Phelix Research and Development (A company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Addr888 and Reglstered Office: 37 Langton Street, Chelsea, London, SW10 OJL Charlty No: 1156666 Company Limited by Guaranteo No: 08820009
Phellx Research and Developmenl la company Ilmlted by guarantse) Flnanclal Statements For the Year Ended 31 Do¢ember 2024 Contents Page Legal and Administrative Information Report of thé Trustee8 Report of the Independent Examln6r ststement of FSnanclal Actlvllles Balance Sheet Notes fomiing part of the financSal slalemenls 9-11
Ph•lix Re80arch and Dévelopment (a company Ilmltod by guarantee) al and admlnistrative Informatlon Reference and admlnlstratlve detalls Charity number.. 1156666 Company number.. 08820009 Registered Office and principal operallonal address.. 37 Langton Street, Chelsea, London, SW10 OJL Dlrectors and trusteas Trustees.. Mr Francois-xavier Louvet Dr Louis Charles Teulieres Indopend•nt Ex8mln•r Alpha Accountants (London) Ltd, 585A Fulham Road, London, SW6 SUA
PheSlx R88earch and Development la Company limlted by guarantee) The Trustees present their report 109ether with the financial statements for th8 year ended 31 December 2024. OBJECTIVES AND ACTIVITIES Objectives and aims The charity's objects as slal8d in ils Articles of Association 8re: 'To protect and promote the health of the public in particular by research into the n8lure , cases, diagnosis, prevention, treatment and cure of chronic infection diseases, including the development of findings of research into practical applications for the prevention, Irealmenl and cure of chronic infection diseases and in furtherance of that primary obj8¢tive, lo support Informallon and raise public understanding of such matters, and to support the research on bacteriophages for bacterial Infections In a ¢hroni¢ phase and lo develop Iherapeulic programs based on baclerioph8ges." Phelix Research & Development (Phelix R&D) is a medical research charity. The charity works hand in hand with Phelix France, registered in France as an 'Associalion d'lnlérél General,. Ils 188m is 8 strong Co-partnership of healthcar6 professionals {practitioners, immunologists and university researchers. amongst them Leicester University) and volunte8rs, working logelher to reach the charity's key objectives. The overall aim is lo develop phage-based diagnostic and tr8atmenl of Lyme disease. To4at8, wè havé developed a novel phage-based diagnostic method largeling Lyme Borrelia strains. This novel diagnostic method showed higher sensitivity compared lo the current diagnostic methods. With further development, our phage-based method Could have the power lo distinguish between active and non-active Lyme infection and offer a promise of early Lyme diagnostics. In addition lo our pioneer work in Lyme diagnostlcs, We have also developed our plpellnes of melhodologles in isolation and idenlificalion of phages that specifically infect Lyme Borrelia strains, and we are Currently actively screening for phages. Once we identify phages, we w511 lesl lh8 efficacy of these phage8 in killing Borrelia strain, and dev&lop them towards Iherapeulics. Activlty update Phelix R&D AcllvSty Sn 2024.. RedLab sold 1,377 tests In 2024 versus 1,292 lesls sold in 2023, They have managed lo slabillse the sharp decline of 26¥0 Yoy observed in 2023 versus 2022. The annual income from the sale of the phage-based lesl was É56,363.40 for the year 2024.. invoices 20 10 23 for RedLab. The payment of the 2¢/0 ioyallies lo the University of Leicester was E9,688.321Sncluding VAT of É1,614.721. Invoice number 2230138497 from the University of Leicesler. Phelix R&D negolialed with the University of Leicester lo reduce ils contribution lo the research. The Charity contributed lo the funding in 2024, amounting lo £41,421.09, using a pro rala basis, while the amount paid by the charity lo the university (based on involc6s1 was £45,447.99 {Invoice number 2230133598 and number 22301363041, noting that these two invoices cove¥ funding from 1st December 2023 until 16th May 2025. On th81 point, the original agreement slated that the Charity would financ8 th8 research al the University of Leicesler, initially for a period from September 1, 2023, to March 31, 2024- it was subsequently amended lo run from September 1, 2023, to May 15, 2025. Schedule of the new fundlng, hence the pro rata tempofls cost for 2024.. Total 8mount Payable lo Leice81er'. taff costs onsumable8 otal £64,895.57 £26.000.00 £90.895.57 Payment Schedule Date of Payment On slgnature of contract 1st of Decembgr 2023 1st of June 2024 1st of December 2024 Amount £26,447.97 £26,447.97 £18,999.82 18,999.81 The Charity paid those amounts, not on the dates specified on the schedule. bul more on when we had the funds in our bank accounts las agreed with the University of Leicesler) The research primarily focused on understanding why the traditional Borrelia strain {BB31) is less prevalent in Europe Ih8n in the US. We have noticed that in late Lyme infection cas8s195Yo of the lesls sold), patients do not show any further infection with Borrelia burgdorferi sensu lato, while still showing positive tests for Borrelia Myamotoi.
Phelix Research and Devolopmont (a company Ilmlted by guarantee) The University of Leicester continued to develop new primers for Bartonella strains. Phelix R&D worked in partnership with the University of Leicester lo publish a research paper titled 'Successful diagnosis and treatment of Borrelia miyamotoi in a patient with joint and muscle pains, MEICFS and cognitive htl s'.Ildrive. dysfunction following lick bites.. 00 le.comlfileld11V rmWF3v case ucnF 976NJPoEIIBlview report To date, Phelix R&D in collaboration wlh the University of Leicest8r has published four articles in professional scientific reviews. Phelix R&D and Red Lab allended the ILDS conference in San Antonia in November 2024. They presented Phelix R&D's research lo medical professlonals and a panel of university researchers. PubllG beneflt The trustees can confirm that they have complled wlth th6 duly In Secllon 17 of the Charllles Act 201110 have due regard lo public benefit guidance published by the Charities Commission. Significant activities that we undertook during the year that demonslrale publlc benefit are sel out above. FINANCIAL REVIEW Flnanclal posltlon During the year, the charity received income tolalling £47,314 and inctsrred expenditure of £79,863, giving a nel daficil position of £32.549. Phelix R&D recognlsed income of £45,001 from RedLab Belgium from the commerclalisatSon of the Phage based lesl for the year 2023. Rosorvos poll¢y Whilst the trustees are aware of the n6ed to build reserves for a sustainable future. This is not considered necessary al this Ilme due to the support of the trustees. STRUCTURE, GOVERNANCE AND MANAGEMENT Govemlng document The charlly Is governed by Ils Memorandum and Artlcles of Assoclatlon and conslllules a company Ilmlled by guarantee, as defined by the Companies Act 2016. Recrultmont and appolntm6nt of now trustees Trustees are appointed or removèd or retire by r8solullon of the trusl8es 8t board meeting or the Annual General M8eting. Organlsatlonal structure The Board of Truslees administers the company. The Board meets quarterly. Inductlon and tralnlng of new tru8tèO8 Trustèes are fully briefed on Ihelr legal obligations under charity and company law. Trustees are also urged lo make use of the training and advice available on the Charity Commisslon website. Rlsk managemènt The Iruslees have a duty lo idenltfy and review the risks lo which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Indèpendent Examlnor Alpha Accountants {London) Ltd offer themselves for appolntmenl as independent examlner In accordance with Section 492 of The Companies Act 2006. o/i-XaF/gt LoHve FrJn(ois-Xa r LoLivel ISop.30, 2025 11'.10..29 GMT+ii Mr Francois-xavier Louvel ON BEHALF OF THE TRUSTEES
Phellx Research and Development la company Ilmlted by guarante81 Independent Examiner's Report to the trustee I report to the chanly trustees on my examination of the accounts of the Company for the year ended 31 December 2024. Rosponslbllltles and basls of report As the charity's Irusleès of the Company (and also ils directors for the purposes of company lawl you are responsible for the preparation of th6 accounts in accordance with the requirements of the Companies Act 20061'lhe 2006 Acl'l. Havlng satlsfled myself that the accounts of the Company are not requlred lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, l T8POrt in respect of my examinallon of your charity's accounts as carried out under Section 145 of the Charities Act 2011 {'the 2011 Act'l. In carrying out my 8xamination I have follow&d the Dire¢lions given by the Charity Commission under Section 14515) Ib) of the 2011 Act. Independent examlner's statsment I have completed my examination. I confirm that no matters have come to my atlenllon In connection with the examination giving me cause lo believe.. accounting records were not kept in resp8Ct of the Company as required by Sèction 386 of the 2006 Act., or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of Sectlon 396 of the 2006 Act other than any requirement that tha accounts give a true and fair view which is not a maller considered as part of an independent examination., or the accounts have not been prepared Sn accordance wllh th8 methods and prlncSples of the Slalemenl of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounls in accordance with the Financial Reportlng Standard applicable in the UK and Republi¢ of Ireland IFRS 10211. I have no concems and have come across no other matters in conneclSon with the examination to which attention should be drawn In Ihls report In order lo enable a proper underslandlng of the accounts lo be reached. Haralambos Hambi (Senior statutory audllor) for and on behalf of Alpha Accounlanls (London) Limited, Slalulory AudSlor 585A Fulham Road London SW6 SUA Dale 30
Phellx Research and Developmont la ¢ompany Ilmlted by guarant&g1 Statement of Financial Activities for the year ended 31 December 2024 Notes Unreslricled Funds Reslricled Total funds Total funds Funds Year ended Year ended 31 December 31 December 2024 2023 Income and expendlture Incoming resources Donations and legacies Research 47,314 47,314 45,001 Total incoming resources 47,314 47,314 45,045 R•sour¢es expend&d Direct charitabl& expendllure 78,663 78,663 41,390 Totsl resources expended 78,683 78,663 41.390 N81 movement in funds (31,349} (31,349) 3,655 Balances brought forward al 1 January 2024 (344,104) (344,104) 1347,7591 Balances c8rried lorw8rd 8131 December 2024 (375,453) (375,4531 1344,104) The accounting policies and notes on pages 9 to 11 form part of these financial slalemenls Ther8 were no recognised galns or losses other Ihan those Shown In the Statement of Flnan¢lal Activities for the period.
Phellx Research and Development la ¢ompany Ilmited by guarantee) Balance Sheet for the year ended 31 December 2024 Notes 2024 2023 FIXED ASSETS CURRENT ASSETS Debtors Cash al bank and in hand 6,564 8,753 20,963 4,579 18,766 47.612 25,542 66,378 CREDITORS Amounts falling due within one year 29,913 38,570 NET CURRENT ASSETS 14,3711 27,808 Total assets less current liabilities 993 36.561 CREDITORS.. Amounts falling du6 after more than one year 377,646 380,665 NET ASSETS (375,453) {344,1041 FUNDS Unre51ricled in¢ome funds General funds Designated funds 10 1375,4531 1344.1041 TOTAL FUNDS 1375,4531 1344,1041 The company was entitled to exemption from audll undèr $477 of the Companies Act 2006 relating to small ¢ompanies. The members have not requlred the company to obtain an audlt In accordance wllh sectlon 476 of the Companies Act 2006. The directors 8oknowledge their responsibilities for ¢omplying with the requirements of the Companies Act with respect lo accounting records and the preparation of ac¢ounl$. These accounts have been prepared In accordance wllh the provlslons applicable lo Small companies subject lo the small companies regime and in accordance with FRS102 SORP. Mr Francois-Xavi8r Louvet FrJiiFois.Xo ier Lovvel (Sep 30, 2025 11',LQ.'29 GMT+ii The notes on pag8s 9 10 11 form part of these financial slalemenls.
Phellx Research and Development la company Ilmited by guarante&l Notes lo the accounls for the year ended 31 December 2024 Statutory Infomiatlon Phelix Research and Development is a registèred charity and private company limited by guarantee having no share capital. Member have agreed lo contribute £10 in the event of winding up. The company is incorporated in the United Kingdom and ils registered office Is 37 Langton Street, Chelsea, London, SW10 OJL. The nature of the company's operations and principal activities is disclosed within the Report of th& Trustees. The financial statements are presented in Sterling 1£), the companls functional currency, and rounded to the nearest pound. Accountlng poll¢l8s The financial slalemenls hav8 been prepared in a¢cordanc6 wllh applicable United Kingdom accounting standards and follow the recommendations in the Statement of Recommended Practice.. Accounting and R6POrting by Charities SORP {FRS1021. They have been prepared under th8 hlslorical cost convention. The principal accounting policies of the company have remained unchanged from the previous y8ar and are $8t out below. (a} IncomSng rosources All income is recognised in the Slalement of Financial Activities once the charity has enlillemenl to the funds, it is probab18 th81 the income will be received and the amount can be measured reli8bly. (b) Resource5 expended Liabili118s are recognised as resources expended as soon as there is 8 legal or conslrucllve oblig811on commilling the charity lo the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating lo the category. Charitable expenditure comprises the costs incurred in the delivery of ils activities and services. Governance costs Include those 8ssoclated wSlh meeting the conslllullonal and slalulory requirem8nls of Ihe charily and include the audit fee and costs linked to the strategic management of the charlty, (cl Intanglble assets In&gIbl¢ ilSl>cls acquired 5¢paralely from a business are capilalised ut cost. Subsequent to initial recognition, inlangible assets are slated at cost Icss accumulated amortisalion and accumulated impairment. Inlan¥ible assets are amortised on a straight linc basis over their eslimalcd useful life. ThL carrying value of intangiblL assLls is reviLwLd for impairniLnt if events or changes in circumstance5 indicaie the carrying value Inay nol be recoverable. The useful economiL lives of intangible ass¢ls are as follows: Patents and license- Over l O years (d) Forolgn currencl•s Transactions in foreign currencies are translated al the exchange rale ruling at the date of the Iransaclion. Monetary assets and liabilities in foreign currencies are translated al the rate of exchange ruling al the balance sheet dale. All other exchange differences are d&all with in the slalemenl of financial aclivilies. {e) Preparatlon of accounts on a golng concern After careful consideration of the charity's current financial situation, with due regard lo ongoing support of the Trustee, the Trustees have a reasonable expectation that the charity has adequate resources to conllnue in operation for the foreseeable future. Accordingly, they continue lo adopt the going concern basis in preparing the accounts and there are no material uncertainties about the Charity's ability to continue. (fj Publ1¢ beneflt The charity is a public b&nefit entity.
Phelix Research and Development la company Ilmltod by guarantee) Notes lo the accounts for the year ended 31 December 2024 3. Charltable Actlvltles Cost Direct Costs (see Note 4) support cosls Total 2024 Total 2023 Research 78,521 142 78,663 41,390 4. Dlrect Costs of charltsblo actlvltles 2024 F888 lo Leicester Universlty Legal and professional fees Governance costs Foreign currency (gainy Ioss Website Maintenance Depreciation 72,481 750 2,016 13) 1,088 2,189 36,741 218 948 413 720 2,189 78,521 41,229 5. Intanglblo assots Patent and Llcenses Cosl Al 31 December 2023 and 2024 21,887 21,887 DepreGlatlon Al 1 January 2024 Charge for the ye8r 13,134 2,189 13,134 2,189 Al 31 December 2024 15,323 15,323 Net book value Al 31 December 2024 6,564 6,564 Not book valuo At 31 December 2023 8,753 8,753 Capltal ¢ommltmonts There were no capital commStments aulhorlsed or contracted for al the balance sheet dale. 6. Dobtors 2024 Trade Debtors Accrued income Other Debtors 11,857 7,412 1,694 18,766 20,963 18,766 The above amounts are due within one year of the balance sheet dale. Other Debtors was short-lerm borrowing made to Phelix France.
Phèllx Rèsèar¢h and Development {a company Ilmited by guarant86) Notes to the accounts lor the year ended 31 De¢ember 2024 7. Creditors.. amounts falling due wlthln one year 2024 2023 Trade Creditors Accruals and deferred income 1,080 28,833 38,570 29,913 38.570 8. Credltors: amount falllng dug after more than one yoor 2024 2023 Loan from trusl6e Other loan 311,305 66,341 311,305 69,360 377.646 380,665 The loan from trustee has a lemi of slx years and provides funding facilities lo th8 charity to Undertake Its research work. The loan is interest fr•8 and will only be repayable after the charity se¢ur8s sufficient independent funding. The additional loan has a term of four years and also provides funding faGilities lo the charity lo carry out Ils research work. The loan Is Interest free and will only be repayable if revenue Is generated from li¢enslng Ils patent. 9. R•laled Partlos Transactlon There were no related paty transactions for Ihe year &nded 31 December 2024 that requlre dlsclosure, olher than th8 loan from trustee a8 dSsclosed in note 8 and nole 6. 10. Unre8trl¢tod and deslgnoted funds other Totsl Designated Unre$lricled Unrestricted fund funds Balances brought forward al 1 January 2024 (344,1041 1344,104) ID8ficitllSurplus in the year (31,349) 131,549} Balances cairied forward al 31 December 2024 1375,4531 {375,4531 li