The Hou Ikton Trust Llmited 8 coni limited ntee Comi)any number: 015347Y4 Ch#i'lty Conimi5sion nuD]ber '. 281834 Thnancial Statements - for the yeai. ended- 31 ecem r 21)24 The Houghton Tr￿s1 Llmited Report and accauiits Contents Page Legal and administrative infotinaiii)n Direcloi's, I'cpoi'l Ittdependent 6Kaminerf8 reporl Si&(emeiiL of finatkrial activities Balance sheet stalen￿nt of cash flDWS Notes to th¢ a¢counls The Hollghton Trust Limited Ikgal and admTnistr&tiye inl01.n￿t1Q Directoi's Mr G N Hayes Proftssoi. M P Steven5 Pix)ftssor R M La Ragione Pix>fes50r A L Veiweld Professor F M Tomley Professor H M Sang (Resigned I l January 2024> ICh&iiThun) (Appoiiitcd 7 May 20241 Adn￿nIStratIYe Sta Dr S J Fi'an¢i$ Pi'ofessor D P Blake Mr G N Hayes (Honoi'aiy seciEiaryl (Editor in Chiefj (Treasurer) RegÉ5tciYd oifiee The Old Police S¢ation PI'joLy Road Si Ives Catnbs PE27 5BB Company Nuniber 01534794 Charity Nun]ber 281834 Bankers Cat¢i' Allen Privaic Bank 9 Nelsoii Sti-eet Bi'adfoiyj BDL SAN Investnwit M&nager$ Rathbones Inves¢tTh6At Management Limited 30 GIEsham Sti'ecl Lnttdon EC2V 7QN Independent Eixaminei. CJDyke ThE Old Police St&tio Friory Road Si Ives FE27 5BB The Houghton I'rust Limilod Report of the Directors roy the year ended 31 December 2024 Company Nuinber 01534794 Charity Number 281834 The dsreclor5 preselll their attjiual repoit and financial 5taiemen(s ol tho charily foi. the year cnded 31 Detember 2024. The directors liav¢ adopied Ihe piov%sions of Il* Slalement of Re¢ommeJidcd Practice ISORPI'Accoiinling and R¢poriiJig by Chariiies. {FftS1021 in pi¢paring the anniial ieport and fJnaDtial siatem¢nlS of the cliarily. The financial SlA(emenls have been prepared in accordanK with the accouniing policics $eL 0111 in nol¢ l and comply willi die Charities Act 2011 and AccoiinliNg diid RepoAinE by Charities: SLileinenl of Recommended Practice applirable lo cliariiies preparing their ficcounis in ac¢oiddA¢e wilh Ihe Finortcial Reportixg SlaTrdaixJ applicablc in the UK and Republic of Ireland piiblished on 16 July2014. ObJertlYes aDd Attivate5 for edueatloiial lTrcnefit The purpose of Ihe Tr1151 is tlie proÉnotion oleduc&uon and research into the xiudy of Avian Pathology through making grgnts lo appmpriale iadividii&ls and institutions. Tlie Irustees confimi thut Ihey have referred 10 Ihe Charity ComTnission's giiidgiice on piihlic benefit wheD reviewing th¢ Trust's Aims and objccuv¢5, itt plattniiig l(Ilure aclivilies. alld seiiing Ihe grant making policy for Ihe year. The tonipany's principal aclivjty diiring Ihe year coiiliniied 10 bc th$ Bdiioi'ial aspects ol Avian Path01￿￿y, IIK offici&l joumal of Ihe World Vetei'inary Poultry Association, and tl* provision ol'The Htsiighton LEciure' FlnAncial revlew The Tnisl's work 18 reli&nl on J'oygliy incDme gencraied from the piiblicatÉon of'Avian Paiholog logeiher wilh suplemeniaiy inLonie and inve51mBnl retuins from iis thnve51ment portfolio. Th¢ nei movemeni in funds for the ye1i r amouT2ted lo £11,820.12023.. £14,652). Inv¢stment polity Tlie Trust's invcsimeni advisors Ilnve51ecl are in51riicted lo hold a mixcd poiifolio of equi¢ies, botjds, casli and other investi]￿ts designed ￿ provide a level uf stable incorne and the possibility of InveSt￿cAt gains. Risk mAnagemÈnt The Truslees hAve ieviewed Ihe ffldjor stralegic, operational and business risks lo which the charity is exposed and are aware of the pei'Foi"tnance of invesimellls and operational rtsks Iro]n ineffeciive granl making and Ili$ CApactly of Ilie Tr(1st lo makt effective Eranls. InveslmeTrl risks are tnslig8ted by retaining expert inyesimenl m&n4gers and having a diversified poiifolio. Effective Erani making is sciiilini5cd by Ilie Triislces who are experts in their fi61d with tho depth of in5iglil to effectively 6valLi&te gr&nl proposals, Tlie HoughtDn I'rust Limited Report vf tlie Dli'ector5 foi. the year elld¢d 31 DeceTnbei' 2024 Ctsmpiiny Nllmbei. 01534794 Ch&rity Numbei. 281834 ReSErves Policy The Truslees have esi8blishcd a re8erves policy of being aware of their operation&1 comn3ilrnenls for th¢ next 12 months. Anticipated free reserv¢8 Ln uiirestrtcled funds are niainiained foi. (his purpose. Directtsrs responsibilitles in rel*llon to Ihe financithl staltmenls The directors are te8pon5ible for prep2r¥ng the Dirwlors, Annual Repoit and the financi21 siaiem¢%]IS a￿ordanC¢ with applicable law United Kingdom Accountlllg Standards Iuniled Kingdom Geiierally Accepled Accountillg Practkee}. Tlle law appli£yble 10 cliai-iiies in England and Wales Teqllires Ihe Iiustee8 to prepaie linancial giaien)ents for each finattcial year which give 2 Iroe and fair view of the state of affairs of the Charity and of the inconiing iesourc¢s and appli¢alion of resources. of tlie ch42rily for Ilial period. In preparing (he fLnarycial slal¢tnciits. tlie Iriistees are reqiiiTed to.. - seject suktable accounting policies and Ihe apply them ¢￿$1Ste1111y. obsei've tl* meihods aiid principle5 ITI the Chariiies SORP 2015 IFRS 102),. make judg¢LnEnls and esiitnttes that rea50ttable and prud¢nl' stale whcther applicable &ccoiinting standard5 havE becn followed, subjeLt io any material departurcs thal rtiiisi bt disclosed dnd expl¢iined in thB rtnaiicial siaiein¢nls', prepare the fiiianci41 st1E i¢nJents on the goiTrg concern basis unless it is inappropriate lo preskime Ihe hartly will coDlinue. The directors are i'eSPDnsible for ke¢ping propel. accounting i'ecords that di8cloRe willi Irasotsable acciiracy a¢ any time rhe fiiiancial position of the chdriiy and enable ihem lo ensure Iliai the flllancial stat¢nieiil& cornply with ihe Charilies Act 2011,tlie Chatiiy IAccoun18 and Reporis) Regulatioiis 2008. They air also responsible for safeguaiLting the a5sels of the ch¢lllly and heDLe lor lakirtg r¢asoDable sleps for th¢ prevenliDD and deteciioii of fraud and oiher iii'egulatsiies, Sinall company cxemption ThB financial stal¢mEJkls have becn p￿pared in accoi'dance with special provisions of Pai'l 15 of rhe Companies Act 20(kn relaiitsg to sniall companies By order of the board Dr S J Francis {HonorAry Secieiaryl LTr-OJ.2 Ddie Tl)e H￿￿gI)I0￿ I'nL4t Ll]rLiled llldependont ex*mlner's repotl lo Ilie membej's of Thè Hi)ughtoD Trusl Lliniied. Ctsmp*J)y ￿U￿be1. OL5J4794 ClIArity hutnber.. 281834 l Tepoii on lh¢ accourtis forth¢ ye8Y eTkded 31 Decetnkr 2024, which are sei oul pAges 5 to 13, RespEtllvt respo￿$[bIlItIeS of tr￿StePS and exaniinEr Th¢ trusie¢s Iwkn are also the dire¢lots of Ihc conipany for tbe purposes of company lawl Lre responsible for tlie prewdr4tlDfL of Uie accounts. Tht ehai'ily's IWSLces coiisidtr an audil Is not rryuiied fDr this year uDdei section 144 of the Chai'ities Acl 2011 Illie Charities Acll and Ihal an irtdependeni cxauunalioil is needed. ExaNunc the HccDDnls under 5wlion 145 of thechllriiias Aet - 10 follow the procedures IAid down in the gen￿al DirccllOll5 gi￿ by th¢Chi4rity Conuni5sion luiider io slate wh¢tlier p&rticul8r maiieis hAvE COtne10 my giiBnlian. B*sJs of ￿deD￿ndent exainltser's 5tThtement My examinatiQP Was c&rri£d olli in n¢cordAnce with gtttual DiTettlOlls givcn by tlie Charity Coinniission. An exaiNnalivn lilclud￿ * review of 8ecounling recoi'ds kept by the chaTily xrtd a onip&rsson of ihe nccounLs PEesenied willi thos¢ records. 11 also i1￿[Ud¢S cntL*ideraiion olany itcms or dis¢lwure ia the aLcounis. and %rckinE EXpl￿n￿li￿n3 froni ihe I￿ste¢S coiicerning any such m811ers. ThE procedu￿£ undertok¢n dD not provid¢ Rll the evidtnce Ihal iVOLild be requircd in Audit, ond consryucnily no QFiniLm is given as to iYh¢ihrf Lhe actounts presenl a'liue fail, Yiew and iliB rtpotl 13 littuied io Ih¢st rtiaiiers spl 0￿[ io Ihe Statement b¢low. Endeptndent exainin¢r'5 $lalemeJkl In canrteclion with niy exaniinaiion, no niptier has come LO my attention tD indi¢4te Ihlli.. a¢¢ouniin8 i¢cvrds noibeen kept in &ccordance viiih seclitrn 386 of Ihe CDwAnie5 Act2￿., the 8CCDunlS do not accord with5uch record5.' WI￿re accoiirtLS Are p￿ParEd on Rn a¢¢ru&l ba515. Ivhether Ihry fail to cornply WiLh relevani Accounting rcquiremenls under se¢iion 396 of th¢ Coiiipanie5 AeE2006. or atc rtot CDIIS151tnt wilh che ChuyiEies SORP (FRS1￿) any nial¢er which iho ¢xaii]iner bdieves slhiuld be drRwn 10 Ihe atlenlioii of ihe rea(kt 10 goin a pioper und¢FslaBdittg of the ll¢counts. ChArtered AcLOUrtianl T1￿ Old Poli¢c &Aiion PriDry Road St Ives mbs PE27 5BB Dale The Houghtoii Trust Llnlited Statemcnt of Financiol Actlvlties for Ibe year ended 31 December 2024 2024 Total fuRds 2023 Total fvnds Notes tjnrestrict Income Invest¥ncnt i￿orne Oth¢i' income 14,416 86,885 14,4L6 80,885 9,259 92,lUI Total income 101,301 101.301 101,360 Expendlture Cos¢ of i'olsiiig I￿1￿11S.. Ediioiial eKpEndiDJre lThv¢slment martagetneni fees 13,937 5,550 13,937 5,550 L2,911 4,077 19.487 19,487 16,988 Expeiidilurg on cha171&ble acliviiies.. Research Education Administrative expcnscs 62,954 13,940 10,503 62,954 13.940 10,503 54,337 25,366 12,162 87,397 87,397 91,865 Totgl expendlture 106,1184 106,884 108,853 N¢t Incomellexpendltllrel and net n]tsvement in funds befoi'e gains li)s%es inve5tmemts 15,583) (5,5831 17,4931 Nei gain￿(1088esl oil invesimen15 17,403 17,403 22,145 Net tllovement in funds Ll,820 11,820 14,652 R8coiiciliation of Fuitds Toral funds as at l January 2024 689,692 689,692 675.040 Tolnl fund$ as al 31 December 2024 701,512 701.5L2 6%9,692 All trdnsacl%ons aiE derived Irom continuixg acliviiies All recogtti8ed gains OL. losses ar¢ included in thc Statement of Financial Activitses Tlie Houghton TI￿st Llmited Balance Sheet As at 31 DeCe￿ber 2024 2024 Unrestricted Total fiunds 2023 Total fiuii(is Notes Flxed assets Tangible assets Investmenis 580.932 580,932 441,954 Total fixed assets 580.938 580.938 441,960 Curi'ent assets tkbtors Cash ai bank and in hand io 47,147 90.652 47,147 90.652 52.337 205,109 Total current assets 137,799 137.799 257,446 Liabllilies Ciediiors fallittg due witlun oiie yetti. 12 17.225 17,225 9,714 Nct eui'rent asset8 120,574 120,574 247,732 Net assets 701,512 701,512 689,692 Funds Utll"esu'Lcled funds Iricted funds 701,512 701,512 689,692 Shareljolders, fvnds 701,512 701,512 689,692 Thc directors ar¢ $atl8fied rh*it the con)pany is enlitled to exempiion froffl the requsremeni 10 obtain an #udit under se¢lioll 477 of Ihe con1pani￿ Acl 2006. The tncmbers have not i'equiLEd the ctsmpany to obtaiii an audii in accordance with se¢tion 476 of Ihc Act. The dii"ecior8 acknowledge theKr Trsponsibilili¢s for coniplying with the i'equiremertts of the Con)panies Act 2006 with irspect to #ccoiinting records aTrd th¢ pi'epar&lion of accounts. The accounis have been piEwAI'ed and delivered ID atcoidance with the special pl￿visio￿5 applieablg to co%npaii%es subject to the stndll cotnpanies IEgime, F M Toinley (Direciorl G N Hayes (Direcior) Appi￿ved by Ihc board on The Houghton Ti'u5t Limited StatEn)e￿t of Cash Flows ror the year ended 31 D¢eernber 2024 2024 Total fiunds 2023 Total Fund5 Notes Net cash used in opei'sting Aetivitles 13 7,298 14,3811 Cash flow5 Irorn invEstiftg actÉvitLBS'. Interest and dÈvidend8 L4,416 9,259 Proceed5 from sale of li1ve$in￿nts (121,575) 17,234) Net cash provided by iRivesting activitles 1107,159) 2,025 ChaTLge in tash and cash eqvlv2lents In the ye&T (114,457) 112,350) Cwl) and cash equivalent Ils 8t l January 2024 205,109 217,465 Casli and cash equiyalent gs at 31 D¢cember 2024 90,652 205,109 The Houghlfjn Tvust Linilted Nptes to the Accounts for the year ended 31 Decembei. 2024 l Atcounting policies Basis olpreprtrn¢ion aiFd&ssÉssinElIt ofgoiiig coiicei. The accounts have been pi'epar¢d under the histoi'ical cost convcniion with items r￿Qgnised al cost oi. ti'aAsa¢tion values unless oihei'wise 51ated in the relevani notes to these accounts. The finanrial stalernenis hsve been pieparcd in accordanc¢ with the Siarement of RecvTrytncIJded Pi'aeiice.. Accouiiling and Reporting by Chaiilies preparing Iheii. acLounl8 in accoiM4an¢e with the Financial Rewi'iing Siai)dai'd applieable Én the UK aiid Rtpublic of Ireland {FRS 1021 issued on 16 July 2014 lid the Financial Reporting Standard applicablE ill the UK artd RepiibliG of Ireland IFRS1021 and Ihe Charitie% Act 2011. The IVUStees coii$ider that thciE air no material Iincei'lainties about the Trust's ability lo conlittue a5 a going con¢em. The irLOSt sigllificant aiEa of uncertainty that aflec( Ihe cariying value of asscts held by the Tiusr the level of investment rttum and Ihe peifoiThance of the iAvesttn611t markets IseB the investtneijl policy and risk manag¢ment section5 of the directors, annllal lEpO￿t for moiE infoi'malionl. FiiiiilK slrNclitre UnrestL'iCted incoTne funds comprise those funds whictl the Ii'iisiees are free lo use for any PUlPD5¢ furiherance of the charilabl¥ objects. UNesli'icicd funds include designated funds wheLE the ustees, at their discrelioll, have created a fund for a speciflf purpos¢. All income is ie¢ognised UnLe ikne Tiusi has entitlcn]enl to Ihc incorne, it is probable that tbe income will bB Teceived and the amounl of inLonic ieceivable can bc mcasui.ed irliably. Royalty receipis are Éncltidcd whell receivable aad the aiIJoiinl can be measuTEd irliably by Ihe Trust. This is nortnally upon notification fi'oni oui. royalties advi501' of roynliies paid nt Payablc. Dividends ale iecognised OiiCE the dividend haE hccn declaied and notificatioll has been irceived of the dividend diie. Tlus Rs Trorinally iipon notification by our iiivestmenl advisoi. of the divldend yicld of tho illvestineni portfolio. Int¢iwt on ftsnds held on dep0511 is included when receivable. This is upon notificaiion of the interest paid by or payablc by IhB bat)k and investJnen( manageL3. Expeiiditiire recoEiiilE(IIE Liabil&li¢5 arc recognised as expendilui-e as soon us Ihere 18 a legal oi. con811'uclive obligation committing the Tiwsl to that expendilui'c, it is probable It]at 8eltlemeiil will bc requii.ed and Ihe amount of obligation can be trtasui¢d reliably. All expendÈtuie 15 accounied foi. on acci'jals basis. All cxpellses in¢lwlin8 adn)inisii'alive cosi$ are allDcaltd to the applicable expendiiure h¢ading8. Grants payllble are paymeiits made lo thii'd p&i'lies ifi (hc furtt]£rnttce of IhE ¢haritabl¢ objecis of the Tnisi. In Ihe case ol an unconditional orrei. Iliis is aocA-ued once thc recipieiii has been Dolified of Ihe Eyani awal-d. Graiils aw￿.d8 thai arc siibjetl to the retipienl fulfillittg condilioiis aiE l)nly acciued when thc recipient ha$ becn notified of ihe ￿an¢ and any reTDaining uThfulfilled condilion attaching 10 (htkt grani is outside ofibe ¢onirol of Iht Ti'iisl. Provisioiib fol. grants ktE tnade when Ihe iiitsntioii to make a grant has cottmunicakd to the iecipieni bul IhBif is unceriainty io the liit]%iiE of the grant or the amount of grant payablE, The Houghton Trust Lfimit¢d Notes to the Aceounls roi. the year ended 31 DeeembEr 2024 lii'ecov¢ivblg VA T IL'JrGovei'able VAT is chal'ged ug4inst the expeDdilUi'e headillg for which it was in¢urred, Adiiiiiiislr&¢iiie expeiidtliii Admin15tt7tive expenses foi. th¢ awarding of gi'ants and the governanrs of the Trust are iEcorded scp&i'aiely ill the note 7. Costs of ini5lltgAuiidf The costs ofgenerating funds consist of editoiryal expenditure and inve5tmeMt rnartaEerneDI costs. Ch4rithbl¢ acf¥vlrtes Cosis of charitable aclivilies include grnnts made and administratiw Bxpense5. Taiigible fixed os.fels fijid d¢prÈcrL71ioii All a85els costing more Ihan £250 are capitalised and valiied ai histoi-ic cost. Depretiatloll LS charged on office ¢4UiPtnent on a 5traÉght-line bJ$is oyer IheiE eslimat￿ useful life of three years froni Ihc year ol acqiiisilion. FExedussÉt iiivetr1￿ltI1ts Invesinients are a furiii of basic fiiiancial illstiutnent and arc initially iEcognised ai their transa¢150rt value and subsequtnily m£￿ured ai Iheii. fair value as dl the bdldnce sheet date u8ing the closing quoied lliarkcl price. The slatetnttnl of financial 8clivilies includes Ihe nttt gains and losses arising fTom revaluation and dispo8a15 th¥oughout the year. The Tr￿st d(KS not acquire pul option$, derivaiives or othel. cottiplex financiAI knsti'um¢nts. The Inain form or rjnancial iisk faced by the Tiusl is thdl of volalilily in equity mark¢LS and investment niarkcls due to widei. ecuTH)miL coiidilions. the atiiiiide to illveslurs risk, changes in senliDi¥ttI concerning quiiies aTLd Mlhiii pJitic￿lar seclor5 or sub seciors. ConrfiFigeiiÉ liabilitEes A corttingei)I liabilily is Ldenliffied and discloscd for those gi'ants resulting fiotn., a possible obligation which wll only be confirmed by the occui?nce of one oi. mor6 uttcci'tain fi)iurc events nol wholly wtihsn the trustre's cortli'ol: oi. a preseni obligation followirtg a graiii offer where seitletllcni is either noi ¢onsiderEd probable; or tl)e amtsunl ha$ nol b¢en communiGated in thc grani offei. and that amoiiiit ¢annot be eslitnawd The Houghlon Trust Limited Note5 to the Ae¢ouiJts ror the year ended 31 December 2024 2 Related pAI'ty transactions and ti'llstee's expenses atjd remuneiryltion The uusiees give fi.eely theii. lime and expert55¢ Withoul Any fDI'm of iEmuiiEration or other benefit iii cash or knnd12023.. £Thill. ExpensE5 paid 10 the Iru51c¢s in the year iolalled £98212023.. £10391. 2024 2023 3 Investinent 5ntome Dividends equitLe8 Intcirst- fixed inteTe8t securiiies Interesi on cash d¢posils 10,617 2,928 871 7.Q76 1.713 470 L4,416 9,259 4 Other income 2024 2023 Royalties iEceivable Royalties aEents receivable- Editorial contribution Royalties agents rL'ctiYable- Travel cxpcnses S￿bSidY 76,845 8,040 2,000 82,061 8,041) 2,000 86,885 92.101 5 dltoi'ial expenditure 2024 2023 EdÉtoridl #%sistanis remullti'alio 13,937 12,911 13,937 -12,911 10 The Houghton Trusl Limited Notes tv the Accounts for the yeoi. ended 31 December 2024 6 Investment maiiAgement fee5 2024 2023 Investmenl maiiagement fe¢8 5,550 4.077 5,550 4,077 Y xpenditui'È on charltable actlvities 2024 2023 Research grant8 62,954 54,337 Individual cducaliDnal grants 13,940 25,366 AdEllinisii?live expBiises Postage, 8talioDery aiid telephDne Travel exp¢n5&4 TtBasurci' huiioi?ria A¢counlan¢y C.omput£i" ruiining costs Ba￿k charges Stsndry txpenses 15 5.536 1.201 2,250 1,338 150 13 25 7.197 1,091 2,142 1,294 400 13 10,503 12,162 Tolal eipendiiure otl chaiitable aclivslies 87,397 91,865 8 Tangible flxed assets orflce cqlllpmellt Cost At l January 2024 and 31 Dettrnb¢i' 2024 5,661 DeprÈeiation Al l Jaiiuary 2024 and 31 Decetnber 2024 5,655 Nel book vallle At 31 Dtcember 2024 Ai 31 Deceniber 2023 The Houghton Trust Llmited Not￿ to the Aecounts for the year ended 31 Dc¢embei' 2024 9 Fixed assei lllvestments 2024 2023 oveihetht in fixed assets listed inveslinenls.. mal"k￿ valiie at l January 2024 441,954 412,575 Add., additions to investment at cosi Dispos&15 at caii'yiiig value Add-. nei gaitllloss) on revaluaU(>n 383,381 1261,8061 17,403 198,068 1190,8341 22,145 Mark¢i v4klu¢ at 31 DeceMb¢L' 2024 580,932 441,954 Net Lash released from investments irt Ihe year was £121,57512023.. £72341 Investments at faffir value Cnmprised.. 2024 2023 BquilLes Fixed inieresl seciiriti¢s 461,343 119,589 356,947 85,007 Total 580,932 441,954 All inve51ll￿.nlS are canied al IhBii' fair value. Inveslrnenls in cquities and fixed inwesi securities are all traded in quu(ed public nHI'kct8, primartly Ihc London Siuck ExchattEe. IIDldin8s iii eommi>n invesied funds, unli tiusts and optrt-ended tnveslmeni companies al'e at the bid piice. The ba8is of (Air value foi. qiioied investments is equivalent lo th¢ markel value, using the bid price. Asser sales and puirhase5 Jrc rccognised al the dale uf Irade at Cost (that is theii. li'aiisaction value). 10 Debtoi 2024 2023 Royaltit5 leceivable Prepayinertts 46,845 302 52,061 276 47,147 52.337 11 Cash at baDI( 2024 2023 Bank rurrellt account Invesimenl advisors dep051t account 48,919 41,7J3 200,668 4.44L 90,652 205,L09 12 The Houghton Trust LI￿￿ted Notes to the Account5 for the year ended Jl Deceniber 2024 12 Creditor5 due within l yeai. 2024 2023 Research grants Indivsdiial educatÉiJi￿l grants Acci'uals 9.700 5,275 2,250 7,572 2.142 17.225 9,714 13 Reconc511atioEL of net movement funds to net floiv Th'om operating activlties 2024 2023 Netr movcrneni in funds DeduGt interest illcou￿ s￿oWn Kn invBsting aGtiv%ties Deduci gaitlsladd back lo&%es on inv¢sln)ents Deci6ase (increase) ID deblors Incrtase Idecirase) in creditors 11.820 114.4101 117,4031 5,190 7,511 14,652 19,259) 122.1451 5.237 12,8661 N¢¢ cash used operating RctlvlLies 17,298) 14,38LI 13 Aay 2025> by the Taylor & Gro¥p IT&F). It was p￿￿[{￿￿￿d in slx pa￿ i• ?ftemate rnorrth& The J(rttrTral publblted 45 cff¥knal res¢3rth paper5* and fow f￿¥ ¥e¥iews In f4olume $3, alp Irwease compared wfth 2023. The cunent ￿uMa1 Impart Fattor (IF}1$ 2.5 (2023}. Thi51$ 3 sI￿t deuease c¢Jmpared with 2022 but Ls ID Br￿Vith a smilar threase In ￿¢?(2d10￿0aI. toiheakorkn used fot cakvFatioo. Tl* Qteknre (451 ￿ thei0un￿l 23.of 163 iftlhe iletefuwry sdeftc￿ category, tR QI for'P￿Rnal Sc*nce &ZooW, and Qlfof 'Fwd Anknaw. The IFfor2024 is ¥K*¥et avaK3ble. f6ba7wxrlpts were sukniined fur constdefatk)n for pubfKatio￿ o)mpaved with 194 irÈ 2023, the ttffiparatv￿ tor the pre￿0￿$ three years betffg 182. 208. and 214. Tke atteptance rète was 3N rollssstent wth the 10-YtaT average (31%?. thto specif* projects retstrd to dtseèses totolKy8£62,954. the hlghest annual amoufitevetawa¥ded Icomparedwiih £54337 Iti2023 and £41.63Q 20221. The￿ were fewerapplKatlonsfor ltttefTha￿IalT¢8VelG1al￿.the Committeeoffered 15Travel Grants totsfm8 £18360, sbMficaTrity knvmTih3ft1Tr2023 (35 Tftwl Grar*ts.£35,366KI. slmknto the aye￿e&M0￿￿tOffe[ed annua￿f￿r1014-lO22 th¢htslve: E20L FlTran¢e. The Compary Imd an excess of expenditwe v4er in¢offt (.£2348.52} Ift 2024. compared with 2023 aAd 2022 v4hen theFe was an ex(ess of incoffte over expendiEure1£23.775.74 ift 2023}. Compared ¥Jfth 2023, bncome vlas lower ty £27L owing to lower gains on disposal of itsvestrnents (£30K I 2023. £3K in 2024} also To￿¥ hKoffle rnyakies. EXpendEtE￿ simllor kn 20241U07KI and 2023 {£109KI Total I￿1ve$ stand at£7ffj736, ofwhlth £SW32 ts at market Yaue. asof 31. December2024. The CompaThrfs banke￿ are Catrr Alten Prhtate Bank, 8vath)rd. yo￿S￿l¥e. The Twsys imslmÈTrts tootlnue kn be tR3naged oft behalf ￿ the (￿￿panY by Irtvestec Wtalth & Investrn￿ Inow Fart of Rathbones Grotw Plck 30Gre5hamStreet. Approved by the Cornmrt￿e of Man4ement on 7 Jrtay 2￿￿5. Pmfe5sor Flo￿ Tomley (Ch3lrof tt* HoiWor*Tntst}