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 Can￿r.
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.

R￿Istered 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 re￿ived. 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 AC￿pted
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 un￿rtaIntieS 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 un￿rtaintIeS 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. Re￿Ipt
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 reSoUr￿s. 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 re￿1vable 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 Ca￿led 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
ReSoUr￿S 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
intrOdU￿d 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