(l) Cochrane Trustees, Report and Financial Statements The Cochrane Collaboration (A company limited by guarantee) Forthe year ended 31 December 2024 Company Number 03044323 Charity Number 1045921 *AE7GXZTK* 2410712025 COMPANIES HOUSE A09 Contents Page Message from the Chair Trustees, Report 4-18 Independent Auditor's Report 19-22 Consolidated Statement of Financial Activities 23 Charity and Consolidated Balance Sheet 24 Consolidated Statement of Cash Flows 25 Notes to the Financial Statements 26-38 ST THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 3, Message from the Chair 2024 was an excitingyear for Cochrane as we made significant progress in streamlining our centralised editorial processes, embedding our new model for producing evidence syntheses and broadening global access to Cochrane content. Our systematic reviews continued to set standard5 and improve lives at a time when reliable, high quality health evidence is needed more than ever to respond to global health challenges. At the start ofthe year, we launched our ambitious tr aims to embed evidence-informed approaches globally by: Producing tirnely, relevant evidence for and with those who need it most Saving and improving lives by ensuring everyone can contribute to and benefit from trusted evidence Collaborating locally and globally to strengthen our community and enhance our impact Secu ring our long-term sustainability forom vi nce- rm dw which Ours ntifi rote , which we released at the Global Evidence Summit in September, identifies and prioritises the most pressing health issues where Cochrane can make a genuine difference. It provides clarity on our future scientific di rection and contributes to our wider strategy for a more evidence- informed world. We are grateful to the members of the Cochrane community and staff team for the great i nsights that informed and enriched these strategies. In 2024, income from the Cochrone Librorywas 1% higherthan in 2023. Our publishing partner Wiley is continuing to focus on expanding public access worldwide under our00R￿￿￿. We held our Governing Board elections in October, and it is a sign of Cochrane's strength that we had more candidates standing for election than there were places available. This resulted in Joerg Meerpohl from Cochrane Germany, Vanessa Jordan from Cochrane New Zealand and Giordano Perez- Gaxiola from Cochrane Mexico being elected to the Governing Boar(J and Emma Persad from Cochrane Sweden being re-elected for a second terrn. Our Interim Chair, Jordi Pardo Pardo, stepped down in July following my appointment as Chair and completed his time on the Board later in theyear. Our incoming Treasurer, Nigel Jones, was appointed to the Governing Board in August and became Treasurerwhen Karen Kelly stood down in December. We are grateful to Jordi Pardo Pardo, Karen Kelly, Sally Green, Vanessa Piechotta and Yuan'chi for serving on the Board and steering Cochrane through a period of significant change. Catherine Spencer stood down from her role as Chief Executive Officer in March 2025. We wish to thank Catherine for the important contribution she has made to the Cochrane Collaboration during her time as CEO. While the process of CEO recruitment is underway, Karla Soares-weiser has been appointed Acting CEO and Toby Lasser50n Acting Editor in Chief. Looking ahead. our focus remains on strengthening our engagement across the wider Cochrane community, modernising our editorial infrastructure and Al-enabled processes, and enhancing our leadership role within the global evidence ecosystem. Dr Susan Phlllips Chair of the Governing Board ST THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECÉMBER 2024 4 Trustees, Report The Trustees of The Cochrane Collaboration (Cochranel, who are also Directors for the purposes of company law, present their report and financial statements forthe year ended 31 December 2024. Structure, Governance and Management Governing Document The Cochrane Collaboration Icochrane) is a charitable company limited by guarantee (company number 030443231. Cochrane's governing document is its le Objects The objects ofthe Charity, as set out in its Articles of Association, are'theprotection andpreservotion of public heolth through the preporation, mointenonce ondpromotion of the occessibility ofsystemotic reviews of the effects of heolth core or any other choritoble activities, for the public benefit., The Trustees have considered the Charity Commission's guidance in Section 17 of the Charities Act 2011 in setti ng the organization's ai ms and activities for public benefit. Public Benefit Statement To deliver high quality healthcare services, medical and allied health professionals depend on high- quality information about the effects and effectiveness of health interventions to meet individual healthcare needs. Health consumers, including patients, need to be able to make valid choices between the various options open to them. Policymakers require high-quality evidence in order to develop effective policies that can impact the health of populations on a national and international scale. The prlmary public benefit provided by Cochrane, therefore, is the advancement of human health by assimilating, on behalf of the world's population, the results of primary research relatingto health and care, and then presenti ng these results in a single scientific paper called a 'Cochrane Review, or 'systematic review,. The second public benefit relates to Cochrane's work to improve research integrity by developing and advocating for improved health research methodologies and identifying uncertainties, missing or poor evidence in primary research. The third public benefit relates to supporting the use ofour health evidence by those who need it to make health decisions, through what we call 'knowledge translation,. Knowledge translation activities include.. Producing Cochr3ne evidence in different and accessible formats such as graphics, podcasts or videos, to enable the target audience to use it more easily. Translating Cochrane evidence from English into different languages; Building partnerships with stakeholders to support the uptake of Cochrane evidence in their particu lar setting; Capacity building through workshops in local settings. The fourth public benefit relates to the advancement ofeducation. Cochrane's global and diverse community includes leaders in their own regions academic researchers, health professionals, and consumers-who not only contribute to producing high-quality reviews but also provide training and capacity-building on behalfof Cochrane. Ensuring they have the necessary skills in advanced evidence synthesis methods is essential, making international networking and training initiatives a core part of Cochrane's work. ST THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THEYEAR ENDED 31 DECEMBER 2024 5 Governing Body Cochrane's governing body is the Governing Board (the Board) and members ofthe Board are the Charity's Trustees. The Board determines the overall strategic direction in line with the charitable objectives and governs the Charity on behalfofthe organization's members. The Board scrutinises the management functions that have been delegated to the Executive Leadership Team (ELTI. A framework, which is regularly reviewed, sets out the authority delegated to the Chief Executive Officer ICEOI and the Editor in Chief IEIC) by the Board. The Board delegates oversight ofsome of its work to sub-committees, including.. Finance, Audit & Risk Committee. Governance & Nominations Committee. Remuneration Committee. Membership & Awards Committee; Future of Evidence Synthesis Oversight Committee, and Product Development Oversight Committee. Recruitment and Appointment of Trustees The majority ofTrustees13nd at least six} are elected by Cochrane members to ensure that the needs of the membership are reflected at Board level. The rest are appointed by the Board. One Chair or two Co- Chairs are appointed by the Board. Trustees seNe for a three-year period lor two years for the Chair or Co-chairs) and may be re-elected fora second consecutive term. No Trustee may serve more than eight years {whether as an Elected Member, Appointed Member, Chair or Co-chair) unless a period of at least three years has elapsed since the end of their previous term. Five elected members of the Governing Board reached the end oftheirterms of appointment during 2024 and so elections were held. Sally Green and Jordi Pardo Pardo both came to the end of their second and final term and so were not eligible for re-election. Yuan Chi, Emma Persad and Vanessa Piechotta all came to the end of their f irst three-year term and all three stood for re-election. Emma Persad was re-elected and three new members of the Governing Board were elected; Giordano Perez- Gaxiola, Vanessa Jordan and Joerg Meerpohl. In order to reach a wide pool of candidates and to ensure openness and transparency, a recruitment consultant was appointed to oversee a robust external recruitment process for a new Chair and a new Treasurer during 2024. The Governing Board approved the role descriptions, the process and the appointment of the recruitment consultant after a tender exercise overseen by the Governance and Nominations Cornmittee. All appointees were vetted for possible conflicts of interest and approved by the Board. New Trustees go through a comprehensive induction programme to help them understand Cochrane's activities and thei r responsi bilities as a Trustee. Meetings with key staff are arranged and relevant documents and policies provided. We held two Governing Board meetings in December 2024, the first one on 5 December was used to welcome new members before the plan and budget for 2025 were approved at a second Governing Board meeting on 10 December 2024. Board ReviewlEvaluation The Board uses the principles of organizational purpose, leadership, integrity, decision-making, board effectiveness, diversity, openness and accountability as set out in the Charity Governance Code to ensure high standards of governance and to support continuous improvement. All Trustees adhere to a overni regular training and development, Bo Ch rand on and take part in ST THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 6 The Board usually reviews its performance annually at a face-to-face meeting when Trustees reflect on how well they are fu Ifilling their duties and consider the Board's balance of skills, experience and knowledge, its diversity in the widest sense, how the Board works together and other factors relevant to its effectiveness. The Interim Chair held one-to-one review meetings with each Trustee in December 2023 and, at a face- to-face meeting in Berlin in March 2024, the Governing Board spent time reflecting on performance in the past year and outcomes for the year ahead. The new Chair had one-on-one meetings with each Trustee in JulylAugust 2024, and with newly elected Trustees in December 2024. The new Chair also met with outgoing Trustees to reflect on their performance and insights from their time on the Board. The skills audit carried out in 2023 was reviewed ahead of the 2024 Governing Board elections. As the composition ofthe Board remained essentially the same in 2024, the Governance & Nominations Committee agreed that it would be more valuable to run another skills audit after the Governing Board elections in 2024. The skills gaps identified during the 2023 ski Ils aud it were used to inform the list of essential and desirable criteria for candidates stand ing for election in 2024 and the Board agreed that the election process would ensure that a least one candidate from a low- or middle-income country was appointed. An ongoing process for reviewing Board effectiveness will be developed during 2025 and an updated skills and diversity matrix will be produced. The Board is committed to improving the organization's approach to equity, diversity and inclusion, It recognises that having Trustees with a broad mix of skills and knowledge, as well as a range of perspectives and experience, will help the Board to be innovative, flexible, and better able to adapt to changing environment and address future challenges. During 2024, the 8oard met virtually in January, face-to-face in Berlin in March, virtually in June, face- to-face in Prague in September, and virtually in December, Organlzational Structure The Charity owned two subsidiaries in the year, each with its own board of directors: Cochrane IKMD Denmark Aps is a Danish company set up to support the work of the Charity's Informatics and Technology Services Department based in Denmark; Collaboration Trading Company Limited existed solely to receive royalties from the sales of the Cochrone Library and to gift aid its profits to the Charity. This company was dormant from 2020. The Trustees appoi nt a Chief Executive Officer (CEO) who is responsible for delivering the strategic direction and day-to-day management of Cochrane. The CEO and Editor in Chief IEICI, togetherwith the ELT, develop strategies, operational plans, programmes of work and policies which the Board approves. During 2024, Karla Soares-weiser, EIC, led the development of a Scientific Strategyto define key areas for research to maximise our impact. The CEO, Catherine Spencer, worked with the ELT to develop Cochrane's organizational strategy implementation plan using an Objective and Key Results framework. The EIC takes overall responsibility for the continuing success and sustainability ofthe Cochrane Librory. The EIC leads on the development of high quality and relevant content for evidence users and decision makers, and its presentation and delivery to end users. In 2024, the EIC has been responsible for developing, implementing and directing the editorial policies ofthe Cochrane Library in relation to ST THE COCHRANE COLLABORATION TRUSTE£S' REPORT FOR THEYEAR ENDED 31 DECEMBER 2024 71 1 the vision and objectives ofthe organization. improving the quality ofthe editing process and product with respect to scientific content. and providing a lead for conceptualising and developing new products derived from Cochrane Systematic Reviews I'cochrane Reviews, or'reviews'l. This work has been carried out as part of a transformational change programme, the Future of Evidence Synthesis. The CEO, the EIC and other members ofthe ELT, lead the Central Executive Team ICET) which is made up of the staff employed or contracted by the Charity to deliverthe Charity's mission in collaboration with separately funded Cochrane Groups. The CET directorates are as follows., Evidence Production & Methods, including.. methods and evidence synthesis development, editorial, policies. Publishing & Technology, including: production, products, services, evidence pipeline, data curation, IT development, infrastructure, membership, learning and support. Development & External Relations, including.. advocacy, communications and partnerships, business development and external engagement. Finance & Corporate Services, including,. finance, people and culture, legal and risk management. Chief ExecLJtive's Office, including: strategy, governance, project management and organizational ad ministration. At the heart ofcochrane's work were the activities of a global network of autonomously funded and governed Cochrane Groups. In 2024.. Seven Thematic Groups continued to work as Cochrane's first topic-based collectives identifying priority areas, developing and disseminati ng high-quality evidence syntheses, ensuring relevance, and maximising impact, Five additional Thematic Groups and five Evidence Synthesis Units were launched in September 2024, the latter to seNe as multi-topic research groups that will focus on developing high-quality, timely evidence syntheses in response to diverse stakeholder needs, 18 Methods Groups continued to provide support in methods for research evidence synthesis. 12 Fields continued to represent cross-cutting health issues and carry out knowledge translation and advocacy activity. 28 Review Groups remain active, helping authors to produce high-quality Systematic reviews in their topic areas, 133 Geographic Groups continued to maintain a presence in $5 countries, facilitating engagement with regional stakeholders. representing and promoting Cochrane locally; building capacity for review production and use; engaging in knowledge translation activities and supporting advocacy. Members of the Charity guarantee to contribute an amount not exceeding £10 to the assets of the Charity in the event of a winding up. The total number of such guarantees at 31 December 2024 was 10,50312023: 10,8251. The Trustees are members ofthe Charity, but this entitles them only to voting rights. The Trustees have no beneficial interest in the Charity. THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THE YEAR ENDED 31" DECEMBER 2024 8 Objectives and Activities Cochrane's vision is a world of better health for all people where decisions about health and care are informed by high-quality evidence. Cochrane is a global independent network of health practitioners. researchers, patient advocates, and others, respondingto the challenge of making the vast amounts of evidence generated through research useful for informing decisions about health. The Charity relies heavily on the contributions ofthese people around the world to produce its core outputs. Some of them work entirely voluntarily. Others undertake Cochrane activity as part of their paid employment, or as part of a course of study ortraining in which they are engaged. I n 2024, they were involved in the following activities.. Preparing Cochrane reviews in collaboration with Cochrane Groups, which are responsible for supporting authors and providing expertise to the Central Editorial SeNice' Disseminating and advocating for Cochrane's outputs and evidence synthesis methodologies through conference presentations, symposia, scientific papers, and other knowledge translation activities. Developi ng the knowledge base, tools and training of people for facilitating preparation of Cochrane's outputs. Cochrane's work is internationally recognised as the benchmark for high-quality information about the effectiveness of health care. Achievements and Performance 2024 marked the beginning of Cochrane's new four-year we report progress against our four strategic goals. Here Goal I: Produce timelyi relevant evidence for and with those who need it most In 2024, we launched a new ntifi rate to prioritise evidence that will help those in greatest need. The new scientific strategy contributes to the United Nations Sustainable Development Goals (SDGSI, which aim to bring about a more sustainable, equitable, and prosperous future by 2030. Under the strategy, we commit to collaborating with partners within and beyond the Cochrane community to tackle inequ ity across the world, building 3 healthier future for everyone and helping to achieve the SDGS. One of the most pivotal changes to our editorial process was the creation of the Central Editorial Service ICES) in 2023. Since May 2024, the CES has been processing all new submission5, which includes protocols, new reviews and updates ofexisting reviews. In 2024, the CES team continued to manage many ofthe 645 submissions received in 2023, as well as 468 new submissions. The CES made 451 final accept or reject decisions leading to 385 publications (protocols, reviews and updates) in the Cochrane Database of Systematic Reviews ICDSRI. In 2024, we published 280 reviews and updates12023'. 4101. This reduction in publication numbers can be primarily attributed to the significant workload in the newly created CES as it took over responsibilities which had previously been carried out by Cochrane review groups. We are monitoring this with a view to ensuring we reach a sustainable level of reviews within the next two years. Research integrity was a key theme across the year and a notable focus of the 2024 Global Evidence Summit. We continue to lead the field in trustworthiness and transparency by evolving our practices to address the most pressing challenges in research integrity and respondingto rapid advances in ST THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 9 technology, including, but not limited to, pre-printing Cochrane reviews, using frameworks to identify and manage problematic studies or studies with retractions within systematic reviews, data sharing, and responsible Al use. Goal 2: Save and improve lives by ensuring everyone can contribute to, and benefit from, trusted evidence In January 2024, Cochrane's Board agreed on a roadmap to open access that will support our ambitions for broadening access while maintaining financial sustainability. Over 3 billion people worldwide have immediate access to all content through national access agreements and our provision offree access to over 100 low- and middle-income countries. We are lookingto expand public access to the Cochrone Libroryworldwide through increased national provisions, rather than an inequitable open access model that places costs on authors. All Cochrane reviews are free to access after 12 months, and all protocols and editorials will be open access in 2025. All plain language summaries remain free to view in multiple languages on the Cochrone Libraryand Cochrane.org. In 2024, we had 15.3 million full-text views ofthe CDSR from readers across the world. We published 6,056 translations of new and updated abstracts and plain language summaries across 21 languages. There were 4.2 million views oftranslated content on the Cochrane Library. Plain language summaries of reviews hosted on cochrane.org received 40.8 million uniqueviews in 2024, highlighting what a valuable resource they are for people across the world. 920/0 of views were in languages other than English13.2 million views in English). Cochrane Evidence Essent131s is a free online resource offering an introduction to health evidence, and how to use it to make informed health choices. It is available in four languages, and in 2024 was taken by people in 137 different countries12023: 1321. Goal 3: Collaborate locally and globally to strengthen our community and enhance impact The Global Evidence Summit IGES21 was held in Prague in September 2024, in partnership with Cochrane Czech Republic, Campbell Collaboration, Guidelines International Network {GINI, and J81. This vibrant event attracted 1,742 attendees from around the world, attending over 200 sessions. High- profile speakers i ncluded Sir Jeremy Farrar, Chief Scientist of the World Health Organization. This included providing a platform for the initial discussions which resulted i n the global Evidence Synthes15 Infrastrljcture Collaborative, supported by the Wellcome Trust. Geographic Group applications were reopened at the beginning of 2024 with an improved process. We will now have an annual application window to allow time to support existing groups, whilst managing new applications efficiently. We have opened new affiliate groups in Pakistan, Argentina, Denmark and the Balearic Islands. Applications can be received from all locations, proce55ed bythe Geographic Group Executive, and approved by the CEO. ST THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THEYEAR ENDED 31 DECEMBER 2024 ,10, Goal 4: Secure our long-term sustainability The Development and External Relations Directorate has been working to understand how we can work more collaboratively to increase and diversify income streams. The fundraising function title has been changed to Business Development to reflect a broader, strategic effort to income generation outside ofsmaller scale local fundraising efforts. Building a shared understanding, mandate, accountability and responsibility between Cochrane groups and the CET is critical for the business development strategy and ecosystem work to be successful. Plans are already underway to ensure that we consult with the Cochrane Groups and the organization will have a strong focus on this during 2025. Cochrane Response, which provides rapid, targeted response to urgently needed reviews that are funded separately from our core work, continued to demonstrate tangible benefits to Cochrane i ncluding a small surplus from commissions and activities in 2024. Cochrane Interactive Learning launched a new module Introduction to Qualitative Evidence Synthesis and migrated to a new platform provider. Subscriptions income reduced by 10 % in 2024 and plans have been made to mitigate this and increase subscriptions for 2025. Revman, our flagship software for producing high-quality Systematic reviews, was made available for non-cochrane use in 2023 under a subscription model. In 2024, Revman subscriptions increased by 69 1. Cochrane authors receive free access to Cochrane Interactive Learning and Revman in order to support them in their systematic review. Members and students receive discounted access and we provide free access to users in low- and middle-income countries. As a remote working organization, we continue to prioritise the mental and physical welfare of our global team through comprehensive wellbeing programs and access to employee support packages. We have signed up as a member ofthe Disability Confident Employer Scheme which forms the basis of our continued development towards being a fully inclusive, accessible and diversity aware employer, We are pleased to report that employee engagement has increased to 65% {+3%} in July 2024, reflecting improved sentiment and workplace satlsfaction, while the employee Net Promoter Score leN PSI remains strong at +65, indicating a high level of advocacy and confidence in leadership. ST THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THEYEAR ENDED 31 DECEMBER 2024 ',111 Financial Review Principal Funding Source5 Core income referred to in this report comes from publishing income, as described below. These funds support the Charity's staff - the CET- in the publication of systematic reviewsthrough the Cochrane Library as well as the delivery of other key charitable objectives. The global network of Groups that contribute towards the work of Cochrane are based in other organizations- such as universities and hospitals- which provide direct or indirect funding to support them, Cochrane Groups are responsible for sourcing their own funding to support Cochrane Review preparation and related activities. This funding comes principally from national and transnational government sources Itypically from departments and agencies involved in health or research), and national and international charitable bodies. Some Cochrane Groups also raise funds through training activitie5. Globally, and based on historic reporti ng, this Group funding equates to £10-£15 million GBP per annum when converted from local currencies into GBP but is not shown in the Charity's accounts as it is not accessible by the Charity. In addition, although some authors are funded to undertake reviews le.g. through a university master's programmel, many Cochrane Review authors fund their own costs and time related to writing their reviews. It is impossible to accurately calculate the monetary value of volunteers, contributions, but if the work was remunerated at commercial rates, their contributions would cost tens of millions of GBP per year. Overview of the Year Charitable expenditure of £10,601,00012023.. £9,406,000) was incurred during the year and has supported our charitable objects, includ ing continuing investments in strategic projects, as set out in the statement of financial activities on page 23 of this report. Cochrane's core income is overwhelmingly derived from publication royalties from its main output, the Cochrane Library, published by John Wiley& Sons, Ltd I'wiley'l. In 2024, income from sales of licences to the Cochrane Library increased by 10/0 to £11,730,00012023: £11,617,000). with royalties paid to Cochrane up by 10/0 to £7,045,000 {2023,. £6,973,000). Other Publications Income was £653,00012023'. £655,000). Additional sources of revenue received in 2024 included., £1,199,000 from the Global Evidence Summit IGESI in Prague {2023.' £675,000 from the London Colloquium}. £559,000 from other Cochrane Products, including Revman and Cochrane Interactive Learning12023: £505,000). £514,000 from Cochrane Response12023: E460,0001; and £151,000 from Trusts & Grant Income12023.. £73,000}. Bank interest was £391,00012023: £329,000}. Overall expenditure increased by £1,196,000, with around £950,000 attributable to staffing and other people costs, A major component of this increase was around £254,000 in respect ofthe scaling-up of the CES. This is to enable adequate central capacity to clear the backlog of submissions following the loss of NIHR funding and to plan and budget a transition to resourcing an expanded CES as'business as usual, from 2025. Other staffing increases included additional investments for Cochrone Library product management1£99,0001 and business development1£78,000). GES/Colloquia costs increased by £409,000, although this was more than offset by the increased GES events income1£524,0001. This expansion of resource and activity resulted in an overall deficit of £128,000 compared with a surplus, in 2023, of £330,000. THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THE YEAR ENDED 315T DECEMBER 2024 ,12, Remuneration and Pay Policy for Staff Cochrane is committed to ensuring it pays Charity stafffairly and in a way that ensures it attracts and retains the right skills to have the greatest impact in delivering its charitable objectives. It aims to pay a fair remu neration that is competitive within the charitable sector, proportionate to the complexity of each role, and in line with organizational objectives, The Governing Board reviews staff remuneration as part of its consideration ofthe annual plan & budget. Central Executive staff remuneration is determined using an established job evaluation scheme and relevant market comparisons. The Remuneration Committee oversees and advises on Cochrane's remuneration policy and practice. Average staff pay was increased by 2.50/0 in December 2024 to coverthe necessary cost of living adjustments in the following year12024 award: 4.0%). During 2024, we took steps to establish Employer of Record {EORI arrangements forour global staff. This was completed in early 2025 and gives us greater flexibility to hire staff globally, mai ntaining full payroll, tax and legal compliance. Reserves Policy In order to support Cochrane's strategic plans, a risk-based Resenjes Policy was developed by the Finance, Audit & Risk Committee following an assessment of Cochrane's strategic risks, including publishingincome risk, and with regard to the latest Charity Commission guidance. This guidance requires the Reserves Policy to be clearly laid out with strong justifications on why the stated Resetwes are needed. The Policy balances the need to hold back Reserves to mitigate the publishing income risks, but also signals intentions to fulfil charitable objects for current and future beneficiaries through strategic investment projects. Cochrane's major income risk lies in its commitment to achieving open access to Cochrane Reviews upon publication. Currently, approximately 70% of our annual turnover is derived from publishing income, primarily through royalties from Cochrone Library licensing agreements. The two key risks to this income- which we are managing in close collaboration with Wiley- are: 11) the potential early termination of our publishing contract with Wiley if we are unable to sustain a strong and steady pipeline of published reviews, and 121 the longer-term impact of transitioning to open access on future revenue. In January 2024, the Governing Board approved a roadmap to open access that aims to deliver on our strategic ambition whi le safeguarding fi nancial sustainability. Ensuring a reliable flow of high-quality reviews is essential to meeting both our publishing obligations and revenue targets. A significant portion of Cochrane's Reserves1£3,000,0001 has been specifically designated as a 'Continuity Fund, to help m itigate this risk. A Strategic I nvestment Fund is held for specific allocations to si ngle- or multi-year strategic or change projects of organization-wide impact req uired to help Cochrane achieve its strategic plans and meet its organizational mission. The word 'investment' is key, and proposals from the ELT to access and use Reserves from this Fund for strategic projects must be sUPPOrted by a business case and considered for approval by the Board. In 2024, following the successful completion of the Future of Evidence Synthesis programme of work- which included the establishment of a CES- all resulting changes have moved to 'business as usual, from 2025 onwards. Consequently, all remaining balances associated with this programme have been returned to unallocated strategic funds. At the end ofthe year, this fund totalled £1,817,000 with £IOO,000 specifically earmarked for future projects. Cochrane holds reserves to ensure it can meet its operational needs and working capital requirements ('Free Reserves'l. The Free Reserves floor should be not less than three months, sustainable operating ST THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THEYEAR ENDED 31 DECEMBER 2024 ,13,, Costs to provide operational cash flow. In 2023, the target Free Reserves floor was increased to £2,600,00012.9 months operating expenditure}. Free Reserves (unrestricted income funds less designated funds less fixed assets) at the end of 2024 were £4,833,00015.5 months operating expenditure), an excess overthe target Free Reserves floor of £2,233,000. The Trustees intend to continue investing in the implementation of Cochrane's strategic goals and objectives, i ncluding for future sustainability and resilience as detailed above, and this will draw down on the Charity's reseNes in the comingyears. Going Concem Assessment (ISA 570 {Revised)) The Trustees have assessed Cochrane's financial and operating outlook to 30 June 2026. They have considered Cochrane's liquidity, particularly in respect of contracted income, worse-case scenarios and the current level of Free Reserves. The Trustees have concluded that there are no material uncertainties that impact on Cochrane's ability to continue operating and that the Going Concern accounting basis is appropriate. Investment Policy In the short-term, the Charity will seek to maximise bank i nterest as the current strategic challenges being addressed by the three-year Strategyfor Chonge are managed. The long-term commitment, for Cochrane, is to use its invested Reserves to generate additional income for the Charity from a low-risk investment portfolio in accordance with the Charity'5 ethical values and independence. Fundraising Policy Cochrane observes and complies with the relevant fundraising regulations and codes where appropriate. There was full compliance with these regulations and codes in 2024, and we received no complai nts relating to our fundraisi ng practice12023'. no complaints). I n 2025, we plan to strengthen and increase fundraising and business development activity in support of our sustainability objective and will ensure professionalism and compliance is maintained. ST THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THEYEAR ENDED 31 DECEMBER 2024 14 Future Plans 2025 is the second year of our four-year strategy. We have used an Objective and Key Results framework to develop an implementation plan that will ensure delivery ofthe strategy by focusing on specific areas, as well as working on 'busine55 as usual,. The'operational streams, under which we have determined objectives and key results to deliverwork beyond our busines5 a5 usual, are.. Ensure a Healthy Sustainable Pi peline Unlock the Power of Data Foster an Effective Ecosystem Diversify and Increase Income Demonstrate Impact Our work aims to ensure that health decisions globally are based on credible, relevant evidence, ultimately contributing to better and more equitable health outcomes. We recognise that Artificial I ntelligence will have far-reaching impact on the production of evidence synthesis across the sector and thus our work includes reviewing how we can maximise opportunities utilising Al, In addition, we are seeking new income generation opportunities through strengthening our product offerings and identifying where we can add value in partnership opportunities, Recognising the importance of active participation in shaping the future of evidence synthesis and responding to an evolving landscape, the Governing Board has tasked the Editor in Chiefwith representing Cochrane in the Evidence Synthesis Infrastructure Collaborative IESIC), supported by the Wellcome Trust Principal Risks and Uncertainties The landscape for evidence synthesis has evolv¢d significantly i n the past year, with funders increasingly supporting more holistic infrastructures focused on quality, timeliness, and data sharing. In this context, Cochrane is actively managing four key strategic risks: {11 financial sustainabi lity, given evolving fundi ng models and open access pressures; (21 organizational relevance, if evidence production timelines are not improved. {31 technological infrastructure, due to the need to modernise editorial workflows and support diverse evidence formats; and 14) community engagement, during a period of leadership transition. These risks are overseen through strengthened governance structures, with regular review by the Finance, Audit, and Risk Committee IFARCI and the Governing Board. Financial resilience is supported by maintai ning dedicated reserves, including revenue reserves. I n parallel, strategic initiatives are underway to diversify income sources, strengthen external partnerships {such as with the Wellcome Trust), modernize technology, and review the organizational cost base to free up resources for future investment- ensuring Cochrane remains responsive and competitive in a changing global environment. Policies on Conflict of Interest and Commercial Sponsorship The Governing Board recognises the importance of identifying and dealing appropriately with conflicts of interest. Cochrane strives to attain the highest levels of objectivity and to ensure user confidence in the quality of Cochrone Librory content and Governing Board decisions. Members of Cochrane cannot be employed by pharmaceutical or medical device companies, and this is set out in the Term5 and Conditions of Membership. ST THE COCHRANE COLLABORATION TRUSTEES, REPOAT FOR THEYEAR ENDED 31 DECEMBER 2024 ,15. A Conflicts of I nterest Policy for Groups applies to all volunteer or staff roles in Cochrane entities, including Cochrane Review Groups, Evidence Synthesis Units, Thematic Groups, Methods Groups, Fields, Geographic Groups, Executives, translation teams, the CET, the Editorial Board and the Governing Board. Cochrane entities are not permitted to accept funds from commercial sponsors or commercial sources that have a financial interest in the topic areas covered by the Cochrone Librory. Anyone involved in the creation of Cochrane Library content must disclose all interests- both financial and non-fi nancial - at the earliest opportunity in the editorial process: for Cochrane Reviews this is at protocol submission, or at review submission ifthe protocol was published elsewhere. The first and last authors must have no relevant financial conflicts. and at least two-thirds ofthe authorteam as a whole must be free of relevant financial conflicts. Declarations of interests by core volunteers or staff in Cochrane Groups or entities are reviewed by the Research Integrity Ed itor and published on the Al Members ofthe Governing Board declare their interests before they are appointed or elected and at the end of each financial year. At the start of every meeting ofthe Governing Board, members are required to declare any interests relating to items included on the agenda for the meeting. Where there is a conflict lor a perceived conflict), the Governing Board member must withdraw from the meeting whilst that matter is discussed. They are not counted in the quorum for that part ofthe meeting, may not vote on or be present duri ng any vote on that matter. All decisions under a conflict of interest will be recorded by the secretary of the meeting and reported in the minutes. ST THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 ,16, Reference and Administrative details Registered details Cochrane's registered name is The Cochrane Collaboration. Its registered address is 11-13 Cavendish Square, London, London, WIG OAN, UK. Cochrane is a charity Ino. 1045921) and a company limited by guarantee Ino. 03044323) registered in England and Wales. It is therefore regulated by both the Charity Commission for England and Wales and Companies House. Advisors Auditors: Price Bailey LLP Chartered Accountants and Statutory Auditors 24 Old Bond Street London, WIS 4AP UK 8anker'. National Westminster Bank PLC Charities& Education Team Corporate & Commercial Banking I" Floor, 440 Strand London, WC2R OQJ UK Legal advisers: BDP Pitmans LLP One Bartholomew Close London, ECIA 7BL UK Howes Percival LLP Nene House 4 Rushmills Northampton, NN4 7YB UK Dehns 10 Old Bailey London, EC4M 7NG UK The following Trustees held o￿lCe on the Cochrane Governing Board during the year and to the date of this report: Dryuan Chi (to November 20241 DrJuan Franco Dr Giordano Perez Gaxiola Ifrom November 2024) Professor Sally Green (to November 20241 Mr Nigel Jones (from August 2024, Treasurer from December 2024) Professorvanessa Jordan-cole (from November 20241 Ms Karen Kelly (Treasurer to December 2024) ProfessorTamara Kredo Professor Gillian Leng ST THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THEYEAR ENDED 31 DECEMBER 2024 ,17, Dr Wendy Levinson Professor Joerg Meerpohl (from November20241 Mr Jordi Pardo Pardo (to November 2024, Interim Chair to July 2024) Dr Emma Persad Drsusan Phillips Ichairfrom July 2024} Drvanessa Piechotta (to November2024) Key Management Personnel During 2024, and to the date ofthis report. the key management personnel ofthe Charity IELTI comprised: Dr Karla Soares-weiser, Editor in Chief (to March 2025}, Acting Chief Executive Officerfrom March 2025} Ms Catherine Spencer, Chief Executive Officer (to March 20251 Dr Gavin Adams, Director of Development (to April 20241 Ms Nicky Benn, Director of Director Development & External Relations (from August 2024) Mr Casey Early, Director of Finance & Corporate Services and Company Secretary Ms Anne Flegel, Acting Director of Operations {from March 2025) Ms Laura Ingle, Director of Publishing & Technology Mr Toby Lasserson, Acting Editor in Chief (from March 20251 Statement of Responsibilities olthe Trustees Each year, the Trustees are responsible for preparing the Trustees'Report ond Finonciol Stotements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fairview ofthe state of affairs ofthe charitable company and group and ofthe incorning resources and application of resources, including the income and expenditure, ofthe group for that period. I n preparing these finantial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistently. Observe the methods and principles in The Charities Statement of Recommended Practice {SORP 20191; Makejudgements and estimates that are reasonable and prudent. State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare the financial Statements on the going concern ba515 unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ofthe charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. There is no relevant audit information ofwhich the charitable company's auditor is unaware. The Trustees have taken all steps that they Ought to have taken to make themselves aware ofany relevant audit i nformation and to establish that the auditor is aware of that information. ST THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 ,18 The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination offinancial statements may differ from legislation in other jurisdictions. Auditor Price Bailey LLP was reappointed as Cochrane's auditor atthe Annual General Meeting in November 2024. Approved by the Board ofTrustees of The Cochrane Collaboration on 16 July 2025 and signed on their behalf by: Signature: Email: nigel.jones21@gmail.com Nigel Jones Treasurer 5T THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 .19, Independent Auditor's Report to Members and Trustees of The Cochrane Collaboration Opinion We have audited the financial statements ofThe Cochrane Collaboration Ithe'parent charitable company,) and its subsidiaries Ithe'group,) for the year ended 31 December 2024 which comprise consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The fi nancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountingstandards, including Financial Reporting Standard 102 The Finoncial Reporting Stondardopplicable in the UKondRepublic of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion the financial statements: give a true and fair view of the state ofthe group's and parent charitable company's affairs as at 31 December 2024 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKI} and applicable law. Our responsibilities u nder those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requi rements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounti ng in the preparation of the f inancial 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 group and parent 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. Our responsibilities and the responsibilities ofthe Trustees with respectto going concern are described in the relevant sections of this report. Other informatlon The other information comprises the information included in the Trustees, annual report, including the strategic_report, other than the financial statements and our auditor's report thereon. The Trustees are responsible forthe other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form ofassurance conclusion thereon, Our responsibility is to read the other information and, in doing so, consider whetherthe other information is materially 5T THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THEYEAR ENDED 31 DECEMBER 2024 20, inconsistentwith the financial statements or our knowledge obtained in the course of the audit or othemise appears to be materially misstated. Ifwe identify such materia5 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 thework we have performed, we conclude that there is a material misstatement ofthis other information, we are required to report that fact. We have nothingto report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course ofthe audit: the information given i n the Trustees, report (incorporating the strategic report) for the financial year for which the fi nancial statements are prepared is consistent with the fi nancial statements; and the Trustees, annual report, including the strategic report, has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding ofthe group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion: adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable company's financial statements are not in agreement with the accounting records and returns. or certain disclosures of directors, remuneration specified by law are not made; or we have not received all the information and explanations we requ ire for our audit, Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement set out on page 17, the Trustees (who are also the directors ofthe parent charitable company for the purposes of company lawl are responsi ble for the preparation of the financial statements and for being satisfied that they give a true and fairview, and for such internal control as the Trustees determine is necessary to enable the preparation offinancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, theTrustees are responsible for assessing the group and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis ofaccounting unless the Trustee5 either intend to liquidate the group or parent charitable company orto cease operations, or have no realistic alternative but to do so. Auditor responsibilities forthe audit of the financial statements We have been appointed auditor under Companies Act 2006 and report in accordance with thoseActs. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report ST THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THEYEAR ENDED 31 DECEMBER 2024 21 that includes our opi nion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are i nstances of non-compliance with laws and regulations, We design procedures in line with our responsibilities, outlined above, to detect material misstatements i n respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, includ ing fraud is detailed below., We gained an understanding of the legal and regulatory framework applicable to the Charitable Group and the sector in which it operates and considered the risk ofthe Charitable Group not complying with the applicable law5 and regulations i ncluding fraud, in particu lar those that could have a material impact on the financial statements. This included those regulations di rectly related to the fi nancial statements, including financial reporti ng, and tax legislation. In relation to the operations of the Charitable Group this included compliance with the Charities Act 2011 and Companies Act 2006. The risks were discussed with the audit team and we remained alert to any indications of non- compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following: Reviewing minutes of Board meetings, reviewing any correspondence with the Charity Commission, agreeing the f inancial statement disclosures to underlyi ng supporting documentation, and enquiries of management and officers ofthe Charitable Group. We have also reviewed the procedures in place for the reporting ofany incidents to the Trustee Board including serious incident reporting ofthese matters as necessary with the Charity Commission. Management override.. To address the risk of management override OF controls, we carried out testing ofjournal entries and other adjustments for appropriateness. We reviewed systems and procedures to identify potential areas of management override risk. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates. Because of the inherent li mitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less li kely to become aware of instances of non-compliance. The risk is also greater regarding irregLJlarities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omi55ion or misrepresentation. A further description of our responsibilities is available on the FRC'S website at: itors it-a ce Wo80 of-the-aud ito -res -f r. This description forms part of our auditor's report. We communicate with those charged with governance regarding, among other matters, the planned scopeand timingof the audit and significant auditfindings, includingany significantdeficiencies in internal control that we identify during our audit. THE COCHRANE COLLABORATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 .22 Use of our report This report Is made solely to the parent charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 ofthe Charities Act 2011 to the parent charitable company's Trustees, as a body, in accordance with the act. Our audit work has been undertaken so that we might stateto the parent charitable company's members and its Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company's members as a body and the parent charitable company's Trustees as a body, for our audit work, for this report, or for the opinions we have formed. Michael Cooper-Davis FCCAACA {Senior statutory auditor) Date: for and on behalf of Price Bailey LLP, Statutory Auditor 24 Old Bond St London, WIS 4AP UK Price Bailey LLP is eligible to act as auditor in terms of section 1212 ofthe Companies Art 2006 22 July 2025 The Cochrane Collaboratlon Consolldated siaiement of flnanclll actlvltles lincorporatin9 an income and expenditure account) For the ear ended 31 Oecefflber 2024 2024 Total Unresrricted £'ooo £000 2023 Total £'ooo ijnre5rri¢ted £'ooo Restricted £'ooo Restricted £'ooo Note Income from- Charltable actSvliles Investmenis 9,988 391 10,129 391 9.366 329 48 9.414 329 roul Income 10,379 ?41 10,520 9,695 48 9.743 Expendlture on.. Raising funds Chariiable actlvilies Evidence producrion & methods Publishln9 & iechnologv Development 204 204 89 89 3,064 3,350 3.962 3.064 3.368 3.965 2,$4S 3.468 3,253 2,545 3,475 3,297 44 Total •xp•ndlture 10,580 10,601 9,355 51 9,406 Net Income for rhe yoar Transfers beiween funds 120 340 (31 337 70 1701 P4et (expendlturelll￿ornt befor• other f•cogn15•d galns and loisei 50 (81) 340 (31 337 Other losses 1471 147) 171 171 Net movement In funds 50 (128) 333 13) 330 Roconclllatlon of fvnds.. Total Funds brought forward Toral funds carrled lo￿ard 9.828 96 9,924 9.49S 99 9.594 9.650 146 9,796 9.828 96 9.924 All of Iht ibove rtsults ar¢ leilved Irorn contlnulThg a (130) (329) (50) Net cash provlded by operatlng actlvltles (631) 1391 Note 2024 £'ooo 2023 £'ooo £'ooo £'ooo Cash flows from operatlng actlvltles Net cash provlded by operatlng actlvltle5 1631) 139) Cash flows from Investlng actlvltles: Dividends, in(erest and rents from investments 391 329 Net cash provlded by Investlng actlvltles 391 329 Change In cash and cash equlvalents In the year (240) 290 Cash and cash equivalents at the beginning of the year Change in cash and cash equivalents due to exchange rate movements 9,850 9,567 {47) 17) Cash and cash equlvalents at the end of the year 20 9.563 9.850 25 The Cochrane Collaboratlon Notes to the flnanclal statements For the ear ended 31 December 2024 l Accountlng pollcles a) Statutory information The Cochrane Collaboration is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office address is I 1-13 Cavendish Square, London, WIG OAN, UK b) Basls of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Chariiies.. statement of Recommended Pracrice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102). The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 20061Charities Act 2011. The functional currency of these statements is British pound sterling (GBP). Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. These f inancial statements consolldate the results of the charitable company and its wholly-owned subsidiaries at the balance sheet date, Cochrane Innovations Limited and Cochrane IKMD Denmark Aps, on a line by Ilne basis, Cochrane Innovations Limited ceased to trade on 30th June 2022 and was dissolved on 17th January 2023. Collaboration Trading Company Limited, which did not trade during the current or preceding period, is now dormant and is therefore not consolidated. Transactions and balances between the charitable company and its su bsidiaries have been eliminated from the consolidated financial statements. Balances between the companies are disclosed in the notes of the charitable company's balance sheei. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of ihe exemptions afforded bv section 408 of the ComDanies Act 2006. c) Publlc beneflt enilty The charitable company meets the definition of a public benefit entity under FRS 102. d) Golng concern The trustees consider that there are no material uncertainties about the group and the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncerlainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. e) Income Income is recognised when the group has entitlement to the funds, any performance conditions attached to the income have been met. it is probable that the income will be received and that rhe amount can be measured rel iably. Income from governmenr and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the group has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met. fi Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is normally upon notification of the interest paid or payable by the bank. 26 The Cochrane Collaboratlon Notes to the flnancial statements For th ear ended 31 December 2024 l Accounting policies (continued) g) Fund accountlng Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fu nd. Unrestricted funds are donations and other incomi ng resources received or generated for the charitable purposes. Designated funds are unrestricted funds earmarked by the trustees for particular purposes. h) Expendlture and Irrecoverable VAT Expenditure is recognised once there is a legal or constructive obllgatlon to make a payment to a third party, it is probable that settlement will be required and the amount of the obligarion can be measured reliably. Expend iture 15 classif led u nder rhe following activity headi ngs: Costs of rais ing funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to It, as well as the cost of any activities wlth a fundraising purpose Expenditure on charitable activities includes the costs of supporting Cochrane Grou ps to further the purposes of the charity and their a550ciated support costs Other expenditure represenrs those items nor falling into any other heading. l) Forelgn exchange Transaccions denominated in foreign currencies are translated inro sterling on che exchange rate ruling on the date of transaction. J) Allocatlon of support costs Resources expended are allocated to the particular actlvity where the cost relates directly to rhat activity. Support costs are rhe cost of overall direction and administration of each activity, comprisi ng the salary and overhead costs of the central function including governance costs. Governance costs are the costs associated with the governance arrangements of the charity. These cost5 are associated with constitutional and statutory req u irements and include any costs associated with the Straregic management of the charity's activifies. Support costs Including governance costs are apportioned based on the percentage of direct costs attributable to each activity. k) Operatlng leases Rental charge5 are charged on a straight line basis over the term of the lease. 27 The Cochrane Collaboratlon Notes to the flnanclal statements For the ear ended 31 December 2024 l Accounting pollcle5 (contlnued) l) Investments Investments In su bsidiary undertakings are included at cost. m) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued ar the amount prepaid net of any trade discounts due. n) Cash at bank and In hand Cash at bank and cash 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 deposlt or similar account. Cash balances exclude any funds held on behalf of others. o) Credltors and provls5ons Creditors and provision s are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measu red or estimated rel iably. Creditors and provisions are normally recogn ised at their settlement amount after allowing for any trade discounts due. p) Flnanclal Instruments The charity only has financial assets and financial liabilities of a ki nd that qualify as basic f inanclal instru ments. Baslc f inanclal instruments are i n Itlally recognised at transaction value and subsequently measured at their settlement value wlth the exception of bank loans which are subsequently measured ar amorrised cost using ihe effecrive interest method. q) Penslons The charity makes payments to defined contribution pension schemes on behalf of employees. The assets of the schemes are held separarely from those of the charitable company in independently administered funds. The pension cost charge represents contributions payable to the funds during the year. The charity has no liability under rhe schemes other than the payment of those contributions. 28 The Cochrafte Collaboration Note5 to the financial statements For the ear ended 31 December 2024 2 Income from charitable activities 2024 Total £'ooo 2023 Total £'ooo Unreslrlcted Restricled £'ooo £'ooo Unrestricted Restrlcted £'ooo £'ooo Royaltles from The Cochrane Library Events Income Other Publications Income Other Cochrane Products Cochrane Response Trusts and Grant Income Oiher Income 7,045 1.199 653 559 514 7,045 1,199 653 559 514 6,973 675 655 505 460 25 73 6,973 675 655 505 460 73 73 48 Total income from charitable activities 9.988 141 10.129 9,366 48 9,414 3 Income from Investment5 2024 Total Unrestricted Restricted £'ooo £'ooo £'ooo 2023 Total £'ooo Unrestric(ed Restricted £'ooo £'ooo Bank interest 391 391 329 329 391 391 329 329 29 The Cochrani Collaboraiion Notes to the finincl•l st*tÈm•nts rtht 24 4a Anatysls ol expendilure Icurrent yetrl Evidence Cost of raising productlon & Publlshin9 & funds rntrhod5 rechnology DEvelopmenr Covernanc r05ts Support c05t5 2024 2023 Total Toial £'ooo £'ooo £'ooo E'ODO £'ooo E'OOO É'ooo £'ooo Staff costs Inete 61 Other people costs Colloquium costs Consulianrylouisour¢ed suppon Techno109y Comm155ioned Work Travel & Subslsience Le9al & profe5510nal Employee-r¢lated costs Sundry PrEmises cesis 79 Z8 1.676 647 1,2SO 154 1,055 656 1,271 277 27 100 940 175 5,100 4,418 1,660 1,392 ,271 862 1,066 1,209 560 554 338 318 205 299 127 42 158 544 529 308 38 29 43 78 24 S9 97 72 52 63 103 S7 170 2,556 2.809 3,306 209 1.5$2 10.602 9,406 Support c05t$ 30 449 493 580 11,5521 Governance costs 60 66 12091 Toial ¢xpendiiure 2024 204 3.065 3.368 3,964 10.602 9.406 Notes Staff cc*st5 la5 shown dbDvel are ih05e (0515 relailng ID employed CET 51aff paid vla Ihe payroll 5ysiern. Oiher people costs are cvsts relatin9 to self-employed contracted CET staff pald vla Involce for services. Consuliancyloursourced suppori costs relate to e¥iernal contracior5. The Cochrine Collaborailon Notes to the financlal stsrements ar ended 31 December 2024 4b Analys15 of expendltyre Iprlor Evldence Cost of rdlSing productlon & funds methods £'ooo Publishing & technology Development I'ooo £'ooo Governance costs Support costs £'ooo E'OOO 2023 Total £'ooo £'ooo Sraff cost5 (note 61 Other people c05t5 Consultancylouisourced support C¢llo¢uium cosis Technology Commissioned Work Travel & Sub5isience Legal & prole55ional Émployee-relaied c05rs Sundry Prem15es costs 30 1,384 457 162 1.140 133 753 952 600 198 862 33 74 20 61 838 182 4.418 1,392 1,209 862 554 318 299 133 97 72 52 35 S13 269 44 138 97 36 52 22 72 2,066 2.820 2.676 296 1.476 9,406 Suppgn costs 14 399 S46 517 11.4761 GDvernance cost5 109 104 1296) Total *xpendlturi 2023 89 2,545 3,475 3,297 9.406 Notes Siaff cost5 las shown above) are ihose costs relaring to employed CET sralf paid via the payroll 5Y5tem. Other people cosis are tosts relaring io self-employed contracied CET Staff paid via invoice for service5. Consultancylou150ur¢ed support Costs relate 10 external contractors. 31 The Cochrane Collaboratlon Note5 to the flnanclal statements For the ear en ed 31 December 2024 Net Income for the year This is stated after charging.. 2024 £'ooo 2023 £'ooo Operating lease rentals.. Property Auditor's remuneration lexcluding VAT).. Audit Oiher servlce5 Foreign exchange Igalnslllosses 47 44 22 20 47 Analysls of staff costs. trustee remuneratlon and expenses, and the cost of key management personnel Staff costs were as follows.. 2024 £'Doo 2023 £'ooo Salaries and wa9es Redundancy and termination costs Social security costs Pension benefits 4,219 60 453 368 3,720 392 306 5,100 4.418 The followlng number of employees received employee benefils (excludin9 pension benefltsl during ihe year berween.. 2024 No. 2023 No. £60,000 - £69,999 £70,000 - £79,999 £80,000 - £89,999 £90,000 - £99,999 £ 100,000 - £109,999 £130,000- £139,999 £170,000 - £179.999 £180,000 - £189,999 12 The toial employee benefits including pension beneflts of the key management personnel were £667,00012023'. £647,000). Trustees, expenses represents ihe payment or reimbursement of travel and subslstence costs totalllng £69.000 12023.. £66,000) Incurred by 12 Trustee512023.. 12 Trustees). 32 The Cochrane Collaboratlon Noies to the flnanclal statements For the ear ended 31 December 2024 7 Staff numbers The average number of employees (head count based on number of staff employed) was as follows.. 2024 No. Head count 2023 No. Head count Evidence production & methods Publishlng & technology Development Finance & corporate SeNlce5 CEO'S office 29.3 23.7 19.5 24.7 20.3 18.0 89.0 78.5 Related party transactlons There are no donations from related parties which are outside rhe normal course of buslness and no restricted donations from related parties. At the year end, Collaborarion Tradin9 Limited was owed £10012023-. £1001 by the Cochrane Collaboratlon. Durlng the year, the Cochrane Collaboration provlded £349,000 12023.. £389.000) to Cochrane IKMD Denmark Aps. At the year end. the Cochrane Collaboratlon owed Cochrane IKMD Denmark Aps £88,000 12023.. £60.0001. During rhe year the following relared parties received funding from Cochrane Collaboration. The individua15 Involved Sn each iiansaction were noi included in the decision making proce55. All transactions were completed ai arms, length. Tracey Howe. a trustee of rhe Cochrane Collaborallon to Septèmber 2023, 15. a 5elf-employed consultant. Durlng the year, the Cochrane Collaborarion paid for Co-chalr consultancy fees, totalling £nil1202 3.. £2 3,0001. No funds weie outstandlng at the year end. Catherlne Marshall, a trustee of rhe Cochrane Collaboration io September 2023. Is a self-employed consultant. During the year, the Cochrane Collaboration pald foi Co-chair consultancy fees, totslling £nil12023.. £23.0001. No funds were oulstanding ar the year end. Jordl Pardo Pardo, a rru5fee of the Cochrane Collaborailon. is an employee of the UnlversSly of Ottawa. Ourlng rhe year. rhe Cochrane Collaboration paid the Universliy for Chair consultancy fees, iotalling £ 7,00012023.. £3,000). No fund5 were outstanding at the year end. In additSon, a connected party of Jordi Pardo Pardo was Interim CEO of ihe Campbell Collaboration until March 2023. During ihis period, the Cochrane Collaboraiion was paid £nll by Ihe Campbell Collaboration12023-. £20,000) in respect of advance funds for the 2024 Global Evidence Summit (all included within other creditors at the balance sheer datel. Cilllan Leng, a trustee of the Cochiane Collaborailon. was also a trustee of the Guidelines International Network IGINI untll 20 December 2023. Durlng this perlod, the Cochiane Collaboration wa5 pald £nil by GIN {2023.' £20,000> in respect of advance fund5 for the 2024 Global Evidence Summit (all included within other crediiors at the balance sheei datel. Gllllan Leng was also, from July 2024. a trusree of the Royal Society of Medicine IRSMI. During this period. the Cochrane Collaboraiion paid £140 to RSM12023: £nill in respect of careiing charges. Taxatlon The charity Is exempi from corporation tax a5 all It5 income is charitable and is applied for charitable purposes. The charity's subsidiary Cochrane IKMD Denmark Ap5 recognised a corporaiion tax charge of DKK41.000 (£4.000) in its profit an(1105s account in the year to 31 December 202412023.. DKK38,0001£4,00011. 33 The Cochrane Collaboratlon Note5 to the financlal statements For the ear ended 31 December 2024 l O Flxtd asset investments The group 2024 £'ooo The charlty 2024 £'ooo 2023 £'ooo 2023 £'ooo Investmenf in Cochrane IKMO Other investments The Investmenis represent a l 00% 1£ 1001 shareholding In Collaboration Trading Company Llmlted, a l 00% shareholding in Cochrane IKMO Denmark Aps lincorporared in Denmark) and a l 00% shareholding in Cochrane Innovatlons Llmited {incorporated in England and Wales). All figures have been Included in the consolidation but rounded to £nil in the rable presented above for Collaboration Trading Company Limited and Cochrane Innovations Limited. Following a review of the remlt and purpose of Cochrane Innovations Limlted, its Directors recommended - in December 2020 - that the company be closed as it is no longer needed to deliver the Cochrane group's financial susiainability and product development goa15 which can be delivered within the parent company. The company ceased to trade in June 2022 and was di5501ved in January 2023. Other investments represents the value of the oil painting of the Cochrane1090 gifted by Sir lain Chalmers. I I Subsldlary undertaklngs rhe charitable company owns the whole of the issued ordinary share capital of Collaboration Tradlng Company Limited, a company registered In England and Wales. and Cochrane IKMD Denmark Aps, a company regisiered Denmark. Cochrane Innovations Llmired, foimerly a company registered irb England & Wales. was dissolved in January 2023. All actSvitles have been consolidated on a line by line ba515 in the siatement OF flnanclal activities, except for Collaboration Trading Limited. which was dormant In 2020 and therefore not consolidated. A summary of the results of Cochrane IKMO Denmark Aps is shown below.. Cochrane IKMD Denmark Aps 2024 £'ooo 2023 £'ooo Turnover 429 389 Gross profit 429 389 Administrative expenses Other operating expenditure (365) (48) 13901 1481 Profltlllossl on ordlfiary actlvltles {491 Exchange rate adjuslmenl to opening balance (2) Profitl(lossl for the financial year 1501 The aggregate of the assets. liabiliiies and fund5 was.. Assets Liabilities Share capital 93 (40) 16) 77 1381 161 Funds 47 33 34 The Cochrane Collaboratlon Notes to the flnanclal statements For the ear ended l Decem er 2024 12 Parent chaTIty The parent charity's gross income and the results for the year are disclosed as follows.. 2024 £'ooo 2023 £'ooo Gross income Result for the year 10.490 (1421 9,790 379 13 Debtors: falllng due withln one year The group 2024 £'ooo The charlty 2024 £'ooo 2023 £'ooo 2023 £'ooo Trade debtors Other debtors Prepayments Accrued income 749 735 219 287 48 25 274 1.014 749 134 219 287 48 24 273 1,014 1,390 1.361 1,389 1,359 7 4 Credltors.. amounts falllng due wlthln one year The group 2024 £'ooo The charlty 2024 £'ooo 2023 £'ooo 2023 £'ooo Trade creditors Accruals Deferred Income (note 15) Taxarion and social securlty Oiher creditors VAT creditor Amounts due to subsidiarles 306 261 49 204 312 25 121 287 339 306 257 49 108 148 250 88 204 308 25 109 265 339 60 250 7,158 1,288 1,206 1,310 1 S Deferred Income The group 2024 £'ooo The charlty 2024 £'ooo 2023 £'ooo 2023 £'ooo Balance at the beginning of the year Amount released to income in the year Amount deferred in the year 25 (25) 49 25 (25) 49 116) 25 116) 25 Balance at the end of the year 49 2S 49 25 16 Penslon scheme The group operates rhree defined contribution schemes. The assers of the schemes are held separately from those of the chariiable company In independently administered funds. The pension cost charge represents contributions payable by the group to the funds and amounted to £368.00012023.' £306,000). 35 The Cochrane Collaboratlon Notes to the flnanclal statements Fo nde Dec ber 2024 17a Analysis of group net asseis between funds - current year General unrestricted funds £'ooo Designated funds £'ooo Restricted funds £'ooo Total funds £'ooo Investments Net current asseis 4.832 4,817 146 9,795 Net assets at the end of the year 4,833 4,817 146 9,796 17b Analy515 of group net assets between funds - prlor year General unrestricted funds £'ooo Designated funds £'ooo Restrlcted funds £'ooo Total funds £'ooo Investments Net current assets 4,329 5,498 96 9,923 Net asseis at the end of the year 4,330 5.498 96 9,924 18a Movements In fund5 current year At the start of the year £'ooo Income & gains Expenditure & losse5 £'ooo At the end of the year £'ooo Transfers £'ooo £'ooo Restrlcted funds: Restricted funds (other): 96 170) 146 Total restrlcted funds 96 1211 (701 146 Unrestrlcted funds: Designated funds.. Continuity Fund Strategic Investment Fund IFESI Strategic Investmeni Fund IPL) Strategic Investment Fund IPD) Straiegic Investmenr Fund ISS) Scrategic Invescment Fund (other) 3,000 344 266 42 3,000 12) (5 79) (102) 237 1166) 142) 100 1129) ioo 1,717 1.846 Total deslgnated funds 5.498 1681} 4,817 General funds 4.330 10,333 19, 900) 70 4,833 Total unrestrlcted funds 9.828 10,333 110,5811 70 9,650 TOTAL FUNDS 9,924 10.474 (10.602) 9,796 During the year, Iransfers of £70.000 were made between the restricted and unrestricted funds. This was to correct project costs prevlously incurred In the unrestricted fund5. These projects have Dow completed. 36 The Cochrane Collaboratlon Notes to the flnanclal statements For Ihe ear ended l December 2024 18b Movement5 In fund5 - prlor year At the start of the year £'ooo Income & Expenditure gains & losse5 £'ooo At the end of the year £'ooo Transfers £'ooo £'ooo Restrlcted funds: Restricted funds {otherl: 99 48 (51) 96 Total restrlcted funds 99 48 Isi) 96 Unrestrlcted funds: Designated funds.. Continuity Fund Straiegic Investment Fund IFES) Strategic Invesimenr Fund IPLI Strategic Investment Fu nd IPD) Strategic Investment Fund lorher} 3.000 279 350 3,000 344 266 42 1.846 13351 184) 1231 400 65 14651 2,311 Total deslgnated funds S.940 (4421 5,498 General funds 3.555 9,688 (8,9131 4,330 Total unrestrScted funds 9,495 9,688 19,355) 9,828 TOTAL FUNDS 9,594 9,736 (9,406) 9,924 19 Purpose5 of deslgnated funds The Contlnulty Fund Is designed to support Cochrane complete any adjustments required in a post Cochrane Review Open Access transiiion perlod, should future publlshlng Incomes be signiflcanily reduced. The StratogSc Investment Fund wlll be allocated to speclfic sln9le- or multi-year strategic or change projects of organization-wide impact required to help Cochrane achSeve lis Srrategic Plans and meer its organizational Mission. Ouring the year, the Board approved a { 100,000 allocatlon to fund two pilots - including 'Living Evidence, to support implementation of the Scientific Strategy. This allocation is expected io be fully expended by 2026. Previous allocations in respect of Cochrane Library product development, Ceniral Editorial se￿ICe resourcing and outsourced copy-editlnglproposal management was mostly expended with the balance returned to the Fund. 37 The Cochrane Collaboratlon Notes to the flnanclal statements For th ear ended December 2 20 Analysls of cash and cash equlvalents At31 December 2024 £'ooo At l January 2024 £'ooo Cash flows Other changes £'ooo £'ooo Cash at bank and in hand 9,850 (2401 147) 9,563 Toial cash and cash equlvalents 9,850 (240) (47) 9,563 21 Operatlng lea5È commltments The group's total future minimum lease payments under non-cancellable operating leases Is as follows for each of the following periods.. Land and bulldlngs 2024 £'ooo 2023 £'ooo Less than one year 22 Legal status of the charlty The charity is a company limited by guarantee and has no share capital. The liability of each company member as defined by Cochrane's Articles of Association, in the event of winding up is limited to £ l O. 23 Funds held on behalf of others At the end of the year, Cochrane Collaboration was holding £nil 1202 3.. £100,000) on behalf of Health Education England in relatlon to the Cochrane (Oxfordl Fellowship Fund which was converted into restricted income during the vear and £39,00012023. £49,000) in respect of Cochrane Rehabiliiarion {a Cochrane thematic field). 24 Contlngent Ilabllltles The Klngs Fund office leasehold agreement, whlch commenced In September 2022, Is subject to reinstatemeni and dilapidaiions obligations at the end of the lease. A liability is not considered Ilkely to exist and consequently no provision has been made in the flnancial sratements. 38