HANSON RESEARCH TRUST REPORT AND FINANCIAL STATEMENTS For the year ended 5 April 2024 Registered Charity No.. 275779 Hanson Research Tn CONTENTS Page Legal and adminithtive infonnatiotTr Report of the Trustees Report of the Independent Examiner Statement of financial activities Balance sheet Notes fonning part of the fU￿AncIal statements 9-11 Hanson Research Tn Registered Charity No: 275779 IRUSTEES Professor Freddie Hamdy (Chairnlan) The Lord Glenarthur Professoi Peter Friend Fiona Hope David Cranston Simon Buczacki (appointed l Febnwy 2024) RF.GISTF,RED ADDRF.SS Furnace FIouse Mohope Hexham Northumberland NE47 8DQ INDEPENDENT EXAMINER P Pheasey FCMA 7 A8hgTove Road Huddcrsfield HD2 IFQ BANKERS Barclays Bank PLC Oxford City - Oxford Group PO Box 33 Oxford OXI 3HS INVESTMEwf MANAGERS Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB Hanson Researcb Trust REPORT OF THE. TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 Th¢ Tn￿le¢S present their reFK)rt along with the financial stafrrnents of the charity for the year ended 5 April 2024. The financial statements have been prepa￿1 in accordance with the aecounting policies set out on page 9 and comply with the charity's trust deed and applicable law. Princlpal objeetlv¢$ and activities for the public beneflt The primary stated purpose is set out in a Trust Deed and is to apply the income for the advancement of medical education and the underlakin8 of medical research for the benefit of the public. The Trustees have specific power to establish and maintain a Fellowship in Surgery at the Department of Surgery at the University of Oxford. These purposes were met in the cutrent year by continuing to support the fellow, Sandy Figiel, who started on 2 August 2021. During the year the tTh￿tees agreed to extend her Fellowship to August 2025. The Trustees give carefiil consideration of the Charity Commission's guidance on public benefit when appointing Fellows. The Hanson Research I rust is constituted under a trust deed dated 25 April 1978 and is a ￿giStered Charity number 275779. Hanson PLC eslablished the charity for the advancement of mcdical education and the undertaking of medical research for the benefit of the public. The Trusfres have specific power to establish 8nd maintain a Fellowship in Surgery at the tkpartment of Surgery at the lJniversAty of Oxford. Achievements and pcrforniance The new fellows ￿Search focuses on the understanding of the cellular mechanisms of prostate cancer Progression and melastsses development. She is working on the Spatial Prostate Assessment and Circulating Enivronment (SPACE) study which is looking at the identification of drivers of progression in localised prostate cancer incorFK)rating spatial trans¢riptomics of whole prostate and tracking of cancer clonal ¢volutio Finaneial Review During the year the Trustees continued their investment policy of holding funds in investments to provide income to support the Fellowship. The Trustees meet annually where a review of the investhients is disc￿sed with the investment manager. Investments are invested to produce suificient income to cover the Hanson Fellow costs. The trust is fully invested in the Quilter Cheviot Global Income and Growth Fund for Charities. This aims to deliver a return of 3.5Q/o above the UK CPI over the medium terni with a mcdium risk profile. The value of the investments have increased over the period and there is an unreaii8ed pmfit of £138.223 {2023- loss £139.468). Hanson Research Tn]st REPORI. OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 Nct income before the reaIised and unteaiised gains on investments was £2,531 (2023 - £941). Net income including the investmcnt gains was £140,754 (2023 - exFuditrJre £138,527). Net assets at 5 April 2024 stood at £1.695,404. Regerve$ policy The accumulated reserves are being held in respect of planned expenditure. The Tn￿teeS aim that in general the income received should be sufficient to cover the costs of each fellowship or any other donations. Ri$k management The Truste¢s have &8sessed the ￿￿jor risks to which the charity is exposed, in particular those related to the operations and fujances of the charity. and 8r¢ satisfied that syst¢ms are in place to mitigate such exposure. Struetureg govern¥dnce and management The Hanson Research Trust is constituted under a trust ded dated 25 April 1978 and is a registered charity number 275779. Hanson PLC established the clwity for the advancement of medical education and the undertaking of medical research for the benefit of the public. The Tn￿l¢eS have specific power to establish and maintsin a Fellowship in Surgery at the Department of Surgery at the University of Oxford. Th¢ Trustees during the year are listed on page 3. New Trustees are appointed following an approach to suitably qualified individuaLs. There are no formal induction or trainin8 procedu￿$ for new-I rustees. All decisions and management activities are Undertaken by the Tn￿ceS. Referenee and administrntion details Details of the charity's name, its registercd number, address of its principal office and names of Trustees of the charity who served during th¢ year and up until this r¢kx)rt was approved are provided on page 3. For and on behalf of the EK)ard of Trustees: Professor Freddie Hamdy Hanson Research Trust INDEPENDENT EXAMINF.R'S REPORT "ro THE TRUSTEES OF THE HANSON RESEARCH TRUST I report on the accounts of the charity for th¢ year ended 5 April 2024 which are set out on pages I to Respeetive responsibilities of Trustees and Examiner The charity's trustees are resp)Dsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under Section 144 of the Charities Act 2011 ('Ihe Charities Act.) and that an independent examination is needed. It is my responsibility to (l) examine the accounts under Seclion 145 of the Charities Act. (2) to follow the procedures laid down in the general Directionb given to the Charity Commission under Section 145(5Xb) of the Charities Act; and (3) to state whether particular matters have come to my attention. Basis of independent examiner's report My examination w&$ carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a mparison of the ￿cOUnts prescnled with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trnst¢es concerning any such mallers. The procedur¢s undertaken do not provide all the evidence that would be required in an audit. and consequently no opinion is given as to whether the accounts present a rue and fair view" and the report is limited io those matters set out in the statement below. Independent examfiner'8 ststemeDt In connection with my examination no material matters have come to my attention which gives me cause to believe tha¢ in any material respect: the a¢¢ountin8 records were not kept in accordance with section 130 of the Charities ACL or the accounts did not a¢¢ord with the accounting records, or the accounts did not comply with the applicable r¢quirements concerning the forn) and content of ￿COllnts set out in the Charities (Accounts and Reports) Regulations 2￿8 other than any requirement the accounts give a 'lTue and fair" view which is not a matter considered &s pan of an lndrf￿ndent cxamination I have come aeross no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reacljed. Paul Phe&sey FCMA 7 Ashgrove Road Huddersfield HD2 1 FQ Hanson Research Trust STATEMENT OF FTNANCIAL ACTIVITtES FOR THE YEAR ENDED 5 APRI[. 2024 Incoming resources UNRESTRICTED FUND 2024 2023 Donations 10,000 Investment income: Dividends & interest from investments 47.233 48.802 Bank interest 248 168 Total incoming resources 57,481 48,970 R¢sources expended FelloNVs c03ts 54,950 48,029 Managem¢nt & administration of the Charity No*3 Total resources expended 54.950 48,029 Net {expenditure)/iDeome before investment gain8lloss¢8 2,531 941 Net gainsl(losses) on investments Nofr7 138,223 (139.468) Net movement in funds 140,754 {138,527) Reeoncilirdtloo of funds Balance at April 5. 2023 Balance at April 5, 2024 1.554,650 1,693,177 1,695.404 1,554,650 Hanson ReSea￿h Trust BALANCE SHEET AT 5 APRIL 2024 2024 2023 Fixed Asgets Investment portfolio Note 7 1.627.002 1.488,779 Current ￿￿ets Cash at Bank and in hand Barclays J3ank PLC Bu8iness account Current account Quilter Cheviot 57.154 50,794 ,000 48,802 46.035 104.189 100,596 Totydl ellrrent assets 104.189 100.596 Crcditors: amounts falling due within one year Net eurrent aJJets Note 8 (35.787) (34,725) 68.402 65.871 Total net assets 1.695,404 1,554,650 Funds of the Charity Unrestricted funds Note 5 1,695.404 .554,650 The financial statements were approved and authorised for issue by the Board of Trustces and w¢re signcd on its behalf by: Professor Freddi¢ Hamdy Hanson Rcsearch Tn]st NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 l Basis of preparatio Basis ofaccounting These financial statements have been prepared under the historical cost convention with ttems recognised at cost or Iransaction value Unle￿ otheThvise stated in the relevant notes to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Clwities preparing their accounts in accordance with FinanciaI Reporting Standard applicable in the UK and Republic of I￿land (FRS102) issued on 16 July 2014 and with the Charities Act 2011. 2 Aceounting polieles 2.1 Income Recognilion of income Income is recognised in the Ststement of Financial Activities (SOFA) when the charity becomes entitled to the resources. it is more likely than not that the tr￿slee$ will receive the resour¢e and the monetary value can be m￿ured with sufficient reliability. Off.¥eiilng There has been no offsetting of assets and liabilities, or income and expenses. Donalions Donations are only included in the SOFA when the general income recognition criteria are met. Incomefrom interest anddividends This is included in the accounts when receipt is probable and the amount receivable can be measur¢d reliably. Exp¢nditure and liabilities Liability recognition Liabilitie5 are recognised where it is more likely than not that there is a lega] or constrnctive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. 2J Assets Investments Fixed asset investments in quoted shares, traded bonds and similar investments are vaIued initially at cost and subsequently at fair value (their markel value) at the year end. Realised gains or losses on investments are recognised on disposal of investments and any gain or loss on revaluation is taken to the SOFA. The deterniination of any gains and losses is cal¢ula*d by T¢frn￿ to the value of such assets at the beginning of the accounting period. Hanson R¢search Trust NO'I'ES TO THE FINANCIAL STATEmE￿[s FOR THE YEAR ENDED 5 APRIL 2024 3 Management and administration of the Charity Th¢re w&s an amount of £Nil (2023 - £Nil) eX￿]ded for invesment managemenl charges. 4 TrnstK8' Remuneration 2nd Eipense8 None of the tn￿teeS have been paid any remuneration or received any oth¢r benefits from an employment with the clwity or a related entity. No trustee expenses have been incurred (2023 - £Nil). S Unreslrieted Fund 'IThe only fund of th¢ charity is an unrestricted fund. It has been built up by cash donations (from Hanson PLC, the ￿ndon Law Society and from the LL)rd Ilanson Foundation) and surplus incoming r¢sources. 6 Independent Exallbiner The independent examiner did not receive any remuneration frorn the charity (2023 - £Nil). 7 Fixed Asset Investmettts Quoled Inveslments - all affair value 2024 2023 Markel value at 6 April 2023 Additions to investments during ycar DisrK)sals Nct realised (lossygain on disposals UDrealised (lossygain on revaluation 1.488,779 1,628247 138.223 (139,468) Market value at 5 April 2024 1,627,002 1,488.779 8 Cr¢ditors: amounts falling due within one year 2024 2023 Amount owed to Oxford University re Fellow cosL8 35.787 34,725 35,787 34.725 10 Hanson Research TnLSt NOTES TO THE FINANCIAL STATF.MENTS FOR THE YEAR ENDED 5 APRIL 2024 9 Fair value of as$¢ts aDd liabilities The cl)arAty is not exposed to credit risk as it h&s no debtors. Likewise it is not exposed to liquidity risk as it sufficient Ca8h available to meet its short tern] financial demands. The charity is exposed to market risk as the majority of its assets are in quoted investments. However its assets are so much more than its comtnitments that even a 500/0 fall in the value of the inveslments will have no short temi impact on its ability to continue. 10 Trnnsactions with related partie8 There have been no related party transactions in the re￿rtIng period. 11