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2023-07-31-accounts

Charity number: 275275

THE THROMBOSIS RESEARCH TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

Charity number: 275275

THE THROMBOSIS RESEARCH TRUST

CONTENTS

Page
Reference and administrative details of the charity and advisers 1
Trustees' report 2 - 7
Independent Auditors report 8 - 11
Statement of financial activities 12
Balance sheet 13
Statement of Cash Flows 14
Notes to the financial statements 15 - 22

Charity number: 275275

THE THROMBOSIS RESEARCH TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023

Trustees

Mr Patrick Burgess OBE DL, Chair Sir Martin Sorrell Mr Richard Clark

Charity registered number

275275

Charity secretary

Mrs Diana Rawstron

Independent auditors

Haysmacintyre LLP, 10 Queen Street Place, London, EC4R 1AG

Bankers

C. Hoare & Co, 37 Fleet Street, London, EC4P 4DQ

Solicitors

Smyth Barkham LLP, 1 Mitre Court Buildings, Inner Temple, London EC4Y 7BS.

1

Charity number: 275275

THE THROMBOSIS RESEARCH TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

The Trustees present their annual report together with the audited financial statements of the Charity for the period 1 August 2022 to 31 July 2023. The Trustees confirm that the Annual Report and financial statements comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution and organisational structure

The Charity was established by a Declaration of Trust dated 28 December 1977 and is a registered charity number 275275.

The Charity supports the work of The Thrombosis Research Institute (the Institute ) which has the object of conducting research into the prevention and treatment of thrombosis.

The Charity is administered by Trustees. The number of Trustees must be between three and ten. They meet at least three times a year to formulate the policies for, and to agree, the funding of the research carried out by the Institute, and to approve the budgets, annual accounts and reports of the Charity. During the current and previous year, no Trustees received any remuneration, benefit in kind or any reimbursed expenses.

Method of appointment of election of Trustees

Trustees are appointed as vacancies arise based upon an assessment of key skills required. Individuals are appointed for their relevant skills. The appointment is adopted by a vote of the entire Board of Trustees.

Policies adopted for the induction and training of Trustees

New trustees normally meet with the Institute President and the Chair of the Trustees and members of the finance and research staff of the Institute. Together they present the new trustees with background information about the Institute, the role of the Charity and other relevant information.

The Trustees bring under review the skills required by the Charity’s Board of Trustees from time to time, and ensure that their composition covers all necessary areas.

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TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

Charity number: 275275

THE THROMBOSIS RESEARCH TRUST

The Trustees receive regular training by keeping up to date with Charity Commission updates and publications. Further training is available upon request.

Volunteers

All the members of the Board of Trustees are volunteers. None of them hold contracts with the Charity or the Institute.

Related party relationships

The Charity is connected with the Institute. The Charity has the object of promoting and funding research into the prevention and treatment of thrombosis disease, which it fulfils by supporting the Institute.

At the year-end, Patrick Burgess was a Trustee of the Charity and the Institute.

Policies and objectives

The Charity’s key objectives are to promote and fund research into the prevention and treatment of thrombosis disease, which it fulfils by supporting the Institute. In setting the objectives, the Trustees confirm that they have complied with the duty imposed by section 17 of the Charities Act 2011 pursuant to which they are obliged to have due regard to public benefit guidance published by the Charity Commission in deciding the Charity’s activities.

The Charity does not fundraise with members of the public; as a result, there have been no fundraising complaints.

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Charity number: 275275

THROMBOSIS RESEARCH TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

Review of activities

During the year, an unrestricted donation in the sum of £4m was received from The Capricorn Foundation . The Charity continues to support the Institute in the Institute’s delivery of a multidisciplinary research programme in the field of venous and arterial thromboembolic disorders.

The Trustees anticipate that the current programmes of research that are now well established at the Institute will continue to deliver important contributions in the coming years.

Investment policy and performance

For the year under review, the Institute’s endowment funds were placed on call deposits with its banks. Funds increased by £4m in the year.

Principal risks and uncertainties

The Board of Trustees undertake a thorough evaluation of risks on an annual basis.

Principal risks include:

Financial : being able to continue funding of the Institute. This risk is mitigated by financial planning and independent investment advice.

Regulatory changes: monitor regulatory landscape and implement changes as necessary.

Reputation and charitable status: protection of the Charity’s reputation and registered charity status are of paramount importance, and robust protocols are in place to ensure neither are damaged.

Data protection: monitor regulatory landscape, put in place and maintain effective policies.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

4

Charity number: 275275

THROMBOSIS RESEARCH TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

Financial review

Reserves policy

The Trustees monitor the position of the Charity’s reserves regularly at their meetings.

The policy of the charity is to fund the research carried out by the institute. Given the levels of unrestricted annual expenditure of £11,000 in order to carry out its activities this year, the Trustees consider it is prudent to maintain the unrestricted reserves of £4,646,519 currently retained, representing funds that have been hypothecated to fund projects undertaking by the institute.

Total funds stood at £4,692,164 at 31 July 2023, which consisted of unrestricted funds of £4,464,519 and endowment funds of £45,645

.

Financial review

The Institute continues to hold funds for its charitable objectives. As a result of reduced interest rates, investment income, which is derived from bank deposits, has remained low. The charity’s principal funding has to date come from donation from The Capricorn Foundation amounting to £4m.

Income in the year amounted to £4,016,425 (2022: £573) and net expenditure before investment losses was £10,361 (2022: £5,620).

The Trustees consider the financial health of the Charity to be good.

Plans for future periods

The Trust will continue to support The Thrombosis Research Institute in the institute’s pursuit of its strategic research programme such as Venous and arterial thrombosis and will reserve and fund accordingly.

The long-term clinical research project into the worldwide incidence and treatment of atrial fibrillation and outcome in clinical practice continues to be part of the research programme, the results of which will be of great significance to global health practice.

5

Charity number: 275275

THE THROMBOSIS RESEARCH TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its income and expenditure for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

6

Charity number: 275275

THE THROMBOSIS RESEARCH TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

Auditors

The auditors, Haysmacintyre LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

The Trustees reports were approved by the Trustees on 12 April 2024 and signed on their behalf by:

Mr Patrick Burgess OBE DL, (Chair of Trustees)

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Charity number: 275275

THE THROMBOSIS RESEARCH TRUST

INDEPENDENT AUDITORS REPORT INTO THE MEMBERS OF THE THROMBOSIS RESEARCH TRUST

Opinion

We have audited the financial statements of The Thrombosis Research Trust for the year ended 31 July 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other matters

The financial statements prepared for the prior year were not subject to an audit, therefore the comparative figures presented in these financial statements are unaudited.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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Charity number: 275275

THE THROMBOSIS RESEARCH TRUST

INDEPENDENT AUDITORS REPORT INTO THE MEMBERS OF THE THROMBOSIS RESEARCH TRUST

Conclusions relating to going concern (continued)

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 6 the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the

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Charity number: 275275

THE THROMBOSIS RESEARCH TRUST

INDEPENDENT AUDITORS REPORT INTO THE MEMBERS OF THE THROMBOSIS RESEARCH TRUST

trustees 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 statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to employment law and health and safe regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to recognition of income and management bias in certain accounting estimates. Audit procedures performed by the engagement team included:

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Charity number: 275275

THE THROMBOSIS RESEARCH TRUST

INDEPENDENT AUDITORS REPORT INTO THE MEMBERS OF THE THROMBOSIS RESEARCH TRUST

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

Haysmacintyre LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG

26th April 2024

Date …………………………………………

Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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Charity number: 275275

THROMBOSIS RESEARCH TRUST

STATEMENT OF FINANCIAL ACTIVITIES

THROMBOSIS RESEARCH TRUST
STATEMENT OF FINANCIAL ACTIVITIES		 THROMBOSIS RESEARCH TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 JULY 2023
Endowment
Unrestricted
Total
Total
funds
funds
funds
funds
Note
2023
2023
2023
2022
INCOME AND
ENDOWMENTS
FROM:
£
£
£
£
Donations and
legacies
2
-
4,000,048
4,000,048
573
Investments
3
-
16,377
16,377
-
-
4,016,425
4,016,425
573
EXPENDITURE ON:
Charitable activities
4
-
10,361
10,361
5,620
-
10,361
10,361
5,620
NET MOVEMENT IN
FUNDS
-
4,006,064
4,006,064
(5,047)
RECONCILIATION OF
FUNDS:
Total funds brought
forward
45,645
640,455
686,100
691,147
TOTAL FUNDS
CARRIED FORWARD
45,645
4,646,519
4,692,164
686,100
Note
INCOME AND
ENDOWMENTS
FROM:
Donations and
legacies
2
Investments
3
EXPENDITURE ON:
Charitable activities
4
NET MOVEMENT IN
FUNDS
RECONCILIATION OF
FUNDS:
Total funds brought
forward
TOTAL FUNDS
CARRIED FORWARD
-
4,016,425
4,016,425
573
-
10,361
10,361
5,620
-
10,361
10,361
5,620
-
4,006,064
4,006,064
(5,047)
45,645
640,455
686,100
691,147
45,645
4,646,519
4,692,164
686,100

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Charity number: 275275

THROMBOSIS RESEARCH TRUST

BALANCE SHEET

AS AT 31 JULY 2023

----- Start of picture text -----
2023 2023 2022 2022
Fixed assets: Note £ £ £ £
Investment 7 2 2
Current assets:
Debtors: amount falling due after more than
one year 8 586,332 586,332
Cash at bank and in hand 4,117,308 106,734
4,703,640 693,066
Creditors: amounts fall due within one year 9 11,478 4,692,162 (6,968) 686,098
4,692,164 686,100
Charity funds:
Endowment funds 10 45,645 45,645
Unrestricted funds 10 4,646,519 640,455
4,692,164 686,100
----- End of picture text -----

The Financial Statements were approved by the Trustees on 15 April 2024 and signed on their behalf by:

Mr Patrick Burgess OBE DL, (Chair of Trustees)

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Charity number: 275275

THROMBOSIS RESEARCH TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2023

THROMBOSIS RESEARCH TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023
Note
Cash flows from operating activities
Net cash used in operating activities
12
Cash flows from investing activities
Dividends, interests and rents from investments
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2023
£
4,026,951
16,377
16,377
4,010,574
106,734
4,117,308		 2022
£
(3,208)
-
-
(3,208)
109,942
106,734

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Charity number: 275275

THROMBOSIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom (Charities SORP (FRS102)) Second Edition effective 1 January 2019 and Republic of Ireland (FRS 102) and Charities Act 2011.

The Thrombosis Research Trust constitutes a public benefit entity as defined by FRS 102.

1.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.3 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.

1.4 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

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Charity number: 275275

THROMBOSIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1. ACCOUNTING POLICIES (CONTINUED)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Governance costs are those incurred in connection with enabling the charity to comply with external regulation, constitutional and statutory requirements and in providing support to the Trustees in discharge of their statutory duties.

Charitable activities and governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

1.6 Going concern

The trustees consider that there no material uncertainties about the Charity's ability to continue as a going concern.

1.7 VAT

Expenditure is recognised in the period in which they are incurred. Expenditure includes attributable VAT which cannot be recovered.

1.8 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

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THROMBOSIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

ACCOUNTING POLICIES (CONTINUED)

1.10 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.12 Financial instruments

The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.13 Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The Trust has no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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Charity number: 275275

THROMBOSIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

2. Income
Donations		 Endowment Unrestricted
fund
funds
Total
Total
2023
2023
2023
2022
£
£
£
£
-
4,000,048 4,000,048
514
-
4,000,048 4,000,048
514
3. Investment Income
Interest receivable
Total Income
4. Governance costs
Audit fees
Accountancy fees
Professional fees		 Endowment Unrestricted
fund
funds
Total
Total
2023
2023
2023
2022
£
£
£
£
-
16,377
16,377
-
-
16,377
16,377
-
-
4,016,425 4,016,425
514
Endowment Unrestricted
fund
funds
Total
Total
2023
2023
2023
2022
£
£
£
£
-
-
7,500
-
-
-
2,500
1,600
-
-
-
3,740
-
-
10,000
5,340

5. Support costs

Basis of
Allocation Total Total
2023 2023 2022
£ £ £
Direct - - 180

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Charity number: 275275

THROMBOSIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

6. Net Income/Expenditure

During the year, no Trustees received any remuneration, benefits or reimbursement of expenses (2022: Nil)

7. Fixed asset investments Total Total
2023 2022
Shares in group undertakings: £ £
Market value - At 1 August 2022 and 31 July 2023 2 2

Associated company

The following was an associate of the charity in the year:

Name Holding Cyte Limited 48%

The aggregate of the share capital and reserves as at 31 July 2023 and of the profit or loss for the year ended on that date for the associate was as follows:

Aggregate of Name share capital and reserves Profit/(loss) £ £ Cyte Limited 2 (401,331) For the year ending 2022 2 734,115

No group accounts are prepared as the charity does not have control over the associate company.

Group Total
Total
2023
2022
£
£
2
2

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Charity number: 275275

THROMBOSIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

8. Debtors Total Total
2023 2022
£ £
Due after more than one year 586,332 586,332

The long-term loan is with The Thrombosis Research Institute and is considered to be long-term debt over 5 years.

9. Creditors
Accruals		 Total
Total
2023
2022
£
£
11,478
6,968
11,478
6,968

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Charity number: 275275

THROMBOSIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

10. Statement of Funds
Designated funds
Garfield Weston fund
Emergency fund - TRI
- Other
General funds
Unrestricted fund
Endowment funds
Sir Emmanuel Kaye fund
Statement of Funds - Prior year summary
Designated funds
General funds
Endowment funds		 Balance at
Balance
at
1, August
31, July
2022
Income Expenditure
2023
£
£
£
£
236,332
-
-
236,332
350,000
-
-
350,000
66,910
-
-
66,910
653,242
-
-
653,242
(12,787)
4,016,425
(10,361)3,993,277
640,455
4,016,425
(10,361)4,646,519
45,645
-
-
45,645
686,100
-
- 4,692,164
Balance at
Balance
at
1, August
31, July
2021
Income Expenditure
2022
£
£
£
£
653,242
653,242
(7,740)
573
(5,620)
(12,787)
645,502
573
(5,620)
640,455
45,645
-
-
45,645
691,147
573
(5,620)
686,100

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Charity number: 275275

THROMBOSIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

11. Analysis of net assets between funds

11. Analysis of net assets between funds
Current year
Fixed asset investments
Debtors due after more than 1 year
Current assets
Creditors: due within one year		 Endowment Unrestricted
Total
funds
funds
funds
£
£
£
2
2
-
586,332
586,332
45,645
4,071,663
4,117,308
-
(11,478)
(11,478)
45,645
4,646,519
4,692,164
Prior year
Fixed asset investments
Debtors due after more than 1 year
Current assets
Creditors: due within one year		 Endowment Unrestricted
Total
funds
funds
funds
£
£
£
-
2
2
-
586,332
586,332
45,645
61,089
106,734
-
(6,968)
(6,968)
45,645
640,455
686,100

12. Reconciliation of net movement in funds to net cash flow from operating activities

12. Reconciliation of net movement in funds to net cash flow from operating activities
Net income/(expenditure) for the year (as per statement of Financial
Activities)
Adjustments for:
Dividends, interests and rents from investments
Increase in creditors
Net cash used in operating activities		 2023
£
4,006,064
16,377
4,510
4,026,951		 2022
£
(5,047)
-
1,839
(3,208)

22