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 Ha￿ey-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 inspi￿d 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 poten￿al 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 hea￿h 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: propo￿OnalIty, independence, diversity, rotation,
impartiality, and transparency.
The temis of the Award stipulate that intelle￿ual 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 ex￿lIent hea￿h 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 applIca￿onS.
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 prO￿55e5. 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 Biomedi￿1 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
£870.1￿0 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 dISc￿tiOnary 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 reSoU￿e5 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 othe￿ise 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 agg￿gate, 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 regula￿On 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 irregular￿leS occurring due to fraud rather than error, as fraud
invofves intentional COn￿alment, fO￿ery, collusion, omission or M￿repreSentation.
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
I3,3￿954
93,947
9,370.711
7,612.531
17,077,189
li
cRED￿ORS. amountslallingdue
within one year
Grant Commitments
Creditors
13
14
8.994,908
77.368
7.071276
8.692,083
36.559
8,728,642
N￿CURRENT 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
I￿7,426)
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. GRANTCOmM￿ME￿S
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
Un￿strIcted1undS
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
Er￿QWment 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 Ne￿Ork
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