Registration No. 233838
SIR JULES THORN CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE SIR JULES THORN CHARITABLE TRusr REPORT OF THE TRusfEES ST FOR THE YEAR ENDED 31 DECEMBER 2024 Charlty Number 233838 Re8iStered Off•ce 24 Manchester Square. London. WIU 3TH Trustees Elizabeth Charal (Chairman) Timothy Harw-samuel Julian Ide Mark Lever OBE Prof Sharon Peacock CBE Fmedsci John Rhode5 Ire5iEned 31° December 20241 Prof David Rue1j0neS MBBS, BSC. MD, FRCP William Sporborg Ben Dulieu (appointed 31 March 2025) Dirert Rkhard Benson Auditor Haysmac LLP 10 Queen Si pCe London EC4R JAG Bankers Natwest 250 Bishopsgate London EC2M 4A4 Solicitors Mills & Reeve Botanic House l(Kl Hills Road Cambridge C82 IPH Investment M•na8ers Ruffer LLP 80 Victoria Street London SWIE 5JL Van8uard Investments UK Ltd 4th Floor, The Walbrook 8uilding Lontlon EC4N 8AF 8alllie Gifford & Co Ltd Calton square l Greenside Row Edinburgh EHI 3AN BlackRock Investment Management IUKI Ltd 12 Throgmorton Avenue London EC2N 2DL Sarasin & Partnets LLP Juxon House St Paufs Churthyard London EC4M 8BU Troy Asset Management Ltd 33 Davis Street London WIK 4BP
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report along with the audited financial ststements of the charity forthe year ended 31" December 2024. The finanual statements have been prepared in accordance with the charivs Trust Deed, the Charitie5 Art 2011. and the Statement of Recommended Pr¥t1 for Charrties {SORP 2019). accountlng policies are set out on pages 19 to 21 of this report. The report describes the Trust's governance and management structure, its grant programmes, and main activities for 2024. The Board of Tmstees completed a review of the Trust's strategy at the end of 2021 and implemented a number of chan8es to our grant pro8rammes fwom 2022. The Trustees have continued to refine the grant programmes, infomied by advice from the Tiusys Medical Advsory Committee, feedback from current and previous grant-hoklers and other eviden about future needs and prrItieS for the research and health and care seciors. erall, however, the Trustee5' assessment is that the Trust's grant pro8rammes worked well durin8 the year. and the volume and hwdh quality of applications indicate that each programme is addressing an important area of need. The contlnued P$Sre$ on heah and care services ènd the diffKult economlc climate nevertheless mean that many of the organisatlons that the Trust supports have continued to fate a period of uncertainty and increasin8 demand for their services. The Trustees will keep the position under review and ensure that the Trust's actfvities continue to respond to changes in the external environment, supw)rt the TfUSt's tharitable objectives and remain sustalnable forthe long-terni. strture, Governance and Marbagement The Sir Jules Thom Charitable Trust is constituted under a Trust Deed dated 18th February 1964 and is a registered charity, number 233838. It was estabIhed with an endowment from Sir Jules Thom. The Trust does not fundraise and seeks to continue the charitable work inspired by Sir Jules through the careful stewardship of our existin8 resources. The charity has no fundraising actNfties requiring disclosure under S162A of the Charitles Act 2011. The Trust Is governed by a Board ofTrustees who ovetsee the Trnsvs governance. set the strategic direction. and revlew the Pro855 of its implementat*Jn. The Trustees normalty meet twice each year and are able to deal with all essential business between meetings through corresp)ndence and online conferencing. The Investments Sub-Commr(tee advi5e5 the Board on the Trusvs Investment strategy and assesse5 the performance of its Investments. The Sub-committee held two meetin8s during the year and makes a report to the Board following each meeting. The Tnjstees wish to exp55 thelr heartfelt thanks to John Rhodes. who retired from the Board In December 2024. They are grateful for his k)n8-Standin8 contribution to the work of the Trust. as a Trustee and member ofthe Sub-committee. The Board 15 also supported by the Tntst's MedKal Advisory Q>mmittee {MACI of leading clinicians and researchers, which oversees the peer review of research grant applications and makes recommendatlons to the Board on funding. The Committee held three meetin85 in 2024. The Trustees wish io express their enormous gratitude to Prof Stuart Forbe5 and Prof Heidi Johansen-8er& who stood down from the Committee when their tem)s came to an end in December.
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31" DECEMBER 2024 The Board undertakes an annual revlew of its effectiveness. in order to ensure continued compliance with the Charity Governante Code and relevant good practice. The review in November 2024 took account of further regulatory changes that came into force as a resutt of the Charities Act 2022. and new or updated 8uidance putrAished by the Commission. While the Trust Deed does not provide for a minimum or maximum number of Trustees, the Board's Terms of fteferen state that there will normalty be not less than seven and no more than ten Trustees. The composttion of the Board is kept under review to ensure Its members continue to provide the range of skil required to support the Trusys strategy. The Board has considered guidance published in the Code regarding the period for which individuals should normally seNe on Ix)ards and new Trustees are apkx)Inted for a temi of 5 years. which may be renewable with the agreement of the Board. When Trustee vacancies arise, indNiduals are identif*d who provide the quired skills and the broader reqU1ments set out in the Trustee Role Description agreed by the Board. The vacanLy that arose at the end of 2024 was publicly advertised. ShOrtlted candhjates are invited to a Section interview, which may lead to an appointment to the Board. New Twstees are gNen a briefing atrx)ut the Trust and all aspects of their responsibilities, including governan. Trustees are also offered the opportunity to attend sector specific courses run by the AssotiatK)n of Medical Research Charities IAMRCI and other provider5 and in addition are made aware of chan8es lo Charity Commission guidance as and when appropriate to their role on the Board. Where appropriate. Inductlon meetings With the Trust's wofessK)nal advisors are also offered. All Trustees are unpaid. The Trust has a Conflicts of Interest Policy, which sets 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 applies to all Trustees. Trust staff and members of the Medical Advisory Committee. The Trust operates with a small team of four staff. inthding the Director. who provldes the key managernent role within the definition of FRS 102. The Director is attountable to the Trustees for the implementation of the strategy a8reed the Board, and for the da¥-toa¥ management of the Trust. The Trust acknowledges the importance of its staff in ensurin8 both the on8oin8 Strate8ic development and efficlent administration of the charity. The overall aim of the Trust's policy Is to offer fair pay to attract and retain appropriately qualIfd staff to lead, manage and administer the charity and to fulfil the charitable objects on behalf of the Trustees. The Trustees review the reMUneraln of the Dirertor and other staff on an annual basis, after benthmarking to market conditions and other slmilar tharities. Risk Management The Truslees are responsible for monitoring the risks facing the Trust and ensuring that risks are managed effectwely. The Trust has a fornial risk register which is regular reviewed by the Board, and risk is inherent to the Board's discussions on all aspects of the Trust's work. In addition, the Board considers any recommendations from the Twst's auditors regarding further improvements to the Trust's system of internal controls, and management responses to recommendations. The Investment Sub-committee reviews risks specifically refated to the Tru5Ys investments. The principal risk5 facing the Trust are- Hnanclal- where inappropriate asset alkxation or adverse rnarket conditions could potential undemiine the finantial sustainabilty of the Trust or mean that totsl returns from the Trusfs
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 315T DECEMBER 2024 investments were not Sulent to meet rts nornial level of grant commitments. The Trustees kx)k to addre55 this risk through permliC review5 of the investment strategy. and the ongoing assessment of irwestment perfomiance by the Investments Sub-committee. The risk of short- temi volatility in investment returns further mitigated by the Trustees. policy of maintainin8 5uffKient cash balances to cover near-tern) grant commitments. The Board carefully conslders the affordability of new gnt commitments when setling the annual budget. Strategic- where the Trusvs grant making strate8y must keep pace with deveknpments In research. cllnical practice and relevant sedors of care. The Trustees continue to refine the Trusvs grant programmes. When making s4gnificant awards the Trustee5 consider advice from the Medical Aifvisory Committee and external experts contributing to the peer revtew of Search proposals. The criteria forthe health and care programmes were reviewed during 2024, and the Chaimian and Director visit all the organatIonS shortlisted under the Trust's capital grant programme for heaRh and care projects. Operatlono1- where processing failures, fraud. or major inodents. would impede the charrvs abilr(y to function effectivety. and thus to delNer its charitable objectrles. Internal controls are kept under review, and systems and processes were further devebped and documented during 2024 to enhance integration and efficiency. Compliance-where a failure to compty with charity law, the general law. or the founding Trust Deed. would compromise the charit$ status and remrtatn. The Trustees revtew 8overnance arrangements on an annual basis and wlll conduct a fvrther review of the Board's effectiveness later in 2025 to ensure continued compliance. In common with other organi5ations. the Trust's rk management arrangements have been tested in recent years through the pandemio ihe subsequent pericd of economic uncertainty and. more entty, bv volatility in financsal markets in the Spring of 2025. The Trust does not face the same challenges as charities whlch are dependent on fundraisin8 or or8anisation5 delivering front-llne services. The Trust's ability to navigate the changes in the external environment since 2020 has nevertheless confimed the Tnjstees, previous assessment of the principal risks facin8 the Trust and that its risk assessment process 15 robust. Overall, the Trustees are sattsfied that all risks are betng managed effettNely and that measures are In place to ensure good govemance. prevent financial or adrninistratNe fraud or malpractice, protect the good reputation of the Trust, and ensure comFdiance with relevant leg'islatK)n and 8ubdance. The Trust Deed gives the Trustees absolute discretion to appfy the capital and income of the Trust for general charitable purposes but, in doing so, they take note of the Founderfs wishes. In keepin8 Wlth Sir Jules's original Intentions. the Trust's largesl gran1$ 5UPPOrt translational medical research undertaken in the UK'S leading medical schoo15 and NHS organisat¥)ns. Beyond medical research, the Trust a150 SUPPOrts projects to Integrate and improve care for people living with physlcal or mental ill health and provides help with core costs to smaller charities providing practical and emotional support to people lfving with ill health or disobility. and to their families and carers. In dlschar8ing their reswnsibilitles. the Trustees confimi that they have due regard to the Charity Commission's published guidance on the Public Benefrt requirement under the Charities Act 2011. In pursuit of Its objectives, the Trust delNers publbc benefit by providing awards to universitles, NHS organisations and other regtered charities in the UL Awards are nornially m•Je through the Trust's
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31" DECEMBER 2024 competitive grant programmes: the detaib of which are available on our website. The Trust did noi directty advertise Its research pn)8rammes during the year but wrote to the Heads of all UK medical schools inviting applications for the Sir Jules Thorn Award. Information about both the Award and Research Infrastructure Fund has been published in Research Fortnight. The Trust placed an announcement at¥)ut the Innovation and Improvement in Health and Care Fund in CNII Society to ralse awareness of our programmes and ensure that we continue to attratt the strongest p)ssible TId of applications. Across our grant programmes, the Trust continued to receive significantly more appllcations than it is able to fund. The quality of applications. particularly for larger awards. remalns high. Further infomiation about the operation of ourgrant programmes in 2024 is set out below. The Sir Jdes Thom Award for Bledka1 Resea The Sir Jules Thorn Award supports the work of outstanding investi8ators who are in the early stages of an establlshed clinical research career. tt offers a grant of up to £1.7million over 5 yeats. Since the inception of the Award in 2(Kll, the Trust has pledged almost £27m to fund the highest quality translational research which seeks to bring benefit to patients through improved diagntiCS and/or the devek)pment of new therapies for important clinical problems. Research can be in any f*ld of clinical research, and in recent years we have funded major research projects in areas as dTverse a5 developin8 tools to measure and predict the trajectories of severe mental illness, the development of stratified theraples for HCC liver cancer, and novel diagnostk and therapeutic insehts forfibromyal8ia. The Award is made following an annual competition among UK medical schools and NHS organisatior. Applications a subjected to ri8orou5 peer review by the Medical Advtsory Committee and external experts in the relevant clintcal rId. The Trusys peer review process is ac(dited by the AMRC and complies fullv wr¢h the Association's six principles of peer review-. proportK)nality, independence, diversity, rotstion, impartlality. and transparencv. The terms of the Award stipulate that intellectual property rfghts created as a result of Tnjst-funded research should be protected and exploited where commercialty worthwhile. An Intellertual Property Agreement with each inslitution defines issues of proteCtn and explottation. and the arrangements for sharing any commercial income which is generated. The Trusys share of any such intome would be allocated to the Trusys charitable purkx)ses. Research Inlrastrurture Fund The Trust has a long track record of supporting capital investment in research equipment and facilitie5. The Research Infrastructure Fund 5UPPOrts capital investment that will accelerate intemationally compethive research in UK universtlies and 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 is open to UK universrEre5 and NHS organisations. Applications are also accepted from UK registered charities whh work in partnership with unrversities and the NHS to support translational researth. Short-listed applKations are subject to external peer review. Innovation and Improvement in Health and Care Fund This Fund is open to registered chartiies in the UK and to NHS organtsations. Applications are also accepted from UK unwersities that work in partnership with charities or the NHS to 5UPPQrt innovation and Improvements in heatth and care.
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 315TDECEMBER 2024 The programme is desl8ned to SUPPOrt the devebpment of new models of care and the integration of health and care servites. As noted above, the Trust kK)ks to SUPPOrt projects whth are either scalable or replicable by other or8anlsations and therefore have the w)tential to deliver benefits Lyond a single setting. The programme aims to support NHS organisat¥)ns and care charities to respond to the increasin8 pressure on services. and to improve oulcomes for their benefiaaries. The fund was re-launched in current form in 2022 and in its first year recepied four times the number of applications as the previous scheme. Applicatlons grew by a further 40% in 2023. This scale of growth indicates that the Fund is responding to an important and 8rowing need, but the Trust is also very cons(u$ of the workk)ad for organisatlons applySng for fundin8. For the 2024 funding round. the TNst therefore sought to engage with potential applitants before they invested lime and resources in submittin8 a full application. This process was well-receNed and reduced approximately 120 initial expreSSnS of interest to 62 fornial applications. The Ann Rylands Small Donations Pro8r*nme The programme is named In honour of a fornier Chalrn)an of the Trust land daughter of Sir Julesl and awards 8rants to SUPPOrt the core costs of small charities IwhKh for the purposes of the programme are defined as those with an annual Income below £2ml. Charities can app for grants of up to £5,0(Kl. The funding crlteria were further refined during 2024 to enable the Trust to Increase sUPPOrt for smaller charities whose work aligns wfth its mission to improve prOv10n in health and care. The Trust prioritises applications from charities providing Prnctical and emOtnal support to people INing with physical or mental ill health. living with disabilits. people needing palliative or end-of-lrfe ca. and their families and carers. Although the level of individual awards is modest, the cumulative support that the Trust provides for smaller charities is SiEnrficant and feedbatk from recipients IndateS that the programme is valued and continues to meet a need. This is refiected both in the continued volume of submissions, and ty the financial and operatin8 pressures that many smaller Charit5 report in their applications. The Trust received 564 applKations from Small charities In 2024, compared to 516 In the prevbous year. During the first quarter of 2025, the volume of applicalK)ns reduced to 133 from 194 in the same perlod the prevlous year. reflerting the changes made during the course of 2024 to refine and clarify the criteria, and further work to streamline the application and assessment processes. The funding environment and level of demand for services nevertheless remain very challenging for many small charities. and this will continue to be flected In the volume of applications. During 2024 664 grant applications We prlxessed. and 159 new awards and 2 extensions were made by the Trustees totalling £3,124,154, including future year commitments. Thls was 7% lower than the £3,367,999 awarded In 2023. The largest factor in ihis reduction wa5 an underspend of approximatety £106K for the Ann Rylands pro8ramme in 2024. The programme was closed for 6 weeks overthe summer to refine the criteria and darify the guidance on the Trust website in reswnse to a high volume of un- fundable applications. The Trust also received a high volume of applications at the end of the year. meanlng that some awards were carried over to the start of 2025. Alongside the new awards made in 2024. the Trustees also agreed duri the year to rescind three PVIouS awards.. two capltsl grants totalling £220.th)J. rnade in 2019 2021. where the grant-holders had been unable to progress the project £560,325 for a prev5 research project where the Principal Investigator left the institution holdin8 the
THE SIR JULES THORN CHARITABLE TRLIST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 award, and the university was able to identfy alternative funding to complete the wor Another research award was succe5sful completed during the year, with a small underspend of £185 against the original award. A total of £780.510 has therefore been wrbtten bacl and the level of grant Èxpenditure shown in the accounts reflects the net figure afterthis sum has been deducted from the value of new awards. The number of applications to the TrusY$ grant programmes increased by jvst Ljnder 5% in 20241664 applications against 634 in 20231. A full list of grants can be found on pages 30 to 34 of this rewrt. and highlthts are summarised In the followin8 table.
THE SIR JULES THORN CHARITABLE TRUST RE14)RT OF THE TRUSTEES FOR THE YEAR ENDED 315T DECEMBER 2024 MmoI ne4V In 2024 Applications Recelved Grnnts Awaided TOTAL Funds Pledged In Year 159 2022.. 221 £3,124,154 2023.- £3.367,999 2023.. 634 Applications Received 16 Full applications Invited Appllcatlon$ Shortllsted £1.695.757 awarded to the University of Oxford for their project: Instability Measurement to Predict and Alter ainical Trajectories of Severe Mentsl Illness (ImPA-SmIl 2023.- 13 opplkotions were received. As this year. 5 of those were invited to submitfullopplicotions and three shortli5ted condidotes invited to inteThiew. An extension of £19,801 was abo approved for a previous Award held by the Unlversity of Bimiingham. A further £14,546 was approved to extend a studentship at UCL awarded under the Trust's previous PhD programme. Capital Awards Applications Received 62 Applications Shortllsted Awards for Innov•ti¢)n and Impro¥Ynent In Health afbd Care 22 Awards for Research Infrastrnrture £I.I#)O.IX¥l awarded in 2024 £535,1 for 2 projects SUPPOrtin8 the development of innovative care modeLs £465,CKKI for 2 projects supporting research infrastructure 2023.. 0 totol oA105 applicotions were receivedfor the two copitol (ywordprogrommes. £l.IX)O.OCQ w¢75 UWt7rded to 4 projects supporting either innovotions in core or investment in research infrastructure The Ann A0d$ Small DoD•tlons Prtwamme Applications Recelved 564 Awards Granted 154 £394,050 awarded in 2024 to small charities across the UK providin8 practical and emotional support to people with-or at high risk of - phy5ital OT mental ill health. people INing with disabilty, and their families and carets. 2023.. 0 total of $16 opplicotions were received. and 213 (Iwords were made with G tot¢71 value of £539,050
THE SIR JULES THORN CHARITABLE TRusr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31" DECEMBER 2024 Plans for the Future As outlined above, each of the TrusY5 programmes received SnIfiCant1V more applK*ions in 2024 than it was able to fund, and the quality of applications for larger awanls remained hvah. The Trustees have revrewed the outcorne of the comWition5 for each pro8ramme and agreed some further refinements to the award criteria and supporting processes for 2025 to ensure that we continue to attract Innovative and impactful projec15 whilst ensurin8 that the workload for applicants and the Trusys team remains proportionate to the number of awards. The Trustees will keep the programmes under review to ensure that the Trust continues to focus its funding in aa$ where we can make the greatest dlfference. The Trustees consider that the Trust has adequate funds to meet its current obligatM)ns and to finance its planned activities. Financial Review The endowment provided by Sir Jules Thom remains the source of funding for the Trust's grant-making activities and our day-to-day operations. As explained below, the Trust operates a total return approach whKh enables a prudent amount of investment gains made in previous years to used to augment distributions. The Trust i% therefore not solely reliant on the level of our imiestrnent income in determining how much it 15 able to distribute in any one year. In 2024. we re1Ved income of £2,110.401 from the Trust's investments. Thi5 rUre included £1,717,675 from the investment wrtfolios managed by Baillie GrfFord, Sarasin, Ruffer and Vanguard l£1.577.504 in 20231. The balance of £392,726 was derived from Interest on cash deposlts1£429.947 In 20231 held with Investe¢ Bank and Natwest. The modest reduction in Income from cash deposits reflects m¢)vements in interest rates, and the Trustees, deci5i0n during the year to place more of the Trust's cash balances in BlackRock'5 Sterling Government Llquidity Fund (which is an UA-rated money market fund investing in Government bonds and other Instrurnentsl. The fund provide5 greater fiexibility than fixed-term bank deposit5 while minimizing the risk to capital. Returns are re-invested in the fund and are therefore not shown as Income in the accounts. The Trust placed £5.5rn in the BlackR¢xk fvnd towards the end of 2023, and the balance at the end of that year was E5.521,923. The balance on 31. December 2024 wa5 £9,370,711. Thi5 increase was mirrored by a reduttion In the cash balances hekl in interest-bearing deposits with Natwest and Investec Bank (which reduced from £10.679,590 at the end of 2023. to £7.612,531 on 31° December 20241. The Trust's total expenditure in 2024 was £2,821.290. which induded net grants of £2,343.644 and investment managers, fees of £42,180. resulting in an operating defiat of £710,889. This was off-set by net Investment gains of E8.655.915, resutting in a net positive movement in funds of £7.945,026. for the year (compared to £3,527,704 in 20231. This improvement is welcome and showed that the value of the Trust's endowment tontinued to recover following a signifTrnt loss in 2022. Maintaining the real-terni value of the endowment is essentTral to ensure that the Trust can continue to maintsin its charltable expenditure over the long-temi. The total value of funds hekl by the Trust on 31st December 2024 was £119,853.93412023 £111,908,9)81. Details of transfers between general and endowment funds are detailed below.
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves Pollry Under the temis of the Trust Deed, the Endowment Fund is expendable at the Trustees. dlstteth)n and provldes the resourc to finance the Trust's activities. includin8 its administratn. The Trustees, intention is that the Trust's grant-making should continue for the foreseeable future and the investments in the Fund are therefore rnanaged on a k)n*tem) basis. as described beknw. The Trustees aim to have a sustainable distritlOn policy which maintains the level of charitsble givin& provided it is prudent to do so. They have adopted a total retum approach. Investment income is therefore reinvested Sn the Fund. and expenditure is financed by cash wtthdrawn according to a fomiula which is intended to maintèin the long-temi value of the fund while allowin8 a proportion of investment gains to be distributed as grants. The current fomula provides for up to 3.5% of the market value of the Fund, averaged over the prevtOUS three years. to be withdrawn. subiett to the value of the Fund remainin8 above minimum level. In 2024, the Tnjstees have authtirised an addith)nal transferfrom endowment funds to cover the shortfall in unrestricted funds needed to finance the grants awarded in the year. This ts presented as a transfer between funds of £668,708 in the Ststement of Flnancial ActNities. The Trust does need to retaln unrestricted income fvnds as reseThes although in some years such funds can remain due to the timing of tommrtments. There were no such balances extant at 31 December 2024. At the year end the value of the Endowment Fund was £119.853.934 whith the Trustees consider adequate In the contexl of the above policy. Investment Policy The Trust Deed does not impose any restrKtion on the Trustees, power to invest. The endowment funds are invested for the lon8 term wtth the professional guidance of the Trusvs investment managers, who operate with discretionary mandates but Subject to guidelines defined in the Trust's Investment Policy. The Trustees last undertook a formal review of the Investment Policy during 2020. This included an external assessment of asset allocatK)n and historic performance and a re-tendering pro55 to ae$S alternative approaches and test managers, perfomiance and value for money. The recommendations from the review were approved by the Trustees and fully implemented in the Sprlng of 2021. The effect of the changes was to increase the woportion of the Trusys hJn8-term investments held in equitles to approximately 70%. Thi5 is the level that the Trustees conslder ne$sary to achleve the Trusvs 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 8ater exposu to equities carries the risk of volatility In the short-term, the Trustees consider thi5 to be balanced by the Trust's other more defensive investments and strong cash balances. The retums achieved durin8 2024 by the Trnsys investment managers were: Sara51n (which holds the Trust's funds in a pooled fund. comprising approximatety 70% equitie5110.%: Ruffer la more defensive fund with approximatety 15% equitiesl-l.O%, Baillie Gifford IllTh equities) 9.6%, and Van8uard11(MYA equitiesl 16.0%. Overall. the perfomiance of the funds managed by Sarasin and Vanguard was satisfactory given market conditions. The 12-month perfomiance of the Baillie Grfford fund was also Satisfactory In 2024, tKrt the fund has still to recover from the very significant losses incurred during 2022 and remains Substantially below it5 original value. The Investments Sub-committee continued to moniior the Baillie 10
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 Grfford Fund closefy throughout the year and met with Baillie Gifford to discuss perfomiance and the changes that the firm has made to the man4ement of the Fund. The Sub-committee will continue to assess perfom)ance in the months ahead. The performan of the fund managed by Ruffer Mained disappointing. Folbwing 8 tender process, the Board agreed In October 2024 to trdnsfer the funds managed by Rufferto a Mu1-aSSet fund mana8ed by Troy Asset Management Ltd. Th process was completed in February 2025. As with the Trust's other managers, the Board considered Tro¢s approach to Environmental, Social and Governance IESGI issue5 as part of the tender process. The Trustees expect all the investment managers lo adopt an active policy on the exercise of voting rights in accordance with the principles of good corporate governance published by the InstitUtnal Shareholders, Cornmittee. ESG considerations are included in the managers. report5 to the Trustees. The Investment manager5 provide valuations and perfomante report5 to the Investments Sub-commrttee on a monthly basis, and the Sub-committee meets each mana8er at least once per annum to review the performance ofthe funds which they manage. The Trustees are conscious of the need to focus on the long-term performance of the endowment, longside this ongoing monitoring of the perfom)ance delivereil by indr¥Klual managets. The Board discussed data on long-temi performance at its meeting in November 2024 and has tommissioned external support to undertake further analys. The OLrtputs of this exercise will inform further consideration of the most appropriate asset allocation - between cash and different fomis of k)ng-term investments- to ensure the future sustainabllity of the Trust, and to deliverthe retums required to support our grant programmes. The Trust's cash resources- £7.612,531 at the yearnd- are Invested to ensu that funds are readily available to meet grant payments and other obli8ations as they fall due. Alongside these cash balances, as noted above. the Trust also held £9.370.711 at the yearnd in BlackRock's Sterling Govemment Liquidity Fund. The BlackRock Fund is highly liquid. meaning that the Trust can recall cash at 24- to 4&hours' notice. if required to meet grant payments or other obligations. The Trnst therefore held a total of £16,983,242 in cash and short-tem) investments, which was equNalent to 93% of all outstanding 8ranl commitments. The Trustees considered this to be appropriate, when coupled wlth the Trusvs substantlal £119.8m of expendable endowment funds. The Trustees consSder that their reswinsibility for the safety and perforn)ance of the Trust's investments Is discharged appropriately by the arrangements set above, when combined with the Trust's own monitoring of portfolio attNity. and the annual audit procedure5. Condu5ions regardirry Goir¥d Conwn The Trustees have a reasonable expectatK)n that the charity has adequate resources to continue Its activities for the foreseeable future. The Trustees are not aware of any material uncertainties about the charitrfs ability to continue and accordingly, they consider it appropriate to adopt the going concern basls in preparing the financial statements as outlined in the Statement of Trustee5' Responsibilities on page 12.
THE SIR JULES THORN CHARITABLE TRusr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 Trustees, respI51b•1ltjes in relati¢)n to the finandal statements The Trustees a responsible for preparing the Trustees. Annual Report and financial statements in accordance with applicable law and United Kingdom Generalfy Accepted Accountiig Practice Iunited Kingdom Accounting Standards). The law applscable to charities in England ènd Wales requlres the Trustees to prepare financial statements for each financlal year which give a true and fair vW of the state of affairs of the charity and of the incoming resources and application of resour of the charity for that perw)d. In preparing these financial statements, the Trustees are required to- Select suitable accounting polic*s and then appty them consistentlv: Observe the methods and principles in the Charities SORP: Make judgements and estimates that are reasonable and prudent: Slale whether applicable accounting stsndards have been follthved. subject to any departures distbsed and explained in the financial statements- and Prepare ihe financial statements on the 80in8 concern basls Unle it is inappropriate to presume that the charlty will continue in business. The Trustees are resp)nsible for keeping adequate accounting CordS that a sufficient to show and explain the charity's transactions. disclose with reasonable accwracy at any time the financial position of the charity and enable then to ensure that the finantial statements compty with the Charity's constitution. They are also responsible for safeguarding the assets of ihe charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularity. Auditor Haysmacintyre LLP has indicated its williwiess to be apPOInted as statutory audit for the next finanoal year. Approved by the Trustees and signed on iheir behalf by: lizabeth Charal, Chairman Date: 12
THE SIR JULES THORN CHARITABLE TRusr REPORT OF THE TRUSTEE5 ST FOR THE YEAR ENDED 31 DECEM8ER 2024 Independent auditorf5 rewt to the Trustee5 of the SirJulesTh¢Yn Charitsble Tryst Opinion We have audited the financial statements of The SirJules Thom Charitable Trust for the year ended 31 December 2024 which comprise the Statement of Financial Actfvities. the 8alance Sheet, the Cash Flow Statement and notes to the financial statements. including a summary of SWdnifKant accounting policies. The financial reportinB framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financiol Reporting St17ndord opplticoble in the UK ond Republic of Ireland Iunited Kingdorn Generally Accepted Accountlng Practi1. In our oplnion. the financial statements- 8Ne a true and fairview of the state of the charlvs affairs as at 31 December 2024 and of the charit¢s net movement Sn funds forthe year then ended: have been propedy prepared in accordance with United Kingdom Generally Accepted Accountlng Practice. and have been ppared In attordance with the requirements of the Charities Act 2011. Basis for opinion We have been appointed as auditor under SectTr 144 of the Charities Art 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit In accordance with Internath)nal Standards on Auditing IUKI11SAs IUKII and applicable law. Our responsibilities under those standard5 a further deKribed in the Auditorfs spOnsIbl11es for the audit of the financial statements section of our pOrt. We a independent of the charity in accordance with the ethical requirements that are rekvant to our audit of the finanaal statements in the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethrcal resw)nsibilit*s in accordance with these requirements. We beIve that the audit evldence we have obtained ig sufficient and appropriate to provide basis for our opinion. Concluslons relatln8 to 8oin8 ¢1)ncern In auditing the financial statements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements ts appropriate. Based on the work we have performed, we have not Identified any material uncertainties relating to events or conditTron5 that, individually or collectNely, may cast 5i8nificant 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 responslbilities and the responsibilitres of the trustee5 Wlth respect to going concern are described in the relevant sections of this report. Other Inlormatlon The trustees are spOnSible for the other Informatn. The other information comprises the information included in the Report of the Trustees. Our opinion on the financial statements does not cover the other Information and, except to the extent otherwise explicitty stated in our report. we do not express any fomi of assurance conclusion thereon. In connectlon wlth our audit of the financwl statements, our resp)ftsibility to read the other information and, in doing so. consider whether the other information is materialty inconsistent with the financial statements or our knowledge obtalned In the audit or otherwise appears to be materially misstated. If we 13
THE SIR JULES ThORN CHARITABLE TRusr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 identify such material Intonsistenties orapparent material misstatements. we are required to determine whether there is a material misstatement in the finanaal statements or a material misstatement of the other informatlon. If. based on the work we have perfornied, we conclude that there a mater1 misstatement of this other inforrnatbon. we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to rewt by exceptlon We have nothing to report in respect of the following matter5 in relat*)n to whith the CharftSes (Accounts and Reports) Regulatrts 2008 require us to report to you if, in our opinion: • adequate accounting record5 have not been kept by the chèrity.or sufficient accountin8 CordS have not been kept- or the charity financial statements are not in agreement with the accounting records and retum5; or we have not e1Ved all the inforniatn and explanations we require forour audlt. Responslbllltles oftrumees for the finala1 statements As explained more fulty in the trustees. responsibilitie5 Statement set out on page 12. the trnstees are responsible for the preparation of the financial statements and for being satiSfd that they give a true and falr view. and for such internal control as the trustees determine 15 necessary to enable the preparation of finanual statements that are free from material misstatement. whether due to fraud or error. In preparlng the linancial statements. the trustees are re$Fnsible for assessire the chariws ablllty to continue as a 8oin8 concern, disclosi as applicable. matters related to 8oin8 concern and using the going concem 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. Auditsrfs responslbilities far the au&rt of the financial statements Our objettives are to obtsin 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 t5 not a guarantee that an audit conducted in atcordance with ISAS IUKI will ahways detect a material mi55tatement when it exlsts. Misstatements can arise from fraud or error and are considered material rf. indNidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basls of these financial statements. Irre8ularitie5, including fraud, are instances of non<ompliance with laws and regulations. We dess8n produ5 in line with our responsibilities. outlined al)o¥e. to detect materlal mlsststements in respect of irregularities, including fraud. The extent to whKh our procedures are capable of detecting Irregularlties. including fraud 15 detailed below- Based on our understanding of the charity and the environment in whKh it operates, we identrfied that the principal risks of non-compliance with Liws and regulations reL4ted to chartty law and GDPR. and we considered the extent to which non-compliance might have a material effeci on the financial statements. We also considered those laws and regulations that have a dlrect impact on the preparatlon of the financial stateffients such as Charities Act 2011. We evaluated managemenys incentNes and opportunities for fraudulent maniwlation of the finanaal statements Ilncludlng the rlsk of overrlde of contro&. Audit wocedures perfomied by the engagement team induded: DisCU5sions with management including consideration of known or suspected Instan of non- compliance with laws and regulation and fraud.. 14
THE SIR JULES THORN CHARITABLE TRusr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 Evaluating management's controts designed to prevent and detect irregularities,. Identifyin8 and testin8 joumals. in particulariournal entries posted with hi8her risk of misstatement: and Challenging 0urnptlon5 and jud8ements made by management In their accounting estimates. 8ecau5e of the inherent limitstions of an audit, there is a risk that we will not detect all irregularitie5, Includlng those leading to a material misstatement in the financial statements or non-compliance with regulation. This rlsk increases the more that compliance with è law or gulatIOn is removed from the events and transartion5 reflected in the financial statements. as we will be 5S likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud Involves intent¥)nal cDncealmenL forgery. collusion, omiss¥)n or misrepresentatK)n. A further desuiption of our responsibilities for the audit of the financial statements Is located on the Financial Reportin8 Councifs website at- www.frc.or .uk auditor5res onsibilitie5. This description forms part of our audrtorfs reporL Use of Our report This report is made solely to the charitys trustees. as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under sertion 154 of that Act. Our audti woTk has been undertaken so that we might state to the charrty's trustees those matter5 we are required to state to them In an Audito¢s p)rt and for no other wrpose. To the fullest extent pemittted by kiw, we do not accept or assume responslblllty to anyone other than the chariVs trustees as a tx)dy forour audit work. forthls report, or for the opinions we have fomied. sma LLP ory Auditors 10 Queen Street Place London EC4R IAG Date." 11 &o2S Haysmac LLP is eligible to t as an audltor In temis of settion 1212 of the Companies Act 2CM)6. 15
THE SIR JULES THORN CHARITABLE TRUST STATEMENT OF FINANCIAL AcnvrnES ST FOR THE YEAR ENOEO 31 DECEMBER 2024 Unrestrirted Funds 2024 Endont Total Fund5 FthMI 2024 2024 Total Funds 2023 INCOME AND ENDOWMENTS Income from Investments 2,110,401 2.110.401 2,007,451 Totsl Income and Endowments 2.110,401 2.110.401 2,7,451 EXPENDITURE Expendlture on ftalslng Investment Management Costs 42,180 42,180 139,718 Expendlture on Charltable Actl¥ilie5 Grantmaking Medical Research Grants Research Infrastrurture Improvements in Care Small Donations Scheme 1.315.759 533.238 386,047 544.066 L315,759 533,238 386,047 S44.066 1,965,746 561,652 568,689 687,745 2,779,110 2.779.110 3,783,832 Totsl Expendlture 2.779.110 42,180 182L290 3,923,550 Net Operallng (Deficit} lor the Year 1668.7091 142,1801 1710,889) (1.916,099J Net Galns on Investments 8,655,915 8.655.915 5,443.803 Net In¢omellExpndlturel for the Year Transfer Between Funds {668.7091 668,709 .613,735 7,945,026 3.527.704 1668,7091 14et Movement In Funds 7.945,026 7,945,026 3,527,704 Reconciliatitin of Balance brought lorward As at l January 2024 Totsl Funds Carrled Forward At 31 Decqmber 2024 111.908,9)8 111.908.908 108,381,204 119.853.934 119.853.934 111,908,908 The rtotes on poqe$ 19 to29Awm port rfthe5efinandalstotements 16
THE SIR JULES THORN CHARITABLE TRUST BALANCE SHEET ASAT 31" DECEMBER 2024 Notes 2024 2023 FIXED ASSETS Furniture and Fittin Investments 2,784 121.156.161 121,158.945 3,018 114.231,063 114.234,081 CURRENT ASSETS Debtors & Accrued Income Short-temi investments Cash at bank and in hand 93.947 9,370.711 7,612,531 17.077,189 202,063 5,521.923 10.679,590 16.403.576 CREDITORS: amounts falling due within one year Grant Commitment5 Creditors io li 8.692,083 36,559 8.728,642 7,104.814 94,036 7.198,850 NET CURRENT ASSETS 8.348.547 9,204,726 TOTALASSEfs LESS cuRREP IIABILMES 129,507,492 123,438.807 CREDITORS: amounts falling due after more than one year Grant Commitmenls io 9,653.558 119,853,934 11,529,899 111,908.908 NEf ASSETS 12 THE FUNDS OF THE CHARITY Endowment Funds Unrestricted income funds 119.8S3,934 111.908.908 Total Charity Funds 119.853.934 111.908.908 The financial statements were appn)ved and authorised for issue by the Trustees and were svaned on their behalf by- Chairn)an Date- bA TL•ML The notes p4we$ 19 to 29fvmi partolthesefinondolstotements 17
THE SIR JULES THORN CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 2023 Net cash loutflowl from operating aCtItieS Net cash loutflowl from investing artibllties (Decrease) in cash in the peritid IA} 13,(X)8.735) 158.324) 13,067.0591 (3.453,812J 11,071,292J f4,525.104J Al Reconclllatlon of net income to net cash outh4 from operating activities 2024 2023 Net income for the year Depreciation Loss Iprofitl on the disposal of Ted assets Management fees paid from endowment funds (Gains) on Investments Dividends and interest from investments IGainsl on short-term investments Interest income Decreaselllncrease) in debtor5 (Detreasell Inuease in creditor5 Net tssh loutflow) from operatin8 activities 7,945,026 1,283 3.527, 704 2,266 (6) 147,599 15,427,341J (1,544.622J f21,9231 (429,947} {102,058J 394.516 102.451 18.257,127) (1.770.422) (398,7881 1392,726) 108,116 {346.5491 13,IY)8,735) (3,453,812J Bl 14et cash louthow) inflow from ifbvesting •clie$ 2024 2023 Cash withdrawals from investment wJrtfolKJ Interest income Purchase of short-term investments le55 withdrawals Purchase of tangible fixed assets Disposal of tangible fixed assets 3,000,000 392,726 13,450.0fy)) 11.050) 4,0,(*%• 429.947 15,5(KJ.0001 fl.619J 380 (1,071.2921 158.324) C) Analysis of change5 in net Ush funds At31 December 2024 At ljanuary 2024 Ca5hflow5 Cèsh in hand 10,679,5 13,067.0591 13,067.0591 7,612,531 7,612,531 Total tash and cash equivalents 10,679,590 The notes on pages 19to 29fvmipqrt olthestfinondolstotements
THE SIR JULE5 THORN CHARITA8LE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31ST DECEMBER 2024 L PRINICIPAL ACCOUNnNG POUCIES 8asis olaccounling The Trust is a registered charty in England and Wales and as such is a Public Benefit entity. Govemed 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 COnventn as modffied by the revaluation of investments and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice ISORP 20191 applicable to charriie5 preparing their accounts in accordance wf(h the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 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 lo continue its artivities for the foreseeable future. The trustees are not aware of any materlal uncertainties about the charit(s abiltty to continue and accordin8ty, they consider it appropriale lo adopt the going concern basis in preparing the financial statement5 a5 outlined in the Statement of Tru5tees' Responsibilities on page 12. b? Crltkal occoufttlnqAudqenpents •ndkey sources of estlmotlon uncertalnty In the application of the charirf5 accounting policbes, which are desuibed in this note, Trustees are required to make judgements. estimates and assumptKJns about the carrying values of assets and liabilitie5 that a not readily apparent from other source5. The estimates and undertying assumptions are based on historical experience and other factors that are conskjered to be relevant. Actual results may differ from these estimates. The estimates and undedying assumptions are feyiewed on an on-golng basb. Revlsions to accounting e5timate5 are reco8nise(l in the period in which ihe estimate is revised rf the revision affects only that period, or in the period of the revision and future periods. In the view of the Trustees, no assumption5 conceming the futu or estimation uncertainty affecting assets and liabilities at the balance sheet date are likety to result in a material adjustment to their carrying amounts in the next financial year. 19
THE SIR JULES THORN CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 315T DECEMBER 2024 CJ Incomefrom Investments Dlvidend. interest and other Income is accounted for on an accruals basis and is shown gross of any associated tax credits recoverable. d) Galns/(lossesJ on inVestnnts Realised gains and losses on investments are cakulated as the drfFerence between sales proceeds and purchase value. Unrealised gains and losses are cakulated as the difference between their fair value at year end and their purchase value. ej Grants onddonotlons payable Grants and donations are recognised in the Statement of Financial Activitie5 based on the commitments made during the year. Because most projects last for more than one year the total of amounts commrtted but not yet paid is shown split between current and knn8-temi liabilitles. Flxed ossets ond depreclotlon Fixed assets over £500 are capitaled. Depreciation is provided on fixed asse15. in order to write off the COSt of the a55ets over their expected useful Irles estimated resKlual Values, at the folbwing rates: Office equipment Fixtures and fittings 20% p.a. straight line 20% p.a. stral8ht line qj Investments Investments are stated at mld-market value at the year end. The Statement of Financial ActNities Includes the aggregate of reali5ed and unrealsed galns and losse5 during ihe year. hj 80sls of amocotion olcosts Cost oARai5ing Funds The cost of raising funds represents amounts paid to the Trust's external investment managers. Support costs These costs are incurred directly in the delsvery of the Trusl'5 charitable actrvities. These costs are based on the percentage of time that a resource is used in the application of grants admintratIon and associated activities together with the overhead costs of the charity- Governonce costs Governante costs comprlse costs Inajrred in Trust adminlstratlon and tomplbance with regulatory requirements. Staff costs are calculated a5 a percentage of time committed.
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31ST DECEMBER 2024 IJ Portfvlio managementfres The cost of managing the TNst's investment portfolio is met frorn Endowment Funds. Portfolio management fees are re¢u8nTr5ed on an accruals basis. i) Employee 8enefits Where employees have rendered service to the charity short-tem employee benefits, including holiday pay. to which the employees are entitled are charged to the Statement of Financial Activities in the year to which they relate. COntriblorI5 were made to all employees. personal pension schemes in accordance with their employment contract5. All such contributions are expensed throu8h the Statement of Financial Activities in the year in which they are due. kj Funds Endowrnent funds represent the investment assets derived from the Original gift from Slr Jules Thom. The endowment is expendable at the discretion of the Trustee5. IJ Flnancial lftstruments Financial assets and financial liabilities are reco8nised when the Trust becomes a party to the contractual provisions of the instrument. Additionally. all financial assets and liabilities are classrfied according to the substance of the contractual arrangements entered into. Financial assets, comprised of cash. other debtors and accrued intome. and financial liabilities, comprised of grants payable, other creditors and accruals. are inttially measured at transartion price (including transaction costs) and are subsequently re-measured Whe applicable at amortised cost except for investments which are measured at fair value with gains and losses recognised in the Statement of Financial Activities. The Trusvs investment managers enter into forward rate currency contracts to manage it5 exposure to fluctuations in exchange rates within the investment portfolio throughout the year. These contracts are recogni5ed at fair value within the overall valuation of the investment portfolio with galns or losses recogni5ed in the Statement of Financial ActV4ities. Assets and liabilities held in foreen turrency are Iranslated to GBP at the balance sheet date at an appropriate year end exchange rate. 2. INCOME FROM INVESTMENTS 2024 2023 Listed investments Cash interest income 1,717,675 392,726 2,110,401 1,577,504 429,947 2,007,451 21
ThE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 3. ANALYSIS OF TOTAL EXPENDrruRE Med5cal Ralslby researth lunds grants Infrastrurture Ann Rylands Small Totsl Donations ExpendSture 5nCa 2024 Investment Management Fees Grants Awarded Staff Costs Support Costs Governance 2024 Actl¥lty Total 42.180 42,180 394.050 2.343.644 75,591 192.490 43,329 150.159 31,096 92,817 544,066 2,821,290 1.169.594 49.582 65.49) 31,(P33 42.180 1,315,759 465,IX(I 33,223 19.701 15.314 S33.238 315.(MXJ 21,639 15.314 386.047 2023 Investment Management Fees Grants Awafded Staff Costs Support Costs Governance 2023 Artivbty Total 139.718 139,718 3,367,999 168.510 137,284 110,039 3,923,550 1835,986 37.489 55.408 36,863 139.718 1,965,746 492.963 29.381 21.IS2 18.156 561,652 St,cX} 29,381 21,152 18.156 568.689 539,050 72.259 39,572 36.864 687.745 Full detoils of gronts oworded in the yeor ore on page$ 30 to 34 of this report
THE SIR JUiES THORN CHARITA8LE TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 315T DECEMBER 2024 2023 SUPPORT COSTS staff Costs Rent. rates and seNice ¢har8es Other 192,490 55,gJ) 94,259 342.649 168 510 305.794 Governance costs Staff costs Trustees & Peer Reviewers Expenses etc Other Audit fees- current year Legal Fees 58,835 790 8,315 23,100 1,777 92.817 78,426 1.221 5.192 25,200 110.039 Total Support and Go¥ernan¢e ¢osts 435,466 415,833 2024 2023 4. STAFF COSTS Salaries Employer's National Insurance Pension and Death in Service Contributions 215,479 19,777 16,069 251.325 212,741 19,114 15,081 246.936 The numtor of employees whose emoluments are abovè £60.OW during the year was:. No. EIIO,CMXJ- £120,CKK) The avernge weekly number Iheadcountl of persons employed by the charity duiin8 the year was.. No. No. Administralion and Governance The total amount of employee benefits received by key management in the year ended 31st December 2024 was £137.16712023- £129,946J including EmployeT'5 National Insurance Contributions. TRusfEES 2024 2023 Total emoluments Nil Total reimbursement of expenses 582 3 Trustees received travel aThl merfing expenses in the year12023- 4 Trusiees- £5821.
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 5. RELATED PARTIES There were rto relaied party transactions or balances which require dixlosure withln the financial statements during 202412023- £Nil}. 6. TANGIBLE FIXED ASSET5 FittinKS and Equlpme Cost l January 2024 Additions Disp05a15 At 31 December 2024 33,652 1,050 111.9831 22.719 Depve¢i•tlon At l January 2024 Charge for the year Disposals At 31 Deomber 2024 30,634 1.283 111.9821 19,935 Net Book Value At 31 December 2024 1784 At 31 December 2023 3.Q18 24
THE 51ft JULES TrIORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 7. IfivESTMEP4TS 2024 2023 Market value at l January 2024 Investment income rewved and reinvested Cash funds withdrawn 114.231,063 1.770,422 I3,c.(1X1> 113.LN)1.485 8.257,127 1102,4511 121,156,161 125.269.691 111.406,699 1,550,083 (4.000.OLXI) 108,956,782 5,421,880 (147.599) 114,231,063 127,115.674 Net movement in investment cash balances Net gains I Ilossesl on investments Net Management fees paid Market value at 31 December 2024 Cost at 31 December 2024 Investments at year end were made up as follows: 2024 2023 UK equities UK fixed Interest securities Overseas equitles Overseas fixed interest securities Mana8ed fiinds Fonmard foreign exchange Other Cash 1,915.376 4,865,014 3,758,930 3.862,033 97.252.259 112.719 1.3S9.045 1.105.687 114,231,063 121.156,161 121.156.161 On 4th September 2024 the individual investments managed by Ruffer on behalf of the Trust were placed in the Ruffer Charity Asset Trust. Portfolio Management Fees Investment management fees incurred in the yearwere: ftuffer Sarasin- Fees Rebated Net charge to SOFA 2024 2023 207.547 1165,3671 42.180 288,551 f148,833J 139.718 Fees Arrangement with Sarasin Included in the c05t of units held within this fund Is an embedded fee. This fee is higher than that agreed by the Trustees and so the fund manager make5 a rebate directly io the fund. which 15 reinvested in additional units. FoNard contracts There were no foryiard rate contracts at 3tst December 2024. At 31st December 2023 the Trust was committed to selling USD to the value of £8.988.844 under forward rate contracts. These matured on 11.01.24. The sUrpS of £112.719 derived from the contracts was re-invested in the portfolio. These commitments were embedded in the investment funds managed by Ruffer at December 2023. There were no other forward commitments outside of the Ruffer rnanaged funds.
THE JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 8. SHORT-TERM INVESTMENTS 2024 2023 Markel value at l January 2024 Cash funds added I Iwithdrawnl Net gains / Ilossesl on Investments Market value at 31 December 2024 Cost at 31 December 2024 All short-term investments are held in managed funds. 5.521.923 3.450,(Xrf) 398,788 9.370.711 8.983.596 5.500,0 21,923 5.521,923 5,51XI,000 9. OEBTORS 2024 2023 Accrued income Prepayments 26,520 67,427 93.947 144.039 58,024 202.063 10. GRAPIT COMMITMENTS 2024 2023 Forward commitments at l January 2024 Commitments made duringthe year Grants made in previous years rescinded or cancelled Adjustments re Grants made in Previous Year Arnounts paid durlng the year FoThvard commltments at 31 December 2024 18,634,713 2.695.756 1780.3231 34,162 (2,238.6671 18.345.641 18,238,120 2.821.912 7,037 12,432,356J 18,634.713 Forward commltments at 31 December 2024 in respect of on8oing projects were as follows.. 50th Anniversary Award Medical Research Grants Previous Capttal Grant Programrne Research Infrastructure Fund Innovation and Improvements in Health and Care Fund 4,999.999 9,893.262 1,3CwJ,065 1,146.535 1,005.780 18.345.641 5.LXiI.000 9.762.475 2.102.079 920,159 850.LhXI 18,634,713 Spllt as lollows: Amounts due within one year Amounts due between one and five yea Amounis due after more than five years 8.692,083 9,541,654 111,904 18.345.641 7.104.814 11.371.359 158,540 18.634,713 11. CREDITORS 2024 2023 Trade Creditors Accruals Portfolio management fees 8.431 28.128 4881 35,617 53,538 94,036 36,559
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 MALYSIS OF NEf ASSETS BETWEEN FUNDS 12a. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Tanglble Hxed Asses Other Net Llabllltles Total Funds Unrestricted funds Endowment funds Total fvnds 121.156,161 121.156.161 2,784 2.784 11,305,011) 119,853,934 {1,305,011) 119,853,934 ANAL YSIS OF hlEfASSETS BETWEEN FUNDS 2023 Investments Tonqlble FlxedAsses Other Net Lknbllltles Total Funds Unrestrirtedfvnds Endowmentfvnds Totalfvnds 114,231,063 114,231,063 3,018 3,018 12,325.173) 111,908.908 12,325,173J 111,908,908 Izb. RECONCILIATION OF FUNDS 2024 Funds bllwd at 1.1.24 Inme Expendlture Translers Gains and Funds clfwd Losses at 31.12.24 Endowment funds Unrestritted funds 111.908.908 142,1801 1668,7091 2,110,401 12,779,110) 668,709 111,908,908 2,110,401 12,821,290} 8.655,915 119.853.934 ,655,915 119,853.934 RECONCIUAnoN OFFUNDS 2023 Funds b/fvd Inconje Expendlture otl.1.23 Transfers Galns and Funds c/fvd Losses ot 31.12.23 Endowmentfvnds Unre5trirtedfunds 108,381.204 (139.718) 11.776,381J 2,IX17,451 13.783.832) 1.776.381 108,381,204 2,LkJ7.451 (3.923,550) 5.443.803 Ill,8 908 5,443,803 111,908,908 The Endowment funds represent the investment assets derpled from the or*inal gift from Sir Jules Thorn. The endowmeni is expendible at the discretion of the Trustees. The Trustees have authorised an additional transfer from the endowment to unrestrlcted funds in order io finance granis awarded in the year.
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31ST DECEMBER 2024 13. OPERATING LEASE COMMITMENTS Total fvture minimum lease payments due under non<ancellable opernting leases at the end of the year are as follows: 2024 2023 Land & Buildin85 Due not later than one year Due later than one year but not later than fpie years Total future minlmum lease payments 57.(KX) 201,379 258,379 Lease payments recognised as an expense in the year totalled £44.682 {2023.. £47.LIJOJ. Plant and equipment Due not later than one year Due later than one year but not later than fNe yea 838 1.047 Total futu minimum lease payments 1,047 1.885 Lease payments recogni5ed as an expense in the yeartotalled £83812023.. £8381.
THE SIR JULES THORN CHARITABLE TRUST STATEMENT OF FINANCIAL AcllviTIES FOR THE YEAR ENDED 31ST DECEMBER 2024 14. COMPARATIVE STATEMENT OF FINANCIAL StATEMEt4TS Unrestrirted Funds 2023 Ednowment Fund 2023 Total Funds 2023 INCOMÈ AND ENDOWMEpirs Income from Investments 2.007.451 1007.4SI Total Income and Endowments 2.007.451 2,007,451 EXPENDITURE Expendlture on Ralslng Funds Investment Management Costs 139.718 139,718 Expenditure on Charitable Arti¥ities Grantmaklng Medital Research Grants Research Infrastructure Improvements in Care Small Donations Scheme 1,965,746 561,652 568,689 687.745 l965,746 561,652 568.689 687.745 3.783.832 3.783,832 Totsl Expendllure 3,783.832 139,718 3.923,550 Net Operatlng (Delkit) for the Year {1.776.3811 {139,718) IL916.099) Net Galns on Investments 5,443.803 5.443.803 Net Incomel(EMpendlture) for the Ye¥ 11.776.381) 5.304.085 3,527,71J4 Transfer Between Fd5 1,776.381 11,776,381} Net Movement In Funds 3.527.704 3.527,704 Reconcillatlon of Funds Balano brought fonvard Ast 1° January 2023 108,381,204 108.381,204 Totsl Funds Carrled Forward At 31 1)ecember 21r13 Ill,8.908 111,908,908
THE SIR JULES THORN CHARITABLE TRUST NOTES TOTHE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31sr DECEMBER 2024 2024 MEDICAL RESEARCH GRANTS THE SIR JULESTHORN AWARD FOR MEDICAL REft(H Unl¥ef51ty of Oxford Development of tools to Measu and predict dincial trajectories of seve mental illne55 5-year project 1,695,757 Unlverslty of Birmin8ham Definin8 new treatment and headache mechanisms in raised intercranial pre55ure Extension to 2019 grant for covid 19.801 PhD Stholarshlps Extension of UCL studentship awarded in 2019 under previous PhD prograrrffie 14,546 Unlverslty Coll•ge London 2016 Sil Jules Thorn Award rescinded. Trust fijnding not required to complete remainin8 work. 1560.3251 Adjustments to Commitments made tn prhiryears for underspent awards 11851 Total med11 Rese Awards Ll RESEARCH INFRASTrUCTURE FUND University of Bimiln8ham Platform to develop complex. multi-organ human disease modèls 299,000 Unlvetsity of Essex Creation of a translational resèarch irradiation faciknty 166,000 Total Research Infrastructure Fund MEDICALLY RELATED CAPITAL AWARDS INNOVAnoN ANO IMPROVEMEP4T IN HEALTH AND CARE Guy's and Styh3$'S NH5 Tn Roll-out of a digital tool to streamline pre-oper8tive 8ssessmonts for pati¢nt¥ ahead of scheduled surgery 235,000 Unlverslty ol Strathdyde Expansion of technology-enabled model for stroke habIlItati.On 300.C(10 Adjustments to commltments made In wloryeays for 2 awards that dld not start The Chlldren's Trust Development of new Trnterdisciplinary care model for children with neurtrdisabillty 1120.0001 Noltintham UmeNty Hospltals NHS Tntst Children's Lun8 Testin8 Hub 1100.cooi Total Inno¥ation and Impm4*m•rt In Health and Care 315.OlX> TOTAL
THE SIRJULESTHORN CHARITABLETRUST NOTES TO THE FINANaAL sTATEmEr5 ICONMNUEDI FOR THE YEAR ENDED 31ST DECEMBER 2024 THE ANN RYLANDS SMALL DONATIONS GRANT PROGRAMME Award Amount Number Total £3,IXJO £2.500 £2,050 £2,000 195,(XX) 105,C 2.050 92,(KJO 42 46 154 394,050 THE ANN RYLANDS SMALL DOP4ATIONS GRANT PROGRAMME (Detailedl NUMBER Chrls Westwood Charity for Children with Physical Disabilities Wag and Company e Concem North Norfolk Tourette Syndrome IUKI Assotiaiion trading as Tourettes Artion The Peter Pan Centre Home-Start Wessex UsinaBus Listenin8 Books Amaze Daisy's Dream Chapter West cheshi Ltd Positive Help Tom's Trust Wornan's Trust Children on the Autistic Spectrum Parent's Association Springboard Opportunity Group Medicinema Music in Hospitals & Ca Home-start Arun. Worthin8 and Adur BOSP Bri8hter Opportunitie5 for Special People Safeline Musical Connecth)ns The Salvesen Mlndroom Centre Farnilies United Network Leeds Mencap Time Out Group INorthWest} The Kent Multiple Sclerosis Therèpy Centre Ltd Hearts and Minds Ltd Oakleaf Enterprise Stick'n, Step 3,000 3.0(NJ 3.0 io li 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 3,000 3,000 3,000 3.000 3.000 3,tsJO 3.thjo 3,(KlO 3.000 3,000 31
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31ST DECEMBER 2024 THE ANN RYLANDS SMALL DONATIONS GRANT PROGRAMME 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Compass Thernpy Support Communlty Llmited Clear Sky Children'5 Charity Young Roots Space4Autism Alive Actwities Ltd Hospicecare North Northumberland The Neuromuscular Cent Asthma Relief Bendri88 Trust Cerebral Palsy Scotland Special Needs And Parents Ltd Famity SUprt Derbyshlre Create (Arts} Limited The Mulberry Centre The Spiti Charitable Trust Soundwell Music Therapy Trust Little Hearts Matter SURVIVE (Support for Survlvors of Rape and Sexual Alwse) sutton Vlsion Barons Court Project Go Beyond Chartty Caxton Youth Organisation Risin8 Sun Domestic Violence and Abuse Service Compaid Trust Blue Smile Projert Dame Vera Lynn Chiklren's Charity Our Special Friends LinkAble Woking British LNer Trust Stanley Grange Community A550cialion Jigsaw South East 8ucksWision ERIC. The Children'5 Bowel and Bladder Charity Kangaroos Mid Sussex Swindon Carers Centre 3.000 3.000 3.000 3,000 3.000 3.000 3,000 3,000 3.000 3.000 3,(KlO 3,LKIO 3,IXIO 3.c0 3.lYJO 3.(0 3,000 3,000 3.rxio 48 49 50 51 52 53 54 55 56 57 58 59 3.0 3.oc 61 62 63 3,000 3,lYJO 65 Home-start H48h Peak Age Concern Twyford & Oi5trirt Conlact Changin8 Faces Age UK Exeter The Basingstoke and Alton Cardlac Rehabilitation Charity Ltd Age Well East Parity for Disabilty 2.500 2,5(Kl 67 69 70 71 72 73 2.SC 2,5C 2,5CKJ 2.5(Kl
THE SIR JULES THOR14 CHARITABLE TRUST NOTES TO THE FINANaAL STATEMENTS ICONTINUEO) FOR THE YEAR ENDED 31ST DECEMBER 2024 THE ANN RYLANDS SMALL DONATIONS GRANT PROGRAMME 74 Age Concern Mole Valley 75 brainstrust 76 Children'5 Bereavement Centre 77 The Burrough Harmonycentre 78 Memories are Golden 79 Trekstock Llmited 80 Perth Autism Support 81 4Sight Vision Support 82 Team Oomenica 83 Sirona Therapeutic Horsemanship 84 Childn with Cystic Fibrosis Dfeam Holidays 85 Lothian Autistic Society 86 Young Carers Developrnent Trust 87 TRACKS Autlsm 88 Brain Tumour Support 89 The Anne Robson Trust 90 Sebastian's Action Tmst 91 Living Options Devon 92 The Living Room 93 SWALLOW- South West Action for Learning and Living Our Way 94 Southside Famity Project 95 The Harbour 96 Foundation For CondurtNe Education 97 Cavendish Cancer Care 98 CancefWiSe 99 The Isle of Wight Society for the Blind 100 Age UK Waltham Forest ioi Swindon Therapy Centre 102 Venture Scotland 103 Lom and Oban Heakhy Options 104 Open Country 105 Aware Defeat Depression 106 Winchester Youth Counselling 107 Cancercare North Lancashire and South Curnbria 2.500 2.500 2.500 2.500 2,500 2,500 2,500 2,500 2.5fy) 2,5 2.5LK) 2.5 2.5 2.5CKI 2,5(K) 2,5C 2.5 2.5CQ 2.5CiI 2,5 2.5 2,51K) 2,5(M) 2,500 2,500 2,500 2,500 2,500 2,500 2.500 2,500 2,500 108 Autism Nl 2.050 109 iio iii 112 113 114 115 Hope for Tomorrow Mind in Harrogate District Headway Nottingham Aphasia Support Wirral Mencap Cornwall Mind Young People and ChikIn First 2,000 2,000 2,000 2,000 2,ClJO 2,000
THE SIR JULES THORN CHARITABLE TRUST NOTES TO THE FINANaAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31ST DECEMBER 2024 THE ANN RYLANDS SMALL DONAMONS GRANT PROGRAMME 116 Age Concern Cheshire 117 SELFA Children's Charty 118 Relate Avon 119 Aberdeen Day Project Ltd tla The 8readmaker 120 Dementia Support Hampshire & low 121 The Together Project 122 Mental Fight Club 123 UK Westminster 124 Together Collective 125 Bardet 126 Sheffield Women's Counselling and Theraw Service 127 Firsthand Lothhan 128 Gareloch RDA group 129 British Disabled Angling Association 130 Chilterns Neuro Centre 131 Warwickshire YOU Care 132 Brighton Women's Centre 133 Activity Club for Children with Special Needs 134 Essex Respite & Care Assoclatlon 135 Cancer United 136 CHIPS 137 West Kent Mind 138 Downright EXlIent IDEX) 139 Dyscover Ltd 140 Held In Our Hearts 141 Rosie's Trust 142 Special Educational Needs Advice Centre 143 Youth Adventure Trust 144 South Manchester Down Syndrome Support Group 145 Samson Centre 2.0(XJ 2,0(KJ 2,OCQ 2,0(Kl 2.000 2.000 2.1)00 2,000 2,000 2,000 2,000 2,0(K) 2.OLKI 2.OLKJ 2.OCKJ 2.oc 2.OCKJ iorKJ 2.OCK) 2.000 2.000 2.000 2,000 2,000 2,(KJO 2.1)00 2.000 2.000 2.000 2,000 2.000 2.000 2,000 2.000 2.000 2.C(10 146 Just Drop 147 Head2Head Thealre 148 Vislon Care for Homeless People 149 Openstorytellers Limited 150 Special Need5 and Parent Supwrt {Yorkshirel CIO 151 Youth Talk Limited 152 Headway Surrey 153 Suffolk Accident Rescue Service (SAR51 154 Eczema Outreach Support TOTAL AWARDS MADE IN THE YEAR 394,050