I
Tres Cantos Open Lab Foundation
ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended 31 December 2024
.. Company Registration No. 07301222 Charity Registration No. 1142577
Tres Cantos Open Lab Foundation DIRECTORS AND OFFICERS DIRECTORS Professor Cad Nathan ProfessorAlan Fairlamb Kenneth Duncan Steven Sheldo Valerie Mizrahi COMPANY NUMBER 07301222 REGISTERED CHARITY NUMBER 1142577 REGISTERED OFFICE Third Fl¢)or. One London Square Cross Lanes Guildford Surrey GU1 1UN AUDITOR RSM UKAudrt LLP 1 Flojr. Platinum Building Sl John's Innovation Pa C¢)wley Road Cambridge CB4 ODS BANKERS HSBC Bank Pk Global Banking arKI Market5 Level 23 8 Canada Square London E14 5HQ Page 1
Tres Cantos Open Lab Foundation DIRECTORS. REPORT The Directors submit thwr report and the audrted financial statements of the Tres Cantos Open Lab Foundation {°TCOLF"I for the year ended 31 December 2024. The financial slatements have been prepared in accordance with Ihe accounling policw set out in the notes lo the account$ and compty with the Charty's goveming dnnI, the Charities Act 2011. the Companies Acl 2006 and AuntIng and Reporting by Charities". Slaternenl of Recommended pralce applicable lo charilEs preparing Iheir accounts in accordance with the Financial Reporting Standard appIre in the UK an(1 Republic of Ireland IFRS1021 effective 1 January 2019. REFERENCE AND ADMINISTRATIVE DETAILS Reference and administratNe details of the Charrty, Indj[ng details of its Directors (who are also the Charty Trustees) arKI ts Advisers are gwen on pa9e 1. STRUCTURE, GOVERNANCE AND MANAGEMETr Gov•rning Document and Constitution Tres Cantos Open Lab Foundation is a company limited by guararrtee ICc¥npany Number 073012221 incorporated on 1 July 2010 and registered as a chaiity in England and Wales on 24 June 2011, number 1142577. The Tre5 Cant05 Open Lab Foundation was established under a Melrandurn of AsscLiation that established its object5 and poweis and is go¥err1 under its Arttcles of Association as updated on 10 November 2016. Directo The Directors (who are also the Trustees of the Charity) who helJ office durng the year and up lo the dale of signing of the financial ststements were as follows. ProfessorAlan Fairlamb Professor Carl Nathan Audra Jane Halsey (Resigned 1 April 2024) Kenneth Duncan Steven Sheldon (Apwnled 1 April 2024) Valerie Morahi (Appointed 8 October 2024) The Directors are advised by a Goveming Board (GB) forrred of renL)wned scientists WdWide. Methods lor Rg¢ruiting and Appointing New Diredors Follow'ng adVe and consent by the Governing Board ffembers. ne4V Directors of the Charity, in accordance with the Articles of AssocralKJn. are appointed by its sole member. Glaxo Group Limited IGGLI. GGL is a subsidkary of G&xoSmrthKline IGSK). GSK action the official appointment at the Charrties Commission and al Companies House. DNersty is a key ¢rrtern for e¢tr.0n of the new Directors. There is no time limit on the n9th of Servi for the Directors due to the unique nature of the Charty. Membership of the Goveminq Board has a limit of 2 tern each lasting 3 yews. Policles forthe Induction and Training of Directo New Directors are provided with informalion from the Charity Cwtmtssion regarding their duties as Directors of the TCOLF and are kept informed of any regulatory updates as and when required in the fom of the circulation of informats.on from the Charty Commtsshjn or ihIrdrtY advL8ers. Addrtional training is provided rf needed on an ad-hcc basis. Page 2
Tres Cantos Open Lab Foundation DIRECTORS, REPORT Objects and aims of the charity forthe public benefrt The Pfincipal objects and airns of TCOLF are lo fund and ctherwse support reSeah al. or in collaboration with, GSK for the treatment andlor prevenlion of diseases of the developing worfd {as defined in the ArtS of A5soualion}. and the di8semination of the useful resuf(s of that research. TCOLF is commrtted to helping Iransfomi the pr¢xess of dwg di0very for diseases of the developing world. TCOLF'$ funding and supp¢)rt aims to enable researchers lo work n an open environment where the wider sharing of Njeas and findings will drive eolkboralive innovats"on. Organisation Structure and Oeeision MakirvJ The Directors shall rnanage the business of the Charrty and may exercise all the power5 of the Ch8rity unless they are subject lo any reStrictnS imFosed by the Companies Act. the Articles or any special resolulKJn. Hh-Ve[ deasion making is made by the TCOLF Goveming Board, formed by rerKJvmed scientists wod0MIe, IncludiThJ its appointed Director5. The membe(s of the Governing Board evalu81e the funding applications and provide admce on the programme devek)ptrnl and prc¥Jress towards objedives. The management and control of the actNity is conducted in ular meetings. supported Trmlh four-nx)nthly progress reports. The Goveming Board meels usualty two lo three b.mes a year, followed by a Directors. meeting lo ratfy the Governing Board decisions includin9 the Annual General meeting {AGMI. Operational and finance supwt is provKled by the GSK Open Lab team. This support was equivalent 10 2.01 FTES during 2024., {2.12 FTES during 2023) and this 5UPPOrt has responsibility for the day-lo- day coordination and managernenl including prqe¢ts set up. portfolio prc¥Jress monitoring and finance control. The GSK team also provijes wular reporting Iseienlrfic and financki11 lo the DirectNs arh4 Goveming Board for revw. Relationships with Other Oryanisations TCOLF c¢>cperales wth several organisatK)ns in pursuit of ris Charitable cijectives. These include GSK and the various Open Lab pioject grantees. GSK rs a related paty by nature of l)w'ng the tyvner of the Charity's sole member. GGL. As explained above, GSK prowdes operat10nal and finance suppcit to the Charity free of Charge. The value of these services is reccqntsed as donaled seNices in kind in the staterrn of Financial Activities. A Director of the Charty. Steven Shekd. is also an employee of GSK Objectives for the year to 31 December 2024 The objectives for the year were to carry on henlfyiftg and ensure the smcdh Thplerrtnlalion of 7 project extensions and 4 new high-qualty prqects SUTtable for Open Lab collaboration. Slgnlficant Activities in the year 1 meeting of the Oireclors of the Charty {Octoberl and the Goveming Board who act in an advisory capacty lo the Directors were held. 23 prqects were active in 2024.. 11 projects ongoing. 4 projects started, and 8 projects were cornpleled during the period lin 2023.. 12 projects ongoing. 7 projecis started. and 5 projects were completed during the period). 4 new proiecfs and 7 project exiensions were selected for fvnding in 2024 lin 2023.. 3 new projects arKI 3 project eXtensnS were select&J for funding). Strategic priorities Ouring the Governing Board meeting hekl in October 2024. new areas Whe the Open Lab model could continue impacting the field of endemic infectKJus diseases were reVi_ The Goveming Board agreed on the potential interest to include. in Ihe remrt of the Open Lab, dnkg discovery in PROTAC and depolymerases against infectious diseases disproportKnally affecting LMIC (Low and Middle Income Countries). Page 3
Tres Cantos Open Lab Foundation DIRECTORS, REPORT During 2Q24, the TC316 (Depotymerases for the poventfjn and treatment of neonatal sepsis due lo Klebsiella in LMICs} project was implemented and started. ALSO. a prqect from Dr Rarn lyer (TB Alliance) was discussed lo expbre the degrndatn of terIal protnS by the host in macrophages, although it wa5 not Pfesented as he faVOu other funding opportunilEs. AddTiionalty. the learn started lo work in 2024 with Palrica Barb.$ group al Oxford to present a prqect on PROTACS in Wave 32. The current diseases of interest maInS the same, includiThJ n¢yw Cryploccttus infeclKJns and AMR {Anli-Microbial Resistancel di%proportionally affecting LMIC. as agreed in June 2022. No changes in the operative mcJel were dtscussed. How the strategic prforities will be realised Pro ect selection." Quantity." Steady pipeline of 10 to 12 projects active in the Tres Cantos facilrtie5 adequately resourced prqect5 at any one lime. reducing from 14-16 in the first years. This reduction in the number of proieet5 is based on.. Focus on qualty.. Idenlfy pro5eets where the TCOLF can truly act as a catatyst for Adequate 80reing and GSK s(wJl.. Commrt the level of resouree required to ppc¥t projects to achve success. Type of pmjects." FLtS on projects high impact potential for drug dtscovery. Earfy Stage Calatyst IESCI." Drug discovery projects in whh eo•k)cation is a key factor to be eligib. The governanee prcte5s 11 continue as in the previous years. The allLxaled budget for an ESC prqecl is expected lo be an average of £25OK including accommodalion and open e$S for scienlrft dissemination lexceplions 11 aayS be ¢onsKlered e.g. when price of consumables or assays are extraordinaiily high. rf there rs rong scienlrfic rabonale and high potential impact of the proje¢ll. Ba¢k the Winners IBTW).. Due to the greater an11Pated cost of these projects, the concept of 'winnef will be restricted to advanced lead molecules Irobusl in vivo activity on rdevanl models wrth a clear developable profile), clinical Candidates. and repurFosing opportunrties. OpFortunitw onginated during a TCOLF funded project wll be priorrtried le.g. ongoing prqe¢t TC139 (Hit discovery for new antimicrobrals against ShigelL4 spp). has delNered Tebipenem pivoxil as a potential novel thefapy lo treat shigelbsi51. The allc£ed budgel for a BTW project is expected to be s £500K. Unlike an ESC project. co-location is not expected for this funding stream. However. the 5UPPQrt will go beyond the financial provision from TCOLF as GSK will continue provKJing support le.g. tKhni¢al input). As for ESC projects lunding wll come from TCOLF but final implemention will be SUbjee to a research collaborative agreement ben the applicant's Institut)n and GSK. ecl im lementalion and o live riK#Jd.' Maximum prqect dUral1n of 2 years for discovery projects Rervable onty under exceptional circumstances (successful milestones. unexpecled delays or exiension without lunding to CcP1eIe work plan) and after new work plan presentstK)n. If and when extended, maximum project duratKJn should not be longer than 3 years in totsl lexcepling clin1 projects}. Clear definrtion of project d1verab to estsblish Suc$ or fa41ure * the end of funding perK#J. Ensure integratkjn and InI planning ben pharmaceutical and xademic partnerteams. Implementation of strarined process for transrotK)nal ffd)ilty of s¢ientists with a focus on individual tanI. Ke areas of Inte$1 After evaluation of the current trends in the freld. the scientfv opportunty. and the trend in submissions during the previous years, the foll¢)wing section desuibes the proposed f$ areas within each of the disease areas (including what coulj be potentHlly game changing opportunities) where TCOLF investment could make a signifKant impacl. Page 4
Tres Cantos Open Lab Foundation DIRECTORS, REPORT AntMrOblal Resistance AMR Enter infethons are a key area for TCOLF due to the paedth unmet medul need, high scientific opportunity and IncreasirvJ interest from applunts and funders. In the past years TCOLF has invested in several cpen L3b projects (such as TC257 and TC2831 to explore new chemical diversity lo treat Shigella inferlion and support a Phase11 clinul trial lo evaluate the efticacy of Tebipenern PNoxiI fOrthetreatThnI of Shigellosis. Taking into account the limitations in the field to diagnose Shigelk)sis and the lack of an effective model necessary to progress mokcules lo Ireal this disease. other enteric pathogens such as invasNe non- typhoidal salmonelk will be prh)rrtized. Investments in AMR affecting LMIC could address one of the most pressing unmet Gbbal Hearth needs wrthin the wider anli-mtrobial a9enda. In addrtKJn, Cryptococcal meningitis, an invasive fungal disease caused by Cryptocoecus neoforman5, disproportK)nalty affects Feople in sub.Saharan Afru specially to immune- compromised patients lusualty Hlv-relaledl. TCOLF has funded one open lab project in this disease area due to the urgent need for drugs and the lack of earty drug discovery efforts on-going in the field. MaL8Tra In the past years TCOLF has invested in several cyen lab plect$ (such as TC267 and TC2691 to develop assays plallomis in order lo explore new chemical diversty inhibiting liver stages Taking into account the re$utts of these projects (the complexrty, the low throughpui and the lack of robustness of the tools developed), thrs area will be depciorrtvied. The current trends in this disease indicate that explofing other type of interventK•n$. such as largeting ne•V mode of actions could be areas where TCOLF investment could m*e a significant impact. bercubsis The high-burden and the $cnI111¢ opportunity endorses the ccrfrtinualion of the TCOLF commitment to support drug discovery on TB with a similar kvel of budget allocation as in pvIouS years. In 2024. 9 projects related lo TB disease were active ITC281, TC285, TC290. TC301. TC302. TC304. TC312. TC316 antj TC337) by TCOLF which reflect the commitmenl of TCOLF in this therapeuti¢ area and is ali9ned wilh TB strategy of the Global Health MedKines R&D unrt al GSK Tres Cantos. The active and new projects are focused the development of rew assayslpuqtfornis and in the diswvery of new small molecuks targeting the host or the bxteria. Note.. New ro sals in Kinet laslids mediated di t currentl facilities available in this are ases will be inTr recluded takin into Unt thal Research areas include.. The developmenl of new pktIoSooLS to develop rv)n-CcventnaI antilubercular drug discovery programs focused on Host Pathogen InteraCtnS. Development of tools lo unvwl the mode of action of hosvwrubenee directed therapies. Target-based pro9rams wrth a strong rational design ccmponent. To support the research on regimen sekntn and strategies for treatment shorteniThJ. Perf0mnCe in Ihe year 23 projects were aclive in 2024.. 11 proiecls ongoing. 4 prciects started, and 8 projects we completed during the per. 4 new projects + 7 prqe¢l exiensions were seleded (2 of thern were cost extensK)ns and 5 of Ihern were no-COSt extensions). 3 publications from TCOLF funde(I prciecls were publL%h6I during 2024 in international peer- revwed Scnt10MaIS {1 publtIon from prqects TC261. TC281. TC28n. Page 5
Tres Cantos Open Lab Foundation DIRECTORS, REPORT PerfomMnce in the year (continued) Typgof TCLVgraniee Prolaet Statss TC312 rJ UC3kllLl GenTh47y started in Ihw M<e Mc#Jds Ghent UrNv I Uni%er&léLIJe Btyxd$ TC316 Gul 8th 61599 Started in 2ff24 Flfrm De¥etrWntl TC317 61ei) Abert Eir6iwn CLIe0fMe1ne siarteain 2CQ4 Idenifyr¥J dn4 candKkles and vat dnbj largets in 4Yrug lorant MIr(8Clerwjrn tUtwCosIs 91Mu[anIS thr(KvJhwi c¢y))kX)fft# EvaWw)Trof p4 irrThwe de[3 ftKrtsemt#JÈl18HUWRag24.} In effic8cys(e8i of anD4nrials TC318 61eiJi Identificaticl Slartedin 2024 Rutws UTr%rsty TC314 Malaria $1075 unlty¢f Oryoin9 2024 ReSeah aThJ TC281 61597 EffKarydi Sh(thr¥ry WKI Vnk¥oviryc[IianCt lo Bl1 ulcer Ilvaw. FrLwweeks ¢Jatyirip beialari8m Agenty ofknyon IARAIDI (Trwng ScreerMng& C3rn1Klale In ¥ilro xreenirysed seaion¥d in vkne evalL48lw)n of backri0ges as assets in Ihe iow41 Iieaimert di VtwdEease TC3C9 Bwuli I Ea Or90iryJ 2024 Uni¥etsty¢fUithO Platftxrn TC3C Gul h¥h INNCiYgNS.. No¥el aniibacterials•Jainsi Uni¥ersityof Ongc Assay I PlallL¥ EnaWir¥ cryrrtOc ffnir¥rtts (tscthy." TC310 Utherstyof OrvJcirg 2024 ofahU81Ity stwtiryj wintsfordrtrj lolI9a1 cr•mbnalx antimic¥thl lher8 lor TC305 Gut alh 53715 ikiiverstyof Ory(xrvJ 2024 Scwir¥J %sayl atTc TC301 S3709 BlaR. a Taryet¥Yalt TLtal rNU Or90iThJ 2024 ssay I TC257 52919 Hb3h 5fflall mrdecuk sueen lorLW8 tral r shape rl Cmlobxierjquni Lkni¥erstyol Cambn( Orgiry 2024 TCW2 $3711 TaP't*xrI3t)n olaulopwy rThyJLlz4ry5 UrM¥erytyofTexa5 MedKal Brnnch Oroc¥r#J 2024 TC283 GLrt 61598 Tets'tvEmy7mxil as an amemthtocenriaxcne fc¢ canalty rmw1w1rVj slygelW5 Intematson8lCentre lor Thatrhoeal D6easeResearch Orsor#J 2024 Page 6
Tres Cantos Open Lab Foundation DIRECTORS, REPORT Malaria Le•J thscty•W Er4inE' A Fast tr3 apwJ&h to anbmaLqnal chemic41 cla5se5 Mti.st a(ty Uni¥er5ity rA Caifomia. San DEgo HarLI T Pl. Chan Sthool of Pubr Heah TC292 531CS Kfenbficabthl Orwjty Assay I TC295 Mo10ri0 53287 Compkied 21r24 A5sayl TC290 52917 On&J-Lk)8KfypE cLX asa sdectNedn4targel RfKxsUnNwsty Coffpkied in 2024 Assay I Matr¢ TC298 Gul heal S3291 Uruver5tyof ()JrnYee SakNrtUa TyFkn"murium Perssier Cd15 in 2024 UnNetstyOr&)h Florida (USQ. AIR NIH H¥¥a T.H. Chan Sthwl lif Pubfic Heallh Gknbal Neork for Negleued Tr0C '5eases UmetstyHospiial Cone (Germany), Cent lor Mocular MedicineCdc4Jre UK Heamhsecunty TC267 52571 Conweted in 2024 5tage5 of Pla5)1M fakyarum TC277 Malaia H2LITo Recwlabon ofATa resutts LLsin9TC¢X COMete in 2024 Tar Vaivjaioni TC279 Cr$ 52831 Completed in 2024 ¥évA3ni¥>GCFR Ta v8knjatsc I É¥Fknitry p38 rr•towaclNated wolein nose IMAPKI as a (re£ied taigeiin mye£a¢teri TC304 TB 53713 Ctsmp in 2024 Hit l¢lenbficatscffjl oskn.mi%ab ola sueen foranlirTicrotsa15 that enharKe pIraZamKle 8¢#Mty aganst TC285 Ccthpwed in 2024 Prceress on the Open Lab projects is being 9alty enabled by the in-kind access to GSK'S expertise and facilities. The Charity is committed to making the resuhs from the research it funds available for broader public beneffiL The achievements during the year are in line with the cbjeclNes of the Charity. FINANCIAL REVIEW Ouring the year. paymenls to InstrtutNJn5 for projects arKI other running cos15 of TCOLF were £1.8m (2023.. £1.5m}. The Directors are of the vithv that the ffinancial position of the Charity remains strong wlh nel assèts of £2.1m12023". £2.9ml. The cash al bank al 31 December 2024 was £6.3m 12023." t7.5ml. The nel nvjvement in funds forthe year ts: £0.8m defrt (2023". £0.8m defficit). Policy on Reserves Free reserves of the Charty are presented by its nStriCted fvnds and amounted to £2.1m12023.' £2.9ml. the Charty wll ub'lise the reserves to fund future grants in accordance with rts charitable otfj"eclives. arKI to rneet the general running Costs of the Chanty. The Oireclors set a target to have a level of free re5erve5 to be able lo fund future grant5 and meet the genal wnning costs, whh are usualty an amwnt of circa £5k pèr yèar. At the end of year 2024 a total of £4.2m {2023". £4.6m} had been already committed for all the projects that will wn Ihrough to Iheir expected cOmpletn dales rarvjing from 2024 to 2025. The Directors will monilor the level of free reserves availabk before committing to any future grants to ensure that all the commitied proiecls will be funded through to completion. Page 7
Tres Cantos Open Lab Foundation DIRECTORS, REPORT Grant making policy The Charty consKlers applicatw)n$ Irom 8 vaTty of research organiSatn5 for funding. Applications are revEwed and levels of grants payable are decided upon by the DirectOf5 Wittt con5uftalion of the Governing Board. Where grants, ineluding overseas grants. are made for sle purposes, they are monitod by the Directors to eftsu that those purposes are adhe to. This policy enables the Charty"s aims and objectives lo attract the best proposaL8 and award funding lo searCh groups worldwide to accelerate Ibe discovery of novel Irealmenls for TB, Malaria and AMR infectsons. The Goveming Board usually meels 1-3 times pef year. The infomiation aboul to aFsIty and the criteria for accepting nth¥ projects can be found on NWAW. nlabfoundation.o Principal fvndlng fAiurces The Charity was established wth a £5m donal)n fr(wn GGL in 2010. The Charity received a further £Sm donation from GGL in 2012 further £&n donations from GSK We approved in 2018. 2021 aThJ 2024 {note 15). The Charty is explorir¥J addiéional sources of funding to continue beyond 2027. Fundraising The Chanty dS not cary out fundraising activrties clher than those mentned above and does not use any third-party fundraising agencie5. Going concern The Directors are of the view that the Charty is a g(Mng concem given the level of reserves held at the reporting dale of £2.1m {2023". £2.9ml and the 5UStainabilrty ol the ms)del. Al 31 December 2024. the bank account balance was £6.3m 12023." £7.5m) this amount MII cover c¢Jmmitted projects and expenses for the nexi 1.5 years. with the current kvel of project expendrf(ure committed lo of £4.2m 12023". £4 em). Furthemiore a £Sm donaltr?n was [l¥ed from GGL on 15 January 2025 svJnificanl improving the cash posrtion of TCOLF Inole 15). The Directors confirm that. at the time of approving the financial statements. there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for at lea5112 nTh)nths from the date of approving the financial stalemenls. In arriving ai this conclusion, the Directors have taken account of current and antIpated financial perfomanee in the current economic condktions, and the Charity's feserves posrtion. Risk management The Directors have assessed the risks lo which the Charity may be exposed in the future and concluded that they are generally low given the nature and srze of the Charty. This position is kept under constsnt review lo ensure that this polw is appropllate. Principal risks and uncertainlie5 are as follow5. Risk 1. TCOLF long lemi financial sustainability al risk due to the lack of additK)nal funding after the initial commitment, causin9 the Open Lab being unable to select addrtional projects for fundin9. ACtn plan." Discussion with prAtial donors aThJ fu15 lo altraet addrtional funding and divetsfy furKling sovrces. Risk 2. InsuffKnl capacty al the Tres Cantos tscilities to implenl Open Lab prqects due to an increased number of qualty applieations and overL8pping of prciects selected in different wave5, causing delays ui getting the resUS or need for exlensions. ACtn plan". 1. Rigorous rev and selection of prop05als'. 2. Agreement on a steady state number of 10-12 active projects in the Tres Cantos facilf(ies'. 3. Schedule projects lo make [e of available cap•. Page 8
Tres Cantos Open Lab Foundation DIRECTORS, REPORT Risk 3. TCOLF perceNed not to be independent of GSK because the ¢ompany is the only major funder of TCOLF and no other PharmaUt1I partners are Cuetty invofved, causing perceived bias in $electKJn and impbementation of prqects and perception that GSK is benefitting frcffl the open lab program. AdJn plan.. 1. Meeting minutes reflect Ihe indepen¢Jence of the Directors and Governing Board mernbers in deCiOn making" 2. Ryorous adherence to TCOLF conTh'ct of inleiest policEs. Capture these conflicts in all Board meeting minutes. Plans for the future The Openlab team is currentty reviewing the >year strategy12022- 2027). Public benefit statement The Directors confirm that, In exercising their powers and I1111n9 their responsibilities as Directors in pursuit of Ihe areas described atove. they have paid due regard lo the gLFidance on public benefit published by the Charity Commission. Auditor RSM UK Audit LLP has indtcate¢l its willingness to continue in . Statement as to disclosure of infomiation to the auditor The Directors who were in office on the date of approval of these financial stslemenls have confimied, as far as they a awa, th there is no relevant audrt infomalion of whh the alrdrtor is unawa. Each of the Diredors has confirmed that they have tsken all the steps that they OLtght to have taken as Direct$ in order to make themsetves aware ot any relevant audrt infoffliation and to establish that rt has been ¢ommunKated to the audrtOT. This report has been prepared in accordan wrth the proVisKS applicable to companies entitled lo the small c¢ynpanies' exeffVt5. 8y order of the Goveming B(wd Steven Sheklon Director &¥T*l Dale.'02-Sep-.2025 Page 9
Tres Cantos Open Lab Foundation STATEMENT OF DIRECTORS, RESPONSIBILITIES The Director5 (who are also Twstees of Tres Cantos Open Lab Foundion for the purwses of charty law) are responsibk for preparing the Directors. Re and the financial stslernen15 in accordance with applicable law and United Kingdom Accounb"ng Standards. induding the Financial Reporting Stsndard FRS 102.. The Financk41 Reporting Standard applicable in the UK and Republ¢c of Irdand (United Kingd¢)m Generally Accepted Accounting pract). Company law requires the Directots to prepare financial slalements for each financial year which give a true and fair view of the slate of affairs of the charitable CpanY and of the income and expendtture. of the charitable company fot that year. In preparing those financial statements. the Directots are required to.. select suitable xcountsry pc4ics and then appty them c>)nsistentty: cèserve the methojs and principles in the Charities {SORPI.' makejudgemenls and accounting estimates that are reasonable and prl,. slate v4hether applute UK accoun1K stsndards have been fo1kn4ed. su*'ec¢ to afry material departures disdosed and explained in the financkal statements." and prepa the finanaal statements on the conrn basis unless it is inaFvropriate to presume that the company will continue in business. The DirtOrS are responsible for keeping adequate aCCountg reCcdS thal disclose wifh reasonable accuracy at any time the financial positKJn of the charrtable c(wnpany and enable them to ensure that the financial statemen15 compty wth the Companies Act 20C6. They are also responsible for safeguarding the 8$5els of the charitable company arKI hence for taking reasonable steps for the prevention and detection of fraud and other iffegulatiti'es. The Directors a responsible for the maintenance and integrity of the corporate and financial infomalion included on the charitable company's websrte. LegislatKryn In the United Kingdom governing the preparation and disseminatn of financial slalemenls may drffer from legislation in olherjurisdKIK)ns. Page 10
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TRES CANTOS OPEN LAB FOUNDATION Opinlon We have audited the financial statements of Tres Cantos Open Lab FOundatn (the 'charitèble company'l f¢x the year ended 31 December 2024 which comprise the Stalemenl of Financial Activitie5 (including Income and Exper)di(ure Account). the Balance Sheet. Statement of Cash Flows and notes to the financial slalements. including $ignrfvnt accounting pOIleS. The financial reporting framework that has beeft applied in their preparatKJn is applicable law and Unrted Kingdom Accouriling Standards. including FRS 102 -The Financial Reporting Standard applicatAe in the UK and Republ of Ireiand" (United Kingdom General Accepted Accounting Prte1. In our opinion the financial stalemenls.. give a Inje and fair view of the State of the ¢horitable company's affairs as at 31 December 2024 and of tts incoming reSourS and applicatK)n of resources, including rts incorne and expenditure. for the year then ended.. have been properly prepared in accordance wrth United Kingdom Generalty Aceepled Accounting Practice., and have been Pfepared in accordance vthh the requirements ol the Cornpan Act 2006. Basis for opinion We conduded our audil in accordance wrth Inlemational Stsndafds on Auditing IUKI IISAS {UK)l and applicable law. Our responsibilib.es under those stsndards are fvrther described in the Auditorfs responsibilities for the audit of the financial $18leffnls seCtn of our report. We afe independent of the charitable company in accordance wrth the ethical requirements that a vant to our audit of the finanal statements in the UK. including the FRC'S Eth Stsn¢Jard we have fulled our other ethical responsibilities in accofdance wrth these requifements. We believe that the audit eden we have obtained is sufflent and appropriate to provide a basi8 for our opinw. Conclusions relating to going concem In auditing the financial ststements. we have concluded that the directors, use of the going concem basis of accountu in the preparation of the financk?I statement5 is appiopriate. Based on the wofk we have performed. we have not Kjenttfd any material uncertainties relating lo events or njitlns that, indiv¢dualty or colwivety. may cast signrficant ¢Joubt on the char(fable company's abilty to continue as a going conrn for a period of at least tsl¥e months from when the finanual statements are authIsed issue. Our responsibilities and the responsibilrties of the dir0 wrth respect lo going concem are described in the felevanl seclK)ns of this report. Olher inforniation The olher infomiation comprises the inf0MtKin included in the Direclors. Report other than the financial statements and our audrtorfs report thereon. The directors are responsible for the other infoimatton contained within the Directors. Report. Our Opinn on the financial slatemenls does not cover the other information and, except to the extent otheise eXplrtlY slated in our report. we do not express any fom of assurance Conclus Ihereon. Our responsibilty is to read the other information arKI. in doing so. Consider whether the other infomialion is materialty inconsistent with the financial statements or our knowledge obtained in the course of the audrt or otherwise appears to be materially misstated. If we ldents.fy such m*erial in¢onsi5tencies or apparent malerwl misstatements. we are required lo determine whether this gives rise lo a material misslatemenl in the financral ststements themselves. If. based on the work we have performed, we conclude that there is a matenal misstatemenl of Ihk8 other infomialion, we are required lo report that fact. We have nothing lo report in IhB regard. P8ge11
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ThE TRES CANTOS OPEN LAB FOUNDATION {continued) Opinions on other matters prescrfbed by the Companies Act 2006 In our opinion, based the th undertaken in the course of the audrt". the information gNen in the Directors. Report. whh iludeS Ihe Dire¢tors' Report prepared for the purwses of ¢ornpany . for the finala1 year for which the financial slalemenls are prepad is consistenl wrth the financial statanenls", and the Diredots. Report has been prepared in accordance with applicable kgal requirements. Matters on which we are required to report by exuption In the light ofthe knowledge and understsnding of the charitable company and rts environment obtained in the course of the audit. we have not Klenlified malenal misstalemenls in the Directors, Report. We have nothing lo report in respecl of follwng matiers where the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting words have not been kept. or retums adeqLtate for our audrt have not been receNed from branches not visited by us.. or the financial statements are not in agreement with the accounting record5 and returns: or certain disclosures of Directors, remuneration speCffj by law are not made". ¢X we have not received all the information and explanalb)ns we qUIre for our audrt," (Y the Directors were not erttrtled to prepare the finanoal statements in accofdance with Ihe small companies, regime and take advantage of the small companies exemption fiom the requirement to prepare a Strategic Report or in preparing the Directors, Report. Responsibilities of directors As explained more fully in the Statement of Direct(Ys' resp)nsibilrties set oth on page 10. the Directors (who are also the Trustees of the charf(able company forlhe purposes of Company law) are responsible for the preparation ot the financial statements and for being satisfied th they give a true and fair view, and for such internal control as the Directors delemine is necessary to enable the preparation of financial stalements that are free from material misstatemenl. whether due to fraud or errc. In pr8paring the finanaal ststemenls. the DtorS are responsJle for assessing the charitable ompany's ability lo continue as a g¢yng ¢on¢em. disch)sing. a$ applicable, matters related to going ncern and using the going concem basis of accounting unless the Directors either intend to liqukdate the charrtable company or to cease operations. or have no realistK attemative but to do so. Auditorfs responsibilities for the audlt of thefinancial statements Our objectNes are lo obtain 8$Onab assuran aboLrt whether the finala1 statemen15 as a whole are free from material misslalement. whether due to fraud or error, and lo issue an audrtorfs report that ineludes our ¢)pinion. Reasonable assurance is a hvJh Ve1 of aSSurae but is not a guarantee that an audit condueled in accordance wf(h ISAS {UKI wll aayS detect a rnalerial mi5slatemenl when (( exists. Misslalemenls can arise ffom fraud or erior and are considered material if, Individually or in the aggregate, they eould reasonabty be exFeCted to influence the econom decisions of users taken on the basis of these finarrial slalements. The extent to which the auditwas consldered capable of detecting irregularities. including fraud Irregularities a instsnces of non-cornp1ran wth laws and regulations. The objectives of our audrt a to obtain Sufflent appropriate audrt evidence regarding compliance with laws and regulations that have a direct effect on the detemiinalion of malenal amounts and disctjsures in Ihe financial statements, to perform audrt proVre$ to help Klenlify instsnces of non-complBnce with other laws and regulations that rnay have a material effect on the finanoal ststemenls. and to resp)nd appropriately to hlenlrfied or suspected non<ompliance wrth laws and ieguL8lh)ns identif*d during the audrt. P8ge12
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TRES CANTOS OPEN LAB FOUNDAnON Icontinuedl In relation lo fraud, the objectNes of wr audit are lo #Jentfy and assessthe risk of material misstatement of Ihe finaneial slalemenls due lo frau¢J. to obtain sufficient appropriate audrt evidence regarding the assessed risks of material misslatemenl due lo fraud through designing and implementing approprsate responses and to respond approprotety lo fraud or suspected fraud identifd during the audrt. However, it is the primary responsibility of management, with the oVersht of thc6e charged with governance. to ensure that the entrty's operatK)ns a conducted in ¥cordan¢e wilh the provisions of laws and regulations and for the we¥enlbJn and detecbon of fraud. In idenlfying and aSsesng risks of material misslalement in respect of wregukirrties. including fraud, Ihe audit engagement team- obtained an understanding of the natu of the seclor. induding Ihe kgal and regulatory framework that the charitable eompany cs)erates in and ho•¥ the Charitab company is complying wrth the legal and regulatory frame4vork.' Inquired of management, and those charged with governance. about their own idenlificalion and assessment of the risks of irwularilies. including any knty¥n actual. suspected or alleged instances of fraLMI., discussed matters aul non-compliance wilh Laws and regulations and how fraud might oecur inclu(Jing assessment of how and where the financial statements rnay be 5usceplible lo fraud. As a sU11 of these Pfocedures we ¢onsKler the most signifunl laws and regulations that have a direct impact on the financK41 stateftnts are FRS 102, Charitie5 SORP (FRS 1021, Companies Act 2006, Charrties Act 2011, the charitable company's governing docurnent. and tsx legislalKJn. We performed audit procedures to detect non-compliance5 whh may have a material impact on the financial statements which included rewewing the financial slatements including the Directors, Report, mainIng alert to any new or unusual IransactKs may not be acdan th Ihe govemir¥J dccumenls. The audit engagement team identified the risk of management override of controls as the area where the financial slalemenls were mst Susceptib lo materkal misstatement due to fraud. Audil procedures performed included bul were not limrted lo testing manual jojrnal entries and other adjustments, evaluating the business rationa in lat)n lo synfficant. unusual transactions and transactKJns entered into outside the normal course ol business and challenging IlgMentS and estimates. A further descript of our responsibilities for the audil of the financial StatentS is located on the Financkil Reporting Council's website al h '.IA•thw*.frc.o .ukJaudrtorsre5 nsibilitEs. This descriplKJn forrns part of our audi¢or's report. Page13
INDEPENOENT AUDITOR'S REPORT TO THE PAEMBERS OF THE TRES CANTOS OPEN LAB FOUNDATION {conlinued) Use of our r•port This report is made sOty tothe charitable company's rranbets. as a toty, in accordance wlh Chapter 3 of Part 16 of the Companies Act 20C6. Our audrt work has been undertaken so Ihal we mKJht slate to the charitable Company's member5 those matters we are requi to state lo them in an audrtorfs report and for no other purpose. To the fullest extent pemirtted by law. we do not accept or assume fesponsibilty to anyone other than the charrtable cornpany arKL the tharitable ¢ompany'$ members as a body. for our audrt work. for this report, or for the cpinions we have formed. Claire Sutherland (Senior Sialulory Audrto For and on behaKof RSM UK AUDIT LLP. Slatuw Auditor Chartered Accountants 1st Floor, Pktinum Building St John's Innovation Park Cowley Road Cambndge CB4 ODS Date 5 September 2025 Page 14
Tres Cantos Open Lab Foundation STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) For the ear ended 31 December 2024 Total Unrtrted Funds 2024 Total UnrestrKted Funds 2023 Notes INCOME FROM: Donations and *eS Interest receNable 657.685 293.901 454,901 281,739 TOTAL 951.586 736,640 EXPENDITURE ON: Charitable actiwbes 11,755,516) {1.530,8871 TOTAL {1.755,516) 11.530,8871 NET EXPENDITURE AND NET PAOVEMENT IN FUNDS 1803,930) 1794,24n RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD 2.884.259 3.678,5C6 TOTAL FUNDS CARRIED FORWARD 2.080,329 2.884,259 Page 15
Tres Cantos Open Lab Foundation BALANCE SHEET As at 31 Dember 2024 Com istration No. 07301222 Ncrtes 24 2023 CURRENT ASSETS Debtors Cash at bank and in hand 45,344 6.260,059 117,861 7,488,596 6.305,403 7,6(6,457 CREDITORS.. Amtyjnls falling due wilhin one y {3.771.8521 13.818,1301 NET CURRENT ASSETS 2,533.551 3.788.327 CREDITORS.. Amounts due after m¢ye than one year 1453.2221 1904.068) NET ASSETS 2.080.329 2,884,259 RESERVES Unreslri¢led funds 2.080.329 2,884,259 Total frjnds 2.080,329 2,884,259 These accounts a prepared in accordance with the pwsvJns applicabb to wmpanie$' Subjectto the small companies, regime. The financial statements cffj pages 15 to 25 ¥Te approved by the Goveming Board and aUthIsed for issue 0n.9..8.1..zs and are signed on ts behaff by Steven Shehjon Direct The notes on pages 18 to 25 form part of these financial statefferts. Page 16
Tres Cantos Open Lab Foundation STATEMENT OF CASH FLOWS For the year ended 31 December 2024 2024 2023 OPERATING ACTIVITIES Cash used in ¢)perakn"ons 13 {1.522,4381 11.246,2281 FINANCING ACTIVITES Interest receNed 293,901 281.739 DECREASE IN CASH AND CASH EQUIVALENTS IN THE YEAR {1.228.537) (W,4891 CASH AND CASH EQUWALENTS AT THE BEGINNING OF THE YEAR 7.488,5 8.453,085 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 14 6.260.059 7.488.596 Page 17
Tres Cantos Open Lab Foundation ACCOUNTING POLICIES COMPANY INFORMAnON Tres Cantos Open Lab FOundatn is a private elxrpany limrted by guarantee (Company Number 073012221 incorporated on 1 Juty 2010 and registered as a charrty in England and Wales on 24 June 2011. n¢Jmber 1142577. Details ol the registered Offi address and principal PL of business are given on page 1 of Ihe accounts. The company's operations and prinapal actmties are described in the Directh, Report. BASIS OFACCOUNTING The financial statements have been prepared urKler the historical cost basis of accounting. In aOrdance wf(h the AontIng and Reporting by Charities.. Statement of Recommended Pr¥tice appli¢abk to ¢hanlies prepanng Iheir financial statements in xcordance wrth the Financial Reporting Stsndard applicable in the UK and Republ of Ireland IFRS 1021 {effe¢tive 1 January 20191- Charrties SORP IFRS102) and the Companies Acl 2006. The Charity constitutes a public benefrt entity as defined by FRS 102. FUNCTIONAL CURRENCY The financial sLitements are presented in steding whKh is aLs0 the functional currency of the Charity. Monelary amounts in Ihese finanual statements are rounded to the nearest whole £1, except where otherwise indicated. GOING CONCERN The Oirectors confirm thal at Ihe time of approvirrtJ the finala1 sLements, there is a rea¥Jnable expectath)n that the Charity has adequate resources to continue in operational existence for the foreseeable future for a penod of at teasl 12 months from the dale of the signing of these financial 5talemenls. In arriwng at this condusion, the Directors have taken aceounl of current and anlripaled financial performance in the current economK conditsons, and the Charity's reseNes posrtion. The Directors have considered budgets and caSt$ to satisfy themselves that the charitable company remains a going concem. Given the current e1 of reserves 1£2.1m {2023." £2.9m}l and the sustainability of the model. at 31 December 2024 the bank account balance was £6.3m12023." £7.Sml. this amount will covei committed projects for the next 1.5 years. wrth the current level of project expendrture commltted to of £4 2m. FUrthernre a £5m donation was received by Glaxo Group Limited 15 January 2025 signrficanlly improving the cash position of TCOLF Inole 151. INCOME Income is recognised when the Charity has entitjement lo the funds, any perfomance conditions attached lo the itemls) of income have been met. it is prcthble thal the income will be received, and the amount can be measured reliabty. Incon from granls, 1$ re¢ognised when the charity has enlillemenl to the funds. any performance ¢ondf(ions attxhed to the grants have been nt, rt is probable that the income will be received. and Ihe amount Can be measured reliably and is not deferd. Other income is Inte$1 recwved from Ihe bank account and is renised on receipt. serYes in kind are recc#3nised as the cost of the employee beneffts fc the empbyees seconded to the Charity, on an accruals basis as donations in the statenI of Financial Actwilies at the best estimate of the value of.the benefrt lo the Charty. EXPENDITURE Expenditure is reeognised once there is a legal or ccfflstruclwe obligation to make 8 payment lo a third party. it is probable that settlement will be required and the amount of the obligation can be rneasured reliably. Expenditure includes any VAT whth cannot be fulty r&overed and is reported as part of the expendrture to which it relates. Grants payable are included in the Slalement of Firtanaal Actmlies when tw have been approved for payment. Page 18
Tres Cantos Open Lab Foundation ACCOUNTING POLICIES An assessment ol indrwdual grant liabilities 15 Made at the balance sheet date and any adjustments required {these may arise as a result of foreign currency movements or dtfferences beTr budgeted and actual expenditure in grant applicalionsl to grant Ivabililies are rwnised as debits or eredits in the Sialement of Finanoal Activitss in grant expendrture. Expenditure on charitabfe aciivities comprises those costs incurred by the Charrty in the delivery of its activities and services for its beneficiaries. It includes both costs that can be althaled directty to such activrties and those cosls of an indirecl nature necessary to support them. All costs are allOted behveen the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. As there is onty one charrtable aetivty. all support ar governance costs have been althated against this actrvity. FOREIGN CURRENCIES Monetary assets and liabilrties denominated in foreign turn¢$ are tr8nslaled at the rate ofexchange ruling al the balance sheet date. Transactions in ffftign Cuentle$ are recorded at the rate ruling at the dale of the tiansaction. All differences are taken lo the Statement of Financial Aclivilies. FUND ACCOUNTING General funds are unrestricted funds which are available use al the discretion of the Directors in furtherance of the general objective5 of the foundat and whth have not been desKJnated for other purposes. CASH AT 8ANK AND IN HANO Cash al bank and cash in hand irKludes cash. FINANCIAL INSTRUMENTS Financial instruments are classified and accounted for according to the subslance of the conlrxtual arrangement as financial assels. financial liabilities or equty instruments. FInanClaSse1S Basrc financial assets. which indude cash at bank and in hand and other debtors. are init181 measured al transaction Pri induding IransxlKJn costs and are subsequently carried al amortised cost. Fin8ncialliats7rtÉs Basic financial liabilities. whh indude a¢enlS and grants payable. are initialty measured at Iransaelion price and subsequentty measured al amortised cost. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT In the application of the Chanty's accounting policies. the Directors are wuired to make iudgemenls, estimates and assumptions about the carrying amount of assets and liabilit$ that a not readily apparent from other sources. The estimates and a$Sl81ed assumptions are based on historical experience and other factOf5 that are consrflered to be relevant. Actual resums may differ from these e51imales. The estimates and underlying assumptnS are reviewed on an orwJoing ba515. Revisions to aUntIng estimates are recognised in the perK)d in whth the eslimate is revised. The Directors do not nSler that there are any cntThl estimate5 or areas of jud9emenl that need lo be brought lo the attenlion of the readers olthe financial statements. Page 19
Tres Cantos Open Lab Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 INCOME FROM DONATIONS AND LEGACIES Un$trthd 224 2023 Servzces in kind 657.685 454.901 657.685 454.901 AMLYSIS OF EXPENDITURE ON CHARITABLE ACTMTIES UntrICted 2024 2023 Grants awarded: Yale UnNer5 University of Anfvrp Oxfofd Unwersty University of Texas Medtal Branch (UTMB) University Libre de Bruxelles Quadram Institute- Gut Heath University of London - Malaria University of Dundee Ghent Universrty Harvard T.H. Chan School of publ heaMh- Malana University of Calrfornia, San Dw) Albert Einstein College of Mediana Rulgers University Inlemational Cenler of Publc Health International Centre for Diarrhoeal Disease Clemson Universrty- Cryptoc¢xcal Meningrtis Fundacion Agenc Aragonesa Para La Inv Y El Desarrol 15,000 212.569 37,175 200,674 214.174 162,002 34.075 163.369 52.000 233.267 74.351 59,148 244,363 186,438 87,000 124,617 2.500 Carried 1,223.061 Pa9e 20
Tres Cantos Open Lab Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTMTIES Icontinuedl 2024 2023 Brought forward 883.667 1,223,061 Grants rescinded.. Instilulo de medIna Molecular prugal INSERM Fundacion Agencia Argonessa Para La Inv y El Desarrdlo Oxlord Unwersrty University of Michigan ARAID l University of Zaragaza University of Dund University of South Florida University Hospital Tubingen Germany UnNersity of CalrfomLa Sanger Instrtute University ol Dundee 11.2501 1100} 1227,567) 13921 114,9301 194) 125,9351 168.5931 12.5001 139,4841 {1,2501 (1,8751 {1,750) (1.2SO) (1,2501 116.9501 {9,017) 1396.153) Total grants 874,650 826,908 Legal and professional fees Open access fees 5.601 136,125) 3.380 2.5C(J 844.126 832,788 Support costs.. Seconded staff Indired prqect costs 657.685 174,974 454,901 184,693 Governance costs.. Legal and professional fees Office expenses Insurance {Directors' and Offirs, Indemnrty Cowl Audrt fees Bank charges Sp)nsorships 38,074 13.425 29.203 4.423 (5,219) 24.210 26.220 1,012 5.0 1.755.516 1,530,887 The tclal number of institutional grants made in the year were 4 {2023.' n, only 1 grant per institution was awarded. and 2 extens¥)ns were granted to ongoing prqects12023.' onty 1 grant per institution was awarded and 3 extensions were granleil to ongoing proje¢lsl. All grants were similar in nature and were to aid the causes identffied in the Direclors. Report. No grants 10 indivhluals were made in the year. Page21
Tres Cantos Open Lab Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 EMPLOYEES There We no employees during the year in the Charrty12023'. none). Staff are seconded from GSK and costs reL*ing to the secondment are induded above. The Directors. who are the key management person1 of the Charty. received no remuneration for their work as DirtorS {2023'. £nill. During the year. 2 Directors (2023.. None) were rernbursed travel expenses amounting to £3,924 {2023.. £nil). NET EXPENDITURE Nel expendrture is slated after dwrging the fkin9". Fees payable to the Charty's auditor and rts assooales (excluding VAT).. Audi( fee Accountan seNKes Cornpany retar1 2ff24 2023 21,850 24.270 7.447 20,900 18,750 5,575 DE8TORS 2024 2023 Other deblths PPaYments 63,182 54,679 45.344 45,344 117,861 CREDITORS.. Amounts falling due th ye 2024 2023 Grants payab Accruals 3.729,096 42,756 3,703,¢ 115,040 3.771.852 3,818,130 Page 22
Tres Cantos Open Lab Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 CREDITORS.. Amounts fallirrfj due after more than one 2024 2023 Opening grant ¢reditry5 4.607,158 4,752,519 Grant5 awarded during the year Grants rescirKI 883.667 {46,4931 I,2,243 1396,153) 837,174 89).090 11.262,014) (1.035,451) Less". Grants paKI during the y 4.182,318 4,607,158 Included in current liabilities (3,729,} 13,703,090) Grants payable in than one year 453,222 904,068 All grants Payab will be paid from unreslrKted fvrth. MOVEMENT IN FUNDS 2024 At 1 January 2024 Incorre Eyp¥iture At 31 Decener 2024 Unrestricled funds General funds 2,884,259 951.586 (1.755,5161 2,080.329 Total fijnds 2.884.259 951,586 11.755,5161 2,080.329 MOVEMENT IN FUNDS 2023 At 1 January 2023 Income Expenditure Al 31 December 2023 UnreStrted funds General fvnds 3,678,5C6 736,640 11.530,8871 2,884.259 TcAd funds 3.678,5(6 736.640 {1,530,887} 2,884,259 P8ge 23
Tres Cantos Open Lab Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 ANALYSIS OF NET ASSETS BEfiiEEN FUNDS 2024 Total Unrestricted Funds Current assets Current liabilities Non-currentlobilrties 6,305,403 13.771,8S2 1453,2221 2,080,329 ANALYSIS OF ASSETS BETvEN FUNDS 2023 Totsl Unrestricted Funds Current assets Cuirenl liabilrties Non-cvrrenl IwbilitEs 7.6C6.457 13.818,1301 1904,0681 2,884,259 10 LBILlry OF MEMBERS The company is Iwnrted by guarantee arKI d¢xs not have a share eaprtal. In the event of the company being wound up, the rnaximum amount that each rrpmber is liable to contribute i £10. Glaxo Group Lirniled is the sole member of the conwany. RELATED PARTY TRANSACTIONS During the year to 31 December 2024. Glaxo Group Limrted Ilhe sole member, and a relevant legal enlily exercising controll through rts affiliate eompanies, dKI not pay any expenses or meet paymertts on behaw of TCOLF during the year {2023". none). In the year Glaxo Group Limited pwde(1 £657.68512023'. £454.901) of donated services lo the Charity in the fomi of slaff time spent on TCOLF acimties. Ouring the year lo 31 December 2024 TCOLF incuned fees payable to GSK amounting lo £135,41912023. £148.031) 12 CORPOPATION TAX The Charity 15 exempt Irom tsx on incm axl gairts under sections 466 10 493 of the CorporatK)n Tax Act 2010 to the exlent that these are applied lo its charilabk obj*. Page 24
Tres Cantos Open Lab Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Dernber 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH GENERATED FROM OPERATIONS 2024 2023 NET EXPENDITURE FOR THE REPORTING PERIOD (803,9301 {794,2471 Interest receNed DecTeaselllncreasel in debtors (DeCaSe) in creditors (293.901 72,S17 1497,124 {281,7391 184,5961 185,6461 {1,522,4381 {1,246,228) NET CASH USED IN OPÉRATIONS 14 RECONCILIATION OF NET FUNDS 1 January 2024 Cash F$ 31 December 2024 7.488,5 (1.228.53n 6.260.059 15 POST BALANCE SHEET EVENTS On 15 January 2025 TCOLF re¢eNed a £5m donation frcth Glaxo Group Limited. Page 25