Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C Company registration number: 06561294 Charity number: 1130823 TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## CONTENTS ||Page| |---|---| |**Reference and administrative details of the Charity, its Trustees and advisers**|1| |**Trustees' report**|2 - 5| |**Independent auditors' report on the financial statements**|6 - 9| |**Consolidated statement of financial activities**|10| |**Consolidated balance sheet**|11| |**Charity balance sheet**|12| |**Consolidated statement of cash flows**|13| |**Notes to the financial statements**|14 - 27| Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2025 ## **Trustees** Timothy John Regan (resigned 30 November 2024) Professor Otavio Berwanger Da Silva Professor Alankar Anushka Patel Justin Ooi (appointed 30 November 2024) **Company registered number** 06561294 **Charity registered number** 1130823 **Registered office** Magna House 18-32 London Road Staines-Upon-Thames Surrey TW18 4BP **Executive Director** Professor Otavio Berwanger Da Silva **Independent auditors** Menzies LLP Chartered Accountants Statutory Auditor Magna House 18-32 London Road Staines-Upon-Thames Surrey TW18 4BP Page 1 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2025 The Trustees present their annual report together with the audited financial statements of The George Institute for Global Health (UK) for the year 1 July 2024 to 30 June 2025. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). Since the Charity qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. ## **Reference and administrative details** Reference and administrative details are shown in the schedule of officers and professional advisers on page 1 of the financial statements. ## **Policies and objectives** The charity's objectives are the advancement of education and the preservation and protection of the good health of the public. The charity’s short and long-term objectives are focused on: - improving the health of disadvantaged populations worldwide. - better management of common chronic and critical conditions. - innovation to ensure the sustainability of healthcare services; and - new approaches to managing injury, frailty and disability across the globe. This is achieved by undertaking clinical, epidemiological and health systems research, especially focused on reducing the burden of chronic diseases and injuries. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. ## **Achievements and performance** The charity continued to operate and incurred various costs in relation to the following principal activities that contributed to the objectives: - The gaining of peer-reviewed research grants in the UK and global funding bodies; - To attract and retain academic talent and to expand local support from corporate services; - The conduct of high-impact research on chronic diseases (such as cardiometabolic conditions, multimorbidity and kidney disease), women’s health, and injury. The main types of studies conducted included health systems research, clinical trials and observational studies; - The publication of scientific papers in prestigious peer-reviewed journals such as The Lancet, British Medical Journal (BMJ), New England Journal of Medicine, Nature, Journal of the American Medical Association (JAMA), among others; and presentation of research findings in major international scientific conferences; - Efforts to ensure the translation of research findings into clinical guidelines, policies from governments and healthcare authorities and clinical practice; - To expand the involvement of patient and public (including underserved communities) in our research; - • To establish the new national and international academic partnerships. Performance indicators include the following financial and non-financial targets: - The number and value of peer-reviewed research grants; - The number of scientific papers in prestige peer-reviewed journals; - The growth in revenue of clinical, epidemiological and health system research; and - Financial sustainability as measured by the value of surplus, cash, net current assets and total net asset. Page 2 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 ## **Financial review** ## **Operations** The George institute reported total consolidated revenue of £2,935,520 (2024: £2,401,464). This represents an increase in unrestricted income of £713,575 (2024: £1,210,342) received from the charity’s parent company to fund operations. It includes restricted grant income of £106,352 (2024: £283,321) and non-charitable trading activities from George Partners of £21,395 (2024: £23,945). Residual activities carried out by the charity’s trading subsidiary George Partners Limited have now been transferred to the charity and George Partners has been made dormant as of the 30th of June 2025. Total consolidated expenditure for the year was £2,644,793 (2024: £2,395,469). The net result for the group was a surplus of £290,727 (30 June 2024: £5,995). Net group assets at year-end were £422,176. The principal risks and uncertainties facing the charity and its undertakings, as identified by the charity trustees, include the following: - The inability to deliver pivotal research; - The inability to attract and retain world class researchers; - The inability to source adequate funding; and - The inability to incorporate research findings into public policy and practice A risk mitigation strategy has been designed for each of the strategic risks above which includes: - Recruiting world class researchers who are experts in chronic diseases and injury; - Providing competitive salaries and flexible working conditions; - Applying for diversified funding sources in the UK and globally; and - Establishing an Impact & Engagement team who advocate and promote the research findings. ## **Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future given the support of the parent organisation. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. ## **Reserves policy** At the year end the group had total funds of £422,176 which were unrestricted. The charity had unrestricted reserves at year end of £422,175 and is dependent on the support of its parent charity. Consideration will however be given to establishing a reserves policy appropriate to the charity’s future activities. ## **Structure, governance and management** The charity is established as a company limited by guarantee and is governed by the Memorandum and Articles of Association as revised dated 21 September 2011. It is under the control of the Board of Trustees. New Trustees are appointed by the Board of Trustees. Page 3 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 ## **The trustees** The trustees who served the company during the period were as follows: - T J Regan (resigned 30 November 2024) - Professor A A Patel - Professor O Berwanger Da Silva - Justin Ooi (appointed 30 November 2024) The general aims and objectives of the charity are set by the trustees and then implemented by the charity’s paid staff. The charity is lead by an Executive Director who in turn reports to the CEO of parent entity, The George Institute for Global Health. New Trustees are already Trustees or employees of the global group and have a thorough understanding of the group’s operations. The Trustees attend regular executive meetings and are members of the global Executive Leadership Team. Salaries are set by reference to benchmarks for employees carrying out similar roles within the medical research community. Input is received form the Global Chief People Officer and Imperial College London. The charity works closely with its parent organisation, The George Institute in Australia, and represents the activity of the group in the UK. The charity also works closely in collaboration with Imperial College, London who the charity has an academic affiliation with. ## **Plans for future periods** The charity is aiming to grow its activities in the UK and its association with Imperial College, London. It is actively seeking to increase its grant funding from third parties and to expand its areas of research activities in the UK and globally. The charity will be the sole vehicle for growing the global organisation’s activities in the UK in its endeavour to achieve its mission of “improving the health of millions worldwide”. ## **Statement of Trustees' responsibilities** The Trustees (who are also the 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 (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgements and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 4 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 ## **Disclosure of information to auditors** Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. ## **Auditors** Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. ## **Small companies note** In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Approved by order of the members of the board of Trustees and signed on their behalf by: ................................................ **Justin Ooi** Trustee Date: 02-Oct-2025 Page 5 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## INDEPEDENT AUDITORS' REPORT TO THE MEMBERS OF THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## **Opinion** We have audited the financial statements of The George Institute for Global Health (UK) (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 30 June 2025 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 (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the 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 of the Trustees with respect to going concern are described in the relevant sections of this report. Page 6 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) (CONTINUED) ## **Other information** The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinion on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements. - the Trustees' report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: - the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or - the parent charitable company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of Trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report. ## **Responsibilities of trustees** As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Page 7 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) (CONTINUED) ## **Auditors' responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - The charitable company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including FRS 102, Charities SORP, Companies Act 2006, Charities Act 2011 and employment law. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. - The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. - We understood how the charitable company is complying with those legal and regulatory frameworks by, making inquiries of management and those responsible for legal and compliance procedures. We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas; management override of controls to manipulate results, or to cause the charitable company to enter into transactions not in its best interests. Audit procedures performed by the engagement team included: - Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; - Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and - Reviewing all transactions accounted for during the year. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 8 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) (CONTINUED) ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Janice Matthews FCA (Senior Statutory Auditor)** for and on behalf of **Menzies LLP** Chartered Accountants Statutory Auditor Magna House 18-32 London Road Staines-Upon-Thames Surrey TW18 4BP Date: 02-Oct-2025 Page 9 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2025 |**Note**
**Income from:**
Donations and legacies
3
Other trading activities
4
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
6
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2025**
**£**
**2,807,773**
**21,395**
**2,829,168**
**19,662**
**2,518,779**
**2,538,441**
**290,727**
**131,448**
**290,727**
**422,175**|**Restricted**
**funds**
**2025**
**£**
**106,352**
**-**
**106,352**
**-**
**106,352**
**106,352**
**-**
**-**
**-**
**-**|**Total**
**funds**
**2025**
**£**
**2,914,125**
**21,395**
**2,935,520**
**19,662**
**2,625,131**
**2,644,793**
**290,727**
**131,449**
**290,727**
**422,175**|_Total_
_funds_
_2024_
_£_
_2,377,519_
_23,945_| |---|---|---|---|---| |||||_2,401,464_| |||||_17,950_
_2,377,519_| |||||_2,395,469_| |||||_5,995_| |||||_125,454_
_5,995_| |||||_131,449_| Page 10 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) REGISTERED NUMBER: 06561294 ## CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2025 |**Note**
Tangible assets
11
**Current assets**
Debtors
13
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one year
14
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Restricted funds
15
Unrestricted funds
15
**Total funds**|**527,893**
**62,847**
**590,740**
**(185,204)**|**2025**
**£**
**16,640**
**16,640**
**405,536**
**422,176**
**422,176**
**-**
**422,176**
**422,176**|_242,018_
_101,215_
_343,233_
_(211,784)_|_2024_
_£_
_-_| |---|---|---|---|---| |||||_-_
_131,449_| |||||_131,449_| |||||| |||||_131,449_| |||||_-_
_131,449_| |||||| |||||_131,449_| The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: ................................................ **Justin Ooi** Trustee 02-Oct-2025 Date: The notes on pages 14 to 27 form part of these financial statements. Page 11 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) REGISTERED NUMBER: 06561294 ## CHARITY STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025 |**Note**
**Fixed assets**
Tangible assets
11
Investments
12
**Current assets**
Debtors
13
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one year
14
**Net current assets / liabilites**
**Total assets less current liabilities**
**Net assets / liabilites excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
15
Unrestricted funds
15
**Total funds**|**522,342**
**62,847**
**585,189**
**(179,655)**|**2025**
**£**
**16,640**
**1**
**16,641**
**405,534**
**422,175**
**422,175**
**422,175**
**-**
**422,175**
**422,175**|_202,207_
_40,158_
_242,365_
_(254,030)_|_2024_
_£_
_-_
_1_
_1_
_(11,665)_
_(11,664)_
_(11,664)_
_(11,664)_
_-_
_(11,664)_
_(11,664)_| |---|---|---|---|---| The Charity's net movement in funds for the year was _£_ 288,994 _(2024 - £NIL)_ . The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: ## ................................................ ## **Justin Ooi** ## Date: 02-Oct-2025 The notes on pages 14 to 27 form part of these financial statements. Page 12 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025 |**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
**Net cash (used in)/provided by investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 14 to 27 form part of these financial statements|**2025**
**£**
**(19,663)**
**(18,705)**
**(18,705)**
**-**
**(38,368)**
**101,215**
**62,847**|_2024_
_£_
_88,284_| |---|---|---| |||_-_| |||**-**| |||| |||**-**| |||**88,284**
_12,931_| |||| |||_101,215_| |||| Page 13 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ## **1. General information** The George Institute for Global Health (UK) is a private charitable company limited by guarantee incorporated in England and Wales, registered number 06561294. Details of its principle activities and registered office are set out in the reference and administration details in the Trustees' Report on pages 1 and 2. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standards applicable in the UK and Ireland (FRS 102) and the Companies Act 2006. The Charity 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. The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. ## **2.2 Going concern** The Trustees have received assurances that the Parent Charity will continue to support the UK Charity to enable it to pay its costs as these arise for at least twelve months from the date of approval of these financial statements and for the foreseeable future. These accounts are accordingly prepared on the Going Concern basis. ## **2.3 Income** All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Page 14 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ## **2. Accounting policies (continued)** ## **2.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. ## **2.5 Tangible fixed assets and depreciation** Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, . Depreciation is provided on the following basis: Office equipment - 33% ## **2.6 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities. Investments in subsidiaries are valued at cost less provision for impairment. ## **2.7 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. ## **2.8 Operating leases** Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight-line basis over the lease term. Page 15 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ## **2. Accounting policies (continued)** ## **2.9 Pensions** The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. ## **2.10 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Page 16 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ## **3. Income from donations and legacies** |Grants
_Total 2024_|**Unrestricted**
**funds**
**2025**
**£**
2,807,773
_2,094,198_|**Restricted**
**funds**
**2025**
**£**
106,352
_283,321_|**Total**
**funds**
**2025**
**£**
**2,914,125**
_2,377,519_|_Total_
_funds_
_2024_
_£_
_2,377,519_| |---|---|---|---|---| |||||| ## **4. Income from other trading activities** ## **Income from non charitable trading activities** ||**Unrestricted**|**Total**|_Total_| |---|---|---|---| ||**funds**|**funds**|_funds_| ||**2025**|**2025**|_2024_| ||**£**|**£**|_£_| |Sales|21,395|**21,395**|_23,945_| **5. Expenditure on raising funds** ## **Other trading expenses** |Subsidiary company administration expenses
Interest payable|**Unrestricted**
**funds**
**2025**
**£**
15,577
4,085
19,662|**Total**
**funds**
**2025**
**£**
**15,577**
**4,085**
**19,662**|_Total_
_funds_
_2024_
_£_
_17,950_
_-_| |---|---|---|---| ||||_17,950_| Page 17 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 **6. Analysis of expenditure on charitable activities** - **Summary by fund type** |Medical Research
_Total 2024_
**Analysis of expenditure by activities**
Medical Research|**Unrestricted**
**funds**
**2025**
**£**
2,518,779
_2,136,876_|**Restricted**
**funds**
**2025**
**£**
106,352
_240,643_
**Support**
**costs**
**2025**
**£**
2,625,131|**Total**
**2025**
**£**
**2,625,131**
_2,377,519_
**Total**
**funds**
**2025**
**£**
**2,625,131**|_Total_
_2024_
_£_
_2,377,519_| |---|---|---|---|---| |||||_Total_
_funds_
_2024_
_£_
_2,377,519_| ## **7. Analysis of expenditure by activities** Page 18 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ## **7. Analysis of expenditure by activities (continued)** ## **Analysis of support costs** |**Medical**
**Research**
**2025**
**£**
Staff costs
1,847,740
Depreciation
2,065
Recruitment costs
38,308
Staff training
27,110
Insurance
2,961
IT costs
18,987
Consultancy fees
126,146
Bank charges
2,320
Conference costs
32,888
Payroll and filing fees
11,018
Rent
242,304
Repair & Maintenance
-
Subscriptions & Memberships
16,448
Other costs
2,448
Accommodation and travel
152,632
Entertainment
17,036
Professional fees
48,534
Apprenticeship levy
1,082
Staff welfare and temporary contracts
3,234
Intercompany expense
10,030
Office consumables
8,026
Project consultant fees
7,505
Bad debts
6,309
2,625,131
**8.**
**Auditors' remuneration**
Fees payable to the Charity's auditor for the audit of the Charity's annual accounts
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above|**Total**
**funds**
**2025**
**£**
**1,847,740**
**2,065**
**38,308**
**27,110**
**2,961**
**18,987**
**126,146**
**2,320**
**32,888**
**11,018**
**242,304**
**-**
**16,448**
**2,448**
**152,632**
**17,036**
**48,534**
**1,082**
**3,234**
**10,030**
**8,026**
**7,505**
**6,309**
**2,625,131**
**2025**
**£**
**13,860**
**6,000**|_Total_
_funds_
_2024_
_£_
_1,680,783_
_-_
_16,745_
_36,310_
_1,743_
_25,633_
_206,949_
_3,353_
_716_
_5,520_
_254,433_
_1,986_
_2,465_
_3,321_
_93,784_
_2,118_
_40,772_
_888_
_-_
_-_
_-_
_-_
_-_| |---|---|---| |||_2,377,519_| |||_2024_
_£_
_10,350_
_5,750_| Page 19 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ## **9. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes|**Group**
**2025**
**£**
**1,465,896**
**173,706**
**208,138**
**1,847,740**|_Group_
_2024_
_£_
_1,343,203_
_156,586_
_180,994_
_1,680,783_|**Charity**
**2025**
**£**
**1,465,896**
**173,706**
**208,138**
**1,847,740**|_Charity_
_2024_
_£_
_1,343,203_
_156,586_
_180,994_| |---|---|---|---|---| |||||_1,680,783_| The average number of persons employed by the Charity during the year was as follows: |||**Group**|_Group_|**Charity**|_Charity_| |---|---|---|---|---|---| |||**2025**|_2024_|**2025**|_2024_| |||**No.**|_No._|**No.**|_No._| |Employees||**31**|_28_|**27**|_24_| |The number of employees whose employee benefits (excluding employer|||pension costs)|exceeded £60,000 was:|| |||||**Group**|_Group_| |||||**2025**|_2024_| |||||**No.**|_No._| |In the band £60,001 - £70,000||||**2**|_1_| |In the band £100,001 - £110,000||||**-**|_2_| |In the band £110,001 - £120,000||||**-**|_1_| |In the band £120,001 - £130,000||||**-**|_1_| |In the band £130,001 - £140,000||||**2**|_1_| Other than the salary of Professor Otavio Berwanger Da Silva for acting as Chief Executive (see below), the UK charity does not employ Key Management Personnel. Management services are provided to the UK charity by the Australian parent charity, for which no charge is made. Page 20 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ## **10. Trustees' remuneration and expenses** During the year, a Trustee has been paid remuneration from an employment with the Charity for their role as Chief Executive. This remuneration was permitted under the company's Articles. No amounts have been paid in respect of acting as a Trustee. The value of Trustees' remuneration and other benefits was as follows: ||||_As restated_| |---|---|---|---| |||**2025**|_2024_| |||**£**|_£_| |Professor Otavio Berwanger Da Silva|Remuneration|**121,350**|_104,301_| During the year ended 30 June 2025, expenses totalling _£_ 306 were reimbursed or paid directly to 1 Trustee _(2024 - £NIL to Trustee)_ . ## **11. Tangible fixed assets** ## **Group** |**Cost or valuation**
Additions
At 30 June 2025
**Depreciation**
Charge for the year
At 30 June 2025
**Net book value**
At 30 June 2025
_At 30 June 2024_|**Office**
**equipment**
**£**
**18,705**| |---|---| ||**18,705**| ||**2,065**| ||**2,065**| ||**16,640**| ||_-_| Page 21 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 |**11.**
**Tangible fixed assets (continued)**
**Charity**
**Cost or valuation**
Additions
At 30 June 2025
**Depreciation**
Charge for the year
At 30 June 2025
**Net book value**
At 30 June 2025
_At 30 June 2024_
**12.**
**Fixed asset investments**
**Charity**
**Cost or valuation**
At 1 July 2024
At 30 June 2025
**Net book value**
At 30 June 2025
_At 30 June 2024_|**Office**
**equipment**
**£**
**18,705**| |---|---| ||**18,705**| ||**2,065**| ||**2,065**| ||**16,640**| ||_-_| ||**Investments**
**in subsidiary**
**companies**
**£**
**1**| ||**1**| ||**1**| ||_1_| Page 22 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ## **13. Debtors** |**Due within one year**
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income|**Group**
**2025**
**£**
**4,217**
**415,883**
**58,926**
**48,867**
**527,893**|_Group_
_2024_
_£_
_6,900_
_121,690_
_-_
_113,428_
_242,018_|**Charity**
**2025**
**£**
**4,217**
**410,332**
**58,926**
**48,867**
**522,342**|_Charity_
_2024_
_£_
_6,900_
_81,879_
_-_
_113,428_| |---|---|---|---|---| |||||_202,207_| ## **14. Creditors: Amounts falling due within one year** |Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income|**Group**
**2025**
**£**
**12,137**
**11,100**
**42,753**
**22,194**
**97,020**
**185,204**|_Group_
_2024_
_£_
_39,484_
_-_
_71,195_
_19,068_
_82,037_
_211,784_|**Charity**
**2025**
**£**
**12,137**
**5,551**
**42,753**
**22,194**
**97,020**
**179,655**|_Charity_
_2024_
_£_
_39,484_
_87,917_
_39,219_
_19,068_
_68,342_| |---|---|---|---|---| |||||_254,030_| Page 23 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 |**15.**
**Statement of funds**
**Statement of funds - current year**
**Balance at 1**
**July 2024**
**£**
**Unrestricted funds**
General Funds
**(11,664)**
Reserves
**143,113**
**131,449**
**Restricted funds**
Wellcome Trust Grant
**-**
Coolburns 20 Project
**-**
CCSTML
**-**
**-**
**Total of funds**
**131,449**
**Statement of funds - prior year**
_Balance at_
_1 July 2023_
_£_
**Unrestricted funds**
General Funds
_(11,664)_
George Partners
_137,118_
_125,454_
**Restricted funds**
Swedish Government Grant
_-_
Wellcome Trust Grant
_-_
_-_
**Total of funds**
_125,454_|**Income**
**£**
**2,807,773**
**21,395**
**2,829,168**
**62,923**
**35,274**
**8,155**
**106,352**
**2,935,520**
_Income_
_£_
_2,094,198_
_23,945_
_2,118,143_
_128,456_
_154,865_
_283,321_
_2,401,464_|**Expenditure**
**£**
**(2,518,778)**
**(19,663)**
**(2,538,441)**
**(62,923)**
**(35,274)**
**(8,155)**
**(106,352)**
**(2,644,793)**
_Expenditure_
_£_
_(2,136,876)_
_(17,950)_
_(2,154,826)_
_(128,456)_
_(112,187)_
_(240,643)_
_(2,395,469)_|**Transfers**
**in/out**
**£**
**144,845**
**(144,845)**
**-**
**-**
**-**
**-**
**-**
**-**
_Transfers_
_in/out_
_£_
_42,678_
_-_
_42,678_
_-_
_(42,678)_
_(42,678)_
_-_|**Balance at 30**
**June 2025**
**£**
**422,176**
**-**
**422,176**
**-**
**-**
**-**
**-**
**422,176**
_Balance at_
_30 June 2024_
_£_
_(11,664)_
_143,113_
_131,449_
_-_
_-_
_-_
_131,449_| |---|---|---|---|---| Page 24 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ## **16. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |Tangible fixed assets
Current assets
Creditors due within one year
**Total**
**Analysis of net assets between funds - prior year**
Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2025**
**£**
16,640
585,190
(179,654)
422,176
_Unrestricted_
_funds_
_2024_
_£_
_343,233_
_(211,784)_
_131,449_|**Total**
**funds**
**2025**
**£**
**16,640**
**585,190**
**(179,654)**| |---|---|---| |||**422,176**| |||_Total_
_funds_
_2024_
_£_
_343,233_
_(211,784)_| |||_131,449_| ## **17. Reconciliation of net movement in funds to net cash flow from operating activities** |Net income for the year (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operating activities**|**Group**
**2025**
**£**
**290,727**
**2,065**
**(280,348)**
**(37,679)**
**(25,235)**|_Group_
_2024_
_£_
_5,995_| |---|---|---| |||_-_
_64,021_
_18,268_| |||| |||_88,284_| Page 25 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ## **18. Analysis of cash and cash equivalents** |Cash in hand
**Total cash and cash equivalents**|**Group**
**2025**
**£**
**62,847**
**62,847**|_Group_
_2024_
_£_
_101,215_| |---|---|---| |||| |||_101,215_| ## **19. Analysis of changes in net debt** |Cash at bank and in hand|**At 1 July**
**2024**
**£**
**101,215**
**101,215**|**Cash flows**
**£**
**(38,368)**
**(38,368)**|**At 30 June**
**2025**
**£**
**62,847**| |---|---|---|---| ||||**62,847**| ## **20. Operating lease commitments** At 30 June 2025 the Group and the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows: ||||**Charity**|_Charity_| |---|---|---|---|---| ||||**2025**|_2024_| ||||**£**|_£_| |Not later than|1|year|**52,872**|_51,084_| ## **21. Members' liability** Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £NIL for the debts and liabilities contracted before he/she ceases to be a member. ## **22. Related party transactions** At 30 June 2025 the charitable company owed £1 (2024: £87,917) to its subsidiary company George Partners Limited. During the year George Partners Limited incurred rechargable rental charges of £0 (2024: £75,585) on behalf of the company. At 30 June 2025 the charitable company was owed £399,523 (2024: £59,624) by its parent company The George Institute for Global Health (Australia) and £10,809 (2024 : £6,070) by George Medicines UK Limited, other members of the group headed by The George Institute for Global Health (Australia). Grant income of £2,420,708 (2024: £2,094,198) was payable by the The George Institute for Global Health (Australia) and £0 (2023: £20,889) to George Medicines UK Limited. Page 26 Docusign Envelope ID: 53DF6FD8-C720-4C09-8895-DC486F5F2CF0Docusign Envelope ID: 7716121F-1AB3-40DF-B877-A9F2B0BB951C ## THE GEORGE INSTITUTE FOR GLOBAL HEALTH (UK) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ## **23. Controlling party** The George Institute for Global Health (UK) is a subsidiary of The George Institute for Global Health, a charitable body registered in Australia, by virtue of the terms of the Articles of Association. The Australian Business Number (ABN) for The George Institute for Global Health is 90 085 953 331. The principle activity of The George Institute for Global Health is to undertake clinical, epidemiological and health systems research, especially focused on reducing the burden of chronic diseases and injuries. The smallest group for which consolidated financial statements are drawn up is The George Institute for Global Health. The address of the charity is Level 8, Health Translation Hub, 55 Botany Street, Randwick, NSW 2031, Australia. ## **24. Principal subsidiaries** The following was a subsidiary undertaking of the Charity: **Name Company Registered office or principal Principal activity number place of business** George Partners Limited 07277904 Magna House Medical research 18-32 London Road Staines-Upon-Thames TW18 4BP The financial results of the subsidiary for the year were: |**Name**|**Profit for the**|**Net assets**| |---|---|---| ||**year**|**£**| ||**£**|| |George Partners Limited|**1,732**|**1**| The company holds one ordinary share being 100% of the issued share capital of George Partners Limited. Page 27