THE ASMARLEY CHARITABLE TRUST Registered Charity No. 294684 ACCOUNTS 31ST JULY 2025 THE ASMARLEY CHARITABLE TRUST ACCOUNTS YEAR ENDED 31ST JULY 2025 CONTENTS PAGE Report of the Trustees Statement of Financial Activities Balance Sheet Notes to the Accounts Independent Examiners, Report to the Trustees 13 Page 1 THE ASMARLEY CHARITABLE TRUST REPORT OF THE TRUSTEES YEAR ENDED 31ST JULY 2025 The trustees present their report along with the aecounls of the T￿￿t for the year ended 31st July 2025. The accounts have been prepared ill accordance witll the accoullting policies set out in notc I to the accounts alld comply with the trnst deed, the Charities Act 201 l and Accounting and Reporttng by Charities '. State]nctLt of Re¢on)mended Practice applicable to cELarities preparing their accounts in accordance with tbe FiELancial Reporting Standard appltcable in the UK and Republic of Ireland (FRS102) (effective 1st Jattuary 2019). OBJEcfIvES AND ACTIVITJES Objectives The objectives of the Trust are to apply the income, and so much of the capital of the Trust as the I￿steeS may detertnine, to charitable puryoses for Ibe followiJJg'. to assist cancer and heart research al Royal Brompton Hospital. or elsewhcrc if Royal Brompton Hospital no longer undertakes such research. and to assist general medical research at Royal Brompton Hospital, or elsewhere if Royal Brompton Hospital no longer undertakes Such research or llo longer requires charitable funds for such r¢search. Activities Th¢ Trust's main activity for the year has been to generdte the necessary income from its investments to fulfil the requirements of the governing document and to deterniine the policy for distributing such income. As the Trnsl generates its income from its investments it is Jot dependeni the services of voIuDteers or donations. The Trust has been in regular contact with personuel at Royal Brorllplon Hospital to asccrtain tILeir research needs and to decide the most appropriate level of ￿ndIllg to provide the support requestcd. The trust¢¢s have referred to the guidance ¢ontained in the Charity Cotllmisston's general guidance on public ben¢fLt when reviewing the Trust's aims and objectives and in pla[￿ing its future actLVities. In particular, the trustees Consider how planned activities will Colltribute to the aims and objectives they have set. ACHIEVEMENTS AND PERFORMANCE The t￿slee$, through Mr D E Goldsmith, maintain close contact with the Head of thc National Heart and Lung Institute at Royal Brompton Hospital and are ￿llY assured tlLat the wishes of thc late Thomas and Margaret Oakley are beillg ttLaintailled with the help of the rescarch grants made as shown ifl the annual accowits. The investment managcrs are aware of the research grant commitments and include the requirements within their investment slrategy. tll addition to Mr Goldsmith's ¢otLtacl with Royal Bromplon Hospital, personnel al Royal Brompton Hospital produce aEJnual reports to thc trustc¢s whi'ch are corcfully considered. Page 2 THE ASMARLEY CHARITABLE TRUST REPORT OF THE TRUSTEES YEAR ENDED 31ST JULY 2025 ACHIEVEMENTS AND PERFORMANCE (continud) The trustees have agreed to provide a funding grant of £240,000 per annum, payablc quarterly for the five year period ellding Septetnber 2025, to Royal Bromplon Hospital. The r￿St quarterly payment was ￿￿de in D¢c¢mber 2020 alld the last quarterly paymcnt will bc made in September 2025. The fimdillg supports long temi research by thc provision of a Chair of Rescarch (named the Astllarley Chair) in conjunctioll with Imperial College, Londoll, a lectureship position and the appointment of an Asmarley Fellow to undertake molecular pathology research. Currently the funding is used towards investigating genetic predisposition to the development and severity of fibrosing lullg diseases, recoguising the associated in¢reased risk of lung cancer in fLbrosing IuELg disorders and the genetic basis of the variable response lo opiate painkillers in patiellts suffering from callcer. The trugtees feel thai by tbe above grants they have honoured the wishes of the late Thomas and Mary Oakley in the continuing support of Royal Brompton Hospital. FtNANCIAL REVIEW Results The results of the Trust for tbe year are set out in tbe Statement of Financial Activities on page 6, and show that the Trust generated total income of £48,992 (2024 - £74,501). The Trust spcnt £23,122 {2024 - £20,212) of its resources on management and ad￿lDIStratIon costs for the year, which together with the research grants paid to Royal Brompton Hospital of £240,000 (2024 - £240,01)0}. During the year the irLvestllLent portfolio realised loss of £14,878 (Realised gain 2024 - £15,929) and kLad unrealised gains of £130,192 (2024 - £166,036). As a result of the above eombÈlled factors the Trnst's total funds. after con)mitments, increased by a llet amount of £141,l84 (tncreased in 2024 - £236,254) during the year. TkLe accounts have ￿ell prepared on a continuing and a¢¢n￿lS basis with unrestricted ￿llds. Investment policy and performance The Trust's investment portfolio is mallaged on a discretionary basis by Ratbbones tnvestment Management LittLited. The fimd is managed in order to achieve a balance between capital and income growth wkn.lst adopting a mcdium risk profile. The dividend ineonle of the ￿nd decreased by just under 40 %. The underlying value of the trust's assets decreased by 3.50/0 durillg the year. Page 3 THE ASMARLEY CHARITABLE TRUST REPORT OF THE TRUSTEES YEAR ENDED 31ST JULY 2025 FINANCIAL REVIEW (continued) Reserves policy The Iruslees have considered the policy thal should be adopted with regard to the reserves of the Trust. The trustees have considwed Ibe atllounl of income requircd to support the annual grant payment and have taketL Steps to instruct the investment nMttag¢r ac¢oTdingly. The trustees have decided to retain in investment the total general fund to maintain the ￿t￿re of the Trust. STRUCTifRE, GOVERNANCE AND MANAGEMENT GoverniDg Document The T￿￿t is an unincorporated trnsl, constituted under a trust deed dated 2nd Jullc 1986 and is a registered charity, number 294684. The TNSI was established by an initial gift of £5,000 from the late Thonus and Margaret Oakley, together with a subsequellt legacy from the estate of Mr Oakley. Thc Trust does not actively fimdraise and seeks to continue the philantbropic work deterniined by the donor tl]rough the stewardship of the existing resources. Appointment of trustees The power of appointing new or additional ttustees was vested in the settlors and is now vested itL the continuing Iruslees. To the extent necessary to fulfil their role new trustees are instructed by the existing trustees and. kf specifLcally required, would be provided with the necessary facililics to undertake additional training. Organisation The names of the trustees who served during the year are set out on page 4. The trustees meet annually, or more often if required, in order to.. review the Trust's fman¢ial perforniance and discuss the illvesttnent strategy and results witb the professional investment adviser. and detero]ine the actions to be tsken to fulfil the Trust's purpose to assist cancer and heart research at Royal Brompton Hospital. Tije day to day n￿LageMent of the Trust and liaison with Royal Brompton Hospital is undertaken by Mr D E Goldsmith in consultation with the other trustees as necessary. Risk mallagement The trustees have collsidered the vulTherability of the Trust Èo fa¢tors whtch could seriously impair ils ability lo achieve its objectives. The main income sources are investment and interest incorlle. The ability of the TnLSt to make grallts 18 dependent on the stream of dividcnd inco￿¢ and interest incomc received. To this end the trustees have appoillted professional investment advisers lo manage the Trnst's portfolio of illvesttn¢nts. Page 4 THE ASMARLEY CHARITABLE TRUST REPORT OF THE TRUSTEES YEAR ENDED 31ST JULY 2025 STRUCTURE GOVERNANCE AND MANAGEMENT (eonliA14ed) Risk tll&llagemeDt (continued) The trustecs havc also examined the major strategic, business alld operational risks which the Trust faees and confjrm that systems have been establislLed to enable regular reports to be produced so that the necessary steps can be taken to Jjwiage these risks. tiEFERENCE AND ADMINISTRATIVE INFORMATION Trustees Nfr D E Goldsmith Mr N J Ginger Mr C W Goldsmith Mr G Boughtoll Regfistered Offjce 260 - 270 Butterfield Great Marliugs Luton Beds LU2 8DL Registered Charity Number 294684 Indepelldent ExAminer MrRACoxFCA Miller & Co Chartered Accoulltsnts 5 ttnperial Court Laporte Way Luton Beds LU4 8FE Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Investment M&nagers Rathbolles lllvestmellt MatLagement Limited 30 Gresham Street London EC2V 7QN Page S THE ASMARLEY CHARITABLE TRUST REPORT OF THE TRUSTEES YEAR ENDED 31ST JULY 2025 sTATEmEr￿ OF TRUSTEES, RESPONSIBtLITIES The t￿sleeS are responsible for prepariDg a trustees, annual report and accounts in accordance with applicable law and United kngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) The law applicable to charities in England and Wales requires the trnstees to prepare a￿OUnt5 for each financial year which give a true atld fair view of the state of affairs of the charity and of the incoming resources and application of r¢sources of the charity for that period. JJ preparing tILe accounts, the In￿l¢eS are required to.. select suitable a¢countillg policies and then apply them consistently. observe the methods and principles in the charities SOEiP' make judgemenis and estin￿leS that are reasonable and prudent. stale whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the accounts,. and prepare the accounts on the going ¢oncenL basis ullless it 18 inappropriate to pres￿rne that the Tr￿t will contillue in operation. The I￿SteeS are Tesponsible for keeping adequate accoL￿ting records tbal are sufyicient to show and explain the trust's transactions alld disclose with reasonable accuracy at any time the f￿ancial position of the Trust and to cnsurc that the accounts comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, the Staternent of Recollunended Practice and the provisions of the trust deed. The trllstees are also responsible for saf¢guardillg the assets of the TnLSt and hence for taking reasollable steps for the prevelltioll atld detection of fraud and other irregularities. Approved by the trustees on . .and signed on their behalf by.. MrN ger Page 6 THE ASMARLEY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31ST JULY 2025 Unrestricted Funds 2025 2024 Note Income from: Investnjents 48,992 74,501 Expenditure on: Raising funds.. Investment mallagement charges Charitable activities.. Research grants Administration costs 11,110 11.486 12,012 8,726 Total (23,122) {20,212) Net gains on investments: Realiscd (losses) I gains on itivestmettt assets Ur￿aliSed gains on iuvesllllent assets (14,878) 130,192 15,929 166.036 115,314 141,184 181.965 Net movement ID funds 236,254 RecoDcili*tion of fullds: Total funds brought forward 2,398,419 2,162.165 Total funds carried forward 2,539,603 2,398,419 Page 7 THE ASMARLEY CHARITABLE TRUST BALANCE SHEET 31ST JULY 2025 Note 2025 2024 FLYED ASSETS Investments 2,596,384 2,690,866 CURRENT ASSETS Debtors Casb at bank 3.878 8,447 16,179 12,325 16,179 LESS: CURRENT LIABILITIES Creditors: amounts falling due within one year 69,106 248,626 NET CURRENT LIABILITIES (56,781) 2,539,603 (232,447) 2,458,419 TOTAL ASSET LESS CURRRENT LtABILITIES Creditor$: amounts falling due after more than one year 60,000 NET ASSETS 2,539.603 2,398,419 FUNDS Unrestricted general fund - Ullallocated fLmds 2,539,603 2.398,419 The ac on. oullts oll pages 6 to 12 w¢re approved by the trustees Mr D E Goldsmith Trustee Pagè 8 THE ASMARLEY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31ST JULY 2025 ACCOUNTING POLICIES (a) Basis of preparation The accounts have been prepared under the historical cost convention, as modified to include the revaluation of investtrlents to llLarkct value, and in a¢cordance with the Statement of RecotDmellded Practi¢e.' Accounting and Reporting by Charities preparing their a¢counts in accordancc witb the Financial Reporting Standard applicablc ill the UK and Republic of treland (FRS 102) (effective 1st January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The preselltation curr¢ttcy of the accounts is ill poullds slerlillg (£), which is the functional currency of the clwity, rounded to the nearest £. The addrcss of the ￿gIStered office is given in the charity iuformation on page 4 of the accourLts. The cbarity meets the definition of a public beneflt entity under FRSIO2. The accounts have been prepared to give a 'lrue and fair, view and have departed from tbe Charities (Accounts and Reports) Regulations 2008 ottiy to the cxtcnt reqUi￿d to provide a 'lNe and fair view,. This dcparture bas involved following tbe Accounting and Reporting by Charities.. Statement of ReCo[r￿ellded Practice applicable to charities preparing their accounts tn accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRSI02) issued in October 2019 rather thall the Accounting alld Reporting by Charities: Staiemenl of Recommended Practice effective from 1st April 2005 which bas since been withdrawn. (b) Funds strv¢ture The ￿ndS are unrestricted and are available for use at the discretion of the trustees in fiLrtherallce of the general objectives of the Trust. (c) Income recognition All income is reeognised once the Trust has entitlement to the income, it ts certain that the income will be received and tbe monetary vallle of the incojne can be rncasured with sufficient reliability. (d) Expenditure recognitlon Liabilities are recognised as expendtlure as soon as there is a legal or constrnclive obligation conimilting the Trust to the cxpenditure. Ail expenditure is acCoL￿t¢d for on an accruals basis and has been classified under headings that aggrcgate all costs related to the category. Grants payable are payments made to third parties in tbe fUrther￿¢t of the cbaritable objectives of the Trust. Single or multi-year grants are accounted for when eiihei the recipient has a reasonable expectation that they will receive a grdnt and the trustee5 have agreed to pay the grant without conditioll, or the recipient has a reasonable expectstion that they will recetve a grdnt and any condition attached to the grant is outside the control of the Trust. Page 9 THE ASMARLEY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31ST JULY 2025 ACCOUNTING POLICIES (d) Expendlture recognition (continued) Provisions for grants are made when the intention to nlake a grant has been onununicated to the recipient but there is uncertainty alx>ut either the timing of the grant or the amount of the grant payable. (e) Debtors Debtors with no stated interest rnte and receivable within one year are r￿Orded at trallsaction price. Any losses arisillg from impairment are rccogllised in expelld1￿re. (fj Irreeoverable VAT trrecoverable VAT is charged against the category of resources expended for which it was InCu￿¢d. (g) Cost of raising fullds The costs of raising funds consists of investment management charges. (b) Cbaritable activities Costs of charitable activities cojsists of gratLts made to Royal Bromplon Hospital, and administration costs, including governallce ¢osl which comprisc all costs involving public accountability of the Trust and its compliallce with regulations and good practice. {il Fixed asset investmeuts Inveslmellts are a fornl of basi¢ fmancial instnullcllt and are initially recognised at their transactioll value and subsequently measured at their fair value as at the balance sheet date using the closing bid n￿rket value. Gains and losses on revaluation are takell to the Statement of Fi]WLcial Activities as they arise. Realised gains and losses on illvestments are calculated as the difference between sales proceeds and their openittg Carrying value or their purchase value is acquired subsequent to the ftrsl day of the fillan¢ial year. Unrealised gains and losses are calculated as the diffcrcncc bctwccn the fair value at the year end atLd their carrying valuc. RELATED PARTY TRANSACTIONS AND TRUSTEES REMUNERATION The trustees received no emoluments (2024- £nil}. Expenses 8nd professional fees relating to the four trnstees in the year iotalled £10.535 (2024 - £7,279). Outstanding balances at 31st July 2025 due to three trustees totalled £7,726 (2024 - £7,276). 2025 2024 INVESTMENT JNCOME Dividends received Interest received Other interest Bank interest received 33,293 15.031 401 267 54,882 16,841 2,435 343 48,992 74.50I Page 10 THE ASMARLEY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31ST JULY 2025 2025 2024 ANALYSIS OF RESEARCH GRANTS Grants to Royal Brompton Hospitsl- Asmarley Chair, Lectureship alld Fellowship Position ADMINIST114TION COSTS Governance costs Trustees, expenses and professiollal fees Indcpcndent examiner's fee Bank charges 10,535 1,410 67 7,279 1,380 67 12,012 8,726 FIXED ASSET tNVESTMENTS Movement ill fixed asset illvestments At 1st August 2024 Additions at cost Proceeds of disposals Realised tnvestment (losses) / gains Unrealised investment gains 2,690,866 254,402 (464,198) (14,878) 130,192 2.695,419 388,948 (575,466) 15,929 166,036 At 31st July 2025 2,596,384 2,690,866 Illvestments at 31st July 2025 comprised: Equitics - nwiaged Fixed interest sccurities - managed Cash held within the inv¢s¢menl portfolio 2,331.436 257,386 7.562 2,423,068 249,736 18,062 Total 2,596,384 2.690,866 Htslori¢al cost at 31st July 2025 1,973,909 2,147,198 Page11 THE ASMARLEY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31ST JULY 2025 2025 2024 DEBTORS DivÈdend receivable interest receivable 3,254 624 3,878 CREDITORS Amoullts fallillg due within one ye*r Accruals attd deferred income Gra￿tS payable 9,106 60,000 8,626 240.000 69,106 248,626 Amounts falling due After tDore than one year Grants payable 60,000 The tn￿le¢S have accrned as a liability grants payable for th¢ Asmarley Cbair, L¢¢tureship and Fellowship position based on fullding it over five years and two months. Although the grant is subject to an annual review, ttLe Trust Dormally accepts the progress report provided by Royal Brorllptoll Hospital. Since the assessment of the progress of these projects is outside the control of the Trnsl, ￿11 accrual is included in the accouuts. EMPLOYEES The charity does not employ any staff. Page 12 THE ASMARLEY CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 31ST JULY 2025 2025 2024 10. FINANCIAL INSTRUMENTS The carrying amounts of tlLe charity's rman¢ial Instn￿entS are as follows: Financial assets: Measured at fair value through llet income/expenditure'. FiKed asset listed investments (note 6) 2,596,384 2,690.866 The nel gains attributable to the charitvs rinan¢ial instruments are summarised as follows.. Net gains (including changes in fair value).. Financial assets measured at fair value through nel incomelexpenditure 115,314 181,965 Page 13 THE ASMARLEY CHARITABLE TRUST INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2025 We report to the charitys trustees on our examination of the accounts of Th¢ Asmarley Charitable Trust for thc year ended 3 1st July 2025, which are sel out on pages I to 12. RESPONSIBILrrIES AND BASIS OF REPORT As the charity tThstees of the Tnst you are responsible for the pr¢paration of the accounts ill accordan¢¢ with the rcquirements of the cI￿ltieS Act 2011 {"the Act"). We report in respect of our examination of the Trust's accounts carried out under section 145 of the 2011 Act and in catryillg out our ¢xaLnination we have followed all the appli¢able Directions givcn by the Charity Cottmiission under section 145(5)(b) of the Act. INDEPEIYDENT EXAMINERS, STATEMENT Wc have completed our cxamrnalion. We confm that no ma￿1a1 matters ljave come to our attention in connection with the examination giving us cause to believe tILat in any nwterial aspect.. l. accouuting records weTe not kept in respect of the Trnst as required by se¢tion 130 of the Act. or 2. the accounts do not accord with those records,. or 3. the accounts do uol comply with the applicable requirements concerning tbe form and contents of accounts set out in the Charities {Ac¢ounts and Reports) Regulations 2008 other than any requirerrLellt that the accounts give a 'true and fair vicw, wkn'ch is not a matter considered as part of an indepelldelll examiuation. We have no concerns and have come across no other matters in con￿￿110￿ with the exatrLitkation to which attention should be drawn in this report in order to enable a proper understanding of thc accounts to be reached. MrRACoxFCA MILLER & CO Chartered Aecountanls 5 Imperial Court Laporte Way Luton Beds LU4 8FE