REGISTERED CHARITY NUMBER: 256279 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ELYDED 31 MARCH 2024 FOR RETA LILA WESTON TRUST FOR MF.DICAI. RF.SF.ARCH Chariot House Limited Chartered Accountants and Statutory Auditor 44 Grand Parade Brighton BN2 9QA
REI-A LILA WLS-1-0 'I'RLIST FOR lEDICAL RESEARCH CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR EJDED 31 MARCH 2024 Page Report of the Trustees Report of the Independent Auditors Statement of Financial Activitie5 Balance Sheet 10 Cash Flow Statement Notes to tbe Cash Flow Statement 12 Notes to tbe FiDancial StatemeDts 13 to 20 Detailed Staternent of Financial Activities 21
RETA LILA WESTO TRLIST FOR ]EDIcAL RESEARCH REPORT OF THE TRUSTEES FOR THE I'EAR E)DED 31 MARCH 2024 The tni.%tee presents it8 report with the filncIal %tatement8 of the charity for the year ended 31 March 2024. The trii%tee has adopted the provisions of Accountit]g and Reporting by ChaTjties.' Statemet]t of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective l January 20191. OBJECTIVES AND ACTIVITIES Objectives and uims The principal objectiTres of the Charity are to provide monie5 for the purposes of providing medical rebearch and promoting neurological research throughout the UK and providiiig funding to the Department of Neurological Studie5 at the Middlesex Hospital and Medical School, London now part of University College London. It h()b been (1 5Ptcific policy of the trubtte to 5UPPOrt areas of neuiolu¥iL(Il restLh inLludin¥ the develvpment ot new neuiu-piuieLtive drugFs assuciated with Lardiac and neuroburgFery. In particuldi. thtse fundb hve been devuted to an ongoing reseaTcI) programme ii) the Neurological Department of the Middlesex Hospital Medical School. Signific#nt activities The Reta Lila Weston Insiitute for Neurological Studies has been supported by the Reta Lila Weston Trust for Medical Research for rnany years and is a world leading centre focused on research into neurodegeneratii'e diseases and stroke. This work is presented in international peer reviewed papers and meetings. The Reta Lila Weston Insiitute collaboraies closely with many research departments within University College London and other academic groups in the UK. US and beyond. Th¢ Institutc is lcd by Prof¢ssor Thomas Warn¢r and undcrtak¢s important rcscarch in clini¢al fcatur¢s of Parkinsonian disord¢rs and dcmcntia. In addition, tlic laboratory iindcrtakcs gcn¢ti¢ and c¢ll biological rcscarch to idcntify discas¢ m¢chani5ms in n¢uronal modcls d¢riv¢d from induccd pluripotcntial stcm cclls. Thc R¢ta Lila W¢ston Inslitytc is cln%cly linked with thc Quccn Squarc Brain Bank (QSBB) which iq a world Icading ccntTC for thc %tudy nf ncuropathology, and thcrc is an activ¢ programm¢ of r¢s¢ar¢h on th¢ brain tissu¢ availabl¢ at th¢ Brain Bank. Public beerit Thc trustcc ha% had rcgard to thc Charity Commission guidancc on public bcncfjt and paid duc rcgard to it in dcciding what activitie% the charity %hould undertake. The trustee is satisfjed that the ongoing grants being made mean that the charity is continuing to Jneet the public benefit requirenient. Grant making Details of gtant5 paid in the year are showii in note 5 to the accounts. FINANCIAL REVIEW Investment policy and objectives Inwebtment pow¢ib governed by the Trust Deed which perniit funds to be invested in any security as may be thought fit. The investsknent puliLy of the Ch[ltY is desi¥ntd to enable tht trustee to aLhitve suftiLitnt re8ourLes to pay out grdntS and to achieve the objectives of the Reserves policy. Tnvestment market movements have resulted in a rise in investment values, and the trusiee considers that the investment performance has been satisfa¢iory in the light of market conditions and investment objectives. The trustee considers the main risk for Ihe charity is tluctuaiion in invesiment retums. The risk is managed by agreement with the investment managers of an appropriaie investmenr diversification policy and by moniioring this poli¢y and inl'estment N'alue movements with the investment managers. Passe I
RETA LILA WESTO TRUST FOR lEDICAL RESEARCH REPORT OF THE TRLTSTEES FOR THE I'EAR E)DED 31 MARCH 2024 FINANCIAL REVIEW Reserves policy The triistee seeks to maintain tlie value of the endowment as adjusted for United Kingdom inflation since April 2001. The truste£ also seeks to maintain adequate available monies to enable the smooth day to day operations of the charity. Investment income amounting to £706,622 was earned. Gains on investments during the current year amounted to £7,185,324. Three grants amounting to £1,266,986 were paid during the year, in accordance with the above policies and objectives. Investments had a market value of £43,993,737 at the end of the period. Overall, the net assets of the Tn]5t at 31 March 2024 are £42.965,921. The fvnds are adequate to lfIl the obligations of the Charity. STRUCTURE, GOVERNANCE AND MANAGEMENT Govcrnin% doeument The cl)arity is controlled by its governing document. a deed of trust and constitutes an ut)incorporated charity. Organisational struf ture The Reta Lila Weston Trust for Medical Research is a regisiered chariiy (registered liumr 2562791. The operation of Ihe charity is goijerned by a Trust Deed dated 5 January 1968, as modified by a scheme of 30 Ociober 2001, w,hereby the Reta Lila Howard Foundation (registered charity number 1041634} is the sole trustee of the Trust. These acLounts comply with this Twst Deed and with currenl slatuiory requirements. Th¢ tnist¢c may inv¢st th¢ fimds of th¢ Charity not imm¢diatcly rcquircd for its purposcs in or upon such invcstm¢nts, sccuritics or prop¢rty as it thinks fit, and from timc to tim¢ to transposc, vary and rcalis¢ such invcstm¢nts subjcct to such conditions and such conscnsus as may bc r¢quircd by law and subjcct also to th¢ provisions of th¢ Twst D¢¢d. Th¢ corporate tryst¢c during the y¢ar was Th¢ R¢ta Lila Howard Foundation. Thc trnst¢¢s of thc Fnundation arc the ultimate controlling parties of the Tru.st and are involved in the day to day management of the organisation. Thc trustcc is appointcd by thc schcmc of 30 Octobcr 2001. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 256279 Prineipal address 6 Trull Fann Buildings Trull Tetbury GL8 8SQ Trustees Reta Lila Huward Foundation Direetors of thc Trustee Melissa Murdoch Tamara Rebanks Pilar Baula (resigned 6 November 20231 Sarah Mitchell {resigned 6 November 2023) Alannah Cochrane Graham Weston chri.stian Bauta (appointed 6 November 2023) Serena Mitchell (appointed 20 January 2024) Passe 2
RETA LILA WESTO TRUST FOR lEDICAL RESEARCH REPORT OF THE TRLTSTEES FOR THE I'EAR E)DED 31 MARCH 2024 Auditors Chariot House Limited Chartered Accountants and Statutory Auditor 44 Grand Parade Brigliton BN2 9QA REFERENCE AND ADMINISTIUTIVE DETAILS Bankers C. Ho£ & Co 37 Fleet Stt'eet Teinple Londun EC4P 4DQ Jnvtstment advisors Barnett Waddinghan) LLP 2 London Wall Place London EC2Y SAU IeStment managers Momingstar Associales Europe Limited l Olivcrs Yard 55171 City Road London ECIY IHQ S¢cr¢t&ry to the Trustee The Tist PartneTship 6 Trull Farm Buildings Trull Tetbury GL8 8SQ Passe 2
RETA LILA WESTO TRLIST FOR lEDICAL RESEARCH REPORT OF THE TRLTSTEES FOR THE I'EAR E)DED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trn8tee8 are re%ponsible for preparillg the Report of the Trustees and the finallcial statement8 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdoin Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and tlie PTovisions of the trnst deed requires the trustees to prepare financial statements for each rinaiicial year M,hich <Tive a tTUe at]d fair view of the state of affairs of the charity and of the incominbF resources and application of resources, including the income and expendituie, of the charity for that period. In preparing those financial 5taternents, the tru5tee5 are rquired to select suitable accounting policies and then apply them consistently; ob5etve the methods and principles in the Charity SORP., niake judgements estimkltts thdt re(Ibondble dnd prudent; state whether appliLdble dLLUUlltiri¥F ststndklrdb have been followed. subject to any niilteri(Il depdrtureb disLlosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will contii)ue in business. The trnsiees are responsible for keeping proper accounting records which disclose wilh reasonable accurncy ai any lime the financial position of the Charity and io enable them to ensure that the financial statements comply w'ith the c.harities Act 2011, the Charity (AcLounts and Reponsl Regulaiions 2008 and ihe provisioiis of the trust deed. They are also responsible for safeguarding the asseis of the charity and hence for iaking reasonable steps flir the preveniilin and deteciion of frdud and other irregulariiies. Approvcd by nrdcr of thc bnard nf trLLStccs nn 7 Nnvcmbcr 2024 and %igned nn it% behalf by.. Rets Lila Howard Foundation- Trnstee Passe 4
REPORT OF THE INDEPTr:NDENT AUDITORS TO THE TRUSTEES OF RET.1 LILA II'ESTON TRLIST FOR lEDIcAL RESEARCH Opinion We hae audited the financial statements of Reta Lila Weston Trust for Medical Research (the 'charity'l for the year ended 31 March 2024 which compri%e the Statement of Financial Activities, the Balance Sheet, the Ca%h Flow Statement and notes to the financial %tatements, incliiding a sutnmary of %ignificant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Jn our opinion the financial statements.. Five a te and faiT view of the State of the charity'5 affair5 a5 at 31 March 2024 and of it5 incoming resources and applicatioii of resouTCeS, for the year then ended; have been properly PTepared in accordance with United Kingdoin Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the ChaTlties Act 2011. Basis for opinion Wt conduLttd uur iiudit in acLurddIlL¢ Wlth InteTlldtLO]l(Il stsnd(ds Auditin¥ {UKI IISAS IUK}l and appliLdble law. Our respunbibilitieb under thvse slundurdb aTe furthei desLribed in the Auditurs, respunsibilities lor die dudit ul. th Iinancial stateinents section of our report. We are independent of tl)e charity in accordanLe witli the ethical requireinents that are relevant to oui audit of tl)e linancial stateinents in the UK, including tl)e FRC'S Ethital Standard. and we lia'e fulfilled our other ethical iesponsibilities in accordance with tlitse requiremei)ts. We believe that the audit evidence we hai'e obtained is sufficient and appropriate to provide a basis tor our opinion. Conclusions relating to going concern In audiling the financial siatemenls, we have concluded that the trustees, use of ihe going concern basis of aLcounting in the preparation of the financial Statemen is appropriate. Bascd on thc work w¢ havc pcrformcd, w¢ havc not idcntificd any matcrial unc¢rtainti¢s rclating to ¢vcnts or conditions that, individually OT coll¢ctiv¢ly, may cast significant doubt on the charity's ability to continu¢ as a going conccrn for a pcriod of at Icast twclvc months from whcn thc financial statcm¢nts arc authoriscd for issuc. Our rcsponsibilitics and th¢ rcsponsibilitl¢8 of th¢ trust¢cs with r¢sp¢ct 10 going conccm arc d¢s¢rib¢d in th¢ rcl¢vant sections of this report. Other informatio The tru%tee% are responsible for the other infonllation. The other information compri%es the information included in the Annual Report, other t[ the financial %tatement8 and our Report of the Independent Auditors thereon. Our opinion on the financial stateinents does not cover the otlier infonnation and, except to the extent othenvise explicitly stated in our report, we do not express any for of a55urance conclusion theieon. In connection with our audit of the financial stateTnents, our responsibility 15 to Tead the other inforination and: in doing 50, consider whethei the other iiifoiination is Tnaterially inconbistent with the financial ststanents 01 our knowledbFe obtained in the audit or othenvibe appears to be TnateTially mi5Stated. Jf we identify such material inconsistencies ur apparent mateTial misbtatenients. we are requiied tts deterniine whether this gives rise to a material Inisstatement in the finlia1 btatements themselves. If, based the woik we have perfomied, we conclude that there is a inaterial misstatement of this other inforniatioii, Ive are required to report that faLt. We have nothing to report in this regard. Matters on whleh we #rc rcqulred to report b> cxccptfion We have nothing to report in respect of the lollowing niatters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the inf0rn1ation given in the Report of the Trustees is inconsistent in any material respect with the financial staiements,. or sufficient accounting records have noi been kept. or the financial starements are not in agreemeni with the accounting records and reiurns- L)r we have not received all ihe inforniaiion and explanations we require for Liur audit. Passe 5
REPORT OF THE INDEPTr:NDENT AUDITORS TO THE TRUSTEES OF RET.1 LILA II'ESTON TRLIST FOR lEDIcAL RESEARCH Respon$ibilitie5 of trustees As explained more fvlly in the Statement of Trustees, Resptjnsibilities, the trustees are responsible for the preparation of the fjnancial Statement% which give a true and fair view, and for such internal control the trustees determine i necessary to enable the preparation of filncIal %tatement8 that are free from material mi.$8tatement, whether due to fraiid or error. In preparing t]ie financial statenients, the trustees are Tesponsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountinbT unless the trustees either intend to liquidate the charity or to cease operaiions, or have no realistic alteTnative but to do so. Passe 6
REPORT OF THE INDEPTr:NDENT AUDITORS TO THE TRUSTEES OF
RET.1 LILA II'ESTON TRLIST
FOR lEDIcAL RESEARCH
Our responsibilities f(br the audit (bf the financial statements
We have been appointed as auditors under Seciion 144 of ihe Charities Act 2011 and report in a¢cordan¢e with the Act
and relevant regulation8 made or having effect thereunder.
Our objectives are to obtain reasonable assiirance about Ihether the financial statements as a whole are free from
material Jnisstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes
ollr opinion. Reasonable assllrance is a high level of assurance, but is not a guarantee tliat an alldit conducted in
accordance with ISAS (UK} will always detect a material misstatement wlien it exist5. Misstatements can arise from
fraud 01 eor and are considered material if, individually or in the aggregate, they could reasot]ably be expected to
influence the econoinic decisions of users taken on the basis of these finaiicial 5tatemeiits.
The extent to which our procedures are capable of detecting irregularitie5, including fraud 15 detailed below..
Based on our understanding of the charity and its activities. and through di5CU5SlOlI With the t[SteeS and Inanagement,
we idtntitied the PTinLip(Il iisks vf m(IteTial inisbtdttment both £it the fin
REPORT OF THE INDEPTr:NDENT AUDITORS TO THE TRUSTEES OF RET.4 LILA II'ESTON TRLIST FOR lEDIcAL RESEARCH This risk increase8 the more that ¢ompli)nce with a law or regulation is remoi'ed from the eventq and transactions reflected in the financial statements, as we will be less likely to become aware of inst&n¢es of non-compliance. The risk is 31s0 greater regarding irregularities occurring due to fraud rather than error, as fraud involi'es intentional concealment, forgery, collu.%ion, omis%ion or misrepre%entation A further description of our responsibilities for the audit of the fjnancial statements is located on the Financial Reporting Coiincil's website at ww.frc.org.uklauditorsresponsibilities. This description forjns part of our Report of the Indepcndent Auditors. Use of our report This ieport Is made solely to the charity'5 trllstee5, a5 a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulation5 2008. Our audit work has been undertaken 50 tliat we might State to the charity's trustees those atters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume re5pon5ibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this repor( or for the opinions we have fomjed. OM6z h16Ztdko Shona Wardrop INOV 20, 2024 L2.. Jro Chatiot House Liniited Chartered Accountants and Statutory Auditor 44 Grand Parade Brighton BN2 9QA MTI 7 November 2024 Passe 8
RETA LILA WESTO TRLIST FOR lEDICAL RESEARCH 8TATETrCET OF FINANCIAL ACTIVITIES FOR THE I'EAR E)DED 31 MARCH 2024 2024 Total 2023 Total Unrestricted fund Endowment flind Notes INCOME AND ENDOWMENTS FROM Investment income 706 622 706 622 501 195 EXPENDITURE ON Raising fund. 52,328 52,328 39,061 Charitable activities Charitablc Expcnditiire Grants Paid in the Year Movement in Grant Commitrnents 5%,840 1.266,986 639,507) 58,840 1,266,986 639,507) 30,603 1,062,745 1 112 431) Tntal 738 647 Net gainsl(losses) on investments 7.185,324 7.185,324 2.628,004 NET INCOMEI(EXPENDITURE) Transfers between funds {32,025) 32,025 7,185,324 32.025 7,153,299 3,109.221 14 Net movement in funds 7,153,299 7,153.299 3,109,221 RECONCILIATION OF FUP4DS Totdl fuiids biou¥ht forwdiij 35,812.622 35,812,622 32,703,401 TOTAL FUNDS CARRIED FORWARD 42 965.921 42 965 921 35 812.622 The notes forni pan of ihese financial stateinents Passe 9
RETA LILA WESTO TRLIST FOR lEDICAL RESEARCH BAL.INCE SHEET 31 MARCH 2024 2024 Total 2023 Total Unrestricted fund Endowment flind Notes FIXED ASSETS InvestmcntS 10 43,993,737 43,993,737 37,070,208 CURRENT ASSETS Debtor5 Cash at bank 219,125 320 428 122.908 122,908 122,908 122,908 539,553 CREDITORS Atnoiints falling due witliin one year 12 1460,723) (460,723) (917,139) NET CURRENT ASSETS 337 8151 337 815) 377 586) TOTAI. ASSF.TS LESS CURRENT LIABILITIES 43.655,921 43,655,921 36.692.622 CREDITORS Amoiints falling du¢ aftcr mor¢ than on¢ ycar 1690,000) (690,000) (880,000) iYET ASSETS 42.965,921 42.965,921 35,812,622 14 Endowment funds 42,965,921 35,812,622 TOTAL FULYDS 42.965,921 35,¥12,622 Th¢ flnancial stat¢m¢nts wcrc approv¢d by th¢ Board of Trystc¢s and authoris¢d for issu¢ on 7 Novcmb¢r 2024 and w¢rc signcd on its bchalf by.. Reta Lila Howard Foundation- Trnstee The notes forni pan of these financial stateinents Page 10
RETA LILA WESTO TRLIST FOR lEDICAL RESEARCH CASH FLOW STATEICEiST FOR THE I'EAR E)DED 31 MARCH 2024 2024 2023 Notes Cash floTrvs from operating activitie5 Cash generated frojn operations 1,165,937) 1,129,988) Net cash used in operating activities 1,165,937) 1,129.988) Cash flows from investing actii'ities Purchase of fixed asset investinents Sale of fixed asset investments moeMent in cash held by brokers Interest received Dividends received {425,339) 977,352 (32,547) 5,697 495,498 323,238 161,443) 23,¥32 682,790 Net cash provided by investing activities 968.417 1.020.661 Change I cash and cash equivalents In the reporting period Cash and cash equivalent5 at the beginning of the reporting period 1197,520) (109,327) 320,428 429.755 Cash And ¢a5h equivalent5 Ilt the end of the reporting period 122 908 320 428 The notes forni pan of ihese financial stateinents Pagell
RETA LILA WESTO TRLIST FOR lEDICAL RESEARCH NOTES TO THE CASH FLOW ST.4TEf*lENT FOR THE I'EAR E)DED 31 MARCH 2024 RECOJCILIATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net incomel{expenditure} for the reporting period (as per the Statement of FinaThcial Actii'ities) Adjustments for: IGai115}Ilosses on investtnents Interest Teceii'ed Dividends received IDecrea5e)Ilncrease in debtors (Decrease) in creditors 7,153,299 3,109,221 (7,185.3241 (2,628.0041 123.8321 15,6971 (682,7901 {495,4981 219,125 {219,1251 890 885 Net cash used itl operations 1,165,937) 1,129,988) ANALYSIS OF CHANGES IN NET FUNDS At 114123 Cash Ilow At 3113124 Net eash Cdsh at bdnk 320.428 197,5201 122.908 320,428 197,5201 122,908 Total 320 428 197 5201 122908 The notes forni pan of ihese financial stateinents Page 12
RETA LILA WESTO TRUST FOR lEDICAL RESEARCH NOTES TO THE FIjAClAL STATEMENTS FOR THE I'EAR E)DED 31 MARCH 2024 ACCOLNTING POLICIES Basis of preparing the financial statements Tlie financial statemellts of the charity. which is a piiblic benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102) 'Accounting and Reporting by Charities.. Statement of Recoinmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stat]dai'd applicable in the UK and Republic of Ireland {FRS 1021 (effective l January 2019),, Finaiicial Reporting Standard 102 'The Financi] Reportiiig Stsndard applicable in the UK and Republic of Ireland, aiid the Cl)arities Act 2011. The financial 5tateTnents have been prepared under the historical cost convention, with the exception of investments which are included at market value. Foreign CutCY transactions are translated into sterlii)g using the exchange rates prevailing at the date of the trdIlbLILtions. Monttdly Ittms. assets dnd li£Lbilitieb drt retranslated dt the rate prevdilingF £Lt the balunce bheet dute. Forti¥n exLhim¥e g(iins Ivsseb resulting frvrn the retrunblatiun ure recognised in the &ldttment of fin)Cial activities. Goine eonccrn These tinancial statements have been prepared on the going concem basis as the Trustee considers that ihere are sufficieni reserves available ro meet the chariry's liabilities as they fall due. Critical a£counting judgements and key sources of estimation uncertainty In the application of ihe charity's accounting policies, the irustee is required to make judgements, estimates and assurnptionb about the carrying amounl Lif assets and liabilitieb that are not readily apparent from Llther sources. Th¢ cstimatcs and associatcd assumptions ar¢ based on historical ¢xpcricnc¢ and oth¢r factors that ar¢ consid¢rcd to bc r¢lcvant. Actual rcsults may diffcr from thcs¢ ¢stimat¢s. Thc ¢stimatcs and undcrlying assumption% are rcvicwcd nn an angoing b&8is. Rcvisians tn accounting c%tim2tc% arc rcct>gni%cd in thc pcritid in which thc ¢stimat¢ is r¢vis¢d wh¢r¢ th¢ r¢vision affcets nnly that p¢riod, or in thc p¢riod of th¢ r¢vision and future periods 'here the revision affe¢t8 both current and fure periodq. Key judgements and estimates The trnstee doe8 not con8ider there are any sources of e%timation uncertainty at the reporting date that have a ignificant ri%k of cau%ing a nterIal adjustment to the carying amount% of a%set.% and liabilities within the next reporting peTlOd. Ineomt All incoTne is recogni5ed once the chaiity ha5 entitlement to the incoTne, it 15 pi"obable that the incoine will be received, and the aniount of income receivable can be Tnea5uied reliably. Interest on funds held on dep05lt l5 included when iectivable and the amount can be measured reliably by the charity,. this is norn]ally upon notification of the interest paid or payable by the bank. Dividends are reLognised unce the dividend has been deLlared and reLeived. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligaiion committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in seitlenieni and the amount of the obligation can be measured reliably. Expenditure is accounied for on an accruals basis and has been classified under headings thai aggregaie all cosi relaied to the category. Where costs cannot be directly aiiributed to particular headings they have been allocated to activiiies on a basis consistent wilh ihe use of resources. Grants offered subje¢t to ¢onditions which ha'e not been met at the year end date are noted as a commitment but not accrued as expenditure. Pa¥Fe 13 continued...
RETA LILA WESTO TRLIST FOR ]EDIcAL RESEARCH NOTES TO THE FIjAClAL STATEMENTS - continued FOR THE I'EAR E)DED 31 MARCH 2024 ACCOLNTING POLICIES- continued Taxation Tlie charity is considered to pass the tests set out in Paragraph I Schedllle 6 Finance Act 2010 and therefore it meet5 the definition of a chaTitable company for UK corporation tax purposes. Accordingly the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I I Cotporation Tax Act 2010 or Section 256 of the Taxatioii of CharbFeable Gain5 Act 1992, to the extent that Such incoine or gains are applied exclu5ii'ely to charitsble pury)ose5. Fund aeeollnting Unrestricted fund5 can be used in accordance with the chaTltable objectives at the discretion of the trustees. RestiiLt¢d funds Ldn only be used for part]Lu1( restriLttd puryosc5 Within the objects. of tht Lharity. ResttiLtiOnb (lse when speLilied by the donoT or when fundb ure r(iibed fur ptIcular rebtsicied putpubes. Expendable Endowinent fund l)olds an investment portfolio, incoine gained from these investments is treated as unrestTiCted and is used to distribute grants. Further explanation of the nature and purpose of each fund is included in the notes to the financial staiements. Fixed asset investments Fixed asset ini'esiments are slated at market value as at the balance sheet dale using the closing quoted market PriLe, deiails of hleh are proi'ided in a valualion repori by the ini'eslment managers. The statement of financial a¢tiviti¢s includ¢s th¢ n¢t gains and loss¢s arising on r¢valuation and disposals throughoiit th¢ ycar. ReAlised g&in5 losse5 All gain% and los%e8 arc takcn to thc %tatcmcnt (Trf financial activitic% as thc}' arisc. Rcali%cd gains and losses arc calculated is th¢ diffcr¢n¢¢ b¢tw¢cn sal¢s procced8 and their op¢ning carrying valuc or th¢ir purchas¢ valu¢ if acquired subsequent to the first day of the financial year. Unrealised gains and 10s8es are Calculated as the differcncc bctwccn the opcning carrying valuc or purchasc pricc and thciT valuation at markct pricc at thc ycar-cnd. Rcaliscd and unrcaliscd invcstmcnt gain% and losscs arc cotnbincd in thc statcrncnt of financial activitie%. Financial in5trumeDts The Tst only ha5 financial assets and financial liabilitie5 of a kind that qualify as basic financial in5truinent5. Basic financial instrument5 are initially reco¥nised at transaction value and subsequently measured at tlieir settlement value. Debtors Trade and other debtors are recogni5ed at the settlement amount due afteT any trade di5COUllt offered. Prepayments are Valued at the amount prepaid net of aiiy trade disLountb due. A provision foi impaimient tsf trade debtois is ebtablished when there is eviJenLe that the ainounts due will not be Lollected aLLoiJing to the OTiginal ternis of the LontraLt. ImpaiTment losses are reLognised in the Statemait of FinanLial ALtivities. Creditorslllabllitlcs Creditors and provisions are recognised where the charity has a present obligation resulting froin a past event that will probably result in the transfer of funds to a third party and the amounr due lo setile rhe obligation can be measured or estimated reliably. Crediiors and provisions are nomially recognised at their settlement amount after allowing for any Irade discounts due. Pa¥Fe 14 continued...
RETA LILA WESTO TRLIST FOR lEDICAL RESEARCH NOTES TO THE FIjAClAL STATEMENTS - continued FOR THE I'EAR E)DED 31 MARCH 2024 INvEsTlENT INCOME 2024 2023 Dividends at]d other investment income Deposit account inteTest 682,790 23,832 495,498 5,697 706,622 501,195 ILIISING FUNDS Raising donations and legacies 2024 2023 Investment Broker Fees 52,328 39.061 CHARJTABLE ACTtvtTIES COSTS Grant tunding of aLtivities (see note Support Lostblsee note 6) Direct Costs 5} Totals Charitsble Expenditure Grants Paid in the Year Movement in Grant Comrnitments 51.040 7.800 58,840 1,266,986 039,507) 1,266.986 639.5071 588.4671 1266.986 7,800 686,319 GIL4NTS PAYABLE 2U24 2(123 Grants Paid in th¢ Ycar 1,266,986 1,266,986 Thc total grants paid tn in%titutions during the ycar was a8 fallows.. 2024 2023 UCL Ongoing Kings College London University of Edinburgh 817,479 186,853 262,654 440,000 343,537 279,208 1.266,986 1,062,745 Pa¥Fe 15 continued...
RETA LILA WESTO TRLIST FOR ]EDIcAL RESEARCH NOTES TO THE FIjAClAL STATEMENTS - continued FOR THE I'EAR E)DED 31 MARCH 2024 SUPPORT COSTS Governance costs Charitable Expenditte AUDITORS, REMUNERATION 2024 2023 Fees payable to the Lharity's auditors for the audit of the uhty,$ financial 7.800 7.200 TRUSTEES, REMUNERATION AND BENEFITS No remuneration Th'as paid to the Charity Tnjsiees. Trustees, expenses Reimbursement of travel and subsistence expenses toialling £8.679 12023.. £6.296) were paid to ihe Charity Trustees. COIqPARATIVES FOR THE STATEIWIENT OF FINANCIAL ACI'IVII'IES Unr¢strictcd fund Endowm¢nt fund Total INCOME AND ENDOWMENTS FROM Investment income 501,195 501,195 EXPENDITURE ON Raising funds 39.061 39,061 Charitable activities Charitablc Expenditte Grants Paid in the Year Movcmcnt in CIrant Comrnitmcnts 30,603 1,062,745 1,112,431 30,603 1,062,745 12.431 TotAI 19,978 19,978 Net gainsl(losses) on investments 2.628,004 2.628,004 NET JNCONCEI(EXPENDJTURE) Transfers between funds 481,217 481,217) 2,628,004 481,217 3.109,221 Net movement in funds 3,109.221 3,109,221 Pa¥Fe 16 continued...
RETA LILA WESTO TRUST FOR lEDICAL RESEARCH NOTES TO THE FIjAClAL STATEMENTS - continued FOR THE I'EAR E)DED 31 MARCH 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTII'ITIES- continued Unre%tricted Endowment fund fut]d Totsl funds RECONCILIATION OF FUNDS Total ndS brougFht forward 32,703,401 32,703,401 TOTAL FUNDS CARRIED FORWARD 35,812,622 35,812,622 io. FIXED ASSET INVESTMENTS Market value at l ApTiI 2023 Additiot]s Disposals 37 070 208 32.3 238 36.746,970 75,018 7 110305 43.932,293 Realised ¥aini(10ss) Unrealibed ¥dilIv8) DeLre(Ibe in Ldbh held by stuLkbrukers Market value al 31 Nlarch 2024 43 993 737 Cost at 31 March 2024 19783939 Investments comprising more than 5°/u of the portfolio value ar 3 l March 2024 were.. 1,079,777 Asso¢iated British Foods pl¢ ordinary shares 1,373,062 LG UK 100 Index Trust 217,405 ishares MSCI USA SRI ETF USD 26,972,829 4,153,512 2,583,858 2024 2023 Investment assets in the UK Investment assets outside the UK 42,466,174 1 $27 563 43 993 737 35,276,868 1793 341 37 070 208 Investments are rther analysed between.. Inve5tment5 listed on recogni5ed stock exchange Cash 43,449,924 543 813 43 993 737 36,587,985 482 223 37 070 208 Pa¥Fe 17 continued...
RETA LILA WESTO TRLIST FOR lEDICAL RESEARCH NOTES TO THE FIjAClAL STATEMENTS - continued FOR THE I'EAR E)DED 31 MARCH 2024 ii. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors 219,125 Other debtors at 31 st March 2023 of £219,125 related to the of ¥Fint funds froTn UCL due to the closuie of the research pro(Trainme beiii(T funded. These funds weie received durinbF the year ended 31 March 2024. 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Grants Lommitted ALcruals and defetred inLoine 440.000 20.723 889.507 27.632 460 723 917 139 13. CREDITORS: AMOUNTS FALLtNG DUE AFTER MORE THAN ONE YEAR 2024 2023 Grant ctsmmitments 1- 2 years 690.000 880.000 14. MOvEIENT IN FUliDS Net movcni¢nt in funds Transfers bctwc¢n At 3113124 At 114123 Unrestricted funds General fund (32,025} 32,025 EndoivmeDt funds Expendable Endowment Funds 35,812.622 7,1 $5,324 (32.025} 42,965,921 TOTAL FUNDS 35,812,622 7,153,299 42,965,921 Pa¥Fe 18 continued...
RETA LILA WESTO TRLIST FOR lEDICAL RESEARCH NOTES TO THE FIjAClAL STATEMENTS - continued FOR THE I'EAR E)DED 31 MARCH 2024 14. MOVEMENT IN FUNDS- continued Net movetnent in funds, included in the above are as follows.. Incoming resources Resollrces expended Gains and 10sse5 Movement in funds Unrestrieted funds General fund 706,622 1738,647) (32,025) Endowment funds Expendable Endowment Funds 7,185,324 7,185,324 TOTAL FUNDS 706,622 738,647) 7,185,324 7 153,299 Comp#ratlves for movement in funds Net movement in funds Trdnsfers between funds At 3113123 At 114122 Unrestricted funds General fund 481.217 1481.217) Endowment lunds Expendable EndoTh'ment Funds 32,703.401 2,628.004 481.217 35,812.622 TOTAL FUNDS 32,703,401 3,109.221 35.812,622 Comparativc nct movcmcnt in funds, includcd in thc aLx)v¢ arc as follows.. Incoming resourcef Rc8ourccs expended Gains and losqes Movcmcnt in funds Unrestricted funds General fund 501,195 (19,978} 481,217 EndoivmeDt funds Expendable Endowment Funds 2,628,004 2,628,004 TOTAL FUNDS 501,195 19,978} 2,628,004 3,109,221 Incomc and cxpcnditurc is considcrcd to bc unrcstrictcd. Any 5llrplus on thc Unrcstrictcd Fund is transfcrrcd to thc Expcndablc Endowmcnt Fund. Pa¥Fe 19 continued...
RETA LILA WESTO TRUST FOR lEDICAL RESEARCH NOTES TO THE FIjAClAL STATEMENTS - continued FOR THE I'EAR E)DED 31 MARCH 2024 Is. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. Page 20
RETA LILA WESTO TRLIST FOR lEDICAL RESEARCH DET.IILED STATEIqE)T OF FtN.INCIAL ACTIVITIES FOR THE I'EAR E)DED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMENTS Investment income Dividends and other investment income Deposit account interest 682,790 23,832 495,498 706,622 501,195 Total incoming resources 706,622 501,195 EXPENDITURE RAi5ing donations and legA£ies Invc8tm¢nt Brnkcr Fws 52,328 39,061 Charitable activities Siindries Decrease in grant commit]nent Accountancy fee5 SecTetaTial services Consultancy fees Legal and PTofessional Travel costs Bank feeb Exchaii¥e rate variance Giants paid to iiistitutions 420 71 (639,5071 (1,112.4311 4,705 5,598 22,133 8,984 8,100 4,795 8,888 699 1,300 1266 986 6,384 653 1.062 745 678,519 {26,883) Support e05ts Governanee costs Auditors, reniuneratitsn 7,800 7,800 Total resources expended 738 647 Nel income before gains and losses (32,0251 481,217 Realised recogni5ed gAin$ and 105se$ Realised gainsl{losses} on fixed asset investments 7,185,324 2,628,004 Nel income/{expenditurel 7,153,299 3,109,221 This page does not fonn part of the staiutllry financial statements Page21