Reglstered number: 02161565 Charlty number: 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limlted by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
CONTENTS Page Reference and Administrative Details of the Company, its Trustees and Advisers Trustees, Report Independent Auditors, Report on the Financial Statements Statement of Financial Activities 2-11 12-16 17 Balance Sheet 18 Statement of Cash Flows 19 Notes to the Financial Statements 20-47
Registered number.. 02161565 Charlly number.. 800365 REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Trustees Mr Patrick Burgess OBE DL, Chair Rt Hon the Lord Neuberger PC Dr The R8vd Sir Ralph Waller KBE Sir Guy Weston Company registered number 02161565 Charity registered number 800365 Registered office Emmanuel Kaye Building, 1 b Manresa Road, London SW3 6LR Company secretary Mrs Diana Rawstron President of the Institute Rt Hon Professor the Lord Kakkar KG KBE Independent auditors Haysmac LLP, 10 Queen Street Place, London EC4R 1AG Bankers Coutts & Co, 440 Strand, London WC2R OQS C. Hoare & Co, 37 Fleet Street, London EC4P 4DQ Solicitors Smyth Barkham LLP, 1 Mitre Court Buildings, Inner Temple. London EC4Y 7BS.
R8gl8lered numb8r,' 02161565 Charity number.. 800365 TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual report together with the audited financial statements of The Throrllbosis Research Institute {'Company' or 'lnstitute') for the period 1 August 2023 to 31 July 2024. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confimi that the Annual Report and financial statements of the Company comply with the current statutory requirem8nts, the requirements of the Company's governing document and the provisions of th8 Statement of Recommended PractlC6 (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 datad 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 aGcounts and reports. During the current and previous year, no Trustees received any remuneration, benefit in kind or any reimbursed expenses. The President of the Institut6 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 KG KBE, who keeps the Board fully infomied between meetings. Method of appolntment 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.
Reglslered number,, 02161565 Charfty number.. 800365 TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 Policies adopted for the inductlon 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 oth6r relevant infomiation, The Trustees bring under review the skills required by th8 Institut6's Board from time to tim8, 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. Furthar training is available upon r8quest. Volunteers All the mernbers of the Board of Trustees are volunt88rs. Non8 of them holds contracts with the I nstitute. Related party relationships The Institute is connected with the Thrombosis Research Trust (a charitable trust that is a r8gist8r8d charity number 275275) as it has th8 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, Mr Patrick Burgess was a Trustee of the Institute and the Thrombosis ResearGh Trust. Policies and objectives The Institute's key objectives are to develop and extend research into thrombosis and to 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 guidan published by the Charity Commission in deciding the Institute's activities.
Registered numbsr,, 02161565 Charfly number., 800365 TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 Alms 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 Truste8S have set the following objeGtives'. To perform clinical research to improve the scope of antithrombotic drugs used to prevent and treat thrombosis, extending their use in diseases not currently addressed by treatment guidelines where thrombosis is a common problem, thus reducing substantially deaths from cardiovascular disease and Canr. To carry out fundamental laboratory research into how natural anticlotting mo16cules affect the behaviour of cells and how these can b8 manipulated to treat heart attacks, strokes, cancers and inflammation; To organise on occasion educational symposia, bringing together leaders throughout the world in thrombosis research with practising Glinicians to disseminate the results of research and rapidly improve patient care. The ben6fits 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 worldwid6 healthcare systems uf 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 Gancer will continue to increase and 8Xtenéed care for long-term illnesses resulting from thrombotic problems will pla additional burden on finite healthcare resources. Th8 charity does not fundraise with members of the public; as a result, there have been no fundraising complaints. Strategies for achleving objectives The Institute maintains dedicated research facilities to enable its scientific staff to pursue basiG and clinical research Ihat f ulf ils the Institute's objectives. Grant maklng 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 £21,152 (2023: £29,418) to the Department of Molecular Immunology, University of Szeged (Hungary) which is collaborating with the Institute in its vaccine development project.
Registered number= 02161565 Charlty number.. 8003e5 TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 strategic report Achievernents and performance Review of activltles The Institute continues to deliver a multidisciplinary research programme in the field of venous and arterial thromb06mbolic disorders. The established laboratory research programme perseveres in th8 exploration of the Institute's innovative and proprietary dendroaspin scaffold platform to create novel immuno-therapeutics to prevent and treat atherosclerosis. The ongoing objective of developing a 'vaccine against ath8roma' explores the possibility of creating vaccines against various viruses and cancers through th8 harnessing of the body's own immune system. This programme encompasses both discovery and translational elements of research including the determination and early evaluation of novel biomarkers to predict atherosGlerotiG risk and burd8n. The ongoing programme of laboratory research in cancer associated thrombosis r8mains focused on 61ucidating the cellular biology of heparins with a view to better understanding their potential in the management of patients with solid tumour malignancy. Collaboralions continue in clinical research programm8s evaluating novel strategies for the prevention and treatment of venous thromboembolic disease and arterial thrombosis. The Institute has, over the past 17 years, curated a research grade fully anonymised database of 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 alrial fibrillation, deep vein thrombosis and pulmonary embolism. This has Ihen 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 networ1( of carefully monitored digitally connected sites, and continues to engage with the UK Biobank resource to Gonduct studies in these Iwo 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.
Reglst8r8d number. 02161565 Charity number.. 800365 TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 Investment policy and performance The Institute's policy for endowment funds aims to preserve capital, generate sustainable incom8, and achieve long-lerm growth to support its mission. Investments are diversified across equities, fix6d income and other assets, with a moderate risk approach. The Trustees regularly monitor performance to ensure the policy meets the Gharity's objeGtives. For the year under review, the Institute's endowment funds were placed with Ruffer LLP for investment in accordance with the above policy. Surplus operational funds were placed on call deposits with its banks, Investments increased by £45,800 in the year. Principal risks and uncertainties The Board of Truslees conducts a comprehensive evaluation of risks on an annual basis through a review and audit of the charity's risk register. Risk assessment and mitigation are integral to the Institute's operations, considering its role as a biomedical research institute engaged in basic, clinical and observational research. The k6y high-level risk areas id8ntified by the Trustees include: Constitutional and Governance Risks: Effective governanGe is critical for the Institute's success. Clear governance policies, regulatory compliance and regular declarations of inlerest are maintained to manage risks in this area. Financial Risks: Sustaining funding for research projects is essential for the Institute's ongoing activities. This risk is managed through robust financial monitoring, strategic financial planning, and the establishrnent of project-based cost Centres. Additionally, the Institute seeks independent investment advice to optimise the management of its assets and ensures adequate insurance coverage for its assets and activities, Human Resources Risks: Attracting and retaining highly skilled staff in a Gompetitive employment market, Including competition from the commercial life sciences sector and global academic institutions, remains a significant challenge. Mitigation measures include active staff engagement, professional development opportunities to support career progression, and appropriate and competitive remuneration for the sector. Data Protectlon Risks: Ensuring data security and compliance with data protection regulations is a priority. This is achieved through the implementation of robust technology systems, effective security measures and staff training.
Reglslered numb8r'. 02161565 Charity numb8r.' 8D0365 TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY2024 Intellectual Property Risks: Risks associated with intell8Ctual prop6rty are managed through the use of contractual protections and ongoing monitoring of intellectual property rights. Operational and Contractual Risks: Achieving value for money and ensuring the required service delivery from contractors are managed through contract review 8nd performance assessment. Reputation and Compliance Risks: Safeguarding th8 Institut8's reputation and charity status is an important priority. The Institute adheres to high standards to minimise the risk of reputational harm. Laboratory Risks: The Institute mitigates operational risks in its laboratories by ensuring compliance with health and safety policies and maintaining a regular schedule of equipment maintenance. Health and Safety Risks: The Institute is subject to stringent environmental and health and safety laws and regulations that govern its employees and research activities. Training is provided where required. and compliance is monitored and reported through appropriate channels to ensure the Institute meets its obligations. The Trustees remain vigilant in monitoring these risks and ensuring that appropriate mitigation strategi8s are in plaGe to support the Institute's continued success and compliance with its charitable objectives.
RIstered number- 021fj15fj5 Charlty nurnb6r.' 800365 TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 Flnancial revlew Reserves policy The Institute is engaged in carrying out scientific research whiGh requires it to maintain a 'state of the art, research facility and for which the Trustees consider it prudent to maintain reserves where possible of not less than one year's running expenses. Given the levels of unrestricted annual expenditure of £2,914,233 in ord6r to carry out its activities this year, the Trustees consider it is prudent to maintain the unrestricted reserves of £7,221,400 currently retained, representing funds that have been hypothecated to particular projects for which grants have been reived. The Trustees monitor the position of the Institute reserves regularly at their meetings. Total funds stood at £9,844,803 at 31 July 2024, which consisted of unrestricted funds of £7,221,400 8ndowment funds of £2,382,695 and £240,708 of restricted funds. Within the unrestricted funds there We £1,859,408 of designated funds (see below) and £5,361,992 of general funds. The general funds are maintained both to support the Institute's research activities during periods of financial stress and to invest in the maintenance or proposed r6development of its existing site. 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 th8 financial statements. Financial review The Institute continues to raise funds for its core and educational activities. As a result of r8duc6d interest rates, investment income, which is derived from bank deposits, has remained low. The charity's principal funding has to date come from donations and from research programmes as described in the review of activities. Incorne in the year amounted to £3,124,944 {2023: £1,708,432) and net inGome before investrxent gains was £210,711 (2023: net 8xp8nditure of £1,497,647}. In the year under review, the Institute was successful in securing a two-year project grant from a multinational phamiaceutical and life sciences company. Payments received in the year hav8 been reported in the income amount shown above. 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.
R8glsl8r8d number.. 02161565 Charity number.. 800365 TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY2024 Pay pollcy for senlor staff The Institute is a medical r8S8arch 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 appropriat6 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, th8 Institute receives the support of k6y Stakeholders for its basic research and clinical trials. Th8 charity does not employ a team of fundraisers to generate donations from the general public. The charity's corporate supporters continue to support the Institute because of the quality of its research outputs. The remuneration policy is designed to provid6 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 extemal marf(et benchmark establishing a ref8r8nce point which is considered when Gorisidering an appropriate rate of pay for any given role. The external comparators for this purpose are chosen to refleGt 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 atlraGting and relaining key staff as well as recognising its ststus as a registered charity. As a general principle, remuneration is set no higher than is necessary to recruit, retain, and support the charitls 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 importanl and fastest growing public health challenges in developing economies. The research programme therefore remains of the highest relevanGe 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 trealrnent of atrial fibrillation and outcome in clinical practice continues Éo be a core part of the Institute's work. The results from these investigations and new collaborations will deliver great benefits to global health praGtiGe.
Reglslered number. 02161565 Charity nurnber= 800365 TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 Members. liablllty 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 th6 Trustees, Report including the Strategic Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PractiGe). Company law requires the Twst88s to prepare financial statements for each financial year. Under company law, the Trustees must not approve the finanGial 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: select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent., state whether applicabl8 UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclos8d and explained in the financial slatements., prepare the financial statements on the going GonGern basis unless it is inappropriate to presume that the Company wi51 continue in business. The Trustees are responsible for keeping adequate acGOUNting 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 Gomply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and henGe for taking reasonable steps for the prevention and d8tection of fraud and other irregularities. Disclosure of information to auditors Each of the persons who are Trustees at the time when this Truslees, Report is approved has confirmed that: so far as that Trustee is aware, there is no relevant audit information of whiGh the charity's auditors are unaware., and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitys auditors are aware of that information. 10
Reglslered number.. 02161565 Charity number.. 800365 TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY2024 Auditors The auditors, Haysmac LLP (previously Haysmacintyre LLP), have indicated their willingness to Gontinue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of th8 members of the Board of Trustees on . and i* a015 signed on their behalf by: Mr Pat ick Burgess OBE DL (Chair of Truslees) 11
Roglslered number,, 02161565 Charfty numbsr., 800365 INDEPENDENT AUDITORS REPORT INTO THE MEMBERS OF THE THROMBOSIS RESEARCH INSTITUTE Opinion We have audited the financial statements of The Thrombosis Research Institute (the 'charitable company,) for the year ended 31 July 2024 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 appli6d 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, (Unit6d Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of Ihe state of the charitable company's affairs as at 31 July 2024 and of its income and expenditure for the year then ended. have been properly prepared in aGGordance with United Kingdom Generally ACpted AcGounting Practice. and have b88n prepared in accordan with thè requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in th6 Auditors, responsibilities for the audit of Ihe financial statements section of our report. We are independent of the charitable company in accordance with the 8thical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting CounGil's Ethical Standard, and we have fulfilled our other ethical responsibilities in aGGordanGe with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriat8 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. 12
Reglster8d numb8r'. 02161565 Charity number.. 800365 INDEPENDENT AUDITORS REPORT INTO THE MEMBERS OF THE 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 infomiation The other information comprises the information included in the Annual Report oth8r 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 dues not cover the other information and, except to th8 extent otherwise explicitly stated in our report, we do not 8xpress 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 rnaterial misstatement of this other information, we ar8 required to report that fact. We have nothing to report in this regard, Opinion on other matters prescribed by the Companles Act 2006 In our opinion, based on th8 work undertaken in the cours8 of the audit.. the information given in the Trustees, Report (which includes the direGtors' report prepared for the purposes of Company Law) for the financial year whiGh th8 financial statements are prepared is consistent with the financial statements., and The Trustees, Report has been prepared in accordance with applicable legal requirements. 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 Gourse of Ihe audit, we have not identified material misstatements in the TrLJStees' Report (which incorporates the Directors, Report). 13
Reglslered number.. 02161565 Charity number.. 800365 INDEPENDENT AUDITORS REPORT INTO THE MEMBERS OF THE 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: Adequate accounting records have not been kept, or returns adequate to our audit have not been r6ceived from branches not visited by us., or The financial statements are not in agreement with the accounting records and returns; or Certain disclosures of Trustees, remuneration specified by law are not made; or We have not received all the information and explanations we required for our audit., or Th8 Trustees were not entitled to pr8pare the financial statements in accordance with the small companies, regime and take advantage of the small cornpanies, exemptions in preparing the Trustees, Report and from the requirement to prepare a strategic report. 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 ststements and for being satisfied that they give a true and fair view, and for such internal contro5 as the Trustees determine is necessary to enable the preparation of fir)ancial statements that are free from material misstatement, whether due to fraud or error. In preparing th8 financial statements, the Trustees are responsible for assessing the charitable companys ability to Continue as a going concern, disclosing, as applicable, matters related to going concern and using the going conc6rn 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 obj8Ctives 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 nol 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. 14
Regiglered number.. 0216156S Charity number= 800365 INDEPENDENT AUDITORS REPORT INTO THE MEMBERS OF THE 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 misstatemènts 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 understsnding of the charity and the environment in which it operates, w8 id6ntified that the principal risks of non-compliance with laws and regulations related to 6mployment law and health and safe regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. W8 also considered those laws and regulations that have a direct impact on the preparation of the financial statem8nts such as the Companies Act 2006, the Charities Act 2011 and payroll taxes. We evaluated management's incentlV8s and opportunities forfraudulent manipulation of the financial statements (including the risk of override of controls), and d8termined 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: Inspecting correspondence with regulators tax authorities; Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud., Evaluating management's controls designed to prevent and detect irregularities; Idontifying and testing journals, in particular journal entries post8d at the year-8nd- and Challenging assumptions and judgements made by management in their critical accounting estirllates. Because of the inherent limitations of an audit, there is a risk that we will nol detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk inGreases the more Ihat compliance with a law or regulation is removed frotn 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, Gollusion, omission or misrepresentation, 15
Reglster8d numbar. 02161565 Chgrily number.. 800365 INDEPENDENT AUDITORS REPORT INTO THE MEMBERS OF THE 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,o .uklauditorsres onsibilities. This description forms part of our Auditors, Report. Use of our report This report is made so181y to the charitab16 company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been underlaken so that we might state to the charitable company's trustees those matters we ar8 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 th6 charitable company and its members, as a body, for our audit work, for this report, or for the opinions w6 have formed. LLfi Kathryn Burton Senior Statutory Auditor) For and on behalf of Haysmac LLP statutory Auditors 10 Queen Street Place London EC4R 1AG 25th March 2025 Date 16
Reglst8r9d number.. 02161565 Charity number 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limlted by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY2024 Endowment Restricted funds funds 2024 2024 Unrestricl8d funds 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Donations and legacies Charitable activities Other trading acfivities Investment Other income Total income and endowments 251,712 2,570,088 251,712 2,570,088 250,750 1,092,510 99,012 129,607 136,553 69,668 233,476 69,668 233,476 3,124,944 3,124,944 1,708,432 Expenditure on: Charitable activilies Total expenditure 2,914.233 2 914 233 2,914 233 3,206.079 2,914,233 3,206,079 Net expendlture before net gains on investments 210,711 210,711 (1,497,647) Losses on investments (4.421) (4,421) {99,7561 Net movement In funds 4,421 210,711 206 290 1597,403 Reconclliatlon of funds: Total funds brought forward 2,387,116 240,708 7,010.689 9,638,513 11,235,916 Net movement in funds Total funds carried forward 4,421 2,382,695 210711 7,221,400 206,290 1,597.403 9.844.803 9,638,513 240 708 The Statement of financial activities includes all gains and losses recognised in the year. Th8 notes on pages 20 to 47 form part of these financial statements. 17
Raglslered number., 02161585 Charfty number.. 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limlted by Guarantee) BALANCE SHEET AS AT 31 JULY 2024 2024 2024 2023 2023 Fixed assets Note Tangible assets Asset under construction Inveslments 13 13 14 1.642,960 637,944 2 433,785 4.714,689 1,738,500 474,982 2,387,959 4,601,441 Current a8sets Debtors Cash at bank and in hand 15 986,896 5,605.659 6,592,555 349,749 5,927.032 6,276,781 Creditors: amount falling due within one year 18 876.110 481,521 Net current assts 5,716,445 5.795,260 Total assets less current liabilities 10,431,134 10,396,701 Creditors.. amount falling due after more than one year 17 (586,331) {758,1881 Total net assets 9 844,803 9,638,513 Charlty funds Endowment funds Restricted funds Unrestricted funds 2,382,695 240,708 7,221,400 2.387.116 240,708 7,010,e89 Total funds 9.844,803 9,638,513 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 authorise for issue by the Trustees on and signed on their behalf by: MrPa (Chair of Trustees) The notes on pages 20 to 47 form part of these financial stat8ments. 18
Reglst8fBd number.. 021615e5 Charity numb8r 800365 THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY2024 Note 2024 2023 Cash flows from oporating activities Net cash used in operating activlties 22 164,131 2,163,998 Cash flows f rom Investing actlvltles Dividends, interests and rents from investments Purchase of tangible fixed assets Asset under con5tructlon Investment additions Net cash used in investlng activities 69,668 (13.701) (162,962) 50,247 157242 129,607 (474,982> 77,973 423,348 Chang8 in cash and cash equlvalents in the year Cash and cash equivalents at the beginning of the year (321,373) 5,927,D32 {2,587.346} 8,514,378 Cash and cash equlvalents at the end of Ihe year 23 5,605 659 5,927,032 19
Registered nurnber. 02161565 Charfty numb8r,' 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 General information The company wa5 incorporat8d 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 pag8. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in aGGordance with the Chariti8s SORP (FRS 102) Accounting and Reporling by Charities: Statement of Recommended Practi appliGable to Gharities 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 transaGtion value unless otherwis8 Stated in the relevant accounting policy. 2.2 Going concern The trustees assess whether Ihe use of going Goncern is appropriate, i.e. whether there are any material unrtaIntieS related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the accounts and have concluded that the academy trust has adequale resourGes lo continue in operational existence for the foreseeable future and there are no material unrtaintIeS about the academy trust's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financia5 statements. 2.3 Income All income is r8cognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income reGeivable Gan be measur8d 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 receivabl8. Evidence of entitlement to a legacy exists when the Company has sufficient ewdence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the ben8factor} and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. ReIpt of a Sggacy must be recognised when it is probable that it will be received and the fair valu8 of the 20
Raglstersd number.. 021 e1565 Charity numb8r. 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 2.3 Income (continued) amount r8ceivable, which will generally be the 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 economiG benefits will be required In settlement and the amount of the obligation can be m8asured reliably. Expenditure is classified by activity. The costs of each activity are made up of th8 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 Gonlribute to more than one activity and support costs whiGh are not attributable to a single activity are apportioned between those aGtivities on a basis consistent with the use of reSoUrs. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on th8 Portion of th8 asset's use. Expenditure on Gharitable activilies is incurred on directly undertaking the activities which further the Company's objectiV8s, 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 re1vable 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. 21
Registered number,. 02161565 Charity number.. 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarante8} NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probabl8 and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under th8 Cost model, tangible fixed assets are measured at cost less accumulated depreciation and any acGumulated irnpairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. DepreGiation is charged so as to allocate the cost of tangible fixed ass6ts less their residual value over their estimated useful Iiv8S, Depreciation is provided on the following bases: Freehold prop8rty 2D/o Straight line Plant and machinery - 250k reducing balance Motor vehicles 25 /0 reducing balance Assets in the course of construction are included at cost, Depreciation on these assets is not charged until they are brought into use and subsequently reclassified to the appropriate asset class. A review for impairment of a fixed ass8t is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their r8coverable amounts are recognised as impaimients. Impairment losses are recognised in the statement of financial activities. 2.7 Investments Fixed asset investments are a form of financial instrument and ar6 initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unl8SS the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, a combined and presented as 'Gains/(Losses) on investments, in the Statement of Financial 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 atbank 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. 22
Reglstered number: 02161565 Charity number,. 800385 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 2.10 Liabilities and provisions Liabilities are reGognised 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. Liabilities are recognis8d at the amount that the Company anticipates it will pay to settle the d8bt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time valu6 of money is material, the provision is based on Ihe present value of those amounts, discounted at the pre-tax discount rate that refleGts the risks specific to the liability. The unwinding of the discount is recognis8d in the Statement of Financial Activities as a finance Gost. 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 employ8d prior to 1 st January 2009 and the pension charge is based on actuarial valuationtr-- The schemes are multi-employer schernes where it is not possible, in the normal Gourse 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 contribulion 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 op6rates a defined contribution Group Personal Pension Plan. 23
Reglster8d numb8r'. 02161565 Charity number.. 600365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 2.12 Pensions continued Defined benefit sch8mes The Institute is a participating employer in the Superannuation Arrangements of the University of London (SAUL), Universities Superannuation Scheme {USS) Scheme details of which is given in note 18. All schemes are centralised defined benefit schemes, and are contracted out of the State Eamings Related Pension Scheme. Throughout the current and preceding periods, the SAUL and USS schemes were defined benefit only pension schemes until 31 March 2016 which were contraGt8d out of the State Second Pension (S2P). The assets of the schemes ar8 held in separate trustee-administered funds. Because of th8 mutual nature of th8 schem8S, the schemes, ass8ts ar8 not hypothecated to individual institutions and a scheme-wide contribution rat8 is set. The Institut6 is therefore exposed to actuarial risks associated with other institutions, employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonab18 basis and therefore, as required by SeGtion 28 of FRS 102 "Employee benefits" accounts for the schemes as if they w8r8 defined contribution SGhemes. As a result, the amount charged to the income and expenditur6 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 eaGh employer within the scheme will fund the overall deficit), the Institute recognises a liability for the contributions payable that arise from the agreement to th8 extent that they relate to the deficit and the resulting 8XP6nse in the income and expenditure account. The SAUL and USS schemes are 'last man standing" schernes so that in the event of insolvency of any of the participating employers in SAUL or USS respectlV61y, the amount of any pension funding shortfall (whiGh cannot otherwise be recovered) in respect of that employerwill 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 th8 Project8d Unit Method. Informal r6views of the position are Caled 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 Gosts equal the annualised long-term Gash outlay to the scheme. 24
Regi51ered numb8r'. 02181565 Charity number. 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 2.13 Fund accounting General funds are unrestricted funds which are available for us8 at (he 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 ar6 set out in the notes to the financial statem8nts. Restricted funds are funds which are to be used in accordance with speGific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charg8d against the specific fund. Th6 aim and use of each restricted fund are set out in the notes to th8 financial statements. 2.14 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 3. Income from donations and legacles Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 251,712 251,712 250,750 4. Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income from charitable activities - Research 2,570,088 2,570,088 1,092,510 25
R8gislered number. 02161565 Charity numbar,. 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 5. Income from other trading activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Rental income 99,012 6. Investment income UnrestriGted funds 2024 Total funds 2024 Total funds 2023 Investment income 69,668 129,607 7. Other income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Other Income 233,478 233,478 136,553 26
Reglstered numbeT- 021615fj5 Charity numb8r.' 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 8. Expendlture 2024 Direct- Direct - other costs Support Total Total staff costs costs 2024 2023 Research 846,043 667,576 1,305,049 2.818,668 3,130,576 Education and symposia 32,051 57,910 89,961 62,444 Governance costs 5,604 5,604 13,059 At 31 July 2024 878 094 6T3 180 1,362,959 2.914,233 3,206,079 Direct - Direct - other costs Support Total Total Expenditure 2023 staff costs C08ts 2023 2022 Research 1,293,291 1,534,201 303,084 3,130.576 4.224,236 Education and symposia 48,995 13,44g 62,444 83,676 Governan 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 27
R8gls19red number.. 02161565 Charity number. 800365 THE THROMBOSIS RESEARCH INSTITUTE {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THEYEAR ENDED 31 JULY 2024 9. Support costs - 2024 Education and Symposia Research Total 2024 Total 2023 Staff costs 860,563 14,608 875,171 207,288 Premises costs 274,954 5,447 280,401 102,813 Other costs 200,969 6,418 207,387 6,432 1,336,486 26,473 1,362.959 316 533 Expenditure 2023 Education and Symposia Research Total 2023 Total 2022 Staff costs 203.263 4,025 207,288 607,744 Premises costs 100,816 1,997 102,813 301,434 Other costs 6,307 125 6,432 18,856 310,386 6,147 316,533 928,034 10. Auditors, remuneration 2024 2023 Fees payable to the company's auditor for the audit of the Company's annual accounts 18,375 17,500 28
Registered number.. 02181565 Charfty number 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 11. staff Costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 1,474,947 168,702 109,616 1,282,450 155.224 111,901 1,753,265 1,549,575 The average number of persons employed by the company during the year was as follows., 2024 No. 2023 Research Support & Administrative staff 16 20 25 The number of employees whose employee benefits (excluding employer's pension costs) exceeded £60,000 was: 2024 2023 In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £90,001- £100,000 In the band £100,001- £120,000 In the band £190,001- £200,000 During the finanGial year, the Charitys senior key management personnel received remuneration and benefits, including employer's national insurance contributions, amounting to £587,860 {2023.' £537,630). 12 Trustees, remuneration and expenses During the year, no Trustee received any remuneration or other benefits {2023- £NIL). During the year ended 31 July 2024, no Trustee expenses have been incurred (2023 £NIL). 29
Registered number.. 021615e5 Charlty number 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 13 Tangible fixed assets Land & Buildings Plant & Motor Machlnery Vehlcles Asset under Constructlon Total Cost I Valuatlon At 1 August 2023 3,933,832 835.616 69,623 474,982 5,314,053 Addltions 13,701 162,982 176,663 Disposals (64,058} {64,058) At 31 July 2024 3,933,832 785,259 69,623 637,944 5,426,658 Depreclatlon At 1 August 2023 2,313,033 739,945 47,593 3,100,571 Charge 78,672 25,060 5,509 109,241 Disposals (64,058) (64,058) At 31 July 2024 2,391,705 700 947 3 145 754 Net book value At 31 July 2024 1,542,127 84,312 16,521 637,944 2 280.904 At 31 July 2023 1620,799 95,671 22,030 474,982 2,213.482 30
Registered nurnber. 02161565 Charity numbÈr.' 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 14. Flxed asset invostrnents Listed Loans to Investment subsldlaries Total Cost I Valuatlon At 1 August 2023 2,387,117 842 2,387,959 Additions 50,247 50,247 R8valuations gains (4,421) (4,421) At 31 July 2024 2 432 943 842 2 433,785 All assets are held in the Global funds LF Ruffer Absolute Return C Account. Listed investments The investment shown above consists entirely of shares in the CF Ruffer Absolute Return Account. Group undertaklngs The investments in group undertakings consist of shares and loans in the institute's subsidiary undertakings as follows.. TRI Technology Transfer Limited (intellectual property) TRI Clinical Trials Limited (Research and intellectual property) Two subsidiaries rernained dormant throughout the financial year and have therefore not been consolidated in these financial statements. 31
Registered number.. 02161565 Charlty number.. 80036S THE THROMBOSIS RESEARCH INSTITUTE (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 15. Debtors 2024 2023 Due within one year Trade Debtors other Debtors Prepayments Accrued Income VAT 196,520 3,000 120,855 615,526 50,995 173,312 60.143 99,492 16,802 Al 31 July 2024 986,896 349,749 16. Creditors: Amounts falling due within one year 2024 2023 Pension fund deficit reduction plan Trade creditors other Taxation and Social Security other creditors Accruals At 31 July 2023 4,521 204,234 47,589 1,032 224,145 481,521 241,174 4,895 81,256 548,785 876,110 2024 2023 Deferred income blf ReSoUrS released in the year Resources deferred in the year Deferred income clf 250,000 250,000 17. Creditors: Amounts falling due after more than one year 2024 2023 Other Loans Pension fund deficit reduction plan At 31 July 2024 586,331 586,332 171,856 758,188 586,331 32
islored number.. 02161565 Charlty number.. 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 18. Reconclllatlon of opening and closlng pension deficit provision 2024 2023 Provision at the start of year Unwinding of the discount factor (interest expenses Deficit contributions paid 176,377 4,350 {6,065) 404,146 12,367 (16,258) Remeasurements - amendments to the contribution schedule 174,662 263,904 136,351 Split as follows: Due within one year Due after one y8ar 4,521 171,856 176,377 At 31 St July 2024, the USS scheme was in surplus, no deficit recovery contributions wer6 required and the liability was therefore nil. 33
Registered nuTllber'. 02161565 Charfty number., 800365 THE THROMBOSIS RESEARCH INSTITUTE {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 19. Statement of funds Current year Balance at 01 August 2023 Gainsl Balance at Income Expenditure (Losses) 31 July 2024 Unrestricted funds Designated funds Designated funds 1,859,408 1,859,408 Th8 fix8d asset fund was set up to assist in identifying those funds that are not free. General funds General funds 5,151,281 3,124,g44 (2,914,233) 5,361,992 5,151,281 3 124944 2914233 5 361992 Total unrestricted funds 7,010,689 3 124944 2.914 233 7 221400 Endowment funds Garfield Weston Funds 421,161 (780) 420,381 Margaret Thatcher Fund 204,903 (379) 204,524 Emmanuel Kaye Fund 1.761,052 {3,262) 1,757,790 2,387,116 4,421 2,382,695 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 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 BiologiGal Chemistry. Emmanuel Kaye Fund - an 8ndowment 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
Reulstered nurnber.. 02161565 Charily number.. 8003e5 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Restricted funds Indian Mortality Study 154,388 154,388 UK Oncology 54,298 54,298 Cancer and Thrombosis Symposium at NCRI 23,340 23,340 Emrnanuel Kaye Chair 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 E to assess mortality outcomes in hospitalised patients in India. UK Oncology- funds received to organise meetings of oncologists to review and advise on int8rnationally available oncology guidelines for adoption in UK practice. and also advise on comrnuniGation of problems of cancer assoGiated thrombosis. Cancer and Thrombosis Symposium at NCRI Conference- the funds have been collected to organise a symposium at this meeting. Ernmanuel Kaye Chair- income from the Endowment. Total of funds 11,136,159 9,844,803 35
Reglstered 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 2024 19. Statement of funds (continued) Statement of funds - prior year Balance at August 2022 Gainsl Balance at 31 July 2023 Income Expenditure (Loss6s) Unrostrlcted funds Designated funds Designated funds 1,859,408 1,859,408 The fixed asset fund was set up to assist in identifying those funds that are not free funds. General funds General funds 6,726,901 1,708,432 (3,206,079) (77,973) 5,151,281 6 726.901 1708 432 3 206 079 77,973 5,151,281 Total unrestricted funds 8,586,309 1,708,432 3,206,079 77,973 7,010,689 Endowment funds Garfield Weston Funds 425,004 (3,843) 421,161 Margaret Thatcher Fund 206,773 (1,870) 204,903 Emmanuel Kaye Fund 1,777,122 {16,070) 1,761,052 2 408 899 2,387,116 36
Reglstered number.. 02161565 Charlty number 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 19. Statement of funds (continued) Restricted funds Indian Mortality Study 154,388 154,388 UK Oncology 54,298 54,298 Cancer and Thrombosis Symposium at NCRI 23,340 23,340 Emmanuel Kaye Chair 8,682 8,682 240,708 240,708 Total of funds 11,235,916 1,708,432 3,206,079 99,756 9,638,513 The fixed asset fund was set up to assist in identifying those funds that are not free funds. 37
Reglslered number.. 02161565 Charity number. 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 20. Statement of funds Summary of funds - Current year Balance Balance at 01 August 2023 Gainsl 31 July 2024 Income Expenditure (Losses) Designated funds 1.859,408 1,859,408 General funds 5,151,281 3,124,944 (2,914,233) 5,361,992 Endowment funds. 2,387,116 (4,421) 2,382,695 Restricted funds 240,708 240,708 9,638,513 3,124,944 J 2,914,233 4,421 9,844,803 excludes other investments totalling £843 Summary of funds - Prior year Balance at 31 July 2023 Balance at 01 August 2022 Gainsl Income Expenditure (Losses) 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 38
Registered number.. 02161585 Charity numbar.. 800365 THE THROMBOSIS RESEARCH INSTITUTE {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 21. Analysis of net assets between funds - current yoar Endowment funds 2024 Restricted funds 2024 Unrestricted funds 2024 Total funds 2024 Tangible fixed assets 2,280,904 2,280,904 Fixed assets investments. 2,382,695 51,090 2.433,785 Current assets 240,708 6,351,847 6,592,555 Creditors due within one year {876,110} (876,110) Creditors due in more than one year {586,331) (586,331) 2,382,695 240,708 7,221,400 9,844,803 Analysis of net assets between funds - Prior year Endowment funds 2023 Restricted funds 2023 Unrestricted funds 2023 Total funds 2023 Tangible fixed assets 2,213,482 2,213,482 Fixed assets investments. 2,387,116 843 2,387,959 Current assets 240,708 6,036,073 6,276,781 Creditors due within one year (481,521) (481,521 } Creditors due In more than one year (758,188) (758,188) 2,387,116 240,708 7,010,689 9,638,513 39
Fiegistered 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 2024 22. Reconclllation of net movement funds to n9t cash flow from operatlng actlvltles 2024 2023 Net expenditure for the year {as per ststement of Financial Activities) 215,451 1 $97.4D3 Adjustments for: Depreciatlon charges 109,241 117,908 Losses on investments 4,421 99,756 Dividend8, interests and rents from investments (69,668) 1129,e07) Increas8 in debtors {637,145) 1161,Q69) Increase l (decrease) in Greditors 213,569 1493,583) Net cash used in operating activitie8 164,131 2,163,998 23. Analysis of cash and cash equivalents 2024 2023 Cash in hand 5,605,659 5,927,032 Total cash and cash equivalents 5,605,659 5,927,032 40
Registered number.. 02181565 Charity number.. 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 24. Analysls of.changes In net debt Atl August Other non- At 31 July Cash flows 2023 cash changes 2024 Cash at bank and in hand 5,927,032 (321,373) 5,605,659 Debt due within 1 year {4,521) 4,521 Debt due after 1 year (758,188) 171,856 {586,332) 5,164,323 321,373 176,377 5,019,327 41
Registered number.. 02161565 Chayity numb8r.' 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 25. Pension commitments Group Personal Pension Plan The Institute operates a d6fined contribution Group Personal Pension Plan which is open to all staff employed since 1st January 2009. The scheme has baen established in accordance with the Government's Stakeholder Regulations. The contribution structure has been set at an employer's contribution of between 6 % and 10 % of p8nsionable salary and employee's contribution of 60/0. The Institute's pension contributions paid in respect of this plan for the year were £47,300 (2023: £48,900). The Institute participates in three defined benefit pension schemes for staff employed prior to 1 st January 2009. The detail of thes8 schemes are as follows: Superannuatlon Arrangements of the Unlversity of London {SAUL} The Institute participates in the Superannuation Arrangements of the University of London ('SAUL'), which is a centralised d8fined benefit sGheme 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 R@valu6d Earnings ('CARE') basis. The Institute is Not expected to be liable to SAUL for any other current participating employerfs 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. 42
Registered number.. 02161565 Charlty number. 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarant88) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Funding Policy SAUL'S statutory funding objective is to have suff icient 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 tuming out worse than 8xpected. However, the funding method and assumptions do not comp18t8ly remove the risk that the Technical Provisions could be insuff icient to provide benefits in the future. A formal actuarial valuation of SAUL is carried out every thr86 years by a professionally qualified and independent actuary. The last actuarial valuation was carried out with an effective date of 31 March 2020. Inforrnal 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 2024. 43
Registered number.. 02161565 Charity nLJmber'. 800365 THE THROMBOSIS RESEARCH INSTITUTE {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 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 2024 were £8,736 (2023: £7,871), 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 TeGhnical Provisions surplus. Therefore, no deficit contributions w6r8 required following the 2020 valuation and there is no defined benefit liability (i.e. the present valu8 of any d8ficit contributions due to SAUI_) to be recognised by the Institute. Universltles Superannuation Scheme Significant accounting policies The institute partlCiP8tes in Universities SuperannLJation Scheme. The assets of the Scheme are held in a separate trustee-administered fund. Because of the mutual nature of th8 scheme, the assets are not attributed to individual institutions and a SGheme-wide contribution rate is set. The institute is therefore exposed to actuarial risks associated with other institutions, employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 "Employee benefits. the 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 aGcount represents the contributions payable to the scheme. sin 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 Critical acGounting judgements USS notes.. FRS 102 requires that accounting judgements which are considered to be critical by those charged with governan 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-@mployer scheme and adopting defined contribution accounting is deemed to be critical. 44
Reglslered number.. 02161565 Ghatily number,. 800365 THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Univ8rsities Superannuation Scheme continued Significant accounting policies continued FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a GolleGtion of entities under common control typically with a sponsoring employer. A multi-employer sch6m8 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 6nt8r6d 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 aGGordance with section 28 of FRS 102. The directors are satisfied that Universities Superannuation Sch8me meets th8 definition of a multi-employer scheme and has therefore recognised the discounted fair value of the GontraGtual 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 £43,516 (2023: £56,641). At 31 sl July 2024, the Universities Sup8rannuation Scheme was in surplus, no deficit recovery contributions were required and the liability was nil. 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 Incom6 Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole. Th6 2020 valuation was the sixth valuation for the scheme under the scheme-specific funding regime intrOdUd by the Pensions Act 2004, which requires sch8mes lo have suff icient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of th8 scheme was £66.5 billion and the value of the scheme's technical provisions was £80.6 billion indicating a shortfall of £14.1 billion and a funding ratio of 830/0. 45
Reglsl8r8d number 02161565 Charity number.. 800385 THE THROMBOSIS RESEARCH INSTITUTE (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 NHS Pension The NHS Pension Scheme Is a defined benefit scheme that provides members with b8nefits 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 (2023: Nil) due to non-contribution from active staff members. The Scheme is subject to a full valuation every five years. The results of the latest valuation at 31 MarGh 2016 have been published. Between valuations, the Government Actuary provides an update of the SGheme liabilities on an annual basis. The latest assessm8nt of th6 liabilities of the Scheme is contained in the Scheme AGtuary report, which forms part of the annual NHS Pension Schem6 (England and Wales) Resour AGGount, published every October. These accounts can be viewed on the NHS pensions Agency website at https://www.nhsbsa.nhs.uklnhs pension scheme accounts and valuation reports. Copies can also be obtair)ed from The Stationery Office. The government acluary 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 r8turn on investrnents and the rates of increase in salaries and pensions. NHS Penslon Employer pension conlribulion Gosts 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 Governrnent Actuary. On advice from the actuary the contribution rate may be varied from time to time to reflect changes in the scheme's liabilities. The cost of pension increases has been excluded from valuations to date. consequently, neith8r 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 8mployers are paid to the Exchequer, which in turn meets the cost of paying benefits as and when they fall due. 26. Related party transactions The Company has not entered into any related party transaction during the year (2023.. none), nor are there any outstanding balances owing between related parties and the Company at 31 July 2024 (2023.. none). 46
Reg181ered number.. 02161565 Charity number. 800365 THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY2024 2024 2024 2023 2023 Income Income from principal activities Investment income 3,055,278 69,668 1,578,825 129,607 3,124,944 1,708,432 GainslLoss8s on investments Unrealised gainl{loss) on investrnents Total income 4,421 3,120,523 -99,756 1,608,676 Expendlture Dlrect Staff Cosls Direct Other costs Support cost8 Total èxpenditure 878,094 673,180 1,362,959 2,914,233 1,342,286 1,547,260 316,533 3,206,079 Net Income l (expendlture) before taxation for the reporting perlod 206,290 (1,597,403} 206,290 -1,597.403 SurplulDeficit for tho roporting period Surplus brought forward Surplus carried forward 206,290 9,638,513 9,844,803 -1,597,403 11,235,916 9,638,513 47