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 finan￿al 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 AC￿pted 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 a￿osS 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
QU￿encY, 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 re￿iVed 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 incu￿ed. 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 adVan￿d payments for the goods or ServI￿S 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 cr1￿cal 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 circumstan￿S.
Critical accounting estimates and assumption&
The charity makes estimates and assumptions conceming Ihe future. The resulting
accounling estimates and assUMpt￿nS 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 Ca￿ying 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
Endl￿Ment 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