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2023-07-31-accounts

Registered number: 02161565 Charity number: 800365 THE THROMBOSIS RESEARCH INSTITUTE {A Company Limited by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers
1
Trustees' Report 2 - 11
Independent Auditors' Report on the Financial Statements 12 - 16
Statement of Financial Activities 17
Balance Sheet 18
Statement of Cash Flows 19
Notes to the Financial Statements 20 - 47

Registered number: 02161565

Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023

Trustees

Mr Patrick Burgess OBE DL, Chair Rt Hon the Lord Neuberger PC Dr The Revd Sir Ralph Waller KBE

Sir Guy Weston

Company registered number

02161565

Charity registered number

800365

Registered office

Emmanuel Kaye Building, 1b Manresa Road, London SW3 6LR

Company secretary

Mrs Diana Rawstron

President of the Institute

Rt Hon Professor the Lord Kakkar, KBE PC

Independent auditors

Haysmacintyre LLP, 10 Queen Street Place, London EC4R 1AG

Bankers

Coutts & Co, 440 Strand, London WC2R 0QS

C. Hoare & Co, 37 Fleet Street, London EC4P 4DQ

Solicitors

Smyth Barkham LLP, 1 Mitre Court Buildings, Inner Temple, London EC4Y 7BS.

1

Registered number: 02161565

Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

The Trustees present their annual report together with the audited financial statements of The Thrombosis for the period 1 August 2022 to 31 July 2023. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the Company comply with the current statutory requirements, the requirements of the Company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution and organisational structure

The Institute is registered as a company limited by guarantee and is constituted under a Memorandum of Association dated 4 September 1987 and is a registered charity, number 800365.

The Institute is administered by a Board of unpaid directors, who are also the Charity Trustees, and they are responsible for the overall management and control of the Institute. The number of Trustees of the Board should be between three and twelve. They meet at least three times a year to formulate the policies for the Institute research, and to approve the budgets, annual accounts and reports. During the current and previous year, no Trustees received any remuneration, benefit in kind or any reimbursed expenses.

The President of the Institute is responsible for the implementation of policies agreed by the Trustees.

The day to day running of the Institute is delegated to the President of the Institute, The Rt Hon Professor the Lord Kakkar, who keeps the Board fully informed between meetings.

Method of appointment of election of Trustees

Trustees are appointed as vacancies arise based upon an assessment of key skills required from board members. Individuals are appointed for their relevant skills and their potential for guiding the Institute forward. The appointment is adopted by a vote of the entire Board of Trustees.

2

Registered number: 02161565

Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

Policies adopted for the induction and training of Trustees

New trustees normally meet with the Institute President and the Chair of the Trustees and members of the finance and research staff. Together they present the new trustees with background information about the Institute and other relevant information.

The Trustees bring under review the skills required by the Institute's Board from time to time, and ensure that their composition covers all necessary areas.

The Trustees receive regular training by keeping up to date with Charity Commission updates and publications. Further training is available upon request.

Volunteers

All the members of the Board of Trustees are volunteers. None of them hold contracts with the Institute.

Related party relationships

The Institute is connected with the Thrombosis Research Trust (a charitable trust that is a registered charity, number 275275) as it has the object of promoting and funding research into the prevention and treatment of thrombosis disease, which it fulfils by supporting the Institute.

At the year-end, Patrick Burgess was a Trustee of the Institute and the Thrombosis Research Trust.

Policies and objectives

The disseminate the results thereof to the public and to enhance medical research generally in order to improve clinical outcomes for those at risk of thrombosis and related disorders. In setting the objectives, the Trustees confirm that they have complied with the duty imposed by section 17 of the Charities Act 2011 pursuant to which they are obliged to have due regard to public benefit guidance published by the Charity Commission, in deciding the

3

Registered number: 02161565

Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

Aims of the Institute and mission statement

The Institute aspires to remain a world leader in conquering thrombosis through the combined excellence in research, therapeutic innovation and education. To achieve these aims, the Trustees have set the following objectives:

The benefits arising from these objectives will be a better understanding of thrombosis, and improvements in possible prevention and treatment of this global health problem for all. There will be significant economic benefits to worldwide healthcare systems of reducing the number of thrombosis sufferers, and beneficiaries of improved treatments can look forward to a longer life expectancy. Without ongoing research, deaths from cardiovascular related disease and cancer will continue to increase and extended care for long-term illnesses resulting from thrombotic problems will place additional burden on finite healthcare resources.

The charity does not fundraise with members of the public; as a result, there have been no fundraising complaints.

Strategies for achieving objectives

The Institute maintains dedicated research facilities of the highest standard to enable its scientific staff to pursue basic and clinical research that fulfils the Institute's objectives.

Grant making policies

The Institute awards grants to various individuals to enable them to study in the field of thrombosis research. It also funds research in other countries. The Institute paid grants in the year totalling £29,418 (2022: £23,777) to the Department of Molecular Immunology, University of Szeged (Hungary) which is collaborating with the Institute in the vaccine development project.

4

Registered number: 02161565

Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

Strategic report

Achievements and performance

Review of activities

The Institute continues to deliver a multidisciplinary research programme in the field of venous and arterial thromboembolic disorders.

The established laboratory research programme perseveres in the exploration of the endroaspin scaffold platform to create novel immunotherapeutics to prevent and treat atherosclerosis. The ongoing objective of developing a viruses and cancers throu programme encompasses both discovery and translational elements of research including the determination and early evaluation of novel biomarkers to predict atherosclerotic risk and burden.

The ongoing programme of laboratory research in cancer associated thrombosis remains focused on elucidating the cellular biology of heparins with a view to better understanding their potential in the management of patients with solid tumour malignancy.

Collaborations continue in clinical research programmes evaluating novel strategies for the prevention and treatment of venous thromboembolic disease and arterial thrombosis.

The Institute has, over the past 16 years, curated a research grade fully anonymised database of 73,000 research subjects which forms the basis of studies designed to elucidate risk and outcomes for thromboembolic stroke and various thromboembolism. These studies have led to the development of clinical decision support tools for the evaluation of risk for poor clinical outcome in atrial fibrillation, deep vein thrombosis and pulmonary embolism. This has then provided the basis for the establishment of an artificial intelligence and machine learning programme of research in the discipline of thrombosis informed by access to the UK Biobank resource.

The Institute remains committed to large population-based studies to evaluate clinical outcomes in patients with newly diagnosed atrial fibrillation and various thromboembolism conducted globally through a network of carefully monitored digitally connected sites, and has this year started to engage with the UK Biobank resource to conduct studies in these two areas.

The Trustees anticipate that the current programmes of research that are now well established will continue to deliver important contributions in the coming years.

5

Registered number: 02161565

Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

Investment policy and performance

for long-term investment in the stock markets. Surplus operational funds were placed on call deposits with its banks. Investments decreased by £21,783 in the year.

Principal risks and uncertainties

The Board of Trustees undertakes a thorough evaluation of risks on an annual basis through audit and revision of the corporate risk register.

work as an active biomedical research institute conducting basic, clinical and observational research on a global basis.

Principal risks include:

Financial : being able to attract continuing funding for research projects is critically important. This risk is mitigated by close financial monitoring, financial planning and projectbased cost centres. Independent investment advice guides the investment of the I assets. The Institute carries appropriate insurance covering its assets and activities.

Regulatory changes: the Institute monitors the regulatory landscape and implements changes as necessary.

Research conduct: all research projects are carefully evaluated and, for those involving human subjects, supervised by an independent steering committee of globally recognised experts, with an independent audit of the programmes. All research outputs are carefully evaluated to ensure all intellectual property is protected.

Data security breach: data protection is ensured through the introduction of rigorous technology systems selection, security measures and the delivery of staff training.

Health and safety: the Institute is subject to stringent environmental and health and safety laws and regulations covering its employees and research work. Comprehensive training is given to all employees where required, and the Institute carries out full compliance reporting through appropriate channels to ensure it meets its obligations.

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Registered number: 02161565

Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

Reputation and charitable status: charity status is of paramount importance, and robust protocols are in place to ensure neither are damaged.

Data protection: the Institute monitors the regulatory landscape, and puts in place and maintains effective policies.

Key staff: attracting and retaining talented staff with the necessary skills in a competitive employment market including substantial competition for staff with the commercial life sciences sector and global academic institutions remains a challenge. Where possible this risk is mitigated through active staff engagement and communication; continuing professional development to inform and assist in career progression within the Institute; and the external benchmarking of compensation and benefits for staff.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Institute has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

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Registered number: 02161565

Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

Financial review

Reserves policy

The Institute is engaged in carrying out scientific research and clinical trials which require it to maintain reserves where possible of not less than one yea

Given the levels of unrestricted annual expenditure of £3,206,079 in order to carry out its activities this year, the Trustees consider it is prudent to maintain the unrestricted reserves of £7,010,689 currently retained, representing funds that have been hypothecated to particular projects for which grants have been received. The Trustees monitor the position of the Institute reserves regularly at their meetings.

Total funds stood at £9,638,513 at 31 July 2023, which consisted of unrestricted funds of £7,010,689, endowment funds of £2,387,116 and £240,708 of restricted funds. Within the unrestricted funds there were £1,859,408 of designated funds (see below) and £5,151,281 of general funds.

The charity has set up a designated Fixed Asset Funds which represents the net book value of fixed assets.

The charity holds endowment funds - The Garfield Weston Fund, the Margaret Thatcher Fund and the Emmanuel Kaye Fund. Details of these and the restricted funds can be found in note 19 to the financial statements.

Financial review

The Institute continues to raise funds for its core and educational activities. As a result of reduced interest rates, investment income, which is derived from bank deposits, has remained low. The to date come from donations and from research programmes as described in the review of activities.

Income in the year amounted to £1,708,432 (2022: £3,580,165) and net expenditure before investment losses was £1,497,647 (2022: £830,692).

The Trustees consider the financial health of the Institute to be good. The Institute continues to attract funds to support its activities of research and education.

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Registered number: 02161565

Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

Pay policy for senior staff

The Institute is a medical research charity operating to deliver an ambitious research mission. To achieve that ambition, it is imperative that the charity can attract and retain individuals with an appropriate range of skills and experience to support the effective delivery of its strategy on a global basis.

Salaries for the senior management team are set and reviewed annually by the Board of Trustees. As a medical research charity, the Institute receives the support of key stakeholders for its basic research and clinical trials. The charity does not employ a team of supporters continue to support the Institute because of the quality of its research outputs. The remuneration policy is designed to provide a reward framework which allows the charity to offer an appropriate and competitive rate of pay, without providing for excessive levels of reward.

The Board uses market data to define an external market benchmark establishing a reference point which is considered when considering an appropriate rate of pay for any given role. The external comparators for this purpose are chosen to reflect the sector in which the Institute operates, but also with regard to the commercial challenges to its activities in competing for staff. Total pay is targeted below levels within the commercial life sciences sector with which it regularly competes for staff but above levels paid at similar-sized charities due to the specialist nature of the work. The Trustees believe this to be an appropriate position to adopt given the competitive environment in which it operates with regard to attracting and retaining key staff as well as recognising its status as a registered charity. As a general principle, remuneration is set no higher than is necessary to recruit, retain, and support the charity's aims and objectives.

Plans for future periods

The Trustees will continue to raise funds to support the core objectives of the Institute. Venous thrombosis remains the commonest avoidable cause of hospital deaths, and arterial thrombosis as manifested by heart attacks and strokes, continues to be one of the most important and fastest growing public health challenges in developing economies. The research programme therefore remains of the highest relevance and new opportunities for collaboration are being actively sought to extend the range of the programme.

The ongoing long-term clinical research projects into the worldwide incidence and treatment of atrial fibrillation and outcome in clinical practice continues to be a core part of the ions will deliver great benefits to global health practice.

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Registered number: 02161565

Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023

Members' liability

The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the Company in the event of winding up.

Statement of Trustees' responsibilities

The Trustees (who are also the Directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

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Registered number: 02161565

Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

TRUSTEES REPORT FOR THE YEAR ENDED 31 JULY 2023

Auditors

The auditors, Haysmacintyre LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the Board of Trustees on 15 April 2024 and

signed on their behalf by:

.

Mr Patrick Burgess OBE DL (Chair of Trustees)

11

Registered number: 02161565

Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

INDEPENDENT AUDITORS REPORT INTO THE MEMBERS OF THROMBOSIS RESEARCH INSTITUTE

Opinion

We have audited the financial statements of The Thrombosis Research Institute (the 'charitable company') for the year ended 31 July 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

INDEPENDENT AUDITORS REPORT INTO THE MEMBERS OF THROMBOSIS RESEARCH INSTITUTE (CONTINUED)

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material Report).

13

Registered number: 02161565

Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

INDEPENDENT AUDITORS REPORT INTO THE MEMBERS OF THROMBOSIS RESEARCH INSTITUTE (CONTINUED)

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 influence the economic decisions of users taken on the basis of these financial statements.

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Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

INDEPENDENT AUDITORS REPORT INTO THE MEMBERS OF THROMBOSIS RESEARCH INSTITUTE (CONTINUED)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to employment law and health and safe regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011 and payroll taxes.

financial statements (including the risk of override of controls), and determined that the principal risks were related to recognition of income and management bias in certain accounting estimates. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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Registered number: 02161565

Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

INDEPENDENT AUDITORS REPORT INTO THE MEMBERS OF THROMBOSIS RESEARCH INSTITUTE (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Kathryn Burton Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG

Date

16

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023

Endowment Restricted Unrestricted Total Total
funds funds funds funds funds
2023 2023 2023 2023 2022
Note £ £ £ £ £
Income and endowments from:
Donations and legacies 3 - - 250,750 250,750 2,766,345
Charitable activities 4 - - 1,092,510 1,092,510 630,162
Other trading activities 5 - - 99,012 99,012 107,950
Investments 6 - - 129,607 129,607 52,899
Other 7 - - 136,553 136,553 22,809
Total income and endowments - - 1,708,432 1,708,432 3,580,165
Expenditure on:
Charitable activities 8 - - 3,206,079 3,206,079 4,410,857
Total expenditure - - 3,206,079 3,206,079 4,410,857
Net expenditure before net losses on investments
- (1,497,647) (1,497,647) (830,692)
Net losses on investments (21,783) - (77,973) (99,756) (5,909)
Net movement in funds (21,783) - (1,575,620) (1,597,403) (836,601)
Reconciliation of funds:
Total funds brought forward 2,408,899 240,708 8,586,309 11,235,916 12,072,517
Total funds carried forward 2,387,116 240,708 7,010,689 9,638,513 11,235,916

17

Registered number: 02161565

Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

BALANCE SHEET AS AT 31 JULY 2023

2023 2022
Fixed assets Note £ £
Tangible assets 13 1,738,500 1,856,408
Asset under construction 13 474,982 -
Investments 14 2,387,959 2,409,742
4,601,441 4,266,150
Current assets
Debtors 15 349,749 188,680
Cash at bank and in hand 5,927,032 8,514,378
6,276,781 8,703,058
Creditors: amount falling due within one year 16 481,521 753,068
Net current assts 5,795,260 7,949,990
Total assets less current liabilities 10,396,701 12,216,140
Creditors: amount falling due after more than
one year 17 (758,188) (980,224)
Total net assets 9,638,513 11,235,916
Charity funds
Endowment funds 2,387,116 2,408,899
Restricted funds 240,708 240,708
Unrestricted funds 7,010,689 8,586,309
Total funds 9,638,513 11,235,916

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 15 April 2024 7——~Dociisigned’ by" and signed on their behalf by Mr Patrick Burgess OBE DL winpuriePPRPAR[Burgess] MEADE" "7 (Chair of Trustees)

18

Registered number: 02161565

Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023

Note
Cash flows from operating activities
Net cash used in operating activities
22
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Asset under construction
Investment additions
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
23		 2023
£
(2,163,998)
129,607
-
(474,982)
(77,973)
(423,348)
-
-
(2,587,346)
8,514,378
5,927,032		 2022
£
(33,250)
5,774
(30,489)
-
-
(24,715)
-
-
(57,965)
8,572,343
8,514,378

Analysis of net debt can be found in note 24 to these financial statements.

19

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1. General information

The company was incorporated as a company limited by guarantee in England. Its principal activity is stated in the Trustees Report. Its registered office is stated in the Reference and Administration page.

2.

Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Thrombosis Research Institute meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Institute has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the

20

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

expected cash amount to be distributed to the Company, can be reliably measured.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less

21

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives,

Depreciation is provided on the following bases:

Freehold property - 2% straight line Plant and machinery - 25% reducing balance Motor vehicles - 25% reducing balance

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, nancial Activities.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

22

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.10 Liabilities and provisions continued

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.11 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

2.12 Pensions

The company operates three defined benefits pension schemes for staff employed prior to 1st January 2009 and the pension charge is based on actuarial valuations. The schemes are multi-employer schemes where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by FRS102, the company accounts for this scheme as if it was a defined contribution scheme. The amount charged to the Statement of Financial Activities represents contributions payable to the scheme in respect of the accounting period. For staff employed since 1st January 2009, the Institute operates a defined contribution Group Personal Pension Plan.

Defined benefit schemes

The Institute is a participating employer in the Superannuation Arrangements of the University of London (SAUL), Universities Superannuation Scheme (USS) and NHS Pension Scheme details of which are given in note 25 . All schemes are centralised defined benefit schemes, and are contracted out of the State Earnings Related Pension Scheme.

23

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Throughout the current and preceding periods, the SAUL and USS schemes were defined benefit only pension schemes until 31 March 2016 which were contracted out of the State Second Pension (S2P). The assets of the schemes are held in separate trustee-administered funds. Because of the mutual nature of the schemes, the schemes' assets are not hypothecated to individual institutions and a scheme-wide contribution rate is set. The Institute is therefore exposed to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis and therefore, as required by Section 28 of FRS contribution schemes. As a result, the amount charged to the income and expenditure account represents the contributions payable to the schemes in respect of the accounting period. Since the Institute has entered into an agreement (the Recovery Plan that determines how each employer within the scheme will fund the overall deficit), the Institute recognises a liability for the contributions payable that arise from the agreement to the extent that they relate to the deficit and the resulting expense in the income and expenditure account.

of insolvency of any of the participating employers in SAUL or USS respectively, the amount of any pension funding shortfall (which cannot otherwise be recovered) in respect of that employer will be spread across the remaining participant employers and reflected in the next actuarial valuation.

Each scheme is formally valued every three years by a professionally qualified independent actuary using the Projected Unit Method. Informal reviews of the position are carried out between formal valuations. Pension costs are assessed in accordance with the advice and recommendations of the actuary based on the latest valuations of the schemes. The expected cost of providing pensions is charged to the SOFA so as to spread the cost over the service lives of employees in such a way that the pension costs equal the annualised long-term cash outlay to the scheme.

24

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund are set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund are set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Donations
All funds in 2022 were unrestricted.
4 Income from charitable activities
Income from charitable activities - Research
Income from charitable activities - Education
and Symposia		 Unrestricted
funds
2023
£
250,750
Unrestricted
funds
2023
£
1,092,510
-
1,092,510		 Total
funds
2023
£
250,750
Total
funds
2023
£
1,092,510
-
1,092,510		 Total
funds
2022
£
2,766,345
Total
funds
2022
£
380,162
250,000
630,162

All funds in 2022 were unrestricted.

25

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

5. Income from other trading activities

Rental income
All funds in 2022 were unrestricted.
6 Investment income
Investment income
All funds in 2022 were unrestricted.		 Unrestricted
funds
2023
£
99,012
Unrestricted
funds
2023
£
129,607		 Total
funds
2023
£
99,012
Total
funds
2023
£
129,607		 Total
funds
2022
£
107,950
Total
funds
2022
£
52,899

7 Other income

Other income
Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Other Income 136,553 136,553 22,809

All funds in 2022 were unrestricted.

26

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |8. Expenditure 2023| |Direct -|Direct -|Support|Total|Total| |staff costs|other costs|costs|2023|2022| |£|£|£|£|£| |Research|1,293,291|1,534,201|303,084|3,130,576|4,224,236| |Education and| |symposia|48,995|-|13,449|62,444|83,676| |Governance| |costs|-|13,059|-|13,059|17,500| |At 31 July 2023|1,342,286|1,547,260|316,533|3,206,079|4,325,412| |Direct -|Total| |Expenditure 2022|Direct - staff costs|other costs|Support costs|Total 2022|2021| |£|£|£|£|£| |Research|1,703,365|1,610,859|910,012|4,224,236|6,825,786| |Education and| |symposia|65,654|-|18,022|83,676|82,132| |Governance| |costs|-|17,500|-|17,500|15,850| |1,769,019|1,628,359|928,034|4,325,412|6,923,768|

----- End of picture text -----

27

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

9. Support costs 2023

Staff costs
Premises costs
Other costs
Expenditure 2022
Staff costs
Premises costs
Other costs
10. Auditors' remuneration
Fees payable to the company's
Company's annual accounts		 Research
Education and
Total
Symposia
2023
£
£
£
203,263
4,025
207,288
100,816
1,997
102,813
6,307
125
6,432		 Research
Education and
Total
Symposia
2023
£
£
£
203,263
4,025
207,288
100,816
1,997
102,813
6,307
125
6,432		 Total
2022
£
607,744
301,434
18,856
310,386
6,147
316,533		 928,034
Research
Education and
Total
Symposia
2022
£
£
£
595,942
11,802
607,744
295,580
5,854
301,434
18,490
366
18,856		 Total
2021
£
820,615
304,779
28,998
1,154,392
910,012
18,022
928,034
auditor for the audit of the 2023
£
17,500		 2022
£
15,250

28

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
1,282,450
155,224
111,901
1,549,575		 2022
£
1,353,684
142,038
273,297
1,769,019

The average number of persons employed by the company during the year was as follows:

2023 2022
No. No.
Research 16 14
Support & Administrative staff 9 10
25 24
The number of employees whose employee benefits (excluding employer's pension
costs) exceeded £60,000 was:
2023 2022
` No. No.
In the band £60,001 - £70,000 5 -
In the band £70,001 - £80,000 - -
In the band £80,001 - £90,000 - 2
In the band £90,001
£100,000		 - 1
In the band £110,001 - £120,000 2 1
In the band £190,001 - £200,000 1 1

Total amount paid to key management staff was £537,630 (2022: £547,350).

12. Trustees' remuneration and expenses

During the year, no Trustee received any remuneration or other benefits (2022 - £NIL)

During the year ended 31 July 2023, no Trustee expenses have been incurred (2022 - £NIL)

29

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

13. Tangible fixed assets

Cost / Valuation
At 1 August 2022
Additions
Disposals
At 31 July 2023
Depreciation
At 1 August 2022
Charge
At 31 July 2023
Net book value
At 31 July 2023
At 31 July 2022		 Land &
Buildings
Plant &
Machinery
Motor
Vehicles
Asset under
Total
Construction
£
£
£
£
£
3,933,832
835,616
69,623
-
4,839,071
-
-
-
474,982
474,982
-
-
-
-
-
3,933,832
835,616
69,623
474,982
5,314,053
2,234,356
708,055
40,252
-
2,982,663
78,677
31,890
7,341
-
117,908
2,313,033
739,945
47,593
-
3,100,571
1,620,799
95,671
22,030
474,982
2,213,482
1,699,476
127,561
29,371
-
1,856,408

30

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

14. Fixed asset investments

14. Fixed asset investments
Cost / Valuation
At 1 August 2022
Additions
Revaluations losses
At 31 July 2023		 Listed
investment
£
2,408,900
77,973
(99,756)
2,387,117		 Loans to
subsidiaries
£
842
-
842		 Total
£
2,409,742
77,973
(99,756)
2,387,959

Listed investments

The investment shown above consists entirely of shares in the CF Ruffer Absolute Return Account.

Group undertakings

subsidiary undertakings as follows:

TRI Technology Transfer Limited (intellectual property)

TRI Clinical Trials Limited (research and development)

Two subsidiaries remained dormant throughout the financial year and have therefore not been consolidated in these financial statements.

31

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

15. Debtors

Due within one year
Trade Debtors
Other Debtors
Prepayments & Accrued Income
VAT
At 31 July 2023		 2023
2022
£
£
173,312
159,484
60,143
1,500
99,492
-
16,802
27,696
349,749
188,680

16. Creditors: Amounts falling due within one year

Pension fund deficit reduction plan
Trade creditors
Other Taxation and Social Security
Other creditors
Accruals and deferred income
At 31 July 2023		 2023
2022
£
£
4,521
10,254
204,234
311,866
47,589
40,787
1,032
18,563
224,145
371,598
481,521
753,068

17. Creditors: Amounts falling due after more than one year

Other Loans
Pension fund deficit reduction plan
At 31 July 2023		 2023
2022
£
£
586,332
586,332
171,856
393,892
758,188
980,224

32

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

18. Reconciliation of opening and closing pension deficit provision

Provision at the start of year
Unwinding of the discount factor (interest expenses)
Deficit contributions paid
Remeasurements-amendments to the contribution
schedule
Split as follows:
Due within one year
Due after one year		 2023
£
404,146
12,367
(16,258)
(263,904)
136,351
4,521
171,856		 2023
£
404,146
12,367
(16,258)
(263,904)
136,351
4,521
171,856		 2022
£
234,224
6,020
(8,807)
172,709
404,146
10,254
393,892
176,377 404,146

33

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

19. Statement of funds

Statement of funds - Current year

Unrestricted funds
Designated funds
Designated funds - all funds		 Balance at
Transfers
Gains/
Balance at
01/08/22
Income
Expenditure
in/out
(Losses)
31/07/23
£
£
£
£
£
£
1,859,408
-
-
-
-
1,859,408

The fixed asset fund was set up to assist in identifying those funds that are not free funds and represents the book value of tangible assets.

General funds

General funds - all funds
Total unrestricted funds
Endowment funds
Garfield Weston Funds
Margaret Thatcher Fund
Emmanuel Kaye Fund		 6,726,901
1,708,432
(3,206,079)
-
(77,973)
5,151,281
6,726,901
1,708,432
(3,206,079)
-
(77,973)
5,151,281
8,586,309
1,708,432
(3,206,079)
-
(77,973)
7,010,689
425,005
-
-
-
(3,843)
421,162
206,773
-
-
-
(1,870)
204,903
1,777,122
-
-
-
(16,070)
1,761,052
2,408,900
-
-
-
(21,783)
2,387,117

Garfield Weston Fund - an endowment has been set up from a grant awarded by the Garfield Weston Foundation. The income from this fund will be used to support the Weston Chair of Molecular Medicine.

Margaret Thatcher Fund - an endowment fund has been set up from a grant awarded by the Margaret Thatcher Foundation. The income from this fund will be used to support the Thatcher Chair of Biological Chemistry.

Emmanuel Kaye Fund - an endowment fund has been set up from a grant awarded in memory of Sir Emmanuel Kaye. The income from the fund will be used to support the Kaye Chair of Thrombosis innovation.

34

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Restricted funds
Indian Mortality Study
UK Oncology
Cancer and Thrombosis
Symposium
at NCRI
Emmanuel Kaye Chair		 154,388
-
-
-
-
154,388
54,298
-
-
-
-
54,298
23,340
-
-
-
-
23,340
8,682
-
-
-
-
8,682
240,708
-
-
-
-
240,708

Indian Mortality Study - funds received in respect of the Indian Mortality Study to set up a registry of VTE to assess mortality outcomes in hospitalised patients in India

UK Oncology - funds received to organise meetings of oncologists to review and advise on internationally available oncology guidelines for adoption in UK practice, and also advise on communication of problems of cancer associated thrombosis.

Cancer and Thrombosis Symposium at NCRI Conference - the funds have been collected to organise a symposium at this meeting.

Emmanuel Kaye Chair - income from the Endowment Fund to support the Kaye Chair of Thrombosis Innovation.

Total of funds 11,235,916 1,708,432 (3,206,079) - (99,756) 9,638,513

35

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

19. Statement of funds (continued)

Statement of funds - prior year

Statement of
funds - prior year
Balance at Transfers Gains/ Balance at
01/08/21 Income Expenditure in/out (Losses) 31/07/22
£ £ £ £ £ £
Unrestricted
funds
Designated funds
Designated funds -
all funds 1,949,007 - - (89,599) - 1,859,408

-

The fixed asset fund was set up to assist in identifying those funds that are not free funds and represents the net book value of tangible assets.

General funds

General funds - all
funds 7,515,119 3,533,040 (4,410,857) 89,599 - 6,726,901
7,515,119 3,533,040 (4,410,857) 89,599 - 6,726,901
Total unrestricted
funds 9,464,126 3,533,040 (4,410,857) - - 8,586,309
Endowment funds
Garfield Weston
Funds 417,733 - - - 7,272 425,005
Margaret Thatcher
Fund 203,851 - - - 2,922 206,773
Emmanuel Kaye
Fund 1,746,099 - - - 31,022 1,777,121
2,367,683 - - - 41,216 2,408,899

36

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

19. Statement of funds (continued)

Restricted funds

Restricted funds
Indian Mortality Study
UK Oncology
Cancer and Thrombosis Symposium at
NCRI
Emmanuel Kaye Chair
Total of funds		 154,388
-
-
-
-
154,388
54,298
-
-
-
-
54,298
23,340
-
-
-
-
23,340
8,682
-
-
-
-
8,682
240,708
-
-
-
-
240,708
12,072,517
3,533,040
(4,410,857)
-
41,216
11,235,916

37

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

20. Statement of funds

Summary of funds - Current year

Balance at Transfers Gains/ Balance at
1 Aug 2022 Income Expenditure in/out (Losses) 31 Jul 2023
£ £ £ £ £ £
Designated funds 1,859,408 - - - - 1,859,408
General funds 6,726,901 1,708,432 (3,206,079) - (77,973) 5,151,281
Endowment funds* 2,408,899 - - - (21,783) 2,387,116
Restricted funds 240,708 - - - - 240,708
11,235,916 1,708,432 (3,206,079) - (99,756) 9,638,513
Summary of funds - Prior year
Balance at Transfers Gains/ Balance at
01 Aug 2021 Income Expenditure in/out (Losses) 31 Jul 2022
£ £ £ £ £ £
Designated funds 1,949,007 - - (89,599) - 1,859,408
General funds 7,515,119 3,533,040 (4,410,857) 89,599 - 6,726,901
Endowment funds 2,367,683 - - - 41,216 2,408,899
Restricted funds 240,708 - - - - 240,708
12,072,517 3,533,040 (4,410,857) - 41,216 11,235,916

38

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

21. Analysis of net assets between funds current year

Endowment
funds
2023
£
Tangible fixed assets
-
Fixed assets investments
2,387,116
Current assets
-
Creditors due within one year
-
Creditors due in more than one year
-
2,387,116
Analysis of net assets between funds - Prior year
Endowment
funds
2022
£
Tangible fixed assets
-
Fixed assets investments
2,408,899
Current assets
-
Creditors due within one year
-
Creditors due in more than one year
-
2,408,899		 Restricted
funds
2023
£
-
-
240,708
-
-
240,708
Restricted
funds
2022
£
-
-
240,708
-
-
240,708		 Unrestricted
funds
2023
£
2,213,482
843
6,036,073
(481,521)
(758,188)
7,010,689
Unrestricted
funds
2022
£
1,856,408
843
8,462,350
(753,068)
(980,224)
8,586,309		 Total
funds
2023
£
2,213,482
2,387,959
6,276,781
(481,521)
(758,188)
9,638,513
Total
funds
2022
£
1,856,408
2,409,742
8,703,058
(753,068)
(980,224)
11,235,916

39

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

22. Reconciliation of net movement funds to net cash flow from operating activities

2023
£
Net expenditure for the year (as per statement of Financial Activities)
(1,597,403)
Adjustments for:
Depreciation charges
117,908
Losses/(gains) on investments
99,756
Dividends, interest and rents from investments
(129,607)
(Decrease)/increase in debtors
(161,069)
(Decrease)/increase in creditors
(493,583)
Net cash used in operating activities
(2,163,998)
23. Analysis of cash and cash equivalents
2023
£
Cash and bank
5,927,032
Total cash and cash equivalents
5,927,032		 2022
£
(836,601)
123,088
(41,216)
(5,774)
639,126
88,127
(33,250)
2022
£
8,514,378
8,514,378

40

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

24. Analysis of changes in net debt

At 1 Aug
2022
Cash flows
Other non-
cash changes
At 31 Jul
2023
Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 £
£
£
£
8,514,378
(2,587,346)
-
5,927,032
(10,254)
5,733
-
(4,521)
(980,224)
222,036
-
(758,188)
7,523,900
(2,359,577)
-
5,164,323

25. Pension commitments

Group Personal Pension Plan

The Institute operates a defined contribution Group Personal Pension Plan which is open to all staff employed since 1st January 2009. The scheme has been established in accordance takeholder Regulations. The contribution structure has been set at year were £48,900 (2022: £34,466).

The Institute participates in three defined benefit pension schemes for staff employed prior to 1st January 2009. The detail of these schemes are as follows:

Superannuation Arrangements of the University of London (SAUL)

The Institute participates in the Superannuation Arrangements of the University of London ( AUL ), which is a centralised defined benefit scheme within the United Kingdom and was contracted out of the Second State Pension (prior to April 2016).

SAUL is an independently managed pension scheme for the non-academic staff of over 50 colleges and institutions with links to higher education. Pension benefits accrued within SAUL currently build up on a Career Average Revalued Earnings ( CARE ) basis.

41

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Pension commitments

Superannuation Arrangements of the University of London (SAUL)

The Institute is not expected to be liable to SAUL for any other current participating employer's obligations under the Rules of SAUL but, in the event of an insolvency of any participating employer within SAUL, an amount of any pension shortfall (which cannot otherwise be recovered) in respect of that employer may be spread across the remaining participating employers and reflected in the next actuarial valuation.

Funding Policy

SAUL's statutory funding objective is to have sufficient and appropriate assets to meet the costs incurred by the Trustee in paying SAUL's benefits as they fall due (the Technical Provisions ). The Trustee adopts assumptions which, taken as a whole, are intended to be sufficiently prudent for pensions and benefits already in payment to continue to be paid and for the commitments which arise from Members' accrued pension rights to be met.

The Technical Provisions assumptions include appropriate margins to allow for the possibility of events turning out worse than expected. However, the funding method and assumptions do not completely remove the risk that the Technical Provisions could be insufficient to provide benefits in the future.

A formal actuarial valuation of SAUL is carried out every three years by a professionally qualified and independent actuary. The last actuarial valuation was carried out with an effective date of 31 March 2020. Informal reviews of SAUL's position, reflecting changes in market conditions, cash flow information and new accrual of benefits, are carried out between formal valuations.

The funding principles were agreed by the Trustee and employers in June 2021 and will be reviewed again at SAUL's next formal valuation in 2023.

42

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Accounting Policy

The Institute is a Participating Employer in SAUL. The actuarial valuation applies to SAUL as a whole and does not identify surpluses or deficits applicable to individual employers.

The Institute accounts for its participation in SAUL as if it were a defined contribution scheme and pension costs are based on the amounts actually paid which in 2023 were £7,871 (2022: £6,336), in accordance with paragraphs 28.11 of FRS 102.

Although there was a Technical Provisions deficit at 31 March 2020, allowing for post valuation experience to 30 April 2021, SAUL had a Technical Provisions surplus. Therefore, no deficit contributions were required following the 2020 valuation and there is no defined benefit liability (i.e. the present value of any deficit contributions due to SAUL) to be recognised by the Institute.

Universities Superannuation Scheme

Significant accounting policies

The Institute participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The Institute is therefore exposed to actuarial risks associated with liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of Institute therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. Since the Institute has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the Institute recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.

43

Registered number: 02161565 Charity number: 800365

THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Critical accounting judgements

USS notes: FRS 102 requires that accounting judgements which are considered to be critical by those charged with governance are explained in more detail as to why the judgement has been applied. The disclosure below may be useful where the treatment of the scheme as a multi-employer scheme and adopting defined contribution accounting is deemed to be critical.

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents (typically) an industry-wide scheme such as Universities Superannuation Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with the resulting expense charged through the profit or loss account in accordance with section 28 of FRS 102. The directors are satisfied that Universities Superannuation Scheme meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving these financial statements.

DEFICIT RECOVERY LIABILITY

The Institute's pension contribution for the year was £56,641 (2022: £62,506).

The latest available complete actuarial valuation of the Scheme is as at 31 March 2020 (the valuation date), and was carried out using the projected unit method.

Since the Institute cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2020 valuation was the sixth valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £66. technical provisions was £80.6 billion indicating a shortfall of £14.1 billion and a funding ratio of 83%.

44

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

DEFICIT RECOVERY LIABILITY

The key financial assumptions used in the 2020 valuation are described below. More detail is set out in the Statement of Funding Principles (uss.co.uk/about-us/valuation-andfunding/statement-of-funding principles).

CPI assumption Term dependent rates in line with the difference between the Fixed
interest and Index Linked yield curves less: 1.1% p.a. to 2030,
reducing line early by 0.1% p.a. to a long-term difference of 0.1% from
2040
Pension increases (subject to a
floor of 0%)		 CPI assumption plus 0.05%
Discount rate (forward rates) Fixed interest gilt yield curve plus:
Pre-retirement: 2.75% p.a.
Post-retirement: 1.00% p.a.

The main demographic assumptions used relate to the mortality assumptions. These 2020 actuarial valuation. The mortality assumptions used in these figures are as follows:

2020 valuation
Mortality base table
Future improvement to mortality CMI 2019 with a smoothing parameter of 7.5, an initial addition of 0.5%
p.a. and a long-term improvement rate of 1.8% p.a.

The current life expectancies on retirement at age 65 are:

The current life expectancies on retirement at age 65 are:
2023 2022
Males currentlyaged 65(years) 24.0 23.9
Females currentlyaged 65(years) 25.6 25.5
Males currentlyaged 45(years) 26.0 25.9
Females currentlyaged 45(years) 27.4 27.3

45

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Pension commitments

A deficit recovery plan was put in place as part of the 2020 valuation, which requires payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate will increase to 6.3%. The 2023 deficit recovery liability reflects this plan. The liability figures have been produced using the following assumptions:

2023 2022
Discount rate* [%] [%]
Pensionable salary growth* [%] [%]

NHS Pension

The NHS Pension Scheme is a defined benefit scheme that provides members with benefits payable on retirement, incapacity, death or withdrawal from the National Health Service (NHS) in England and Wales.

The Institute's pension contributions for the year were nil (2022: £5,377) due to noncontribution from active staff members.

The Scheme is subject to a full valuation every five years. The results of the latest valuation at 31 March 2016 have been published. Between valuations, the Government Actuary provides an update of the scheme liabilities on an annual basis. The latest assessment of the liabilities of the Scheme is contained in the Scheme Actuary report, which forms part of the annual NHS Pension Scheme (England and Wales) Resource Account, published every October. These accounts can be viewed on the NHS pensions Agency website at https://www.nhsbsa.nhs.uk/nhs pension scheme accounts and valuation reports. Copies can also be obtained from The Stationery Office.

The government actuary using the projected unit method determines contributions charged to the Statement of Financial Activities. The assumptions that have the most significant effect on the valuation are those relating to the rates of return on investments and the rates of increase in salaries and pensions.

46

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

NHS Pension

Employer pension contribution costs are applied to operating expenses as and when they become due. Employer contribution rates are reviewed every five years following a scheme valuation carried out by the Government Actuary. On advice from the actuary the

The cost of pension increases has been excluded from valuations to date; consequently, neither members nor employers have contributed to this benefit which is met directly by the Exchequer.

The NHS Pension Scheme is an unfunded scheme under which contributions from employees and employers are paid to the Exchequer, which in turn meets the cost of paying benefits as and when they fall due.

25. Related party transactions

The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 July 2023.

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