The Bally Thomas Charitable Fund
A Registered Charity
Report and Financial Statements
30 September 2024

The Bally Thomas Charitable Fund A Registered Charity
CONTENTS
Page
TRUSTEES. ANNUAL REPORT
AUDITORS. REPORT
io-ii
STATEMENT OF FINANCIAL ACTIVITIES
12
BALANCE SHEET
13
CASHFLOW STATEMENT
14
NOTES TO THE FINANCIAL STATEMENTS
IS-22

The Bally Thomas Charitable Fund - A Registered Charity
TRUSTEES, ANNUAL REPORT
for the year ended 30 September 2024
The Trustee5 present their annual report and financial statements for the year ended 30 Seplember 2024. The financial
statements have been prepared In accordance with the accounting policies set out In note i ro the financial statements and Cf>mply
with the Charlty's trust deed dated 2 Ortober 1970. thÈ Charities Act 2011 and AtCOUnbng and the Charitie5 Statement of
Recornrnended Practice (effective l January 20191 ènd Financial Report5ng standard FRS 102.
Referenee and Administration Details of the Charbty, ils Tru5tee$ and Adviwrs
Settlor
Frank Bruce Bèlly Thomas- died 7 January 1997
Date of Settlement Deed
2 October 1970
Trustee5
Mrs Suzannejène Marriott, BA (Honsl. Dip Lèw, TEP. Notary Publi£
Chair of Trustees
Emeritus Professor Anne Elizabeth Farmer. MD, FrcPsych- retired Id March 2024
Kenneth Rebert Youn& FCA
Etnefitu5 Professor sal￿-Ann Cooper, OBE, Bk, M8BS, MD, FRCPsyth
Jonathan Philip Snow, Bst IHonsl. ASIP
Profe550r Angela Hassioti5. MA, PhD, FRCPsyth- appointed 14 March 2024
Principal Address
clo TMF Global Servlces IUKI Ltd
One Angel Court
London
EC2R 7HJ
Re8iStered Charity Number
262334
Solicitors
Charfes Ru55ell Speechly5 LLP
S Fleet Place
London
EC4M 7RD
Administrators and Accountant5
TMF Global Services IUKI Ltd
One Angel Court
London
EC2R 7HJ
Auditors
FKCA lirnited
260-270 Butterfield
Great Marlin8S
Luton
LU2 8DL

The Bally Thomas Charitable Fund - A Registered Charity
TRUSTEES, ANNUAL REPORT
for thè year ended 30 Septernber 2024
Reference and Adrnini5tration Details of the Charlty, ItsTr￿￿ees and Advisors- tontinued
Bènker5
CAF Bank knmitÈd
West MallSn8
Kent
ME19 4JQ
Artemi5 Investment Management LLP
Cassini House
57 St Jame5 Street
London
SWIA ILO
Calton Sqv6re
l Greenside Row
Edinburgh
EHI 3AN
Pictet A55et Mariagement
Moor House
Level 11
120 London Wall
EC2Y SET
Guardcap
61h Floor
11 char￿$11street
St James
London
SWIY 4NS
ROYBI London Asset Management
PO Box 9035
Chelmsford
CM99 2XB
BlackRock Investment Management IUKI
12 Throgrnortlin Avenue
London
EC2N 2DL
Investment Consukants
Stanhope Consulting
35 Portman Square
London
WIH 6LR

The Bally Thomas Charitable Fund - A Registered Charity
TRUSTEES, ANNUAL REPORT
for the year ended 30 September 2024
Strurture, Gthfernance and Mafiagement
The Charity is an unincorporated trust constituted under a trust deed dared 2
October 1970 and Is 8 registered charity, number 262334. The deed settled the
Trust Fund as to tèpit31 and income on a discretionary trust for application to
ch3rit3ble purp05e5 orto charitable In5titution5 connecred wilh the prevention,
treatment or relief of tnèntal or other fortn5 of illne55. There w35 a twenty-one
vear power to accumulate income to 2 October 1991. The Charity does not
tivelyfundraise and seeks to meet it5charitable objectives through the careful
stewardship of its existlng resources.
The Tru5tee5 have wide power5 of investment a5 though beneficially entitled.
A Charity Commission order was endorsed on 7 Au8USt 2003 8ivin8 the
neie55ary authority to the provision of indemnity insurance for the Charity
Trustees out of the funds of the Charity.
The power of appointing Trustees is vested in the Surviving Trustees or Trustee
for the time beinÉ, save that the President for the time being of the Law Society
has power to appoint a new Trustee in the place of Mr5 S J Marriott and the
President for the rime being of rhe Royal College of PhysKi%ns has power to
appoint a new Trustee in the plate of Professor A Hassiotis.
The appointment of new Trustees is considered by the existing Trustees to
erisure that the ￿1rd of Trustees has the appropriate skill sets to carry out its
The Induction process for new Trusrees comprises an initial meeting with rhe
Chair of the Trustees èt which lime the new Trustee Is briefed on the grant
makin8 activities, the investment strate8y of the Charity, the èdministration
arrangements ané the responsibilities of Trugtee5. New Trustee5 are provided
with a copy of the Charity's most recent annual financlal statements. a brlef
history of the trust and other relevant docuEnents.
The Trustees con5iderthe Board of Trustee5 as comprisingthe key rnanagement
personnel of rhe Charity in char8e of directing and conirollin8 the Charity and
rurinin8 and operatin8 the charity on a day to day basis. Details of Trustee
expenses and related party transactions are disclosed in note$ 6 and 11 to the
financial statement5.
TheTrustees arefequired to di5closeall relevantinterestsand registerthem wirh
the Chair and in accordance with the Trust's policy withdraw from decisions
where a conflict of interest arise5.
The Tru5tee5who have 5enfed duringthe year and since theyearend are setout
on page l. They usually meei tri-ahnually to discuss the 3ffairs of the Fund
intludint the consideration of applicatigns. the approval or refusal of grants, to
consider the performance of their investment portfolio and rèview policies on
re5erve5 3nd risk a55essment. They consider recemmendations for, and make
final decision5 on, the awarding of grant5 over £5.0W.
The Trustees have delegated the powerto make erants of £5,￿0 and belowto
the Chair of Trustees, unless they fall into the area of research in which case
the power has been delegated 10 both Medical Trustees. Such grants ère
usually made on a monthly basis, or as demand de£rèes. and are ratified
rÈtrospecti¥ely by the Trustees at their meetings.
The Trustees have a panel of Granr Assessors who wisit and report on applicaDts
specified by iheTrustees.

The Bally Thomas Charitable Fund - A Registered Charity
TRUSTEES, ANNUAL REPORT
for the year ended 30 September 2024
Strurture. Governance and Manatemetht
. continued
The day to day èdministrarion of the Fund is carried out by TMF Global Services
IUKI Ltd to include the processing of grant application forms prior to
considerat￿n by theTrusteès and thefacilitation of grant paymentsforapprov81
bythe Trustees_
Objectives and Adi¥ttiesfor the Public
tsenefit
TheTrusr's only charitable activity Is ItS8rant-mèkin8 pro8ramme, throu8h which
the Trustees seek to supwrt £haritable project5 Wlthin the Fund's remit. During
the year the Trustees have continued to make 8rants in accordance with their
charitable objective5 of the prevention, treatment or relief of tnental or other
forms of illness. Since lune 2001 the Trustees, funding priority has been solely
learning dis)bility. TheTrustees consider undef learning disability the condirions
generally referred to a5 severe learning difficulties. toÉether with autism. Full
details of the Trust's eligibility criteria are pub115hed on the website
www.bailyrhomas.org.ukl8rants/general-pro8rammeleligibility-criteria.
The Trustees confirm that they have referred to the 8UIdan￿ contèined in the
Charity Commissilin's general guidance on public benefit when reviewinE the
Trust's aims and objectives and in planning future 3Ctivities and settinE the8rant
making wlicy for the year.
TheTru5tfurthers itscharitable purpo&esforthe public benefitthrough itsgrant-
making pollcy which aims at..
Professor5wheretheirrole includes research activitythat will furtherthe
objects of the charitv,.
Ilnancin4 Kholarships to individuals undertaking postgraduate rese3rch,
norrnally at PhD level, where the student's area of interest furthers the
objects of the chirity,. and by
providin8 grant5 to projects that seek to benefit the learnin8 disabled by
funding C3Pltal projects and core ctrsts to include staff cosrs. general
running and office costs at charitable organisbtions, schoolsand centres.
Applicationsto theTru5t forgeneralgrantsare bycompletion of theon-line8rant
applic3tion form the website. Fundin8 is normally considered for capital
and revenue c05t5 and for borh specific projects and for general running/core
cost5. Application5 will only be considerÈd from volunrary organisations which
are registored tharitie50r3re associated with a re815teredcharity. Grants are not
awarded to individu31s. Financial £ircumstances will be relevant only in
determining the amount of an award.
Applicationsfor%rant5 inthe area of research are made in writingto theTrustees
ènd should be In the form of a scientific summarywith a research plan to include
a brief background and a short account of the design of the study and number of
subjects, the rneihods ef assessment and an3lysis. iimetable, main outcome5
and some indication of other opponunities arisin8 from the support of such
research. Applications are only considerèd from est4bli5hed research workers
and are subject to norrnal professional peer review procedure5. Any benefit by
researcher5 and rese3rch institutions Is purely incidental to the objects of the
Tru5t'5 work.
App1ication5 for the Bally Thornas Doctora1 Fellowshlp are by completion of the
application form which 15 published on the website.
Details of how to apply for grants and scholarships, to8ether with the rele¥3nt
forms, are avèilable on the Trusr'5 website.. www.baitythom35.org.uk.

The Bally Thomas Charitable Fund - A ReElStered Charity
TRUSTEES, ANNUAL REPORT
for the year ended 30 September 2024
Grant Makin8 Polity. Arhievemen15
and Perfoimante
The Trust has established its 8r8nt making policy to achleve its objects for the
public benefit to irnprove the lives of the learnin6 disabled. A learnin8 disabilitv
is a disorder In which a person has difficulty learning in a iypical manner making
it problematic for a person to learn as quickly. or In rhe same way as sorneone
who is not aftected by a learning disability. A learning disability cannot be cured
or fixed but with the right support and intervention, people with learning
disabilities can sucteed in school and go on to be 5ucce55ful in life. The
benefsciaries Df the Trust's grant making programrne 3re ultimately the learning
disabled, regardles5 of age, gender or creed.
The Trustees set èn annual budget for grants to be awarded which Is calculated
with reference to the aYer8ge value of the portfolio over the previou5 three
vears. During the year under review 283 Erant5 totaline £3.373,822 (excluding
returned Érantsl were awarded from the Bal￿ Thomas Charitable Fund12023
£2,646,214).
All 8rant5 of £20,fM)O or over are listed in note 4 to the financlal statements.
Althc>ugh they are analysed in separate cateeories for disclosure purposes, the
Trust fund's charities are In a broad range of areas and the Trustees are
interested In supporting initiative5 which meet their Selection criteria re8ardless
of the charitable area into which the project falls.- any fluctuation in the level of
grants funded across the categorie5 15, therefore, a reflection of ihe applications
received rathÈr than of 3 change in the Trustees. priorities. The si2e of gÈner31
Erants varied, from £1,000 to SIBS - support for siblings of learninÉ dI￿bled
thildren and 3dults. to a grant for £30,000 ttr Purley Park Trust tow8rds vital
buildin8improvèment5to enablevulnerable people to live in their homes. A total
of 11 grants were awarded durin8 the year for research in the 3re4 of learning
di$8bilities. The lèr8ÈSt rÈsearch gr3nt of £118,976 was awarded to th
University Colle8e London towards a study over 15 months looking at
'EFFECtiveness of Interventions for behaviours that challen8e in adults with
intellectual disabilities using UK primary care health records IEFFECTI..
fèasibility study,.
During the year the Trustees awarded the fellowin8 fellow5hips'.
Uni¥er5ity Coll¢88 London
£99.969
Towards the study entitled.. 'Mental health arid bu11yin8 Vlrtimisation amon8St
Kln¢s College London
£99,%9
Towards the study 'A Multi-modal Exploration of Functional connectivity in
people with Down Syndrome and Alzheifflerfs Disease,.

The Bally Thomas Charitable Fund - A Registered Charity
TRUSTEES, ANNUAL REPORT
for the year ended 30 September 2024
Grant Making Poliryp knhievementS
and Performance. continued
Major dO￿￿tIOnS mède during the year included..
General Grants
Purley Park Trust
£30.000
Towardsvitèl building improvernent5to enable vulnerable people to live intheir
home5.
Hasting5 and Bexhill MeTrcap Societv
£25.0
Towards building Frimley's Bigger Future.. eouipment for the Sen50ry Suite and
Changing Places TO1￿1.
Hertsmere Mencap
Towards Children's Holiday Club.. running costs.
£25.000
Mencap Llverpool & Sefton
Towèrds running Costs.
£25￿0
Pyramld of Arts
Towards General Activities.. 8eneral opefatin8costs and salaries.
£25.000
Seashell Trust
Toward5 Royal Colle8e Manchester.. to fund A Life Skills Room.
£2S.O
Readln8 Mencap
Towards core costs.. administration and office costs.
£25.1)00
Research Grants
University College London
£118,976
Study over IS months 'EFFECTivÈnÈss of intÈrvention5 for behaviours that
records IEFFECTI.. a feosibility study,.
Vlster Uniyersfjty
£113.868
Study over 28 months 'A Clustered randomi5ed controlled feasibility trial of
Projecl HIIT.. a school-ba5ed intervention for adolescent5 Wlth intellecru31
di53bilities tarEeting physical attivity and body compositi¢n out£omes'.
University of Oxford
£98,182
Study over 24 months'Feasibility trial of an adapted ènti-bullying programmè
Astom University
Study over 18 rnonth5 'Profiling Sleep Oifficulties in Children with 5ATB2-
associated syndrome,.
£96.612
Vnlvers5ty ol Gla$8OW
£94A90
Study over 22 months 'Ctrproduction and mOdel￿1n8 of an inteNeniion io
support younÉ people with learning disabilities in developing Bnd sustaining
fr1endships throu8h transition frotn school,.
University of Sheffield
£91628
Studyover 24 months'Characterisin8 dental health in newly discovered genetic
cause5 of intellectua1 di5ability'.
Edlmburgh Nap4er UnNersity
£89,970
Study over 18 months entitled 'Co-desi8n and Jdapt3tion of the Swallowing.
Oral Heolth, Nutrition Knowledge and Skills programme for carers who support
individuals with Intellectual Disabilities and è3tin& drinking and swallowing

The Bally Thomas Charitable Fund - A Registered Charity
TRUSTEES, ANNUAL REPORT
for the year ended 30 Septetnber 2024
Grant Maklng Pollcyi AehiÈvement$
and Performance-contit)ued
Uniyerslty College London
£86,069
Study over 21 month5 'Preliminary outcomes and costs of Gig Buddies,
befriending inierveniion..
The Trustees are confident that together these 8rant5 demonstrate a high
degree of public benefit in accordance with the guidance published by the
Charity Cornmission.
Flnanclal Revlew ahd Reserves Policy
The grant-making proqrammè is funded from incorne generated from Its
investmeni portfolio, distributions received from the Provident Fund and tash
drawndown from investments.
Total Income generatèd frorn the Charity's own investments increased by
£402.474 to £1,863,566. IncomÈ received from the Provident Fund decreased
by E250,442181%1 to £60,32812023 £310.7701. During the veèr there wa5 an
overall increase of income to £2,045,13412023 £1,892,361).
The Trustees set an annual budget for gran15 to be awarded which is calculated
with reference to the 4verage value of the portfolio over the previou5 three
years. The grani distributlon is taken from both income and capital receipts. To
meet rhe Érant makin8 objective5 throughout the year the Trustees elected to
drawdown cash frorn investrnenrs.
Investment Polley and P¢rforman¢e
ytheir Order of IS December 1999, The ChèrityCornmi55ionersfor England and
Wales authorised the Trustees to appoini Investmènt Managers and delegate to
them power 3t rheir discretion to buy and sell investments on their behalf In
accordance with the investment policy13id down by the Trustee5, which are on
terms consistent with the Order of the Charity Commissioners.
The investments made by the Trustees are after taking appropriate investrnent
advice, and such services are currently provided by Stsnhope Consultin8 who
also monitor the Inve5trnents' performance.
The Chair of Trustees, Mr Youn8, Mr Snow and Mr Nan8le la Trustee until
November 2012 whose Services h3¥e been retained a5 Cts-opted Advisor) sit on
the Inve5trnent Cornmittee. Meetings of the Committee are usually held bi-
annually with Stanhope Consulting. to Ctrns￿er overall strategy, investment
rformance ond the appointment of Fund Managers.
Following a review in November 2010, the Trustees resolved to tarÉÈt a speiific
return rathÈr than a straieEiC asset allocation. In April 2017 the Trustees
appointed Baillie Gifford and Pictet Asset Mana8ement as absolute managers.
The Trustees resolved ar that limè to retain Arremisknset Management Limited,
who were appointed in September 2CM)8. Following an investment strateÉy
review in e3rly 2020 the Trustees resolved to revise ihe strategic Portfolio
allocation. They agreed to widen 8lobal equity exposure, to reduce the
dependency on the UK equity market, to decrease the exposure to sterlin8 ènd
to Inirea5e (Iiversification. The portfolio was restructured and ès a result, the
investments with the rn3nager5 were reduced, and two new global equity funds.
6aillie Gifford Global Alpha Growh and Guardcap Glob31 Equity Growrh, were
added to the portfolio. Ar the Investmpnt Cofflmittee rneeting in November
2023. theTrustees discussed the appropri3te size of the allocatitrn to tnulti-a55et
diversified growth fund5 Wlthin ihe investment portfolio They subsequently
38rÈÈd to adopt 3 fixed stratÈ8ii allocations for rhe portfolio and to Sell the
holding in the Baillie Gifford Multi Asset Growth Fund and invest a portion of the
proceeds into the 8aillie Gifford Global Alpha Growth Fund with the remainin8
proceeds being Invested into two p355ive ishare funds wilh BlJckRock.

The Bally Thomas Charitable Fund A Registered Charity
TRUSTEES, ANNUAL REPORT
for the year ended 30 September 2024
Investment Polity and Performamte
- ¢oTrtinued
As at 30 September 2024 the Investments comprise 7 funds, the Artemis Income
IE¥clu510nsl Fund. the Pirtetmulti Asset Portfolio, the Baillie Girford Global Alpha
Growth Fund. the Guardcap Global Equity Fund. the BlackRock isharescorporate
Bond Index Fund. the BlackRock iShare5 UK Gilts All Stock5 Index Fund arid the
Royal London Short Term Fixed Income Fund. These are currently managed by
Artemis A55et M3nagement Limited, 64illie Giffoid. Pictet A55et Mana8ètnÈnt,
Guardcap, BlackRock Fund Managers Limited and Royal London Asset
Managernent. The capit31 value of the portfolio as at September 2024 stands at
£97,604,876, which represents Fixèd Assets investments with a total value of
E96.876,984 and Current A55et cash eguivalent investtnents of £727,892.
The Ion8-terrn objettive is to prÈsÈrvÈ the capital of the portfollo from Inflation
whilst meetingthe Fund'sgrant making objectives. The total return target for the
investment portfolio has therefore b@en set at 3.5% p.a. in real terms after
inflarion as measured by rhe Consumer Price Index ICPII. TheTrustees acceptthi5
rnay be a demandirig tar8et in the current Ènvironment but believe that it
remains a sensible IonE-term aspiration.
The long-term objectivelbenchmark for the cornbined portfolio is to achieve CPI
+3.5% p.a. The benchmark for the ArtÈmis Income (Exclusionsl Fund is the FTSE
A11 Share Index. The benchmark for the Pictet Multi A55et Portfolio is to èchieve
SONIA +4% p.a. The benchmark forthe Baillie Gifford Global Alpha Growth Fund
15 the MSCI All Country World Index. The benchmark for the Guardcap Global
Eouity Fund is the MSCI World Index. The benchm3rk for the Roy31 London Short
Tertn Fixed Incorne Fund is SONIA. The benchmark for ihe Ishares Corporate
Bond Index Fund 15 the iBoxx Steflin8 Non Gilt IndÈx. The benchmark for the
ishares UK Gilts All Stocks Index Fund isthe FTSE Actuarie5 UK Conventional Gilts
All Stock Index.
Over the past 12 months, both the global equty funds underperformed their
benchmarks with 6aillie Gifford (Global Alpha Growth Fund) underpertorrning by
1.0% and Guard Cap Global Equity Fund by 9.6%. Over the year Artemis Asset
Management, Pictet and Royal London have overperforrned their benchmark
producing relative returns of 7.0% and 6.0% and 0.4% respectively. The ishares
funds were both marginally ahead of their benchmark inthe year. The combined
porrfolio lexcluding cashl generated an absolute return of 15.9% over the year
to 30 September 2024, 10.7% ahead of the CPI +3.5% benchm3rk. Thi5
performance has been helped by thefall in CPI inflation but remains behind over
the last 3 or 5 year period due to the surge in inflation durin8 2022. The current
asset allocation is projected to achieve a long-term nominal return 51iEhtly below
the long-terrn target but thi5 doe5 not rnake any allowance for potential
outperformancefromthe undedying managers. TheTrustees recognise thea55et
allocation is a 5nap5hot of the current P05ition and is not a lon8-term strategic
assètallocation. TheTrustees£oniinuetoiake3 long.rermview on performance.
Plans for Future
The Trustees plan to continue their exi$tin8 Strategy of rnaking grants to
organisations for the prevention. treatment or relief of severe ￿arnInE
difficultie5 and autisrn.
The Tru5tee5 have considered thefinancial health of the chèrily and, with this in
mind and notingthatthey have no permanent endowtnent, the Trustees believe
that the charity. at the date of signing, will continue as a going conceTn for the
foreseeable future.
Risk Management
The major risks to which the Fund is exposed, as Identified by the Trustees,
hève been reviewed and the Trustees are 5at15fied that the 5VStetn5 In place
mitigate those risks. The Trustees consider the variability of investment returns
to constitute the Charity's major risk. This Is mitlEated by retaining expert
Investment Consuttants. having a diveT5ified investrnent porttolio and the
technicèl skill-set of the Investment Committee p8nel.

The Bally Thomas Charitable Fund - A Registered Charity
TRUSTEES, ANNUAL REPORT
for the year ended 30 September 2024
Statement of Tru5tees' responsibilities fol the flname￿I slatement$
Law applicable ro charlties in England & Wales requires the Trustees to prepare firiancial statement5 for each financial year
which give a true and fair view OF ihe Chariry's financial artivlties durin8 the year and of its financial position at the end of the
year. In preparin8 financial statements 8ivin8 a true and fair view, the Trustees should follow best practice and..
kelett Suitable accounting policies and then applythem conslstentlv,.
obsèrve the methods and principles in the Charitie5 SORP;
make judgements and estimates that are rèa50nable and prudent.,
state whether applicable atcounting 5t3ndards have been followed, subject to any departures disclosed and explained
in the financial 5tatements-. and
prepare the financial statements on the going concern basis unless st is inappropriate tg pre5urne that the charity will
continue in Operation.
The Trustees are responsible for keeping accounting records which di5elose with reasonable 3ccuracy the financial p051tion of
the Charity and which enable them to ascertain the finantial position of the Charity and which ènable them to ensure that the
financial statements comply with the Charitie5 Act 2011. the Charity (Accounts and Reports) Regulations and rhe provisions of
the trust deed. The Trustees are responsible for safeguarding the a55et5 of the Charity and hence for taking reasonable Steps for
the prevention and detection Df fraud and other irre8uIBrities.
Under the Charities Art 2011. a5 the charitvs Trustees, we certify that..
so far a5 we are aware, there is no relevant 3udii information of which the ¢harity'5 auditors are unaware.. and
asthe Trustees of the charitywe have tsken all the steps that we ou8ht to have taken in orderto rnake oursefves aware
of any relevant audit information and io establish that the tharity's auditors are aware of that informJtion,
Approved bythe Trustees on..
0110412025
Date
and signed on theif bèhalf bv..
Chair of Trustees
Mrs S J Marriott

INDEPENDENT AUDITORS, REPORT
to the Trustees of The Baity Thomas Charitable Fund- A ReRlstered (harlty
Opinion
We have audited the financial statements of The Bally Thomas Charitable Fund Iihe 'charity'l for the year ended 30
september 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Staternent and
notes to the financial Statements, Including 2 summary of 51gnificantaccounting policies. The financial reportin8framework
that ha5 been applied in their prepar8rion is applicable law and United Kin6dom Accounting Standards Iunited
Kingdom Generally Actepted Accounting Practice).
Th15 report is m£de solely to the charity'sTrustee5, as a body, in accordance with Section 144 of the Charities Act 2011 and
resulation5 rnade under Sertion 154 of that Act. Our audit work has been undertaken so that WÈ might state to thÈ
charity's Trustees these m3ttÈrs we are required to state to thern in an auditors, repon and for no other purpose. To the
fullest extent permitted by law. we do not accept or assume respon51bility to anyone other than the charity and the
charity's Trustees as a body. for our audit work, fDr this report. or for the opinions we have form￿.
In our op1nion the financial statements..
Eive a true and fair view of thè state of the charity's affairs a5 at 30 Septernber 2024 and of its incoming resources
ènd application of resources forthe yearthen ended-.
have been properly prepared in aciordance with United Kingdom Generally Accepted Accounting Practice.- and
have been prepared in accordance with the requirements of the Charities Att 2011.
Basis for opiniorb
We conducted our audit In accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law.
responsibilities under those 5t3nd3rds are further descrlbed in the Auditors respon5ibilitie5 for the audit of the firiancial
staremenrs section of our report. We are independent Df the chariiy in accordance with the ethical requirements that
are relevant to our audit OF the financial staremenrs In the UK, includin8 the FRC'S Ethical standard, and we have fulfillÈd
our other ethical responsibilitiès in accordance with these requirement5. We believe that the audit evldence we have
obtained 15 Sufficient and appropriate to provide 3 basis for our opinion.
Conclusions relating to goinE concem
In 3uditing the financial statements, we have concluded that the Tru5tee5' use of the going concern basis of accounting in
the preparation of the financial statement5 15 appropriate.
Based on the work we have performed, we have not Identified any material uncertainties relatin8 to events or conditions
that, individually orcollectively, mayca51 significani doubion the charity's abiliiyto continue asa going conternfora period
of at leasr twelve monihs from when the financi31 statetnents are authoriged for issue.
Our responsibilities and the responslbilities of the Trustees with respect to going concern are dexribed in the relevant
sections of this report.
Other information
The Trustees are responsible for the other information. Th* other infortn8tion tomprises the information included in the
annual report. other than thÈ financial 5tstement5 and our Report of the Independeni Auditors thereon.
Our opinion on the financial 5t3rements does not cover the other information and we do not express anyfortn of assurance
conclusion thereon.
In ctsnnettion with our audit of the financial statements. our responsibility is to read thè other information and, in doing
so, consider whether the other infortnation is tnaterially incon515tent with the financial statements er our knowledge
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we
conclude that there is a material rni55tatement of this other information, we are required to report that fact. We have
nothln8 to report in this regard.
M*tter$ on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities Act 2011 require5 U5 to report to you
if, in our opinK)n'.
the information given in the Report of the Trustees Is inconsistent in any material respect with the financial
5tatements,' or
sufticient accounting records have not been kept,. or
the financial statements are not In agreement with the accounting record5 and returns, or
we have not received all the infoimation and explanations we require for our audit.
10

INDEPENDENT AVDITORS, REPORT
to the Trustees otThe BailyThoma5 Charitable Fund- A ReR6stered Charlty
Responsibillties of Trustees
As explained more fully in the Trustee5 Responsibility Statemeni. the Trustees 3re responsible for the preparation of the
financial statements whlch give a true and fair view. and for such internal control as thÈ Trustee5 determine 15 necessary
to enab5e the preparation of financial 5tatetnents th3t are free from material misst31emeni, whether due io fraud or
error.
lth preparing the financial 5tatement5. the Trustees are responsible for èssessin8 the charity'5 ability to continue a5 a
goin8 concern, disclosin& as applicable, matters related to 80in¥ coniern and usingthe going concern basis of accounting
unles5 the Trustees either Intend to liquidate the charity or to cease operations. cr have no realistic alternative but to do
Auditors. responslbllltles foitht audit of the financial statements
Ourobiective5 èretoobtain reasonable assurance aboutwherherthefinancial statements as a whole arefree from tnaterial
mi55tatement. whether due to fraud or error, and to Issue a Report of the Iridependent Auditors that includes our Dpinion.
RÈasonable assurÈnce 15 3 high level of assurance but is not 2 guarantee that an audit tondutted in accordance with ISAS
IUKI will alway5 delect a material misstatement when it exists. Mi55tBtements can arise from fraud or error and are
considered material if, Individually or in the aggregate. they could reasonably be expected to Influence the economit
decisions of user5 taken on the basis of these financial statements.
Because of the inherent limitatlOn5 of an audit,there is a riskthatwe will notdetect all irreÉularities, in£ludingthose leadin8
to a material misstatÈment in the financial statements or non-compliance with reeulation. This risk increases the more that
compliance with a law or regulation Is removed from the event5 and tran5a£tion5 reflected in ihe financial st3tements, as
we will be less likely to beiome aware of Instance5 of non-compliance. The risk Is also greater reearding Irregularities
occurring due to fraud rather than error, as fraud Involwes Intentional concÈalmÈnt, forgery, collusion. ornission or
misrepresentation.
Irregularities. including frèud, are Instancesof non-tompliantewith law5and regulations, We design procedures in line with
our responsibilitie5, Outlined above. to detect material misstatements In respect of irregularities, including fraud.
The extent to which our procedures are ¢apable of detecting irreEuI?rities. including fraud is detailed below..
Enquiry of management and those £har8ed with governance around 3Ctual and potenrial litlE3tion and claims.
Enquiry of the Trustees to identify any in514nces of non-compliance wlth laws and regulations.
Reviewing minutes of meetings tyf those char8ed with governance.
Reviewin8 f1nanclal statement di¥105ures and testing to supporting documentation to èssess compliance with
applicable laws and regulation5.
Auditingthe risk of management override of controlg, includingthrough testing journal entrie5 other adjustments
for appropriatene55. and where applicable, evaluating the bu51ne5s rath)nale of si8nificant transactions outside the
normal course of business.
Use of Our report
This report is made solelyto the charity'sTrustee5, 8$ a body, In accordance with kttion 144 of the Char4tie5 Art 2011 and
re8ulaiions made UnderS￿tIon 154 of that Act. Ouraudit work has been undenaken so tharwe mi8hi glare to the charlty's
Trustees those rnatter5 we are required to State to them in 3n auditors, rep¢rt ¥nd for no other purpose. To the fullest
extent permitted by law, we do not accepr or assume responsibility to anyone other than the charity and the charity's
Trustees as a body. for our audit work. for this report. or forthe opinions we have lorrned,
A further description of our responsibilities for the audit of the financial statements Is located on the Financial Reportin
Council's website at www.frc.or
auditorsres
onsibiliiies. This des£ription forms part of our Rèport of the Independent
Auditors.
Tèra Aldwin ACA Isenior Staiutory Auditorl for and on behalf of FKCA Lirnited
Statutory Auditor
260- 270 6utterfield
Great Mailings
Luton
LU2 8DL
Date,.
95 A fyi- i a£kJS
11

The Bally Thomas Charitable Fund - A Registered Charity
STATEMENTOF FINANCIALACTIVITIES
for the year ended 30 September 2024
Unrestricted Fund
2024
ZOZ3
Note
INCOME AND ENDOWMENTS from-
Investrnent income
2a
1.863,566
120,400
61.168
1.461,092
120.234
311,035
Donations
Other
2b
Tolal income and endowments
2,045,134
1,892,361
EXPENDITURE on-
Cost of raisin8 funds
113,991
3,348,299
110,371
2,893,337
Total expenditure
3,462,290
3.003,708
NET EXPENDITURE BEFORE GAIN5 AND
LOSSE5 ON INVESTMENTS
11,417,156)
11,111,3471
Net gains/llossesl tsri investments
Net gainslllossesl other
12,183.364
4.704.926
17,3451
22,063
NET MOVEMENT IN FUNDS
10,758,863
3,615,642
TOTAL FUNDS BROUGHT FORWARD
86,439,873
82,824,Z31
YOTAL FUNDS CARRIED FORWARD
97.198.736
86,439,873
12

The Bally Thomas Charitable Fund - A Registered Charity
BALANCE SHEET
as at 30 September 2024
Ufirestrkttd Fund
2024
2023
Note
FIXEDAssErs
Investment assets
96,876,984
85,402,356
CURRENT A55ETS
Debtors
Cash and cash equivalents
14,630
2.390.588
212,538
2.779,053
2,405,218
11,732,625)
2,991,591
11,571,091)
LIABILITIES.. amounts fallin8due wtthln one year
NET CURRENT ASSETS
672,593
1,420,500
TOTALASSEfs LESS CURRENT LIABILITIES
97.549,577
86,822,856
LIABILITIES- amount5 fall￿8 du¢ after one year
io
1350,8411
1382,9831
NET ASSETS
97,198.736
86.439,8?3
Representing..
RESERVES AND FUNDS
Unrestricted fund
97,198,736
86,439,873
Approved bythe Trustees
0110412025
Date
and signed on their behall by..
Chair of Trustees
Mrs S J Marriott
13

The Bally Thomas Charitable Fund A Registered Charity
STATEMENTOF CASHFLOWS
for the year ended 30 September 2024
2024
2023
Cash Ilows from operatlng attfvitles..
N•t cash used In operatlw aulvltles
13
12,960.7671
12.736.148)
Cash flows from inve$tin8 artlvliles:
Investment incorne
1.863.566
16,173,855
114,674,695)
1790,4241
1,461,092
3,4QO,OQO
Proceeds from ￿le of investments
Purchase of investments
Reinvestrnent of incorne and issue of additional accumulation shares
1486.1681
Net ¢ash provided by Investlni aetivltles
2,572,302
4,374.924
Change In eash and cash e4uivalents In the year
Cash and cash equivalents at the beginning of the year
1388.4651
2,779,053
1,638,776
1,140,277
Cash and cash eqU￿alents at the Ènd of the year
2,390,588
2,779,053
Represented bv..
Current a55et investrnent
Cash at bank
727,892
1,662,696
2.445,355
333,698
2.3W.$88
2.779.053
14

The Bally Thomas Charitable Fund - A Registered Charity
NOTESTO THE FINANCIALSTATEMENTS
at 30 SeptÈmbÈr 2024
ACCOUNTING POLICIES
The principal attounting policies adopted are as follows.,
al Basis of prepara¢ion and assessment of going concern
Thefinanclal &tatement5 have been prepared underthe historical cost convention with items recognised at costortransaction
value unless other¥vi5e 5t4ted in the relevant nore to these financlal staiements. Thefinancial statÈmÈnts havo been prÈparÈd
In accordance with the Charitie5'. Statement of Recommended Practice (applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applitablÈ In the UK and Republic of Irelind IFRS 10211 leffertive I january
20191 Ichariiies SORP IFRS 10211 and the Charities Act 2DII.
The Charity constitutes a publK benefit entity as defined by FRS 102.
The Trustees conslder that there arè no fflaterial uncertainties about the Chority's ability to continue as a Eoing concern.
With respect to the nèxt reporting period, 2024-2025 the most significanr areas of ￿n￿rtainlY that affect the carrying value
of assets held by the Charity are rhe level of investment return and the performance Of investfflent markets (See the
investment policy and performance and risk tnana8ement Sections of the Trustees. annual report fer more informationl.
bl Fund slrurture
The unrestricted Income fund comprises fund5 which the Trustees are free to use for any purpose in furtherante of the
charitable object5.
I Income retognitlom
All Income is recolnised once the Charity has entitlement to the income. it is probable that the income will be received and
the arnount of income receivable can be measured reliably.
Interest on funds held is included upon notification of the interest paid or payable. Dividend5 are recognised once the
dividend has been declared and notific3tion has been received of the dividend due. Credit is taken in the accounts for
income tax deducted from inve5trnent income which has or will be reclaimed from the H M Revenuè & Customs.
Distributions from the Bally Thorna5 Provident Fund are accounted for when they are advised to the Charity. They are
credited in the Statement of Financial Activities Includin8 rècoverable incotne tax.
dl Expet)dlture retO8ttition
Liabilities are recognised as expenditure as soon as thère is a legal or consiructive obligation committing the Charity to that
expenditure. it is probable that settlÈmènt will be required and the amount of the obliÉation ean be meèsured reliably.
All expenditure is atcounted for on an accruals basis. All expenses, iniluding 5UPPQrt C05t5 and 8overnance costs, are
allocated or apporrioned to the applicable expenditure headings In the Statementof Financial Aitivities. For more inforrnation
on this allocation refèr to note el below.
Grants p3y3ble are payments made in furtherance of the charitable objectives of the charity. Provision is rnade for grants
approve(I by the Trustees in the yÈar. In the case of an unconditional grant offer this is accrued once the recipient has been
notified of the grant 4w3rd. The notification 8ives the recipient a reasonable expectation that the¥ will receive the one-year
or multi-ye3r grant. Grant awards that are Subject to the recipient fulfillin8 performance conditions hre only accrued when
the recipient has been notified of the 8rant and any remaining unfulfilled condition attaching to that grant is outside of the
control of the Charitv.
15

The Bally Thomas Charitable Fund - A Registered Charity
NOTES TO THE FINANCIAL STATEMENTS
at 30 September 2024
ACCOUNTING POLICIES- contlnued
el Allo¢atlon of governance and other sUp￿rt costs
Governance and support cost5 have been allocated between charitable activities and governance based on the activity to
which they relate. The allocation is analysed in note 5.
Govemante costs cornpri5e all costs involving the public atcount3bility of the Charity and its compliance with regulation
and good practice. These costs includÈ costs related to the 5taturory audit of the Charity, legal and accountancy char8e5,
together with an apportionment of overhead and support costs.
Cost of raisingfunds
The tostof generatingfund5comprisesthe investment consultanty thar8e5 andoneofthe investrnent managerfs chargeswhose
holding is a zero fee paying share cla55 and the fee is paid outside the fund.
£1 Charltable artivitles
The Èxpenditure on charitable activities comprises grants rnade in the year. governance costs and an apportionment of
support costs as shown in note S.
h) Flxed 4$5et investments
Investments are inltially Tecognised at th*r transaction vèluè and subsequeritly measured at their market value as at thè
Balance Sheet date using the closin8 Quoted tnarket price. The statement of Financial Actfvitles includes the net gain5 3nd
losses arisin8 on revaluètitsn and di5PQ5als throughout the year.
11 Cash and cash èquivalerbt5
Cash at bank and cash eguivalents are held to meet short-term cash commitments as they fall due. The Charlty has defined
it5 holding of Royal London Cash Plus Fund as a cash equivalent. hLqhly liquid investment which tan be called upon without
notice.
jl Realised 8aln$ and losses
All gains and losses are taken to thè Statement of Fin3nci31 Activities as they arise. Realisèd 8Èins and10sses on investments
are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired
Subsequent to the first day of the financial year. Unreèlised gains and losses are calculated as the difference between the
fair valuè ot the year end and their carrying value. Reali5ed and unrealised invesiment 8ains and losses are combined in the
Statement of Finantial Artivities
kl Foreign curren￿ translation
Transactions denominated in foreign currencies are recorLled at the rate of exchange ruling at the date of the transactions.
Monetary 3ssets and liabilitie5 denomin8ted in foreign currencies are translated into sterlin2at year-end ratesand trarislation
differences are taken to the Statement of Financièl Attivitie5.
11 Curren
The financial sratements are prepared in sterling, which Is the funttional currency of the charity. Monetary amounts in these
financial statement5 are rounded to the nearest £.
16

The Bally Thomas Charitable Fund - A Registered Charity
NOTES TO THE FINANCIAL STATEMENTS
at 30 September 2024
INCOME ANP ENDOWMENTS
I Irwestment income
2024
2023
Oividends from investments
1,849,817
13.749
1,451,763
9.329
Interest on cash deposits
1,863.566
1,461.092
bl OthÈr
The Charity is entitled under the trust deed of the Bally Thomas Provident Fund to surplus income each year not applied for
the benefit of forrner employees of Mansfield Brewery plc. There was no surplus income for the year but a payrnent of
£60,328was received being the atnount of tax reclaimed by Provident Fund beneficiaries and reiurned rothe Provident Fund.
This amount IS then given to the Charitable fund. (Total 3mounr received from Providenr Fund in 2023 - £310,770). The
Charity Hlso holds a reversionary interest in the capital of the Fund. At 5 April 2024 the draft accounts show the net 355et
value of the Fund was £35,200.58912023 £35.735.8781.
A fee aEgreEation agreement is in place with one of the investment managers. Accordingly* any difference between the
annual management charge and ihe applicable fee is rebated following each Quarter end by Issuin6 additional èicUtnulat￿n
shares. The fees are reflected through the performance of thÈ units. withthe value of the fee rebate h re￿Ipt of endowment
funds. This was £840 in 202412023 in É2651-
COST OF RAISING FUNDS
2024
2023
Investment managers charges
Invesrment consultaney char8es
77,319
36,672
75.597
34,774
113,991
110,371
Following the Tru5tees' change of invesiment objective from June 2011, the Charity holds unlts in funds with fees taken Into
account and reflected throu8h the performance of the units. The total of such char8e5 for the year attributable to the
Charity ère estimated at £470,91212023 £494.4881.
ANALYSIS OF CHARITABLE ACTIVITIES
The Charity undertakes it charitable 4ctivitie5 throu8h grant making and awarded grants to a number of institutions in
further3nce of Ils charitable objective5.
2024
2023
Grant funded activity
Support and governance costs
2,995,189
240.052
113.058
2,575,082
208,314
109,941
- Governance
3,348,299
2,893.337
Grants refvthded/withdrawn
The Tru5tee5 require Charities to return any money which they have not utilised for the purpose of their oriÉinal appeal.
Accordingty during the year 11 grants totaling £85.34512023. 7 Erants E21,1321 have bpen refunded and 19 grants totaling
£293.28812023, 3 grants £50.0(M)I have been withdrawn.
17

The Bally Thomas Charitable Fund - A Registered Charity
NOTES TO THE FINANCIAL STATEMENTS
at 30 September 2024
4. ANALYSIS OF CHARITABLE ACTIVITIES- continued
Grnnts of£20,IM)arbd over
Commttments GrantsAworded Gronts Poid Commitments
B/F
In thePertod
in the Perlod
ChorityNtsme
University ColleEe London
U15ter Univer51ty Total
King's College London Total
University of Glas8ow Total
University of Oxford Total
Aston UniversityTotal
University of Sheffield Total
Edinburgh Napier University
Rix-Thompson-Rothenberg Foundation Total
Purley Park Trust
Autism AnElia Total
Hastings and Bexhill MencapSo¢iety Total
Hert5mere Mencap Total
Mencap Liverpool &Sefton Total
Pyrarnid of Art5Total
Reading Mencap Total
Seashell TrustTotal
SNAAP Ispecial Needs Advisory &AttlVities I
Brainbox Tot31
Burton Street Foundation Ltd Total
Families United Network Total
Ferring Country Centre
Friends of Castledon School
Grove Cottage (Bishop's Stortford Mencapl
Haswell & District Mencap
HomÈ-St3rt Ro¢hdhle and Bury
Kids in Action
Northumbria Calvert Trust
Pure Innov3tions
Shensrone School
Social tife Opportunities ISOLOI
Sola5
The Meath Epilepsy Charity
29,217
82,732
125,184
140.132
86,2(
105,fKJI
17,312
305.014
118.818
106,010
IfK),531
98,182
96,612
92,628
89.9?0
179.158
$4,718
79,243
169,394
155,073
14&832
151,951
7L269
184,390
141,830
109.940
89.970
3S.(KI)
lo,￿)
25,((Q
59,783
35,((
20,
25,LK
25,(DO
25,(MXI
25.(Kx)
25,(KX)
25,(U)
25.(XJ)
22,0
21.3
25,(
25,(MJ)
20,(K
20,(XX)
20,OLKI
25,QJJ
li.(N))
11,3
Ii,cKx)
20,C
20,(K
20,C
20.L
20,(KLI
20,(KA)
20.Q
20,rMM)
20,(
20,(NX>
GFiApnsof £20,(>)J and over
ALLOTHERS
TOTALGRANTS
Grants refunded
Grants withdrawn
620.786
1293,865
L914,651
1,6(6,155
1,767,667
3.373,822
185,3451
1293,2881
2,995,189
973,296
1.997.869
2,971.165
185,3451
1,253,645
1,(I$3.663
2,317,3r
1293.2881
2,024,020
1.914,651
2,885,820
Fallingdue in one year
Fallin8due aftermore than one year
1,6n,179
350.84L
2,024.020
18

The Bally Thomas Charitable Fund - A Registered Charity
NOTES TO THE FINANCIAL STATEMENTS
at 30 September 2024
ANALY515 OF CHARITABLE ACTIVITIES- continued
GIiANTS BY CATEGORY
2024
2023
Rix-Thompson-Rothenber8 Foundation- grant makinE
Research projects
Main
rants
ro
ramme
70,Ch)O
1,032,194
70,WO
689,534
Major capital bulld1n￿refurb1ShMent costs
Other capital building/refurbishment cost5
Major runnin8 Costslrevenue costs
Other running costslrevenue costs
Equipment costs
ro
380.(Q)
48,810
894,8
577,796
76.OLK>
340,893
51,033
663,238
448,978
38,535
ramme
Capital buildinElrefurbishment tostS
Runnin8 COStslrevenuÈ cost5
Equipment costs
13,(KJO
254,979
26,153
26,lJ)O
283,947
34,056
3.373,822
2,646,214
GRANTS BY VALUE
2024
No. of 4rat)ts
2023
Total value No. ot8rant5
Value
Total val￿e
£100- £5,0(
£5.001- £10,000
£10,001- £15.000
É15.001- £25.000
£25.001- £80.000
£80,001- £100.O(N)
515,065
545.254
687.352
535.418
100.0
990,733
139
58
49
25
404,733
641,316
397,822
325.195
293,783
583.365
117
68
28
16
io
3,373,822
283
2,646,214
241
All grants were made to institutions.
GRANT COMMrrMENTS
The Trustees have also made further non-binding grant commitmonts to 17 future project5, the timing of which is unknown,
totalin8 £169,44212023 £108,000>.
19

The Bally Thomas Charitable Fund - A Registered Charity
NOTES TO THE FINANCIAL STATEMENTS
at 30 September 2024
ALIOCATION OF GOVERNANCE AND OTHER SUPPORT COSTS
Overhead and support costs were allocated between governance and charitable activities a5 detailed below..
2024
Charitable
2023
Charitable
Vnrestrlrted Fund
Activities
Go¥ernance
Artivities
Governance
Audit fees
LeEal and professional costs linc. expenses)
Actountancy and administration linc. expensesl
7,224
62,134
41.505
833
5,934
64,969
37,205
796
50.935
166,020
28,408
165.218
Trustees, indernnity insurance
Grant assessors, expenses
Trustees. expenses
Doct¢ral interviews
1.180
877
10,422
120
7,309
67
1,002
438
8ank charge5
Website development and hOSt￿n8
Information Commi55ioner
147
125
11.553
6.874
35
35
240,052
113,058
208.314
109,941
TRUSTEES EXPENSES AND REMUNERATION
The Trustees received no remuneration in respect of the financial year ended 30 Septernber 202412023.. Nill.
Mr Kenneth Young, a Trustee of the Fund received payment in respect of his professional services and è disclosure in
respert of thi5 Is included in Note 11.
The Trustees sought advice from the Ch3rity Commission regardin8 the payment of fees and expÈnse5 to the two
Medical Trustees. On their recommendation the two Trustees mèy invoice the Fund for their tirne Spent on evaluating
research applications and also on the Charity's work and reclaim hny out of pocket expense5 incurred.
Expenses of E12012023- £671 were charged by one Twstee12023- onel in the yÈar Èndèd 30 September 2024.
1024
2023
Travel
120
67
FIXED ASSET INVESTMENTS
2024
2023
Movement in r￿ed asset listed investrnents
Market value at 30 September 2023
Less.. Sale proceeds
Add.. acquisltions at cost
Net gainslllossesl on revaluation ènd disposal
85.402,356
83,612,772
116.173,8551 13,400,owI
15,465,119
486,168
12,183,364
4,703.416
Market value at 30 September 2024
96,876.984
85,402,356
Historical cost of quoted investments 4t 30 September 2024
73,869.068
75,237,104
All investments are1isted on a recognised stock exchange.
20

The Bally Thomas Charitable Fund - A Registered Charity
NOTE5TO THE FINANCIAL STATEMENTS
at 30 SeptÈmbÈr 2024
FIXED ASSET INVESTMENTS- contlnued
As èt 30September 2024. the rnarket valueof investments listed in the UK amounted to £96.876.984 with noinvestments
listed overseas.
All holdings as at 30 SÈptÈmbef 2024 represented more than 5% of the total fund 3nd cornprised of the followin8'.
Marketvalue
Historical
value
3019124
Artemis Income IExclu5ionsl Fund
Baillie Gifford Global Alpha Gr0￿h Fund B acc
Baillie Gifford Multi Asset Growth Fund Bl act
Pictet Multi Asset Portfolio Z 3CC
26.378.2S5
20,209.213
14,859.766
17,185,858
18,158.106
19,265,561
12,865,849
15.076,839
14,046,605
12,700,000
R8C Guardcap Global Equity Fund
BlackRock iSh3res
96.876,984
73,869,068
CUARENT ASSETS
2024
2023
Debtor5
Taxation reclaim
Due frem Provident Fund
Prepayments
Roy81 Londen Short Term Fixed Income Fund Y Inc
CAF Charity Money Management
89.180
108.998
14,360
2,445,355
333,698
14,630
727,892
1,662,696
2,405,218
2,991.591
LIABILMES: amoutttsfallingdue wiihin one year
2024
2023
Accruals
ChadÈs Russell Speechly5 LLP
- Azets l Ken Young
Auditor's fees
Accounting and taxation 5ervice5
Investment m3nagers
- A55e550r5
12,485
1.575
7.2CQ
17,738
20,298
150
1,673,179
12,761
5,676
2,520
18,466
Grants
1.531,668
1.732,625
1.571.091
10. IIABILITIES.. amounts falling due after one year
2024
2023
Grants
350,841
382,983
21

The Bally Thomas Charitable Fund A Registered Charity
NOTESTO THE FINANCIALSTATEMENTS
at 30 September 2024
11. RELATED PARTIES
Mrs Suz3nne M3rriott, a Trustee of the Fund. is a partner of Charlès Russell Speechly5 LLP. In the year ended 30
September 2024 legal costs of £101.869 lincludinE reimbursed expenses of £1,465) were charged to the Charity by
Charles Russell Speechlys LLP 12023 E76.8171. Atcrued fee5 of E12,485 lincluding expenses of £0) were outstsndinE ar the
year end.
Mrs Marriott IS 3150 a Trustee/Governor of The Rix-Thompson-Rothenber8 Foundation Charity which received a grant of
£70.000 from the Fund durin8 the year12023 £70,000).
Mr Kènneth Young is a Trustee of the Fund. In the yÈ3r ended 30 Septernber 2024 fees of £11.2(Kl were charged to the
Ch8riiy by himself for profession315ervices provided. (ln the year ended 30 September 2023 Mr Young was Èmployed bv
Azets who charged the fund £16,560). Ac£rued fee5 01 £1.575 were outstanding at the year end.
Professor Arigela Hassiotis was appointed as a Medical Trustee of the Fund in March 2024. Before she became a Trustee,
she was awarded a resÈarth grant of £118,976 In November 2023. The conditions of the grarit were met in February 2D24
and a payment of £95,181 was made in AprS12024. The b3lantÈ of £23,795 wa5 0Ut5tanding at year end.
A researchgrant of £113,868 w3s awarded in June 2024 te Ulster Universityfora research project Sed by Professor Laurence
Ta88art. Profe550rT4ggari is a Erant assessor for The Bally Thom45 Charitable Fund.
12. VOLUNTEERS
The Charity does not receive any contributions from volunteers.
13. RECONCILIATION OF NET MOVEMENT IN FVNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024
2023
Net movernent in Funds las per the Statement of Fin3nci31 Activiriesl
IGainsl/losses on Investments
Deduct investmènt Income shown in investin8 activities
Ilncreasel/decrea5e in debtors
Increaselldecreasel creditor5
10,758.863
3,615,642
112,183,364) 14,703,416)
11,863.5661 11,461,092)
197,908
1199,5231
129,392
12,241
Net cash used in operating acrivities
12,960,767> 12,736,148)
14. SUMMARY OF FUND MOVEMENTS
Fund
balan£es
brought
forward
Fund
balances
carrled
fonvard
Gairb5 and
losses
Fund Name
Intomè
Exp¢nditure
Unrestricted Funds
86,439,873
2,045,134
13,462,290)
12,176,019
97,198,736
Tot31 Funds
86,439,B73
2,045,134
13,462,290)
12,176.019
97,198,736
22