Charity number: 275275 THE THROMBOSIS RESEARCH TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024
Charity number: 275275 THE THROMBOSIS RESEARCH TRUST CONTENTS Page Reference and administrative details of the charity and advisers Twstees, report Independent Examinef s report Statement of finanal activities Balance sheet Statement of Cash Flows 10 Notes to Ihe financial statements
Charity number.. 275275 REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY, TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Trustees Mr Palrick Burgess OBE DL, Chair Sir Martin Sorrell Mr Richard Clark Registered office address Smyih Barkham LLP, 1 Mitre Court Buildings, Inner Temple. London, EC4Y 7BS Charity regisiered number 275275 Charlty secretary Mrs Diana Rawstron Independent Examiner Kathryn Burton, Haysmac LLP, 10 Queen Street Pla. 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.
Charity number. 275275 THE THROMBOSIS RESEARCH TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31JULY 2024 The Trustees present their annual report together with the audited financial statements of the Charity for the period 1 August 2023 to 31 July 2024. The Trustees confirm that the Annual Rewrt and financial statements comply with the current statutory requirements. the requirements of the Charivs goveming document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordan 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 Institule) which has the object of conducting research into the prevents.on 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 fonnulate the policies for, and to agree. the funding of the research carried out by the Institute, and lo approve the budgets. annual accounts and reports of the Charty. During the current and previous year, no Trustees received any remuneration, benefrt in kind or any reimbursed expenses. Method of appointment of electlon of Trustees Trustees are appointed as vacancies arise based utx)n an assessment of key skills required. Individuals are appointed fortheir relevant skills. The appointment is adopted by a vote of the entire Board of Trustees. Policies adopted for the induction and trainlng of Trustees New trustees nomially meet wth the Institute President and the Chair of the Trustees and members of the finan and research staff of Ihe Institute. Together they present the new trustees wf(h background infonnation about the InstitLrte, 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.
Charity number: 275275 THE THROMBOSIS RESEARCH TRusr TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 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 relafjonshlps The Charity is connected with the Institute. The Charity has the object of promoting and funding research into the prevention and treaknent 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. Pollcles 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 lo which they are obliged to have due regard to public benefit guidance published by the Chaiity Commission in deciding the Charity's activff(ies. The Charity does not fundraise with members of the public" as a resuft, there have been no fundraising complaints.
Charity number: 275275 THROMBOSIS RESEARCH TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 Review of activities 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 Search that are now well established at Ihe Institute wll continue to deliver important contributions in the coming years. Investment pollcy and perfomiance For the year under review, the Institute's endowment funds were placed on call deposits with its banks. Principal rlsks and uncertainties The Board of Trustees undertake a thorough evalualK)n of risks on an annual basis. Principal risks include: FinanGial- being able to continue funding of the Inslttute. This risk is mttigated by financial planning and independent investment advice. Regulatory changès: monitor regulatory landscape and implement changes as necessary. Reputation and charitable status: prolection of the Charrty's reputalion 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. Golng concem After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operalional existen for the foreseeable future. For this reason. they continue to adopt the going concem basis In preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the Accounting Policies.
Charity number: 275275 THROMBOSIS RESEARCH TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 Flnancial review Reserves policy The Trustees monitor the position of the Charitys reserves regularfy at thelr meetings. The policy of the charity is to fund the research carried out by the institute. Given the levels of unrestricted annual expenditure of £6.482 in order to carry out its aclivities this year, the Trustees consider it is prudent to maintain the unrestricted reseNes of £4,754,755 currently retsined. representing funds that have been hypothecated to fund projects undertaking by the institute. Total funds stood at £4,800.400 at 31 July 2024, which consisted of unrestricted funds of £4,754,755 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 incL)me, which is derived from bank deposits, has remained low. Income in the year amounted to £114.718 (2023.. £4.016.425) and expenditure was £6.482 (2023: £10,361). The Trustees consider the financial health of the Charrty to be good. Plans for future periods The Trust will continue to support The Thrombosis Research Institute in the instttute'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 OLrtcome in clinical practice continues to be part of the research programme, the results of which wll be of great significance to global health practice.
Charity number- 275275 THE THROMBOSIS RESEARCH TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 statement of Trustees. responsibilitles The Trustees are responsible for preparing the Trustees. Report and the financial ststements in accordance with applicable law and Unrted Kingdom Accounting Standards (United Kingdom Generally ACpted 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 slate of affairs of the charty and of its income and expenditure for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial ststements; prepare the financial statements on the going concem basis unless It Is inappropriate to presume that the Charity vlill continue in business. 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 tnjst deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of frdud and other irregularities. The Trustees reports were approved by the Trustees on 14 2025 and signed on their behalf by: MrP ck Burgess OBE DL Chair of Trustees
Charity number: 275275 THE THROMBOSIS RESEARCH TRLIST INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF THE THROMBOSIS RESEARCH TRUST I report to the trustees on my examination of the accounts of the Trust for the year ended 31 July 2024. Responsibilities and basis of report As the charity trustees of the Trust. you are responsible for the preparation of th8 accounts in accordance with the requirements of the Charities Act 2011 {'the Act.). I report in respect of my examination of the Trust's accounts conducted under section 145 of the 2011 Act and in conducting my examination I have followed all th6 applicabl& Dir6Ctions given by the Charity Commission under section 145(5)(b) of the Act. Independent oxaminefs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any maleTial respect.. 1. accounting rewrds were not kept in respect of tho Trust as required by seGtion 130 of the Act,. or 2. the accounts do not aGcord WTth thos8 records" or 3. the accounts do not comply wth the applicable requirements conceming the form and content of accounts set out in the Charitses (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an ind&pendent examination. I have no concerns and have come aosS no othèr matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo ba reached. G£f Kathryn Burton For and on behalf of Haysmac LLP 10 Queen Street Pla London EC4R 1AG Date: 25th March 2025
Charity number: 275275 THROMBOSIS RESEARCH TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Endowmont Unrostrictod funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and End(Mments from: Donations and legaci8S Investments 4,000,048 114,718 16,377 114,718 4.016,425 114,718 114,718 Expenditure: Charitsble activities 6,482 6,482 6,482 6,482 10,361 10.361 Net Movement In funds: 108,236 108.236 4.006,064 Funds: Total funds brought forward 45,645 4,646,519 4.692,164 686,100 Total Funds Carried Forward 45,645 4,754,755 4.800.400 4,692,164 The Stslement of financial activibes indudes all gains and losses recognised in the year. The notes on pages 11 to 18 fomi part of these financial statements.
Charity number- 275275 THROMBOSIS RESEARCH TRUST BALANCE SHEEr AS AT 31JULY 2024 2024 2024 2023 2023 Fixed assets: Investment Note Current assets: Debtors.. amount falling due after more than one year Cash al bank and in hand 586.332 4,218.986 586,332 4,117,308 4.805.318 4.703,640 Credltors: amounts fall due within one year 4.920 11.478 Net current assets 4.214.066 4,105.830 Net assets 4.800.400 4,692,164 Charity funds: Endowment funds Unrestrioted funds Total funds 45,645 4.754,755 4,800.400 45,645 4,646 519 4,692,164 The Financial Statements were approved by the Trustees on i¥ Ma 2025 and signed on their behalf by= Mr Patrick Burgess OBE DL Chair of Trustees The notes on pages 11 to 18 fomi part of these finanryal statements.
Chartty number: 275275 THROMBOSIS RESEARCH TRUST srATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Cash flows from operating activitles Net cash used in operating aGtiwties 216,395 4 026,951 Cash flows from investing activities Interest from investments 114,718 16,377 Nel cash used in investing aciivibes 114.718 16,377 Change in cash and cash equlvalent In the year Change in cash and cash equivalent at the beginning of the year Change in cash and cash equivalent atthe end of the year 101,678 4,010,574 4.117,308 106.734 4.218,986 4,117,308 The notes on pages 11 to 18 fomi parl of these financial statements. io
Charity number: 275275 THROMBOSIS RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 1. ACCOUNTING POLICIES 1.1 Basis of preparation of flnancial statements The financial ststements hav6 been prepared undèr historical cost convention with items recognised at cost or transaction value unless othemse stated in the relevant notes to these acGounts. The financial statements have been prepar8d in accordance wlh the Statement of Recommended Practi. Accounting and Reporting by Charities preparing their aGGounts in accordance with the Financial Reporting Standard applirAble in th8 UK and Republic of Ireland (FRS 102} issued on 16 July 2014 and Financial Reporting Slandard applicable in the United Kingdom (Charities SORP (FRS102}) S8cond Edttion eff8Ctive 1 January 2019 and Republic of Ireland {FRS 102) and Charitses Act 2011. The Thrombosis Research Trusl consttiuies a publiG benefft entty as defined by FRS 102. The financial slalements are presented in UK Sterling, which is the Charitys functional QUencY, and rounded to the nearest pound. 1.2 Fund a¢Gounting General funds ar8 unrestricted funds which are available for use al th8 discretion of the Trustees in furtherance of the general objertives of the charity and which have not been designated for other purposes. Designated funds comprise unreslricted fvnds that have been set aside by th6 Trustees for parlicular purposes. The aim and use of each designated fund is set out in th8 notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. 1.3 Invastments Fix&d asset investments are a fomi of financial instrumenl 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 cas8 It is measured at cost less irnpaimient. Investrnenl gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gainsllloss8s) on inveslments, in the Statement of financial actimlies. 1.4 Incoma All income is recognised once the charity has èntilement to the income, it is probable that the income will be reiVed and the amount of income receivable can be mèasurad reliably. Income tax recoverable in relation to investment income is reGf*3nised at the time the investment income is receivable. li
Charity number: 275275 THROMBOSIS RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 1. ACCOUNTING POLICIES (CONTINUED) 1.5 Expenditure Expenditure is recognis8d onc8 the is a legal or construclive 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. Expendtture is classified by activity. The costs of each activity are made up of the total of direct costs and shared $1s, including support costs involved in undertaking each a¢livity. Direct ¢osls attributable to a single actiwty are allocated directly to that actimty. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between thosè activibes on a basis consistent wth the use of resources. Central staff ¢osts are allocat8d on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Governan costs are those incurred in conneGtion wtlh enabling the charity to comply with extemal regulation, constitutional and statutory requirements and in providing support to the Trustees in discharg8 of th8ir statutory dulles. Charitable activities and governan costs are costs incurred on th8 charitys educational operations, including support costs and costs relating to the governance of the charity apportion8d to charitable adivities. 1.6 Going concern The trustees consider that there no material uncertainties about the Charitys abilityto continue as a going concern. 1.7VAT Expenditure is recognised in the period in which they are incued. Exp&ndilur& includes attributable VAT which cannot be recovered. 1.8 Interest recelvable Interest on funds hetd on deposit is included when receivable and the amount can b6 measured reliably by the tharity" this is normally upon mtifi(xtion of the interest paid or payable by the Bank. 1.9 Debtors Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid. 12
Charlty number.. 275275 THROMBOSIS RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 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 wtth a short maturily of three months or les5 frorn the date of acquisition or op8ning of the deposit or similar account. 1.11 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet dale as a r8sull of a past event, it is probable that a transfer of economic benefit will be réquired in settlement, and th8 amount of the setuement can be estimated reliably. Liabilities ar8 r8cognised at the amount that the charity anticipates it will pay to settle the debl or the amount it has reGeived as adVand payments for the goods or ServIS it must provide. Prowsions are measured at the best estimate of the amounts required to settle the obligation. Where the affect of the time value of rnoney is material. the provision is based on the present value of those amounts. discounted al the pre-tax discount rate that reflects the risks specrfic to the liability. The unmnding of the discount is recognised within interest payable and similar charg8s. 1.12 Flnancial instruments The charity has financial assets and financial liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments ar& intlially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effedive interest m8th0d. 1.13 cr1cal accountlng estimates and areas of judgment Estimates and judgments are conlinually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be réasonable under the circumstanS. Critical accounting estimates and assumption& The charity makes estimates and assumptions conceming Ihe future. The resulting accounling estimates and assUMptnS wll, by definition, seldorn equal the relaled actual results. The Trust has no estimates or assumptions that have a significant risk of causing a malerial adjustment to the Caying amounts of assets and liabilities within th8 n&xt financial year. 13
Charlty number: 275275 THROMBOSIS RESEARCH TRUST NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 JULY 2024 2. Income Endowrnent Unrestrlcted fund funds 2024 2024 Total 2024 Total 2023 Donations 4,000,048 3. Investment Incoma Endowment Unrestrlctod fund funds 2024 2024 Total 2024 Total 2023 Interest receivabla 114.718 114.718 16,377 114,718 114.718 16.377 4. Governance costs EndlMent Unrestricted fund funds 2024 2024 Total 2024 Total 2023 Independent Examinallon fees Professional fees Audit fees Accountancy feès 1,320 4.162 1,320 4,162 7,500 2,500 10,000 1,000 6.482 6.482 5. Net IncomelExpenditure During the year, no Trustees received any remuneration, benefits or reimbursement of expenses (2023.. Nil) 14
Chartty number: 275275 THROMBOSIS RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 6. Fixed asset Invostments Total 2024 Total 2023 Shares in group undertakings". Market value - At 1 Augusl 2023 and 31 July 2024 Associated company The following was an associate of tha charty in the year: Name Cyte Limited Holding 48% The aggregate of the share capital and reserves as at 31 July 2024 and of the profit or loss for the year ended on that date for the associate was as follows.. Aggregato of share capital and reserves Name Profrtl(loss) Cyte Limil8d 337,339 For the year ending 2023 401,331 No group accounts are prepared as the charity does not have control over the associate company. Total 2024 Total 2023 Group 15
Charity number- 275275 THROMBOSIS RESEARCH TRUST NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 7. Debtors Total 2024 Total 2023 Due after more than one y8ar 586,332 586,332 The long-term loan Is with The Thrombosis Research Institute and 15 considered to be long-tem) debt over S years. 8. Crodltors Total 2024 Totsl 2023 Accruals 4,920 11,478 16
Charity number.. 275275 THROMBOSIS RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Balance at 1 August 2023 Balance at 31, July 2024 9. SL*ement of Funds Income Expendlturo Designated fijnds Garfield Weston fund Emergency fund - TRI - Oth8r 236.332 350.000 66,910 653.242 236,332 350,000 66,910 653,242 General funds Unr6stricted fund 3,993,277 4,646,519 114.718 114,718 6,482 6,482 4,101,513 4,754,755 Endowment funds Sir Emmanu81 Kaye fund 45.645 4.692,164 45,645 4,800,400 114.718 6,482 Balance Balance at 31, July 2023 Prlor year surnmary 1 August 2022 Income Expenditure Designaled funds General funds 653.242 12,787 4.016,425 640,455 4.016.425 653,242 10,361 3,993,277 (10,361) 4,646,519 Endowment funds 45,645 686.100 4,016.425 45,645 4,692.164 10,361 17
Charity number: 275275 THROMBOSIS RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 10. Analysls of net assets between funds Endowment Unrestricted funds funds Total funds Current year Fixed asset investments Debtors due after more than 1 year Current ass6ts Creditors.. due within one year 586.332 586,332 4,173,341 4.218,986 4,g20 4,920 4,754,755 4.800,400 45,645 Endowment Unrèstricted funds funds Total funds Prlor year summary Fixed asset investments Debtors due after more than 1 year Current assets Creditors.. due within one year 586,332 586,332 4,071.663 4,117,308 11,478 11,478 4 646,519 4,692,164 45,645 45,645 11. Reconciliation of net movement in funds to net flow from operating activilies: Total Total 2024 2023 Net incomel(expenditure) for the year 108,236 4,006,064 Adjustments for: Interest from investments Decrease in creditors Net cash used in operating activities 114.718 6,558 216395 16,377 4,510 4,026,951 12. Related party transactions The Company has not entered into any related paty transaction during the year (2023.. £Nil), nor are there any outstanding balances owing between related parties and the Company at 31 July 202412023= £Nil}. 18