_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 d￿￿n￿nI, the Charities Act 2011. the Companies Acl 2006 and A￿untIng and Reporting by Charities". Slaternenl of Recommended pra￿lce applicable lo charilEs preparing Iheir accounts in accordance with the Financial Reporting Standard appI￿re in the UK an(1 Republic of Ireland IFRS1021 effective 1 January 2019. REFERENCE AND ADMINISTRATIVE DETAILS Reference and administratNe details of the Charrty, Ind￿j[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 Mel￿randurn of AsscLiation that established its object5 and poweis and is go¥err￿1 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 W￿dWide. Methods lor Rg¢ruiting and Appointing New Diredors Follow'ng adV￿e 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 ¢rrter￿n 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 ihIrd￿rtY 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 reSea￿h al. or in collaboration with, GSK for the treatment andlor prevenlion of diseases of the developing worfd {as defined in the Art￿￿S of A5soualion}. and the di8semination of the useful resuf(s of that research. TCOLF is commrtted to helping Iransfomi the pr¢xess of dwg di￿0very 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 reStrict￿nS imFosed by the Companies Act. the Articles or any special resolulKJn. H￿h-￿Ve[ deasion making is made by the TCOLF Goveming Board, formed by rerKJvmed scientists wod0￿MIe, IncludiThJ its appointed Director5. The membe(s of the Governing Board evalu81e the funding applications and provide admce on the programme devek)ptr*nl 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 c*ijectives. 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 staterr￿n￿ 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 h*enlfyiftg 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 eXtens￿nS 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 disproportK*nally 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 degrndat￿n of ￿￿terIal prot￿nS 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 mc*Jel 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 ￿80￿reing and GSK s(wJl.. Commrt the level of resouree required to ppc¥t projects to ach*ve success. Type of pmjects." F￿LtS on projects high impact potential for drug dtscovery. Earfy Stage Calatyst IESCI." Drug discovery projects in wh￿h 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$S for scienlrft dissemination lexceplions 11 a￿ayS be ¢onsKlered e.g. when price of consumables or assays are extraordinaiily high. rf there rs *rong scienlrfic rabonale and high potential impact of the proje¢ll. Ba¢k the Winners IBTW).. Due to the greater an1￿1Pated cost of these projects, the concept of 'winnef will be restricted to advanced lead molecules Irobusl in vivo activity on rdevanl models wrth a clear developable profile), clinical Candidates. and repurFosing opportunrties. OpFortunitw onginated during a TCOLF funded project wll be priorrtried le.g. ongoing prqe¢t TC139 (Hit discovery for new antimicrobrals against ShigelL4 spp). has delNered Tebipenem pivoxil as a potential novel thefapy lo treat shigelbsi51. The allc£*ed budgel for a BTW project is expected to be s £500K. Unlike an ESC project. co-location is not expected for this funding stream. However. the 5UPPQrt will go beyond the financial provision from TCOLF as GSK will continue provKJing support le.g. tKhni¢al input). As for ESC projects lunding wll come from TCOLF but final implement*ion will be SUbje￿e￿ to a research collaborative agreement be￿n the applicant's Institut￿)n and GSK. ecl im lementalion and o live riK#Jd.' Maximum prqect dUral￿1n of 2 years for discovery projects Rer￿vable onty under exceptional circumstances (successful milestones. unexpecled delays or exiension without lunding to Cc￿P1eIe work plan) and after new work plan presentstK)n. If and when extended, maximum project duratKJn should not be longer than 3 years in totsl lexcepling clin￿1 projects}. Clear definrtion of project d￿1verab￿ to estsblish Suc￿$ or fa41ure * the end of funding perK#J. Ensure integratkjn and I￿nI planning be*n pharmaceutical and xademic partnerteams. Implementation of str￿ar￿ined process for transrotK)nal ffd)ilty of s¢ientists with a focus on individual ta￿nI. 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 Ant￿M￿rOblal 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 fOrthetreatTh￿nI 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 p￿lect$ (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 $c￿nI111¢ opportunity endorses the ccrfrtinualion of the TCOLF commitment to support drug discovery on TB with a similar kvel of budget allocation as in p￿vIouS 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 pktIo￿S￿ooLS to develop rv)n-Cc￿vent￿naI antilubercular drug discovery programs focused on Host Pathogen InteraCt￿nS. 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 seknt￿n and strategies for treatment shorteniThJ. Perf0m￿nCe 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 Sc￿nt￿￿10￿MaIS {1 publ￿tIon 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 UC3kllL*￿l GenTh47y started in Ihw MGCFR 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 pIraZ￿amKle 8¢#Mty aganst TC285 Ccthpwed in 2024 Prceress on the Open Lab projects is being 9￿alty 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 def￿rt (2023". £0.8m defficit). Policy on Reserves Free reserves of the Charty are ￿presented by its ￿n￿StriCted 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 gen￿al wnning costs, wh￿h are usualty an amwnt of circa £5￿k 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 cOmplet￿n 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 vaT*ty of research organiSat￿n5 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 s￿￿le￿ purposes, they are monito￿d 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 d￿S not cary out fundraising activrties clher than those ment￿ned 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 ant￿Ipated 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. ACt￿n plan." Discussion with prA￿tial donors aThJ fu￿￿15 lo altraet addrtional funding and divetsfy furKling sovrces. Risk 2. InsuffK*nl capacty al the Tres Cantos tscilities to implen￿l Open Lab prqects due to an increased number of qualty applieations and overL8pping of prciects selected in different wave5, causing delays ui getting the resU￿S or need for exlensions. ACt￿n 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 Pharma￿Ut1￿I partners are Cu￿e￿tty invofved, causing perceived bias in $electKJn and impbementation of prqects and perception that GSK is benefitting frcffl the open lab program. Ad*Jn plan.. 1. Meeting minutes reflect Ihe indepen¢Jence of the Directors and Governing Board mernbers in deCi￿On making" 2. Ryorous adherence to TCOLF conTh'ct of inleiest policEs. Capture these conflicts in all Board meeting minutes. Plans for the future The Openlab team is currentty reviewing the >year strategy12022- 2027). Public benefit statement The Directors confirm that, In exercising their powers and I￿￿1111n9 their responsibilities as Directors in pursuit of Ihe areas described atove. they have paid due regard lo the gLFidance on public benefit published by the Charity Commission. Auditor RSM UK Audit LLP has indtcate¢l its willingness to continue in ￿. Statement as to disclosure of infomiation to the auditor The Directors who were in office on the date of approval of these financial stslemenls have confimied, as far as they a￿ awa￿, th* there is no relevant audrt infomalion of wh￿h the alrdrtor is unawa￿. Each of the Diredors has confirmed that they have tsken all the steps that they OLtght to have taken as Direct￿$ 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 proVisK￿S applicable to companies entitled lo the small c¢ynpanies' exeffVt￿5. 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 Found*ion 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 C￿panY 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 pc4ic*s 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 applut￿e 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 con￿rn basis unless it is inaFvropriate to presume that the company will continue in business. The Dir￿tOrS are responsible for keeping adequate aCCount￿g reCc￿dS 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 disseminat￿n 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 FOundat￿n (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 pOI￿leS. 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 Pr￿t￿e1. 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 reSour￿S 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 $18leff*nls seCt￿n of our report. We afe independent of the charitable company in accordance wrth the ethical requirements that a￿ ￿ ￿vant to our audit of the finan￿al statements in the UK. including the FRC'S Eth￿￿ Stsn¢Jard we have fu￿lled our other ethical responsibilities in accofdance wrth these requifements. We believe that the audit e￿den￿ we have obtained is suff￿lent 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 Kjenttf￿d any material uncertainties relating lo events or ￿n*jit￿lns that, indiv¢dualty or colwivety. may cast signrficant ¢Joubt on the char(fable company's abilty to continue as a going con￿rn for a period of at least ts￿l¥e months from when the finanual statements are auth￿Ised issue. Our responsibilities and the responsibilrties of the dir￿0￿ wrth respect lo going concem are described in the felevanl seclK)ns of this report. Olher inforniation The olher infomiation comprises the inf0M￿tKin 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 Opin￿￿n on the financial slatemenls does not cover the other information and, except to the extent othe￿ise eXpl￿rtlY 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. wh￿h i￿ludeS Ihe Dire¢tors' Report prepared for the purwses of ¢ornpany ￿. for the fina￿la1 year for which the financial slalemenls are prepa￿d 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 D￿torS are respons*Jle 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$Onab￿ assuran￿ aboLrt whether the fina￿la1 statemen15 as a whole are free from material misslalement. whether due to fraud or error, and lo issue an audrtorfs report that ineludes our ¢)pinion. Reasonable assurance is a hvJh ￿Ve1 of aSSura￿e but is not a guarantee that an audit condueled in accordance wf(h ISAS {UKI wll a￿ayS detect a rnalerial mi5slatemenl when (( exists. Misslalemenls can arise ffom fraud or erior and are considered material if, Individually or in the aggregate, they eould reasonabty be exFeCted to influence the econom￿ decisions of users taken on the basis of these finarrial slalements. The extent to which the auditwas consldered capable of detecting irregularities. including fraud Irregularities a￿ instsnces of non-cornp1ran￿ wth laws and regulations. The objectives of our audrt a￿ to obtain Suff￿lent appropriate audrt evidence regarding compliance with laws and regulations that have a direct effect on the detemiinalion of malenal amounts and disctjsures in Ihe financial statements, to perform audrt pro￿Vre$ 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