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
Refe￿nce 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. LO￿lOn. 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 TrUSt￿s. 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 ne￿sSary
areas.

Charity number.. 275275
THE THROMBOSIS RESEARCH TRUST
TRusfEES' REPORT
FOR THE YEAR ENDED 31 JULY 2025
The Trustees re￿1ve 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
de￿SItS 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 proto￿lS 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 rn1t￿ated 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 implement￿1 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 V￿rldWIde 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 Bur￿SS 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 beI￿ve 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 activit￿s.
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 evaIl￿ted 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 Signtfi￿nt 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 Mole￿lar 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