Charity nunknr. 1134579 Company number. 07156S33 (England and Wales) THE FOUNDATION FOR LNER RESEARCH (a company Ilmltsd by guarantee) REPORT ANDACCOUNTS YEAR ENDED 30 JUNE 2025 THE FOUNDATION FOR LIVER RESEARCH CONTEMtS Year ond￿ 30 Jun• 2025 Pagq G#n6ral iifom*on Report of the Tnjsteas Independent auditofs rewrt 10 Consofidatsd Statom6nt of Finaneial AL*v¢t(¢s (including an In￿me & ExFendliure Account) 14 Consolidated and Company Ba1￿ce Sheets 16 Consc4idatsd Statoment of Cashflowg 17 Notes to the ffnanclal st*monts 18 THE FOUNDATION FOR LIVER RESEARCH GENERAL INFORAIATION Year end•d 30 JUM 2025 Charlty number 1134579 Company number 07156633 {England and lfytslesl AddrMs Instiiute of Hepatology 111 Coldharbour Lane London SE5 9 Website www.liver-research.org.uk Trustees Sir Jeremy Elwes GBE {resigned 27 June 20251 Col Hamon Massey {Chairm8nl ProfA]an McGregor Prof Sir lan Gllmore Mr &mon Walnwrlght Mr Charles Hopklnson-woollgy Prof Rebecca Fitzgerald FRS Prof Christopher Day Mrs Anna Bennett (appointed 1 Nov 2024) Mr lan Purvis (appointed 3 April 2025) 8 Rebecca Jonesloppoinled 27 June 2025) Bank•rJ Nabonal Westminslor Bank plc PO B¢7x 4NU 1 Cavendish Square London W1A 4NU HSBC Bank 421 Brixlon Ro*J London SW9 8HE Carntffldge & Counties Bank Chamwood Court 5B New Walk Le￿ester LE16TE SollcTtors Pitrnans LLP 46 TheAvenuB SoullHnpton S017 1AX Audltors Caton Fry & Co Ltd 7 The Shrubkrtes, South ￿kndfOrd, London E18 1BD Inv•stm•nl advl8or8 James Hambro & Partners 45 P811 Mall London SW1Y 5JG Koy management team Dlrector Chief Operallng Oltsr Chief Operating Olknr Professor Phlllp Newsome Mf Jam•s Poynton IresNJned 1 November 21Y25) Mr Ben PrasadarTr•Halls lappolnted 2 March 2026) THE FOUNDATION FOR LIVER RESEARCH REPORT OF THE TRUSTEES IINCLUDING DIRECTORS REPORri For th• y•ar •nded 30 Jun• 2025 The Trustees of the Foundallon for Llver R8888rch Ith8 FoundaUon} 9Utthitthelr report8nd audtted atxounts forth• year ended 30 June 2025 whith are also pTrparèd to m88tth8 r8qLnf8m&*s for a dlrectors, report a￿vunts for ComparMe8 Act purposes. The finandal ststgments have be8n ptepared in a￿ordance with the accounting policN?$ sel out on ￿geS 18 to 21 and eompty with the IAemorandvm and of Assoaation, the Companles Act 2006 and 'Attounting and reporbng by Chariti￿.. Statement of Recommend Practice appllcable to charities preparing their accounts In occordance wth the Financial Reporting Standard applicable in tha UK and RepuNlc of IrelarKI IFRS1021' 18$ am8nded ts accounting period comrnerring 1 January 2019). The report and aud6ted a￿untS encompass the acllvities of the p8rent charty'the Foundalion. alongs1é91ts subsidiary undertakir&s Icollecbvety r8ferr8d to as Ihe Groupl.. Publlc B•n8fft At some polnt durfngthelrlKe, in ten paoplewin have a problem with thelrllver. In the uKthe￿ are 8pproxlm&tsly 5.000 dèaths each y¢¥r from arrhosis and thronic livw dls•as•, a figure which is steadity increasing, and INer disease 58 one ofthe top ten causas of 4Jeafh in the Westem worfd. The Trust0￿ b8ligvo that by funding srAentific reseaTch irrto Ilver disea80 at the Instthte, the Foundation fulfilg its missionto extend and davelop knowlgjge ofthe humon liver and the Vari¢￿8V￿aYS in wFich itmay become (Hseased. In doirKJ so tlw consthr th* IhB Foundauon Is contribuling to the development of new mfjthods of thagnosis aTr tr8atmentvJhich wll ￿tiMete￿ be to the b￿effi1 of everyone affected by liver di8ea3e. Thg FourKlation's ¢￿WOrk￿th the British LNer Tru$t to raise public awareness of liver dlsèase and advocate ftir Improvern￿ts In patlènt car• is supplomentary to the ￿re mission of research, contributing to WKler public benefit. As the fyvo l•adlng Ilver chariti.es In the UK though wilh very drflerent remits, the charities are committed to a Stronger Togather approach In support of Improving care and treatrnent for peop18 In the UK 8rfected by IDier disease. The Trustees have pold dua regard to the guidan￿ issued by the Charity Commi88Ten on pubk benefit decpjlng what acbvlles the charty should undertak History and Background The FouTrJalion for Liver Research w88 established under a TN8t De&1 dated 7 August 1974 a misslon to develop and oxtend research into the human liver and its disease5 and lo enhance Fnedical research g￿erally. Inltlally the Foundalknn supported rwJ&areh carried oui by Proféssor Roger Wlliarrts and his team at lfjng'$ College HospHal arKJ In 1954, the Trusteès enter8d into 8n arfan9ement wth Unlversity College London to eBtstAish a new Institute of Hepatology on the Universitys central Lon¢bn ¢4mpus, acquiring a freehold site and constNding a purposerbLuIt researth fadlity. In 2009, the Tw8t￿ dedded to gnsvre the Instlute's kjrg-lenx Independence by reTrfCKu￿￿9 WOTk on baslc soenofjc research aTra ending the arrangemellt with UCL. At the same time a de￿on wa5 made to incorpcwate the Foundati￿. Tha assets and undertakiro ofthè Foundatw ware transfrrred wth offect from 1 Juty 2010 to a new ctAritable compary Ilmtted ty guaTaTr￿ and registorod undw the same name. Bethan 2011 and 2014 the Instibjte w8s affiliated to Blrkbeck Cdlege, formal scientiflc research link2 betsveen Ihe Iv￿ InsYtLttions. In January 2014, the Trustees ofthe Foundatlon SIgr￿￿ a naw agre8ment wlth Klng, College London IKCL) and lfjng's Co118ge Ho$W IKCH) to relocalolhe Instiluto ofHepatology lothe Denmark Hill campw In Southeast Londcm. The Chenles Mews premise5 and adldnlng house In Hundey Street (bought In 2000) were $r)Id to UCL Hoswtals Charitable Trust to fvnd Ihe cost of the new build and rolocatton, and staff moved Into lh8 new vem1￿ in Jun8 2016. The agrè8rn&nt vAth KCL was updated and renewed In 2017 8nd a further Operallc*AI Agreement was $ign8d rélgtlng to honorary appointrnents for senior Btaff of the FLRvAlh KCL, and the preparation. submission and management oflolrt rosearch grant applications made through KCL ￿ere WQfk will be carrfed ¢yJt by arKI witrin tre Instiknte. Thls was most recently renewed untll December 2030. Professor Roger Vlfilliams CBE. h)under and Dlrector of the Foundation for Llvar Researdi and the Instituie of Hepatology, digd in W 2020. and In his ￿)ntrur. the In¥biute wa$ subsequently renarned Th? Roger WilliarrA Insliiute ol Hepatcd¢)ay. THE FOUNDATION FOR LIVER RESEARCH REPORT OF THE TRUSTEES (INCLUDING DIRECTORS REPORD continued Forthe ygar ondod 30 June 2025 In November 2022, the Trustees of Ibo Found811on $lgned 8 P8thershlp agreement ￿ King's Colw Lorthn IKCLI, committing to 81ierWen cooperabon and to the appointment of 8 Aewi￿nUY fLmded Director of th• Institutg, 100% gnployed by KCL. Thls deci￿an was taken on the basls that il would attract a top candifl8te with gn Intem8ttonal profile. who will havè a CfOSSacampu5 leadership role in INer olseas8 research. This was realised Vllth the appointment of Professor PhllSp Newsome In Jun8 2024 having provSousty worked al Birmingham University. SUbSeqL￿ntiy, the Roger Wlliams Insllttrte of st￿e$ {RW-ILSI was craated. bfinglng together the FoundalN)n's RogerWilSiam$ Instiknle of Hepatdogy and KCL'S Snstilute of Lwer Studies inlo a singl& as departm 4lhOn the KCL Sthool of Immunology and Miembial S¢ience8. R•serve5 Pollcy The TriKlees have considered th8 reqUir￿ent for ffee reserv6s i.e.. those Lsnr8strlct8d ftjnds invested in fixed a$5ets, (kn19r￿ for specific purposes. or c4heJwise C￿n1T￿tt8d. Given the naiure oftho Instittrte'sworK the Trustees believe that the currenl18vel olsuch reserves should be sufficientto coverthecosts of running fhè Institute fora wic¥1 of 6 months. anttctp*d to be £1.84 million based on the 2025r26 budget. The free reserve5 al 30 June 2025 8re £3,184.40712024- £4.047.2301 are the (35h rtr$8rv•s ofth8 Foundati￿ less Éhe restricted Income funds. The Foundabon has rnt pr8vl¢usly activety fundraised wfth the generJ put￿￿ and so hdds hlgher reseNos io ensurè that ger term prciects Can continue to bè funded forth6 fores8eable futurB c¢ urrtl the projgrt is compl•ted. At the year end thè group also held re31ricted income furKls of £536.199 (2024- £630,145I and expendakAe capilal fijnds of£36.790.918 P024- £38.866,5161. the totaI fijnds held are £48.S90,060 (2024- £49.879212). Fin#nclal Review and Golng Concern Grants for Swfic re5earth projects, 18gaci*s and cther rncome donations totalled £876.041 (2024- £981801). overal forthe year before gallls M Irweslmentswas £1,537.38512(Y24- £189,551). Thecortsdldated ￿Su[tsfor th8 yw *Jow o net m¢W￿￿ErtM￿nd6 of(£1,289.1521{2￿4- {£981,7T3). Th8 Val￿ of the FwndatSon's InveSi￿nI portfollo durfng th$ year undw review I￿reased by £740233 (2024 - £1.564,718} a of 4.6% t¥ rèfièctbJ In the ¢onsclidated 8talernont of Ilnandal athttles.. however does not meettr* ctiecbvo set at the Ixginniry of Ihe final￿31 yearof 8.5%. due to the pditKa jcu%brwJ takkng pl&ce e]eLIN)rtsacros$ Europè and Sn the US a)d Ihe steady declne in the number of w*eres1 rate cuts expected l)r the US. UK and Ewope thi5 year as bank8 have st￿k to their dat&depenthnt pl¥losophy in thg faB8 of si￿r Ihan expe¢ted rgducbon8 In Inffla￿n. Thè Founda￿On8 property porvolto h05 dropped in Val￿ by £492.000 (2024 - £2.357.000) refjecliTrJ Cu￿nt mtht The Foundation's firm￿la1 posltth at thg balance sheet Ilate 15 9Jflk]ent to me81 0r¥J0fr￿ expenthbjre and gxlsfkng pkns aTrJ c(xnmilments. Accor(fingly, thè fin8wal stathents gre wosented on 8 going o)n¢em ba818. Fundin9 Pollcy t￿rIng the period review. tho FouTrJali¢)n furbjgd all the ￿[• costs of the Instiiute. beginning the Ferlod wlh a total of27 staff and endiro ￿1th 26. Tha principal source ofthe Foundation's funding is the incom8 r8C8fved Ihe Investment portfdlo 8TrJ thls 8UPPQrt9 the key obSeclives aTrJ tho researth themes of the Instiluto. In Jan￿ry 2021 the Foundaticn signed a Memorandum of UThler5tandln9 wlth the Brftish Llver Trust. refiecting the desire of both chwilies to work logelher In the area of ral%ng puuic wuareness of fwer disease and advcoting for improvements In patient care. The FourKl8tion has agreed lo Njinuy fund a Policy and publ￿ Affairs M8nag•r, employed by the British Lfver Tn￿t, lo wort( on Ihls programme. The therttles ha¥8 agreed lo endor80 the Independgnt work programmes of the other charity wherevgr appropriato, aThJ to speak togother in 8r¢as of rnulual InlerasL The TNstses contlThJe lo delegate m8nagemenl of the FIW.ILS and Spear￿ tthgetary deci5knns ￿ re]alw)n research themes to Iheè DÈredor (Prof Phi15p Nawsoma), supported by the Chief Operating Officer (Mr Jomos Poyntonl. and the Tn￿teeS revlew pngress at eath Df the quarterty nwetiftgs. Mr Poynton is also Ch￿f OperalirvJ Offir£r of the Foundation has dole9ated responSI￿lty for m¥inlolnlng on ovetview of Ihe F(*Jndallon'$ expendliur8 ar#J rentawinvoslrnent inoJtn8, as well a$ human rgsour¢e$. advertlslng and other a¢Jrvinistr8two a¢tNibeg. Th6 T￿Ste¢S lo¢k the de¢lsbn to app)Int th8 F¢uod8Yon's *rsl preA￿land1 tsndrais•r in May 2025, Mr Androw OeAlgn. THE FOUNDATION FOR LIVER RESEARCH REPORT OF THE TRUSTEES (INCLUDING DIRECTORS REPORn Gontinued For the year ondod 30 Jung 2025 This wll enhance th8 charitys profile and Pro￿d￿ gre*r seope to expand the work of the Instllulg itFllne wttn the new Portnership Agreernent wtth KGL Annual R•v(&w During the period undar r8vi8W. th8 Foundation continuèd to foeus its research ftJnding on the RW-ILS. In partlcular. the Foundatlon's main oblectiva for thè pèric*J was lo units the expeth'se from KCL and the Foundation to allow for the Tntegration of fvndamental, translational and clinical investigative research acri)ss a wid& rangè of liver diseasas while the FoundatiDn's Trustsès and its Infrastructure wll conllnue to malntaln llnanclal Independen￿ and mo￿101 re$8arch projects. The RW-ILS cOntinL￿s to build inlemational collaborats.ons eslabli$hed by ts founding insfftutions and is committed to t￿nIng the next 9oneration of scientists wqthin the fièld. Bringing together rese8rchers, professional staff, and the cllnical liver seTvlces of Klng's Collège Hospital. the RW-ILS enhances the Foundation's diThc￿ Iranslalional re5earth Obj￿￿"￿5 ultimately leading to improvements in the care of patients t￿th Irver dlsease both bcally and In 8 wlder context. The vison of the InstitLrte is.. 1. To bulld th8 bast liver in th& UK, on& that 1$ ￿k￿d in the top 10 globally. 2. To continu8 the legacy of the In8tibJte of14epatokw as a dfvgr of policy In the UK arKI globally. The objactfves of the Institute ar8.. Intsgration. Intwting ￿Ver rèsèarth at D￿rnalk Hall Camws and uThfylng Its dell￿ urthjer a 8lTrJle adership 2. People. Enswlng w8 attract. recruit erwj retain the best r￿arChers. DemCq￿lI￿?I we can develop careers aTrJ make Ihe Inst[￿1¢ a de5tlnaUcffl forjunlorfaculty and train￿￿. 3. Rosourc8 Utlllsatlon. Ilwng from the Cu￿nt modolwh¢rg Group Leaders hav• constitulivo re8ourt• in term¥ of peTsonnd * ¢on$umable budget io a model wh*E Group Leaders gentrate awarés axtèmally and where a groalw propoitm of the fuThJing can te used to pumpwlrne new research bringlng In the next gsneration DI rB$8ar¢h•rs. 4. Cfylo¢allon. Ctrk*cating as mony cc41•8gués as posslbl• In on• spw promolng collaboration. 5. R080orcTh PrlorlU8atlon. F¢XUS on 5 re868rch themes: Ste*otlc Lfvar D18ea3e Clrrh)&s an¢J Gul-LlverAxls Uvw Regenèration, tranW8nlaJon & adv8rK8d Hepatobiliary Ca Paediatric Hepatology and as8¢clated Rare Dl88aseo Porfomwnc•. AJI grou￿ contlnue to make research and din1¢￿ links both nationalty and irrtémationally. The FouTraati￿ accepts that it is appfy Ilxed measures of succo98 to r￿arCh adfj￿ty of th8 knnd wt tthln the Insbtuie. Accordlngty, In a$￿￿ng research aclmevements the Tnjstees ￿ght to th6 number of publications in peer reMewed joumds. thè numbèr of pr88entstions at national and Int￿atIonal confarences and succ85s In 0}￿lnIng ext8rrwl grant support for and eX[s￿n9 projects. The numbers of papers published In peer revwed pubjlcdons has ¢onilnwd to grry￿ y•ar on year and the annual tolalg for the last f( years to date aru given bBIow.' 2022 32 30 2024 31 2025 61 THE FOUNDATION FOR LIVER RESEARCH REPORT OF THE TRUSTEES {INCLUDING DIRECTORS REPORTI continued Forthe year endod 30 June 2025 Thls slJnTffcant increase is a direct ￿nSeqU￿￿e of tho d8partm8nt8A merger vAlh KCL. Tho ¢omblTred department rankJThJ KCL has mova the Instltul8 up tho US News Global UnNerslties lor Gastrcenterokgy and Hepatolow ranking frcffl $3rd lo 371h in the past year. In thè UK, the Ingtitute has gone up from 10th to 71h placo. There 15 cuwly £25M of athe research fun(Ing across the 5 thernes. Tha Foundation Wds in receipt of several18gacies during the year, theT[ust￿S also acknr￿edge wlth gratitude the Un￿elled &snations from members oftha publtc, rnany made in memory of family and fiiends. Tha Foundation r81ie5 heavlly upon In￿Me from thosa Eowces. 8nd th& TnJstee8 conllnu81o bo wno81 gratsful to thosè who supr its woth. The Trustees made the dedsk)n to ￿Value Ihe Instilule* premlsgs at thelr mgeling on 1th Jun8 2021. on tre recommendallon of Mr Simon Wainwright. Ihe Trustee with propety expe￿$¢. He suggesttsd th81 tho value of the Institute premises should be fe&yded in the accounts using a depreciated rep￿Cernent cost rather than an open martet valuallon, the lattef being less appropriate because of restrictlon5 on use of the propertylsale. Thelgnd wlll remain as a fixèd v81uè in the a¢courrts with r8placam8nl costs for Iha buildiTh3 tHritten d¢MI over 50 y8ars. Meel¢ng$ of the Trust8es were held online via Zoom cn.. 5 July 2024. 20 Septeml)gr 2024, 12 D8¢embeT 2024 fin peTBon). and 3 April 2025. Future Plans Resgarch Themes and Fundlng Schem9S Throughout 2025126 the RW-ILS wll 18urKh tts newfvnding sthemes wh￿h will be alvJned to the research theme8 Out1￿&d In our slratsgy. TIw8é ara desiwed to pump-wim* nèw r•saarch bringing in th& next gen￿a￿On of researchers and haalthcare profeS￿OnalS to woth searnlessly to￿ther. ta￿1￿ compl8x Nver ptobl8rn5 wilh Interdisdplin8ry &XPertlse. The seheme3 IndLKIe'. The Preth¢toral Cllnlcal Research Fellow5hlp Programme which offers posts anrMJally vAth o ?+2, y configuration. recfuited via lfjng's College London Unl￿sity n partnershlp lQng's Collega Hospltal NHS Fiwndatlon TntsL The Em•rylng Lgader scheme ￿thIch seeks to supm outstarKllng earfy careersdentists to dwelop theIr￿s0￿1￿ twests #nd éstablish a resear¢h prograrnme at lfjng's Cc41eye London. Inthviduals wll bo based at the RW-ILS and ￿ be enCO￿aged todevelop co1laborallorfj￿th jab￿l0￿8$ gms King'8 C(4lege L￿d￿n as ￿[1 a8 pthT knslltLthn$ such 8$ The Francis Crick In$tiluto. The &year PhD studentshlp pathway INon-Cllnlcal>, 8n InnovatSve 0+4 PhD prosramme. desIgr￿d to cultlvate multidisciplinary r&search skllls ￿ halp ￿¥￿IsIng lalentlo rnach thèirfuu pctsnlial. This unique approach involves roladon projects Indlfferent researchgroup4 In allgnmentwllh the researchthemes ofthe RW-ILS. Thisansurns exwure to dfvrent dls¢ipllnes and alhThvs students to gain a better ovgrall pithre of the $Gienrsro natsjrg of the Insbiut8 and th8 rfiffwent teclmbJies that #re tvailabl Tha RW-ILS Pump Prlm• R•s•archS¢hgm•whKh wovide8 strategk¢atdyUcfLmdlng to acceleralelransfoTmativg advances in hepatology research. Through targeted 8UPPOrt of excepvefftl e8￿Y-Stage Investigati¢)n& the Scheme facilitates Ihe dovelopmenl of tnrwjvative therapwtic and olawo8tic approaches Ihat address crltlcal c*alleng8s In li¥er d(58ase. Clinical Catalyst Scheme is a fun(fiThJ schgme dgslgned to provlde re5ewchqualified health profe58ionals, ¢urrentty mdertaktng any subslantial activity, the opwrtunity to forni a colab¢rattv8 hlgwuality research partnerslwp vllh estabfishod ￿0medIc91 arwj 4)pfied he81th res&irC￿, and protsi*ed tlme funding to enhan￿ Iktygir researth sklllG and experferK People Themo Leads ￿11 be competluvdy recruited from e￿$ting research staff. They unll be gxpe¢led to 8ncourage )l]aLw)ration and cooperation amongst researchars wlth slmllar or ￿MpleM0n1ary rese4r¢h f￿s9s. T￿Y wbll regulaty rèport progress kn the Directorand senlor staft. THE FOUNDATION FOR UVER RESEARCH REPORT OF THE TRUSTEES (INCLUDING DIRECTORS REPORT) continued For tho year ondgd 30 Jung 2025 Dr Tom Madot, an outstanding dinical ￿adeMiC, wll be joining Ihe InstOiut8 from Oxford Univer3ity in earfy 2028. HLS appolntmentlg already having an lrnpact Dlscussron8 are ongolng wlth other highJy regarded screnli8t5 who are receplivo to joining the Instibjte. There bwll also be a new Group Leadar re¢ru(t9d has a basic 8ckgrtsJnd. KCL put a strong fundtng 8ubmSssion to the NIHR the IntegTEled Ac3demlc Tralnlry Schema INer prominant and have been awarded thèirfirst academic cllnlcal locturer in 10 yeaT5 duTiny 202516. Partnershlps C￿10¢#￿0￿ wth KCL will Continue 8$ le8ms move Into thé ne￿Y refvrbished Inslitute in 2025126, futhor cefflenting the partnership. Clive Kay. the CEO of the KCH TrusL wll also be invited onto the Partnership Overstght Bo*r¢J in an eX￿ffiCI0 role, strengtheniThJ the e￿Sling strong relationship vAth the hospital. A Scierrtrfic Advisory Board Is belng establlshed aTrJ should be in place rexl year. Board ofTrustses C¢lond Hamon Masw ccfilinues in tho role of Chaiman of Trustsgs with Professor Allan McGwcr as Vice Chalrman, the role8 refiecln9 betr￿en trem lay eymse and medic811sThentlfic expertisg. The Twstees have agreed that the chai￿￿￿j￿1Ce Chaimi8n should each $8rve for a teTh of 3 years, renewablg once, and Trustees serve for an initial tem of 5 ye¥r8. vAth the oplSon ts r8new by o*neral con8￿t of the Board. The Chalnnan'$ first year period wll be reviewed tn Septanbor 2025. The Trust Oeed limlts the number of Trustees to ten and In considering thè appolthient of new Trustees the Foundation seeks to mainiah a balar￿e of 8xperienco fr¢m dlfferlng bathgrowids lo m8￿MISe tha effecliveness of th8 Board. The Trustees collectively have 8uthcrtty to aFpoint and dismiss Tnjstees by resolution at a meellng ofthe Twslees. On 8PPDtntmenl, TrusteeE arn providod ¥Mth Irrformation on thg 8truGlure and adminislralon of I charity. Including coples of th• most recent Annuql Rewrt & Acc4)unts and the sderff(c Annual ReporL together Ath detalb of the way in research is meagJred. They ar8 al$0 inviled to the laboratort&s at thè Institute and meet Wbth the Dire(thr and 89niorstaff. Tho Trustsas agreed to commence recfuilment of addibonal trustee5 ID develop a balance of s￿11$ &ross the Board. This ComMer￿d In June 2024 wilh an advert being placed fora treasur8r-tnJst8e. Mrs Anna Benneti an experience accountantand charity auditor, was appointsd In November 2024. Thg Tru5tse5 delegate day-to4ay management of the Institute lo the COO of the Institute who rep￿ts on the activit￿$ of the Instilule at the quarterty meetings of the TTUStees 8nd speaks regularty with the Chaimian and other Trustees as and when necessary. The Trust•es d￿￿al0 ¢Joy-tW rngnagornart of the Inslitute to Ihe COO of thè IndilLrta who report8 on thts a¢tIV￿e$ of the 1nS￿ttrte at the quarterfy meefjngs of the TruJtee3 and 8peaks Rgulortyvlth the Ch8lrm8n aThJ otsr Twste68 as and Nthen necessary. Investment Pollcy The TnJstees' imiestrnenl powers wlt the F￿nde￿on'$ fimds to be irwesled In a w5de range of sevJrllle8 and assets. Caw and InGomo can be applied forgeneral charitable wrF•)ses at th& discretiw ofthe Trustees. Seeking to (fN8rstfy the Foundadon's Imiestm8nts and seryjre a regular In￿me stream, Ki ALWSt 2013 th& Foundallc￿ corn￿81￿ the PLtrcha8e of 8 bulldlryJ ￿thIn an office park ￿ SvAndon. In Novernbgr 2014 a leasèhdd propeTty in Brisiol was purthased arwj in March 2015 a furthergroup offlve woperties was bought fr￿n the Rufford Foundation. FUrt￿r purchases have been rnats in January 2018 Ilsb of Wight) and June 2019 IPol¢gate. East Sussex). The Bristol propety was sold in 2Q18 for a small profft 8nd ts Foundation ￿nveSted In a property in Hedge End. s￿thamptOn. In October 2019 ts FOundauc￿ cornpleted tho purchase of 4 ¢Jlstribution warehouses. FolloMrvJ this purchase, t￿ Foundation has ipproximatdy 60% of Its 858ets Mivesied in comm8rdal propety. Al proFÉrttes have been purchased as golng Cor￿ems￿th tgngnts in place. THE FOUNDATION FOR LNER RESEARCH REPORT OF THE TRUSTEES (INCLUDING DIRECTORS REPORT) contlnued For tho year gnded 30 Jun8 2025 Togthrthe propertles bring the FouThJation an annual in¢om¢ of £2.6m. Rent cdlection 15 handled by the Insllthte financa tèam, and property agents are retaFnad to Inspact and report on the coThfrtion oflh8 p￿PerlIe8 on an annual basls. At the recomm8nd4Uon of thg do$1￿ated property adviw. PTopeities- Imperial House and Lancaster Pl8ce- were offered to the markot for sale followlng extended void period5. Sales foT bcth properties are currenty proce6thng and are expectad lo be completed by Sèptember 2026. Followiro 8 resolutton al the meeting in June2017,1￿ Fandation's Inveslmerrt porttsfjo was movedfrrynwaverton Invoslment Fund Management to Jarnes Hambro & Partners, and fr¢m actlve lo passive fund management. Th de¢ison was made on th• basis that thè invgstrnents in c¢mmerCi￿ rental properbes had al Ihat lirne. reduced the Investment portFolio by approximately 50% and the fees 11K￿rred for active management of the fijnrls were unacceptably high and dIff￿ul1t0Ju5tlfy in the current fvTranGi81 dlmg1¢. Tr Foundalion now tos approximalely40% of its assets managèd by James Harnbro & Partners. Tha FoLM)dation 15 committed to ensuring thal It makes invoslm¢nt de¢isions responsibly and wrth integrity. havlThJ due regard lo ethical. 80dal. environmÈrttal and govÈmance issue#. This poliey for Sociatly Resp)nslble Investment I'SRI") has been developed to allow the FoundaJon lo pur8u8 an ethical approach while minlrnlsng any negative impact on its inv8slm8nl T8tum$. In￿lment decisions infomied by 9)c￿lty respon￿ble and ethlcat Considerat￿n$ VAII Blso lake into ac￿Unt the Charlty Commis&on position thgt trustees have a duty to ma￿MIse returns on inveslrnent for charit&rf& b*nofiL Appolntm8nt of audltor& and consld8rntlon of tax Issu•s Thg Foundation has gppolnted Calon Fry as auditors. A subsidw ￿mpanY. LhJ8r Researth and Devdopmerrt Umrted CN 7944232, wa$ registered and 4 ojrrent Trustees became Dlrectors ofthe newdwltable company. Btm) LLP to advtso Ihe FouTKlation re8pect lo an amual dalm for a ￿Sèa￿h and d￿•bpMent tax reba Pay Pollcy for Institut• Staff Th8 pay of staff 1$ revI8V￿ ann[￿llY and nomwlty Increased In accordancewlth average eatrurvJ& In vlow of the naiure of the F(￿ndalk)n * its enhorKed Partnersh￿ wlth KCL 8alarf88 lor all reswch ¥taff aro berKhmart(8d against pay levels ofacad&mks and clinicians of the ￿le￿ant¥eni￿1ty and experience worknng ¥￿thIn Ihe unlvew and the health Sector in the UK. S8f8ri•8 of n¢)nvresear¢h staff are I￿¢￿￿na[ked again8t comparabl Ide8 tn the ch￿lty sector. Struthre, Govemance and Managemènt G¢)Ytrnlng Document Tha Foundaticfi for Lwer Rgse8r¢h Is a comp4ny bmited by gLwantQg govemed by Itsmmrarvjum and Arficfe8 of Ass￿￿tiC￿ datsd 12 Febwary 2010. 11 is registerad as a charlty ￿ th• Charity CommSssion and as a ¢OTnpany wlth Compani&s House. Rélatèd Parti•8 and CowopeYath)n with Oth•r Organisallons None of the Truths recelve remuneration or other benefft frcffl thetr VK>rf( the Fourthtion. Any connection beh%ten a Trust88 orsenior man*Jemènt of the Fourrflthn with arthr r88gard) charfty must be disclosed iothefiAI Board ofTrL*te63 inthe same way 9$ any other03ntrxts￿ r8bttm8hlpvAth a ￿ated paty. There Is one retaled party. the name ofthe relatsd paty i5 hltr Siny)n WalnV￿lght who a Trustee and a Direc of JP W￿n￿rght, and the transadons relaie to professional fees for propety valuation servKe fees and asset n7anag8rrEnt fees for 13 propertles within the Foundgtion's property portfolio. These tranS￿t￿)n5 are carr1￿ oui on ￿ arfs iength basls and Je reviewed and authorised by th& TnJsteg Board. Risk Management The Twu5tees maithin a risk regl*r whith they Rvi8w annually. This a&588sment helps to td8ntify tha major risks to wNch the Foundation is 8xpos8d, thè like]ihood ¢f octurrence and the impact upon ccfflliNation of actNities. kn revie￿ng the rf$￿ Ihe Twste&s ¥rvJ senior managwont ofthè Intsblute have put In pkn8 SySt8ms lo m￿gate Ihes8 THE FOUNDATION FOR LIVER RESEARCH REPORT OF THE TRUSTEES (INCLUDING DIRECTORS REPORT) contlnued For th• yoar 30 Jun• 2025 Th• Foundallon'¥ prin¢ip41 rifjks are as lollowts: The risk th8t Ilve 8pecimen$ andlor valuable research is bst as a of power f8llure al the Instiluke. Mlttgauon measures Inc4ude fxllty for generator SUFVOrt ol key 8reas and details of genoralor suppty contract promin&nlly displayed in Instituio. Rotention of key persomd. Mibgatèd through regular m8nlorfng meetings, annual appra15als and benchmarklng of sdarfes agalnst comparable organisatic￿5 in the sedDr. Loss of IrL￿m9. Millqated through diversTficatlon of Irlvestrnents with 60% of FLR a&8e18 now in properties prowdng renlal In￿)Me and remainder managed ¢Jn beh8Lf of FLR wth regular review of inv•thent objectives and perform8nro of James Hambro. Trustees, Respon8lbllltles In Relatlon to the Flnancial Slatemonis Th8 eharity Trustses (who tre also Dirèctors of The Foundation for Llver Resaarch for th8 purposes of company 18wI are respOn￿bIe for preparing a Truslaes, Annu81 Repcrt (incorporatlng tha Directh, ReFQrt) and the financi stataments In accordance with applicab￿ law and Unh•d Klngdom Accounting Stand8rds (United Kingdom Generolly A¢cepted Accounbng Prac11￿). Company law requirès tho Trustees to prepare finantial statoments for each Ilnonrial yearwh(ch glve a Irue and falr view of thB statB of afralrs ofthe olorlloblg company group and of tho inwThng resources and applkation of rasourceg, Indudr@ the In￿￿• and expenditure, of the (*￿ritable g￿P for thal peric4A. In preparing the fina￿8[ 8tatsmènt& 9re wutred to,. setect stiiable accwntwu pollcles and aFF4ythom C￿lstenty, obseNe ts methcrtJ8 and FfflncipK¥ in the Ch￿ItieS SORP {FRS 1021., makejuojments egtimates that are reagonabja prud state vthether apF4icabte UK A￿￿￿ting Standards have b98n followl, suw to any mthial departur8S disdosed 6xp1ah￿l Inthe finaThYal stalemants: 8Tr preparathe)Inanaa Statem￿ cfitha golng co￿basIS unless ItIBinyroprfat8to preWrnethattt￿ charttatl8 company vj￿1 ￿tinu• h b￿l￿eSS. The Trustees a￿ respon4￿8 for keeplng ad8¢Wate 8ccoLmttng r￿￿(18 that dl$close with reasonatsle accurary at sny time, the financlal posilkjn of th& (tharitsble company arKI thè groups, transath.ons and to en$un that the flr￿￿￿ stat￿Ments comF4y wlth the CoThy8nles Act 20(6. Theyare also re8ponslNefor safeguarding Ih& assets ofthe charitable company and the group and hen¢efc*taklng reasonable steps for Ihe pmenti¢n and detection offraud and 0th8r Irregularitiss. T￿ Trust8es are responsltle for the rna1n￿a￿e and Irrtegrfty of the Corp￿8￿ fln8naal Infonnatlon *Kluded on thatfjtabkn ￿MPan*S webslie. Legl*lati¢Jn in Ihè Unitsd Klngdom gov8ming th• proparation and disseMir￿lT0n of flnancld slatemenls may differ froM12g￿tIo￿ In otherlurt8dkUon& In so far as the Director8 are &wMre.' Statsmgnl as to DlsGb$ure to ourAudltor¥ there18 no relevant aud￿ Inforniallon rfythlch the chaTltable company's 3udltor Is unaware: and the Dlrectors ￿ve taken all steps that they oughlto have L*an to make themselv•s awar• ofany T¢levartt aud5t Infornakn aTKI to establish that tho aLthr is aware of that infonnaucm. THE FOUNDATION FOR LIVER RESEARCH REPORT OF THE TRUSTEES {INCLUDING DIRecTORS REPORD contlnu For tho yaar •ndgd 30 June 2025 Small Compny Provl#loo¥ Tha report has baen p￿Par4d Sn *ceordanc& vAth th• spgclal provisions lor small oM)panl8s ur>ler P*t 15 of the Companies Aci 2006. Appmved and 3ign•J cfi b•halfclth& Twstees: C￿. Harnon P D Massey Chaiman THE FOUNDATION FOR UVER RESEARCH IndgpendentAuditoVs Report to the Members of Th¢ Foundatlon for Llver Résearch For tho y¢ar ended JO Jun• 2025 Opinlon We have audw the financlal statements of The Foundation for LN8r Research fthe Parent Charit8ble Company) arKI ils sub5idigry 1.the Gtoup I for the year ended 30 June 2025 which comprtse the consolldated Ststsn￿nt of financial acts'vrties, the orK)Ildate(l and company balance sheet. the consofthtsd ¢ash Ilow $tstement and no19S to the finarLial statements. including a summary of signlficant aC￿Unting policies. The financial reporting framework that has been applied In Iheir preparation is applicable law and United Kingdom Accoumb'ng Standards, including Financval Roporting Standard 102 Th8 FinanGial Reporting Standard appllcable in the UK and Republic of Ir8land (United Kingdom Generalty Accepted Accounting Practice). In our opini¢)n, the financial statements.. glve a true and fair vlew of the ststg of the Group's and of the Parent Charitable Company's affairs as al 30 June 2025 end of the Group's incoming resources and appli¢ath)ryof resources fortheyearthen ended; hav8 teen property prepared in a¢¢ord8ncewrth United lfjngdom GeneraltyA¢cepted Accounting Practi￿. and have been prepared in ￿OrdanCe wlth the rquirenEnts of the Companies Act 2006. B9815 for oplnlon We conductsd our audil in a￿OrdanC0 wlth Inlemattonal Standards on Aud￿ng {UK) (ISA8 {UKI) and appllcable taw. Our re5ponsiblltti68 underthose standards are fiJrtherd2scribed In tho Auditorfs responsibilities the aLhgit ofthe financ4al statements section of our reporL We ara Independentof tre Group and the Parent Charitable Co￿panY in accordance with the &thral Nuiraments relevant to our audit ol the financial statements in the UK knduding the FRC'S Ethical Standard, and we have fijffillgj our other ethi¢21 responsibilitw In a(xordance wsth these requirements. We believe that the audit evkl8nce we have oblained ts ￿fficient and approprfate to provkle a basts for our opinlm. Concluslons rolated to going concern In audltlng the Ilnanclal statements. we have ￿nCluded that the trustse8' use of tho going concem basis of untirwj in the preparation of the financial slaternenls v& approprfate. Based on the wcyk we have performed, we have not identmed any materlal un￿rt￿ntieS relating to events or condiknons that individudty orcollectwety. rnay c8St &gnfficant doubtabout the Group or the Parent Charitable Company's abillty to continue as a going ctsncem for a period of at least months from the dats when the flnanckl statements are authoTWt fur issue. Our responsibilites and the respmsibililies of the tr￿￿tee3 wkn respecl to golng concem are descrbed In the rotevant seGtrsn of thls reporL Other Inforniallon The other infomwtion comprises the inforrnation included In the Trustees Annual Report, other than tha financtal ststements and our aud￿￿$ report thereon. The trustegs ar¢ respon5ibl8 for the other information ntalned wlthin the annual reporL OuropiniDn on theffinandal statewents doe5 notcoverthe other information and, oxcfjpt to the extent otherwise eXplic￿Y statsd In our repo¢ we do not expres5 any form of assurance conclusion th8ro0n. Our responsibilty is to read the olher infor￿￿On and. In &Jlng so, consider whethèr the info￿at￿In Is materially inconsistent wlth the finarrial stats￿nts, or our knowledge obtained in the course of the audii or othetwise appear5 to be materially misstated. Itwe id8ntty such material irKonsi%tencAes or apparent material misstalem&nts, we are required to deterrnine whelher this gwes rise to a material mlsststement in thè financial staternent themselves. io THE FOUNDATION FOR LIVER RESEARCH Indopendènt AudIto￿l Report to the Members of The Foundation for Liver Rèwi¢h (continu8d) Fortho year endod 30 June 2026 If. bas&1 on the w(xk we have p8rfom*d, we condudo that therg is a material misstatement Df th15 Othgr Infom)at*)n. we are reqUI￿d to report INS fa¢L Wg havo nothing to report in this r8gard. Opinlons on oth•1 matt•rs prescribed by thg Cornpanl•s Act 2006 In ow opinion, t£sed on the work undertaken in the course of the aud the inforrnation given in the Trustees, Rewrt (incgxporating the Directors, Report) for the financial year for Wh￿ the finanGial statgments are praparad Es consistent with the flnanclal statements: and the Directors, Report induded in the Trustees Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are r¢quired to report by exceptlon In the Ight of Ihe knowledg8 aTrJ under8t8nding of the Group and the Parent Charitable Company and 118 environffÉnt obtained in tho ￿urse of the aud¢ we have not id9nliff￿ malertal nisslaleryEnt In Ihe Trustee'8 We have nothlng to report In respect of the followlng matters In rela￿On to whkkn the Cowyanles kt 21XJ6 requlr88 US to repjrt to you il. in our oplnkjn; adoquat• aco)unting records have not been kept by the P￿tChan￿b￿ Ct)Mp￿, LY retrjrns adequate for our8udlt have not been rerAived from branches not Vi5M by u5", or the Parent charitab￿ Company financial stslements are notin agreementwilh the accounting records and retsEms: or ¢ertain dis¢h)sures of Directors. remuneratton specified by are not made., or we have not received all Ihe inf¢)mMtion and expknations we require for our audit: or th8 I￿￿te0$were not enbued to prepare thg finan¢iai statements ￿ acc(fdanc8 wilti th8 small corryanigs, r8gkn8 and take advantage of the Small ¢orryanio$' exemplv)n in preparing the dir&tsrs' reporL R•sponsll>llltios of Tru6tse& As expl8ined moro fully In the TTUStees' responslbllttFes In relalon to the fi￿ndal statements, the Trustees (who are also the dtrectofs of the charitable company for the purF¢60$ of ￿rnPany law} are responsible for the preparation of the financial statements and for being salk$f￿d that they glve a true and falr wew, and for such ￿n¥[ control as the Trustees detemlnes Is neLessary to enable the weparation offinanclal statements that are free from nwterlal fflis5tateThEnL sthether due to frwJd or error. In prtparing the financial statements. the Trust￿ are r&sp¢nsib10 for assessing Ihg Group's and the Parent Charitable Company's ability locontinue a8 a going concem. disc108ing. a8 appficable. matters related to going cc+ncem and ￿ng the going con￿rn basis of accounting unless the Trusle&s eilher intend to INJuidate the GroLfP or th8 Parent Charitable Company or to Gease operduons. or have no reallstic att6maUve but to do so. Auditorf8 r•8ponslbllltle* for the audit of th• ffnandal stal•m•nts Ourobi8clives are to obtaln reasona￿& assuran¢8 about whefvr ihefinancSal 5tatem8nts as a whole are free from material misstalamenl. whether due to fraud or error, and to t55ue an audltorfs fep)rt that Snciudes our opinlon. THE FOUNDATION FOR LIVER RESEARCH IndependertAudltofs Report to tho M•mbern of Th• Foundation for Liyer Rtsoarch (contlnu¢d) For the year onded 30 Jun? 2025 Reasonab￿ assurance Is a hlgh level of assurarKe but 1$ not a guarantee that an audr( conductsd in accO￿anCe with ISAS {UK> wlll ak¥ays detecta rwèfTal mlsststement when il exists. Misslatements can aT¢se from traud or error and are consldered niaterial If, IndfvIdual￿ or in the aggregatts, they could reasonab￿ be expected to influence the economic decisons cf user5 taken on the basi5 of these finanthal state[n￿. A further description of our responsibil￿e$ for the audit of the financial statements located at the Financ18J Reporting Counul's I'FRC'S'I webslte 8L .'IMww.frc.o .uk]auditorsres n5ibili ies, Thls descripts'on forrr6 part ¢f our auditorfs reporL Extsntto whiGh th• aud(t V•Pg conslder•d capable of d•tecting irregularitiès, including fraud Irregulariites, including fraud, are Instances of non-complian￿ ￿th laws and regul8tion5. We deslgn proc8duTes In line wlth our reswnslblllttes, ouuined above, to detect material mi¥statements In respect of Ir￿UlaritieS, including fraud. The extent to whiGh ¢Jur prDBedures are capable of deteeting irwularilies, including fraud is d&taUgd b•l¢)W. Our approach was as follows.. Wè obtsined an undarstsnding of thelggal and regulatory frameworks that arg appliG4blo to the entity orwj determlned that the wost arg significant are those that relate *o.' Compliance with Staterrtsnt of Rewrnmended Practice: Accountlng and Reporting by Charities 2015 th18 Is finandal rewrting framewok* that the flnandal statements are based on. The key laws and regulations we have considered in this ojntext included the Companles Act and Charities Act In addition. we have o)nsidered prDvi>ions of olhèr laws and regulation that do not have 8 direct 8ff8Ct on the financlal 5tstements but cornpliance with which may be fundamental ts the company's abllity to operats or to avoid a materfal penalty. The extent to which our proGedwe5 are ￿pable of detecting irwularibes, Indudirvj fraud Is detaled belw. assessed the risks of materiai mk%stst•m8nts In respect of fraud as frJllows: Enguiry of senior management and those charged with govomance around actual and Fotsntial gatlon and daims as well as actual. SUSP8Gted and alleged fraud. - Used analytical prccedures to Identify any unusual or unexpectad relationships," - Discussed areas ofthe flnandal statements wilh management that were sU￿ptib1e to rnisstatsmant 8ased on the resutts of our rtsk assessmentwe d8￿gned our audlt proce(lures to Identify non- cornpliance wlth such laws and regulation5 identified above by:_ Carying out an xcounts disclosure rheddlst to confirm that the finan¢ial statements comp]y ¥￿th the nan(xaI reporting framework We corroborated our enquiries through: review ofcorrespndanr£ wllh HMRC, Charitses Commission and Companies House", ew of corrsspondenee ￿th olher regularity t*)dh?s. 12 THE FOUNDATION FOR LIVER RESEARCH Independent Audltoffs Report lo the Membets of The Foundation for Livgr Rosearch Icontinuod) For tho year ondod 30 Jun8 2026 We ￿n5rdered the risk of fraud through managernent Overr￿￿e, and, in response, we incorporated testi of rnanU￿ ￿uma1 8ntrl88 Into our audlt appr￿tt both at the year end and during the ¢ourse of the year. We tested Journal entrles and other adjustments for approprrateness and evaluating the bU￿nesS rational8 ol slgnSflcant tran5ath.ons outside thg normal course of bU￿￿eSS and reviewing xcounting e3tirnales for indicators of pjtenlial bias. Based on the results of our risk assessment we despJned our audit procedures to ideniify and to addross materlal mlsstatements in relatlon to fraud, includlng: We corroborated our enqulrlès through: revlewing a sample of payments lo documentalkin and procfjdures ieing follwpd in line wnh th8 financlal procedures and controls in place., revlewed the accounting policies adopted by Ihe entity were in line with standard pract¢ce and were being followed appropriately ty the company. The engag8ment partner COns￿lerS the engagement tsam colledively had the appToprfate conwetence and capabilities ID identify or recognise non)ns Is from events and transacbons refiecled in the financial statements, Ihg less lik* we would become awa￿ of IL Also, the rfsk of not detecting a material misststement due to fraud is h￿her than the rlsk of nol detecting ong from error, as Iraud may Involve dallbernte conc8alm8nt by, ex￿)le, forgery or intendonal misr8presentalion4 orthrough colluslon.. U60 of our report This report is mad• solgly to the Charrtable Company's rnembeT5, a5 a body, in acCordar￿0 wlth Chapter 3 of Part 16 of the compan￿ Act 20C6. Our atKlit wolk has been undertaken so that we mkJht ststs to Ihg Charbtable Coryany's members thosè matters we are required to state to them in an auditorfs rewrt and for no other purpose. To the fullest extent perrnltteAI by law. we do not accept or assume respon8itMlty to anyon• otherthan th¢ Charitable Company and the charitab￿ Cottpany's members as a bocty, for our audr( worK for thi8 repo¢ or for thfr opin￿)n$ we have fo￿ned. Ray Chaplin FCA F For and on behalf {Senior Stalutory Auditor) Calon Fry & Co Ltd. Statutory Auditor ESM Housè, 7 The Shwbb8ri8S. G￿0 Lane. South Wcodford. Lond￿ E18 1BD Date I i 5￿1& 2016 13 THE FOUNDATK)N FOR UVER RESEARCH CONSOLIDATED STATEMENT OF HNANCIAL ACTMTIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT Y8ar ended 30 June 2025 Expendablè Unre8trlcW R•strlct•rl Endowment Incorne Incom Capltal Fund Fund Fund Totsl 2026 Total Incomlng rnsour¢es Voiuntwy Income: Invesbnent in￿m* 524.415 2,106,606 351.826 876.041 2.106.S06 982,801 2.351.143 Total Incomlng resources 2.631.021 361.626 2.981647 3.333.944 Rosource8 expended Costs ofgenerating funds: Investrnent rnar￿gernent fees Investm8ntpropèty expenses 52,376 368,CK)1 52,376 368,001 47,995 332,978 Charitabh Expandttur8: Med￿1 lo￿rch ￿￿¥1¢188. Subsithary f￿7[￿nY arity reS￿rC* acuvilles 2.481,531 1,172.552 2,481.531 1.618.124 2.1e8,074 974.448 445,572 Total rnsourcos gxpondad N•tlncomingl{outgoingl resources before transfers & Invastment galns 3W4083 445,572 420,3TI 4.520.032 3,623.495 11.023,062) 193,946) 142Q3Tn 11A37,38S1 {189M51) (L￿yGaInS on change in mark8t vdu8 of Investmert8 10 740233 740233 1,584.778 (Loss8syGalns on r8valualKsn of Imi8strnenl Fwopertie5 11 14¥2.000) (4¥2.000) 12.357,ooJ) InGomin91{outgolng) rwure•s b￿or￿tranSfer5 11,023.062} 193,946) 1171144) 11289,1521 (981,rn) 14 1.W13A54 (1W30541 Net movemgrtts In funds 880,392 193.9461 K076.898) (1289,1521 1981.m} Reconclllatlon otFundg: FuThlg b￿an￿ t￿0￿ht forw*d 10,382,551 630,145 38.866.516 49.879,212 50,880,Q85 Funds balanc￿ carrf•d foThYard 11.262.943 636,199 31780,918 48,590.060 49,879,212 All above om¢)unts arè dBriV8d from ￿￿t￿uln9 ￿lOn$ all galr* 8nd losses ya8r or8 shown above. note8 on pages 18 to 31 form part of these ffinanclal statements. 14 THE FOUNDATION FOR UVER RESEARCH CONSOLIDATED STATEMENT OF FINANCIAL ACTMTIES IINCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)_ COMPARATIVE NOTE Y•ar endod 30 Jung 2024 Exp8ndabl8 Unrgstrktod Rostrfcted Endowmant Incomg It￿orn¥ Capltsl Fund Fund Fund Totsl 2024 Incomlng rnsourcps Voluntsry income". InveslEnent Inojme S19.￿27 2,351.143 463,774 982,801 2.351.143 Total Incornlng rnsourc•$ 2.J70,170 463.T14 3,333,944 R•sources expended Costs of g8ngratin9 funds: Inveslment m8n8gÈm8nl fee8 Inve8imenl property exFen8es 47.995 332.978 47.995 3Y2.978 Charltable Expendlbjre: 4ediczJ T&search acbvlJos: Subsithwy compa 1168.074 769.829 2,168.074 974.448 204,619 Totsl resources expend Net Incomlngl the fvnds, any performn rx)ditlorts attached to the grants have been rrEL il is prcthble tr￿t the incon% wll bfr wived, and the amount can be measured reliably and is not defeThed. For legathes, entitlement18 tsken as the earfier ofthe date on whth ether the charfty is avrare that probaie has been grantsj. the estate has been finalised and notification has been made by thg executorfs) lo the Foundation that a distribution will be made. or w￿n a dislribLrtion 15 recewed from the estate. Recgipt of a legacy, Sn whole or in part Is onty consldared probable when the arrvjunt can be measured reliatAy, and charity has been noJfied ofthe executorfs intenlion to make a distributitrn. Mthere legacies have been nolffied to the chadty, or the charity Is aware of the granting Df probate, and the C￿le[la lor Inc￿￿8 recognitson have FK)t bgen m&t. then the legacy ig traat8d as 8 contingent asset and disclc)wJ if matsrKal. 18 THE FOUNDATION FOR LIVER RESEARCH NOTES TO THE FINANCIAL STATEMENTS (contlnugd) Forth• year •ndgd 30 June 21J25 Income from investm8nts end interest on bjnds heK4 on deposiE are included when and the amounts can be meaBured rgllabty by the charty., thls 68 norm711y upon nothkalon of the Interest or d￿ldend pald or payabk. The r*1 income from the iThethenl propert*s is rectyjnised on the basts ofts rental period it covers and is invoiced to the tenants on a quarterty basis In advance with ary income that is Invoiced in advance of year end treated as deferred lrtome. Fund aGGcunting Unrestricted fvrKJs are available to spend on thties that further any ofthe purposes of the charity. Restrtctey funds are donatlons whith the donor has 3peclfled ore to be solety usgj for partlwlar 8rea5 of the Foundallon's WOTk ci forspecIf￿ Charitab￿ projects being undertaken. The Foundauon has an expendable endowment capital for which the Intstees have the power to spend the capital as they deem fitforcharitable purposes. IncoTrE earned on the fund is unrestricted in nature. The ¢X15ts of professional fees Incu￿ed in managing the investment assets and Inveslment properties, wh￿h are part of lh8 eXFthSable endowmentfund, are charged against the lund. Judgmonts in apptying accounting pol1cl￿ and key sources of ostlmatlon uncertalnty The preparatlon of finarKial statements in Comprian￿ with FRS 102 requires the use of certain crltlcal accounting eslimates. 11 aL￿ r8quires Corryny's management to exercise judgement in apptySng the Companls accounting polritr$. In the ormnion of the Directors, there are no significant areas ofjudgement or key assumptiorts that affect itents kn the financil st*meDts. Th8 judgements thatwill have the most signiTr¢ant effect on the amuunts rerxsnlsed In the finandal statements are as follow& Rata$ of deprecth'on and useful life of an assel. Th8 directors review depyecialion rates hThvever. the useful I￿e of an assetwill depend on several variable factors. Thes factors are piimarily detemined by its usage intensty. maintenanc8 history. technob3gKal Obsolesc￿8. and residual value. Revaluation of investment promies. The direcb)r8 obtain an Inde￿dent valuad¢Jn of the investmgnt property porwollo howev8r, the mtht value Is dependant upcfi market condIb(￿S at the of valuation. Valuation of Freehold Land armj Building All expendibjre L8 acp))unted fLY on an ￿Ual basi$ and has been daMff8d uThY8r headings that aggrefft aH costs related to the ￿te9c¥y. E￿9ndIture ss wgniwJ On￿ there is a lega or conslructNe Obligatic￿ lo make a payn*ntto athird party. it 15 prOba￿e that S￿￿ementW1ll be rewired, and the amoulltof the ob￿gatiOn ¢an bo mea$￿ed re]Fab￿. Redundancy and termination costs are r￿gniSed as an expense in the Statement of Financial ActNitles ar a liability on the Balance Sheet Immediately 8t Ihe polnt the FourKlalion Is demonstrabty cornmitted to either. temiinate the employment of an errployee or group ot employe85 before norrnal retiremgnt dats,. or provide temination beneffts as a result ofan offer mad• in order to ancourag• voluntary redundary. Tho Foundation 18 oJns•Jered to be demonstrably committed onty when it has 8 detsiled fomBI pk4n fortho t&rmlnatlon and is wthout realistic possibility otwithdrawa trom the plan. 19 THE FOUNDATION FOR UVER RESEARCH NOTES TO THE FINANCIAL STATEPIETr￿ l¢ontlnu¢dl Forthe y￿r end•d 30 June 2025 Tanglble fixed •Meis Flxbjres and Fktings costing £500 or mole and Laboratory Equipmontcosting £2,5C4) or ffpjre are capitalwl at cost and rec4Jgnised when fubjre Ixnefits are probable, and the cost of the asset can be measured relrably. Fre?hold Land & Bu￿dingS are initially recognised at cost and revaluèj after 5 years to Oepretiatad Replacemgnt Cost The chaTrg8 in pcllcy relating to FreehJd Land and bullJlwJs was Inrtlated io belter rgflect ItKg cosi of rebuilding In the cjjrrent economlc climate. Tangitle FMed Assets are dye¢iatsd over thetr expected useful liv&s on straight4ine basts as follows.. lldings Flxiures, )lttings and equipment -2%- 5% perannum - under £50k 20% per annurn -over£50k 10% perannum No depreciatk)n has been provtded on tho freehokj land. Valuatlon of Imrestment Propertle8 Investment properties are either hdd freehold or leasehold to eam rentals or for capital apprecAtlon or both. The (x)sl of a pur¢ha8ed Investmgnt propety cornprises its pU￿haS￿ pr1¢8 and any direcdy attributable oxpendlbjré. After initlal r&ognition. the Foundation measuras all of its investment propety at fair value and a desktop valuation is done by an irKlependent RICS registered surveyor on an annual basig. A gain or kjss ati5illg from a change in falr value of Investment propety shall be reccgni59d in the SOFA for the period in which it An Investment property is d￿re￿gnised on dlsposai or when the InveSkn￿l pmperty Is permanenity wthdrawn from use and no futrjrg economic b8n8fits are expecied from its dISpo￿l. Gal￿ or 10$88$ arising frc4n the reurement or dispos￿ of Investm8nl propety are dotemilned as the drfterence be￿een the net diswl PTocee(l$ and the carying amount ofthg ?SSgt and the galns be rKognised in the SOF Invegtrngnts Inveslments ar• initially reccgnisod attheir transaction value and $ubs•quentty measured at fair value at the Batance Sheet date using the cknsing market pric& The SOFA includes the net galns and Ios888 arising on the revaluation and disposals throughout the year. Valuatlon of Subsldlary The Foundati¢￿,8 Shareholding In th•wholty cwnejj subsK1iary. Liver Res￿r¢h & D8velopmÈnt Ltd18 included atth8 ctst of share capital owned. Debtors are amounts owed to the charity. They are mwured on the basls oftheir recoverable amount. C••h and c•sh equlval•nts Cash al bank is held to meet the day to day running costs oflhe thaNty as they fall due. Cash equlvaients are slK•rt temi, hlghty Ilquld investments, usualty ￿ 9Ct4ay notic8 interést bèarfng savlngs *counts. Liablllde8 are recognised wfien there is an obligation at th& balance sheet date as a resu￿ of a past èven( it Is probable that a transfer of econgmic berEfrt ￿11 be required in sel￿eMent, and the amunt of the settlement can be estimated relkibty. 20 THE FOUNDATION FOR LIVER RESEARCH NOTES TO THE FINANCIAL STATEMENTS l¢ontinued For th• y•ar •ndgd 30 Jun9 2025 Lrdbilibes are recognised at the amount that the foundation 8nticipale8 it will pay lo settle the debt w th& amount 5t has ￿e1Ved as adVan￿d payments forthe goods or sep4lee$ It rm￿ provld Finan¢ial Instruments The Foundab'on onty has ffftanclal assets and finanaal liabli ￿e$ of a kind that quabfy as bas￿ finanaal instrurrRnts. Bxfillanc4al instsurrEnts are initialty recognised altrans8Ctton value and subsequ6nty measured at ther Se￿￿ent value. Taxatton The Foundation is ojnsidered lo pass the tests sel out in Pwagraph 1 schedu￿ 6 of th8 Finance Ac12010 and therefore il meets the deffinilion of a Charitable Company for UK Corporation Tax wrposes. Aco)rdibYJty, the Foundallcn is potentially exempt from taxation in res￿l of In¢omo and ¢apital gwns rfjceived wwhln c£tegorie5 covered by Chapter 3 Part 11 ofthe Corwration Tax Act 2010 or Sectlon 256 ofthe Taxation of Chargeable Gains Act 1992. to Ihè extent that Such inGome or galns are aPF4kd exduslvety to charIta￿e Voluntary Income 2024 Totsl 141,729 24,115 465.331 631175 141,729 350.668 490,404 57,465 458.185 326.553 25.073 351 Donation5 & Olher Irwe 982.801 Invostment income 2024 Dt8tribulh)n$ on UK frxed int8r&siand Interest cn deposls Di8tnbutiDns on UK equRies (listed on a r*tyJnL8ed stc¢k gxchary8) and unittrusts Distnbul•?ns on ￿erSeaS 4uiW (listed on a recognised slcd( exchange) and unittrusts Rent receivable Ttme Deposlt Interest 9.921 76.058 45285 55.333 214.596 1.674.080 162.724 2,106.6fJ6 175,959 1.991.405 52,388 2.￿1,143 Charitabl• Actlvltl8s Dlrect Support C08ts Dlrect Support Total Total R88earch underlaken by subs•Jory compary 2,422,476 59.055 2.481,531 2.103294 64,780 2,168.074 Medkal researth 1,4W2,287 125.837 1,618,124 9C6.787 67,661 974.448 3,914.763 184,892 4.09gfiSS 3,Q10,081 132A41 3,142￿22 21 THE FOUNDATION FOR LIVER RESEARCH NOTES TO THE FINANCIAL STATEMEtrifs l¢ontinu¢dJ Fortho y•ar •ndfjd 30 Juno 2025 Allocatlon of Costs Medical R8s8aTch activili95 Pjkdlcal Support& Research Total Govemance athlvltiès Support & Govemance Total Stsff costs Laboratory consumabl8s and ovetheads Premws Communicabons & Marketing Depwat Auditors. remuneration Fees payable in respectof ￿cOunting and taKaUon s8rvtces $8,095 Legal and professional fees 87.234 Sundry expenses 42.783 2,273,589 2,31e,352 18.642 1,871,475 1,8W.117 781.818 781,818 319.308 319,308 1S5,497 155,497 2S2,328 282,328 16,800 447.251 212,223 65,600 244,902 447,251 212,223 I￿,800 244,902 16.020 16.800 16.02a 58,095 67,234 122,223 83,520 34,259 63,520 34.259 168.830 168.630 3,010.081 3,142A22 122,223 3,914,763 4.099,655 1W92 132N41 Nel Incomoloxpendlture lortho ygllr 2025 2024 Thls l• statsd aft•r charying: 262.328 244,902 Auditors remuneration". Audit Fees 16,800 16,020 202S 2024 Wa3es anrj Salarfos Redundarry Ccots Scoal Sec￿rfty Costs pensk￿ Costs 1.830,1￿ 1.526,189 85,750 5.708 146,￿ 126,722 253.418 231,498 2.316.352 1,890,117 One of tho Trustw rgceNed relmbursement oftravel ex￿￿eS yel8b.ng to their attendan¢6 at Boartt meetings tWhouithe year, £709 (2024.. £2.6081. None ofthe Truslees receivèj ary remuneralion during the year. Key Mall￿eMent pemnnd's sakiry costs of £304,748 (2024: £257,984) aTe indvjed wi thefigLrn5 at4)Ve. CDntributw)ns of £253,41812024.. £231,498) were made to defined 0)nth￿lan$ pension stheme on behalf of n￿oyee￿ Ofthese £29,150 {2024". £52.752) related to key managemtrnt personnel. THE FOUNDATION FOR LIVER RESEARCH NOTES TO THE FINANGIAL STATEfvieKfs l¢ontinuod) Forthè ye•r ended 30 June 2025 St8fl cost8 (contlnued) The FO￿dat￿)n an averag& of26 employees during the year Under￿vIoW(2￿. 27). Empkryees eamlng over £80,000 can b8 brok8n dovffl as foll 2025 2024 £60.￿l- £ 70.IQO £70,IX11- £ 80,CQO £80.001- £ ￿1,(￿0 £90.001- E100.CrfJO £1CQ,001- £110.000 Tangible fixed tss•ts (Gharfty and Group Frnehold land and bulldlngs Fixturos, rthings and •qulpment At 1 Juty 2024 Add￿On# DiBposaL Revaluation 6,650,639 156,724 1,540,257 119.578 (1,897) 8.190,896 276,300 11.897) At 30 June 2025 6,807,￿3 1,657.936 8.465.299 Dgprnclatlon At 1 Juty 2024 Charge forthe year D55Fos818 Rev?k￿n 534.321 181.$89 1,310,501 80.739 (1.897) 1,844,822 262.328 {1.897) At 30June 21r25 714910 1.389.343 1105.253 Not Ix>ok Yalu At30June2W25 8,091,453 268.593 6,360,046 At30June2024 8,116,318 229.756 6.346,074 Freewd la￿1 & Buihlings was rovalu&d vAh effect from 30 Jw 2021, this rev8luatk)n was dorn ty Mr &mon Wairwigh( a Twstee. MrWainwrvJht is a Fellow of the Royal Instltuuon of Chartered Surveyors IFRICS) and also a RICS RegSstered Valuer. He has mre than 40 y¥rs' experfene8 In prfvate prathce In LorKlon havlng speciatised in Ihe acqulslyon. s81e and valuaJon of commerdal and mrxed-use propety throughout the UK and frAving suTrient kjcal arKi nallonal lo)owlgdge of th8 parttcular marketky this woporty and the $knl1s and underslandirKJ necessary to undertak• th• valuation competently. to the 5￿JaIL%¢ Calted up sharè capitral Capital introduced from the parent undertaking Profit and loss account Shar8hokl8rf9 funds Icto 2.849,900 11,885.631 9 035 631 100 2,849,900 10 027,783 .177,783 Tho Charlty has gfven a l&tter of supw)rt to Liver Research & Dgvelopffwnt Ltd to ￿SUre it can continue as a Ing concttn until, al the earfiest, 30th JutE 2027. 24 THE FOUNDATION FOR UVER RESEARCH NOTES TO THE HNANCIAL STATEMENTS lconlihued) Fortho yearendBd 30 June 2020 10. Flxed •s¥•t inve¥tmgnts Icharfty and Group) 2025 2024 Pjtocks, shar84 unit tnsts and ca8h arket valLE 811 Ju Addilh?ns durtng the y•arat C4)5t Disposals at carying Yalu• Net Ih)ssygains ￿ investments 16.124,561 14,327,499 6,026,497 2,742,160 16.618.537) {2.509.8761 740.233 1,564,778 16.272.754 18.124.561 580,164 111.955 Cash balancos {hebJ by inveslment mnagersl Market value at 30 June 16,852.918 13,244,20Q 16.236,516 13.091.961 Hi5kncal Cost al 30 June 2025 2024 Analysiy of in￿$tMonts at marketvalue: UK r￿ed Interesiand deposlts UK equibes {listed on a recognlsed stod( exchange) unlttrusfs UK otlw {cash b￿*￿e8) I)rfe￿a$ equities Oisted ot) a rac¢gnised stock eXch￿gOI and unil trusts 3.610,271 1.469,033 580,164 11,193,450 16,851918 2.309,713 1.485,383 111,955 12.329,465 16,236.516 11. Inv•stfflent Properties {Chafty and Group) Investment Prnperty At 1 Juty 2024 Additi)n of New Propety Translerto Assets for Resale Revaluation At 30 June 2025 22,630.000 {2,200,0001 492,000 19 938000 Property Invostsnent vftluation per property 2025 2024 1,4CK).CKJO 10.185.CrfJQ 1,2￿.000 10.415.000 2,470,000 3,285,000 935.000 4,275,000 22.630.000 Rufford PortfdiD ImFwi41 HrAJse, S￿ampton St Cross Business Park, low J1 & J2 Chaucer Bustne8s Park. Polegate DX Portrollo Marketvaluo at30 June 855,000 4,533.000 19.93&000 The bas￿ forth8valuatlon. on all prgpertieswas an inthp6ndantYaluation reporttgghp a more maTket value ofthe pr(vit￿. Thls was carried out in June 2025 atthe behest of th8 TnJstees by Mr J Shwp. a RICS regi8tered suNeyor employed by Vall W711iam5 With 10 plus yeats of experpnce for the fol￿ng wtiperbes LancasterPigce. Rufford Portfolo. J1&J2 chaU￿r Buslness Parkand Imwal House and ty Simon WainwTighL FRICS. for St Cr08s Business Park and the DX Porifokno, Mr wJwb￿ht has over 40 yws of exFeriencg in propwty Valuati￿ and management THE FOUNDATION FOR LIVER RESEARCH NOTES TO THE FINANCIAL STATEPAENfJ Icontlnuod) Forth¢ yoar gndod 30 June 2025 14. ITN•Strnent Properttes (Charity and Groupl- contlnuod 1rnperf￿ House Is In the process of belng sord and has been moved to asset for resale in the Balance Shee¢ we expect th￿ sale to be ca)mplebJ by end Septsmber 2026. The valualK>ns are prepared on the basls of fairvalue", as defined in the RICS V81uAlfon- Global Standants. 'Falr value, is defined in RICS Global valUat￿n Pract1￿ Statements 4 and IFRS 13 as.. hg prKe that would be rec8N8d to sell an asset orpaid tcJ transfer a lithlty An on offlerfy fr3nsaction belween rn8th8tparti￿Pants at thg dal8'. The 8S8els wll be valued on a 5tsnd4lone b8sLs, not as part of a pothllo, and the value Indicated wdl represent the valuerfs oplnkin of tTr￿ prKe that￿UkI appear in a contract for s*. have made the follo%￿ng assumption5, there are rbo 8rtumbranc8s on til8, and the titte is tr￿ from any onerous restrictions, rights. e￿Ments, covenants, wayleaves orencUMbran￿, savè for any matters di%closed to us in ￿￿ting. Thetenar)ts havecomplied with the terms 0ftheir￿. there are no affaarsofrt insurance, or8ervicecharg& Tertantimprovements have not been considered, and no ¢reditenquiries hav8 been made on the varitiLlStenants. A buildirvJ survey has not been undertaken, and the buildings are assumed to be in a good 5tste of repair other than as noteLI. The load bea￿ng qual￿￿e8 of ￿ site of the pyopertles are suffldent to SUFPOrt the bulldlngs nstructod ther￿n. The properties have been erected, cKcupth and used in artordance with all requi8ite consents and that there nooutstsnding statutw ne￿ces. The pro￿rbeS conlgln nodeleterfousm*rlaLs, and thatthere noadverse soil or ground condltbns. Tr) ¢￿tamInation exists whth woukj adversely Impac( upon our opinion of Farvakne. 11 Deblo GTOUP 2025 Charity 2025 2024 2024 Tr&Je debtors Taxation rec£)ver8ble Prepayments artd acA*tsd Incg 294,019 470,122 294.019 470,122 113,330 552,760 113,330 275,052 407.349 1,022082 407,349 745,174 13. Creditors: amounts falkng duèwlthln one y•ar {Charlty and Group) Group 2020 Chirlty 2025 2024 2024 Trade c*edttNs Audit VLe4)untancy and tax fees Investsnent mana9ement fees VAT DéfeFred Rent Otrar Crédltors and accruals 83.447 66,800 12,505 38,611 277.889 39D,607 869,8S9 294.701 79.540 11,653 76,831 363.908 207,002 1.033￿35 83,447 16,800 12,505 38,811 277,889 390,537 819,787 294,701 1fj,020 11,653 76.831 363,908 220.522 983,635 THE FOUNDATION FOR LIVER RESEARCH NOTES TO THE FINANCIAL STATEMENTS (Continued) Forth• year ended 30 June 2025 1& Anatysls of mov8mènt In funds- 2025 1 July 2024 0th9r Expendjiure galn8111088eg) Trntthrs 30 June 2026 In¢omo Restricted Funds SNenson Ochre Blo Hep￿ Pharnia SPARC C & G Lawson Fdn Hobson Charftable Fdn Assoc. of Phy￿danS ]QryJs Col￿ge Hos￿1 Charity Pr05rtSole BV Boehringer IngelhEun GUTS UK R J Ciisiin 124.625 114 32,085 365 25,000 13,833 124,625 114 {32,085) 365 25,000 13,833 8,251 8,251 16.473 15.224) 11.249 25.118 101.816 120.872) 133,398} 4,246 68,418 4,591 249,564 13.326 3,595 12,144) (127,67n (129,194) 134,W) 14,103) 15S,910) 6,042 121,887 5.219 Trust 121,087 34,985 25.073 163.118 3,788 BRUK UnNersity of Bari UKRtIMRC 11484 33,454 107,208 3.788 2.500 Kiws London Total Restrict•d Funds 2,5 630,145 851.628 (445.5721 538.199 Expendabl• Endowmgnt Capital Funds Unrnstrfcted Funds Revoluatlon Roserve Deslgnat•d 38,866.516 {420,3Tn 248,233 (1.903,454) 36.790,918 8.907,899 2.631.021 (1654,083) (4,456.5W2) 3,428.245 1.474.B52 1,474,652 6,360,048 6,360,046 Total Funds 49,879 212 2 9¥2 647 4.520,0 248.233 48.590, Rostrhad funds rePr&￿tthe fdlDwing rosearch a nsen.. Cawtal Expendituro br n•w Lab Institut•- to be spent by 2030 O¢hre Bb- Collaboration Research agr88wont for tha SIRNA Liver Slice Propct Hepion- Invesligallon of Ihg anll-hepatitis B and D effica¢y and th? anti-fibtotlc potency of the ￿clOphIlins IhTri Jit￿ CRV 431 SPARC- Determining the Role of Extracellularvasicles as CommUnwso￿ in progre5Sh?n lo IAulti Organ Failwe In Advanced Liver tlisease C & G Lawson Fdn- COntributic￿ towards tran￿riptOM￿ equlFffient to be purchased when rest of lund5 ral8&J. Hobs￿ Charilable Foundaiw)n-The role of cell free DNA as a drtver ofo)agulation dysfunction and crillcal Illn8$8 In Chron￿ INer disease A$S￿￿tiOn of Phy*lans - Applying circulating cel￿free DNA methylation technologies to produce novel prognogtlc markeis In chronic INer fall ure syrKlrome5 Ktngs Col￿ge Hospital Ch8rity- Evaluallon of polnl-of4xe testlng for pathogen infection and anflnKroblal resistance h deconynsated clrrh031s and acutèpon-chronic Ilver failure IALFI Prosft Sola BV- Pre£linical evaluation ot Pegylated Interfertsn Lambda chiir*ra Psp￿1 for the tr￿trnent 27 THE FOUNDATION FOR LSVER RESEARCH of Chronic Hepatitis 8 NOTES TO THE FINANCIAL STATEMENTS {contlnued} For the ygar Mded 30 June 20255 14. Analys￿ of movoment In fund6- 2024 contlnued Boehrfnger Ingelhelm- In￿gra￿e°0mIcs" nwxlellin9 to characterise the impa¢t of ECM signatures on hepatocyte metabolism and fvndon In human4erived bk)èngineer&1 rnulticellular mode15 of NASH fibrosks GLrrs UK - Earfy Car88r R8searcher Deve[0￿ent Grant - Dèvelopment and evalUatiC￿ of poInt￿f-c￿re diag[￿1￿￿ utilising dinlc21 metagenom5c sequencing for rapld pathogen and antimicroblal resistaFKe detection in decompensated cirrh05is and acule-on4hronic INer f￿'lUre R H Cristin- Hamessing the gut M￿robl0Me to improve thwapeuk re5wnse rates in Liver Cancer. well￿Me Trust - Eary Ca￿r Award - 'The Niche effect - A of thè cellular and extra￿[[u]ar mieroenvironment of foetal liver that promotes haernatopuebB stem cell expansion Bowel Research UK- Studyln9 the microenvironmenl of bJwel ¢an¢er In patients poor prognosis and low suNNal UnrveNty of Bari- Optlmlsation ofa MASLD Organ On a Chlp Model to stud¥ PPARGCIB therapeutl¢ usthlnèss ngs College London - Matt Wi15(￿ Scholarship Award 'Tar9eting mitochondria as a therapeub"c strategy fi)r cohol-related INer disease., UKRIIMRC- Understanding the mechanl$nL% undertylng the detrfmentsl effects cf NAFLD on the brain Researth kniety - Uncovoring Mitcchonddal alteratDns in alo)hol-Indu￿d acbvatlon of hepatic stsllate cells.. Impli¢ation$ fwtheraFeutic innovation alGohokelated Iwer disease. Expendable Endowment fvnds represents the renld property pothllo and the Invesknentassets portfoiy). ated FurKts representthe RIAbB Buildlr¥J and Its cix)tsnts. Other galns and losses Other gainsnosses ¢omprisè of galns on the change ITr nBrkel value of the InvestThnt portfolkj of £740.233. loss of £492,000 on the revaluation of the investment properbes. 28 THE FOUNDATION FOR LIVER RESEARCH NOTES TO THE FINANCIAL STATEMeNTS l¢ontlnued> For the year gndod 30 Juno 2025 1& Analysly of mtsvemènt in funds- Comparatrv• Not• f¢r 2024 1Juty 2023 Oth•T Income Exp•ndknr• galn81(105808) Transférs 30 June 2024 R•slrlct8d Funds Scwson O¢hre Bio Hepion Pham SPARC C & G Lawson Fdn Hobson ch￿ilable Fdn Assoo of PhysThans lQrvJs Coltege Hospitsl Chanty Prositsole BV Boahriryer Ingelhelm GUTS UK R H Crfsun IAÈNcOmeTn￿l CCA Grant BRUK Unfiverty of Bari Ktngs College 124.625 114 29,665 385 25.￿0 13.833 124,625 114 32,085 365 25,000 13,833 (27,690) 30,110 8,251 8,251 10,990 5,483 16,473 65.350 82.687 {40,232) (25.377) 25,118 101,816 64,5C 11.307 250,0 113.211 3.000 8.766 12,484 2,500 {6,716) 1436) (99.8851 13.C(iOI 16.7861 4,591 249,564 13.326 12,484 2.500 Total R￿Irfc￿ 340,880 463,774 Funds (204.619) 30.110 630,145 ExpgfKlablo Endowment CapItal Funds 39,687.592 (3￿.973) 1792222) 352,119 38,868.516 Unrestrfcted Fund5 Revaluatlon R86erv8 9.698.741 2.870.170 {2.937.903) {382.119) 9246.889 1.474,852 1.474.652 Tolal Funds 50.860,985 3.333.944 3523.495 92.222 49 879,212 29 THE FOUNDATION FOR LIVER RESEARCH NOTES TO THE FINANCIAL STATEMEPITS {conUnued) Fortheyoarended 30 Juno 202S 16. Anatysl8 of Group net amets between funds 2025 Unrestrfcted ￿[gnal•d Re8trlctod Exwndable Income Incomp Incomg Endovfflient Fund Fund Fund Total Fund Analysts of Funds Tangible A55 Inve51rnent Asse15 Proprty PortFolioAssetlnvestm8nts Nel Current Assets 6,360,045 6,3eAI.046 16,852,918 16,852.918 19,938,000 19,938,000 5.439.096 4,902,897 S36.193 4,902,897 6.360.046 536,199 36.790,918 48,590,060 Analyals of Group net assets between fundg- Comparatlvfj Notg for 2024 Unre$trithd ReStrIct￿ Expèndable In¢ome Income Endowmont Fund Fund ap5tal Fund Totil Ana￿ts ofFuhd$ Tangible FTxed Assets Investrnent Assets Property por￿01￿? A&set Inve5knents 6,346,074 6,346,074 16,236.516 16,236.516 22,630,0￿ 22.630.000 4,865,622 4,038.47T 630.145 4.038.477 630.145 38,868,516 49,879.212 Anatysi* of Charity nèt assets between lund8 2026 Unrestrkted Desl9nated Rostrl¢tod Expendabl• Income Income Inoom4 Endowmgnl Fund Fund Fund Capltal Fund Tctal Anaty8k6 of Fund8 Tangible FiKed Assets Investsnent in traling Sutssid￿ry InVestr￿nt Assets Propety PLYtfolio A8setlnve81ments Nat CurrentA85ets 6,360,046 6,36D,046 299,857 16.852.918 16.852.918 19,938.000 19,938,000 r 188,311 299,857 4,052,112 538,199 4,951,969 6.360,046 536,199 36,790.918 48,639,132 Analy¥ls of Charfty not aBS0ts b•tWo•n fvnds- C￿￿paratE￿O Nots 2024 Unrestrtcted R•strlctod Expendabl• Income Income Endovmient Fund Fund Capiial Fund Anaty¥ls of Funds Tangible Fixed Assets Inv&5tmnt In tradlng Subsldlary Investmnt Assets PrDwrfy Portfolio Assèt InVeskn￿ts t CurrentAssets 6,346,074 577,808 6.346.074 577,808 16236.516 16.236,516 22,630,000 22,63J,000 4.448,914 3.808.769 630.145 10,732,652 630,14S 38.866.518 50,229,313 30 THE FOUNDATION FOR LIVER RESEARCH NOTES TO THE FINANCIAL STATEMENTS (continued} Forthe yearended 30 June 2025 17. Recon¢lllatlon ol not movement in funds to net cash ftowfrorn oporatlng activitlos 2026 2024 Net Income for thè r•porting poriod qa$ pgrthe $lat•mant of financial actlvlties) Adjustments for. Depredallon charges Loss1(Gain) on revaluation of fixed assets Lossll&insl on Investments IGains}ILosses on inve5trnent properties DNldends. Interest and rents from irsvesfments (IncreaseydeC￿se in debtors Increaselldecrease) in creditors Net cash usad In opgratlng acttvltlBs 11,289,152) (981.773) 262.328 244.￿2 (740233) 492.ts)0 12,106,606) 615.533 164 776 2 930 906 (1,564.7781 2.357,000 (2,351,143) 867.628 17,575 1410 589 18. Anatygi$ of ¢hnges in ngt dfjbt 2025 2024 Cash in hand UTrinv8Sted Gash with inv8slm8nt maTrageTS (see N¢)te 101 3,700,60e 4,677.375 4 280770 4 789 330 19. Rolated partyTransactions As expkingd in N¢)te g. LNer Research and Deveh)pnEnt Ltd (LRD) Is a vfttdty ry4￿ed subsSdlary of The Foundation for LNer Research IFLR}. In the year FLR inujrred costs of Q430.49D (2024: £2.168.074) ar recwod £322,765 (2024: £1.327,106) on behalf of LRD. At the year-end £299. 85712024: £577,708) was due from LRD lo FLR. Thks figure is ats in)parments tOt￿lIng £8.986m12024: £&W28ml in FLFi There was one related paty transactk)n. wlth K4r SIMC￿ who is a Trustee and a Director of JP Wainwright. The total amunt of the tf8ns&tion5 in the year was £59.56012024.. £54.823) which reL8ted to professional fees and asset wBnagemènt fefys for 13 properties vAthln the Foundation's prop￿ portfdlo. The arrK)untoutstanding at the year-end was £NIL (2￿24.. £19.509) and the Tntstees confirm thal this was c8ried ¢JJl ai8n arTrfs le￿gI￿ basis. 20. Contlngent Asset Foliowlng the ofthe leaSeC￿ Untt 3 St Cr(kss kniness PaTk, Iowwe hav• reccgnBed a contingartassetof £7thI(fDrtr￿dIaPldat1iJn.fj ￿Sts aGcordwig to the lease?￿j are GUTrenUy In db(wsbnswlth theter￿tregarding Ihi* 31