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2025-12-31-accounts

Pulmonary Vascular Research Institute Trustees Report & Audited Financial Statements for the year ended December 31 2025

Registered Charity no. 1127115 Company Limited by Guarantee no. 05780068

Reducing the global burden of pulmonary hypertension

Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Our objectives and activities …

PVRI is a small charity with a global reach, and our aim is to reduce the global burden of Pulmonary Vascular Disease (PVD), with a special focus on pulmonary hypertension, or PH.

PH is a life-threatening and life-limiting condition that affects millions worldwide. It can lead to serious heart damage, and trigger symptoms like breathlessness, chest pain, poor growth, and severe difficulties exercising and carrying out normal daily tasks. Effective diagnosis and care aren’t readily available in many parts of the world, and even when they are, PH treatment can itself be challenging and life changing.

Although it’s estimated that PH affects 1% of the global population, it is neither widely recognised, nor well-understood. To change that, we bring together a global network of energetic and committed PH doctors, scientists, regulators, patients, and industry partners to address the key challenges in global PH. We do this through:

The groups publish new data and analysis, foster collaboration in research, share learning and resources, campaign and raise awareness and understanding of PVD, and support the development of guidelines that will raise minimum care standards.

The trustees are delighted to bring you this report in our 20[th] anniversary year! We hope you enjoy reading it, and we welcome your engagement, your questions, and your support. Thank you for your interest. If you would like further details of our work, you can find them on our website pvrinstitute.org.

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

PVRI’s structure

Our achievements and performance in 2025

This section describes our activities and achievements between January and December 2025.

International Congress

PVRI’s Annual Congress is a flagship event in the global PH calendar. The 2025 meeting was held in Rio de Janeiro in January. A fantastic programme was delivered over five days, centred around the theme of Embracing Heterogeneity in PH.

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Historically PRVI’s meetings have been highly successful in terms of scientific impact, but financially challenging for the charity. This is in part because we move the Congress to a different continent each year in order to make it accessible to all, and in part because of the subsidies provided to early-career and low- and middle-income country colleagues. To address this challenge, in 2024, PVRI adopted a new two-part strategy, introducing industry sponsorship and exhibitors, and alternating meetings between large accessible cities like London to encourage high footfall, and financially ‘riskier’ locations that may attract fewer delegates but will help us reach and support underrepresented PH communities and build capacity in those regions. This strategy has proved very effective. London 2023 was out largest meeting to date, and whilst the Rio Congress was slightly smaller, we nonetheless had excellent attendance, with notably high engagement from Latin American members, and generated a surplus of c. £38,000.

Drug Discovery & Development Symposium

A highly successful bi-annual meeting was held in Amsterdam in June 2025, attended by 85 delegates. The 1.5 day meeting centred on inclusive & sustainable drug development for Pulmonary Arterial Hypertension (PAH). It included sessions on new standards of care, disease modification, diversity & inclusion, global aspects of drug development & availability, Innovations in trial design, and novel drug & device therapies.

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

E-learning

Sharing expertise is key to our mission of reducing the global PH burden, and e-learning is a low-cost way to deliver this on a global scale. During 2025 we ran:

PVRI Digital – A programme of monthly webinars designed by Dr Patricia Thistlethwaite, each session delivered by a different group of global thought leaders at the cutting edge of research. Alongside the usual cutting edge science, the 2025-26 programme introduced a new Living Legends mini-series.

PVRI Community Calls - These monthly calls invite researchers to discuss their recently published papers. This is followed by an informal panel discussion with online questions and chat. We are very grateful to Katrina Barry, Rodolfo Estrada, Joel James, Tatiana Kudryashova, Sandeep Sahay, Katarina Zeder and Jason Weatherald for leading the calls, and curating these fascinating meetings for us.

Online webinars

We were delighted that several of our workgroups again ran highly successful webinars during the year. The Infection and High Altitude Task Forces, and the Lung Transplantation Workstream all began new programmes to shine a light on these little-understood topic.

The ethos of collaboration and inclusiveness runs throughout the PVRI, but it really shines through in our educational work and, in particular, in our e-learning. It is impossible to name all the speakers, moderators, and panellists who came together last year to produce such consistently high-quality scientific output – but we send our sincere thanks to each and every one of them.

Pulmonary Circulation Journal

Pulmonary Circulation is PVRI’s peer-reviewed open-access journal, providing a global audience with free access to the latest in PH research. The journal continued to flourish last year under the care of Editors-in-Chief Dr Jason Yuan and Prof Anna Hemnes.

2025 was a year of growth for the journal, marked by record engagement and a significant increase in content output:

The journal’s reach expanded across several key global regions:

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Our very sincere thanks go to Jason, Anna and the many experts who make up our Editorial Board for so generously sharing their expertise and energy.

Workstreams & Task Forces

The PVRI’s unique strength is to pull together the skills, ambitions, knowledge and energy of a vast global network of academics, clinicians, regulators, patients and pharma, with a common interest in PVD, and nowhere is this more evident than in our specialist and regional work groups. There are three types of workgroup:

1. Innovative Drug Development Initiative (IDDI) Workstreams

The IDDI is a unique platform that brings together academia, patients, pharmaceutical companies, and regulators to improve drug development from research to patient care, focusing on the needs of adults and children with life-threatening PVDs. It is distinguished by its foundation of trust and collaboration, an approach which aims to accelerate the development and accessibility of treatments for those affected by PVD.

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Lung Transplantation in PH Workstream

Focus: to address global access to lung transplant (LTX) across different allocation systems and transplant programmes.

Achievements in 2025:

Plans for 2026:

Access to Care Workstream

Focus: to identify and address knowledge gaps and contextual variations in PH care across nations. In this way, it hopes to enhance worldwide access to care, in diagnosis, education, and treatment for PH.

Achievements in 2025:

Plans for 2026:

New Modalities & Technologies in PH & Right Heart Failure (RHF) Workstream Focus: to expand awareness and understanding of emerging device technologies for treating and diagnosing PH and RHF.

Achievements in 2025:

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Plans for 2026:

Paediatric Clinical Trial Design & Endpoints Workstream

Focus: to identify key challenges and to develop successful strategies to improve the outcomes of paediatric PH.

Achievements in 2025:

Plans for 2026:

A manuscript on bronchopulmonary dysplasia - associated pulmonary hypertension.

Patient Engagement and Empowerment Workstream

Focus: to understand the needs and perspectives of people living with PH, share and act on these findings, and increase awareness of PH among medical professionals to improve early diagnosis, standards of care and quality of life.

Achievements in 2025:

Plans for 2026:

PH Group III Workstream

Focus: to strengthen the PH community’s understanding of pulmonary hypertension due to lung diseases.

Achievements in 2025:

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Plans for 2026:

Real World Evidence/Real World Data (RWE/RWD) Workstream

Focus: to summarise the status of Real World Evidence in PH indications, and highlight opportunities for data generation, and to engage academia, drug and device developers and regulators to develop key research questions that could be meaningfully addressed by Real World Evidence research.

Achievements in 2025:

Plans for 2026:

2. Our Regional Task Forces - working to identify and address the most urgent PH challenges in their regions.

Sri Lanka Task Force

Focus: launched in 2025 to establish PH hubs across national and teaching hospitals to strengthen referral networks and access to specialist care

Achievements in 2025:

Plans for 2026

To roll out the development strategy, including:

Latin America Task Force

Focus: to advance the understanding, diagnosis, and treatment of pulmonary hypertension across Latin America by promoting regional collaboration, supporting research, and improving education and access to care.

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Achievements in 2025:

Plans for 2026

Saudi Association for PH (SAPH) Task Force

Focus: to strengthen PH leaning and practice across the Eastern Mediterranean and Gulf states.

Achievements in 2025:

Plans for 2026

India Task Force

Focus: driving nationally relevant progress in pulmonary arterial hypertension (PAH) care, research, and education; improving early diagnosis, strengthening clinical collaboration, and developing guidance that reflects the realities of the Indian healthcare system.

Achievements in 2025:

Plans for 2026

Central Asia Task Force

Focus: to strengthen pulmonary hypertension care, research, and collaboration across Central Asia, with a focus on capacity-building, equitable access to care, and regionally relevant clinical and research priorities

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Achievements in 2025:

Plans for 2026

China Task Force

Focus: advancing pulmonary vascular disease care and research across China.

Achievements in 2025:

Plans for 2026

3. Our Specialist Task Forces - working across key PH specialisms

Women’s Health Task Force

Focus: this group relaunched in 2025 and aims to address the intersection of sex and gender differences in pulmonary vascular disease, with a renewed focus on research, clinical care, and advocacy.

Achievements in 2025:

Plans for 2026

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Exercise Task Force

Focus: exercise testing and interpretation.

Achievements in 2025:

Plans for 2026

High Altitude Task Force

Focus: raising awareness and understanding of PH linked to high altitude.

Achievements in 2025:

Plans for 2026

Imaging Task Force

Focus: to harmonise imaging protocols, and develop a network of international PH Imaging centres to allow dissemination of best practice.

Achievements in 2025:

Plans for 2026

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Infection in PVD (iPVD) Consortium Task Force

Focus: to enhance awareness about the role of infection in PVD, and foster research collaborations in infectious diseases covering basic science, translational and clinical aspects, to better understand its mechanisms and global impact.

Achievements in 2025:

Plans for 2026

Paediatric & Congenital Heart Disease Task Force

Focus: fostering global collaboration in paediatric PH, to maximise the potential of realworld data in PH registries worldwide. To bring people together to improve knowledge, encourage research and optimize delivery of clinical care of neonates, children and adolescents with PVD.

Achievements in 2025:

Plans for 2026

PAH-ICON: International Consortium for Genetic Studies in PAH Task Force

Focus: bringing together research expertise and/or patient populations for collaborative genomic studies of PH.

Achievements in 2025

Plans for 2026

PH Global Patient Survey Task Force (PHGPS)

Focus: the delivery and dissemination of learning from the first ever PVRI PH Global Patient Survey, and planning Phase II of the PHGPS.

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Achievements in 2025:

Plans for 2026

Many hundreds of learned professionals support our workgroups, giving their time and expertise generously, week in and week out, to produce guidance and research that has a demonstrable impact on PH care and practice around the world. They are truly inspirational people, and we would like to thank them all.

Membership and communicating with our network

As our workgroups show, PVRI’s unique strength lies in the joyful collaboration and energy of our global network of experts, and we do all we can to encourage membership of the charity.

Member benefits include reduced delegate fees to our meetings, reduced publication fees in our journal, the ability to apply for grants, awards and endorsement, access to educational resources and key recordings from PVRI meetings, and eligibility to vote for key PVRI roles.

Membership fees are modest, and are tiered according to both career level, and whether our members live in in high-, middle- or low-income countries. We are delighted that membership increased in 2025 along with retention rates, and membership income rose by 30%.

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

PVRI Grant-making

PVRI gave cash grants totalling £1,438 during the year for individual travel awards.

As well as these direct cash awards, a large number of subsidies were provided to early career colleagues and those from low- and middle-income countries to support them to attend our scientific meetings.

Research

A continuing source of pride in 2025 was PVRI GoDeep: our deep phenotyping metaregistry, run from Justus-Liebig University in Germany by past President, Prof Werner Seeger.

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

The hard work of the GoDeep team, supported by PVRI’s global contact network, means that the registry now includes more PH centres in low- and middle-income countries than ever before, helping to ensure that the registry is truly global and contains data from people of all ages and backgrounds.

The meta-registry is now demonstrating the power and utility of large datasets for informing real-life medicine, and a number of significant papers were published in 2025. We congratulate Werner and his team, and very much look forward to the next phase.

This is just one example of how PVRI contributes new knowledge from a global and diverse constituency of people engaged with pulmonary hypertension in a way that few others can do.

Our plans for 2026

We have described some of our 2026 goals in previous pages, but additional aims include:

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Financial review

Going concern

In planning ahead and assessing the viability of the charity, the trustees and management consider its operating environment, the possible impact of global political, financial, technical and social changes, and PVRI’s own reserves, liquidity, liabilities and resilience.

The trustees consider that the charity has adequate resources to continue operating effectively for at least 12 months, and to meet its obligations as they fall due. The financial statements have therefore been prepared on a going concern basis.

Reserves policy

In line with Charity Commission guidance (CC19), the trustees consider the charity’s development plans and commitment to new projects in the coming years, consider it prudent to hold reserves to ensure the charity can continue to deliver planned services, meet contractual obligations, manage unforeseen risks, and take advantage of unexpected opportunities in the year ahead.

Given PVRI’s activities and its global reach, the trustees are especially aware of the need to consider the following factors:

In light of these factors, the trustees have set reserves fund requirements (defined as net current assets held in unrestricted funds) at £1,926,200, or approximately two years of budgeted expenditure. Net current assets held in unrestricted funds at 31 December 2025 were £1,889,639, roughly in line with the target level.

As of 31 December 2025, the charity had total funds of £2,162,225 of which £230,962 was restricted (2024: £2,286,895 of which £252,989 was restricted).

Income and expenditure

Income and expenditure for our scientific meetings accounts for a high percentage of PVRI turnover, and is allocated to the year when the event happens. Because our large Annual World Congress is held in late January, significant income and expenditure received/incurred in the previous year is deferred to the current year.

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

During the year ended 31 December 2025, the charity generated income of £965,355 (2024: £610,751), and expenditure was £1,090,025 (2024: £524,548): a planned deficit that was funded from the charity’s reserve funds.

Donations of £263,225 were received – a very similar level to 2024, and again comprising income from pharmaceutical companies, and from individual donors and community fundraisers. We are enormously grateful to all those individuals and organisations who supported us during the year.

Income from charitable activities was £553,276 and comprises three elements: journal income of £178,381 (almost identical to the prior year), membership fees of £40,556 which is almost £10,000 higher than the prior year, and the largest element of fees for our scientific meetings. These totalled £334,339 the vast majority being for the successful Annual Congress in Rio de Janeiro in January 2025.

Trading activities generated £107,028 in Congress sponsorship from pharmaceutical and device companies. This new venture was introduced at the 2024 London Congress when it raised c £72,000, and we are delighted to see support for our meetings increasing in this way.

Expenditure was £1,090,025, with the largest cost area being the Rio and Amsterdam meetings which together cost £457,974. Staff costs of £301,629 were slightly lower than previous year due to short-term vacancies. Other spending was broadly in line with the previous year, reflecting similar levels of activity.

PVRI ended the year in a healthy financial position, with total funds carried forward of £2,162,225, of which £230,962 is to be used for the academic Pulmonary Circulation Journal. As ever, the trustees and staff would like to express heartfelt thanks to all our donors, members, volunteers and supporters.

Fundraising

PVRI welcomes donations from the general public, those affected by PVD, members of the PH community, charitable trusts and foundations, and from pharmaceutical and device companies working in the field of PVD. Our website invites people to donate or raise funds through sponsored and community activities, and we offer members and meeting delegates the opportunity to add a donation when making a membership or meeting payment.

PVRI has a robust Ethical Sponsorship, Fundraising & Partnerships Policy, which is available on our website, together with our Supporter Promise. Both documents outline the values,

No professional fundraisers or commercial participators carried out any fundraising activities on the charity’s behalf during the year, and no complaints were received about any fundraising activities.

Investment approach

The trustees are aware that uncertainty in relation to inflation, economic growth and currency fluctuation will continue for the foreseeable future and this has been considered in the investment approach for 2025.

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Cash balances are largely held in US Dollars, and during the year the charity negotiated an increase in bank interest on USD funds. At year-end, cash balances and cashflow forecast showed the charity has sufficient funds for short- medium-term investment, and appropriate investment vehicles are being investigated.

Structure, governance and management

PVRI was incorporated and registered as a charity in April 2006. It is both a charity and a company limited by guarantee, and the objects of the charity are defined by its Articles of Association, which also set out trustees’ powers and the permitted activities of the charity.

The Articles were last updated in 2024 in order to better comply with changes in company law and Charity Commission requirements, but neither the charity’s objects nor the trustee powers were changed during this process.

The Board and Committees

PVRI’s Board comprises trustees who are world leaders in the field of PVD, and people with expertise in finance, strategy, and global health.

Day to day responsibility for achieving strategic and financial aims is delegated to the Chief Executive Officer.

The trustees are supported by the attendance at Board meetings of the charity’s President and President Elect. These are honorary positions which are occasionally, but not necessarily, filled by PVRI trustees.

The Board has one sub-committee, the Remuneration Committee, which meets annually in the late autumn, ahead of the budget setting process.

The Board is also supported by a Scientific and Medical Advisory Council (SMAC), which provides operational and scientific direction to PVRI, expanding the charity’s capacity and freeing trustee time to focus on governance issues. The group comprises 11 international PH experts and PVRI staff, and is led by PVRI’s President.

In January 2025, longstanding trustee Prof Paul Corris stood down as Chair after serving two terms, but happily remains a trustee. He was succeeded as Chair by Prof Martin Wilkins - a founding member of PVRI and previously Honorary Treasurer. As part of a planned strengthening of Board expertise and scope, we were delighted to welcome past President Prof Werner Seeger in January 2025, Prof Charlotte Summers in March, and Mr Amit Khanna in September, in the role of Hon Treasurer.

When appointing new Board members, the trustees consider skill and knowledge gaps, and seek candidates to meet those needs. trustees strive to ensure that the Board and committees are inclusive and diverse, and represent the global communities that the charity serves. Induction is provided for new trustees and ongoing training is offered. A trustee Handbook provides guidance and sets out trustee roles and responsibilities, committee terms of reference, a code of conduct, and background to the charity and its work.

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Statement of public benefit

The aims of the PVRI are to promote knowledge and stimulate new ideas in the field of cardiopulmonary medicine by fostering multidisciplinary collaboration and communication across the science spectrum. The overarching aim of the charity is to reduce the global burden of pulmonary vascular disease. Its impact is measured in the numerous benefits it brings to physicians, researchers, academics, regulators and patients.

When reviewing the charity’s objectives and planning future activities, the trustees refer to Charity Commission guidance on public benefit and confirm that all PVRI’s activities are undertaken to further our charitable purposes for public benefit, in accordance with Section 17 of the Charities Act 2011.

Related parties and connected charities

PVRI has no related parties or connected charities.

Risk management and internal control

Overall responsibility for risk management lies with the Board of Trustees. A Risk Register is in place and is reviewed by the Board twice a year. The Register identifies current and potential risks and sets out appropriate controls and mitigations.

In 2025, the main risks were cyber security and a lack of income diversity.

Cyber security risk is an unfortunate aspect of the operating environment for all UK charities, and PVRI is no different. In the light of high levels of cybercrime in the UK and globally, the trustees recognise the need for vigilance and good controls. To mitigate cyber risk, we have active systems backup and a support contract that includes system monitoring. Appropriate policies are in place, and mandatory cyber security training for staff was introduced in 2023. Cyber insurance is also in place, and this includes support for cyber incident management.

To mitigate risks associated with a reliance on relatively few funding streams, income is monitored via monthly management accounts and cash flow forecasts. Reserve funds are held to cover medium and longer-term income shortfalls, and the charity continues to pursue opportunities to diversify income streams.

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Administrative and legal information

Charity number 1127115 Company number 05780068 Registered office and 5-7 Tanner Street, London SE1 3LE operational address Trustees Professor Martin Wilkins Chair Mr Amit Khanna Hon. Treasurer (appointed 10 September 2025) Professor Paul A Corris Professor Paul Hassoun Professor Anna Hemnes Professor Anushka Patel Professor Werner Seeger (appointed 29 January 2025) Professor Charlotte Summers (appointed 19 March 2025) Chief Executive Officer & Company Secretary Ms Karen Osborn Honorary Positions President Feb 2024 – Jan 2026 Professor Anna Hemnes President Jan 2026 – Jan 2028 Professor Bradley Maron Auditors Godfrey Wilson Ltd 5[th] floor, Mariner House 62 Prince Street Bristol BS1 4QD Bankers HSBC Handelsbanken 9 Rose Lane St Andrew's House Canterbury Station Road East Kent CT1 2JP Canterbury Kent CT1 2BJ

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

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 of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

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Pulmonary Vascular Research Institute Trustees Report For the year ended 31 December 2025

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 15 June 2026 and signed on their behalf by

Prof Martin Wilkins Chair

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Independent auditors' report

To the members of

Pulmonary Vascular Research Institute

Opinion

We have audited the financial statements of Pulmonary Vascular Research Institute (the 'charity') for the year ended 31 December 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 the provisions available for small entities, in the circumstances set out in note 8 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity'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 of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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Independent auditors' report

To the members of

Pulmonary Vascular Research Institute

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

25

Independent auditors' report

To the members of

Pulmonary Vascular Research Institute

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to

address this risk. Our procedures included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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Independent auditors' report

To the members of

Pulmonary Vascular Research Institute

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

Use of our report

This report is made solely to the charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs 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 charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 15 June 2026

Dougal Howard ACA (Senior Statutory Auditor)

For and on behalf of: GODFREY WILSON LIMITED Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

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Pulmonary Vascular Research Institute

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2025

Restricted
Note
£
Income from:
Donations
3
-
Charitable activities
4
-
Other trading activities
5
-
Investments
-
Total income
-
Expenditure on:
Raising funds
-
Charitable activities
22,027
Total expenditure
6
22,027
8
(22,027)
Reconciliation of funds:
Total funds brought forward
252,989
Total funds carried forward
230,962
Net income / (expenditure) and
movement in funds		 Unrestricted
£
263,225
553,276
107,028
41,826
965,355
9,502
1,058,496
1,067,998
(102,643)
2,033,906
1,931,263		 2025
2024
Total
Total
£
£
263,225
261,636
553,276
218,980
107,028
71,934
41,826
58,201
965,355
610,751
9,502
11,845
1,080,523
512,703
1,090,025
524,548
(124,670)
86,203
2,286,895
2,200,692
2,162,225
2,286,895

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 16 to the accounts.

28

Pulmonary Vascular Research Institute

Balance sheet

As at 31 December 2025

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
13
Net current assets
Net assets
15
Funds
16
Restricted funds
Designated funds
Unrestricted funds
Total charity funds		 £
298,652
2,391,062
2,689,714
(569,113)		 2025
£
41,624
2,120,601
2,162,225
230,962
69,549
1,861,714
2,162,225		 2024
£
54,935
517,482
2,027,485
2,544,967
(313,007)
2,231,960
2,286,895
252,989
69,549
1,964,357
2,286,895

Total charity funds

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 15 June 2026 and signed on their behalf by

Professor M Wilkins Chair

29

Pulmonary Vascular Research Institute

Statement of cash flows

For the year ended 31 December 2025

Cash flows from operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
Interest from investments
Decrease / (increase) in debtors
Increase in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Interest from investments
Purchase of tangible fixed assets
Net cash provided by investing activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2025
£
(124,670)
13,311
-
(41,826)
218,830
256,106
321,751
41,826
-
41,826
363,577
2,027,485
2,391,062		 2024
£
86,203
9,238
1,280
(58,201)
(274,065)
237,062
1,517
58,201
(30,492)
27,709
29,226
1,998,259
2,027,485

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

30

Pulmonary Vascular Research Institute

Notes to the financial statements

For the year ended 31 December 2025

1. Accounting policies

a) Basis of preparation

Pulmonary Vascular Research Institute is a charitable company limited by guarantee registered in England and Wales. The registered office address is 5-7 Tanner Street, London, SE1 3LE.

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

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

The Charity's functional and presentational currency is Pounds Sterling. The Charity's financial statements are presented to the nearest pound.

b) Going concern basis of accounting

The Charity's main source of income is from its charitable objectives being the receipt of donations and grants, as well as running scientific meetings.

In order to meet its day to day working capital requirements the Charity is dependent upon these donations and grants, the nature of which can have considerable unpredictable variation in the timing of cash inflows. Work is continuing on diversifying income.

After making enquires, the Trustees have a reasonable expectation that the Charity will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity 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 provision of services is deferred until criteria for income recognition are met.

d) 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.

e) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

31

Pulmonary Vascular Research Institute

Notes to the financial statements

For the year ended 31 December 2025

1. Accounting policies (continued)

f) Expenditure and irrecoverable VAT

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

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

g) Grants payable

Grants which have been authorised and paid are included as expenditure in the Statement of Financial Activities. Grants which have been authorised but not yet paid are accrued in the balance sheet and are included within creditors falling due within one year or after one year (as appropriate).

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated in full to expenditure on charitable activities.

i) Tangible fixed assets

Tangible fixed assets costing £1,000 or more are capitalised. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Assets under construction are not depreciated until the asset is completed.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Office equipment 3 years straight line
Computer equipment 3 years straight line
Website 5 years straight line

j) Debtors

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

k) 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 deposit or similar account.

l) Creditors

Creditors and provisions 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 measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

32

Pulmonary Vascular Research Institute

Notes to the financial statements

For the year ended 31 December 2025

1. Accounting policies (continued)

m) Financial instruments

The charitable company 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 with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

n) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

o) Foreign currency transactions

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of financial activities incorporating income and expenditure account.

p) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Aside from going concern set out above, there have been no other key estimates or judgements required in determining the carrying value of assets and liabilities.

33

Pulmonary Vascular Research Institute

Notes to the financial statements

For the year ended 31 December 2025

2. Prior period comparatives: statement of financial activities

Restricted
£
£
Income from:
Donations
-
261,636
Charitable activities
-
218,980
Other trading activities
-
71,934
Investments
-
58,201
Total income
-
610,751
Expenditure on:
Raising funds
-
11,845
Charitable activities
40,239
472,464
Total expenditure
40,239
484,309
Net income / (expenditure)
(40,239)
126,442
Transfer between funds
(292,704)
292,704
Net movement in funds
(332,943)
419,146
3. Income from donations
2025
Total
£
Donations
263,225
All income from donations in the current and prior year was unrestricted.
4. Income from charitable activities
Unrestricted		 2024
Total
£
261,636
218,980
71,934
58,201
610,751
11,845
512,703
524,548
86,203
-
86,203
2024
Total
£
261,636
Registration fees for scientific meetings
PC Journal
Membership income
Total income from charitable activities		 2025
Total
£
334,339
178,381
40,556
553,276		 2024
Total
£
9,235
178,499
31,246
218,980

All income from charitable activities in the current and prior year was unrestricted.

34

Pulmonary Vascular Research Institute

Notes to the financial statements

For the year ended 31 December 2025

5. Income from other trading activities

Sponsorship 2025
Total
£
107,028		 2024
Total
£
71,934

All income from other trading activities in the current and prior year was unrestricted.

35

Pulmonary Vascular Research Institute

Notes to the financial statements

For the year ended 31 December 2025

6. Total expenditure

Total expenditure
Staff costs (note 9)
Depreciation
Audit fees
Other accountancy fees
Telephone, computer and
internet charges
Office rent, service charges and
office costs
Legal and professional fees
Business consultancy
Staff training
Staff recruitment
Travelling and accommodation
Advertising and marketing
Insurance
Bank charges
Exchange rate variance
Journal costs
Scientific meetings
Grants (note 7)
Sub-total
Allocation of support and
governance costs
Total expenditure		 Raising
funds
£
6,823
301
-
226
614
835
458
-
-
-
-
-
143
102
-
-
-
-
9,502
-
9,502		 Charitable
activities
£
243,795
10,759
-
8,076
21,928
29,850
16,366
8,735
2,403
1,551
17,580
6,106
5,093
10,018
150,582
9,281
457,974
1,438
1,001,535
78,988
1,080,523		 Support
costs
£
37,648
1,661
-
1,247
3,386
4,609
2,526
-
-
-
109
-
787
564
-
-
-
-
52,537
(52,537)
-		 Governance
costs
£
13,363
590
7,841
443
1,202
1,636
897
-
-
-
-
-
279
200
-
-
-
-
26,451
(26,451)
-		 2025 Total
£
301,629
13,311
7,841
9,992
27,130
36,930
20,247
8,735
2,403
1,551
17,689
6,106
6,302
10,884
150,582
9,281
457,974
1,438
1,090,025
-
1,090,025

36

Pulmonary Vascular Research Institute

Notes to the financial statements

For the year ended 31 December 2025

6. Total expenditure

Prior period comparative
Staff costs (note 9)
Depreciation
Audit fees
Other accountancy fees
Telephone, computer and
internet charges
Office rent, service charges and
office costs
Legal and professional fees
Business consultancy
Staff training
Staff recruitment
Travelling and accommodation
Advertising and marketing
Insurance
Bank charges
Exchange rate variance
Journal costs
Scientific meetings
Grants (note 7)
Loss on disposal
Sub-total
Allocation of support and
governance costs
Total expenditure		 Raising
funds
£
8,061
246
-
270
823
1,040
1,024
-
-
-
-
-
174
173
-
-
-
-
34
11,845
-
11,845		 Charitable
activities
£
238,207
7,203
-
7,883
24,047
30,409
30,932
13,590
6,538
1,071
10,506
11,160
5,084
5,067
(22,151)
8,866
28,180
10,970
998
418,560
94,143
512,703		 Support
costs
£
36,098
1,104
-
1,208
3,684
4,658
4,585
-
-
-
-
-
779
776
-
-
-
-
153
53,045
(53,045)
-		 Governance
costs
£
22,394
685
8,190
749
2,285
2,890
2,845
-
-
-
-
-
483
482
-
-
-
-
95
41,098
(41,098)
-		 2024 Total
£
304,760
9,238
8,190
10,110
30,839
38,997
39,386
13,590
6,538
1,071
10,506
11,160
6,520
6,498
(22,151)
8,866
28,180
10,970
1,280
524,548
-
524,548

37

Pulmonary Vascular Research Institute

Notes to the financial statements

For the year ended 31 December 2025

7. Grants payable

Total grants committed to during the year were as follows:

Education and Travel Awards
Universitat Zurich
Total grants to institutions
Grants to individuals		 2025
No.
-
-
4
4		 2025
£
-
-
1,438
1,438		 2024
No.
1
1
8
9		 2024
£
5,040
5,040
5,930
10,970

No support costs were allocated to grant making activities as minimal time was spent by staff.

8. Net movement in funds

This is stated after charging:

2025 2024
£ £
Depreciation 13,311 9,238
Operating lease payments 36,654 38,853
Trustees' remuneration Nil Nil
Trustees' reimbursed expenses 13,686 12,948
Exchange rate variance 150,582 (22,151)
Auditors' remuneration (excluding VAT):
Statutory audit 7,050 6,825
Other services 414 511

During the year, 6 Trustees received reimbursement of expenses incurred attending meetings in the UK, Europe and USA totalling £13,686 (2024 - 6 Trustees received reimbursement of expenses totalling £12,948).

In common with other charities of our size and nature, our auditors have provided payroll services to the charity during the year.

38

Pulmonary Vascular Research Institute

Notes to the financial statements

For the year ended 31 December 2025

9. Staff costs and numbers

Staff costs were as follows:

Wages and salaries
Social security costs
Defined contribution pension schemes		 2025
£
264,834
23,553
13,242
301,629		 2024
£
266,992
24,418
13,350
304,760

The key management personnel of the charitable company comprise the Trustees and CEO. During the year, the total amount of employees benefits received by key management personnel for their services to the Charity were £99,239 (2024: £96,636).

Average head count
In the band £80,001 - £90,000		 2025
No.
6
2025
No.
1		 2024
No.
6
2024
No.
1

10. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11. Tangible fixed assets

Cost
At 1 January 2025
At 31 December 2025
Depreciation
At 1 January 2025
Charge for the year
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024		 Computer
equipment
£
6,590
6,590
4,788
1,280
6,068
522
1,802		 Website
£
60,152
60,152
7,019
12,031
19,050
41,102
53,133		 Total
£
66,742
66,742
11,807
13,311
25,118
41,624
54,935

39

Pulmonary Vascular Research Institute

Notes to the financial statements

For the year ended 31 December 2025

12. Debtors

Trade debtors
Prepayments
Accrued income
Creditors : amounts due within 1 year
Trade creditors
Accruals
Other taxation and social security
Deferred income (see note 14)
Funds held on behalf of other organisations (see note 19)
Deferred income
At 1 January
Deferred during the year
Released during the year
At 31 December		 2025
£
66,396
88,240
144,016
298,652
2025
£
7,521
13,372
10,281
500,405
37,534
569,113
2025
£
292,413
500,405
(292,413)
500,405		 2024
£
-
311,802
205,680
517,482
2024
£
4,523
9,574
6,497
292,413
-
313,007
2024
£
48,854
292,413
(48,854)
292,413

13. Creditors : amounts due within 1 year

14. Deferred income

Deferred income relates to sponsorship, individual memberships and event attendee income.

40

Pulmonary Vascular Research Institute

Notes to the financial statements

For the year ended 31 December 2025

15. Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 December 2024
Net assets at 31 December 2025		 £
-
230,962
-
230,962
£
-
254,746
(1,757)
252,989
Restricted
funds
Restricted
funds		 £
-
69,549
-
69,549
£
-
69,549
-
69,549
Designated
funds
Designated
funds		 £
41,624
2,389,203
(569,113)
1,861,714
£
54,935
2,220,672
(311,250)
1,964,357
General
funds
General
funds		 Total funds
£
41,624
2,689,714
(569,113)
2,162,225
Total
funds
£
54,935
2,544,967
(313,007)
2,286,895

41

Pulmonary Vascular Research Institute

Notes to the financial statements

For the year ended 31 December 2025

16. Movements in funds

Restricted funds
Pulmonary Circulation Journal
Total restricted funds
Designated funds:
Rupert Swift Award fund
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 1
January
2025
£
252,989
252,989
69,549
69,549
1,964,357
2,033,906
2,286,895		 Income
£
-
-
-
-
965,355
965,355
965,355		 £
(22,027)
(22,027)
-
-
(1,067,998)
(1,067,998)
(1,090,025)
Expenditure		 Transfers
£
-
-
-
-
-
-
-		 At 31
December
2025
£
230,962
230,962
69,549
69,549
1,861,714
1,931,263
2,162,225

Purposes of restricted funds

Pulmonary Circulation Journal

This fund comprises grants from the CMREF to support the academic journal towards financial sustainability.

Purposes of designated funds

The Rupert Swift Award Fund has been designated by the Trustees as the income represents money received by Pulmonary Vascular Research Institute in memory of Rupert Swift. The fund will be used to establish an ongoing annual award for a young and upcoming researcher to present a lecture at the Annual Congress in Rupert's memory.

42

Pulmonary Vascular Research Institute

Notes to the financial statements

For the year ended 31 December 2025

16. Movements in funds (continued) Prior period comparative

Restricted funds
e-learning
Pulmonary Circulation Journal
WHO-PVRI Symposium
PVRI India
Total restricted funds
Designated funds:
Rupert Swift Award fund
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 1
January
2024
£
2,571
289,259
168,912
125,190
585,932
54,195
54,195
1,560,565
1,614,760
2,200,692		 Income
£
-
-
-
-
-
17,366
17,366
593,385
610,751
610,751		 Expenditure
£
(2,571)
(36,270)
-
(1,398)
(40,239)
(2,012)
(2,012)
(482,297)
(484,309)
(524,548)		 £
-
-
(168,912)
(123,792)
(292,704)
-
-
292,704
292,704
-
Transfers		 At 31
December
2024
£
-
252,989
-
-
252,989
69,549
69,549
1,964,357
2,033,906
2,286,895

17. Operating lease commitments

The charity had operating leases at the year end with total future minimum lease payments as follows:

Amount falling due:
Within 1 year		 2025
£
6,257		 2024
£
6,132

18. Related party transactions

The daughter of a trustee is employed by the charity and received total employee benefits in the year amounting to £37,760 (2024: £36,523).

19. Funds held on behalf of other organisations

During the year, the charity acted as custodian of funds of CMREF. An analysis of the funds received and paid by the charity is given below. Funds held at year end are detailed in the creditors note (note 13).

Funds held at Funds held at
1 January Funds 31 December
2025 received Funds paid 2025
£ £ £ £
CMREF - 37,534 - 37,534

43