The Bally Thomas Charitable Fund
A Registered Charity
Report and Financial Statements
30 September 2025

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
15-22

The Bally Thomas Charitable Fund - A Registered Charity
TRUSTEES, ANNUAL REPORT
for the year ended 30 Septembèr 2025
The Trustees present the￿r annual ￿port and financial 5tstements for the year ended 30 September 2025. The financial
Statement5 have been prepared in atcordante wilh the accountln8 policiesset out in note I to the finanii315tatetnents and complv
with the Charity's trust deed dated 2 October 1970, the Charitie5 Act 2011 and Accounting and the Charities Statement of
Recommended Practice (effective l January 201913nd Financial Reporting Standard FRS 102.
Reference and Administratioh Detallsolthe Charlty,11S Trustees and Advlsors
Settlor
Frank Bruce Bally Thomas- died 7 January 1997
Dare of 5etrlement Deed
2 October 1970
Trusrees
Mrs Suianne Jane Marriott, BA (Hon51, Dip Law, TEP, Notary Public
Chair of Trustees
Kenneth Robert Young. FCA
Emeritus Professor ￿ll¥-Ann Cooper, OBE, 8Sc, MBBS, MD. FRCPsych
JonBth3n Philip Snow, 8Sc (Honsl, ASIP
Professor Ange￿ Hasgotls, MA. PhD, FRCP5ych
Principal Addre55
clo TMF Glob?1 Services IUKI Ltd
131h Floor
One Angel Court
London
EC2R 7HJ
Regi5teTed Charity Number
262334
Solicitors
Charles Russell Speechlys LLP
5 Fleet Plèce
London
EC4M 7RO
Administrators and Accountants
TMF Global Service5 IUKI Ltd
One Angel Court
London
EC2R 7HJ
Auditors
FKCA Limited
260-270 Butterfield
Great Marlin85
Luton
LU2 80L

The Bally Thomas Charitable Fund - A Registered Charity
TRUSTEES, ANNUAL REPORT
for the year ended 30 Septernber 2025
Reference and Admimlstration Details of the Charity, ItsTrustees and Advlsors- continued
Bankers
CAF Bank Limited
West Mallini
Kent
ME19 4JQ
Artemis Investment Management LLP
Cassini House
57 St James Street
London
SWIA ILD
Calton Square
l Greenside Row
Edinbur8h
EHI 3AN
Pi£tet Asset Management
Moor House
Level JI
120 London Wall
EC2Y SET
Guardcap
6th Fk)or
St lame5
London
SWIY 4NS
Roy31 London Asset Mana8ement
PO Box 9035
Chelmsford
CM99 2x8
8lackRock Invesiment Manaeement IUKI
12 Throgmtrrton Avenue
Lon(k>n
EC2N IDL
Investment Consultants
Stanhope ConsullinE
3S Portman Square
London
WIH 6LR

The Bally Thomas Charitable Fund - A Registered Charity
TRUSTEES, ANNUAL REPORT
for the year ended 30 September 2025
Structure. GDvernan¢t and Management
The Charity Is an unincorporated trust constituted under a trust deed dated 2
Ocrober 1970 and is a registered charity, number 262334. The deed settled the
Trust Fund a5 ro capital and Income on a discretionary trust for applicatic>n to
charitable purposes or to charitable Insritutions connected with the preVent￿rn,
treatment or relief of mèntal or other forms of Sllness. There was a twenty-one
vear power to accumulate iricome to 2 October 1991. The Charity does not
èctively fundraise and seeksto meet it5charitable objectives through the careful
stewardship of ils existing resources.
The Trustees have wide powers of Investment as though benefi¢iallyentitlÈd.
A Charity Commission order was endorsed on 7 August 2003 givin8 the
necessary authority to the provision of indemnity insurance for the Charity
Trustees out of the funds of the Charity.
The power cf appointing Trustee$ Is vested in the surviving Trustees or Trustee
for the time bein¥. save that the Preslden¢ for the tlme beine of the L3w Society
h35 power to appoint a new Trustee In the plaie of Mrs S l Marriott and the
President for the time being of the Royal College of Physician5 has power to
appoint a new Trustee in ihe place of Professor A Hassiotis.
The appointment of new Trustees 15 considered by the existing TrugteÈs to
ensure thai the board of Trustees has the appropriate skill sets to carry out Irs
The induction procèss for new TrustéÈs comprises an initial moÈtin8 with the
C￿￿1¥ of the Trustees at which time the new Trustee Is briefed on the grant
making activities, the investment stratesy of the Charity, the administration
arrangements and the responsibilities of Trustees. New Trustees are provided
with a copy of the Charity's most recent annual financial statements, a brief
history of the trust and other relevant dociJmentS.
The Tru5tee5 consider the B03rd of Trustees as comprisingthe key management
personnel of the Charity in charge of directing and controlling the Charrty and
running and operating ihe charity on a day to day basis. Details of TrusteÈ
expenses 3nd related party tr3nsaction5 Ire disclosed in notes 6 and li ro the
financial statemènt5.
TheTrusteesare requiredtodisclose all relevant inreresrsand registw them with
the Chair and In accordance with the Trust's policy withdraw frorn decisions
where a conflict of Interest arisÈs.
The Trustees who have seNed during the yearand 5iricethe year end are set out
on page l. They usually meet tri-annually to di5CUSS the affairs of the Fund
including the consideration of Jpplicarions, the approval or refusal of grant5. to
consider the performance of their Investment portfolio arid review polities on
reserves and risk assessment. They consider recommendations for. 3nd make
final decisions on, the awardin8 of grants over £5.￿0.
The Trustees have deleÉated the power to m?ke grants of £5,OJO and below to
the Chair of Trustees, unle55 they fall into the area of researth in which case rhe
power has been delegated to both Medic31 Trustees. Such 8rants are usually
made on a monthly ba515. or as demand decrees, and are ratified retrospectively
by the Trustees at rheir meetings.
The Tru5tee5 have a panel of Grant A55essors who visit and report on applicants
Specified by the Trustees.

The Bally Thomas Charitable Fund - A Registered Charity
TRUSTEES, ANNUAL REPORT
foT the year ended 30 September 2025
Strucwre. Go¥*rnance and Management
- Contlnued
The d3y to day administration of the Fund Is carried out by TMF Global Services
IUKI Ltd tD inilude the processing of grant application forms prior to
consideration by the Trustees and thefacilitatign of grant payments for approval
by theTrustees.
Objetlives and Acifvities forthe Publi¢
Beneflt
The Trust's charitable activilv IS Its grant-rnakins prosramme. through which the
Trustees seek to support charitable projects within the Fund's rernit. Ouring the
year the Trustees have continued to rnake grants in accordance with their
charitable objectives of the preV@￿tIoN, treatment or relief of mental Of Qther
forms of illness. Since June 2001 the Trustees. funding priority has been solely
le3rnin8 di5bbilrty. The Trustees consider under learning disabilitythe conditions
generally referred to as severè learning difficulties. together with autism. Full
www.bailyrhom3s.0rg.uklgrants/general-prograrnmeleli8i￿ll1Y-crIIerIO.
The Trustees confirm that they have referred to the guidance contained in the
Charity Commi55ion'5 generèl guidance on public benefit when reviewing the
Trust'5 aims and objectives and in planninÉ future acrivities and setting the 8rant
makin8 policy for the year.
TheTrustfurthers its charitable purposesforthe publ*c benefitthrough its Erant-
making policy which aim5 3t.'
Professorswhere theirrole includes research activitythat will further the
objects of Ihe charitv.-
financing scholarships to individuals undertaking postgraduate research,
normally at PhD level, where the student'5 area of interest further5 the
object5 of the charity.. and by
providing grant5 to project5th3t seek to benefit the learning di58b￿d by
funding cèpital projects and core cosis to include staff costs, general
runnin8and office costs at charitable oreanisations, schools and centres.
ApplicationstotheTrust forgener31 grants are bycompletion of the Dn-line grant
application form bvithin the website. Funding Is Thormally co>n5idered for capital
and revenue costs and for bL¥th specific project5 and for general runnin81core
C05t5. Application5 will only be con51dered from voluniary org3nisations which
are re8isteredch3riiies Of are associatèd wilh a registered charity. GrantS3rÈ not
awarded to individuals. Financial circurn5t3nce5 will be relevant only in
determining the amount of an award.
Applicètionsfor8rants in thÈafea of research are made in writing to the Trustees
and should be in the form of a scientrfic summary With a research plan to Include
a brief background and a short account of the desiÈn ¢f the study and nutnberof
subjecrs. the methods of assessment and ènaly5i5, timetable, rnain outcomes
and some Indication of other opportunities ari51ng from the support of such
researih. Applications are only considered from established reseèr(h worker5
and are subject to normal professional peer review procedures. Any benefir by
researchers and research institution5 15 purely incidental to the objects of the
Trust's work.
Applitaiions for the 8aily Thomas Doctoral Fellowship are by tornpletion of the
application forrn which is published on thÈ website.
Details of how to apply for grants and stholar5hips. together with the relevant
forms, are available on the Trust's website.. www.bèilythom35.or8.uk.

The Bally Thomas Charitable Fund A Registered Charity
TRUSTEES, ANNUAL REPORT
lor the ye3r ended 30 September 2025
Grar¢t Making Policy.Achievememts
and Performance
The Trusi ha5 established irs grant making policy to achieve its objects for the
public benefit to improve the lives of the learning disabled. A learning disabilitv
s a disorder in which a person has difficulty learning in a typical rnanner Inaking
rt problematic for a person to learn as quickly, or In the sème way as someone
who 15 not affected by a1earning disability A learning disability cannot be cured
¢r fixed bui wirh the right SlJPPOrt and intervention, people with learnin8
disabilities can succeed In school and go on to be 5Utcessful in Ilfe. The
beneficiaries of the Trust's grani makln8 pro8ramme are ultimately the learnin8
di￿bled. regardle55 of age, gender or creed.
The Trustees set an annual budget for gr?nt5 to be awarded which is calculated
with reference to the average value of the portfolio over ihe previous three
years. During the year under review 388 8rant5 totalling £3,624,118 (excluding
returned grants) were awarded from the Bally Thomas Charitable Fund12024
£3,373.8221-
All 8rant5 of E20,OtIO or over ère listed in note 4 to the finèncial statements.
Although they are analysed in separate categories for disclosure purwses. the
Trust fund's charities are in a broad range of areas and the Trusiees are
Interesied in supporting iniriatives which meet their selection criteria regardless
of the charitable area Into which the project f311s.' 3nyfluctuation in the level of
8rants funded acros5 the cate8trries is, therefore, a reflection of the applicaiions
received rather than of a chan8È in the Trustees, priorities. The size of Éeneral
grants varied. from £l,CKIOto Newhatn All Star Sports Academy- helpinÉ young
peopleto thrivethrou8h 5POrtS to a grant for £50,OOOto Friends¢f Meathschool
towards building a new playground at Meith School. A iotsl of 6 813nt5 were
awarded durine the year for research In the area of learnin8 disabilities. The
largesr rese3rch 8ranr of £64,597 was awarded to the Univer51ty of Strathilyde
toward5 a Study over 12 rrionths'1nvest￿atlng 24-hour movement behaviours in
During the yearthe Tru5tee5 awarded the following fellowships..
University of Oxford
£99.2$8
Docior31 Fellowship stucly. ThÈ Interplay of e*e¢ulive functions, numeracy and
wellbeing for younÉ boys and 8irls with fra8ile X Syndrome., Lon8ltudinal
prediction and inteNention potential,.
Mèjor donarions made during the year included.
General Grants
Keyn5ham and Dlstrltt Mencap Sotlety
Towards Running costs.
£27.(M)o
Hammetsmith and Fulharn Mencap
£25.[
Toward5 a 10 week workshop enabling participants to create rnarketable
product5, such as T-shirts and graphic designs. Participants will have the
opportunity to sell their creations.
Ftlends of Meath School
Toward5 Building a new play8round at Meath School.
£25,0
The Odell Trust
Toward5 ) Medical enEineerinE resource unit.
£25.IX
Greenwlch Mencap
Toward5 running costs
E25,C

The Bally Thomas Charitable Fund - A Registered Charity
TRUSTEES, ANNUAL REPORT
for the year ended 30 September 2025
Grant Maklng Policyi Achle¥ements
and Performarbce- tontinuÈd
Researth Grants
Llniver5ity of Birmin8h¥m
£98.128
Study over 18 months'The Lives of People with Profound and Multiple Learning
Unbversity of Oxford
£70.606
Stu(ty over 36 rnonth5 '1tnprovitTS prediction of premature mortality in people
with learning disabilities in prim3ry care,. a mixed methods Study
univers￿ Colle8e London
£68,559
Study over 12 months 'Protocol for developin8 the 'Sytnpttrms and Functional
Impairmenr RarinE Scale for ADHD in people with Intellectual 0i5bbility ISFIRS-
AOHD-IDI"
Kin<5 College London
£66,845
Studyover IZ months'lnvestigatingthe health and development of childrÈn born
1¢ women wilh intellectual disability In south London.- a study using electronic
heèlth rectrrds datè linkage,
Unfversity of Strathclyde
£64.S97
Study over 12 month5 '1nve5ti8ating 24-hour movernent behaviours young
University of Edinbur¥h
Study over 24 months'Refflote Monitoring of Sleep in SYNGAPI,
£51376
University College london
£43.691
Study over 18 months 'The link between language, social skills, ar￿ bullying in
Oxford Health
É39.260
Study Dver 12 tnonths 'A retr05pective cohort study usinE the Open SAFELY
pl8tform to determine risk factors associated with mortality in patient5 Wlth
University ol Leicester
£28.879
Study'Barriers, enabler5 3nd intetventions to facilitate deprescribinÉ for people
with intellectual disability A behavioural science sy5tematK review,
The Trustees areconfidentthattO8ètherthese8rants dernon5tratea hvdh degree
of public beneht in accordance with the guidance published by the Charity
Comtnission.
FinHrbcioI Review and Resenfes Policy
The grani-makin8 pro8ramrne is funded from income 8t￿trat￿ frorn its
investtnent portfolio. distributions received from the Provident Fund and cash
drawndown from investment5.
Total Income generated from thecharity's own investrnents increased by £26.491
to £1.890.057 12024 EI,863,5661. Income received from the Provident Fund
Increased by £99,454 to £159.78212024 £60,328). During the year there was èn
overall increase in income of £124,774 to £2,169.9D812024 £2,045,134).
The Trustee5 Set an annual budget for 8rant5 to be awarded which is caltulated
with reference to the average value of the portfolio overthe previousthreeye3rs.
The grant distribution istakenfrom both income and capital receipts. To med the
grant makinÈ objectives throughout the year the Trustees elected to drawdown
cash from investments.

The Bally Thomas Charitable Fund - A Registered Charity
TRUSTEES, ANNUAL REPORT
for the year ended 30 September 2025
Investment Policy and Perforrnartte
BythÈirOrderof 15 Oecember 1999. The Ch3rity Commissioners for England and
Wales authori5ed the Trustees to appoint Investmeni Managers and delegate to
them power at their discretion to buy and sell investments on their behalf in
accordance with the investment policy laid down by the Trustees. which are on
term5 consistent with the Order of the Charity Commissioners.
The investment5 made by the Trustees are after takine approprlate Investmenr
advice. and such serwices are currently provided by Stanhope Consulting who
also monltor the investments, performènce.
The Chair of Trustee5, Mr Youn8, Mr Snow and Mr Nangle la Trustee until
November 2012 whose services have been ret3ined as Co-opted Advi50rl Sit on
the Investment Committee. Meetings of the Committee are usually held bi-
annually with Stanhope Consulting. to consider overall strategy, investment
performance and the appointment of Furid Manager5.
FollowinE a review in November 2010, the Trustees resolved to tsrget a specifi
return rather than a strate8ic asset allocation. In April 2017 the Trustees
appointed BailliÈ Gifford and Pictet Asset Mana8ÈmÈnt as absolute managèrs.
TheTrusrett res01ved at ihaf time io retain Arremi5 Asset Management Limited,
who were appointed in September 2008. Following an investtnent strategy
review in early 2020 the Trustees resolved to revise the strategic portfolio
allocation. They 3greed to widen glob31 equity exposure, to reduce the
dependency on the UK equity market. to decrease the exposure to sterling and
to increase diversification. The portfolio was restructured and a$ 8 result. the
investmenis wilh the manaÉers were reduced, and two new 85obal èouity funds,
Baillie Gifford Global Alpha Growth and Guardcap Global Equity Growth, were
added to the portfolio. At the Inve5ttnent Cornfflittee meeting in November
2023, the Trustees discu55ed the appropriare size of the allocation to multi-asset
diversified Érowth funds within the investment portfolio. They 5ub5equentlv
agreed to adopt a fixed strategic èllocatlOn5 for the portfolio and to sell the
holdirig in the Baillie Gifford Multi I￿$et Growth Fund 3nd invest a portion of the
proceeds into thÈ Baillie Gifford Global Alpha Growth Fund with the remainin
proceeds being in¥ested into two passive ishare funds with 8lxkRock.
As at 30 september 2025 the iDve5trnent5 comprise 7 fun(Js, the Artemis Income
Gifford Global Alpha Growth Fund, the Gu3rdCap Global Equity Fund, rhe
BlackRock ishares Corporote Bond Index Fund. the 8lackRock ishares UK Gilts All
Stocks Indéx Fund and the Royal London Short Term Fixed Income Fund. These
are currently managed by Artemis Agset Manègement Lirnited. B3illie Gifford,
Pictet Assei ManagÈrnent, Gu3rdCap, BlackRo¢k Fund Managers Limited Hnd
Royal London Asset Management. The capital value of the portfolio as at
Seprember 2025 stands at £103,385,602. which represents Fixed Asset5
investment5 Wlth a total value of £103,130,666 and Current Asset cash
eguivalent investments of £254,936.

The Bally Thomas Charitable Fund - A Registered Charity
TRUSTEES, ANNUAL REPORT
for the year ended 30 September 2025
ItwestmeTrt Policy and Performance
- comtlnued
The lon8-term objective is to prÈseNe the capital of the portfolio from Inflation
whilst meeiingthe Fund'sgrant rTFaking objettives. Thetotèl ieturn target forthe
investment portfolio has iherefore been set at 3.5% p.a. in real term5 after
inflation as measured by the Consumer Price Index ICPII- TheTrustee5 acceptthis
may be a demanding target in the current environment but believe that It
remains a sensible long-term aspirat￿n.
The long-term Libjectivelbenchmark forthe combined portfolio is te achieve CPI
+3.5% p.a. The benchmark for the Artemis Income (Exclusions) Fund 15 the FTSE
All Share Index. The benchrnark forthe Pittet Dynamic Asset Allocation Portfolio
Is to achieve SONIA +4% p.a. The benchmark for the Baillie Gifford Global Alpha
Growth Fund is the MSCI All Country World Index The benchmark for the
Guardcap Global Equity Fund is the MSCI World Index. The benchmark for rhe
Royal London Short Term Fixed Income Fund is SONIA. The benchtnark for the
ishares Corpor3te Bond Index Fund 15 the iBoxx Sterling Non Gilt Index. The
benchmarkfor the IShar￿ UK Gilts All Stocks Index Furid is the FTSE Actuarie5 UK
Conventional Gilts All Stock Index.
Over the past 12 months. boih the global equity funds underperformed their
benchmarkswith Baillie Gifford (Global Alpha Growth Fund) underpertorming bv
1.4% and Guard Cap Global Equity Fund by 22.9%. Over the yèar Artemis A55et
Management. Pictet and Roy81 London have overperformed their benchm3rk
producing relaiive returns of 0.7% and 3.5% and 0.2% respectively. The ishares
funds were both marginally behind of their benchmark in the year. Thectrmbined
portfolio (excluding cashl generated an ab501ute return of 9.2% over the year to
305eptember 2025. 5.7% ahe3d t>f the CPI +3.5% benchmark. This pertormance
has been helped bythe fall In CPI Inflaiion but remains behind over the last 3 ènd
S years due to the sur8e in inflation during 2022. The current èssÈt allocation is
projected to achieve 3 long-rerm nominal return slightly below ihe long-rerm
target but this does not make any allowance for potential outperformance from
the undedying manager5. The Trustees recognise the asset allocation is a
snapshot of the current position and is not a long-term straregic asset allocation.
The T¥ustees continue to take è long-term view on performance.
Plans for Fuiure
The Tru5tee5 plan to continue rheir exisrinE srrategy of makiDÉ grants to
organisations for the pievention. rreatment or relief of Severe learning
difficulties and èutism.
The Trustees have considered the financial health of the charity and, with th15 in
mind and notingthatthey have no permanent endowment, the Trustees believe
Ihat the charity, at the date of signing. will continue as a going concern for the
foreseeable future.
Risk Mjnagement
The major risk5 ro which the Fund Is e￿PoSed, as identified by the Trusrees.
have bèen reviewed and the Trustee5 are sarisfied ihai ihe systems in place
miti8ate thDse risks. The Trustees consider the variability of investment return5
to constitute the Charity's major risk. This 15 mitigated by retaining expert
Investment Consultants, h3vin8 a diversified investment portfolio ènd the
technical skill-5et of the Investment Committee panel.

The Bally Thomas Charitable Fund - A Registered Charity
TRUSTEES, ANNUAL REPORT
for the year ended 30 September 2025
statement of Trustee5' responsibilities for the financial ststemenls
Law applicable 10 charities In England & Wales requires the Trustees to prepare fin3nci31 statemenis for each financial year
sdect suitable atcounting policie5 and then apply them conslstently.,
observe the methods and principles in the Charities SORP,-
make judgements and p5titnBtes that are reasonable and prudent..
state whether applicable accuuntinÈ standards have been lollowed. subject to any departures dlsclosed and explained
in the finanaal 5tatement5,' and
prepare the financial statements on the EoinE concern basis uttless Ir is inappropriate t¢ presume that the chariiy will
CDntinue in operation.
The Trustees are responsible for keeping accounting records which disclose wth reasonable accuracy the financial p051tion of
the Charity and which enable them to ascertain the financlal positlon of ihe Charily and which enable them io ensvre that ihe
financial statements comply with the Charities Act 2011. the Charity Ikcounts and Reportsl Re8ulations and the provisions ol
the trust deed. The TrUSt￿e5 are respornsiblefor Safeguarding the assets of the Charity and hence for taking reasonable steps for
the prevention and deteciion of Iravd and Olher Irregularities.
Under ihe Charities Aa 2011, as the charitV'5Try5tee5, we IErtifv that..
so far as we are aware, there is no relevant audit information of which the charity's auditors are unaware., and
as the Trustee5 of the charity we have taken all the steps thai we ought to have taken in order to mak@ ourselves aware
Df any relevant audit information and to establish that the charity's auditors ère aware of that informètion.
Approved by the Trustee5 On..
Date
and 518ned on their behalf by..
Chair of Trustees
Mr5 S J Marriort

INDEPENDENT AVDITORS, REPORT
to the Trust4es of Th¢ Bally Thomas Charltable Fund- A Rezlstered Charttv
Opinion
We have audited the financial statements of The Bally Thornas Charitable Fund (the 'charity'l for the year ended 30
prember 2025 which comprise the Statement Of Financial Acriviiie5. the Balance Sheel, the Cash Flov4 Statement and
notes to the financial statements. inclJdinÈ a summary of significant accounting pelicies. Thefin3ncial reporring framework
that ha5 been Bpplied in their preparatitrn is applicable law 4nd United Kingdotn Accountln8 Standards (United
Xin8dom Generally Accepted Accouniin8 Praciicel-
This report Is made solely to the charity's Trustees, as a body. in accordance with Section 144 of the ChèritiÈs Act 2011 and
regulations made under Section 154 of th3t Act. Our audit work has been undertaken so that we might state to the
tharity's Trustees those matters we are required to 5t3te to thern in an audit¢rs' report and for nc> other purpose. To thè
fullèst extènt permitted by law, we do nor accepr or 355ume responsibility to anyone other th8n rhe charity and the
charitV'5Trustees a5 a body, for our audil work, for this repon. or lor the opinions we hève fomied.
In our opinion the financial 5tatements'.
give a true and fair view of the state of the charity's affairs a5 at 30 September 2025 and of its Incoming resources
and application of re50ur£e5 forthe year then ended.,
have been properly prepared In accordince with Ljnited Kingdom Generally Accepted Accounting Practice., and
have been prepared in accordance with the requirements of the Chariiies Act 2011.
8asislor opinlon
We conducted our audit in accordance with International Standard5 on Auditing IUKI IISAS IUKII and applicable law. Our
fe5pon5ibilitie5 under those standards are further described in the Auditors responsibilitie5 for the audit of the financial
statements 5ectiori of our report. We are independent of the charity In accordance with rhe ethical requirements that
are relevant to our audit of the financial statetnents in the UK, includin8 the FRC'S Efhlcal standard. and we have fulfilled
our other ethical responsibilities In accordance With these requirement5. We believe that the audit evidence we have
ebtained Is sufficient and appropriate to provide a basis for our opinion.
C•rt¢lusiom$ relating to Koing ¢on¢ern
In auditing the financial statements. we have concluded that the Trustee5' use of the going concern ba515 of accountin8 In
the preparation of the financial statements Is appropriate.
Based on the work we have pertormed, we have nor Identified any rnaterial uncertaintie5 rèlatinÈ to events or conditions
th3t, indwiduallyorcollectively, m3yca5t significant doubt on the tharity's ability tocontinue asa geingconcern fora period
of at least twelve month5 from when the FinanciBI 5taternent5 are auth0ri5ed for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going £on£ern are dEscribed in the relevant
sertions of this report.
Other Information
The Trustees are responsible for the orher information. The other information comprises the information included in the
annual report, otherthan the finaricial statements and our Report of the Independent Auditorsthereon.
Ouropinion on thefinancial statementsdoes notcover the other informaiion and we do not express any fortn of assurance
conclusion thereon
In connection with our audit of the financial statement5, our responsibility 15 to read the other information and, In doing
s¢. consider wherher the other information Is materially inconsistent with the financial starements or our knowledge
obtained in rhe audir or otherwise appear$ 10 be materially misstated. If, bèsed on ihe work we have performed. we
conclude that there is a material misstatement of this other information, we ère required to report that faci. We have
nothln8 to report in this re8ard.
Matters on whlch we are required to report by exception
Wp have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you
the Infortnation given in the Reporr of ihe Trustees is inconsistent In any marerlal respert with the financial
st3tements.- or
sufficienr accouniin8 records have been kept. or
the financial statements are not in agreement with the accounting records and returns., or
we have not received all the informètion and explanations we require for our 3udit
10

INDEPENDENT AUDITOR5. REPORT
to theTru5tees otThe BailyThomas Charltable Fund- A Reg15tered Charity
Re5ponsibilitl¢s of Trustees
explained more fully In the Trustee5 ReS￿nsIbIlitY Statement. the Trustees are responsible for the Pfeparation of the
financial 5tatement5 which sive è true and fair vlew. and for such internal control as the Trvstee5 determine Is necessary
to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial 51atemEnts, the Trustees are responsible for assessing the charity's ability to continue as a
goin8 coThcern. disc105ing, as applicable, matters related to going concern and using the going concern basis of atcounting
unless the Trustee5 either intend to liquidate the charity or to lease operations, or have no realistic alternative but to do
so.
Auditor5. responsibilities for the auditof the financial statements
Ourobiective53re to obtain reasonable assurance 3boutwhetherthefinèncial statements asa wholearefreefrom materi31
misst8temeni. whether due io fraud or error, and ro i55ue a Report of the Independent Auditors that includes our opinion.
Reasonable a55urance is a high level of a55urante but Is not a 8uaraniee ihai an audit conducted in 3ccord8nce with ISA5
IUKI will always detect 3 materi81 misstatement when li exists. Misstatements can 3ri5e from fraud or error and are
considered materlal if, Individually or In the aÉÉregate, they could reasonably be expected to influence the ecorK>mic
decisitsns of users taken on the basis of thesé financial statements.
Becauseofthe inherent limitationsof an audft, there isa riskthatwewi11 not detect all irre8ularities, includlnE those le3dinE
tD a rnaterial rni55tatetnent in the financial 5tatement5 or non-compliance with regulation. This risk increa5PS the mort that
cornpliance with a13w or regulation is rernoved from the events and tr8n5action5 reflected in the financial st3tement5, as
we will be less likely ro become 3W3re of Instances of non-compliance. The risk 15 also greater regarding irregu13rities
¢xcurring due to fraud rèther than error. as fraud involves intentiorial concÈalrnent, forgery. tollusion. omission or
misrepresentation.
Irregularities. including fraud, ale instancesof non-iompliance with laws and regu13tions. Wedesi8n procedures in line with
our responsibilities, outlined al￿Ve, to dÈtett m3tÈrial mi55taternents in respect of irregularities. Including fr8ud.
The txtent to which our procedure5 are capable of detectlng irregularities, includin8fraud is detailed below..
Enquiry of mana8ement and ihose charged with governance around actual and potential litigation atld Claims.
Enquiry of the Trustees to Identify any Instances of non-complièncè with laws and re8ulation5.
Reviewin8 minutes of meetings of those charged with eovernance.
Reviewins financial statement disclosures and resting to supportin8 documentation to assess compliance with
applicable laws and re8ul3tions.
Auditith8 the risk of tnana8ement override of controls. includin8 thfOU8h testin8journèl entries and otheradjustments
for appropriaieness, and where applicable. evaluating the busine55 r3tionale of significant transactions outside the
Performed detailed substantive testin8 to addre55 complereness and accuracy of investment and invèsttnent incotne.
Use of Our report
Thi5 report Is made solely to the charity's Trustees, as a body, In accordance with Section 144 of the Chafitie5 Act 2011 and
regulations made under Sertion 154 of that Act Our audit work has been undertaken so thatwe tnight state to the ch3rity'5
Trustees those matters we are required io state to them in an èu(Jitors' report and for no other purpose. To the fullest
extent permitted by law. we de not accept or assume responsibility to anyone other than the charity and the ch3ritV'5
Trustees a5 3 body. for our audit work, for this report. or for the opinions we have forrned.
A further descriprion of our responsibilities for rhe audit of the financial statement5 15 locared on the Financial ReKK>rtin8
Council's website at www.frc.or
auditorsres
onsibilities. Thi5 description forms part of our Report of the Independenl
Auditors.
Tara Aldwin ACA1Sen￿r Statutory Auditorl for and on behalf of FKCA Limited
Statutory Auditor
260- 270 8utterfield
Great Marlings
Luton
LU2 8DL
Dète..
J+ fr￿1

The Bally Thomas Charitable Fund A Registered Charity
STATEMENT OF FINANCIALACTIVITIES
for the year Ènded 30 September 2025
Unre$trirted Fund
1015
2024
Note
INCOME AND ENDOWMENT5from'.
Investment income
1,890,057
120,069
159,782
1,863,566
120,400
61,168
Oonaiions
oiher
2b
Total intome and endowments
2.169,908
2,045,134
EXPENDITURE on..
Cost of raising funds
122,590
3.839,578
lJ3,991
3.348,299
Tolal expenditure
3.962,168
3,462,290
NET EXPENDITVRE BEFORE GAINSAND
LOSSES ON INVESTMENTS
11.792,2601
11.417,1561
Net gain5111osse51 on Investments
Net gainslllossesl other
6.479,029
11,6081
12,183,364
17,3451
NET MOVEMENT IN FVNDS
4.685,161
10,758,863
TOTAL FUNDS BROUGHT FORWARD
97.198,736
86.439.873
TOTAL FtsNDS CARRIED FORWARD
101.883,897
97,198,736
12

The Bally Thomas Charitable Fund - A Registered Charity
BALANCE SHEET
as at 30 September 202S
Unrestritted Fund
2025
2024
Note
FIXED AssFrs
Investrnent 85sets
103,130,666
96,876,984
CURRENT ASSETS
Debtors
Cash and Cash equivalents
14.495
852.406
14.630
2.390.588
866.901
11.304.332)
2.405.218
11.732.625)
LIABILITIES.. amounts fallln8 due w￿￿1n one year
NET CURRENT A55ÉT5
1437,4311
672,593
TOTALASSEfs LESS CURRENT LIABILITIES
102.693.235
97,549,577
LIABILlllES.. amounts fallinB due after one year
io
1809,3381
1350,8411
NET ASSETS
101,883,897
97,198.736
ReprÈs¢nting'.
RESERVES ANO FUNDS
Vnrestritted fund
101.883.897
97.198,736
Approved by the Tru5te2s
Date
ènd siÈned on their behalf by".
Chair of Trustees
Mrs SJ Marriott
13

The Bally Thomas Charitable Fund - A Registered Charity
STATEMENTOF CASHFLOWS
for the year ended 30 September 2025
20Z5
ZOZ4
Cash fflowsfrom opefaiiTr8 artivities..
Net cash used in operatin¥ activitie5
13
13,653,586>
12,960,767)
Cash fl¢)wslrom investlng actlvitiP5.'
Investment Income
1.282.611
1.863.566
19,612,000
16,173,855
118,611,999> 114,674,695)
1167,2081
1790,4241
Proceeds from sale of investments
Purchase of in¥e5tments
Reinvesrment of income and issue of additionèl èctumulation shares
Net osh provlded by Investln8 act￿1112$
2,115.404
2,572.302
Change In cash and cash equlvalents IN the year
Cash and cèsh equwalent5 at the beginning of the year
11,538.1821
2,390,588
1388,4651
2,779,053
Cash and ta5h equivalent5 at the end of the yea
852,406
2,390,588
Reprosented bv..
Current asset investrnent
254,936
597,470
727,892
1.662,696
Cèsh at bank
852,406
2,390,588
14

The Bally Thomas Charitable Fund - A Registered Charity
NOTES TO THE FINANCIAL STATEMENTS
t 30 September 2025
ACCOUNTING POLICIES
The principal accounrin£ policie5 adopted 3re as follows..
al Basi5 of preparation and asse55ment of going concem
The financial statements have been prepared under the historical cost convention with items reco8nised at tostortransaction
value unless otherwise slated In the relevant note to thesefinancial statements. The financial statements have been prepared
in accordance with the Chaiities.. Statement of Recomtnerided Practice (applicable to Iharities prèpèring their accounts in
ccordance with the Financial IleportinE srandard applicable in rhe UK and Republic of Ire13nd IFRS 10211 leffective l January
20191 (Charities SORP IFRS 10211 ènd the Charities Act 2Qll.
The Charityconstitutesa public benefir entitv 3$ defined by FR$ 102.
The Trusrees consider that there are no material uncerrainties abour the Charty's ability to continue as a going concern.
With respect to the next reporting period. 2025-2026 the most SlEnificant areas of uncertainty that affect the carrying value
of 355ets held by the Charity are the level of Investment return and the performance of investment markers (see the
Snvestment policy and performantÈ and risk mAna8emÈnt sections of thÈ TrusteÈs' annual rÈport for more informatlonl.
bl Fund sirutture
The unrestricttd income fund comprise5 funds which the Tru5tee5 are free to use for any purpose in furtherance of the
Char￿tBble object5.
I Income recognition
All income 15 reco8nised once the Charity has entirlement to the income, it is probable that the Income will be received and
the amount of income ￿e1Vable can be mtasured reliablv.
Interest on funds held Is included upon notificat￿n of the Interest paid or pèyèble. Dividènds are recognised once the
dividend has been declared and notificat￿trn has been received of the dividend due. Credit IS taken in the account5 for
income tax deducted from Investment Income which has or will be reclaimed from the H M Revenue & Custom5.
Distributions from the 83ily Thoma5 Provident Fund are accounted for when they are advised to the Charity. They are
credited In the Statement of Financial Activities including recoverable income tax.
dl ExpendituThi r•¢o8Tritio
Liabilities are recognised a5 expenditure a5 soon as there is a legal or constructive obligation cornrnitting the Charity to that
expenditure. it is probable that settlement will be required and the amount of the obligation can be measured reliablv.
All expendr(yre ts accounted for on an accruèls basis. All expenses. includinE SUPPOrt costs and 8overnance costs. are
allocated or apportioned to the applicableexpenditure heading5 in the Statement of Financial Activities. For more information
on this allocation refer to note el below.
Grants payible are payment5 made in furtherance of ihe charitable objectives of the charity. Provision is mède for grants
approved by the Trustees in the year. In the case of an unconditional grant offer this Is accrued once the recipient h35 been
notified of the Erant èward. The notification elves the recipient B reasonable expectation ihat they will receive the ontryear
or multi-year grant. Grant award5 that are subject to the recipient fulfilling performance condition5 are only accrued when
the recipient has been nc>trfied of the grant and any remaining unfulfilled condition attaching to th3t Erant is outside of the
control of the Charity.
15

The Bally Thomas Charitable Fund - A Registered Charity
NOTES TO THE FINANCIAL STATEMENTS
at 30 September 2025
ACCOUP￿ING POLICIES- continued
el Allocation of 8overnan¢e and other support t0￿S
Governance and support costs have been allocated between charitable actNities and 8overnance based OD the activity to
which they relate. The allocation is analysed In note S.
Gavernante costs comprise all costs involving the public accountability of the Charity and its compliance with regulation
and good practice. These tosts Include costs related to ihe 5tarutory audit of the Charity, le8al and accountancy charges.
together with an apportionmeni of overhead and support costs.
fl Cost of ralslnlfunds
Thecost of 8eneratln8fundscomprisestheinvesimenrconsuliancycharges and Dneofthe investment managerfs thargeswhose
holding is a zero fee paying share cla55 and the fee 15 paid outside the fund.
E) Charitsble activitles
The expenditure on chantable activities comprises grants made in the year. Eovern3nce costs and an apportionment of
support costs as shown in note S.
hl Flxed asset Irwestments
Investment5 are initially recoEnised ai their iransacrion value and subsequently measured 8t their rnarket value as at the
Balance Sheet date usine the closing quoted market price. The Statement of Financial Activit￿$ includes the net gain5 and
lossès arising on revaluation and disp05a15 throughout the year.
il Cash and cash equivaleTrts
Cash al bank and cash equivalent5 are held to meet 5hort-term cash commitments as they fall due. The Charity ha5 delined
its holdin8 of Royal London Cash Plus Fund as a cash equivaleni. highly liquid investment which can be called upon without
noiice.
11 Reallsed gaSns and losses
All gains and105ses are taken to the Statement of Financ1al Activities ès they anse. Realised gains ènd losses on investments
ère calculaied a5 Ihe difference between sales proceeds and their opening carrylng value or ihelr purchase value If acqulred
subsequent to the first day of the financial year Unrealised gains and losses are calculated as the drfferÈTh￿ between the
fair value at the year end and their carryin8 value. Realised athd unrealised investrnent 8ain5 and1055e5 3re combined in the
kl Forei￿ currency transl?ti¢)n
Transactions denominated In forei8n currencie5 are recorded at the rate of exchan8e rulin8 at the date of the transactions.
Monetary355et5 and liabilitiesdenominated In foreign currencie5 are translated into sterlingar year-end rates and translation
differences are taken to the Statement of Finèntièl Activitie5.
turrency
The financial statements are prepared in sterlin& which 15 the functional currency of the charity. Monetary amounts in these
financial statements are rounded to the nearest £.
16

The Bally Thomas Charitable Fund A Registered Charity
NOTESTO THE FINANCIALSTATEMENTS
at 30 September 2025
114COME AND ENDOWMENTS
81 I￿e￿ment income
2025
2024
Dividends from investments
1,874,959
15,098
1.849,817
13,749
Interest on cash deposits
1,890.057
1,863,566
bl Other
The Charity Is entitled under the trusr deed of the Bally Thomas Providtni Fund to surplus income each year not applied for
the benefit of former employees of Mansfield Brewery plc. There wa5 no surplus Income for the year but a payment of
£159,782 was received ￿1Th8 the amount of tax reclaimed by Provident Fund beneficiaries and rerurned to the Provident
Fund. Thi5 arnount 15 then given to the Cl￿ritable fund. (Total amount received frotn Provident Fund In 2024- £60.3281. The
Charity also holds 3 reversionary interest in the capital of the Fund. At 5 April 2025 the account5 show the net assei value
of the Fund was £34.165.89512024 £35.287,8061.
A fee Bggregation aarEement is in place with one of the investrnent m?n?ger5. Accordingly, any difference between the
annual management charge and the applicable fee 15 rebated following each quarter end by issuing additional accumulation
shares. The fees are reflected rhrough the performance of the units, with the value of the fee rebate a receipt of endowment
funds. This wa5 £Nil in 202512024 in £8401.
COST OF IiAISING FLINDS
2025
Z024
Investment managers char8e5
Invesrment consultancy charges
84,8SS
37,735
77,319
36.672
122,590
113.991
Following the Tru5tees' change of investment objective from June 2011, the Charity holds units in funds with fees taken into
account and reflected through the performance of the units. The total of such £har8e5 for the year attributsble to the
Charity are ÈstimatÈd at £450,82912024 £470,912).
ANAtYSlS Of CHARITAbLE ACTIVITIES
The Charity undertakes it charitable artivities through Érant making and awarded grants to a number of institution5 in
furtherance of its charitablÈ objÈÈtivÉs.
2025
2024
Grant funded activity
Support and governance costs
3,473,990
258,334
107,254
2.995,189
240,052
113,058
- Governance
3.839,578
3,348,299
Grant5 refundedlwbthdrawn
The Trustee5 require Charities to return any money which they have not utilised ftsr the purpose of their ori8inal appeal.
Accordingly during the year 6 grants totaling £19.17312024. 114rants £85,345) have been refunded and 14 8r8nt5 totaling
£130,95612024, 19 grants £293.2881 have been withdrawn.
17

The Bally Thomas Charitable Fund - A Registered Charity
NOTES TO THE FINANCIAL STATEMENTS
at 30 September 2025
4. ANALYSIS OF CHARITABLE A￿1vITIEs- continued
BailyThomas Charitable Fund
Gronts aworded during the yeor ended 305eptember 2025
Grants of UO,IKKI and over
Cornmitments Gronts Aworded
Grnnts Pctd C￿MI￿lents
In the Period
C/F
B/F
in the Peiiod
araiity Nume
Universiry of Oxford Total
King's Colle8e London Total
Universiry Hospital of Wales
University College London Total
University of Birmingttam Total
Rix-Thompson-RothenberE Foundation
University of Strathclyde
University of Edinbur8h
Oxford ￿ealth
Qakfield (easton Mauditl Limited
University of Leicester
Keynsham ènd Distritt Mencèp Socsety
Friends of Meath School
Hammersmith and Fulham Mencap
Greenviich Mencap
The Odell Trust
Aim Habonim
Alemandfa House of Jov
Malvern Spxial Families
The Phoenix Trust (Miltonl LTO
Mercon Mencap
174.534
131.914
169,864
172.103
119.556
112.150
98.128
70.￿
rA,597
52.376
39.260
29.750
28,B79
27,5
180,204
32,634
164.194
271.383
119,556
174,7
175.813
70.(
155.073
108.319
35.IXXI
92,553
30,634
35,C4)0
64.597
52,176
39,260
29,750
28,879
7,5
20.CIXI
20,C
20,C
25,1
20,0
20.1
20,[
20,[
20.C
20.IX
20.L
20,￿
GRANTS of £10m￿ aTHI over
ALL OTHEKS
TOTAL GRANTS
Grants relunded
Grants withdrawn
1,184,2
2,439,855
3,6'4,119
119.1731
1130,9561
3,473,990
560,602
2,9CQ,N2
3,460,
119,1731
1,228.502
959,032
2,187.534
1.419,179
2.024,019
1130.9561
2.056,578
2.024.019
8.441,431
F3llithE due in one year
Falls￿ due aftei ￿ thon oneyear
809,338
2,056,578
18

The Bally Thomas Charitable Fund - A Registered Charity
NOTES TO THE FINANCIALSTATEMENTS
at 30 September 2025
ANALYSIS OF CHARITABLE ACTIVITIES- tontlnLsed
GRAIITS BY CATEGORY
2025
1014
Rix-Thompson-Rothenberg Foundètion- 8rant making
Research proiecrs
Main
ro
70,000
871,848
70,WO
J.032,194
mm
Major capitsl buildin81refurbi5hmÈnt costs
Other capital buildinelrefurbishment costs
Major running tostslrevenue costs
Othèr running costslrevenue cost5
Equipment costs
Small
rants
ro
Capital buildindrefurbishment costs
Running COSts/revenue costs
Equipment iosts
447,750
149,000
789,5110
653,750
43,orA)
380,000
48.810
894.890
577.796
76,0
ramme
71,150
453,291
74,830
13,000
254,979
26.153
3.624.119
3.373.822
GWITS BY VALUE
2025
No. of 8fant5
2024
Total valut No. of 8rants
Value
Total value
£IW- £5,000
£s,ooi- £10,000
f 10,001- E15,0(M)
£15,001- £25,0(KJ
£25,001- £80,0
£80,001- £ILKI,LKIO
827,856
862,500
732,500
217,(M)O
562,C63
422,200
210
100
53
515,065
545.254
687.352
515,418
ioo,oc
990,733
139
58
49
io
li
25
io
3.624,119
388
3,373.822
283
I grants We￿ made to in5tr(ution5.
GRANT COMMITMENTS
The Trustees have also made further non-binding 8rant commitrnents to 17 future projects, the tiroinB of which is unknown,
totalinE £181,30012024 £169,442).
19

The Bally Thomas Charitable Fund - A Registered Charity
NOTES TO THE FINANCIAL STATEMENTS
at 30 September 2025
ALLOCATION OF GOVERPIANCE AND OTHER SUPPORT COSTS
Overhead and support costs were all¢cated between governance and charitable attivities as detailed below..
2025
Charitable
Acii¥ities
2024
CharitablÈ
Unit￿rItted Fund
Governance
Activities
Governance
Audit fees
Le8al and professional costs linc. expenses)
Accountancy and administration linc. expenses)
Employer5. liability insurance
Trustees, indemnity insurance
Grant assessors, expenses
Trusiees, expenses
Doctaral interviews
7,680
48.162
49,096
872
7,224
62,134
41,505
833
39.894
196,385
50,935
166.020
1,331
I,IBO
9.674
70
10,422
120
466
1,002
Bank char8es
Website development and h05ting
Information Commissioner
147
11,845
11.553
47
35
258,334
107,254
240,052
113,058
TRUSTEtS EXPENSESAND REMUNERATION
TheTrustees received no remuneration in respect of the financial year e￿ed 30 September 202512024.. Nbll.
Mr Kenneth Young. Trustee, is a fellow of the Institute of Chartered Accounfant5, appointed in aciordance to our Trust
deed. received payrnent in respect of his profe5510nal services and a disclosure in respect of this is Included in Noie 11.
The Trustees Wught advice from the Charity Commi55ion regarding the payment of fees and expenses to the two
Medical Trustees. On their recotnmendation the two Tru5tee5 may invoice the Fund for their time Spent on evaluatlng
researth application5 and a150 on the Charity'5 work and reclaim 3ny out of pocket expenses Inturred.
Expenses of E7012024- £1201 were charged by one Trustee12024- onel in the year ended 30 Septernber 2025.
2025
2024
Travel
70
120
FIXED ASSET INVESTMENTS
202$
2024
Movement in fixed asset listed in¥estments
Markel value at 30 September 2024
Less.. sale proceed5
Add.. acquisitions at cost
Ner Eains/llos5e51 on revaluation and dSsposal
96,876,984
85,402.356
119.612,0001 116,173.8551
19.386,653
15,465.119
6.479,029
12,183,364
Market value èt 30 September 2025
103.130.666
96.B76,984
Historical cost of quoted investments at 30 September 2025
77,356,791
73.869,068
Al Investments are listed on a recognised stock exchan8e.
20

The Bally Thomas Charitable Fund - A Registered Charity
NOTESTO THE FINANCIALSTATEMENTS
at 30 SeptÈmbÈr 2025
FIXEOASSET INVESTMENTS- tontlnued
As at 30 SepteTnber 2025, the market value of investments listed in the UK amounted to £103,130.666 with no
investment5 listed overseas.
All holdings as at 30 September 2025 represented more than 5% of the total fund and comprised of the following..
Marketvalue
3019125
Historiral
value
Artemis Income IExclu5ion51 Fund
Baillie Gifford Global Alpha Growth Fund B Icc
Pittet Multi A55et Portfolio Z act
29,507,397
22.208.091
20.408,490
18,004,9S8
13.001.730
14,859,766
16,404,864
18,612,000
14,046,605
12,826,110
RBC Guardcap Global Equity Fund
BlackRock ishares
103,130,666
76,749,345
CURRENF ASSETS
2025
2024
Debtors
- Prepayments
Royal London Short Term Fixed Income Fund Y Inc
CAF Charity Money Management
14,495
254,936
597,470
14.630
727.892
1,662,696
866,901
2,405,218
LIABILinES.' amount$ fallln8 due wlthln one year
2025
2024
Attruèls
Charles Russell Speechlys LLP
Ken Young
Auditor's fees
-Accounting and raxarion services
- Invesimenr managers
- Assessors
8.748
12,485
1.575
7,2(Kl
17,738
20,298
150
1.673,179
7,680
18,149
22.515
Grants
1,247.240
1,304,332
1,732.625
10. iIABILITIES- amount5 falling due after one year
2025
2024
Grants
809,338
350.841
21

The Bally Thomas Charitable Fund A Registered Charity
NOTES TO THE FINANCIALSTATEMENTS
at 30 September 2025
11. RELATED PARTIES
Mrs Su2anne Marriott, a Trustee of the Fund, is a partner of Charles Russell Speechlys LLP. In the year ended 30
September 2025 legal cosis of £79.7È8 (including reimbursed expenses of £1,763) were charged ro ihe Charity by
Charle5 Ru55ell Speechly5 LLP12024 £101,869). Accrued fees of £8.748 Iincluding expense5 of £0> were outstandin8 at the
year end.
Mrs Marriott is alw a TrusteelGovernor of The Rix-Thompson-Rorhenberg Foundation charity whith received a grant of
£70,LKIO from the Fund dJrinE the year12024 £70,000).
Mr Kenneth Youngisa Trustee of the Fund. Intheyearended 30 September 2025 fees of £8,268 were chargedtothe Charitv
by himself for professional Services provided12024 £11,200). Accrued fee5 of £0 were outstanding at the year end.
Profe550r Angela Has510tIs was appointed as a Medical Trustee of the Fund in March 2024. Before she became a Trustee.
She was awarded a research grant of £118,976 In November 2023. The conditions of the grant were met in February 2024
and a payment of £95,181 was made in April 2024. Final payment of £23,795 was made in April 2025, with no balance
outstanding at the year end.
A research grant of £113,868 was awarded in lur* 2024 to Ulsier Universiryfora research project led by Profe55or Laurence
TaEEart. ProfessorTaÉÉart Is a Èrant assessor forThe BailyThomasCharitable Fund. ProfessorTa8gart moved to the Queen'5
University of Belfast, as such the grant ha5 been reallocated froffl Ulster University to Queen's University of Belfast. A
payment of £51.655 w3s made during the year leaving £62.213 Outstanding at the year end.
12. VOLUNTEERS
The Charity doe5 not receive any contribution5 from volunteer5.
13. RECONCILIATION OF NET MOVEMENT IN FUNDSTO NET CASH FLOW FROM OPERATING ACTNinES
2025
2024
Net movement in funds las per the Statement of Financial Activitie51
IGainsl/losses on Investments
Deduct investment Income shown in investing actNities
Ilncreaselldecrease in debtors
Incre3selldecreasel in creditors
4,685.161
10.758.863
16.479.029) 112,183,364)
11.890.0571 11.863.556)
135
197,908
30.204
129,392
Net cash used In operating activities
13.653.586) 12,960.7671
14. SUMMARYOF FUND MOVEME14TS
Fund
balance$
brovtht
forward
Fund
balènce$
carrled
fon¥aid
Gains and
F￿nrt Name
Income
Expenditure
Unrestrirted Fund5
97.198.736
2,169,908
13.962,1681
6,477.421
101,883.897
Total Funds
97.198,736
2,169,908
13.962,1681
6,477.421
101,8B3.897
22