Reglstratlon No. 293108 THE JEAN SHANKS FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE JEAN SHANKS FOUNDATION LEGALAND ADMINIRATIVE INFORMATION Trustees Mr Eiic Rothbarth Drjulian Professor Sirjames Underwc#xl Professor Sir Nicholas Wright Mr Alistsir Jorbes Professor Adrienne Flèna8an Profe550r Mark Arends Professor E. Anne MacGregor Profe550r Hurnphrry H(xlgson IAppointed l May 20241 IAppointed l May 20241 Ch•rlty number 293108 Prlntlpal address Peppard Cottage Peppard CommoN Henley on Thames Oxon United Ktrngdom RG9 SLB Audltor HW FisherAudit Acre House 11-15 WS11iam Road London United Kingdom NWI 3ER eankers Coutts & Co 440 Strand London United Kin8dom WC2R OQS Uoyd5 8on*in8Group PLC 25 Gresham Street London EC2V 7HN Soll(rtors MauriceTurr Gardner ILP Milton House l Milton Street Lon¢Jon EC2Y 9BH Investment advisors CèTrno¥e Capital Re8ency Court Glategny Esplanade St Peter Port Guernsey GYI 3UF
THE JEAN SHANKS FOUNDATION CONTENTS Tru5tee5' report Statement of trustees, re5pon5ib"Itties Independent auditor's report stètsment of financlal activitles 8alance sheet io Stètement of cash fl¢)ws li Notes to thefinan¢ièl St*tnts 12-18
THE JEAN SHANKS FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Tru5tee5 pre5enttheir reportand financial statements foTtheyear ended 31 March 2025. The financial Statements have been PTepaTed in accofdance wtth the accounting Fx)licie5 Set out in note I to the financial statements comply with the Foundation's Trust Deed, the Charitie5 Act 2DII and "Accounting and Reporting by Charities.. Statement of Recommended Prèctite applicaNe to tharities preparin8 their atcount5 in accordance with the Finanaal Reportin8 Standèrd applitable in the UK and Republitof Irelbnd IFRS 1021 leffettive l January 20191". Oblectl¥es and attl¥ltles The object5 of the Foundation are lo ensure the advancement and promotion ol medical research and education, the dissernination of the resutt5 of such research. and the estsblishment and maiThtenance of scholarship 8rant5 to be aw3rded to scientists and other people or establishments in¥oW in branche5 of rnedical and related Kieno5. The Foundation provldes researth awards in the general medical field but primarily in pathology, and funds research and other proleds where approprlète and in keepingwith itsaims. All ef the Foundation's objects are recognised by English lawto be exdusivthcharitsble. The Trustees meet regularly wSth the FoUndaOn'$ inlment athisors to evaltsate the performance ol its portfollo. The Foundatlon does notemployany personnd. A(hle¥ementsand performance During the year the Foundètion's itwestmerts pÈrformed in line with many other chafity Wtfolios. The Foundation had investment income of £609,40512024.. £666.3201 and a net83in in vèlueof investments of £257.27212024.. E2,258,4641. The Trustees have appointed Cazenove C¥itsl, an investment manager, to a(fvise and manage the funds and to Invest these funds wlth the aim of generating, on average. the sum of 4%12024'. 4%) plus consumer wrchèse It)deM annual return and losses of no more than 15%12024.' 15%} In any oneyear. The Foundatlon made 18 grants totallng £421.46912024.' 18 iotsllng £l.010,1251. The Trustees alm to make grants to more individuals who are dein8 research ai leading medical institutions. A few applicarlts who were offered our grants simultaneously secured funding frem other sovrceg. This confiims that we are approving candidates 35sessed externèlly as being of the hlghest quality The Foundation £eased giving intercalaied awards in 2018 but is makinB larger awards In a lolnt scherne with the Pathololcal Society of Great Brrtaln and Ireland. The Foundaiion reviewed the 2018 agreement with the Patholwcal Society ol Great Britsin and Ire13nd and concluded that the grants m3de were worthwhile and elferti¥e and the joint ¥eThtU fvnding was being used Correctly, for the benefit5 outlined in the Trust Agreernent and within the confines of thejwnt venture fundin8a8reement. The Tru5tee5 have agreed to extend the 3greernent for a further 5 year terrn committing to jointly fund a further £S million for similar project5 Wlth the Pathological Society with effect frorn l January 2023. These project5 will continue to about 2029 a5 some project5 are for three years. Report5 by the awardee are provided annually and are reviewed by the Foundation and the patholotal Society and a decision is rnade as to whether to continuefiJndin8the grant. The Foundation has made a fèir start to the currentfinancièl yearand remains£onsetyative invested in the global markets. The Finance Committee met and communicated re8ularly and also met wTth the investment advisots on several oc£3sions. The investment advlsors have attended oneTrustee meetingduiingthe >*èr to 31 March 2025.
THE JEAN SHANKS FOUNDATION TRUSTEES. REPORT {CONnNUED) FOR THE YEAR ENDED 31 MARCH 2025 Flnanclal review For the year ended 31 March 2025. the results show a total gain in lunds of £289.85812024". £1.774.7151 and net assets ef £29,123,65212024.' £28.833.7941. The incoming funds were retrived from the portfolio managed by Messrs Cazenove Capitsl 3$ investment income of £531,142 12024.. É553,5781. The charity had valuation gains on its portlolio amounting to £257.27212024.. E2.258.4641. Expenditure on govern3ntt costs amounted to £23,456 12024. f 19.7761. investment management charge5 amounted to £91,68412024.. £82,907) and le831 and professional lee5 amounted to É26,63312024.. £28.7631. These cost5 combined Ibeing Investments management, Le8al char8es and Governance costs) represent 0.49%12024.. 0.46%) of the fund. The investment rnanagement fee 15 due to the le8islatiDn regarding iomrni5SiOn5 payable to advisers which means that the Foundation pay5 0.3% comrnission on its portfolio v3luation in addition to thefees charged by the fund mana8ers. 80th are deducted from the fund annually before being reported to the Foundation. The overall c05t is approximatew 1.25%. The charitable grants made to medical institutions are shown in Note 6tgthe hn&1 stalerrberbtsomounting ¢(> £421.46912024.. £1.010.1251. Reserves pdlty The Trustees have carefulty cor15idered the minimum amount of reser4ts that they should hold. having tsken into account that they wish the Foundation to continue for the long terrn, as well as the annuol cornmitment5 that the Foundation has made and wishe5 to make in the future. The foundation's policy is to distribute substsntially all it5 Income. The invested as5et5 are in effect, financial reserve. The 8rant5 made in receni financial years have been broadly equivalent to the foundation's income. It is pl8nThed thot thi5 level of expenditure Can be maihtained in the fviure with a minimum arnt of reserve$ 4t £15rn. Thls level of reserves was maintained throughout the year. Grant Makln8 Pollty The Fellowship gr3nts (jointly funded with the Pathological Society of Great 8ritain and Iland) continue and are progressln8 well. The tske up hès been slo%**r than anticipated but is now M$ towardsthe level that was initlally predicted. The Grant is reco8nised in the financial statements when the fecipient is informed in writin8 thèt they have been selected to receive the grant and the recipient confirms their willingness to accept the awèrd. The expenditure is reco8nised as Incurred and offset a8alnst the total liability of that grant. The Foundation acknowled8es its share of the award. Future Grants In 2018 the Foundation decided that grants should be more focused on promotlng cllnlcal academlc careers, speciallsing In patholo8Y Wlth an emphasis on histoparholo8y. Therefore. the Foundaiion 4reed with the Pathological Society of Great Britaln and Ireland to each fund £2,S(K),(Xj in the fve years to 2023 to develop burs3rie5 which include pre-doctoral academic clinical fellowships. clinic31 PhD fellowship5, clinical lecturer support and clinical iThtermediate fellowships. This agreement has been extended for a further 5 year5 from 2023 wjhere each party contiibute5 £2,5(KJ,(KK) over that period. Both parties believe that this will grow during the course of this finanual year as more suitably qualified candidate5 are found and accept our offer to fund research. The Foundation will a150 continue to m4kegrants for otheT piJrp05es at its dixretion provided they a within its remit.
THE JEAN SHANKS FOUNDATION TRUSTEES. REPORT {CONnNUED) FOR THE YEAR ENDED 31 MARCH 2025 Trustees. inductlon. tralrbln8 and remunerntlon The Tru5tee5 are selected because of their skn115 in eithermedicine theirspeality in adrninistration, finance or law. The Trustees are or have been tru5tee5 of other charities. The medital tru5tee5 feceive training from the conferences etc. that they èttend. The non-medital Tru5tee5also attend tourses ¢)ffefed bycaienovecawtsi and other relevant Courses. The Trustees are not remunerated other than Eric Rothb3rth who deals with the dav to day matters of the Foundètion and manages the Foundation with respect to all its adivities Ifund manag*s. bankino ielètionships, legal and audit as well as the website, IT needs, applScationsfor grantsl and the Foundation's relationswith its stakeholders. Rlsk and mltl8atlon The Trustees have con51dered the major ilsks to whSch the FoundaJon m• ewsed and dlscusses these at each board meetln8. The key risk relates to a potential loss of income or capitsl due to flucwations in inve5tmeTht market5, which Is mitigated by employing experienced and well.reBarded investment manaBers and w¥inRthem a clear mandate of strategy and benchmark, and regular review point5. This risk is under Scrutiny. 35the Markets are bein8 influenced bythe world economic crisis. political turmoil and continued hi8h infl3tion. Trustees take a lon8-term wew on investmen¢5. and bel•e that the mitigations to minlmise the impact seem to be appropri3te. Tru5tee5£0ntinue to monitor this are3 * every trustee meeting. Itwestment pollev The Tru5tee5 regulhrly review their inve5trnent 5trate8y and have al the lollowin8 8videline5 for thelr investment managers, The oblectwe 15 to receive On averHge investment return of 4% ¢ohsvmer pri¢e index per •nNum in money term$ ¢ver the longer term. The tonstraints are that.. ThÈre is no 8reat reguirement lor liquidity but the Foundatim will m•intaifi res¢Nes to ¢•ver at le•st one year'$ grant payments and anytemmitments for lon8erterm 8rants. The portfolio should be mèna8ed on 3 totsl Ic3wi and incomel retum basis but with 3 mlnimum annual distributlon to match the inceme generèted (excluding Cèpltèl gainsl. The Trustees are looking at è medium teim time horixsn being >7 years. The Trustees employ Messrs Ca2enove Capital, a firm of investment managers, to manage the portfolio. This firm Is subsldlary of 5chroder & Co ènd there has been no thange in investment managers other rhan the name. At 31 March 2025, É71.C¥J412024.. £868,070> of the charity's cash was hel¢J by Messrs Cazenove Capital as part of the Investment portfolio. A further £260.168 12024.. £251,0791 was held in a day notice account. £5LMJ12024." £5001 In a current account and £2,33012024." £3,046) in a reserve accounr at Coutts. A further £2.881120211.. £17,721) was held at Lloyds Bankln8 Group PLC. A new reserve account was also opened wrth Lloyds Bank Group PLC holding £127.60412024.. £nill. Stvurture4 8o¥ern•n¢e and manageme The Jean Shanks Foundètion is censtituted bya chèritabletrustdeed dèted 11 November 1985 and is re8lStered with tho Charity Commission INO. 2931081. The Trustees who served during the year and upto the dateof approval of ihe finatKlal statemenis were.. Mr Eric Rothbarth Dr Julian Axe Profe550r SirJème5 Underwood Profe550r Sir Nicholas Wright Mr Alistair Jones Profe550r Adrienne Flanagan Professor Mark Arends Profe550r E. Anne MacGre8or Professor Humphrey Hodgson (Appointed l May20241 (Appointed l May 20241
THE JEAN SHANKS FOUNDATION TRUSTEES. REPORT {CONnNUED) FOR THE YEAR ENDED 31 MARCH 2025 The power of appointin8 new or additional Trustee5 15 vested in the Board (rfTTUStees. The Tru5tee5 meet at leasttwice yearlyto asse55 grant applic3tions, review currentand on8oir¥ projects and to rewew the Foundation's InStment portfolio and agree future fundin8and str3te8V. The Trustees èrÈ spOnble lor detidin8thÈ ¢)vall strÈbryof the Foundation rnonitoring pro8ress. OnèTrustèÈ Imr Erlt Rothbarthl is delegated by the Board of Trusteesto manathe dty-to-day opèration of the charity ès th Mèna8in8Trustèe. Publlc benefit The sections of this report above entitled 'Obiectives and Artwities- and "Achievements and Performance. set out The lean Shanks Foundation's objective5. and report on the activity and 5ucces5e5 in the year to 31 March 2025, a5 well as explaining the plans for the current financial year. The Jean Shank5 Foundation'5 viork benefit5 ffledical practitioner5 and medical specialist5 in carryin8further research tofijrther medicineand cure5for present and newdi5ease5. The Trustees have paid dut rÈ8ard to 8uidamo issued on PU1¢ berfft by the Charity Commission In de¢idin8 what artlvlties the Foundation should undertake. The Trustees haye considered the extent to which these attiwtiesare ol benefrt tothe publicand conduded.. l Thèt the alms of the or8ènisaiion continue io be charitable., 2 That the alms and the work done we Identif*b benefits to the chafitsble sector and both Indlrectly and dSrertly to individuals in need., 3 That the benefits are for the public. ère not unreasonably restricted in anyw and certainty not by abillty te payi and 4 That there Is no detriment or harm arisin8 Irom the aimsor actiwties. on behalf of the Board of Trustees Mr Erlc Rhb•rth Trustee 15 Sep 2025 Dated..
THE JEAN SHANKS FOUNDATION ATEMENT OF TRU5TEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The trustees are reswnsible for preparin8 the Tru5tees' Rel and the financial statements in accordance wth applicable law Jnd United Kingdom Accounting Standard5 (United Kingdom GeneraltyAccepted Accounting Practi1. The law 3pplicable to ch3rities in Enwand and Wale5 require5 the trustees to prepare financial statements for each financial year which give a true and fèir view otthÈ stste of affairs of the Foundation and of the ¢nto¢ning rewur5 and application of resources of the Foundation for that yeèr. In preparSng these flnantial ststements, the trustees are required .. - selett suStèble accounting pollcSes and then apply them consSstently. - observe the methods and prindples in the CharStiesSORP: - make judgements and estimates that are reasonable and prudent: state whether applicable accounbThg stsndards have teen lolbwed. subject to arw material departures disclosed and exp1èined in the financial ststements-, and prepare the finJncial statements on the 8oinB concern bay5 unle55 It 15 inappropriate to pre5vrne that the charty will continue in operètlon. The tru5tee5 are re5pon5ible for keeping sufficient arcounling records that disclose &wth reasonable accuracy at any tlme the financial posltion of the Foundation and enable them to ensure that the fin•ncial staternent5 comply with the Charities Act 2011, the Charity (Accounts and Reportsl Re8ulation5 and the provisions ol the trust deed. They are blso re5POll5ible for safe8U3rding the assets of the Foundation and hencefor taTh8 re•sonal>le stepsfor the prtr*ntion and letettion of and ¢ther irregularities.
THE JEAN SHANKS FOUNDATION INDEPENOENT AUDITOR'S REPORT TO THE TRUSTEES OF THE JEAN SHANKS FOUNDATION Oplnlon We have audited the flnancSal statements of The Jean Shanks Feundation Ithe'Foundation'l for the year ended 31 March 2025 whlch comprise rhe starement of financial actwities. the balance sheet. Ihe statemenr of cash flows and the notes to the financial statements. Including significant accounting polioes. The financial reporting framework rhat has been applied In their preparation Is applicable law and United Kingdom Accounting Standards. including FRS 102 7he Finot7001 ReportiJ)q Stoftdord opplicoble in the UK ondRepublic ollrelondlunited Kingdom GeneraltyActtpted Accounting Practscel. In our opinion, the financial ststements.. Éive a true and fair view of the state of the charlvs affèlrs as at 31 Mafth 2025 and ol Its Incoming resour$ and appllcatSon of reseurces. for Ihe year then ended.. hève been properly prepared in accordan¢e with United Kin8d(xn GenernltyAttepted A¢¢ountin8 prarti., and have been prepared in accordance with the requirements olthe CharitiesAct 2011. eaS for pplnlon We conducted our audlt in accordance with International Standèrds on Audlting IUKI IISAS IUKII and appllcèble law. Our responsibilitles under those stsndards are furth described in the Auditors responsibilifiesfv the oudir ol theflnonciol storements section of our report. We are independent of the Foundation in accordance with the ethical requirements that are relevant to our audlt of the financial statements in the UL includ¢n8 the FRC'S Ethical Standard, and we hawe fulfilled our other ethical responsibilities in accerdance with these requirements. We believe that the audit emdence we have obtained Is sufficient and appropriate to provide a ba5isfor our opinion. Concluslon5 relatlng to 8oln8cwcern In auditing the finèncial statements, we cOluded that ihe irustses, use of the 8oln8 conrn basls of accountlng In the prepèratlon ef the financial statements isappropriate. Based en the work we have performed, we ha¥e not Identthed any marial UnrtaInlIeS relatln8 to events or conditlens that, individually or cellettively. may cast Si8nificènt doubi on ihe Foundation's ability to continue as a going Conrn fer a perled of at least twelve months from when the financial statements are auihoiised lorlssue. Our responsibi1Sties and the responsi"litIeS olthe trustees wlth resFeCt to 8oln8concern are de5crlbed In the relewant sethens of thls report. Other Informallon The other Infermation £omprises the information included in the annual report other than the finèncial stbtements ènd our auditor's report thereon. The trustees are responsible for the other information Contsined within the ènnuèl report. Our opinion on the flnancial statements does not cover the othei InfMatIon at)d we do not express any form ef èssurènce conclusion thereon. Our responsibility Is te read the ether informètron ènd. In dtyng so. cOnder wheiher the other informarion is m3terlally inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise èppeèrs io be materially misstated. If we identify such material inconsistencie5 or apparent material missuMents. we are required to determine whether thi5 Elves rise to a material misstatement in the financi31 statements thernselves. If. based on the work we have performed, we conclude that there is a rnaterial misstaternent of this other inforrnation. we are required to rekyt that fxt. We have nothins to report in this re8ard. Matterson whl¢h we are requlred to report by exttptlon We have nothin8 to report in respect of the followin8 mèttets in relaiiot) io which the Charities IAccounts and Reports) Re8ulatlons 2008 require us to report to you if. in our opinion." the information given in the financial statements is incon5i5tent in ary material respect with the trustees. repDit or sufficient accounting records have not been kepi: or the finaniial statement5 are not in agreement wtth the at(ountin8 retords.. or we have not received 311 the inlormation and explanation5we require forouraudit.
THE JEAN SHANKS FOUNDATION INDEPENOENT AUDITOR'S REPORT {CONTINUEDI TO THE TRUSTEES OF THE JEAN SHANKS FOUNDATION Responsibllitles of trustee$ explained more fully in the statement of trustees, responsibilities. the trustees are responsible for the preparation of the financial statements and for being sarisfied that they Eive a irue and fair wew. and for wch internal control as the trustees determine Is necessary to enable the preparation of finanoal statements thai are free from material misstatement. whether due to fraud or error. In preparing the financial statements. rhe tyustees a respongble for assessing the Foundation s ability to contynue a5 a going concern, disclosin& as 8pplicable. maner5 related to going concern and using the going contrrn ba515 of accounting unle55 the trustees either intend to rease operations, or hwe no realistic anative trtjt to do so. Auditor's re5ponsibilitlesfor the audtt of theffinandal ststements We have been appoirtd as auditor undei section 144 of the Charitses Act 2011 and report in accordance wlth the Act and relevant regulations mède or havlng effect thereunder. Our objectlves are te obtain reasonable assuran about whether the finaal statements as a whole are free from material mSsst3tement. whether due to fraud of error. and to issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level ef assurance but Is not a 8u3rantee that an audit conducted in accordance with ISAS IUKI will always detect a material Misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or In the aggregate, they could reasonably be expected to Influen the economic dea5n5 of users tsken on the basis of these financial ststements. Irresularities, including fraud. are instances of rbonrfompliance with laws and regulations. We de5iKn procedures in line with our re5pon5ibilities, outlined above, to detect material mi55talement5 in re5pert ol irregularitie5. includin8 fraud. The extent to whlch our procedure5 are capable otdeterting irregularities, includin8lraud, i5detsiled below. As part of our plannin8 proce$s'. WÈ enquired of mana8emÈnt the systems ahd tontrols the tharity has in place, the orèas of the financial statèmènts that re ffl05t SU5ceptible to the risk of irregularities and fraud. and whether there was ony known, su5peded or alleged frauij. The charity did not irilorm usof any known, suspeti¢d or alleged fraud. We obtsined an understandin8 of the le8al and regulatory framewefks applicable to the Charity. We detem)Ined that the followin8 were most relevant.. the Chèrity SORP. FPS 102 ènd Chaiities Act 2011. We considered the incentives and opportunities that exist in the charity, including the extent of mana8ement bias, whlch present è potential for irregularities and frèud to be perpetuated, and tailored our risk assessment accordin81v. Usin6 our knowledge of the charity, te8ether with the discussions held with the charity at the plènnin8 Stage, we formed a concluslon on the risk of misstatement due to irreguritieS indudin8 traud and tailored our procedures accordln8 te thls risk assessment. The key precedureswe undertook to detett irre8ularities indudin8fraud durin8the course of the audrt included.. IdentifySng and testin8 journal entrie5 and the ovwall accountln8 records. pathcular those that were slgniflcant and unusual. RevlewlnB the financlal ststement disclosures and deternilnlTrg wheiher accounting pollcles have been approprlately applied. Tesring key Income line5, in partjcvlar £-off. for evideTrce of rnarymeni bias. Obtainingihird-panyconfrrma¢ion of rnaterial bank and investment b31ances. Documenting3nd verifying all 5ignific3nt related party balances and transK¢ion5. Reviewing dorumentation Such o5the tharityboard minvte5for disW55nS of irregularitie5 indudingfrèud. Owing to the inherent limitatior15 of an audit. there 15 an unavoidable risk that we rnay not have detected some material rnisstatement5 ill the financial Statements even though we have properfy planned and performed our audit in accordance with auditing standard5. The prirnary responsibility for the prevention and deteLtion of irguIaritie5 and fraud rests with the tru5tee5 of the charity. A further description of our resptinsibilitie5 15 available on the Financial Reportin8 Council'5 website at.. http5.'Ihvww.frc.org.ukl uditorsresponsibilitie5. Thi5 description forms part of our auditiiT'5 report.
THE JEAN SHANKS FOUNDATION INDEPENOENT AUDITOR'S REPORT {CONTINUEDI TO THE TRUSTEES OF THE JEAN SHANKS FOUNDATION Vse of report This report Is made solely to the chariVs trustees. as a body. in accordan with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stste to the charity's trustees those matrers we are required to Stare to them In an auditors, report and for no other purpose. To the fullest exrent permitted by law. we do not accept or assume responsibility ro anyone orher than the charity and the chaiity's trustees as a body. lor our audit werl for this report, or for the opinions we have formed. fm/ F.a. A.J.4 HW Flsher Audlt Chartered Account3nts statutory Auditor Atre HOUSÈ 11-15 William Road London NWI 3ER Unlted Klngdom 15 Sep 2025
THE JEAN SHANKS FOUNDATION ATEMENT OF FINANCIAL A1VITIEs INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted lunds 2025 Unrestricted funds 2024 Notes Income from.. Investments 609,405 666,320 endlture an.. Raising funds 91,684 82,907 485,135 1,067,162 Total resour$ expended 576,819 1,150,069 Net 8ains/llossesl on investments io 257,272 2,258,464 Net rnoveffl•rrt In fvnds 289,858 1,774,715 Fund balances * i •ril 2024 28,833,794 27,059,079 Fund b•lancesat 31 Mirth 2025 29,123,652 28,833,794 The statement of finan¢i•l a¢tiwties in¢lvdes all gains and losses re¢o8hised ifi theyew. All income and expenditure derwe from ¢ontinuin8 arti1$.
THE JEAN SHANKS FOUNDATION BALANCE SHE ASAT31 MARCH2025 2025 2024 Flxed assas Investmènts li 30.518B72 30,314,553 Current assS Debtor5 Cash at bank and in hand 45,410 393.483 33,357 272.346 438.893 11,423,549 305,703 11,218,806> Credltors.. mounts lallln8 due wlthln ane year 1984,6561 1913,1031 Total a55ets less current Ilabllfjlles 29,534,216 29,401,450 Credltors.. amounts lalllng due after morethan pne year 14 1410.5641 1567,6561 Net asseis 29,123,652 28,833,794 Income funds Unre5trided fund5 29.123.652 28,833,794 29.123.652 28,833,794 15 Sep 2025 The financial ststements were 3pproved by the Tru5tee50n.... Mr Eric Rothbarth Trustee Professor Sirjames Underwood 10-
THE JEAN SHANKS FOUNDATION ATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Noies Cash flowsfrom operavni Cash absorbed by operations 16 1439.5941 1407,2231 InvestlnÉ att11e$ Cash withdrawn from operatin8actwitie5 Investment Income received 550.( 10.731 1s0,orKJ 3.877 Net (ash 8enerated Investlns artl¥ltbe5 ,731 153,877 Net Ush used In Iln•ncln8 4rtl¥ltles Net In¢reas¢lld¢rye•sel In and ush equlval¢nt5 121.137 1253,3461 Cash and ¢ash equlvalents at beglnnlngolyeai 272.346 525,692 Cash and tash equI1*ts at end of 393.483 272,346
THE JEAN SHANKS FOUNDATION NOTES TO THE FINANCIAL ATEmENTs FOR THE YEAR ENDED 31 MARCH 2025 Ac¢ounting poll¢ie5 Charity irTrlormation The Jean 5hank5 Foundation isa reWSte chanty. A¢¢ountlngconventlon The finèncial statemenis have been prepared in accordan with the Foundation's Trust Deed, the Charities Act 2011 and "AccountinE ènd ReportinE by Charities." Statement of Recommended Practice applicable to charlties prepèrlnÈ thelr accounts in accordan with the Financial ReportinB stsndacd applicable in the UK and Republic of Ireland (FR5 1021 leffective l January 20191 The Foundation is a PublSc Benefit Erfityas defined by FRS 102. The financial statements are prepared in sterlin& whith is the fvnCtnal currency ol the Foundation, Monetary amounts in these financial ststements are rounded tothe nearest £. The financial ststernents have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accountingpolicie5 adopted are Set out below. 1.2 fjolnB concern The trustees believe that the Foundation ha5 adequate resources. vthich IrKlude a significant In¥e5tment portfelS0, to be able to continue its activities for the foreseeable future. Thus, the trustee5 conbnue to adopt the 8oi08concern basis of accounting in prepar1ngthe financial statements. 1.3 Ch•riièble funds All of the Foundation's funds are unrestri¢ied lynds, whi¢h art •vail•tye for use at the dis¢rfh of the trustees In further•n¢e of thelr ¢haritsble Obl1¥e$. 1.4 Incomln8 resources Inceme is reco8nised when the Foundètion is ItlIV entided to Tt after èny performan condltions have been met, the amounts can be measured reliably, and it is probable that income will be received. Interèst on funds held on deposit is included upon notifitation of the interest paid or payable by the Bank. Oividends are reco8nised once the dwidend has bèen detlèred and notific*ion has been received byour investment èdvisor of the investment portfolio. 1.5 R•wirry5 expended Llabllitles are recognlsed as expenditure once there is a legal ty consirvttive obligation committing the charity to that expenditure, It is probable that settlemeni will be required and rhe arnouni of rhe obligarion can be measured rellably. All expenditure 15 3ccounted foron an accruals basis. NJI expenses. indvdingsupport costs and governance costs. are allocated to the charitsble activity in the 5tatemerbt of financial actilIes. Costs of raS5Sng funds are those costs Sncurred In mana8lngthe Foundatlon's Investment por0110. 12_
THE JEAN SHANKS FOUNDATION NOTES TO THE FINANCIAL ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting pulicie5 Icontinuedl Grant5 payable are payments made to third parties in the further?nce ofthe charitsble objects of the charity. In the case of an unconditional grant offer thi5 15 accrued ontr ihe recipient has been notified of the grant award. The notification gi¥esthe recipient a re350nable expectation that they will re1Ve the oneyear or mulb-ye3r grant. Grant 4w8rd5 that are subject to the recipient fulfilling perform3nce conditions are onty accrued when the recipient has been notified of the grant and hny remaining unfulfilled conditions attachingtothat grant aTeoutside of the control of the tharity. Where no conditions exist. the full 8rant P3V3ble is reco8riised in the year the grant offer has been comrnunicated. Provisionsfor 8rants bre rnade when the intention to makethe grant ha5 beerb ¢ommunicJted to the reripient but the is uncertainty as te the timin8of the grant or theamountof grant paydble. A provision for a multi-yeai8rant is reco8nised at its yesent valuewhere setilement is dueover morethan one year from the dète of the èward, there are no unfulfilled perforMae £onditions under the control of the charity that would permit the charity to avold makingthe future ptyments, settlement is probèble. and the effect of discounting is mèterial. The discount rète used is the rate offered on government trth)ds (Glltsl for a commensurate or similar time period offered in the year in whlch the 8rènt a%Yard is made. Go¥ernance costs comprlse all costs Involn6 the public accountabiiityof thecharity and its complIan wlth re8ulation and Sood practice. Irrecoverable VAT is tharged against the expenditure heading for whith rt wa5 iTKurred. 1.6 Fln•ncl•l Instruments The Foundaiion has elerted to appty the provisions of Section 11 asic Flnancial In5trumeThts' and Sertlon 12'0ther Financial In5trument5 issues, of F$ 102 to all of its finaN¢i•l ifistruments. Finoncial instruments are reco8hlsed in the Founl•tiofi's tsabn¢e sheet when the Foundation becomes party tothe contrattual provisions of the instrurnent. Finèncial èssets and lièbilities are offseL with the net amounts presented in the finaficial statements. when the is 8 legally enforceable right te set off the reco8nised amounts and there is an intention to settle on a net basis or to realise the asset and settle the lièbility MUlne0uy. 8osfellntsnelolossets Basic financi313$5ets, whith incltjde debtor5 and tash and bank balan¢e5, a iTritially mea5uod at transaction pri¢e including tr3ll5action costs and are subsequently carried at amortised cost Using the effective interest method unless the arran8ernent COll5titutes a financln8transactii, where the transaction 15 rnea5ured at the present value of the future reIPtS discounted at a market rate of interest. Financial assets cla55ified as Teceivablewithin ¢Jneyear are not amort15ed. InvÈstments are a form of basic fiMncial instrument and ère initialty 08n1 at their transaction value and subsequontly mÈèsured at thÈir fair value ès at the bèlancÈ shÈÈt d3tÈ Un8 the closin8 quoted market price. The stètement of financial actiwties include5 the net 8ains and105ses arisiOn revaluati¢)n and disposa15 throu8hout the year. The Foundation does not ècquire options. dere5 or other complex financial instruments. 8oslrfinonclt7111obllttles Basic financial liabilitie5, includin8 treditor5, arÈ inTtièlly rÈ£o¥ni5Èd * transattion prite un1È55 the arrèn¥ÈmÈnt ton5titute5 financin8 transaction, where the debt instrument 15 tne35ured at the present value of the future paytnent5 discounted at a m3rkÈt rate of inte$t. Financial liabilities£lassified as payablÈ within ONE 8rare not amortised. Debt instruments are subsequent{ carried * amorknsed cost, u*n8theeffettive interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable ère dasyfied as current liabilities if payment is due withio one year or less. If not, they are presented as non<urrent liabilities. 13-
THE JEAN SHANKS FOUNDATION NOTES TO THE FINANCIAL ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Crltiral accountingestirnates and juments In the application of the FoundatioTr's acc(RJrtiTr¥ wlicie5, the trustees aTe required to make jud8ement5, estimates and as5UmPtion5 about the Girrying amount of assets and liabilities that are not readity apparent from other 50urce5. The estimates and associated èssurnptions ère ba orb historical experience and othef factors that are £onsidered to be relevant. Attual results mty differ from theseestimes. The estlmates ènd underlyingassumptions are on an on80in8 basis. to accounting estimates are recognlsed in the perlod In which the estimate is revised wh*e the revision afferts only that period, or Sn the period of the revlslon and future periods where the revision affects both current ènd future perieds. The Trustees do not believe there to be arw Judgements or emimaies that would be considered critical to the financial statements. Investments Unre5tr1rted Unrestricted funds funds 2025 2024 Income from1Ssted itwestments Interest receiv3ble 531,142 78,263 553,578 112,742 609,405 666,320 RaInI fund5 Unrestrfrted Unre5trlcted lunds funds 2025 2024 Investment management 91,684 82,907 91.684 82.907 14_
THE JEAN SHANKS FOUNDATION NOTES TO THE FINANCIAL ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Cth•rltsbleactkntJes 2025 2024 Medlul Researth and Edut*tl¢)n Secret3rial expen5e5 Office expenses Legal and professional Bank Char8es I,O(h) 6,779 28,763 719 11.957 26,633 620 40,210 37,261 Grant fundingof activities15ee note 61 Share ef governan costs (see note 71 421,469 23,456 1,010,125 19,776 485,135 1.067,162 Grants payable Total 2025 Total 2024 Grants to institutlon5'. University of Sheffield Unl¥er5ity College London Academy of Medical Sciences InstitutÈ of Canter Research Unlverslty of Southampton University of Edinburgh Unlversity of Nottingham Queen Mary University of London Grand Rounds UnSversty of Glasgow Student Scholarships University of Oxford 239,928 418,823 25,OLNJ l(Y3,950 30,0 so,( 21.784 32,904 116,639 59,993 750 25,OLKI 6,841 62.463 5,280 223,239 421,469 1,010,125 Duringthe year, 18 grantsWe rrbade to institvtions12024.. 181. Reconclllatlon of ¥rarbts payalAe 2025 2024 Cornmitments 35 at l April 2024 Commrcments made in the year Grants paid during the year 1,722,858 421,469 1379,7531 1,068,049 1,010,125 1355,3161 Cornmitrnents a5 at 31 Marth 2025 1,764,574 1,722,858 15-
THE JEAN SHANKS FOUNDATION NOTES TO THE FINANCIAL ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support ¢9sts ZOZ5 Support costs Gevernance costs 2024 Audit fee5 Accountancy 19,2(M) 4,256 19,2(M) 4,256 18,500 1,276 18,5(h) 1,276 23.456 23.456 19.776 19.776 Analy5ed between Charitsble aCtIte$ 23,456 23,456 19,776 19,776 Twst¢s None of the trustees lor any peisons connected with them) received any remuneration durin8 the year wlth the exception of Mr Eric Rothbarth who wès pèid a fee of £25.DX)12024.. £25,C#)Jl for his services mana8ing the Foundatlon on a day to day basis. Five trustees12024." one) weie reimbursed a toial ol £5,88812024.. £3,362) fortravel and office expenses. Employees There were no employees durin8thecurrertor prior year. io Net 8aln5111055e$l on In%stments Unre5tr1rted Unre5trlcted lunds funds 2025 2024 Revèluation of investments Gainlllossl on sale of investments 138,869 118,403 2,344,432 185,9681 257,272 2,258,464 16-
THE JEAN SHANKS FOUNDATION NOTES TO THE FINANCIAL ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 li FIMed asset Investynents In4wvnents Cash In p(ffrlono Totsl C05t or val1 At l April 2024 Additions 29.446.483 11,329,433 138.869 868,070 111,329,4331 30,314,553 Valuation changes Cèsh withdrèwn 138.869 1550,orKJl 189,5741 586,621 118,403 1550,ryJoi 189,5741 586,621 10,585,32D Investment management fees Dividends and interest received Di5P05als 110,466,9171 At 31 Mar¢h 2025 30,447,868 71,1))4 30,518,872 Crryln8 amLWnt At 31 March 2025 30,447,868 71,&)4 30,518,872 At 31 Marth 2024 29,446,483 868,07D 30,314,553 12 Oebtors 2025 2024 Amountshlllni due wlthln one r. Prepayments and accrued income 45,410 33,357 13 Crediiors: *mountstslllnidue wiihln ant y 2025 2024 Grants payable At£ruèls 1,354,010 69,539 1,155,202 63,604 1,423,549 1,218,806 14 Credltor5.- amounts lalllngdue after rn¢Jrethan oneyear 1015 2024 Grants Payable 410,564 567,656 17_
THE JEAN SHANKS FOUNDATION NOTES TO THE FINANCIAL ATEmENTs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Related partytransactiry At 31 March 2025, Mr Eric Rothbarth wa5 owed É25,¢XAI12024.. £25.1thl bythe Foundation. Durin8 the year. intludÈd within grènts PaYdblÈ is £1.589,943 12024.. £861,429). These amounts rÈprÈsÈnt grants which are pèyèble to The Patholo8ital Sotiety of Gre Britbin & Ireland. who then grant these amounts to the institutions, under the terms of agreement. Under this 38reement, The Foundètion ènd The Patholo8ical Society of Great Britain & Ireland share grants payable $0150. Professor Mark Arends, è trustee of the Foundation, is è Trustee and General Secretary of the PathologScal SocSety of Great BrsiaSn & Ireland. 16 Cash iener8ied from operatlons ZOZ5 2014 Surplus for the year 289,858 1,774,715 Adjustments for.. Investment income recognised in 5tementof financial artiwties (Gainllloss on dlsposal of investments Falr value gains and losses on invèstments Investment mana8ement feesfrom portfolio 16(Y3,4051 1118,4031 1138,8691 89,574 1666,3201 85,968 12,344,432) 82,062 Movernent5 in workin8cawtsI.. 47,651 660,784 C•sh absorbed by opern¢l¢>r•s 1439,5941 140?,2231 17 An•ly515 of than8e5 In r*t fvnd5 The Foundation hèd nodebtdurin8theyear. 18-