Charity number.. 275275 THE THROMBOSIS RESEARCH TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2025
Charity number: 275275 THE THROMBOSIS RESEARCH TRUST CONTENTS Page Refence and administrative details of the tharity and advisers Trustees, report Independenl Examinerfs report Statemenl of financial activities Balance sheet Notes to the financial statements 10-17
Charity number: 275275 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025 Trustees Mr Patrick Burgess OBE DL, Chair Sir Martin Sorrell Mr Richard Clark Registered office address Smyth Barkham LLP. 1 Mitre Court Buildings, Inner Temple, London. EC4Y 7BS Charlty registered number 275275 Charity se¢retsry Mrs Diana Rawstron Independent Examlner Kathryn Burton, Haysmac LLP. 10 Queen Street Place. LOlOn. EC4R 1AG Bankers C. Hoare & Co, 37 Fleet Street. London. EC4P 4DQ Solicitors Smyth Barkham LLP, 1 Mrtre Court Buildings. Inner Temple. London EC4Y 7BS
Charity number.. 275275 THE THROMBOSIS RESEARCH TRUST TRUSTEES. REpoiYr FOR THE YEAR ENDED 31 JULY 2025 The Trustees present their annual report together wlth the audlted financlal statements of the Charity for the year from 1 August 2024 to 31 July 2025. The Trustees confirm that the Annual Report and financial statements comply with the current statutory requiremenls, the requirements of the Charity's goveming 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 Ihe 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 Instituto) which has the object of conducting research into the prevention and treatment of thrombosis. The Charity is administered by TrUSts. The number of Trustees must be between three and ten. They meet at least three times a year to fomiulate 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, benefil in kind or any reimbursed expenses. Method of appolntment of election of Trustee5 Trustees are appointed as vaoncies arise based UFM)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. Pollcles adopted for th• Induction and training of Trustees New trustees nonnally rneet with the Institute President arKI the Chair of the Trustees and members of the finan and research staff of the Institute. Together they present the new trustees with backgrourKI information about the Institute. the role of the Charity and other relevant information. The Trustees bring under rewew the skills required by the Chanty's Board of Trustees from time to time. aNI ensure that their composition covers all nesSary areas.
Charity number.. 275275 THE THROMBOSIS RESEARCH TRUST TRusfEES' REPORT FOR THE YEAR ENDED 31 JULY 2025 The Trustees re1ve regular training by keeping up to date vlith Charity Commission updates and publications. Further trainir¥J is available upon request. Voluntsers All the members of the Board of Trustees are volunteers. None of them hold contracts with the Charity or the Institute. Related party relatlonships The Charity is connected with the Thrombosis Research Institute. The Charity has the object of promots'ng and funding research into the prevention and treatment of thrombosis disease, which it fulfils by supporting the Institute. At the year*nd, Patrick Burgess was a Twstee of the Charity and the Institute. Pollcles and obJectlv•s The Chaiiws key objectives are to promote and fvnd research into the prevention and treatment of thrombosis disease. Ithich it fuffils by supporting the Institute. In setting the objectives. the Trustees confimi Ihat 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. a5 a resutt. there have been no fundraising complaints.
Charity number.. 275275 THROMBOSIS RESEARCH TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2025 R•vi•w of a¢tivili•s The Charity contlnues 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 Ihe 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 perfomiance For the year under review. the Institute's endowmenl funds were placed on call deSItS with its banks. Prlnclpal risks and uneertalntles The Board of Trustees conducts a comprehensive evaluation of risks annually. The principal risks identified a as follows: Constltutlonal and Governance: Ensuring the protection of Ihe Trusl's reputation and its registered charity status is of ulrnost importance. The Board has established strong protolS lo safeguard bolh. reduciro the likelihcx)d of any damage to these areas. Financial: The charity focuses on diversifying its furKling sources to ensure continued financial stabilty. This risk is rn1tated through careful financial planning and independent investment advice to maintain funding for the Trust's operations. Regulatory Changes: The Board monitors changes in the regulatory landscape and ensures that any necessary adjustments are made to maintain compliance arm minimise risk. Dats Protection: The Trust closely monitors the regulatory environment conceming data protection and has implement1 and rnainlains effective tK)licies to safeguard personal and sensitive data. Going concern After making appropriate enquiries, Ihe Truslees have a reasonable expectstion that the Charity has adequate resources to continue in operational existence 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 2025 Flnancial review Res•rves pollcy The Trustees monitor the position of the Chawity's resepdes 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 experKliture of £150.807 in order to cary out its activities this year. the Trustees consider it is prudent to mainlain the unrestricted reserves of £4,785,361 currently retained, representing funds that have been hypothecated lo fund projects undertaking by the institute. Given the range of uncertainties currently facing charities operating worldwide, the Trustees consider the current level of reserves to be appropriale. The level of reserves required to support the charity's future slrategy will be reviewed in 2026 Total funds stood at £4.831,006 al 31 July 2025. which consisted of unrestricted funds of £4.785.361 and endowment funds of £45,645. Financial revlew The Institute continues to hold furKls for its charitable objectives. As a result of reduced Inte st rates. investment income. which is derived from bank deposits, has remained low. Income in the year amounted to £180.530 (2024: £114.718) aTrJ expenditure was £150,807 (2024: £6,482). The Trustees consider the financial health of the Charity to be good. Plans for future n¢d5 The Trust will continue to supw)rt 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 accordiNJly. The long-tem clinical research project into the VrldWIde incidence and treatment of atrial fibrillation and outcome in clinical practi continues to be part of the research programme, the resutts of which viill be of great Significan to global health practice.
Charity number.. 275275 THE THROMBOSIS RESEARCH TRusr TRusfEES' REPORT FOR THE YEAR ENDED 31 JULY 2025 Statsment of Trustees, r•sponsibilities 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 chartties 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 incorne and expenditure for that period. In preparing these financial statements. the Trustees are required to: select suitable accounting tx)licies arKI then apply them consistently, observe the metFM)ds and principles of the Charities SORP,. make judgments arKI accounting estimates that are reasonable and prudent. state whether applicable UK Aco)unting Standards have been followed, subject to any material departures disclosed arKI explained in the financial statements; prepare the financial ststements on the going concem basis unless it is inappropriate lo presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records thal are sufficient to show and explain the charitys transactions and disclose with reasonable accuracy at any tirne the financial FK)silion of the charity and enable them to ensure that the financial staternents comply with the Charities Act 2011, Ihe applicable Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of Ihe charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees reports were approved by the Trustees on 26 March 2026 and signed on their behalf by: Mr Patrick BurSS OBE DL Chair of Trustees
Charity number.. 275275 THE THROMBOSIS RESEARCH TRUST INDEPENDENT EXAMINER'S REPORTTOTHE MEMBERS OF THE THROMBOSIS RESEARCH TRUST I report to the trustees my examination of tha accounts of the Trust for the year ended 31 July 2025. Responsibilities and basls of report As th8 charity trustees of the Trust. you are responsible for the preparation of th8 a¢¢ounts in accordance with the requirements of the Charities Act 2011 {'the Act.). I report in resp8Ct of my exafflinatrjn of the Trust's ac(x)unts conduct8d under section 145 of the 2011 Act and in conducting my examination I have followed all the applTrcabl8 Directions giv8n by the Charity Commission under section 14515Xb) of the Act. Indopondent examlnerfs sLthment I have completed my examination. I confinn that rn material matters have come to my attention in connection with the examination giving me cause to beIve that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act- or 2. the accounts do not accord with those records: or 3. the a¢¢ounts do not o)mply with the applicable requirements ¢on¢eming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 olher than any requirement that the accounts give a 'true and fair, Nryew which is not matter considered as part of an independent examination. I have no ¢on¢ems and have come across no other matters in connection with the examination to vthich attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Kathryn Burton For and on behalf of HayslAac LLP 10 Queen Street Place London EC4R 1AG Date: 0110412026
Charity number: 275275 THROMBOSIS RESEARCH TRUST STATEMEKf OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025 Endowment Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Not• Income and Endowments from: Investments 180,530 180,530 180.530 180,530 114,718 114718 Expendlture: Charitable activities 150,807 150,807 150,807 150,807 6,482 Net Movoment in funds before net losses on investments 29,723 29.723 108.236 Galns on investments Net movomont in funds 30.606 30,606 108,236 Funds: Totsl funds brought forward 45,645 4.754,755 4,800,4CJ) 4,692,164 Net movernent in funds 30,606 30.606 108,236 Total Funds Carried Forward 45,645 4.785.361 4.831.006 4.800.400 The Statement of finanaal activibes includes all gains and losses recognised in the y8ar. The notes on pages 10 to 17 fomi part of these financial statements.
Charity number: 275275 THROMBOSIS RESEARCH TRUST BALANCE SHEET AS AT 31 JULY 2025 2025 2025 2024 2024 Fixed assets: Note Investment 2.OCK),885 Current assets: Deblors: amount falling due after more than one year Cash at bank and in hand 586.331 2,247.846 2,834,177 586.331 4 218,986 4.805.317 Creditors: amounts fall du• within one year 4.056 2.830.121 4,919 4,800.398 4,831,006 4,800.400 Charlty funds: Endowment funds Unrestricted funds 45,645 4.754 755 4.800,400 4.785,361 4.831.006 The Financial Statements were approved by the Trustees on 26 March 2026 and signed on their behalf by. Mr Patrick BuFg&8sQBE DL Chair of Trustees The notes on pages 10 to 17 fom part of these financial statements.
Charity number. 275275 THROMBOSIS RESEARCH TRUST NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 1. ACCOUNTING POLICIES 1.1 Basis of preparallon of ffinancial statements The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwse stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Ststement of Recommended Practice". Accounting and Reporting by CharitEs preparing their accounts in accordan 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 R8publi¢ of Ireland (FRS 102) and Charities Act 2011. The Thrombosis R8search Trust constitutes a public benefit entity as defined by FRS 102. The financial statements are pr8s8nted in UK Sterling. which is the Charivs funcb'onal currency, and rounded to the nearest pound. 1.2 Fund accountlng General funds are unrestricted furKJs which are availabb 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 purp)ses. Designaled 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 Oltt in the notes to the financial statements. Inveslmenl income. gains and losses are allocated to the appropriate fvnd. 1.3 Investments Fixed asset investments are a fomi of finan¢ial instrument and are initially recognis8d at the transaction cost and subsequenuy measured at fair value at the Balan sheet date, unless fair value cannot be measured reliably in which case it is measured at cosl less impaiment. Investrnent gains and losses. whether realised or unrealised. are combined and shown in the heading 'Gainsl{losses) on investments. in the Statemant of financial actiwties. 1A Income All income is recognis8d once the Charity has entitlement to the income, it is probabl8 that th8 income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is rew3nised at the time the investment income is receivable. io
Charity number: 275275 THROMBOSIS RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 1. ACCOUNTING POLICIES (CONTINUED) 1.5 Expendilure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount ofthe obligation can be measured reliably. Expenditur8 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 èach a¢tiMty. Direct costs attributsble lo a single activity are allocated directty to that actiNity. Shared costs which contribute to more than one activity and support costs whith are not attributable to a single activity are apportioned between those activits'es 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. Govemance costs are those incurred in conn8cth)n wtth enabling the charity to mplY with exlemal regulation. constitutional and statutory requirements and in prowding support to the Trustees in discharge of th8ir statuiory duties. Charitable activities and governan costs are costs incurred on the ¢hariWs educational opeptions, including support costs armj costs relating to the govemanc8 of the Charity apportioned to charitable activits. 1.6 Going concern The trustees consider that there no material uncertainties about the Charitys abilty to continue as a going concem. 1.7 VAT Exp8nditure is re¢ognised in the period in which they are incurred. Expènditure includes attributable VAT which cannot be recovered. 1.8 Interest r•ceivablo Interest on funds held on deposit is induded when receivable and the amount Can be measured reliably by the tharity; this is nomally upon notthcation 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. li
Charity Dumber: 275275 THROMBOSIS RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ACCOUNTING POLICIES (CONTINUED) 1.10 Cash at Bank and in hand Cash at bank and in hand indudes cash and short tenn highly liquid investments wilh a short maturity of three months or less from the date of acquisition or opening ofthe deposit or similar account. 1.11 Liabilities and provislons Liabilities are recognised vthen there is an Obligat at th8 Balance sheet date as a result of a past event. it is probabla thal a transfer of economic benefit will be required in settlement, and the amount of the settlement can bè estimated reliably. Liabilities are recognised at th8 amount that the charity anticipates it wll pay to settle the debt or the amount it has received as advanced payments for thè goods or services it must prowde. Provisions are m8asured al the best estimale 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 al the pre-tsx discount rate that reflects the risks spe¢ifi¢ to the liability. The unwinding of the discount is recognised within interest payable and similar charges. 1.12 Flnanclal Instruments The charity has financial assets arKI finanoal liabilities of a kind thal qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequenlly measured at their setuement value wilh the excepiion of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.13 Critical accounting estimates and arnas of judgment Estimates and judgments are continually evaIlted and are based on historical experience and other factors. induding expeclations of future events that are tElieved to be reasonabl8 under the circumstances. Cn"tical accounting estimates and assumption&' The charity makes estimates and assumptions conceming the fuiur8. The resulting accounting estimates and assumptTrons wll, by definition, seldom equal the related actual results. The Trust has no estimates or assumptions that have a Signtfint risk of causing a material adjuslment to the carying amounts of assets and liabilities within the n8xI financial year. 12
Charity number: 275275 THROMBOSIS RESEARCH TRUST NOTESTO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2. Investment Income ErKlowmont Unrostricted fund funds 2025 2025 Total 2025 Totsl 2024 Interest receivable 180,530 180,530 16,377 3. Charitable activitses Endowment Unrestrlcted fund funds 2025 2025 Total 2025 Total 2024 Independent examination fees Professional fees Donation to the Thrombosis Research Instilule Bank charges 1.416 (959) 1.416 (959) 2,320 4,162 150.000 350 150.807 150.000 350 150.807 6,482 Trustees remunerallon and expenses During the y8ar, no Trustees received any remuneration. benefits or reimbursement of expenses (2024: £Nil). 13
Charity number. 275275 THROMBOSIS RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 5. Fixed asset investments Total 2025 Total 2024 Shares in group und8rtakings: Market value- At 31 July 2025 Cash Inveslment- A J Bells At 1 August 2024 Additions Revaluations gains At 31 Juty 2025 2.000,000 883 2 000 883 Total as at 31 July 2025 2.000,885 A J Bells Investment- General investments holdings all held in the UK Name TV25 TG26 T27A BaLgn Amount 499,998.09 499,995.87 998.997.85 1.008.19 Gross Yleld 22-Oct-25 22-Jul-26 29-Jan-27 3.87% 4.05Vo Associated com an The following was an associate of the charity in the year. Name Cyie Limited Holding 48% Th8 aggregate of the share capital and reserves as at 31 July 2025 and of the profit or loss for th8 year ended on that date for the associaie was as follows: Aggregate share capltal and reserves Name Profttl(loss) Cyte Limited 705,476 For the year ending 2023 337.339 No group accounts are prepared as the charity does not have control over the associate company. 14
Charity number. 275275 THROMBOSIS RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Note 5 continued Total 2025 Total 2024 Group 6. Debtors Total 2025 Total 2024 Due after more than on8 year 586,331 586,331 The long-temi loan is with The Thrombosis Research Institute and is considered to be long-term debt over 5 years which the Trustees consider to be paid. 7. Credlt¢ys Total 2025 Total 2024 Accruals 4,056 15
Charity number.. 275275 THROMBOSIS RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 8. Statement of Funds Balance Balance at Galnsl 31. July Income Expenditure (Losses) 2025 1 August 2024 Designated funds Garfield Weston fund Kaye Chair fund Thatcher Chair fund 236,332 350.Crf)O 66,910 653.242 236,332 350.000 653.242 General funds Unrestricted fund 4.101.513 180.530 4 754.755 180 530 150.807 150.807 883 4.132,119 883 4.785.361 Endowment funds Sir Emmanuel Kaye fund 45.645 4.800.400 180.530 45.645 883 4.831.006 150.807 Balance at 1 August 2023 Balance at Galnsl 31. July Income Expenditure (Losses) 2024 Prlor year Designated funds Garfield Weston fund Kaye Chair fund Thatcher Chair fund 236.332 236,332 350,000 66.910 653.242 66,910 653,242 General funds Unrestricted fund 3.993.277 114,718 4.646.519 114.718 6.482 6.482 4,101,513 4,754,755 Endowm•nt funds Slr Emmanuel Kaye fund 45.645 4.692.164 114.718 45,645 4 800,400 6,482 16
Charty number= 275275 THROMBOSIS RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 8. Statemont of Funds lcontlnued) The abov8 three designated and an endowment funds were setup to support professorships: Designated funds The Weston Chair in Molelar and Cell Biology. The Kaye Chair for Thrombosis Innovation. The Thatcher Chair of Biological Chemistry. Endowmont fund Sir Emmanuel Kaye fvnd 1Ved in 2009 from proceeds from sale of number plate EK1. 9. Analysis of net assets between funds Endowment Unrestricted funds funds Total funds Current year Fixed asset investrnents Debtors due after more than 1 year Current assets Creditors.. due wthin one year 2.OC(J.885 2,000,885 586.331 586,331 2.202.201 2,247,846 4.056 4.056 4,785.361 4 831,006 45.645 45.645 Endowment Unrestricted funds funds Total funds Prior year summary Fixed asset investments Debtors due after more than 1 year Current assets Creditors". due within one year 586.331 586,331 4.173,341 4.218.986 4.919 4.919 4.754.755 4.800,400 45,645 45,645 10. Related party tran&ictlons The Company has not entered into any related party transaction during th8 year (2024.. £Nil), nor are there any outstanding balances owing tetween related parties and the Company at 31 July 202512024: £Nil); 0th8r than the outstanding loan balan, as detailed in the debtors note 6 above. 17