Thom remains the source of funding for the Tru5t'$ 8rant-makin8 activities and our day-to-day operations. As explained below, the Trust operètes a total return approach which enables a prudent amount of investment gains made in p￿viouS years to be used to augment distributions. The Trust is therefo￿ not solely reliant on the level of our investment income in detem)ining how much it 15 able to distribute in any one year. Income of £2,007,451 was receNed durin8 the yearfrom the Trust's investments. This fEure included £1,577,504 from the investment portfolios managed by Baillie Gifford, Sarasin and Partners. Ruffer and Vanguard l£l,508,961 in 20221. The balance of £429.947 was derNed from interest on cash deposits 1£107.532 in 20221. In part, the increased income from cash deposr¢s reflecis the general increase in interest rates, but the Trustees also took action to maximise the return on the Trusys substantial cash balances while minimizing the risk to capital. This included placing £3m on a f￿ed-terM deposit with NatWe5t and maintaining £6m in two notice accounts with Investec Bank. In orderto maximise returns and diversify cash hokliw. the Trust a￿0 placed £5.5m In BlackRock's Sterling Government Liquidity Fund in Iwo tranches during November and December 2023. The balance of the 8lackRotk Fund at 31" December 2023 was £5.521,923. and thts figure is shown in the Balance Sheel. THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES ST FOR THE YEAR ENDED 31 DECEMBER 2023 Total expenditure was £3,923,550 whith included net grants of £3,783,832 and Investment Managers, Costs of £139,718. resulting in an operating deficit of £1,916099. This was off-set by net Investment gains of £5,443,803 from all investment funds, resulting in a net movement in funds for the year of £3,527,704 Icompared to deficit of £20,453.816 in 2022. which was drtven by losses on investments of £18,263,219). This more positive outcome increased total funds held as at 31st December 2023 to £111,908,90812022 £108.381,2041. Details of transfers between general and endowment funds are detailed below. Reserves Pollcy Under the temis of the Trust Deed the Endowment Fund is expendable at the Trustees, discretion and provide5 the resources to finance the Trust's activsties, including its administration. It is the Trustees, intention that the Trust's grant-making should continue for the foreseeable future and the investment5 in the Fund are therefore managed on a long-terni basis, as described below. The Trustees aim to have a Sustainable distribution policy which malntains the level of charitable giving provided it is prudent to do so. They have adopted a total return approach designed to ensu￿ that a sustainable level of investment gain5 is distributed a5 grants. Investment income is reinvested in the Fund and expenditure is financed by cash withdrawn according to a formula 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 compromised. The current fomiula provides for up to 3.5% of the market value of the Fund, averaged over the previous three years, to be withdrawn, subjett to the value of the Fund remaining above a minimum level. In 2023, the Trustees have authorised an additional transfer from endowment funds to cover the Shortfall In unrestricted funds needed to finance the grants awarded in the year. Thss is presented as a transfer between funds of £1,733,861 in the statefflent of financial activities. The Trust does not need to retain unrestricted income funds as reserves although in some years such funds can rernain due to the timing of commttment5. There were no such balances extant èt 310ecember 2023. At the year end the value of the Endowment Fund was £111.9)8.908 which the Trustees consider adequate in the context of the above policy. Investment Pollcy The Trust Deed does not impose any restriction on the Trustees, powerto Invest. The endowment funds are invested forthe long terrn under the professional guidan￿ of The Trust's Investment Monagers, who operate with discretionary mandates but subject to Buidelines defined in the Trustees, Investment Policy. Ag noted prevIous￿, the TfU5tees undertook a review of the Investment Poliry during 2020. This included an external assessment of asset allocation and historic performance and a re-tendering process to a55e5S alternative approaches and test managers, performance and value for money. The recommendations from the review were approved by the Trustees at the end of that year and ful￿ implemented in the Spring of 2021. The effecl of the changes was to increase the proportion of the Trust's investments held in equities to approxlmately 70%. This is the level that the Trustees cons￿er necessary to achieve the Trust's investment objective of achieving returns of 3.5% above the Cons*Jmer Prices Index ICPII, net of fees, measured over a rolling 3-year period. While greater exposure to equities carries the risk of volatility in the 5hort-term, the Trustees consider this to be balanced by the Trust's other more defensive investments and strong cash balances. io THE SIR JUIES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 The returns achbeved during 2023 by the Trusvs investment managers were.. Sarasln (which holds the Trust's funds in a pooled fund. comprising approximately 70% equities) 8.5%.. Ruffer la more defensive fund with approximately 15% equitie51-7.8%. Baillie Gifford11(M)% equities) 14.4%. and Vanguard (100% equities) 13.1%. Overall, the performance of the funds mana8ed by Sarasin and Vanguard was satisfactory given market conditions. The performante of the fund managed by Ruffer was disappointin8 following its more positive returns in previous years. The Investments SuEFCommittee will monitor performance during 2024 but, overall, considers that Rufferfs distinclive approach continues to act as a useful counterweight to the strategies ol the Trust's other Investment managers. The return produced by the Baillie Glfford fvnd was positive during 2023, but the performarKe of the portfolio since the Trust placed its investment in 2021 remains very disappointing. The fund incurred very significant losses during 2022 and- despite the more positive perfomiance in 2023 - remains substantlally below its original value. The Investments Sub-committee continued to monitor the Baillie Gifford Fund closely throughout the year and has met with 8aillie Gifford to discuss perforn)a￿e and the changes that the flrm has made to the management of the Fund during the year. The SulFCommittee will continue to a55e5s performance in the months ahead. The investmenl mana8er5 provide the Trustees with a written valuation and performance report each quarter and meet with the Investments Sub-committee at least On￿ per annum to review the performance of the funds which they manage and respond to questions from the SutFCommtttee 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 aspects of its 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 artNe policy on the exercise ot voting rights in accordan￿ with the principles of good corporate governance published by the Instttutional Shareholders, Committee. ESG considerations are included in the managers. reports to the Trustees. The Trust's cash resource5- £10,679,590 at the year-end- are invested to ensure that fvnds are readily available to meet grant payments and other obligations as they lall due. As noted above. the Tnjstees have further diversified the Trust's cash holdings durin8 the yearto take advantage of higher interest rates while safeguarding the capital. In accordance with this strategy, towards the end of the year the Trust also placed £5.5m in 81ackRock's Sterling Government Liquidity Fund (which is an AA4-rated money market fund Investing in Government ￿ndS and other Instruments). The year*nd balance of the BlaekRock Fund was £5,521,923, which 15 in addttion to the cash balance of £10.679,590. The BlackRock Fund is nevertheless highly liquid meaning that the Trust can recall cash at 24- to 48-hours' noti￿, if requlred to meet grant payments or other obli8ations. The Trustees regard the present 87% cash cover for all outstanding grant commitments to be appropriate, when coupled with the Trust's subtantial £111.9rn of expendable endowment funds. The Trustees conslder that their re$F￿nsIbIlity for the safety and performance of the Trust's Investments 15 discharged appropriate￿ by the arrangements set out above, when combined with the Trust's own monitorlng of portfolio activity, and the annual audit procedure5. li THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 315TDECEMBER 2023 Concluslons regardl￿ Goln8 Concem The Trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. The Trustees are not aware of any material uncertaintie5 about the charity's ability to continue and accordin8W, they consider it appropriate to adopt the going concern basis In preparln8 the financial statements as outlined in the Statement of Trustees, Responsibilities on page 13. 12 THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 Trustees. responsibilities in relatlon to the fina￿la1 statements The Trustees are responsible for preparing the Trustees, Annual Report and financial statements in accordance with applicable law and United Kingdom General￿ Accepted Accounting Practice (United Kingdom Accounting Standards). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of re5wrces of the charity for that period. In preparing these financlal statements. Ihe Trustees are required to- Select suitable accounting poI￿leS and then apply them conslstentlv.. Observe the methods and principles in the Charitie5 SORP.. Make judgements and estimates that are reasonable and prudent- Follow applicable UK Accounting Standards and the Charities SORP. discloslng and explaining any departures in the accounts- and Prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting retords that a￿ sufficient to show and explain the chaTit(s transactions, disclose wtth reasonable accuracy at any time the finanoal position of the charity and enable then to ensure that the financial statements comply with the Charity's constitution. They are also responsible for safe8uardin8 the assets of the charsty and hence fortaking reasonable steps for the preventioll and detection of fraud and other irregularity. Auditor Hay5matintyre LLP has indicated tts willbngness to be ￿apPoInted a$ Statutory audit for the next financial year. Approved by the Trustees and signed on their behalf by.. Elizabeth Charal. Chairman /A¥g 4, Tr21 Date.. 13 THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 315TDECEMBER 2023 Independent Iuditorfs report to the trustees of The Slr Jules Thom Charitable Tn Oplnlon We have audited the financial statements of The Sir Juks Thorn Charriable Trust for the year ended 31 December 2023 which comprise the Statement of Financial Activrties. the Balance Sheet, the Statement of Cash Flows and notes to the financial statements. including a summary of si8fbificant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United KinBdom Accountin8 Standards, including Financial Reporting Stsndard 102 The Fint7nc￿l Reporting Stlindord applicable in the UK and Republic of Irelond (United Kingdom Generally AC￿pted Accounting Practice). In our opinion, the financial statements- 8ive a true and fair view of the state of the charl￿$ affairs as at 31 December 2023 and of the charity's net movement in funds for the year then ended; have been propedy p￿pared in accordance with United Kingdom Generally Accepted Accountin8 Practice,. and have been prepared in accordance wtth the requirement5 of the Charities Act 2011. Bosis for opinii)n We have been appointed as auditor under section 144 of the Charitie5 Art 2011 and report In accordance with the Att and relevant regulatK)ns made or havin8 effect the￿under. We conducted our audit In accordance with International Standards on Auditing IUKI IISAS IUKII and applicats￿ law. Our responsibilit￿S under those standards are further described in the Audttorfs responsibilities for the audit of the financial Statements section of our report. We are independent of the charity/group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibiltties in accordance with these requirements. We believe that the audlt evidence we have obtained ￿ sufficient and appropriate to provide a basis for our opinion. Conclusions relatin8 to going concern In auditing the financial statements, we have concluded that the trustee5' use of the going concem basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed. we have not Klentrfied any material uncertainties relating to events or conditions that. individually or collectNety, may cast significant doubt on the charity'5 ability to contlnue as a going concern for a period of at least twefve months from when the financial statements are authorised for issue. Our responsibilitie5 and the responsibilities of the trustees wlth ￿SpeCt to going concern are described in the relevant sections of this report. Other Informatlon The trustees are responsible for the other information. The other infomation comprises the information included in the Trustee5' Annual Report. Our opinion on the financFal statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusSon thereon. In connection with our audit of the financial statement5, our reswnsibility is lo read the other informatlon and, In dolng so, consider whether the other infomiation is materially inconsistent wr¢h the financial statements or our knowledge obtained in the audit or otherwise appears to be materialty misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine 14 ThE SIR JULE5 THORN CHARITABLE TRUST REPORT OFTHE TRUSTEES ST FOR THE YEAR ENDED 31 DECEMBER 2023 whetherthere is a material misstatement in the financial statements ora material misstatement of the other information. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information. we are required to re￿)rt that fact. We have noihing to report in this regard. Matters an whlch we afe 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) Regulation$ 2CK)8 require us to report to you rf, in our opinion: adequate accountlng records have not been kept by the charity: or sufficient accounting records have not been kept.. or the charity financial statements are not in agreement with the accounting record5 and returns,. or we have not recewed all the Inforniat￿)n and explanations we require for our audit. Responsibilities of trustees for the financlal statements As explained more fully In the trustees. responsibilities staiement set out on page 14, the trustees are responsible for the preparation of the financial statements and for being satisf￿d that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financlal 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 charity's ability to continue as a going concem, disclosin& as applicable. matters related to going concern and uslng the going concern basis of accountin8 unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Audltorfs responslbllltles for the audit of the financial statements Our objectives are to obtain reasonable assurance aLKJut whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's reportthat include5 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 a￿ayS detect a material mi5Statement when it exists. Misstatements can arise from fraud or error and a￿ considered material if. individually or In the aggregate. they could reasonably be expetted to influence the economic decisions of users taken on the basis of these financial staiements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, includin8 fraud. The extent to which our procedures are capable of detectln8 Irregularit￿5, including fraud is detailed below- Based on our understanding of the charity and the environment in which It operates, we identified that the principal risk5 of non-compliance WTth laws and regulations related to the Charity Commission, and we considered the extent to which non-complian￿ might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impatt on the preparath)n of the financial statements such as Charities Act 2011, Charities SORP120191 and payroll tax. We evaluated management's incentNes and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the en8a8ement team included- DIscu55ions with mana8ernent includin8 consideration of known or suspected instances of non- compliance with law5 and regulation and fraud- Reviewing the control and procedures of the charity, particularty in ￿latiOn to grant payments, to ensure these were In place throughout the year- 15 THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES ST FOR THE YEAR ENDED 31 DECEMBER 2023 Evaluating management's controis desi8ned to prevent and detect irregularities,. and Identifyin8 and testin8 joumals, in particular journal entries [￿Sted with unusual account combinations, px)stin8s by unusual usets or with unusual descriptK)ns. Because of the inherent limitations of an audit, there is a riskthat we will not detect all Irregularlties, Including those leadln8to a material mis5talement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or ￿gulatIOn is removed from the events and transactions reflected In the financial statements, as we will be less likely to become aware of Instances of non- compliance. The risk is also greater regarding irre8ularities occurring due to fraud rather than error, as fraud involves intentSonal concealment. forgery. collusion, omission or mt5representation. AfurtherdeSCript￿n of ourresponsibilitiesforthe audit of the financial ststements15 located onthe Financlal Reporting Council's webslte at: www.frc.or .uk aLiditorsres on51bilities. Thi5 description forms part of our auditorfs report. Use of our report Thls report is made solely to the tharivs trustees, as a body. in accordance with section 144 of the Charities Art 2011 and regulalion5 made under section 154 of that Act. Our audtt work has been undertaken so that we mlght state to the charty's tnjstees those matters we are required to state to them in an AudTtor's report and for no other purpose. To the fullest extent permttted by law, we do not accept or assume responsibility to anyone other than the charitrfs trustees as a body for our audit work, for this report, or lor the oplnlons we have formed. LLTr Haysmacintyre LLP Statutory Audilors 10 Queen Street Place London EC4R IAG Date 20 June 2024 Haysmacintyre LLP 15 eli8ible to att as an auditor in terms of section 1212 of the Companie5 Act 2006 16 THE SIR IULES THORN CHARITABLE TRUST STATEMEKf OF FINANCIALACTIVITIES FOR TrIE YEAR ENDED 31 DECEMBER 2023 UnrÈstrfcted Fund$2023 Endowment Fund 2023 Total Funds 2023 Total Funds 2022 Nole$ INCOME AND ENDOWMENTS Income from Irweslmen15 2.007.451 2,007,451 1.616.493 Total Income and Endowments 2,007,451 2.007.451 1,616,493 EXPENDITURE Expendllure on Ralslng F￿ndS Investment Managemeni Costs 139.718 139.718 115,988 Expendlture on Charltabie Actmtles Grantmaklng Medical Research GTants Research Inlra5truciure Impiovements In Care Small Donations Scheme 1,965.746 561.652 $68.689 687,745 1.965.746 561.652 $68,689 687.745 1,881,035 616.447 566,446 627,174 3.783,832 3.783.832 3.691,102 Total Expendlture 3.783.832 139,718 3,923,550 3.807.090 Met OperatlngiDeflclll lorthe Year Net Galns ILo$$e51 on Irwestments 11.776.381} 1139.7181 11.916.099) (2,190,594 5.443.803 5.443,803 118.263.219) Net Incom•l{Expendlture}tor the Year Transfer Betwogn Funds 11.776.381) 5.304.085 3,527.704 {20,453.816J 1.776,381 11.776.381) Net Movement In Funds 3.527.704 3.527.704 {20.453,816J Reconclllallon of Funds Balance brou8frt forward As at I'january 2023 Tolal Funds Carrled Forwa At 31" December2023 108.381.204 108.381.204 128.835,020 111,908,908 111,908.908 108.381.204 The notes onpage$20 to 3Qlomipartolthese flnanclalstatements 17 THE SIR IULES THORN CHARITABLE TRUST BALANCE SHEET ASAT31 DECEMBER2023 Notes 2023 2022 FIXED ASSETS Furniture and Fittlngs Investments 3.018 114231,063 4.039 111,406,699 114.234.081 111,410.738 CURRENT ASSETS Debtors & Accrue(J Income Short-lerm investments Cash at bank and in hand 202,063 5.521.923 10,679.590 16.403.576 ioo,oos 15,204,694 15.304.699 CREDITORS: amounts falling due within one year Grantcommitments Creditors 7,104.814 94,036 7,198.850 5,584.212 96,113 5,680,325 io NET CURAENT ASSETS 9,204,726 9,624.374 TOTALASSETS LESS CURRENT LIA8ILmES 123,438,807 121,035.112 CREDITORS: amounts lalling due after more than oneyear Grant Commitmenls 11.529.899 12.653.908 NET ASSETS li 111.908.908 108,381.204 THE FUNDSOFTHECHARITY Endowment Funds Unrestricted income funds 111.908.908 108.381.204 Total Charlty Funds 111.908.908 108,381,204 The financial statemenls were approved and authorised lor issue bytheTrustees and were signed on thelr behall by.. Chalrman Date: The notes onpage$20 to30fomipartoff these Ilnaftclal statements 18 THE SIRJULESTHORN CHARITA8LETRUST CASH FLOWSTATEMENT FOR THE YLIR ENDEO 31ST DECEMBER2023 Notes 2023 2022 Net cash loutllowl from operating a￿vIlieS IA) 13.453.8121 13,247,176) Net cash loutttowllinllow from invests.ng aciivities IDecreaselllncrease in cash In ihe period IBI 11.071.292) 3.486.561 Ici 14.525.104> 239.385 Al Reconclllatlon of net IncomlnKresouvcesto nel cash outli•)w Irom operatlng actlTAtles 2023 2022 Net income lexpen(lrturel lorlhe year Depre¢iab"on Loss on the disposal of flxed assets Managemeniiees paid from endowmentfunds (Gains) / Losses on investment5 Di￿dendS and interest from inve￿rnents Interesi on short-terrn investments Intere￿ income 3.$27,704 120,453,816) 2.408 205 161 147,599 15,427,3411 11.$44.6221 121.9231 1429.9471 1102.0581 394,516 117,090 18.263,219 fl.575.906J (107.532) 12.327 494,829 IlncreasellDecrease in debtors IncreasellDecreasel in creditors Net cash loutllowl from operatingactivlties 13.453.812> f3,247.176J l Net cash loutflowl Inflow frorn Investingactmlles 2023 2022 Cash Nlhijrawals from Invesimeni porttollo Interest income Purchase ol shon-term Investments Purchase ol tangible1Sxe(l assets Di5POsal of tan&ble Irxed asseis 4.000.000 429.947 (s￿00,000) {1.6191 1380,000 107.532 19711 11.071,2921 3.486.561 CIAnalysls ol chanies In net cashfvnds A131 December 2023 At l January 2023 Cashllow5 Cash in hanrj 15.204.694 14.525.1041 10.679,590 roial cash and cash eq￿ValentS 15.204PJ94 (4525.1041 10.679.590 The note$onpag•$20 to30 fomipartofthese flnanclalstatem•nts 19 THE SIRIULESTHORN CHARITABLE TRUST NOTESTO ThE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 I. PRINICIPALACCOUNTING POUCIES Bas1* o14ccoundng The Trusi Is a registered chartty In England an¢J Wales and as such Is a Public Benefii entity. Governed by its Trust Deed. date(J 18 February 1964. The Trust's Charlty Commlssion registrauon number is Z33838 and its regIsle￿ address is 24. Manchester Square, London, WIU 3TH. The tinancial statements have been prepared under the historical cosi convention as modified by the ¥ev8luation ol investments and in accordance wth Alcourtrting and Reporting by Cttarlties: Siaiemeni ol Recornmended Practice ISORP 20191 applicable to chanties preparing their accounts in accofdance with the Financial Aepoiting Standard applicable In the UK Republic of Ireland IFRS 1021 and the Charities Act 201L The functional currency ol the Trust is considered lo be GBP because that is the Currency of the prlmary economic environment inwhich the charityoperates. After rnakn'ng enquiries, the Trustees have a reasonable expectatlon that the charlty has a(Jequate resources to eontinue its activrties forthe toreseeable future. The trustees are Thot aware ol any material uncerrainries aliout the charltys abilityto continue and accordingly. they consider it appropriate to adopt the 40ing ¢on¢ern basls in preparingthe financialstatemenis as OUiline(J Inthe&atsmeni olTrustees' Responsibilities on page 12. b) Qitlcala￿OUntInq judqements and*eywyr(es ofestlmath uKertolnty In the appucatlon or rhe chariys xcounhngpollcies. which a￿ describe(F in this nthe. Trustees are requlred to make judgements. estimates and assumpttons about the ¢anwng values of assets and liabililies that aTe not readily apparent liom other sources. The esiimaies and underI￿n8 agsumptions are based on historical experience and otherfactorsthat areC0n￿dered to be relevant. Actual results maydifler from theseestimates. The esiim*es and underlyng assumptions afe le￿eWed on an on-going basis. Re￿s1OnS to accountlng estimates are recogniseil in the period in vthich the estimate is revised if the re￿510n affects only that perio(J, or In the perlod of the r￿SlOn and futu￿ perlods. In rhe v(ew ol the Trustees. rw) assumptions concerning the ftrtU￿ or estimation uncertairity affecting assets and liabilities at the balance sheet date ale tikdyto resultin a material a(JjUsts￿ent io Iheir ca￿￿ngaM0Unts in the next financial year. The principal accountiw policies a(Jopted. judgements and key sources of estimation uncertainty in ihe presentation ol the financial statements are asfoLiows= 20 THE %AJULESTHORN CHARITABLE TRUST NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 CJ incomefrom Inveslments Dimdend. interest and other itKome is accounted tor on an accfuals basis and is shobw gross of anyassoclaied tax creilts re¢overabLe. dj Goths/(lossesJ oft InveStn￿nts Reaosed gains and losses on investmernsarecalculated asthe difference between salesproceeds arn1 rchasevalue. Unre4ised ga'nsand lossesare caiculaled a5 difference between thelrfaif value atyear end and thar purchasev&ue. el Grnnts onddongtimspoyoble Grants and donatlons ale recognise(J in the Statement ol Financial Ackn"wties based ￿ the commitments made duringthe year. Becajse most wojects last lor more than one year the total of amounis ¢omrnitied but noi yet pad is shown split betsbpen CUT￿nI and L￿￿-teM ￿"abilItie> Fixed Qssets anddepredotlon xed assds 0￿r £5(￿ are calxta￿.Sed. Depreciation Is prwded on fixed assets. In order io write off the cost of the assets over theirexpected vseful Ihves esiimated reydualvalw. atthe following rates- Office equipment xture5 and fi¢ting5 p.a. stf74"ehtline 20% p.a. stiaighl line Investments Invesimenis are stated at mid-market value at the year end. The Statement ol FinanCialAc￿￿t1eS ir￿l￿deS the aggregate of iealised and unrealised gains and losses duringthe yeai. h) 8asts of allocatlon olcosts Costofgeneratinglunds The eosi ol generatingiunos represents am￿l$paid tothe TNst's external iniftstrneni managers. Supportcosts These costs are incurred directly in the deliveryolthe Trust's charitable actiwties. These costs are based on the percentage ot lime that a resource Is used in the application ol grants ajmlnistrallov and a550Cl3ted ¥tivitles together with the overhead costs of the charity. Governance costs Governance costs comprise Costs ir¢uwred in Trust adNMNStrats'on compliance regulaiory reqLiremeThts. Staff cosis are calculated as a pei¢entage of time commrtted. 21 THESIR IULESTHORN CHARITABLE TRUST NOTESTO THE FINANCWSTATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 11 Porrfolio monL4qemertfres The cost of man3￿nE the Trust's irfvestment portfolTro Is mei from Endovmiem Fund5. Portfolio management fees are recogThi5ed on an accruals basis. 11 Employee 8eneffts Where employees have rernde￿d seNi¢e to the eharityshort-tefrn employee benefits. incluéing holiday pay. to ich the employees are entilled are charged to the Statement of Financial Activities in the year to which they relate. Contributions ￿tre rnade to ali employees, personal pensTon schemes rn accordance ￿th their employment contracts. AU such eontributions are expensed Ihrough the Statemeni of Financial ￿tIvitIeS in the year in ich theyare due. kj Funds Endowment lunds iepresent the investment assets ￿er￿e￿ from the ori¥nal wft trom Sir Jule$ Thorn. The endowmeni is expendableai thedixr•ion of theTru$iees. IJ Flnan¢lallnstruments Financial assets and financial liabilities are recognised vthen the TTUSt becomes a party io the contractual prowsions of the instrument. Additionally, all linancial assels aTrJ liabl￿"tieS are classified according to the Substance of the Contractualairangementsentered into. Financial assets. comprised ol cash, other debtors and accrued income, and linancial liabilities, comprised of giants payable. other credrtors and accruals. are IniiiaLLy measureé at transaetion price (including transaction costs) and are subsequently rfrmeasured where applicable at amorttsed costexcept for investrnent5 which are measured at lair value with gains and losse5 recoenised In the sraiement of fin8nci*8ctivilies. The Trust's invesiment managers enter into forward rate currency corbtracts io manage its exposure to liuctuaiions in exchange rates within ihe irNe5tment portfolio thro￿ghout rhe year. These contracts are recognisetl ai falr value within the overall valuation of the imiestment port10￿0 with gains or losses reCO￿lse￿ in the Statement ol FinancIalAct￿1tle$. Assets and Ilabilitle$ held In foreien currency a￿ transmed io GBP atlhe tsalar￿e sheet date at an appropriate year end exchange rate. 2. INCOME FROM INVESTMENTS 2023 2022 Llsted investments Cash- interest Income 1.577.S04 429,947 2.007.451 1.508.961 107.532 1.616.493 22 THE SIRJULESTHORN CHARtTABLE TRUST NOTESTO THE FINANCIALSTATEMENTS FOR THEYEARENOED31STDECEM8ER2023 3.ANALYSISOFTOTAL EXPENDITURE Medical research Research Improvement grants Infrastrurture In Care Ann Rylands Smau Total Donatlons Expendrture Ralslng fund$ 2023 Investmeni Management Fee5 Granis Awaided Stall Costs Support Costs Governance 2023 ActlvltyTotal 139.718 139.718 3.367,999 168.510 137,284 110,039 3,923.550 1.83S,986 37.489 55.408 36.863 139,718 1.965.746 492.%3 29.381 21.152 18.156 561.652 500.000 29.381 21.152 18,156 568.689 539,050 72,259 39.572 36,864 687,745 2022 Irwestment Management Fees Granis Awarded Stafl Costs Support Cosis Governance 2022 Actlvlty Total 11&988 115,988 3.269.976 170.239 140,387 111.4QO 3.807.090 1. 740.726 39.265 63.911 37.133 115,988 1,881.035 550.000 29.TJ9 18.141 18.567 616.447 500,000 29.738 18.142 18,566 566.446 478.350 71.497 40,193 37.134 627.174 Fulldetails ofgrants awardedin the￿arare onpages31 to 3701 this ￿pOrt 23 THE SIRJULES THORN CHARITABLE TRUST NOTESTOTrIE FINANCIAL STATEMENTS FOR THEYEARENDED31STDECEM8ER2023 2023 2022 SUPPOAT COSTS Siaff Costs Rent. rates and servieè charges Other 168.510 58.550 78,734 305,794 170.239 57.841 82.546 310.$26 Goverrnance costs Staff costs Tnjstees & Peer Reviewefs Expenses etc Oiher Audltfees- CU￿entYè3r Auditfees. prioryear Legal Fees 78.426 1.221 5.192 25.200 76.562 5,850 23.840 4.500 40 110,039 111.400 Total Support and Goveman¢• costs 415.833 422.026 2023 2022 4. STAFF COSTS Salaries Employerfs National Insurance Pension and Death in Service Contributions 212.741 19.114 Is,oai 246,936 211.236 19.842 15.723 246.801 The number ol employees whose emolumenis ale above £60.000 durong theyear was=_ No. No. £Ioo.000. £IIo,ooD £110,000- £120,000 The average weekly number Iheadcountl ol persons employed bythe charity duringtheyearwas.. No. No. Adminlsiratlon anij Governance The totalamount of employee benefits receNed by key management in Ihe yearen(Jed 31st Decernbef2023was £129.94612022-£125.9321 incluoing Employerfs National Insurance Contributions. TRUSTEES 2022 Total emoluments Nil Totsl reimbursement otexpenses $82 4Trustees received travel and meetsng expenses in theyear12022. 2 Twstees- £761. 24 THE SIR IULESTHORN CHARITABLETRUST NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31ST DECEMBER 2023 S. RELATED PARTIES There were no reLaied partytransactions or balanceswhich req￿re disclosu￿Within theffinancial staiements duvng 2023 f2022- £Nr4. 6. TANGIBLE FIXED ASSETS FlttSng5 and Equlpment Cost as ai i lanuary2023 Additions 34,299 1.619 12.2671 Disposals At 31 December 2023 33.651 Depreclaiion Al l January 2023 Chaoe lor the year Oisposals 30.260 2,266 11.8931 At31 December 2023 30.633 Net Book Value At31 December 2023 3.018 At 31 Oecember 2022 4.039 25 THE SIRJULES THORN CHARITABLE TRUST NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 7. INVESTMENT5 2023 2022 Marketvalue at I laftuary2023 Investment income received ar￿ reinvested Cash Fund wthdrawals 111,406,699 1,544.622 14,000,0001 108.951.321 5.427.341 131.591,102 1.575.906 (3,380,000) 129,787,008 118,263,219J Net movement in investmentcash balances Net gains I Ilossesl on investments Net Management fees paid Marketvalue at 31 December2023 11 1147,5991 114.231.063 {117,090J 111,406,699 128,462.152 Cost at 31 Decembe(2023 127.115,674 Investments atyear end were made up asfoiLows'. 2023 2022 UK equities UK lixed interest securitie5 Cfverseas equities ¢￿erseaS fixed interest securities Managed funds Forward foreign exchange Other Cash 1.915.376 4,865.014 3.758.930 3.862.033 97.252,259 112,719 1.359.045 1.105,687 114,231,063 1,725,266 8.038.688 2,662,608 10.305.643 85,492,325 113,065J 1,404.666 1,790,568 111,406,699 Portfolio Management Fees Investment management lees incur￿￿ in theyearwere= Ruffer Sarasin- Fees Rebated Net charge to SOFA 2023 2022 288.551 1148.8331 139,718 270.260 f154,272) 115,988 Fees Arrangementwlth Sarasln Included in the cost of units helo wthin this lund is an embedded fee. This fee is higher than that agreed by the irustees an(i so the fund manager make5 a rebate directly to the fund, which is reinvested In addltional units. Fonvard contracts There were no commitments io purchasing cul￿ncle$ under fomaid raie contracls at 31 December2023 12022: ÉNIII. The Trust is committed to selling a total of USD £8,988,844(2022.- USD £2.653,566J EUR £Nil12022.' EUR £NIIJ . JPY £Nil12022'. JPY £Nill, under forwar(J rate contracts at 31 December 2023. All contracts mature on 11.01.24 and are included within the investment portfolio at a markei value of £112,719 profil at 31 December 202312022.'£13.065- loss). These commttments are embedde(t in the investmentfunds managed by Ruffer. There ale no otherlorward commitments ouisiije ofthe Ruffer managed funds. THE SIR JULES THORN CHARITABLE TRUST NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAA ENDED 31ST DECEMBER 2023 . DEBTORS 2023 2022 Acciued income 144.039 58.024 202.1 42.504 57.501 100.005 Prepayments 9. GRANTCOMMITMENTS 2023 2022 Forward commitments at I january 2023 Commilmerbts made during the year Adiustments re Grants made in Previous Year Amount5 paid during the year Forward commitments at 31 December 2023 18,238.120 2,821.912 7.037 12,432.3561 18,634.713 17. 783.508 2, 749.572 41,154 12.336.1141 18.238.120 Fo￿ard commitments at 31 De¢ember 2023 In respect of ongoing projects were as follows: 50th Anniversary Awarij Medical Research Grant5 Previous Capital Granl Programme Research Inlrasifucture Fun Innovation and Improvements in Health and Care Fund 5.000.000 9.762,475 2.102.079 920.159 850,000 18.634.713 5.000.000 8.937,903 3.250,217 550.000 500,000 18.238.120 Splll as follows: Amounts dlte wthin one year Amount5 due between one and five years Amounts due after more than fwe years 7.104.814 11,371,359 158,540 18.634,713 5,584.212 12.653,908 18,238,120 10. CREDITORS 2023 2022 Tra(Je Cre(Jitors 4,881 35.617 53,538 94.036 Accrua15 Portlolio management fees 35.687 60.426 96.113 27 THE SIR JULESTHORN CHARITABLE TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 ANALYSIS OF NET ASSETS BETWEEN FUNDS Ila. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Imiestmenls Tanglbie Flxed Asses Other Net Llabllltles Total Funds Unrestricted funds Endowment funds Totalfunds 114.231,063 114.231,063 3.018 3,018 12,325,1731 111.908,908 12,325,173) 111.908.908 AIIAL YSIS OFNETASSETS 8EnvEENFUNDS2022 Investments Tanglble FlxedAsses OtherNet Ll?blUtle$ Total Funds Unrestri¢tedfunds Endowment funds TOtal￿ndS 111.406,699 111.406.699 4,039 4,039 (3.029.534} 108.381.204 (3.029,534) 108,381,204 Ilb. RECONCILIATION OF FUNDS2023 Funds blfv In¢orne Expendlture Transfers Galns and Funds clfvid Losses at 31.1123 at 1.123 En(Jowmentfunds Unrestricted funds 108,381.204 1139.7181 11.776,3811 2.007.451 13.783.832) 1,776,381 108,381,204 2.007.451 13.923.550) 5,443.803 111.908.908 5,443,803 111,908,908 RECONCILIA TIONOFFUNDS2022 Funds b/fivd Income Expendlturé Tr•n$fers Galns and Funds c/fwd Losses at31.1222 atl.122 Endowment fvnds UnresrrACtedfunds 128,835,020 (115.988) 12.074.6091 (18.263.219J 108,381,204 1.616.493 (3.691,1023 2,074,609 1,61&493 (3.807.090) 128,835,020 (18.263.219J 108.381.204 The Endowment funds represent the investment a55ets derived from the originalgift from Sirlules Thorn. The endowment is expendible at the discretion of the Trustees. The Trustees have aulhorised an additional transler from the endowment to unresiricied funds in order io finance grants awarded in the year. 28 THE SIR JULESTHORN CHARITABLE TRUST NOTES TO THE FINANCLIL STATEMENTS FOR THEYEARENDED 31STDECEMBER2023 11 OPERATIMG LEASE COMMITMEiirs Total luture minimum lease payTheftts due undernon