Charity registration number: 1152623 (England and Wales)
The Child Health Research Charitable Incorporated Organisation
Annual report and financial statements
for the year ended 31 July 2025

The Child Health Research Charitable Incorporated Organisation
Contents
Pages
Reports
Reference and administrative information
Report of the Trustees
Independent auditor's report
Accounts
Statement of financial activities
13
Balance Sheet
15
Statement of cash flows
16
Principal accou nting policies
17
Notes to the financial statements
20

The Child Health Research Charitable Incory)orated Organisation
Reference and administratlve Information
Trustees
Mr A Clark (Chairman)
Mr H Clarke
Professor H Cross
Professor A Copp (resigned 19 May 2025)
th
th
Ms L Gibson (resigned 20 November 2025)
Mr H Snow
Dr K Syrad
Ms H Vinnicombe
Ms P Wotton (appointed 17 October 2024)
th
Finance Commlttee
Mr A Clark (Chairman)
Ms L Gibson (resigned 20th November 2025)
Mr H Snow
Professor H Cross
Ms H Vinnicombe
Ms P Wotton (appointed 17th October 2024)
Charlty Reglstratlon Number
1152623
Reglstered office
UCL GOS Institute of Child Health
30 Guildford Street
London
WCIN IEH
Independent Auditor
Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
Bankers
The Royal Bank of Scotland plc
280 Bishopgate
London
EC2M 4RB
Investment managers
Navera Investment Management Limited
Riverside House,
2a Southwark Bridge Road
London
SEI 9HA

The Child Health Research Charitable Incorporated Organisation
Report of the Trustees
for the year ended 31 July 2025
The Trustees present their Annual Report together with the financial statements of the Child
Health Research Charitable organisation I'the CHR CIO") for the year ended 31 July 2025. The
financial statements have been prepared in accordance with the accounting policies set out on
pages 12 to 15 and comply with the Charity's Constitution, the Charities Act 2011 and
Accounting and Reporting by Charities: Statement of Recommended Practice applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the United Kingdom and Republic of Ireland (FRS 1021.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The CHR CIO is a registered charity number 1152623 governed by its Constitution dated 27 June
2013 as amended 3 August 2022.
The principal objects of the CHR CIO are to support the UCL Great Ormond Street Institute of
Child Health I'GOS ICH") in its mission to improve the health and wellbeing of children and the
adults they will become through world-class research, educatlon and public engagement. GOS
ICH is, with its clinical partner Great Ormond Street Hospital for Children NHS Foundation Trust
{"GOSH"l Europe's leading centre for child health research and education.
The CHR CIO does not activelyfundraise, relying mainly on its investments to meet its objectives.
Meetings of the Trustees are convened on at least three occasions per annum. At these
meetings, the Trustees agree the broad strategy and areas of activity for the CHR CIO including
consideration of grant making, investment, reserves and risk management policies and
performance. The Trustees also consider reports on the outcome of the CHR CIO'S spending
programmes. Trustees also receive verbal reports on selected programmes from PhD students
supported by their supervisor.
The Finance Committee aims to meet twice per annum and reports regularly to the Trustees.
The Finance Committee is responsible for reviewing the financial statements in detail before
approval by the Board, as well as monitoring the external investment managers regarding the
investment portfolio performance, and giving advice regarding the cash flow of the CHR CIO.
Trustees are recruited by Introductlons from existing Trustees and others who are familiar with
the work of the CHR CIO. Prospective Trustees are interviewed by the Chairman and by a
Director of GOS ICH and asked to submit a CV for review at a Trustees, Meeting. Candidates
must be elected by at least a 75% majority of Trustees.
New Trustees are provided with information concerning the finances, constitution and grant-
making policies of the CHR CIO. Those who are not familiar with the legal obligations and
responsibilities of a Trustee are provided with information published by the Charity
Commission. Further induction is given to new Trustees by meetings with key members of the
GOS ICH staff.
During the year, Ms Penny Wotton joined as a trustee and member of the finance committee
th
on the 17 October 2024. Professor A Copp's term as a trustee came to an end on the 19th May
2025. Since 31, July 2025, Ms L Gibson has resigned as a trustee.

The Child Health Research Charitable Incorporated Organisation
KEY MANAGEMENT
The Trustees consider that they, together with the GOS ICH Finance Manager and Institute
Manager, comprise the key management personnel of the charity in charge of directing and
controlling, running and operating the CHR CIO on a day-to-day basis.
None of the Trustees receive any remuneration in respect of their services as Trustees.
All staff, including the key management personnel, are employed by the GOS ICH and their
remuneration is set by their employers.
The GOS ICH Finance Manager and the Institute Manager are employees of GOS ICH and their
services are provided through a recharge agreement between GOS ICH and the CHR CIO. Every
month an allocation of their salary is recharged to the CHR CIO 110% in the case of the Finance
Manager and 7.5% of the Institute Manager).
OBJECTIVES AND ACTIVITIES
The purposes {objects) of the CHR CIO are, in such ways as the Trustees think fit, to:
11 advance health in children and the adults they become by supporting research into
children's health and wellbeing, including pre-natal development and external
factors impacting thereon; and
21 advance education by supporting teaching, training and public engagement in
children's health, including by sUPPOrting the mission of the GOS ICH to the extent it
is charitable.
The Trustees confirm that they have referred to the guidance contained in the Charity
Commission's general guidance on public benefit when reviewing the CHR CIO'S aims and
objectives, and in planning future activities and setting the grant making policy for the year.
The CHR CIO carries out these objects by.,
funding research into the causes and prevention of children's diseases. The research
funded is both pure and applied / translational with the aim of eliminating suffering of
children everywhere. The CHR CIO funds salaries of several Professors, Senior
Lecturers / Consultants and other grades of staff where their research activity will
further the objects of the charity;
providing funds to enable postgraduate studentships to be undertaken at the GOS ICH,
focussing on a wide range of paediatric research and education.
By focussing on these areas, the charity can meet its strategic objectives and priorities.
The charity has the following restricted funds which support various academic research
projects:
Research into Eye Disease (Help a Child to See)
Children's Eye Group Travelling Fellowship (Claude Worth Fund)
Caring for Kids Fund for a Research Lecturer in kidney disease
Genetics fund (Jeans for Genes)
Dermatomyositis Research
Chair of Childhood Epilepsy
Simpson-smith Travelling Fellowship
Department of Paediatric Surgery
Anne Harnilton Award

The Child Health Research Charitable Incorporated Organisation
OBJECTIVES AND ACTIVITES Icontinuedl
Siemens Nuclear Medical Research
Kidney Research Williams Bequest
Simpson-smith Memorial Lectureship
Chair of Developmental Neurobiology (linked to the Glaxo Wellcome endowment)
Jim Seakins Travel Fund
John Lipscombe Memorial Travel Award
Bill Marshall Memorial Fund
Roland Levinsky Studentship
Wheeler Scholarship Fund
Cystic Fibrosis Fund
ACHIEVEMENTS AND PERFORMANCE
During the year the CHR CIO received a generous donation from the Wheeler familyto support
the tuition fees of a student on the Msc Paediatrics and Child Health course,
The CHR CIO continues to support early career researchers at the GOS ICH through funding 3-
year PhD studentships, with 5 awarded during the year. The CHR CIO supports other
educational activity at GOS ICH with grants awarded for bursaries on Msc courses and to
support Summer schools and internships.
The CIO also continues to provide funding for several senior academic positions at the GOS
ICH to support their work on child health. The CIO is pleased to support EDI activity across
GOS ICH and supports the salary of the EDI Coordinator post.
GRANT MAKING POLICY
The charity has established a grant making policy to achieve its objects for the public benefit
to improve the lives of children everywhere, namely finding better ways of diagnosing and
treating sick children through research and then using those findings to improve health
outcomes of those children throughout the world. The charity's research programmes
support students, academic and academic related staff at the GOS ICH and GOSH to find new
pioneering cures for many rare diseases which affect children. With new knowledge and
understanding, children's lives can be improved significantlv.
The director of the GOS ICH receives proposals for funding from members of the GOS ICH and
GOSH. These are reviewed for scientific quality and to make sure they align with the strategic
research objectives of both institutions. Once endorsed by the Director these are submitted
to the charity for consideration and approval. Any grant applications are considered by the
Board of Trustees before award letters are issued on behalf of the charity. This applies to
applications against both restricted and unrestricted funds.
The projects are often for pump-priming, initial ideas and data collection before a full
application is made to an external awarding body. The charity sometimes provides funds for
bridging and infrastructure support (including building projects, laboratory refurbishments and
equipment).
INVESTMENT POLICY AND PERFORMANCE
Under its Constitution, the Trustee5 have absolute discretion to manage and organise the
charity's investments. The Trustees, through the Finance Committee, have appointed Navera
Investment Management Limited to manage (with discretionary powers) the Child Health

The Child Health Research Charitable Incorporated Organisation
Research CIO portfolio.
The charity has a Statement of Investment Principles which has been approved by the Trustees,
which includes the following stipulations regarding the specific investment objectives:
Investments are to be held to create real returns over the investment horizon of a
rolling 5-year period, whilst maintaining the ability to draw income and capital where
necessary.
A Primary Benchmark of UK CPI + 4% on a rolling 5-year basis (net of fees) will be
applied.
The Trustees anticipate withdrawals of up to £1.5m per annum, to be met through a
mixture of capital returns and income.
A mix of assets, as detailed in the investment management agreement, may be used
by the investment managers to achieve the investment objectives.
The investment managers must incorporate into their investment process
consideration of issues of Socially Responsible Investment ISRI) as well as factors of
Environmental, Social and Governance {ESGI, alongside other elements which form
such a process and which govern subsequent portfolio construction, stock selection
and benchmark adoption.
The Trustees accept a medium risk investment profile in the achievement of their
objectives.
The Statement of Investment Principles includes the following Specific Investment
Restrictions..
No investments are permitted in either the debt or equity of companies where >5% of
revenues are derived from the manufacture of armaments, milk powder, tobacco or
fossil fuel producing companies.
No investments are permitted in pooled funds without the prior approval of the
Finance Committee.
The investment managers should also carefully consider before making anv
investments that are indirectly associated with the above restrictions. If there is any
doubt, the investment manager5 should seek the permission of the Finance
Committee before any investment is made.
The Statement of Investment Principles is subject to review as required by the Finance
Committee and amendments will be advised in writing to the investment managers when
applicable.
The Finance Committee aims to meet twice per annum to review the performance of the
portfolio and the investment managers. The investment manager presents a report of the
investment portfolio at each of these meetings.
The charity adopts a medium risk approach given the uncertainties in the bond and equity
markets. As regards equities, the charity places emphasis on those companies whose abiding
characteristic is to generate sustainable and growing cash flows whatever the state of the
world economy. There is a focus on long term structural and demographic changes that inform
investment decisions.
The total return for the 12 months to 31 July 2025 on the main CIO fund was 1.1% (2024:
11.4%) and 0.4% from inception to 31July 2025 on the separate fund forthe new endowment.
Both are some way below the CPI + 4Yo primary benchmark return of 7.9% (2024.. 6.2Y.l and
a150 below the peer group ARC (Asset Risk Consultants) Sterling Steady Growth at 6.2% (2024:
9.8%). Both the UK and world equity markets achieved strong returns, of 12.1% and 12.5%

The Child Health Research Charitable Incorporated Organisation
respectively, as represented by the FTSE All Share Index and the MSCI All Countries World
Equity Index. The performance by Navera was weak due to a number of factors; companies
with the 'quality' characteristics they seek have been out of favour, with a market returns
over the year largely driven by a narrow list of perceived Al winners, whereas other companies
have had negative performance as the market 15 concerned about Al disruption. The managers
remain confident that the disconnect between solid financial performance and weak share
price performance from the portfolio companies will narrow and that while strong and
resilient business fundamentals are not always appreciated in the short-term, they should be
reflected in share prices over the long-term. The corporate bond market IBofA ML £
Corporates11-IOYII also moved up, by 5.9Yo, as spreads over government bonds tightened
and interest rates remained high.
FINANCIAL REVIEW
The Statement of Financial Activities shows a deficit of £853,20112024'. surplus of £2,401,024
(restated)) after investment gains for the year ended 31 July 2025. The figure excluding net
investment gains was a deficit of £921,003 (2024: surplus of £630,650 {restatedll. Grants
payable for the year totalled £1,092,701 (2024: £1,581,277 {restatedl).
The net current liability position on the balance sheet of £1,405,14312024: net current liabilitv
of £88,031 {restated)l is a reflection of the accounting policy that makes full provision for
multi-year grants when they are committed. However, the charity maintains a strong cash
position and has adequate funds to meet these liabilities as they fall due over the duration of
the grants.
During the year, the Trustees approved the adoption of the total return basi5 for both
endowment funds (Glaxo Wellcome and Louis Dundas Chairl.
RESERVES POLICY AND FINANCIAL POSITION
As stated above, the charity's primary objective is providing funds for research at the GOS ICH.
Research, by its very nature, requires a long term commitment to resources for success.
The Trustees believe that in normal circumstances, the charity needs between £1- 2million of
unrestricted reserves to take into account expenditure requirements and income fluctuation
that may arise.
At 31 July 2025 the charity had total funds of £16,836,601 {2024: £17,689,802 Irestatedll. Of
these, £7,319,814 (2024: £7,810,837) were restricted and £6,607,87012024: 7,042,104) were
endowment funds. Unrestricted funds, which constitute the charitV'5 free reserves, were
£2,908,917 (2024: £2,836,861 {restated)l.
The Trustees consider the level of general reserves (unrestricted funds of £2,908,917) are
appropriate, considering the target of £2million mentioned above, due to the volatility of the
investment market experienced over the preceding year.
The charity has sufficient resources to meet its obligations both from the restricted and
unrestricted funds. Cash requirements can be met by realising investment assets.
RISK MANAGEMENT
The charity has for many years adopted a risk assessment policy as part of its Strategic plan in
meeting its principal objectives. The major ri5k5 to which the charity is exposed have been
evaluated and systems have been established to lessen and where possible, eliminate these
risks.
The key risks for the charity, as identified by the Trustees, are described below together with

The Child Health Research Charitable Incotyorated Organisation
the principal ways in which they are mitigated:
Conflict of interest Trustees may have a conflict of interest between their duties to the
charity and their relationship with the GOS ICH. Such a conflict may arise in, for example, a
decision in relation to a funding bid of which a Trustee's department would be a beneficiary.
This is mitigated by keeping the conflicts of interest register up to date and following
procedures for Trustees to abstain from certain decisions if this is deemed necessary.
Portfolio management There is a risk that there are unsatisfactory returns from the
investment portfolio. This is mitigated by regular monitoring of the financial returns achieved
during biannual Finance Committee meetings.
Monitoring of returns on investment-There is a risk that once a grant is awarded, for example
to a PhD student, that the outputs from the research may not be as expected. To mitigate this
risk, the Trustees work closely with clinical experts to determine the most appropriate
projects for grant funding.
FUNDRAISING
The charity does not actively fundralse but does receive funding from a variety of sources
including donations and legacies.
FUTURE PLANS
The CHR CIO intends to continue to make regular research grants to the GOS ICH. These grants
will be for PhD studentships and to support staff salaries. The CHR CIO will also continue to
provide funding to support the purchase of equipment at GOS ICH.
STATEMENT OF TRUSTEES. RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees, Report and financial statements in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Principles).
The law applicable to charities in England and Wales requires the Trustees to prepare
accounts for each financial year which give a true and fair view of the state of affairs of the
Charity and the group and of the income and expenditure of the group for that period. In
preparing financial statements, the Trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles in Accounting and Reporting by Charities:
Statement of Recommended Practice applicable to charities preparing their accounts
in accordance with the Financial Reporting Standard applicable to the United Kingdom
and Republic of Ireland IFRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed,
subject to any material departures disclosed and explained in the financial statements;
and
prepare the financial statements on the going concern basis unless it is inappropriate
to presume that the Charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with
reasonable accuracy at any time the financial position of the Charity and which enable them to
ensure that the financial statement5 comply with the Charities Act 2011, the Charity {Accounts
and Reports) Regulations 2008 and the provisions of the Constitution. The Trustees are
responsible for safeguarding the assets of the Charity and the group and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.

A Clark 


Approved by the Trustees on 23 February 2026 and signed on their behalf by Chairman 



The Child Health Research Charitable Incorporated Organisation
Independent auditorfs report to the Trustees of The Child Health Research Charitable
Incorporated Organisation
Opinion
We have audited the accounts of The Child Health Research Charitable Incorporated
Organisation (the 'charity'l for the year ended 31 July 2025 which comprise the statement of
financial activities, the balance sheet, the statements of cash flows, principal accounting
policies and the notes to the accounts. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the
UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the accounts:
• give a true and fair view of the state of the charity's affairs as at 31 July 2025 and of its
incoming resources and application of resources for the year then ended;
+ have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and
• have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for oplnlon
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK))
and applicable law. Our responsibilities under those standards are further described in the
auditorfs responsibilitiesfor the audit of the accounts section of our report. We are independent
of the charity in accordance with the ethical requirements that are relevant to our audit of the
accounts in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical
responsibilitie5 in accordance with these requirements. We believe that the audlt evidence we
have obtalned Is sufficient and appropriate to provide a basi5 for our opinion.
Concluslons relatlng to golng concern
In auditing the accounts, we have concluded that the Trustees, use of the going concern basis
of accounting in the preparation of the accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties
relating to events or conditions that, individually or collectively, may cast significant doubt on
the charity's ability to continue as a going concern for a period of at least twelve months from
when the accounts are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are
described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, including the
Trustees, report, other than the accounts and our auditorfs report thereon. The Trustees are
responsible for the other information contained within the annual report. Our opinion on the
accounts does not cover the other information and we do not express any form of assurance
conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other

The Child Health Research Charitable Incorporated Organisation
information is materially inconsistent with the accounts or our knowledge obtained in the
course of the audit or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whetherthis
gives rise to a material misstatement in the accounts themselves. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exceptlon
In the light of the knowledge and understanding of the charity and its environment obtained in
the course of the audit, we have not identified material misstatements in the trustees, report.
We have nothing to report in respect of the following matters in relation to which the Charities
(Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
• the information given in the Trustees, report is inconsistent in any material respect with
the accounts; or
• sufficient accounting records have not been kept; or
• the accounts are not in agreement with the accounting records; or
• we have not received all the information and explanations we require for our audit.
Responslbllltles of Trustees
As explained more fully in the Trustees, responsibilities statement set out on page 7, the
Trustees are responsible for the preparation of the accounts and for being satisfied that they
give a true and fair view, and for such internal control as the Trustees determine is necessary to
enable the preparation of accounts that are free frorn material misstatement, whether due to
fraud or error.
In preparing the accounts, the Trustees are responsible for assessing the charity's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Trustees either intend to liquidate the
charity or to cease operations, or have no realistic alternative but to do so.
Audltorfs responslbllltles for the audlt of the accounts
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in
accordance with the Act and relevant regulations made or having effect thereunder,
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are
free from material misstatement, whether due to fraud orerror, and to issue an auditor's report
that includes our opinion. Reasonable assurance is a high level of a55urance, but is not a
guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material
misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these accounts.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We
10

The Child Health Research Charitable Incorporated Organisation
design procedures in line with our responsibilities, outlined above, to detect material
misstatement5 in respect of irregularities, including fraud. The extent to which our procedures
are capable of detecting irregularities, including fraud is detailed below:
• the engagement partner ensured that the engagement team collectively had the
appropriate competence, capabilities and skills to identify or recognise noncompliance with
applicable law5 and regulations,.
• we identified the laws and regulations applicable to the Charity through discussions with
Trustees and other management, and from our commercial knowledge and experience of
the sector;
+ we focused on specific laws and regulations which we considered may have a direct material
effect on the financial statements or the operations of the Charity, including the Charities
Act 2011 and data protection legislation;
• we assessed the extent of compliance with the laws and regulations identified above
through making enquiries of management and inspecting legal correspondence. and
+ identified laws and regulations were communicated within the audit team regularly and the
team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity's financial statements to material misstatement,
including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to their knowledge of actual, suspected and alleged
fraud; and
+ considering the internal controls in place to mitigate risks of fraud and non-compliance with
laws and regulations. To address the risk of fraud through management bias and override
of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• assessed whether judgements and assumptions made in determining the accounting
estimates were indicative of potential bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we
designed procedures which included, but were not limited to.
• reading the minutes of meetings of those charged with governance;
• agreeing financial statement disclosures to underlying supporting documentation;
• enquiring of management as to actual and potential litigation and claims.
As a result of our procedures we did not identify any key audit matters relating to irregularities.
There are inherent limitations in our audit procedures described above. The more removed that
laws and regulations are from financial transactions, the less likely it is that we would become
aware of non-compliance. Auditing standards also limit the audit procedure5 required to
identify non-compliance with laws and regulations to enquiry of the Trustees and other
management and the inspection of regulatory and legal correspondence, if any.

The Child Health Research Charltable InCo￿orated Organisation
Material misstatements that arise due to fraud can be harder to detect than those that arise
from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the accounts is located on the
Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This
description forms part of our auditor's report.
Use of our report
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the
Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so
that we might state to the charity's Trustees those matters we are required to state to them
in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the charity and the charity's
Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Buzzacott Audit LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL
Date 24 February 2026
Buzzacott LLP is eligible to act as an audltor in terms of section 1212 of the Companies Act 2006.
12

The Chi Id Health Research Charitable Incorporated Organisation
Statement of financlal activities
for the year ended 31 July 2025
Totsl
funds
2025
Total
Funds
2024
(Restated)
Un-restricted
fund5
Restricted Endowment
funds
funds
Note
Income from:
D[Mati￿S and legacies
Investments
60
34,400
134,452
168,852
34,460
304,971
339,431
2,032,292
343.967
2,376,259
47.389
47,449
123,130
123,130
Expendlture on:
Raisin8 fvnds
Charltable acu
Grants payable
29,145
81,134
57.454
167,733
164,332
{40,390)
111,245)
1,133,091
1,214,225
1,092,701
1,260,434
1,581,277
1,745,609
57,454
Net IncNnel(expendlturel
forthe yearbelore8aln5
In4Estrnents
58,694
11,045,373)
65,676
{921,0031
630.650
Tramlers
13,932
505,284
(501,3521
Net galns/llossesl
investment ￿ets
17,294
49,066
1,442
67,802
1,770,374
Net Income/lexpendlwre)
and netmovementlnfvnds
72,056
(491.023)
1434,234)
(853,201)
2,401,024
Recond11atk￿ of furxls:
Totsl fund balances brought
forward at l August
Tolal fund ba1￿CeS carrled
foThvard at31July
2,836,861
7,810,837
7,042,104
17,689,802
15,288,778
2,908.917
7,319￿14
6,607,870
16,836,601
17,689,802
There were no recognised gains and10sses for the current and preceding years other than those
included in the statement of financial activities.
Prior year adjustment
Grants payable in the preceding year has been reduced by £83,834 to adjust for grants double
counted.
13

The Child Health Research Charitable Incorporated Organisation
Statement of Financial Activities (SOFA)
for the year ended 31 July 2024
Total
funds
2024 (restated)
Un-restricted Restrictedfunds Endowment
funds
fund5
Note
Incomefrom..
[th0t￿ns￿nd1eg0cIes
Investments
192
32,100
281,576
313,676
2,000.000
2.032.292
343,967
2,376,259
62,391
62.583
2,000,000
Expenditureon..
Raisingfvnds
Gloritoble ortlvlties
Gmntspoyoble
31,721
132,611
164.332
288,287
320,008
1.292,990
1,425,6Ql
1,581.277
1,745,609
Netexpenditurefvrtheyeartefore gains
on investments
(257,425J
(1.111.925J
2,000,000
630,650
Net(Ios5e5)/goinson inve5tmentaSsets
Net expenditure ond net movement in
fvnds
321,120
925.992
523,262
1. 770.374
63,695
(185,933)
2.523.262
2,401.024
ReconcIllot￿n offvnds..
Totolfvndbalonces broughtfvrword ot I
August
rotalfvndba1an￿sCorriedfrWrdot3l
July
2,773,166
7,996,770
4,518,842
15,288, 778
2,836,861
7,810,837
7,042,104
17.689.802
The above figures reflect the prior year adjustment of £83,834 reducing the unrestricted
grants payable for grant5 double counted.
14

The Child Health Research Charitable Incorporated Organisation
Balance Sheet at 31 July 2025
2025
2024
(restated)
Note
Fixed assets
Investments
19.618,466
19,143,639
Current assets
Debtors
49,024
139.626
188,650
40,383
2,331,051
2,371,434
Cash at bank and in hand
Liabllltle5:
Creditors: amounts falling due within one
year
{1,593,793)
12,459,465)
Net current liabllltles
11.405.143)
188,031)
Total assets less current Ilabllltles
18,213,323
19,055,608
Long-term labllltles:
Creditors: amounts falling after more than
one year
10
(1.376.722)
{1,365,806)
Total net assets
16,836,601
17,689,802
The funds of the charlty:
Unrestricted funds
11
2,908,917
7,319,814
6,607,870
2,836,861
7,810,837
7,042,104
17,689,802
Restricted funds
12
Endowment funds
13
Total charity funds
16,836,601
Prior year adjustment
Creditors in the preceding year have been reduced by £83,834 to adjust for grants double
counted.
The Truste
s approve the above figures, signed on their behalf by..
A Clark
Chairman
Dated: 13 FElr l)2
23 February 2026
to 31 form an integral part of these financial statements.
The notes on pages 2
15

The Child Health Research Charitable Incorporated Organisation
Statement of cash flows
31 July 2025
2025
2024
Note
Cash flows from operating activities:
Net cash provided by/lused inl operating activities
{2,080,1971
504,213
Cash flows from Investing activities:
Investment income
Proceeds from the disposal of investments
Purchase of investments
295,797
343,967
5,504,777
6,218,706
{6,156,105) (5,245,178)
(355,531)
1,317,495
Change In cash and cash equivalents Sn the year
(2.435.728)
1,821,708
Cash and cash equlvalents at l August
3,624.781
1,803,073
Cash and cash equivalents at 31 July
1,189,053
3,624,781
Notes to the statement of cash flows for the year to 31 July
A Reconciliation of net movement In funds to net cash provided by/{used in) operatlng
actlvltles
2025
2024
Net movements In funds las per the statement of
flnanclal actlvltles)
{Gainsl/Losses on investment5
Investment income
1853,201)
2,401,024
(67,802) 11,770,374)
1304.971)
1343,967)
533
113,898)
231,428
504,213
(Increase) in debtors
(Decreasel/lncrease in creditors
Net cash provlded by/(used in) operating activltles
1854,756)
(2,080,197)
B Analysis of cash and cash equlvalents
2025
2024
Cash at bank and in hand
139,626
1,049,427
1,189,053
2,331,051
1,293,730
3,624,781
Cash held by investment managers
Total charity funds
16

The Child Health Research Charitable Incorporated Organisation
Principal Accounting Policles
for the year ended 31 July 2025
The principal accounting policies adopted, judgements and key sources of estimation
uncertainty in the preparation of the financial statements are laid out below.
Basis of preparation
These financial statements have been prepared for the year to 31 July 2025.
The financial statements have been prepared under the historical cost convention with items
recognised at cost or transaction value unless Otherwise stated in the relevant accounting
policies below or the notes to these financial statements.
The financial statements have been prepared in accordance with Accounting and Reporting
by Charities: Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the United
Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements are presented in sterling and are rounded to the nearest pound.
Critical accounting estlmates and areas of Judgement
Preparation of the financial statements requires the Trustees and management to make
significant judgements and estimates.
The items in the financial statements where these judgements and estimates have been made
include:
• estimating the liability for multi-year grant commitments; and
• the apportionment of investment income, management costs, gains and losses between
funds.
A5se55ment of going concern
The Trustees have assessed whether the use of the going concern assumption is appropriate
in preparing these financial statements. The Trustees have made this assessment in respect
to a period of one year from the date of approval of these financial statements.
The Trustees of the charity have concluded that there are no material uncertainties related to
events or conditions that may cast significant doubt on the ability of the charity to continue
as a going concern. The Trustees are of the opinion that the charity will have sufficient
resources to meet its liabilities as they fall due. The most significant areas of judgement that
affect items in the financial statements are detailed above. With regard to the next accounting
period, the year ending 31 July 2025, the most significant areas that affect the carrying value
of the assets held by the charity are the level of investment return and the performance of
the investment markets (see the investment policy and the risk management sections of the
Trustees, report for more information).
The net current liability position on the balance Sheet of £1,405,143 {2024 net current liability
of £88,031 {restatedl} reflects the accounting policy that makes full provision for grants when
they are cornmitted. However, the charity maintains a strong cash position and has adequate
funds to meet these liabilities a5 they fall due over the duration of the grants.
17

The Child Health Research Charitable Incorporated Organisation
Principal accounting policies
31 July 2025
Income recognitlon
Income is recognised in the period in which the charity has entitlement to the income, the
amount of income can be measured reliably, and it is probable that the income will be
received.
Income comprises donations, investment income and other income.
Donations are recognised when the charity has confirmation of both the amount and
settlement date. In the event of donations pledged but not received, the amount is accrued
for where the receipt is considered probable. In the event that a donation is subject to
conditions that require a level of performance before the charity is entitled to the funds, the
income is deferred and not recognised until either those conditions are fully met, or the
fulfilment of those conditions is wholly within the control of the charity and it is probable that
those conditions will be fulfilled in the reporting period.
Dividends are recognised once the dividend has been declared and notification has been
received of the dividend due.
Interest on funds held on deposit is included when receivable and the amount can be
measured reliably by the charity; this is normally upon notification of the interest paid or
payable by the bank.
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation
committing the charity to make a payment to a third party, it is probable that a transfer of
economic benefits will be required in settlement, and the amount of the obligation can be
measured reliably.
All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and
support costs. All expenses, including support costs, are allocated or apportioned to the
applicable expenditure headings. The classification between activities is a5 follows:
• Expenditure on raising funds includes all expenditure associated with raising funds for the
charity. This includes investment management fees and administration costs.
• Expenditure on charitable activities includes all costs associated with furthering the
charitable purposes of the charity through the provision of its charitable activities. Such costs
include charitable grants and support costs, including governance costs.
Grants payable are included in the statement of financial activities when approved and when
the intended recipient has either received the funds or been informed of the decision to make
the grant and has satisfied all performance conditions. Grants approved but not paid at the
end of the financial year are accrued. Grants where the beneficiary has not been informed or
has to fulfil performance conditions before the grant is released are not accrued for but are
disclosed as financial commitments in the notes to the financial statements.
The provision of a multi-year grant Is recognised at its present value where settlement is due
over more than one year from the date of the award, there are no unfulfilled performance
conditions under the control of the charity that would permit the charity to avoid making the
future payments and settlement is probable.
All expenditure is stated inclusive of irrecoverable VAT.
18

The Child Health Research Charitable Incorporated Organisation
Principal accountlng pollcles
31 July 2025
Flxed asset investments
Listed investments are a form of basic financial instrument and are initially recognised at their
transaction value and subsequently measured at their fair value as at the balance sheet date
using the closing quoted market price. The charity does not acquire put options, derivatives
or other complex financial instruments.
Realised gains lor losses) on investment asset5 are calculated as the difference between
disposal proceeds and their opening carrying value or their purchase value if acquired
subsequent to the first day of the financial year. Unrealised gains and losses are calculated as
the difference between the fair value at the year end and their carrying value at that date.
Realised and unrealised investment gains (or losses) are combined in the statement of
financial activities and are credited (or debited) in the year in which they arise.
Debtors
Debtors are recognised at their settlement amount, less any provision for nonrecoverability.
Prepayments are valued at the amount prepaid. They have been discounted to the present
value of the future cash receipt where such discounting is material.
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on
demand or have a maturity of less than three months from the date of acquisition.
Creditors and provlslons
Creditors and provisions are recognised when there is an obligation at the balance sheet date
as a result of a past event, it is probable that a transfer of economic benefit will be required
in settlement, and the amount of the settlement can be estimated reliably. Creditors and
provisions are recognised at the amount the charity anticipates it will pay to settle the debt.
They have been dlscounted to the present value of the future cash payment where such
discounting is material.
Funds
Unrestricted funds are those available for the general purposes of the Charity and their use
is set out in the Constitution.
Restrlcted funds are those funds whose purposes have been restricted by the donor to
specific areas of research as set out in note 12.
Endowment funds are those funds whose purposes have been endowed by the donor to a
specific area of research and where the capital is not expendable as set out in note 13.
Income from investments, expenditure on administration fees, investment management fees
and gains and losses on investments are apportioned to the active restricted and unrestricted
funds on the basis of the average value of each fund during the year.
19

The Child Health Research Charitable Incorporated Organisation
Notes to the financial statements
31 July 2025
Donations
2025
2024
Donations and legacies
Unrestricted funds
. Endowment funds
Restricted funds
60
192
2,000,000
32,100
2,032,292
34,400
34,460
Investment Income
2025
2024
Dividends and interest receivable
Unrestricted funds
Restricted funds
Endowment
47,389
134,452
123,130
304,971
62,391
281,576
343,967
Expenditure on ralslng funds
2025
2024
Investment management fees
Unrestricted funds
Restricted funds
24,798
70,356
57,454
26,575
119,936
Endowment
Administration
Unrestricted funds
Restricted funds
Endowment
4,347
10,778
5,146
12,675
167,733
164,332
20

The Child Health Research Charitable IncO￿orated Organisation
Notes to the financial statements
31 July 2025
Expenditure on charitable activities
Unrestrictedfunds
2025
2024
(restated)
Grants payable
Postgraduate studentships
Other
Grants no longer required
Governance costs (note 5)
16,928
101,957
{167,933)
8,658
(40,390)
492,115
226,963
1438,0781
7,287
288,287
Restrictedfunds
2025
2024
Grants payable
Chair of Developmental Neurobiology
Chair of Childhood Epilepsy
Help a Child to See
Genetics fund
Jim Seakins Travel
Children's Eye Group Travelling Fellowship
Roland Levinsky Studentship
John Lipscombe Memorial travel award
Wheeler Scholarship
Bill Marshall Memorial Fellowship
Simpson-smith Memorial Lectureship
Department of Paediatric Support
Governance costs (note 5)
Total restrlcted funds
501,3S2
259,938
59,143
125,486
(1,715)
68,799
234,268
65,219
710,389
200
43,070
104,638
2,567
32,100
2,830
769
62,040
(11,000)
5,150
107,625
21,473
31,740
1,133,091 1,292,990
Total funds
1,092,701 1,581,277
Governance costs
2025
2024
Auditor's remuneration
Audit fees- current year
Audit fees- prior year
Accountancy fees
Legal and bank fees
Other professional fees
21.200
21,000
5,280
7,615
5,131
8,979
{3,078)
3,030
30,131
39,026
21

The Child Health Research Charitable Incorporated Organisation
Notes to the financial statements
31 July 2025
Staff costs and numbers and remuneration of key management personnel
The average number of persons working for the charity during the year was as follows:
2025
2024
Administration Ipart-time)
The aggregate amount of salaries, wages and related costs of employees is comprised as
follows:
2025
2024
Wages and salaries
Social security costs
Other pension costs
12,003
1,402
1,720
15,125
11,177
1,334
3,071
15,582
This is a recharge of salary costs from the UCL GOS Institute of Child Health to the Child Health
Research CIO as no staff are actually employed by the Child Health Research CIO.
The key management personnel of the charity in charge of directing and controlling, running and
operating the charity on a day to day basis comprise the Trustees and the ICH Finance Manager
and ICH Institute Manager. The total remuneration (including taxable benefits and employer's
pension contributions) of the key management personnel for the year was £15,125 12024:
£15,582).
No trustee received any form of emolument5 from the charity during the year12024: £nll). No
trustee has been reimbursed for expenses incurred during the year {2024: £nill.
Investments
The investments of the Child Health Research CIO are managed Navera Investment
Management Limited.
2025
At cost
2025
Market
Value £
2024
At cost
2024
Market
Value £
UK - fixed interest
UK-equities
UK- funds
Other
Listed investments total
Cash with brokers
Total investments
3.340,516 3,473,611 2,738,141 2,879,092
9,872,795 14.254,007 7,953,163 13,908,684
256,536
308,800
162,936
841,421
645,043
753,333
13,376,247 18,569,039 11,592,883 17,849,909
1,049,427 1,049,427 1,293,730 1,293,730
14,425,674 19,618.466 12,886,613 19,143,639
22

The Child Health Research Charitable Incorporated Organisation
Notes to the financial statements
31 July 2025
Investments (continued)
2025
2024
Balance brought forward
Additions during the year
Opening market value of disposals (proceeds £5,504,777, realised
gain £279,166)
Unrealised (losses) / gains
17,849,909 17,053,063
6,156,105 5,245,178
15,225,611) (6,524,299>
(211,364) 2,075,967
18,569,039 17,849,909
The permanent endowment fund investments and movements in the unapplied total return
are set out below.
Trust for Unapplied
investment total return
2025
Total
At l August 2024
Base value of the permanent endowments
Unapplied total return
Total
4,500,000 2,542,104 7,042,104
4,500,000 2,542,104 7,042,104
Movements during the year:
Investment income
Less,. investment charges
Realised and unrealised gains
Allocated from trust for investment
123,130
123,130
157,454) 157.454)
1,442
1,442
5,931
73,049
15,931)
(5,931)
67,118
Extraction of income from total return
1501,352) 1501,352)
At 31 July 2025
4,494,069 2,113,801 6,607,870
When adopting total return accounting with effect from l August 2024, the Trustees
calculated the initial value of the trust for investment for the Glaxo Wellcome endowment as
being the original value (£1,250,000 in 1996) adjusted for inflation using CPI. For the Louis
Dundas Chair, it was deemed appropriate to use the original value as the investment value
considering it was received in March 24.
During the year, a transfer of £501,352 was made from the unapplied total return to restricted
funds.
23

The Child Health Research Charitable Incorporated Organisation
Notes to the flnanclal statements
31July 2025
Debtors
2025
2024
Accrued income
49,024
49,024
40,383
40,383
Credltors: amounts falllng due wlthin one year
2025
2024
£ (restated)
Grants payable
Accruals
1,538,551 2,396,713
55,242
62,752
1,593,793 2,459,465
10
Credltors: amounts falling due after one year
2025
2024
Grants payable
1,376,722 1,365,806
1,376.722 1,365,806
11
Unrestrlcted funds
Balance as
at
Balance
Gains/
as at 31
Losses Transfers July 2025
August
2024
Income Expenditure
Unrestricted funds
2,836,861 47,449
2,836,861 47,449
(11,245}
(11.245)
17,294
17.294
13,9321 2,908,917
(3,932) 2,908,917
24

The Child Health Research Charitable Incorporated Organisation
Notes to the financlal statements
31 July 2025
11
Unrestricted funds (continued)
Restated
balance
as ot I
August
2023
Bolonce a5
at 31 July
Gains/
2024
Losses rransfers (restated)
Income Expenditure
Unrestrictedfund5
2, 773,166 62,583
2, 773,166 62,583
(320,008) 321,120
(320,008) 321,120
2,836,861
2,836,861
25

The Child Health Research Charitable Incorporated Organisation
Notes to the flnanclal statements
31 July 2025
12
Restricted funds
Balance as
at l Au8
2024 Donations
Grants
Investment lapprovedl
income
released
8alance
Gains/
as at 31
Losses Transfers July 2025
Other
costs
Help a Child to See
Children'5
Eye
Group
Travelling
Fellowship
(Claude Worth Fund)
Carin8 for Kids
Genetics Fund
58,805
562
159,143) 1429
205
231,130
70.186
2,983,373
64,208
231,130
70,186
2,891,683
64,208
56.160
1125,4861 142,8591 20.495
Dermatomyosltis
Research
Chair
Epilepsy
Simp50n-5mlth Travelling
Fellowship
Department of Paediatric
Surgery
Anne Hamilton Award
Prize Studentship
Siemens Nuclear Medical
Research
Kldney Research William
Bequest
Simpson-smith Memorlal
Lectureship
Chalr of Developmental
Neurobi0108V
Jim Seakins Travel Fund
John Lipscombe Memorial
Travel Award
Childhood 3,742,709
69,469
1259,9381 153,0151 25,351
3,524,576
269,130
5,175
13,9501
1,889
272,244
103,693
1107,6251
3,932
17,743
17,743
34,347
34.347
43,936
43,936
48,709
887
15,1501
16771
324
44,093
1501.3521
1,715
501,352
27,671
549
14191
200
29.716
42,349
807
17691
16161
294
42,065
8111 Marshall Memorial
Fellowship
Roland
Studentship
Wheeler Scholarship
Cystic Fibrosis
419
114
11,000
1871
42
11.488
Levinsky
39,316
28,936
4,177
7,810,837 34,400
729
12,8301
162,0401
15551
266
36,926
1,296
4,177
134,452 11,111,6181 {102,607) 49,066 505,284 7,319,814
34,400
26

The Child Health Research Charitable Incorporated Organisation
Notes to the financial statements
31 July 2025
12
Restricted funds (continued)
The following restricted funds support salary costs of Principal Investigators at the UCL GOS
Institute of Child Health:
• Chair of Developmental Neurobiology (funded via a transfer from the Glaxo Wellcome
endowment fund)
• Chair of Childhood Epilepsy
• Chair in Palliative Care (income derived from the Louis Dundas endowment fund). The
endowment fund suffered a reduction in value in the year, therefore no grants have been
made. This liability will be re-instated should investment receipts increase.
The following restricted funds support travel, research and subsistence costs for students
awarded grants from the CIO:
• Jim Seakins Travel Fund
• John Lipscombe Memorial Travel Award
• Bill Marshall Memorial Fellowship
The following restricted funds support travelling fellowships and memorial lectures where
the UCL GOS Institute of Child Health attracts high-quality speakers and researchers to work
with the department on a temporary basis:
• Children's Eye Group Travelling Fellowship (Claude Worth Fund)
+ Simpson-smith Travelling Fellowshlp
• Simpson-smlth Memorial Lectureship
The Genetics fund is an historic award. Jeans for Genes would perform annual fundraising
which was allocated to GOSH Children's Charity and then subsequently transferred over to
the CIO. There is no new income into this fund as the partnership between Jeans for Genes
and GOSH has been dissolved.
Other restricted funds are legacy funds that the CIO intends to engage with original donors
(where possible) to see if the money can be used more widely than their original intended
purpose.
During the year, there was a £3,932 transfer to a restricted fund from unrestricted. This was
due to the balance on the restricted fund not being sufficient to cover an award made, due
to the returns on investments not being as expected.
27

The Child Health Research Charitable Incorporated Organisation
Notes to the financial statements
31 July 2025
12
Restrlcted funds (continued)
Grants
lapprovedl
released
Irestatedl
Balance as
at 31 July
Gains/
2024
Los5e5 (restated)
Balance as
at l Aug
2023 Donations
Other
costs
Investment
income
H*aClibJto
112,452
2,124
165,5941 11,0551
10.878
58,805
akns &uJp T
FdhJthpl(kLxkWc¢thRMIJl 274.200
70,186
3,280,490
143,0701
231,130
70,186
1724,1191 149,3721 398,546 2,983,373
64,208
1250,0901 144,5211 459,296 3,742,709
77,828
0￿rof￿￿￿￿Epk
3,488,333
89,691
235,059
6,253
11,1031
13,1041
32,025
269.130
103,693
103,693
17,743
17,743
34,347
34,347
RwthMk3mB4wt 43,936
43,936
42,$43
1,132
12001
15621
5,796
48,709
100,750
645
168,6381 132,1121
13141
13201
24,355
3,305
27,671
39,392
1,014
12,7461
15031
5,192
42,34
IV¢thalmwrkJilF*￿thIp 366
io
121
151
50
419
ltA￿dL￿y￿p 132,354
28,936
4,177
7,996,770 32,100
2,129
1105.0141 11,0571
132,1001
10,904
39,316
28,936
4,177
{1,292,990) 1132,6111 925,992 7,810,837
32,100
281,576
28

The Chi Id Health Research Charitable Incorporated Organisation
Notes to the financial statements
31 July 2025
13
Endowment funds
2025
2024
Glaxo Wellcome- Chair of Developmental Neurobiology
Balance brought forward l August 2024
Investment income (net of charges)
Transfer to restricted fund
Realised/unrealised gains/llosses)
Balance carrled forward 31 July 2025
5,042,104 4,518,842
41,375
(501.352)
31,674
523,262
4.613,801 5,042,104
Louis Dundas- Chalr In Palllative Care
Balance brought forward l August 2024
Investment income (net of charges)
Realised/unrealised gains/llosses)
Received in year
Balance carrled forward 31 July 2025
2,000,000
24.301
(30,232)
2,000,000
1,994,069 2,000,000
Total Endowment Funds at 31 July 2025
6,607,870 7,042,104
14
Analysls of group net assets between funds
Current
Assets
Investments
Liabilities
2025 Total
2024 Total
Unrestricted funds
3,771,816
9.259,110
6,587,540
19,618,466
147,105
21,215
20.330
188,650
(1,010.004)
(1,960,511)
2,908,917
7,319,814
6,607,870
16,836,601
2,836,861
7,810,837
7,042,104
17,689,802
Restricted funds
Endowment funds
(2,970,515)
Current
Assets
Investments
Liobilities
2024 Tota
2023 Tota
Unrestrictedfunds
estrictedfunds
ndowmentfunds
2,590, 704
9,510,831
7,042,104
19,143,639
2,371,434
(2,125,277)
(1, 699,994)
2,836,861
7,810,837
7,042,104
17,689,802
2, 773,166
7,996,770
4,518,842
15,288, 778
2,371,434
(3,825,271)
29

The Child Health Research Charitable Incorporated Organisation
Notes to the financlal statements
31 July 2025
14
Analysis of group net assets between funds {continued)
The total unrealised gains as at 31 July 2025 constitutes movements on revaluation and are as
follows:
2025
2024
Unrealised (losses) galns Included above:
On investments
Total unrea115ed galns at 31 July
5.192,792
5.192.792
6,257,026
6.257,026
Reconclllatlon of movements In unreallsed galns
Unrealised gains at l August
Le55: in respect to disposals in the year
6.257.026
(852,870)
5.404,156
5,055,170
{874,1111
4,181,059
Add: net (losses} / gains arising on revaluation in the
year
(211,364)
2,075,967
Total unrealised galns at 31 July
5,192,792
6,257,026
15
Connected charitles
Professor Andrew Copp and Helen Cross, who are/or were Trustees of the Charity, are also
Trustees of the following organisation:
UCL GOS Institute of Child Health- An Institute of University College London (UCL). Its primary
objective is the provision of education and medical research.
During the year, grants totalling £978,736 (2024: £2,038,646) were awarded to UCL GOS
Institute of Child Health. At 31 July 2025, grants totalling £2,915,27312024.. £3,896,372) were
payable to UCL GOS Institute of Child Health.
In addition, these charities share common administrative facilities and hence involve cross
charges of expenditure. The key management personnel of the charity in charge of directing
and controlling, running and operating the charity on a day to day basis comprise the trustees
and the ICH Finance Manager and ICH Institute Manager. The total remuneration (including
taxable benefits and employer's pension contributions) of the key management personnel for
the year was £15,125 {2024: £15,582).
16
Taxation
The Child Health Research Charitable Incorporated Organisation is a registered charity and is
exempt under Part 11 of the Corporation Tax Act 2010 on its income and S256 Taxation of
Chargeable Gains Act 1992 on its capital gains.
The Trust is not registered for VAT and the expenditure includes VAT where applicable.
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The Child Health Research Charitable Incorporated Organisation
Notes to the financial statements
31 July 2025
17
Related partles
Professor Andrew Copp, who is a Trustee of the Charity up to May 25, had a portion of his salary
at the UCL GOS Institute of Child Health funded by the Chair of Developmental Neurobiology
(Glaxo Wellcomel endowment fund (note 13). Professor Helen Cross, who is a Trustee of the
Charity, has a portion of her salary at the UCL GOS Institute of Child Health funded by the Chair
of Childhood Epilepsy fund {note 12). Otherthan the transactions referenced above and in note
15, there have been no related party transactions.
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