REGISTEREO COMPANY NUMBER: 08061944 (England and Wale81
REGISTEREO CHARITY NUMBER: 1149170
REP
RT
FTHETR
Ahl
UNAUDITED FIP4ANCIAL
TATEMENT
FOR THE YEAR ENDED 31 MAY 2024
TTERFLY AVM CHARITY LIMITED
A COMPANY LIMITED BY GUARANTEE
G George As50V3tes Lvniled
Chartered CertIf￿d Accountants
12 Gateway M￿$
Riry Vvay
London
11 2UT

THEB
TTERFLY AVM CHARITY
MITED
TENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Pa
Report of the Trustees
i to S
Independenl Examlngts Report
Statement of Financlal A¢tl¥iti
Balance Sheet
8 10 9
Notes to the Financial Statements
10 10 15

THE BUThERFLY AVM ¢HARrrY LIMITED REGtsTERED NUMBER: O
REPORT OF THE TRUSTEES
R THE YEAR ENDED 31 MAY 2
The tnislees who are also directors of the tharity for the puw5 01 the cOrnpan￿ Act 2006. present their report with the
financial slalement5 of the chanty for the year ended 31 May 2024. The trusiees have adopted the provisions of Accounting
and Reporting by charit￿5". Ststwnenl ol Recon¥Y*n¢kd prac*￿ aP￿l￿ble to ¢harities prepanng their ac¢ounts in
accordance with the Finanual Reporbng Stsndard arplicable in the UK and Republic of Ireland IFRS 1021 leffectwe I
January 20191.
OBJECTIVES AND ACTMTIES
Obj8ctives and alms
The primary objective is to ratse fuTrSs spedt research mto perpheral. brain and eXI￿rnity Arteriovenou$ Mafformats'ons
IAIIMSI. The poliae5 adopted in furfherarKe of these objects a￿ to ratse rnoney Ih¥ough evenis and promotions and donate
the proceeds to Instrtulions thal r￿tarch into irrproving treakn*nts for AVMS aTrJ findin9 a ￿re. There has been no
change in these during the year
The charty aims lo bolh inprovè •xistir¥J treth)ents fw AVMS and hohliJM new wen1￿1 treatments that can l)enpfrt AVM
sulferer5. The charrty is also cornrnrtted to findi￿ a cure. aTrJ lo establish a compre1￿￿￿e dalabase of Oociors, Surgeons.
Radiolo9ists 3nd Treatrnent Centres.
11 also raises AVM awareness on its ¢*7line ￿altorm5 hvJhltyJhtir¥J on access to prolessional advi￿ anL1 b05t possibl¢
treatft*nt pathways.
The 8L*tterfy Charty conts.nues lo raw its aspiral￿s. A small Chaiity thai drearns bbj tn the hope th* one day all their
efforts to teadiTrJ lo defthitNe tseabY*nts and a cure.
P•Je 1

THE BUThERFLY AVM CHARITY UMrrED
REGISTERED NUMBER: 08061944
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 2024
O&JECTtVES AND ACTivmES
Significant a¢tiviti•s
The Buttethy AVM Chanty has contin￿d to enhance rts dedicated UCLGOS AVM Researeh ieam which is based at the
University College London IUCLI. Greai Ormo￿￿ Street IGOSI. Instiiuie of Chikl Heallh and the Franus Cnck Instilule, led by
Dr Maanasa Polubothu and Pfolessor Veroftts ￿.￿S￿r. We have abo branched out wilh our funding research and agreecl a
grant of £105.$00 The Royal Free London NHS FouThJabon in conjunc*"on wlh the UCL. The project is tilled "Delineating
Mokcular and Cellular Mechani5m5 in Vascular Malfornation5". Thi5 pr¢Jieci ￿11 start in May 2025 We woth wth top
scientists in the fvéhls of developmental. vascular and oftcogene tiok)9y aThJ with national experts in AVN at Great O￿n0nd
Street Hosprtal lo both develop rpw treabiRnts aTrJ to inyove the dinKal Ca￿ anLI for child￿n and ad0￿Scent$
with AVM
Th¢5 research 15 Potentialty the mo$t inwtyiant ¢UWlty in fiehJ. PTevb)us re5earth has focused on ur*Serstanding the
genelK mulalions that result in the initiabon of tesions spe¢rft to Ihe indivK%ual pabeni However. the InEtialion of vascular
maffomiations is a mulli-tsdori31 cornplex process that is poorty uTrJerstood and ¢sell￿ated We b2lieve that thi$ ra)mplicaled
personalised approaeh, atthough very Ins￿h￿￿1 aTrJ valuab￿. has sb%%Ed down the discovery of effective therapie$ Our
apwoach is to focus on the COn￿On mechan$ms of the d￿e0$e thai gwes iise to all vascular maHorrnalions. understandirrfj
what tnakes high-flow i.e. arterlovenous MaK0￿alKIn$ IAINSI drfferent ¢0 low-flow ILFVMsl lesions i.e. venou5 and
tymphatic Ma￿or￿a￿or￿. and rf it 15 possib￿ to iThter¥er* lo hall WogreS￿￿ or induce regression of existing lesion$.
The key findings of our research to dale".
1.1 Vascular malformation bts)bank.. We have C￿ated a vascular maffomiab.on biobank ol isolated lissue. cells and blood frorn
pat*nts with vaseular mawormalion lesvjns. who are Èeing ￿￿ked after by the Royal Free Vascular Malfomiabon Cenlre, lo
mp￿rt￿nI our dinical database We have stsc£essfully isdaled cdls (endothelial and vascular Smooth mu$cTo cellsl Irom
these lesions We have also ￿they¢d bkxd the ￿￿On5 and patients from whth have i%olated immune cells and
plasma15erum to look for protein bmynathets. This b"ci)ank 15 & essentol ￿searCh lod for our current and future research in
va$¢ular rnalfcrrnatscfjs.
1.2 Increased kvels of intsThffiatK#) in LFVM as muth in AVM ￿ts0d biomarkers are elevated in
pat￿nts LFVMS bul not as much in AVTrA$ Hisldo9y of Ihe ￿sionS have ￿ve￿ed increa5t I￿15 of inflammalory ce115
inside the lissu85 which would potentialty ad a5 therapeut￿ targets in luty￿.
1.3 Endothelol ￿11$ from vascular mawomation lesions are dysfvndpjnal conliNousty'adivated'. This acINat￿n causès
endothelial cells to attrath immune cells to lesi)n driving the cbsetved excessive Inflammation and angiogenesis. We
have ￿entrfied speofi¢ cellubr *9naIlU￿ paihway5 thai meth.aie lnflarnrna￿I wbich are over-active in vascular rnalfomiation
endoiholial cell5.
1.4 The 'acti¥ated' phenOtyp￿Staie of the LFVM endotheh.al cells are very sensitive lo inftammalory 1ri99ers. We have
discovered that LFVM endothelial ￿11$ pr<KjU￿ more inflammatory and adhtsion ffokules in response to inftammatory
stimuli anij ihe DNA structure of the ger*s assocote(I ￿th inframmation in ¥)ese cells 15 primed and ready to be switched on
iesullin9 in the producton of mre Inflammatory PTOteirts.
1.5 Tran5criplomic analysis IRNAseql have ￿vealed speufic genes and rnethanistic pathways which a￿ altered in
LFW5 Our data ha5 shown that ge￿$ involved in Cell. prdrferats"on. hypoxia. inflammation, cell junctions and energy
rnetabdism are irw*tsnt in thè dkstase mechanism.
Over•rthiry4 Objective and aiThs'.
Our obj'ective is to discover the uThJerlying rnolecular and cellular rrthni5ms that result ITh LFVMS ancj AVMS in
¢)rder 10 identify effective therapeutic targets The specfv aims that * will yse to add￿sS Ihi5 objective are.
11 The Butteffly AVN Chartys lunding will be utilised to hetr define aTrJ charactew in delail tl* cellular arKI molecular
composrtion of LFVM and AVM lesions.
21 To Identify key cellular PalhYdy5 Ihat a¥e ￿¥Cl¥ed in the nRthanism of Iltsease ￿Su￿.￿￿ in either LFVMS and AVMS and
lest these pathways in vilro model$.
31 To identfy key mole¢ules Ihal can be targeted lo di8fUPt the abnormal ￿llUlar mechanism of d¢5e35e. We wll first I(￿ to
r￿pU￿Se existiThJ drugs that have been Sh￿ lo be effeclive t*Jt sale frcffi research in other dseases (such as ¢anc*rl.
41 To test Sp￿lfi¢ drugs lthntthed in Awn 31 in primary LFVKI and AVM lires avaiL8ble wi in our B￿bafik.

THE BUThERFLY AVM CHARrrY UMITED
REGL8TERED NUMBER: 08061944
REPORT OF THE TRUSTEES
FOR TrIE YEAR ENDED 31 hiAY 2024
08JECTNES AND ACTIVITIES
The Experin*ntal plan.
11 To defi￿ and chara¢terise in detail ts ￿lIural atsj ftKJ￿I8l ctynposth.on of LFVM arKI AVM le5ion5.
We wll map the cellular la￿8¢ape of LFVM ar¥J AVM ugw siThjItr￿ll RNA.seq to ¢Je¢ipher Ihe ￿]rU13r even15 that lead to
developrnent and prcgression of vascular mafformations. Three key quest￿nS wll be a￿l￿$Se￿.. Whal cell types are in th&
vascular maMormatK)n they behave? How do Ilw infiuence orE anotheffl
We ￿11 use mutt1p￿X imaging io conf¥rn Ihe findir¥Js of the siThJle<ell RNA-seq in LFVM and AVM 16sues.
21 To Identrfy key ￿llUlar pathways that are invc4¥ed in the mechani%m of disease resuttirrfj in eilher
LFVMS and AVMS and lest these path*dyS in vrtro rnode15. We wll dete￿Ine whth rnolecular pathways in the ￿11 types
klenlified in Aim 1 are involved in the disease arKI valxlate these pai￿Y5 using ￿115 Ed3ted and cultured Irorn pat￿nts.
31 To Ityentfy key moknules that can be targeled lo dtsrupl Ihe abnoThnal ￿llUlar rnecknan￿ of Ilisease.
We ￿11 Klenlify dini¢alty approved drug5 Ihat may Co￿eCt the mokrJJlar pathways that have been implicAted in the disease in
Avn 2.
41 To test $pecffi¢tlnKJs lidentthetl in Aun 31 in wThary LFVM and AVM ￿ll line5 aval￿b￿ in in our Bi¢*iank.
We will use the eTrJothelial cells that is¢)lated Irorn LFVM and AVN ￿510n5 to test the a￿lty of drugs klenti￿d in Aim 3 to
inhibit prdrferation. migration. and tube formation aThJ ind1￿ apoptosis wihout affe¢b￿ rK)tmal endothelial cells.
We wll also assess dwgs xlpnlffjed in 3 lor Iheir th'lty to inhknt the innanvnatory a¢tivalion of endothelial eells from
LFVM and AVM ￿Slan$. which inrTras8d banier pem*abilty and ol ￿115.
How the grant ￿11 be ullwl..
We %wll fund Dr Jer*s Abu-Hanna lor 5alary1£69.9)01 for 1 year (January 2025-20261 During thts year. Dr Abu Hanna ￿11
complete and sulynrt the martuscripl ol his pre¥￿u$ data OTh v35cu13r mattomiath?Tr for publulion The main focus for Dr
A￿-Hanna is lo carry olrt a ser*s of experiments on LFWS and AVMS (described above) lo senerate data for a fellowship
applicafron io the MRC or BHF. We atso reouest £18.(￿) for ￿lSumab￿S and reagents for 1 year lo use in our experimental
plan.
Finally, we would like to use state ol the art spabal trans￿p10mIC tethnokngy, which has not been applied lo vascular LFVM
and AVM lesiorTral tr55￿ before. lo understand Ihe relalionshps and crosstalk bewn abnomial ￿115 In situ. We eycl thi5
work will be very important in the field Psythologi5t Morgan ZoWKèr has succe5sfulty completed the third year of his PhD in
AVM psychology.
Morgan's PhD focuses on investFgatiThJ adolescent and parent psycholog￿1 adjusbneni to Artèriovenous Malformations and
aims to improve urKJer51anding around the psycholog￿1 burden of living Wth AVM 10 better plan 5UPPOrt interventions for
children and their pa￿nts. Morgan'5 Pho based at both UCL and the Centre fof Appearance Research. UWE Bri5101.
Morgan has made excellent pro9￿$$ in his first year attendiryj AVM dinics and r￿tIng thild￿n aThJ their pa￿nIs and
gat￿nn9 important dala
Roll. who was the second Butterny AVM PhD sludentshp and has usiNJ 9ained èxpertise in her field and her PhD focuses on
developing new genetic therap￿5 for AVM. wilh the ain to translale the latesi advarKe in 9?￿tiC thera￿eS into Ireatrnenls
for chihlren wlh AVM.
th the help of Chanty funding, aim to ¢onbnue to devebp an en9ineeriry Irarrework to persOnal￿e Ihe management of
AVMS by cort>inin9 medical irnage5. compulalional moddling ICFDI in vitro ttx)Is to quantify tho haemodynamics of
AVTrA in pre- and post-inteNentK)n lembolosdettslheTapyI ¢0nfKJurat￿￿5. Our previous woffrt IFranzetti et al , 20221 has
denKnstrated the feasibility of pat￿n1-SpeaflC Computstm￿al Iramewrjrk for the embolosderother3py of an extracranial AVM
assuming steady blixKS flow." the present woth aims lo intrr>Jl￿ additional patsent-spttK¢ features to enhance the real￿M
and create more relAbk simuktions.

THE Bu￿EftFLY AVM CHARtrY LIMfTED
REGISTERED NUMBER: 08061944
REPORT OF THE TrUSTEES
R THE YEAR ENDED 31 MAY 2024
OBJECTIVES AND ACTMTIES
Nikki Christou has also conts.nued ro￿ zs The &Jtterfiy AVM Charity aft*Jassad¢r carrpa¥Trer and recently appear8d
on many p1alf0￿5. raisin9 aWarer￿ ol The Charity aTrJ AWS. She Fw7)oles iht aVdrene5s of Ihe ¢Yifficullies of hawng
ronic ¢isease and the lrnWrtan￿ of In￿ased lunding for research in rare ¢JLseases by both the Government and
phamiaceutKal Cornpan￿s.
Due to the rarity of AVMS and the lad( of understandin9 the chanty has eonlinued to make a concerted effort to provhle
$ufferer5 Wrth an upto4ate *bsite whith has ncw beers updated lo make rt MO￿ rtspon5ive and user Iriendly and provides
a to infom) farni1￿5 aboutlhe btest treatments ha5 raised awareness to an all-bmE hHJh.
Publlc ben8fit
Th8 tru51ees have gNen due regard to guNlance tssued by the Charty Commssion in tle¢K4iny whal actNilies the chaity
should undertake The tru$lees have cornpl￿d ￿th the duty in sectson 17151 of the 2011 Charits"es Act to have due regard to
guKYance published by the Chanty Commissi￿. Detsils of the chafivs a¢￿it￿$ are for Ihe publK benefii a￿ delaikd in
this report and the trustees have gwen due considera1￿ to the Chanty CommissH)n gukdanc8 on ptsblic benefrt.
Grantmaklng
The charitys grant making polKy is lo seek Ixrt poss*￿ causes ￿lch may a5SiSt in makiNJ I￿#￿ents rnore SLrcessful as
ell a$ di5coveriThJ r￿ trea￿￿nts and for Ihe trustees lo make a majorrty detssion as lo Whet￿r to support the activity by
way ol a grant.
FINANCIAL REWEW
Resèr¥ts policy
11 Is Ihe polw of the charity that unrestricted funds Ythich ha￿ r￿1 t￿eTh desvJnale(I for a speufic use shouk4 be mainlained
al a level equNalenl lo beh¥een three and 5i¥ rnonth's adminislrabve aNJ support expenditure. The tru5tee5 conshaer that
serves at thi5 level will ensure Ihal, In the evenl of a SIJnrf￿anI drop in fvnding, Ihey ￿11 be abk to continue the charitys
Cufrenl actNities while consideration is gNen io ways ￿ whKh •Jdth'cnzl lunds may be raised The ￿Ve1 of reserves has beeTh
maintsin8d throughout the year.
At the end ol the year thè chafity reserves as folh)ws.'
General un￿51￿cted fund.. £S1.862
De$i9nated fund- Research.. £135.C£Q
Designated fvn¢l. Treatrnent.. £30.C(o
During thè year Ihe charity ratsed total donath)Ths of £172.665.
IndL*8ed in totsl dcfjations, was £94.263 raised Irom Ihe ￿Thta1 8utterfty 8aM. on 11 November 2023.
Al Ihe end of the year. the irKrease in fvnds forthe Fer￿￿ was £54,137.
The charity ￿ntinUed io maintsin heatthy bank reser￿.
A revw of the internal financial controts was ￿rt￿n d￿n9 thè year. and *we assessed as adequate for Ihe functioning
and stewardship of the charity-
STRUCTURE. GOVERNANCE AND MANAGEMENT
Govemlng do¢um•nt
The charity is a c(xnpany lrnrted by guaraniee. a5 defined by Ihe Con¥Jan*s Ala 2(th. 11 is controlled by its governing
ocumen15 whKh are the ft*mor3ndum and articles ol assc¢la￿0Tr.
Rtcwitrnent and appolnbnpnt of new trnst¢¢s
The melh(xJ of re￿u￿'rrfj and appoiniing tntstees by majonty t*0"5￿￿n of the trustees currenUy in offi￿.
None of the Trustees has aThy be￿f￿al intefest ￿ the cjryny. All the trL6tee$ a￿ mgrnters ofthe company afid guarantee
lo contnbute £1 in the event of a ¥￿ndIng up.
Organisational strtstfvr•
Mr G chr￿loU is the operatlonal manager ol chaty.
Oecisions arè taken vthh a majc¥rty wte arrKryst Ihè trustees.

THE BUTfERFLY AVM CHARifY LIMrtED
REGISTERED NUMBER: 08061944
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED J1 MAY 2024
REFERENCE AND ADMINISTRATIVE DEfAILS
Reglstered Company numb•r
08{￿1944 IEn9larKI and wa￿$)
R•gist•red Charity number
1149170
R&giBtsred offK•
869 High Road
North Fin¢hky
London
N1280A
Trust￿$
Mr G Christw Director
Mr C S GeOrg￿U th"rector
Mr K Perifimou Diredor
Independent Examlner
Mr Philip Onissiphorou BA (Hortsl FCCA FCA
G. George A550Ckltes Lirnited
Chartere<J Certthed Accountants
12 Gateway Me%
Ring Way
London
N11 2UT
This report ha$ l)een prepared in a¢c¢Ydanctr th8 SP8aal wowsitins cl Part 15 of the Cc¢npanv&s A¢t 2￿ relating lo
Small cornpznk?5.
Approy
by order ol thè board of tiusté•5 on 26 Febwary 2025 and signed on its behawby..
Mr G Chri$tou- Tw$tee
Pa9e 5

INDEPENDENT EXAMINElfS REPORT TO THE TRUSTEES OF
THE BUThERFLY AVM CHARITY LIMITED
Independent •xaminerfs report to the truslee$ ol The Butterfy AVM Charity Llmited Compan￿)
l ￿port lo the chanty tru51ees on rny examinalwjn of Ihe ac£ounts of the C(thpany for year erKled 31 May 2024.
Rèsponsibilities and ba818 of report
A$ ihe ¢harity's Iru5tee5 of the Cornpany laTrJ a150 its directors for the purpose5 01 company I￿} you are ￿SponSi￿)￿ for thè
P￿par0￿"0n of the accounts in attordarKe*ith the rewir￿￿ntS ol the Companie5 Ad 2ff61.the ZIM)6 Arfl
Having sat15r￿ rnyself that the accounts ol the C(*npafty we (￿1 requi￿ io bè audiled under Part 16 of the 20CE Act
a￿ eloible for inde￿ndent examination. I report In respect of my examinats"￿ ol your thaWs accounts as carried out under
Section 145 of the Charities Act 2011 I'lhe 2011 Ad'l. In carryiny out my exzminath?n I have followed the Direcbons gNgn by
Ihe Charrty C(¥nmi55ion under Sethgn 145151 Ibl of the 2011 A(1.
Independent examinerfs statement
I have c<mpleied my e¥aminab'oo. I confirm Ihal no Matte￿ have to my auenb.on in ¢x*nneclion with the emaminab'on
givirrfj me cause to believe".
ae¢ounling records w*re not kepl in respett of the CtynpaAy a5 Tequired by Secli?n 386 of the 2Crf)S Act." or
the accounts do not accord with those record5.
the accounts do not cornply th the accoLbnting requirements ol Se¢D"on of the 20(6 Act other than any
requirement that the accounts gwe a twe and fair which 15 noi 8 matter consthred as part of an independent
examination., or
the attounls have not been Prepa￿ in a¢c4vdance meihods and prinopk5 of the Ststemenl of
Recommended prat*￿ for accounting and reporlmg by chariies (appItab￿ to tharilies preparing their accounts in
aCcor<jan￿ wlh the FJn3nual Reporting Standard aWKab12 in the UK and Repvblic of I￿13nd IFRS 10211.
I have no toncerr¢5 and have come across no Ixher mattets IA connEc1￿Tr wth Ihe exarninatioTh to which attention should be
drawn in thi5 report in order to enabk a undèrstandir¥J oltht to be reached.
Mr Philip Oniqsipbofou BA IHonsl FCCA FCA
The As50aatKJn olchartered CertF[￿d AcccoJn¢ants
G Georg8 Associates Limrted
Chartered Certrf*d Accountants
12 G81eway Mews
Ring Way
London
N11 2UT
26 February 2025
Pw6

YHE BiJrrERFLY AVM CHARITY UIthTED
TEMENT OF FINANGLAL ACTNITIES
FOR THE YEAR ENDED 31 MAY 2024
2024
Total
fund5
2023
Total
fund5
UnrestrKted
lunds
Rest¥tted
lund
INGOME AND ENDOWMENTS FROM
Donations and *ue5
172.665
172.665
113.317
InveStft￿nt inceme
5.317
5.317
793
Tolal
177.9B2
177.982
114.110
EXPENDITURE ON
Raising lunds
55.816
55.816
49.345
haritable activities
Research Funding- DesNJr
68.029
43,620
Other
33
Totsl
123.845
123.84$
92.998
NET INCOME
54.137
54.137
21.112
RECONCILIATION OF FUNDS
Total funds brought forward
162.725
162,725
141,613
TOTAL FUNDS CARRIED FORVIARD
216.862
216.862
162,725
The notes form part ol Ihese finanoal $￿t￿nIS
Page 7

THE BUTTERFLY AVM CHARifY LIMITED REGISTERED NUMBER: 08061944
BALANCE SHE
1 MAY 2024
2024
Total
fund5
2023
Total
funds
Lknr•strthd
nds
ReStri￿ed
fiJnd
No*s
URRENT ASSETS
Deblgrs
Cash at bank
9,313
153,412
216.862
216.862
216.862
216.862
162.725
NET CURRENT ASSETS
216.862
216.862
162.725
TOTAL ASSETS LESS CURREMT LIABIUTIES
216.862
216.862
162,725
NET A&%ETS
236.862
216.862
162.725
FUNDS
Unrestricted funds.
General fund
Kjnaièd fund- UnNer5ity Conege London
Designated fund- Nikki Chrisiou Treatmenl
io
51.862
135.oc
30.0(K)
57,725
75,000
30,000
216.862
162.725
TOTAL FUNDS
216.862
162.725
The ¢haritab￿ is entrt￿ to exempl￿ frcffj audit under SectsC￿ 477 01 the CoMpan￿S A¢t 2006 for the year ended
31 May 2024.
The rnernbtt￿ have nol required the ￿rnPanY to obtain an a￿1￿ of ts finanoal sts¢e￿nts for thp year ended 31 May 2024 in
accordance wth Se¢b"on 476 01 the Companvès Act 2￿6.
The tru51ee5 ackn￿￿edge Ihetr respgn$ibihi*S for
(al
ensuring Ihal Ihe Charitab￿ covnpany keeps accountirwj rec(Jrds Ihat Compty *￿th Sectx)r$ 386 and 387 01 iha
CcThpan*s Act 20C6 and
prepanrg finan¢ol ststernents whth give a true fair view ol ihe state of affairs of Ihe ¢haiitsty￿ company a5 at
Ihe end of each finanoal year arKI of tt5 Surplus or d￿1￿1 for each financjal year in accordawe wth the requirements
of Section5 394 and 395 and whth Olherwse coryty wilh the reqUI￿rnentS of the Compan￿5 Act 20[￿ relating 10
nanual stalernents. so lar a$ aFpkable Io Ihe tharrtab￿ ¢eAwrty.
The notes fomi part ofthese financial stalernents
Page 8
¢onts"nued...

THE
ERFLY AVM CHARITY LIMITED
RE
TER
D NUM8ER: 080619M
CESHEET-¢
31 MAY 2024
These finanrial $talemenl$ have been prepared in accordan￿ wilh thv prow5icfrs ap￿4￿ab￿ to charitable companies subiecl
10 Ihe srnall compan￿5 regi￿￿.
The finanual state￿￿nts were aFpro¥ed by the 8oarO of Twstees and aulhwd for issue on 26 Febwary 2025 and were
signed on it5 behalf by..
MrG
hristou- Twstee
SGeo
u- Truslee
The notes fom) part ofthe5e fin￿￿al 51atemeThts
P•Je 9

THE BUTfERFLY AVM CHARITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR ThE YEAR ENDED 31 hiAY 2024
A¢¢OUNTfNG POUCIES
Basis of preparing th¢ finartrial statements
The finanoal slalements of the Chalila￿e company. whrh is a pubft be￿fil entrty under FRS 102. have been
prepared in aecordance wilh the Charthes SORP IFRS 1021 'A￿oUnti￿j and Reporting by Charities" Staternent ol
Recomff￿ndèd Pract￿ >p￿1(ab￿ to thant￿5 preparirYJ their accounts in accordan￿ with the Finanoal Reporting
Standard applicab￿ in the UK Republic of Ireland IFRS 1021 lelfectNe 1 January 20191.. Finanoal Reporting
Standard 102 The Finanoal Reporting Standard applicAble in the UK and Rep￿blIC ol I￿10￿1. and the Cunpaft*5
Act 2006 The finattcial stalements have been prepared under the historical cost con¥enbr)n.
The tharity a wi¥ale limited ctsnpafiy wi5tered in tl* UK and lirnrted by guarantee Detai15 of the company
re9iStered oifice zTrJ PL8￿ c4 OFeral￿$ are detri￿ in the truslees ￿pOrt.
The Irus¢ee$ a￿ Oft￿ coryany and guarantee to conlribuie £1 tn the event ol a *indin9 UP.
s￿n￿C3Tht inlerest remains fr(xn the SVPPNtsr5 of Ihe thanty to allend the annual dinner and dan￿. and Nikki
Christou's popularty media wesence keeps cwojlab.ry charity aCbvit*s Mthin 50oal and rna4Th 51rearn
The Charitab￿ company ha$ taken thanlage of the follown9 di5dosure exempts'on in preparing these finanoal
statements. 85 pWrnrt￿J by FRS 102 The Finanoal RepthrKJ StsThJard awicabk in the UK and Republi¢ of
Ireland.:
thè raquire￿*nts ol Se¢lbw 7 stsiement ofcash FIM.
Income
All income ks reccgnised In the stsiemeni ol Finanual Atlivites On￿ the charty has entit￿rnent to the fvnds. it is
probable Ihal the incorr* wll bè f￿Ned and Ihe ¢an be ￿>SU[ed teliabty.
Expenditure
Liabilrtie5 are reccgnised as eXPendrtU￿ as soon as the￿ ts a le9al or constructive obl¥ation cornrnitting the ¢hanty
to that expenditu￿. rt is probab￿ that a transfer ol eCOr￿7￿ tenefits VAII be requi￿ in settiemertt and the a￿￿)Unt of
the obligation can be measured reliably. ExpeTrJrtiire 15 accounted lor on an acuuals basis and has been cL455ified
under headings that aggre9ale all cosi ￿lated to the caw)ry. costs cannol be direcuy attnbuled to pa￿Cular
heaclings they have teen allocated to actNbtes M a basi8 corsisteniwth the use of ¥esource5.
Grants offered subj.ect lo Cffftd￿on9 have ntst been rnèi at the year end dale are ngted as a commiift*nt but
t accruèd a5 gxFer¥Jrture.
TaxaWon
The chanty is exempt frcffj corporation tsx on its charitsb* aclNrt*.
Fund a¢¢ounting
Unrestricted lunds can be [￿ed ￿ accordan¢e*ith t￿ tharilable obJe¢b"ves al the discretion of the trustees.
Restricted funds only ￿ used for pa￿ujIaT reslncted purposes ￿thIn Ihe obJ"e(ts of the charity. Restrictions
anse when 5pecrfEd by Ihe donor or when funds a￿ faised for parbcular restricted pvrp05es.
Further explanation of the nature and pury)ose of each is in the notes lo Ihe finanval $tslement$.
Govornan¢• ¢￿ts
Governance costs for the have been assessed and som2 of these a￿ consKJered to be more in line wrth cos1$
for Tai5iryJ hJnd5 for the charity a5 OPP05ed to beirwJ stridy for the governance of the charty. These have been
adjusted as per th8 transitional FRS 102 Ststeft￿ts.
P¥J6 10
contnued...

E BUTfERF
CHARITY UMITED
NOTES TO THE FINANGIAL STATEMENYS . contlnu8d
FOR THE YEAR ENDEO 31 MAY 2024
DONATIONS AND LEGACIES
2024
Total
funos
2023
Total
lunds
Ufirtst￿ed
funds
ReSt￿e
fund$
DDnatKJns
172.665
172.665
113.317
INVESTMENT INCOME
2024
Total
lunds
2023
Total
funds
Unr¢stri(led Restri(led
fvnd5
lunds
Deposst account interest
5.317
5.317
793
RAISING FUNDS
Ralslny donations and lega¢ie¥
2024
Total
funds
2023
Tolal
funt1$
Unwln"cle(I
ftjnds
Restricted
funds
Events
Charity awareness
Sypport Costs
53.557
53,557
47,767
224
2.259
2.259
55.816
55.816
49,345
GRANTS PAYABLE
2024
2023
Research FuTrJiThJ. Des9nated
68.029
43.620
The total grants to insbtution5 duiing the year w35 a5 f¢lkfiK%".
31.S.24
31.5.23
UnNer$ity Colle9e London IprevioLtsty G￿1 oM￿nd streei Hosp￿81)
68.029
43.620
The abo￿"Grants to Instit￿lOnS. are to UnNw5ty Conege London IUCLI for research into ihe AVM coThdilion.
Payments made in this financial pwd were as foll(Nvs." £27.975 was paKI on 14 December 2023. £34.898 vras paid
on 16 Febwary 2024 and £S.756was pahl on 12 Maich 2024
Paye 11
continued...

EBU
RF
Y AVM CHARITY LIMITED
NOTES TO THE FINANCEAL
TATEMENTS- continued
FOR THE YEAR ENDED 31 2024
TRUSTEES. REMUNERATION ANO BENEFITS
The￿ were no trL￿Iee5. remuneraix￿ or other benefits lor the year ended 31 May 2024 for the year ended
31 May 2023.
TTUStees' expen8es
There w*re no tru5tees' expenses PaKI for the yearended 31 May 2024 K)r for ￿ year ended 31 May 2023.
MATERIAL TRANSFERS
A transfer wos undertaken of £128.029 from th8 gerw31 to Ihe desKJnaled lund of Uniyersty C￿￿ge London 10
allow for research grant5.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTWMES
Unrestftcled
lunds
Restficted
lund
Total
funds
INCOME AND ENDOWMENTS FROM
Donati￿S and ￿a￿e$
113.317
113.317
INve$trnent irtwe
793
793
Totsl
114,110
EXPENDITURE ON
Raising funds
49.345
49.345
Chaiitable activitres
Research Funding- c*sbJnaièd
43.620
43.620
Other
33
Totsl
92.998
NET INCOME
21.112
21,112
RECONCILLATrON OF FUNOS
To￿1 fvnds broLvJht for*4a(d
141.613
341.673
TOTAL FUNDS ¢ARRIED FORWARD
162.725
162,725
DE8TORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Prepayments
9,313
Page 12
continued...

THE 8urrERFLY AVM CHARITY
NOTE
THE FINANCIAL STATEMENTS_ ¢ontinu•
FOR THE YEAR ENDED 31 MAY 2024
10.
MOVEMENT IN FIJNDS
Tonsfe
bets¥een
funds
m0veft￿nI
in lunds
At 1.6.23
31524
Unrestrf¢tsd lunds
General fund
Designated lund. University Col* LoThJon
Desi9naleO fund- Nd¢ki Christou Treabnent
57.725
75.000
122.166
168.0291
1128.0291
128.029
51.862
135,(
162,725
54.137
216.862
TOTAL FUNDS
162.725
54.137
216.862
Net movern8nt in fund5, in th8 atove are 35 folkms..
IncomiThJ
resou¥ces
Resources
eXPe￿£d
MoveTh*Trt
in funds
Unrestrlcted fvnd8
General fund
De5vJnated furbJ- UnNetsrty Cdkge Lc
177.982
155.8161
168.0291
122.166
168,0291
177.982
1123.8451
54.137
TOTAL FUNDS
177.982
1123.8451
54.137
¢omparativ05 lor rnovement in funds
Net
m0Vew￿nI
wi fur
Transfers
bekn4Een
lund$
At 1.6.22
31.5.23
Unr05tricted funds
General fund
Oesi9naled fund- UnNersty Lond
DesKJnaied fvnd- Nikkb Ch￿l0U
69.363
43.(XXI
29.250
64.112
143.(XY)I
175,7501
75.(
750
57.725
7S.(MJ)
141.613
21.112
162.725
TOTAL FUNDS
141.613
21.112
162.725
Ccffiparatwe r￿1 rnovement in funds. in Ihe atty)¥e are as Idl)w5.'
Inccffling
resources
Resour￿$
exFended
Mgvement
in lunds
Unr¢$tri¢*d fvnds
General fvn(I
De5vJnated fund- UnNersity Cdkge Lwd(
114.110
149.9981
143.OLK)I
64.112
I43.0￿)
114.110
192.9981
21,112
TOTAL FUNDS
114.110
192.9981
21.112
P•3e 13
tonb"nued...

TfERFLY AVM CHARITY UMITED
NOTES TO THE FINANCIAL STATEMENTS. eontinued
FOR THE YEAR ENDED 31 htAY 2024
10.
MOVEMENT IN FUNDS. ¢ontlnued
A Current year 12 ￿nthS aTrJ prioryear 12 monihs cmkn.ned posith?n is as fd1r1￿..
Net
movernent
in funds
Transfers
bètsveen
lunds
At
31.5.24
At 1.6.22
Unre8trictsd funds
Goneral fund
Designated fund. UnNwsity Colkge Lon
Designated fund- Nikki Christou Treatrnent
69,363
43.CWJO
29,250
186.278
1111.0291
1203.7791
203.029
750
51.862
135.000
30.Tr)0
141.613
7S.249
216,862
TOTAL FUNOS
141.613
75,249
216,862
A current year 12 rnonlhs and yw)r y&ar 12 nKth$ cirtjined net ￿￿ment in lunds. ￿ude{l in Ihe above are a5
follow5"
Incoming
resour￿5
Resources
expenlled
Movement
in funds
Unrestrictsd fvnd8
General fun
Desi9nated fvThJ- UnNersty Cdkge Lon(kn
292.092
1105.6141
1111.0291
186.278
1111.0291
292.092
1216,8431
75.249
TOTAL FUNDS
292.￿￿2
1216,8431
75,249
The ¢Jesignaled funds represent knds Ihat have been set asth crtjt of unrestn¢ted by the tru5tee5 for
purposes.
The Vnwer5ty College London Research Fund Iprewously Greal OrrnoTrY Street Hosprtall is for the grant payrrents
for research bein9 undertaken by Unwetsity College London Into the AVM ¢oNJiD"on.
The Nikki Chllsknj treatrnent frjnd 15 for a grant lurfher aTrJ Irealmenis on Mi55 Nikki Christou's A
cond￿"0n
Transfers tse￿1*￿n fund8
A transfer bfds ayreed by the trustees in Ihe finanoal year of £128.029 frorn thè Ufftrestn¢xed general fund lo a
Designzted fund to cover the research being ufidertaken into Ihe AVM condrtion by Uni¥er5ty College London
{p￿vIOUslY Great Om)oncl Street Hosprtall The balaft￿ ol Ihi5 DeS¥JDat￿ fund ai the yeaf end was £135.000.
Page 14
Continued...

THE BUTfERFLY AVM CHARITY UMITED
NOTES TO THE FINANCIAL STATEMENTS - contin￿d
FOR THE YEAR ENDED 31 MAY 2024
11.
OTHER FINANCIAL ¢OMMtTMENTS
The charity has a commrtmenl to pay £47.751 in the f￿l￿Thj fmanrial year for the ongThng research inlo the AVM
condition £135,(XKJ has been de5vJnaled tr Ihis purpose and has been ￿fiette￿ as such in these accounis.
A furth*r agreement *as m•ae ¥Ath on 28 January 2025 to provbje grants toiallin9 £105.5(￿) 1 May
2025 10 30 April 2026
12.
RELATED PARTY OISGLOSURES
The ￿*￿r￿ary. Miss N￿k1 Clwtstou. is the d3￿hter Of1￿ tr￿tee Mr George Chri5tw.
A de$i9nated lund lor tlke orooing treztrnents of Nikki Chrislou exists at the year e￿1 and its dosing balance was
£30,¢JX).
Paje 15