THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 DECEMBER 2025 Charity Number 233838 Reglstered office 24 Manchester Square, London, WIU 3TH Trustees Elizabeth Charal (Chairman) Trmothy Haey-SaMUe[ julian Ide Mark LeverOBE Prof Sharon Peacock CBÉ Fmedsci John Rhodes Iresigned 31" December 20241 Prof David Russell-Jone5 MBBS, BSC, MD, FRCP William Sporborg Ben Dulieu (appointed 315t March 20251 Dlrertor Richard Benson Audltor Haysmac LLP 10 Queen St Place London EC4R IAG Bankers Natwest 250 Bishopsgate London EC2M 4AA Sollcltors Mills & Reeve Botanic House 100 Hills Road Cambridge CB2 IPH Investment Managers Baillie Gifford & Co Ltd Calton Square l Greenside Row Edinburgh EHI 3AN Van8uard Investments UK Ltd 4th Floor, The Walbrook Building London EC4N 8AF Sarasin & Partners LLP 50 George Street London WIU 7DY BlackRock Investment Management IUKI Ltd 12 Throgmorton Avenue London EC2N 2DL Troy Asset Management Ltd Ruffer LLP 33 Davis Street 80 Victoria Street London London WIK4BP SWIE 5JL
THE SIR JULES THORN CHARITABLE TRusr REPORT OFTHE TRUSTEES FOR THE YEAR ENDING 31 DECEMBER 2025 ThÈ Trustees present thelr report along wlth the au(Ilted financlal statements of the charity for the year ended 31" December 2025. The financial statements have been prepared in accordance with the charity's Trust Deed, the Charities Act 2011, and the Statement of Recummendeil Practice for Charities ISORP 20191. Our accounting policies are set out on pages 20 to 22 of this report. The report describes the TNst's governance and management strurture, grant programmes, and main activities for 2025. The Board of Trustees tompleted a review of the Trust'5 Strategy at the end of 2021 and implemente(l a number of changes to our grant programmes from 2022. The Trustees have contlnued io refine the grant programmes, informed by advice from the Trust's Medical Advisory Committee, feedback from current and previous grant-holders end other evidence about future need5 and priorities for the research and health and care sectors. Overall, however, the Trustees, assessment Is that the Trusvs grant programmes worked well during the year, and the volume and high quality of applications indicate that each programme is addressing an important area of need. The continued pressures on health and care sekvices, combined with the difficult economic climate, nevertheless mean that many Df the organSsations that the Trust supports have continued to face a period of uncertainty and increasing demand for their servites. The Trvstees will keep the position under review and ensure that the Trusvs activitie5 continue to respond to changes in the external environment, 5UPPOrt the Trust's charitable objectives and remain suslainable for the long-term. Structure, Governance and Managemenl The Sir Jules Thorn Charitable Trust is constituted under a Trust Deed dated 18th February 1964 and is a registered charity, number 233838. It was established with an endowment from Sir Jules Thorn. The Trust does not fvndraise and seeks to continue the charitable work inspid by Sir Jules through the careful stewardship of our existing resources. The chartty has no fundralslng acfjvitles requiring disclosure under S162A of the Ch?rilie5 Art 2011. The Trust 15 Boverned by a Board of Trustees who oversee the TNst's governance, set the strate8iC dlrection, and review the progress of implementation. The Tru51ees normally meet twite each year and deal wf(h all essential business between meetings through corre5ponden¢e and online conferencing. The Investments Sub-committee advises the Board on the Trust's investment strategy and asse$5es the performance of its Investments. The Sub-committee held three meetings durin8 the year and provides report at each Board meeting. The Board is also supported by the Trust's Medical AdvisDry Committee (MACI of leading clinicians and researchers, which oversees the peer review tsf research grant appllcations and makes recommendations to the Board on funding. The Committee held three meetings in 2025. The Trustee5 wish to express their enormous gratitude to Prof Hugh Watkins and Prof Sophie HambEeton, who stood down from the Committee when thelrterms came to an end in December. The Board undertakes an annual review of its effectivene5S to ensure continued compliance wlth good practice. The review in November 2025 took account of the updated Charity Governance Code, and the new Charities SORP that will come into effect from 2026.
THE 51R JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31" DECEMBER2025 While the Trust Deed does not provide for a minimum or maximum number of Trts5tees, the Board'5 Terms of Reference state that there will normally be not less than seven and no more than ten Trustees. The composition of the Board 15 kept under review to ensure its members continue to provide the range of skills required to support the Trust's strategy. The Board has considered guidance publlshed in the Code regardinE the period for which individuals should normally Serve on boards and new Trustees are appointed for a term of 5 year5. which tnay be renewable wlth the agreement of the Board. When Trustee vacancies arise, the Board looks to attract people with the required skllls and expertise and assesses potenal candidates against the person specification set out In the Role Description agreed by the Board. The m05t recent vacancy wa5 publicly adverknsed and attracted a strong field of potentia5 candidates. Shortlisted candidates are Invited to an interview wlth the Chairman and other Twstees, which may lead to an appointment to the Board. New Trustees are given a briefing about the Trust and all asperts of their responsibilitie5, induding governance. Where appropriate, Trustees are also offered the opportunity to attend sector specific courses run by the socIation of Medical Research Charlties IAMRCI, the Trust's professional advisers or other providers. All Trustees are unpaid. The Trust has a Conflitts of Inierest Policy, which sets out thè principles which are applied to identify transactions and decisions in which individua15 may have a personal interest, and the process for managing potential conflScts. 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, including thè Director, who provides the key management role within the definition of FRS 102. The Director is atcountable to the Trustees for the implementation of the 51rotegy agreed by the Board, and for the day-to-day management of the Trust. The Trust acknowledges the importance of its Staff in ensuring both the ongoing strategic development and efficient administration of the charity. The overall aim of the Trust's policy is to offer fair pay to attract and retain appropriately qualified staff to lead, manage and administer the chartty and io fullil the charitable objects on behalf of th@ Trustees. The Trustees review the remuneration of the Direclor and other staff on an annual basis, after benchmarking to market conditions and other simllar charities. Rlsk Management The Trustees are responsible for monitoring the risks facing the Trust and ensuring that risks are managed effectively. The Trust has a formal risk register which is reviewed at each meeting by the Board, and risk is Inherent to the Board's discussions on all aspects of the Trust's work. In addthon, the Board considers anv recommendations from the Trust's auditors regarding further improvements to the Trnst's system of Internal controls, and management responses to any audit recommendations. The Investment Sub- Committee reviews risks specifically related to the Trust's investments. The prlnclpal risks faclng the Trust are: Financial - where inappropriate asset allocation or adverse market condwknons could potentially undermine the financial sustainability of the Trust or mean that total returns from the Trust's investrnents were not sufficlent to meet its normal level of grant commitments. The Trustees look to address this risk through periodic reviews of the investment strategy, and the ongoing assessment of investment performan by the Investments 5ub-Committee. A5 a result of this process, funds previously managed by Rufler were reallocated to Troy in February 2025. Beyond monitoring the performan of individual managers. the Board also reviewed the long-term
THE SIR JULES THORN CHARITABLE TRUST REPORTOFTHETRU5TEES FOR THE YEAR ENDING 31" DECEMBER 2025 performance of the Trust's investments during the year. and in November 2025 agreed that the Sub- Committee should undertake a further review of the investment strategy in 2026. The risk of short-term volatijity in investrnent return5 15 mitigated by the Trustees, policy of maintaining sufficient 5h balances to cover near-term grant commitments. The Board also carefully considers the affordability of new grant commitments when setting the annual budget. Both the appropriate level of cash balances and the Trust's future spending ambitions will be considered as part of the forthcomlng review of the investment strategy. Strategic- where the Trusvs grant maklng strategy must keep pace with developments research, clinical practice and relevant sectors of care. The Trustees continue to refine the Trusvs grant programmes. The Board receives advice on research strategy from the Medical Advisory Commlttee and conslders advice from the Commlttee and external peer reviewers before making research awards. The criteria for the heah and care programmes were rther reftned during 2025, in part reflecting feedback from a roundtable discussion between members of the Board and senior colleagues from charities and other organisations working in health and care. The Chairman and Dirertor visit all the organi5ations 5hortlisted underthe TnJst'5 capital grants programme for health and care projects and meet grant-holders at the end of each project to disctjss Dutcomes and lessons learned. Operadonal - where processing fallures, fraud, or major incidents, would impede the charitWs èbility to fvnrtlon effectively, and thus to deliver its charitable objeclives. Internal controls are kept under review, and systems and processes were further developed and doc(tmented during 2025 to enhance integration and efficiencv. Compliance- where a failure to comply with tharity law, the generallaw, orthe founding Trust Deed, would compromise the charity's status and reputation. The Twstees review governance arrangements on an annual basis and will conduct a further revlew of the Board's effectiveness later in 2026 to ensure continued compliance with good practice. In commt>n with other organi5ations, the Trusys r15k management arrangements have been tested in rècent year5 through the pandemic and the subsequent period of economic Ur}rtainlY. The Trust does not face the same challenges as charities which are dependent on fundraising or organisations delivering front- line services. The Trusvs ability to navigate these chan8e5 111 the external environment ha5 neverthele55 conlirmed the Trustee5' view of the principal risks facing the Trust and that its risk assessment process is robust. Overdll, the Trustees a satisfied that risks are being managed effectively and that measure5 are in place to ensure good governance, prevent financial or administrative fraud or malpractice, protect the good reputation of the Trust, and ensure compliance with relevant legislation and guidance. Objertives, Activities and Public Benefit Objertives The Trust Deed gives the Trustees absolute discretion to apply the capttal and income of the Trust fDr general charitable purposes but. in doing so, they take note of the Founderfs wishes. In keeping with Sir Jules'5 original intentions, the Tru5t'5 largest grants support translational medical research undertaken in the UK'S leading universities and NHS organisations. Beyond medital research, the Trust also supports
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31" DECEMBER 2025 project5 to integrate and improve care for people living with physical or mental ill heaSth, and provides help with core costs to smaller charitie5 providin8 practical and emotional 5UPPOrt to people livSn8 wlth ill health or disability, and to their families and carers. In discharging their responsibilitie5, the Trustees confirm that they have due regard to the Charity Commission's published guidance on the Public Benefit requirement under the Charities Act 2011. Activities The Trust delivers public benefit by providing awards to universities, NHS organi5ation5 and other registered charities in the UK. Awards are normally made through the Trust's competitive grant programmes, which are designed to SUPPOrt Its objectives in research and care. Information about the grant programmes is available on our webslte. The Trust dld not dlrertly adverhse its research programmes during the year but wrote to the Heads of all UK medical schoo15 inviting applications for the Sir Jules Thorn Awaid. Infomiation about both the Award and the Research Infrastructure Fund ha5 been published in Reseorch Fortnight. The Trust placed an announcement about the Innovation and Improvement In Health and Care Fund in Civil Society to raise awarenes5 and ensure that we continue to attract the strongest possible field ot application5. Across our grant prograrnmes, the Trust continued to receive slgnificantly more appllcations than it is able to fund. The quality of applicatiun5. particularly for lar3er awards, remains hi8h. Further inforrnation about the operation of our grant programmes in 2025 is set out below, The Sir Jule5 Thorn Award for Biomedical Research The Sirjules Thorn Award funds world-leading translational research project5. It has a part(cular focus on supporting outstanding investigators who are in the earty- to mid-stage of a clinical research career and have the potential to become future leaders in their field. The Award offers a grant of up tr) £L.7million over 5 years, and slnce its launch in 2001 the Trust has pledged almost £30m to fund the highest quallty translatiunal research which seeks to benefit patients through Improved dlagnostics andlorthe development of new therapies for important tllnical problems. Research can be In any field of cllnlcal research, and in recent years we have funded major research projects in areas as diverse as combining refjnal imagin8 and artificial intelligence to improve the diagnosis and monitorlng of chronic kidney dlsease. developing tools to measure and predirt the trajectories of severe mental illne55, and the development of stratified therapies for HCC liver cancer. The Award is made following an annual competition among UK universities and NHS organisations. Applications are subjected to rigorous peer review by the Medical Advisory Committee 3nd external experts in the relevant cllnlcal field. The Trust's peer review process is accredited by the AMRC and complies with the Association's six principles of peer review: propoOnalIty, independence, diversity, rotation, impartiality, and transparency. The temis of the Award stipulate that intelleual property rights arising from Trust-funded research should be protected and exploited where commercially worthwhile. An Intellectual Property Agreement with the Award-holtlÈr's institution definès issues of protèttiDn and explDltation, and the arrangements for sharing any commercial income which 15 generated. The Trust's share of any such Income would be allocated to the Tru5t'5 charStable purposes.
THE SIR JULE5 THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 DECEMBER2025 Research Infiastructur? Fund The Trust has a lon8 track record of sUPPOrting investment in research equipment and facilttie5. The Research Infrastructure Fund support5 C3Pital inv2stment that will accelerate internationally competitive research in UK universittes and NHS or8anisations. Applications may address any discipline or disease area but must demonstrate that the investment will tronslote into improvements in healthcare for patients. Applications are also accepted from UK re8lStered charities which work in partnership with universities and the NHS to support translational research. All short-llsted applications are subjert to external peer review. Innovation and Improvement in Health and Care Fund This Fund is open to registered UK charities and NHS organisations. Applications are also accepted from UK universities that work in partnership with charities or the NHS to SUPPOrt integration and improvements in health and care. The programme is designed to support organisations respond to evolvlng needs and Increaslng pressure on services by scallng up proven interventions that improve care and help to integrate health and care seryices. Appllcations must provlde robust evldence of Improved health outcomes and set out clear plans both for securing long-term fundin& and for ensuring that projects will be either scalable or replicable by other organisations. The Trust has seer) a significanl increase In appllcations since the fund was re-launched in its current form in 2022, reflecting the financial and operaiing pressures on appllcant5 and the startity of funding for service improvement. While this growth indicate5 that the Fund 15 responding to an important an(J growing need, the Trust is a150 very tonscious of the workload involved in applying for funding. Short written expressions of interest were therefore intToduced in 2025 to triage potential applications, and the criteria were further refined to focus on larger charities and organisations Working in partnership. The Trust recognises that many exlIent heah and care servites are delivered by smaller organisations but considers that lar6er organisations are more likely to deliverthe scale and typ2 of impact thè Trust is seeking to support. The Ann Rylands Small Donations Prugfamme The programme Is named in honour of a former Chaiman of the Trust land daughter of Sir Julesl and awards grant5 to support the core costs of small charities (which for the purposes of the programme are defined as those with an annual inttsme below £2ml. Charifjes can apply for grants of up to £5,000. The funding crlteria were fijrther refined durtng 202S to enable the Trust to intrease support for smaller charities whose work aligns Wtth it5 mission to improve provision in health and care. The Trust prloritises applications from charitie5 providing practical and emDtional support to people living with physical or mental ill health, livlng with disabilltie5, people need£ng palliative or end-of-life care, and theirfamilie5 and carers. Although the level of individual awards is modest, the cumulative sUPPOrt that the Trust provides for smaller charities is signrftcant and feedback from recipients indicates that the programme is valued and continues to meet a need. This is refiected both in the continued volume of submissions, and by the financlal and operating pressures that many smaller charlties reporr In thelr applIcaonS. The Trust received 463 applications from small charities in 2025, which was a reduction of IB% from the 564 received the previous year. Thi5 reduction reflects work to reline and clarify the criteria. and to streamllne the application and assessment prO55e5. These changes meant that there was a modest
THE SIR JULES THORN CHARITABLE TRUST REPORTOFTHE TRUSTEES FOR THE YEAR ENDING 31 DECEMBER 2025 increase in the success rate for applications Ifrom 31% in 2024 to 37% in 20251, and the number of awards during the yeBr increased to 176 from 154 in 2024. The average value of new awards also incTea5ed by £300 to £2,900. The total value of new awards also increased from £394,050 in 2024 to £504,872 in 2025. These figures indicate that, while the Trust received fewer applications in 2025, continuing to refine our criteria and processes has enabled us to allocate funding more effectively to small health-focused charities whose work aligns with our mission. Achlevements and Perfomiance Dtlring 2025, 521 grant applications were processed across our grant programmes and the Trustees made 181 new awards totalling £3.645,674, including future year commitments. This was 17% higher than the £3,124,154 awarded in 2024. The largest factors in this increase were the higher value of awards made under the Ann Rylands programme, and the Trustees, decision to rescind two previous capital award5 where grant-holders had been unable to progress the projects- one award for research infrastruciure made in 2022 for £400,000, and one made for a health and care projett in 2024 for £235.000. While It was regrettable that the projects had been unable lo progress, re5cindin8 the funds enabled to Trustee5 to increase the value of new capilal awards to £1.441,0. which was £441,000 higher than the original budget for the year. A total of £45,381 was also written back from underspends on two completed awards made under the Trust's former PhD programrne. Another research infrastructure award was successfully cofflpleted durin8 the year, with a small underspend of £349. A total of £680,730 has therefore been written back durlng 2025, and the level of grant expendlture shown in the accounts retlects the net fi8ure after this sum has been deducted from the value of new awards. A full list of grants can be found on pages 32 to 37 of this report, and hlghlights are summarlsed in the following table.
THE SIR JULES THORN CHAR ABLE TRu¥r REPORT OF THE TRUSTEES FOR THEYEAR ENDING 31" DECEMBER 2025 Summary of new grants in 2025 Applications RKelved Grants Awarded TOTAL Funds Pledged in Year 521 2024.. 664 181 2024.. 159 £3,645,674 2024.- £3,124,155 The Sirjules Thorn Award for Biomedi1 Sdence Full applications Invited ApplÉcations Received 13 Application5 Shortlisted £1,699,802 awarded to the Universlty of Edlnburgh for thelr projeci: The eye as a window to the kidney.. multimodal retinal imaging to stratify risk, monitor progression and guide treatment 2024.. 16 applicotions were received und5 were invited to submitfull opplications. Three shortltsted candidute5 were invited to interview. Capital Awards Applications Received 21 Ilnvited from 45 initial expressions of interest) 24 Applicafjons Shortlisted Awards for Innovation and Improvement in Health and Care Awards for Research Infrastru¢ture £1.441.000 awarded in 2025 £870.10 for 2 projects suppathng th8 developmènt of innovative care models £57LOOO for 2 proje¢t5 SUPPOrtin8 research infrastrurture 2024.. u total of 84 upplic¢7tions were receivedfor the two copitol aw¢7rdprogrommes. £1,000,000 wos owurded to 4 projects supporting either innovotions in core or investment in reseorch Infrostrurture The Ann Ryl•nd5 Small lknatlons ProEramme Applications Received 463 Award5 Granted 176 £504.872 awarded in 2025 to small ¢harlties across the UK providing practical and emotional support to people with physical or mental ill health, people living with a (lisabilf(y, and their families and carers. 2024.. u total of 564 applicotions were received, and 154 owurds We made with a tot¢71 volue of £394.050
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTÉES sr FOR THEYEAR ENDING 31 DECEMBER 2025 Plans for the Future As outllned above, each of the Tru5Ys prugramrnes received significantly more appllcations In 2025 thon It was able to fund, and the quality of applications for larger awards remained high. The Trustees have reviewed the outcome of the competitions for each programme and agreed some further refinements to the award criteria and supporting processes for 2026 to ensure that we ¢ontinue to attract Innovat6ve and Impactful projects whllst ensuring that the workload for applicant5 and the Trust'5 team remains proportionate to the number of awards. The most significant changes to the criteria for 2026 rèlate to capital awards In health and care, where the title of the programme has been changed to empha515e the Trust's focus on scaling sustainable Improvements, and the guidance for applicants refined to underline the importance of award holder5, capacity to deliver projects successfully. As noted earlier, these changes reflect feedback from the roundtable discussion held in the Autumn of 2025 between members of the Board and senior colleagues from charStiès and othèr organisations delivering senjices. The Trustees wlll keep the programmes under review to ensure that the Tru51 continue5 to focus tts funding in areas where we can make the greatest dlfference. The Trusteès will also continue to develop thè Trust's approach to impact reporknn& both to ensure that funding is spent effectively and to inform the Board's decision making regarding future priorities. As noted earlier, the Board and Investments Sub-committee will undertake a review of the Trusvs investment strategy during 2026. Furthèr information about the review is set out on page 11, below. The Trusteès consider that the Trust has adequate funds to meet its current obligations and to finance its planned activities. Finan¢lal Revlew The endowment provided by Sir Jules Thorn remains the source of funding for the Twst's grant-makin8 and our day-to-day operation5. A5 explained below, the Trust operates a total return approach which enables a prudent amount of Investment gains made in previous years to be used to augment distributions. The Trust 15 therefore not solely reliant on the level of our investment income in determining how much il is able to distribute in any one year. In 2025, we received income of £1,863,905 from the Trust'5 investments. This figure included £1,570,013 from the Investment portFolios managed by Baillie Gifford, Sarasin, Ruffer and Vanguard l£1,717.675 in 20241- The balance of £293,892 was dernied from interest on cash dep051ts1£392,726 in 20241 held wf(h Investec Bank and Natwest. The reduction In Income from cash deposits reflect5 movements in interest rates, and the Trustees, decision part-way through 2024 to place more of the Trust's cash balances in BlackRocVs Sterling Government Liquidsty Fund (which is an AAA-rated money market fvnd investing in Government bonds and other instrumentsl. The fund provides greater flexibility than tixed-term bank deposits while minimizing the risk to capltal. Returns are rtrinve5ted in the fund and are therefore not shown in the accounts as income but contribute to the net gaSn on Investments.
THE SIR JULES THORN CHARITABLE TRUST REPORT OFTHETRUSTEES $7 FOR THE YEAR ENDING 31 DECEMBER 2025 The balance in the BlackRock fund on 31" December 2025 was £6,241,623, and total cash balance5 held in interest bearing deposits with Investec Bank and Natwest was £7,015,105. The Trust's total expenditure in 2025 was £3,567,419, which included net grant5 of £2,964,944, resulting in an operating deficit of £1,703,514. Thi5 was off-set by net gains on investments of £6,945,183, resulting in a net positive movement in funds of £5,241,669 for the year (compared to £7.945,026 in 20241. This positive out-turn increased the total value of fund5 held by the Trust to £125,095.603 on 31" December 2025, from £119,853,934 at the end of 2024. Maintaining the real-term value of the endowment is essential to ensure that the Trust can continue to maintaln Sts charitable expenditure over the long-term. Detaits of transfers between general and endowment fund5 are detalled below. ReseTve5 Poliry Under the terms of the Trust Deed, the Endowment Fund is expendable at the Trustee5' discretion and provides the resources to finance the Trust's activities, including its administration. The TTu5tees' Intention rs that the Trust's 8rant-making should continue for the foreseeable future and the investments in the Fund are therefore managed on a long-term basis, as described below. The Trustees have adopted a total return approach and aim to have a sustainable distribution policy which maintains the level of charitable giving* provided it is prudent to do so. Investment income is therefo reinvested in the Fund, and expenditure is financed by cash withdrawn attording to a formula which allows up to 3.5% of the market value of the Fund- averaged over the previous three years- to be withdrawn each year, subjett to the value of the Fuftd Temaining above a minimum level. This approach is intended to maintain the lon8-term value of the fvnd while allc)win8 a proportion of investment gains to be distributed as grants. In 2025. the Trustees have authorised an additlonal transfer from endowment funds to cover the shortfall in unrestricted funds needed to finance the grants awarded in the year. This is presented as a transfer between funds of £1,520,177 in the statement of linancial activities. At the yeor end the value of the Endowment Fund wa5 £125,095,603 which the Trustee5 consider adequate in the context of the policy described above. The Trust does not need to retain unrestricted income funds as resenles althou8h in some years such funds can remain due to the timing of ttsmmitments. There were no such balances extant on 315t December 2025. Investment Policy The Trust Deetl does not impose any restrictton on the Trustees, Fjowerto Invest. The endowment funds are invested forthe long term with the professional guidance of the Trust's investment manager5, who operate with dISctiOnary mandates but subject to guldellnes defined in the Trust's Investment Policy. The Trustees last undertook a fomial revlew of the Investment Poliry during 2020, with the recommendatEons of the review being fully implernented in the Spring of 2021. The effect of the changes was to incre85e the proporhon of the Trust's long-term investments held in equitres to approximately 70%, which is the level the Tru5tee5 considered necessary to achieve the Trust'5 investment objective of achieving returns of 3.5% above the Consumer Prices Index ICPII, net of fees, measured over a rolling 3- year period. The risk of short-term volatiltty arisin8 from this level of equity exposure is balanced by the 10
THE SIR JULES THORN CHARITABLE TRUST REPORT OFTHE TRUSTEES FOR THE YEAR ENDING 31" DECEMBER 2025 Trust's other more defensive investments an(i strong tash balances. During the past year. the Trustees have considered reports assessing the Trust's level of spending and the long-term performance of its investments. The data suggest that the value of the Trust's reserves and the level of our annual spending have broadly kept pace with inflation for much of the period since 2005 and that, fundamentally, the investment strate8y agreed by the Board in 2020 remains sound. The Board noted, however, that expenditure and investment rèturns had begun to fall behind inflab.on in more recent years. A5 noted earlier, the Board and Investments 5ub-Committee will therefore undertake a further review of the Trusvs investment Strategy during 2026. The objectives of the review will bè io maintain tPte real value of the Tmst'5 a55ets, enable the Trust to incrèase its level of spending over the lon8-term in line with the ambitions agreed by the Board, and to ensure the Trust maintains an appropriate balance between long- term returns and managing the risk of short-term volatility. In the context of these strate8lc di5CU55ions, the Trustees and Investments Sijb-committee have continued to monitor the performance of the Trust's investment managers and, as noted in last yearf5 report. the funds previously managed by Ruffer were withdrawn in February 2025 and transferred to a multi-asset fund managed by Troy Asset Management Ltd. This reflected the under-performance of the Ruffer fund. The Troy multi-asset fund has a similarly defensive focus Iwith approximately 40% equities) but in recent years has provided more positive returns than the Ruffer fund. For the calendar year 2025 as a whole. the Troy fund produced a return of 9%. The rEturn5 achieved by the Trust's other investment managers during 2025 were= Sarasin (which holds the Trust's funds in a pooled fund, comprising approximately 70% equities) 5.6%; Baillie Gifford IIOO% equities) 2.8%,. and Vanguard IIOO% equitie5113.YA. Overall, the performance of the funds managed by Sarasin and Vanguard was satisfactory given market conditions. The 12-month performance of the Baillie Gifford fund was less strong, and the value of the Trust'5 investment at the end of the year remained substantially below its original value. In late January 2026, 8aillie Gifford informed the Trust that-subject to regulatory and Shareholder approva15- It planned to close the fund later in the year and merge it with a larger equity-focused fund wlth similar investment objechve. 8aillle Gifford attributed the proposed change to the under-performance of the existing fund and the management costs of maintaining it as a separate fund. While the larger Baillie Gifford fund has performed betterthan the existing fund, the Board noted that its returns were significantly below the MSCI benchmark. On the advice of the Investments Sub-committee, the Trustees therefore agreed to withdraw from the Baillie Gifford fund ahead of the planned changes and place the funds with Vanguard. The Board considers this a neutral step of moving funds from one 100% equity fund to another and will therefore maintain the Trust's asset allocation In Sts exSsting posltion, peniling the revlew of the investment strategy later in 2026. The revlew wlll also consider the mana8er5' approach to Environmental, Social and Govemance IESGI Issues. The Trustees expect all the investment manager5 to adDpt an active policy on the exercise of votin8 rlghts in accordance with the principles of good corporate governance published by the Institutional Shareholders, Committee. ESG eon51derations are included in the managers. reports to the Trustees. The investment managers provide valuations and performance reports to the Investments Sub-commlttee on a monthly basis, and the Sub-committee meets each manager at least once per annum to review the performance of the ftjnds which they manage. The Trust's cash resource5 - £7,015,105 at the year-end- are invested to ensure that funds are readily available to meet grant payments and othér obligations as they fall due. Alongside these cash balances. the
THE SIRJULESTHORN CHARITABLETRUST REPORT OF THE TRusfEES FOR THE YEAR ENDING 31" DECEMBER 2025 Trust also held £6,241,623 at the year-end in BlackRock's Sterling Government Liquidtty Fund. The BlackRock Fund is highly liquid, meaning that the Trust can recall cash at 24- to 48-hours' notice, if required to meet grant payments or other obli8ation5. The Trust therefore held a total Df £13,256,728 in cash and short-term investments, which wa5 equivalent to 86% of all outstanding grant commitments. The Trustees considered this to be appropriate, when coupled with the Trusvs substantial £125.Im of expendable endowment funds. The Trustees consider that their responsibility for the safety and performance of the Trust's investments is discharged appropriately by the arrangernent5 Set out above, when cownbined with the Trust's ow monitoring of portfolio activityi and annual audit procedures. Concluslons re8ardin8 Going Concern The Trustees have a reasonable expectation that the charity has adequate reSoUe5 to continLFe its acttviUes for the foreseeable future. The Trustees are not aware of any material uncertalnties about the chority'5 ability to continue and accordingly, they consider it appropriate to adopt the going concern basi5 in preparlng the financlal statements as outllned in the Statement of Trustees, Responsiblllties on page 13. 12
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEE5 FOR THE YEAR ENDING 31" DECEMBER 2025 Tru5tpe5' re5ponslbllltles in relation to the financial statements The Trustee5 are responsible for preparing the Trustees, Annual Report and tinancial statements in accordance with 3pplicable law and United Kingdom Generally Accepted Accounting Practice (Untted Kingdom Accounting Standards). The law appllcable to charÉtres in England and Wale5 requires the Trustees lo prepare financial statements for each financial year which give a true and fair view uf the state of affairs of the charty and of the incomlng resources and application of resources of the tharity for that period. In preparing these flnantlal statements. the Trustees are required to.. Select suwtable accounting policies and then apply them consistentlv: Observe the methods and principles in the Charlties SORP: Make judgements and estimates that are reasonable and prudent- Follow applicable UK Accounting Standards and the Charities SORP. di5closin8 and explaining any departures in the accDunts,- and Prepare the financial statements on the going concern basis unless tt Is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting Tecords that are sufficlent to show and explain the choritvs transactigns. disclose with reasonable accuracy at any time the financial position of the charity and enable then to ensure that the fi'nancial statements comply with the Charitvs constitution. They are also responsible for safeguardlng the assets of the charity and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularity. Auditor Haysmac LLP ha5 indicated its willingnes5 to be reappointed as statutory audit for the next financlal year. Approved by the Trustees and signed on their behalf by= Elizabeth Charal, Chairman Date- 13
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THEYEAR ENDING 31" DECEMBER 2025 Independent auditorf5 report to the trustees olThe Sir Jule5 Thorn Charitable Trust Opinion We have audited the financlal statements of The Sir Jule5 Thorn Charitable Trust for the year ended 31 Decefflber 2025 which comprise the Statement of Finzncial Acknvities, the B3lanc@ Shoet, the Cash Flow Statement and notes to the financial statements, Including a summary of significant accountin8 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards, inclLtding Financial Reporting Standard 102 The Finunciol Reporting Standord oppIic(7ble in the UK ond Republic of Ireland (United Kingdom Generally Accepted Accc*unting Practice). In our opinion, the financial statement5'. 81ve a true and fair view of the State uf the charitrfs affairs a5 at 31 December 2025 and of the charity'5 net movement in funds for ihe year then ended; have been proper prepared in accordance with United KingdDm Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Chartbe5 Aci 2011. Basis for opinion We have been appolnted as auditor under section 144 of the Charities Art 2011 and report in accordance with the Att and relevant regulations made or having effert thereunder. We conducted our audit in accordance with International Standards on Auditing IUKI115As IUKII and applicable law. Our responsibilities under those standards are further described in the Auditols responsibilities for the audit of the financial statements section of our report. We are Independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statemÈnts in the UK, Including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requireTnents. We believe that the audit evidence we have obtained is sufficient and appropriate to provide 3 basis for our opinion. Concluslons relating to golng concern In audrbng the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financlal statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties lating lo events or conditsons that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least hyelvè months from when the financial statements are authorised for issue. Our responsibilities and the responsibilrlies of the trustees with respect to going concern are descrlbed in the relevant sectEons of this report. Other information The trustees a responsible for the other information. The other infomiation comprise5 the information included in the Report of the Trustees. Our opinion on the financial statements does not cover ihe other information and, except to the extent otheise explicitly stated in our report, we do not express any forni of assurance conclush)n thereon. In connectlon wfth our audft of the financial Statements, our responsibility IS to read the other information and, in doing so. consider whether the other lthorrnatipn is materially inconsistent wtth the financial 14
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31" DECEMBER 2025 statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such moterial incon5i5tencies or apparent material misstatements, we are required to determine whethErthere is a material misstatement in the fin3ncial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to rèport in this regard. Matters on which we are required to report by exception We have nothing to report in respect of tho following matters In relation to which the Ch3rttte5 (Accounts and Reports) Regulations 2008 requlre us to report to you if, in our opinion.. adequate accounting records have not been kèpt by the chartty, or sufficient accounting records have not been kept,. or the charity financlal Statements are not in agreement with the accounting records and rèturns,. or we have not recelved all the information and explanations we require for our audit. Responslbllltles of trustees for the financlal Statements As explained mDre fully in the trustees. responsibilities Statement set out on page 13, the trustees are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, and for such internal control a5 the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whethei due to fraud or error. In preparlng the flnancSal statements, the tnjstees are responsible for assessing the charit(s ability lo continue as a going concern, disclosin& as applicable, matters related to going concern and Using the gDlng concern basis of accountin8 unless the tnjstees either intend to liquidate the charity or to cease operation5, or have no realistic alternative but to do so. Audltorfs responsibilities for the audit of the financial statements Our objectives are to ijbtain reasonable assurance about whether the financial statements as a whole are free from materlal misstatement, whether duetofraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance Is a high level of assurante, but is not a Euarantee that an audlt condurted In accordance with ISA5 IUKI will bhNays detect a material rnisstatement when it exists. Mis5tatement5 can arise from fraud or error and are considered material rf, individually or in the agggate, they could reasonably be expected to influence the economic decisions of users taken on the basi5 of these financial Statements. Irregularities, intluding fraud, are inslances of non-compliance wtth laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect materlal mi55tatements in respect of irregularities, including fraud. The èxtent to which our procedurÈ5 are capable of detecting irregularitres, in¢ludlng fraud is detailed below.. Based on our understanding of the charwty and the environment in which it operates, we identilied that the prlnclpal ris of non-compliance with law5 and regulations related to charity law and GDPR, and we considered the extentto which nDn-compliance might have a material effert On the financial statements. We also considered ihose laws and regulations that have a direct impact on the preparation of the financial statements such as Charities Act 2011. We evaluated management'5 incentives and opportunities for fraudulent manlpulation of the finoncial statements lincluding the risk of override of controls). Audit procedures performed by the engagement team included.. 15
THE SIR JULES THORN CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE Y&4R ENDING 31" DECEMBER 2025 oiscu5sions Wlth management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud- Evaluating management's controls designed to prevent and detect Irregularities; Identifying and testingjournals, in particularjournal entries posted with higher risk of rnisstatement: and Challenging assumptions and judgements made by management in their accounting estirnate5. Because of the inherent limitations of an audit, there 15 a risk that wewill not detert all irregularities, including those leadlng to a moterial mi55tgtement in the financial statements or non-compllance with re8ulatiDn. Thi5 risk Increases the more that compliance wlth a law or regulaOn is removed from the event5 and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non- compliance. The rlsk is also greater regarding irregularleS occurring due to fraud rather than error, as fraud invofves intentional COnalment, fOery, collusion, omission or MrepreSentation. Afurther description of our respon5ibilthes forthe audit of thefinancial statements is located on the Financial Reporting Council's website at: www.frc.or auditorsres nslbilities. This descripliDn form5 part of our audr(orfs report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustee5 those matters we are required to state to them in an Audttor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume rÈsponsibilitv to anyone other than the charit¢s trustees as a body for our audit work, for this report. or foT the opinions we have formed. Trlqc LLf Haysmac LLP Statutory Auditor5 Date ..2310&12Q26. 10 Queen Street Place London EC4R IAG Hay5Mac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Art 2006.
THESIR JULESTHORN CHARITABLETRUST STATEMENT OF FINANCIAL ACTIVITIES 5T FOR THE YEAR ENDED31 DECEMBER 2025 UnrestilctEd Endowment Total Funds Total Funds Not85 Funds 2025 Fund 2025 2025 2024 INCOMEAND ENDOWMENTS lllcome from Investments 1.863.905 1.863.905 2.110.401 Total In¢ome and Endowments 1,863,905 1,863,905 2,110,401 EXPENDITURE Expendlture on Ralslng Funds Invesiment Nanagement Costs 183,337 163,337 42,180 Expendlture on CharitsbieActlvlties Grantmaklnt Medical Research Grants Research Infrastructure Improvement5 in Health and Care Small Donations Scherne 1,818,956 239,361 726,378 599,387 1,818.956 239,361 726,378 599,387 1,315,759 533,238 386.047 544,066 4,5,6 3,38a,082 3,384,082 2,779.110 Total Expendlture 3,384,082 183,337 3.567.419 2.821,290 Netoperallng (Deflcltl forthe Year 11.520.177) 1183,3371 11,703,514) f710,889) NetGalns on Investments io, li 6,945,183 6.945,183 8,655,915 Net IncomellExpendlturel forthe Year 11,520,177) 6,761.846 5,241,669 7,945,026 Transfer Between Funds 1,520,177 11,520,177) Netmovementln Funds 5.241.669 5,241.669 7.945,026 Reconclllatlon of Funds Bolan¢e brought forward Asat I lanuary2025 119.853,934 119,853,934 111,908,908 Total Funds Carrled Forward At31 De¢ember2025 125.095.603 125.095.603 119,853,934 The notes Dn page5 20 to 31 form p(vrt of the5ellnanclal 5totements 17
THE SIRJULES THORN CHARITABLE TRUST BALANCESHEEt ST ASAT31 DECEMBER2025 Notes 2025 2024 FIXEDASSErs Equipment, Fumiture and Fittings Invesiments 6,293 127.342.618 2,784 121,156,161 io 127,348,911 121,158,945 CURRENT ASSETS Debtors Short-term investments Cash at bank and in hanL1 12 66,226 6,241,623 7.015,105 I3,3954 93,947 9,370.711 7,612.531 17,077,189 li cREDORS. amountslallingdue within one year Grant Commitments Creditors 13 14 8.994,908 77.368 7.071276 8.692,083 36.559 8,728,642 NCURRENT As$s 6,250,678 8.348,547 TOTALASSETS LESS CURRENT LIABILITIES 133,S99,589 129.5D7.492 CREDITORS: amounts fatling due after more than one year Grant Commitments 13 8,$03,986 125,095,603 9,653,558 119.853,934 NET ASSETS 15 THE FUNDS OFTHE CHARITY Endowment Fund5 Unrestricted income funds 125,095,603 119.853.934 Total Charlty Funds 125.095.603 119,853,934 The financial statsments were approved and authorised for issue by the Trustees and were signed on thelr behalf Ellzabeth Charal Chaim)an Date. // /02£ The notes on poges 20 to 31 form part of thesefinancialstatements 18
THESIRIULESTHORN CHARITABLETRUST CASH FLOW STATEMENT FOR THEYEARENDED 31ST DECEMBER2025 Notes 2025 2024 Net cash loufflowl liom operating activities IA 16,233,097) {3.008.735J Nel cash InflDwllouttlowl trom investing activities (Decrease) in cash in the period IB) 5.635.671 (58.324) Ici 1597,4261 (3.067,059J Al Reconcli6atlon of net Incomè to net cash outfiowfrom operatlng actlvltles 2025 2024 Net Incorne lor the year Depreciation Loss on the disposal of flxed assets Managementfees paid from endowment funds (Galnsl on long-term investments (Gains) on short-term Investments Divldends and Interest from investments Interest Income Decrpaselllncreasel In debtors (Decreasell Increase in creditors 5241,669 1,476 7,945,026 1,283 135.937 (6.6242711 1320,9121 (1.594.887) {293.892) 27.721 12.805,9381 102,451 (8,257,127) 1398.788) fl.770.422) 1392, 726) 108.116 134S.549J Net cash loutfLowl from operatlng artlvltles 16,233.0971 (3.008.735) Bl Net cash Inflowl(outflowl from investlng actlvltles 2025 2024 Cash withdrawals Irorn Investments lor operatlonal use Cash funds laddedl to investment portfolio Cash funds Iwithdrawnl from investment portfollo Interest income Dividend5 and inteTestfrom investments Dwidends and interest from iwwestment5 irwested in Investment portfollo Purchase of short-term investments less wlthdrawals Purchase ol tangitble Ilxed assets 2.Ot)O.01)o 131.000.000} 30.896.764 293.892 1,594,887 3.000.000 392,726 1,770,422 11.594.387) 3A50.000 14,9851 5.635.671 (1.770,422) 13.450,0001 11.050? (58,3241 }Analysls of changes in cash funds At31 December At I january 2025 Cashflows 2025 Cash In hand 7,612,531 I7,426) 7,015,105 Total cash and cash equivalents 7,612,531 1597,4261 7.015.105 The notes on pages 20 to 31fvrm port oAthesefinancialstatements
THESIRIULESTHORN CHARITABLETRUST NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31ST DECEMBER2025 I. PRINICIPALACCOUNTING POLICIES Basis of accounting The Trust 15 a regi51ered charity in England and Wale5 and as 5 eftt entity. Governed by its Trust Deed, dated 18 February 1964. The Trust's Charity Cotnmission registration number is 233838 and its registered address 15 24, Manchester Square. London.WIU 3TH. The financial statements have been prepared under the historical cost convention as modified by the revalualion of investments and in accordance with Accounting and Reporting by Charities- Statement of Recommended Practice ISORP 20191 applicable to charities preparing their accDunts in accoidance with the Financlal Reporting standard appllcable in the UK and Republic of Iieland 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 to continue it5 activilie5 forthe foreseeable future. The Trustee5 are not aware of any material uncertainties about the charitvs ability to continue and accordingly, they consider it appropriate to adopt the golng concem basis in preparingthe financial statements as outlined in the StatemeNI of TTUStees' Responsibilities on page 13. bj Critical occounting judgements t7nd key50urces of ertlmation uncertalnty In the applicatlon of the ¢haiitys accountlng policles, which are described in this note. Trustees aTe required to make judgements, estimates and assumptions abDUt the carrying values ot assets and liabilities that are not readily apparent from other SDurces. The estimates and und2rlying a5SUmPtiOlls ar2 based on historical experience and other factors that are considered to be retevant. Actual results may differfrom these estimaies. The estimate5 and underlying assumptions are reviewed on an on-gDing basis. Revisions to accountlng estimates are recognised in ihe peiiod in whlch the estlmate Is revlsed if the revision affects onlythat period. or In ihe perlod of the revlsion and future perlols. In the view of the Trustees. no assumptions concerning the future or estimatlon uncertainty affecting assets and liabilities at the balance sheet date are likelylo result in a malerial adjuslment to their carrying amounts in the next financialyear. 20
THE SIRIULESTHORN CHARITABLETRUST NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED31STDECEMBER2025 Incomefrom investments Dividend, interest and other income is accounted lor on an accruals basis and is shown gross of any assoclaterj tax credits recoverable. d) Galns/ (1055esJ on investments Realised Eains and losse5 on investments are calculated as the ditFerenee between 881es proceeds 8nd purchase value. Unre21ised gains 8nd 105se5 are calculated as the difference between their faiivalue at year end and their purchase value. e) Grunts onddonotionspoyable Grants and donations are recognisecl in the Statèment of Financial Activities based on the commitments made during the year. Because niost projects last for more than one year the total of amounts committed bul not yet paid is shown split between current and long-term liabililies. AJ Fixedassets ond depreciation Fixed assets over£500 are capitalised. Depreciation is provlded on fixed assets. in ordei to write off the cost of the assets overlheir expected useful live5 estimated residual values, at the following rates: Office equipment Flxtures and fittings 20% p.a. straight line 20% p.a. straight line Investments Investments are stated at mid-market value at the year end. The Statement of Financial Activitie5 includes the aggrEgate of Fealised and unrealised gains and losses during the year. hj Basls oAollo¢otion 01¢ts Cost ofR8lslngFunLIs The cost of raisingfunds represents amounts paid to Ihe Trust's external investment managers. Support costs These costs are incurred directly In the delivery of the Trust's charitable activities. These costs are based on the percentage of time that a resource is used in the application of grants administration and associated activities together with the overhead costs of the chaiity. Govemance costs Govern2nce costs comprisè costs incurred in Trust administration and compliance with regulatory requirements. Staff costs are calcutated as a percentage of time committed. 21
THE SIRJULES THORN CHARITABLETRUST NOTESTO THE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31ST DECEMBER 2025 IJ Portfvllo managementfees The cost of managing the Trust's investment portfolio is met from Endowment Funds. Portfolio management fees are recognised on an accruals basis. i) Employee Benefits Where employees have rendered service to the charity short-lemi employee benefits, including holiday pay. to which Ihe employees are entitled ale Charged to the Statement of F1nancial Actlvities in the year to which they relate. Contributions were made to all employees, personal pension schemes in accordance wlth their employment contracls. All such contributions are expensed through the Statement of Financial Actlvities in the year In which they are due. kj Funds Endowment fvnds represent the investment assets derlved from the orlgtnal glft Trom Slr Jules Thorn. The endowment is expendable at the di5Cfetion of the Trustees. l) Financial instruments Financial assets and financial liabilitie5 are recognised when the Trust becomes a party 10 the contractual provisions ot the instrument. Addiiionally, all financial assets and liabiltties are classified according to the substance of Ihe contractual arrangements entered inio. Flnanclal assets. comprised ol cash. other debtors ancl acciued income, and financial liabilitie5, comprised of grants payable, other creditors and accnjals. are initially measured at transactlon price (including transaction costs) and are subsequently re-measured where applicable at amortised cosl excepl for investments which are measured at lalr value with gains and losses recogni52d in the Statement of Financial Activities. Assets and liabilrties held in foreign currency are translated to GBP at the balance sheet (late at an appropriate year end exchange rate. 22
THE SIRJULESTHORN CHARITABLETRUST NOTESTOTHE FINANCIALSTATEMENTS FOFITHEYEAR ENDED 31STDECEMBER2025 2. IMGOME FROM INVESTMENTS 2025 2024 Listed investments Cash- interest income 1.570.013 293,892 1.863,905 1.717.675 392,726 2.110.401 3. EXPENDITURE ON MANAGING FUNDS 2025 2024 Management fees charged 183,337 183,337 42,180 42,180 Investment management fees The Trust spreads its investment portfolio over several managed funds. Some funds deduct thelr managementlees dlrectlyfrom the pooled funds whilst others make a separate ¢harge. 23
THE SIR JULESTHORN CHARITABLE TRUST NOTESTO THE FINANCIAL STATEMENTS FOR THEYEAR EMDED31STDECEMBER2025 4. ANALYS15 OF EXPENDITURE ON CHARITABLE ACTtVITIES Support & Grants Governance Awarded Costs Total 2025 Grant Actlvltle5 2025 Medical Research Grants Less previous Medical Research grants rescinded Research Infrastructure Less previou5 Research Infrastructure granis rescinded Innovation and Improvement in Health and Care Less previous IIC grants rescinded Ann Rylands Small Donations Programme 1.699,802 145.3811 571,000 140D,3491 870,000 1235.0001 504.872 2,964.944 164,535 1,864,337 145.3811 639.710 1400,3491 961.378 1235,0001 599.387 3.384.082 68,710 91,378 94.515 419.138 Support & Grants Goveman¢e Awarded Costs Total 2024 Grant A¢tlvltles 2024 Medical Research Grants Less previous Medical Research grants rescinded Research Infrastructure Innovation and Improvement in Health and Care Less previous IIC grants resclnded Ann Rylands Small Donations Programme 1,730.104 156D,5101 465.000 535,000 1220,0001 394,050 2,343,644 146.165 1,876,269 1560,5101 533,238 606,047 1220,0001 544,066 2.779,110 68,238 71.047 150,016 435.466 Full detalls ofgrants awardedin theyearare onpages 32 to 37ofthis report 24
THESIRJULESTHORN CHARITABLETRUST NOTES TO THE FINANCSAL STATEMENTS FOR THEYEAR ENDED 31ST DECEMBER 2025 2025 2024 . EXPENDrruRE ON CHARITABLE ACTIVITIES Giant5 awarded 3.645.674 1680,7301 2.4,944 419.138 3,384,082 3.124,154 {780,510) 2.343.644 435,46S 2.779.110 Grant5 cancelled or fecovered Total Grants charged Suppori Costs (note 61 Total Expendlture on Charitable Activitles 2025 2024 6. SUPPORT COSTS Staff Cost5 Rent, rates and service charges Offi'ce expenses Medical advisory, experts & visits 199,279 69.068 9,481 34,377 8,900 6,160 415 5,038 332.718 192,490 55.900 19,958 33.979 14,837 5,938 12.304 7,243 342.649 Insurance Legal Fees Other Governance cost5 Siaff costs Trustees & Peer Reviewers Expenses etc Other Audit fees Legal Fees 59,986 830 2.504 23,100 58,835 790 8,315 23,100 92,817 Total Support and Govefnance costs 419.138 435.466 25
THE SIR IULES THORN CHARITABLE TRUST NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED31ST DECEMBER2025 2025 2024 7. STAFF COSTS Salaries Employei's National Insurance Pension and Death in Service Contributions 223,497 18.749 17,018 259,264 215.479 19.777 16,069 251.325 The number of employees whose emolument5 are above £60,000 during the yearwas=. No. No. £110,000-£120,000 £I20,O- £130,000 The average weekly number Iheadcountl of persons employed by the charity duringthe year was.. No. No. Administration and Governance The total amount of employee benefits received by key managemenl in the year ended 315t December 2025 was £141.43112024-£137.167J incLuding Etnployer'5 National Insurance Contributions. TRUSTEES 2025 2024 Tc*tal emoluments Nil Nil Total reimbur5emenl ol expense5 638 460 4Trustees received travel and meeting expenses in the year12024- 3 Trustees- £4601. 8. RELATED PARTIES There were no related patytransaclions or balances which require disclosure within the financial statements (Juring 2025 (2024- £NII).
THESIRJULESTHORN CHARITABLETRUST NOTESTO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31ST DECEMBER2025 9. TANGIBLE FIXED ASSETS Fittings and Equlpmenl CostlJanuary2025 Additions 22,719 4,985 19241 DisposaLs At 31 December 2025 26.780 Depreclatlon At lJanuary2025 Charge forthe year Disposals 19,935 1,476 19241 At31 December 2025 20.487 Net Bookvalue At31 De¢embEr2025 6,293 At31 December2024 2.784 10. INVESTMENTS 2025 2024 MaTketvalue at I january Investment income ieceivetj anl reinveste(i Cash funds added to investment portfolio Cash funds Iwithdrawnl from investment portfolio Cash Tunds Iwlthdrawnl for operational use 121.156.161 1.594.887 31.000,000 130,896,7641 12.000,0001 120.854.284 6,624.271 1135.9371 127,342,618 125,017,995 114,231,063 1,770.422 (3.000,(KIO) 113.001.485 8,257,127 1102.451) 121,156,161 125,269,691 Net gains on investments Net Management fees Ipaidl Markel value at 31 December Cost ai 31 December Ali long-term investments are held in managed funds. 11. SHORT-TERM INVESTMENTS 2025 2024 Market value at l January Cash funds Iwithdrawnl / arjded Nei gains I Ilossesl on investments Market value at 31 December Cost at 31 December 9,370,711 13,450,000) 320.912 6,241,623 5,740,027 5,521,923 3,450,OQO 398,788 9,370,711 8,983,596 AIL short-ierm Investments are held in managed funds. 27
THE SIR JULES THORN CHARITABLE TRUST NOTESTO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED31STDECEMBER2025 12. DEBTORS 2025 2024 Accrued income 22,769 23.799 19,658 66,226 26,520 23,274 44.153 93,947 PTepayments Sun(lry debtors 13. GRANTCOmMMES 2025 2024 Fofward commltments at31 December 2025 In respect ol ongolng projects: 50th AnniversaryAward 2,749,999 Nedical Research Grants 9,881,275 Previous Capital Grant Programme 226.894 Research Infrastructure Fund 1,386,000 Innovation and Improvements in Health and Care Fund 1,254.726 15,498,894 4,999.999 9,893,262 1,300,Q65 1,146,535 1,005.780 18.345.S41 Split as follows: Amounts due within one year Amounts due between one and five years Amounts due after more than five years 6,994,908 8.276.096 227.890 15.498.894 8,692,083 9.541,654 111,904 18.345,641 14. CREDITORS 2025 2024 Tracte Creditors AccruaL5 Portfolio management lees 1.057 28.911 47,400 77,368 8,431 28,128 36,559 28
THESIR IULESTHORN CHARITABLETRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31STDECEM8ER2025 ANALYSIS OF NET ASSETS BETWEEN FUNDS 15a. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2025 Inyeslmenls Tanglble Fixed Assets Other Nel Llabilllies Total Funds Unrestrieted funds Endowment funds Total funds 127.342.618 127,342.618 8.293 12.253.308) 125.095,603 12.253.308) 125,095.603 ANAL YSISOFNEfASSEfssETWEENFUNDS2024 Investments Tangible FixedAssets OrherNet Llabllltle$ Total Funds UnstrIcted1undS Endowmentfunds Totsl fund5 121,156,161 121,156.161 (1,305,011) 119,853,934 (1.305.011) 119.853,934 2,784 Isb. RECONCILIATION OF FUNDS 202$ Funds blfwd at 1.1.25 Income Expendllure Transfers Galns and Funds clfvid Losses at31.12.25 ErQWment fund5 Unrestricted funds 119,853.934 1183,3371 11,520,177) 13,384,082) 1,520,177 13.567.419) 6,945,183 125.095,603 1,863,905 119.853.934 1.863.905 8.945.183 125.095,603 RECONCILIA TION OFFUNDS2024 Funds b/fwd ati.1.24 Income Expendlture Tiansfers Galns and Funds c/fwd Losses at31.12.24 Enclowmerttfvnds 111,908.908 (42,180J (688,7091 12,779,IlOJ 668.709 f2,821.29Ql 8,655,915 119,853,934 Unrestricted funds 2,110,401 111.908.908 2.110.401 8,655,915 119.853,934 Thè Endowmentfunds represent the investment assets derived from the original giftfrom Sirlules Thorn. The endowment is expendible atthe discretion of the Trustees. The Trustees have authorised an additionaltransfer from the endowment to unieslricted funds in order to finance grants awarded in the year. 29
THESIRIULESTHORNCHARITABLETRUST NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDÉD 31STDECEMBER2025 16. OPERAnNGLEASECOMMITMENTS Total future minimum lease payments due under norb.cancellable operating leases at the end of Ihe year are as tollows.. 2025 2024 Land & 8ulldlng5 Due not later than one year Due laterthan oneyear but not later than five years Totsl future minimum lease payrnents 57.000 144,379 57,000 201.379 201.379 258.379 Lease payments recogniseij as an expense In the yeartotalled £57,000 {2024.' £44,682). Plant and equipment Due not Later than one year Due laterthan one year but not later than fiveyears 209 838 205 Total future mlnlmum lease payments 209 1.047 Lease payments recognised as an expense in the yeartotalled £838 {2024.-£838).
THE SIRJULESTHORN CHARITABLETRUST STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER2025 17. COMPAIIATIVE STATEME OF FINANCIAL STATEMENTS Unre5trlcted Funds 2024 Endowment Fund 2024 Total Fund$ 2024 Notes INCOMEAND ENDOWMENTS Incomefrom Investments 2,110,401 2.110.401 Totallncome and Endowments 2,110,401 2.110.401 EXPENDITURE Expendlture on Ralslng Funds Inveslfflent Management Costs 42.180 42,180 Expendtture en Charltable Actlvltles Grantmaklng Medical Research Grants Research IntrastsuEture Improvements in Health and Care Small Donatlons Scheme 1,315,759 533,238 386,047 544.066 1.315,759 533,238 386,047 544,066 4,5,6 2,779,110 2,779,110 Total Expendlture 2,779,110 42,180 2,821,290 Net Operatlng (Deflcltl for the Year 1668,7091 142,1801 1710.8891 Net Galns on Investments 8,655,915 8,655.915 Net IncomellExpendlturel lor the Year 1668,7091 8,613,735 7.945,026 Transfer Between Funds 668,709 1668,7091 Netmovementln Funds 7,945,026 7.945.026 Reconclllatlon of Funds Balance brought forward Ast I" January2024 111,908,908 111,908,908 Total Funds Carried Foiward At31"De¢ember2024 119,853,934 119,853,934 31
THE SIR IULESTHORN CHARITABLE TRUST NOTESTO THE FINANCIALSTATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31STDECEMBER2025 MEDICAL RESEARCH GRAN[5 2025 THE SIRJULES THORN AWARD FOR MEDICAL RESEARCH University of Edinburgh The eye as a window to detectinE kidney disease 5-year project 1,699,802 PhD Scholarships Adjustments to commitments marle in prior years for 2 compieled PhD awards 145,3811 Total Medical Research Awards 1,654,421 CAPITALAWARDS RESEARCH INFRASTRUCWRE FUND University of Sheffield Equipmentlor newTissue Culture Laboratory and Drug Discoverysuite 475,000 University of Edinburgh SofMare upgrade for MFII scanner 96.000 Adiustments to commltments male In prloryears Unlverslty of Cambrldge MRI scanner- project cannot proceed 140D.0001 University of York Write•back underspend on £460.ooo grant awarded in 2021 13491 Totsl Research Infrastructure Fund 170,651 INNOVATION AND IMPROVEMENT IN HEALTH AND CARE Unlversltyof Cambrldge Scale up the use of nomiothermic machine perfusion in kidney transptantation 452,000 St Chrlstopher's Hosplce Support model of integrated palliative caie for people with heart failure across five London borough5 418.000 Adjustments to commllment5 made In prloryear5 Guy's and Sl Thomas's NHS Trust Di(ItaiiooI for pre-op assessment- prolect cannot proceed 1235,0001 Totsl Innovatlon and Improvement IM Health and Care 635.000 TOTAL 2.460.072 32
THESIRJULESTHORN CHARITABLETRUST NOTESTOTHE FINANCIALSTAfEMENTS ICONTINUEDI FOR THE YEARENDED 31ST DECEMBER2025 THE ANN RYLANDS SMALL DONATIONS PROGRAMME- SUMMARY Award Amount Number Total £10,000 £3.500 £3,000 £2.500-£2.999 £2,000 ÈI,OOOQl,999 10,000 105.000 207,000 170,380 6.000 6,492 30 69 68 176 504.872 THE ANN RYLANDS SMALL DONATIONS PROGRAMME- AWARDS MADE NUMBER St Ctare H05piceWest Essex 10,000 Cerebral PaLsyCymru Comp85s Therapysupport Communlty Limlted Comwater Evergreens Dame Vera Lynn Children's Charity Eating Matters Exmoor CalvertTrust Famlly Support Derbyshlre Hearts & Minés Home-start Arun. Worthlng an(J Adur Home-start Wessex Integrated Neurological Services Marches Family NeOrk Microphthalmia. Anophthalmia and Coloboma Support IMACS) Music in HospitaLs & Care Oakleaf Enterprise Safe New Futures Space4Autism Special Needs And Parents Ltd Springboard Opportunity Group SussexAssociation forspina Bifida and Hydrocephalus ISASBAHI The North Northumberland Hospice The Peter Pan Centre The Spitz Charitable Trust 3,500 3,500 3,500 3.500 3,500 3,500 3.500 3.500 3,5QO 3,500 3,500 3.500 3,500 3,500 3,500 3.SOO 3.500 3,500 3.500 3,500 3,500 3,500 3,500 io li 12 13 14 15 16 17 18 19 20 21 23 24 33
THE SIRIULESTHORN CHARITABLETRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31ST DECEMBER2025 THEANN RYLANDSSMALLDONATIONS PROGRAMME-SUMMARY 25 Time Out Group (North Westl Tourette Syncjrome IUKI Association trading as Tourettes Action U5inaBus Wag and Company North East Friendship Dogs Wintercomfort forthe Homeless 3,500 3.500 3.500 3.500 3,500 3.500 3,500 28 29 30 31 Woman's Trust Youth Concern 32 33 Age UK Bath & North East Somerset Age UK Bexley Age UK Bristol Age Well East Ausorts Gloucestershire ARCOS Art5 Ther8pies UK IFDrmeriy BirTningham Centre foiArts Therapies) Asthma Reliet ATThe Bus 3.000 3,000 3,000 3.000 3,000 3.DOO 3,000 3,000 3,000 3,L)00 3,000 3,000 3,000 3.000 3,000 3.000 3,000 3,000 3,000 3.000 3,000 3.000 3.000 3,000 3,000 3,000 3.000 3,000 3.000 3,000 3,000 3,000 3,000 3.000 35 37 38 40 41 42 Autism Earlysupport Trusi Limited Barons Court Project Lto Berkshire MS Therapy Centre BOSP Brighter Opportunitie5 forspecial People brainstrust Centre forADHD and Autism Support Chiltjren's Bereavernent Centre Children's ResPlteTrust Clear s Children's Charity Cleft Lip and Palate Association Compaid Trust Deafblind Scotland Dementia Support Disability Advice and Support Hillingdon Everyonecan Families InFocus (Essex) Healthy Generations Hi Kent Home-start Blackmore Vale InterAct Stroke Support Kent Multiple Scler0515 Therapy Centre Limited Keynsham & District Mencap Society Kindred Advoca¢y Lead Scotland Leeds Mencap 45 47 48 49 50 51 55 57 61 65
THE SIRJULES THORN CHARITA8LETRUST NOTES TO THE FINANCIAL STATENENTS ICONTINUEDI FOR THEYEAR ENDED 31STDECEMBER 2025 THE ANN RYLANDS SMALL DONATIONS PROGRAMME. SUMMARY 66 Listening Books Maggs Daycentre Magpie Dance Manchester Action on Street Health Me2Club MemoriesAre Golden Merlin Neuro Therapy Centre Ltd Mothers for Mothers Newport (Shrops) Coittage Care Centre Trust Limited Northumbria Calvert Trusl Perth Autism Support SCIO Positive Help Pregnancycounselling &Care Iscotlandl Samson Centre for MS Scropton Ridingforthe Disabled Soundwell Music Therapy Trust SPACE Sport in Mind Strongbones Children's CharitableTrust Sussex MS Centre The Autism Group The DASH Charity The Harbour The Living Paintings Trust The Muira Anderson Foundation IMAFI The Mudlarks Community The Sussex Beacon Theodofa Children's Charty Toucan Empioymeni Trailblazer5 Mentoring ITBI Visytsn Ltd Waterloo Community Counseliing Young Carers Development Trust Young People and Children First Youth Adventure Trust 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3.000 3,000 3,000 3.000 3,000 3,000 3,000 3,OQO 3.000 3,000 3,000 3,000 3.000 3.000 3,000 3.000 3,000 3,000 3,000 3,000 3.000 3.000 3,000 3,000 3.000 3,000 3,000 68 70 71 72 73 74 75 76 78 79 80 81 82 83 85 86 87 88 89 90 91 92 93 95 97 99 Ic ioi Roundabo 2,880 102 IGWSSBI trading as Vlsibiiity Scotlalld Ability Bow Age Concern Buckinghamshlre Iva Age UK Bucklnghamshlrel Age Concern Isle ofwighl 2.500 2,500 2,500 2.500 103 104 105
THESIRIULESTHORN CHARITABLETRUST NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THEYEAR ENDED31ST DECEMBER 2025 THE ANN RYLANDS SMALL DONATIONS PROGRAMME- SUMMARY 106 AEe UK Ealing Ben'5 Cenire forvulnerable People Bladder Health UK Bridge Community Project scio Bright ShadowCIO Bury Society fc*r Blind and PartiallySiEhted People Community Counselling INorth Yorkshirel Limited Croydon VoluntaryAssocialion for the Blind (Croydon Vision) Cued Speech UK Dementia Support Hampshire & low Dementia Together Wirral ELHAP Findingyour Feet Headroom Young People's Charity HeadwayE5sex Headway Nottingham Heartbeat North Home-stsrt Berkshire East Horne.Start South West Kent Home-startwest Berkshire Home-start Winchester & Districts KEEN London LD:NorthEast LEGS Link Visiting Scheme MedEquip4Kids MYfiME Young Carers Northein Shape ITradingas Equ2lArt81 OCD Action One25 Limiterj Paritytor Disability Plymouth Age Concern RainbowHub NW Ltd Rare Chromosome Disordersupport Group (Uniquel Reminiscence Learnlng Seachange Devon Sheffield Women'5 Coun5elling and Therapy Service Sight Support Wesl of England Soun(Jabout Spoons Staffordshlre Sight Loss Assoclatlon Star Bereavefflent and Support Service Limited 2,500 2.500 2,500 2.500 2,500 2.500 1500 2,SOO 2,500 2,500 2,500 2,500 2,500 2.500 2,500 2,500 2.500 2.500 2,500 2,5LIO 2.500 2,500 2.500 2,500 2,500 2,500 2,500 2,500 2.500 2.500 2,500 2,500 2,500 2,500 2.500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 107 108 109 iio iii 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147
THE SIRIULESTHORN CHARITABLETRUST NOTESTOTHE FINANCIAL STATEMENTS ICONTINUEDI FOR THEYEAR ENDED 31ST DECEMBER2026 THE ANN RYLANDS SMALL DONATIONS PROGRAMME- SUMMARY Support After Murder and Manslaughter Sydenham Garden The Aplastic Anaernia Tru51 The Downright Special Network The Family Haven The Forget The MASIC Foundatlon The PearTree Fund The Vine Centre The Wingate Special Children's Tiust Thomley Hall Centre Together Collective Together Dementia Support Trust House Lancashire We Stand with Families Lt(J Where NextAssociation Wiltshire and Bath Independent LivingTnJst LTD Winchester Go LD Windsor & Maidenhearl Youth and Community Coun5ellingService Wirral Mencap Home-start Falkirk Ltd 2,5[ 2,500 2.500 2.51JO 2,500 2,500 2,500 2.500 2.500 2,500 2,500 2,500 2,500 2.500 2.500 2,500 2,500 2,5QO 2.500 2,500 2,500 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 169 170 Aberyswth and District Hospice al Homevolunieers IHAHAVI Call Plus trading as Being There Good Wibrations (Music) Ltd 2,000 2,000 2,000 171 172 The Neuromuscular Centre 1.692 173 Autistic Children and Carers Together 1.500 174 Mercia MS Therapy Centre 1,300 175 Fight Bladder Cancer Tlnyfm's Children's Centre 1,000 1,000 176 TOTAL AWARDS MADE IN THE YEAR 504,872 37