Charlty registration number 1166905 {England and Wales) Company registration number 09437524 ROUTES 2 RESULTS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
ROUTES 2 RESULTS LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr E Blindell Ms K Simmons Mr Rajan Datsr (Appointed 21 February 2024) Charity number 1166905 Company number 09437524 Registered office 5th Floor Watson House 5440 Baker Street London Uniled Kingdom W1U7BU Independent examlner King & King 5th Floor Walson House 54-60 Baker Street London W1U7BU Bankers Natwesl 5 Station Approach West Bffjeet Surrey KT14 6NQ
ROUTES 2 RESULTS CONTENTS Page Trustees, report Statement of trustees. responsibilities Independenl examiner's report statement of financial activities Balance sheet Statement of cash flows 10 Notes to the financial statemenls
ROUTES 2 RESULTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 29 FEBRUARY 2024 IntroduGtion The trustees, who are also dSrectors for the purposes of company law, present their report and financial statements for the year ended 29 F8bruary 2024. The financial statements have been prepared in accordance with the accountlng policies set out in the notes to the financial statements and comply with the Routes 2 Results, {R2R) trust deed, the Companies Act 2006 and "Accounting and Reporting by Charities: Slatement of R8comrnended Practice applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {effective 1 January 2019}". The Company was incorporated on 12 February 2015. An application was made to the charity commission on 31 July 2015 to register as a charity and the company was subsequently regist8red by the commission as on 4 May 2016. The trustees report has been written to reflect the objectives of the charity as per the charity registration application. Obje¢tives and activities To relieve sickness and to promote and protect good health for the public benefit in the developing world by informing, educating and expanding collective scientific and public health knowledge. Misslon Statement To promote and project good health though collaborative research, and the employment of a humarFcentred approach to developing scientific knowledge. Public benefit Routes 2 Results focuses it5 work in public health and developing worlds. 11 offers research to development agencies, phamiaceulicals and commercial companies who aim to support and development positively public health and the lives of people in developing countries which will support their development aims. Market research allows these groups lo understand the people living, working and operating wilhin the healthcare system, whether.. a patient, a sufferer, a mother, a doctor, a minister of health, an end consumer, a healthcare advocate or expert; ensuring that development programmes, campaigns or products are relevant and their impact maximised. The organisation will design markat research sludies lo tackle major questions and needs of Ihese groups, Cary out the research, analyse the data and create and deliver various outputs from: presentations, word reports, joumal manuscripts to webinars. The developmenl of innovations within public health where informed by intelligently designed market research can be optimised. Thus, in addition to social and behavioural research as a tool to support decision-making. this research should be planned for at the outset, designed early and subsequently used alongside strategy development including, commercialisalion and product introduction and tactical planning as a way to address and answer Critical market and product-related questions. Working together with development agencies we aim to deliver action and decisions is the most reliable way of ensuring research programme is properly designed, executed and delivered. Ensuring interventions in public health are optimised will in part, need strong understanding of all the relevant moving parts and stakeholders from the end user, product d8veSopers, to funders, Non-Governm8ntal Organisations (NGOS), commercial groups, advocacy groups, communities representations through governments, and this Can be done through market research techniques and solutions. Granl Maklng The charity is currently a grant making charity; in the future the Trustees do not discount providing bursafies and similar support to other organisations.
ROUTES 2 RESULTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 Achlevements and perfomjance studies MAPS- study completed and published in Frontiers in Reproductive Health. Lyndra IMOC)- study completed and published in Frontiers in Global Women's Health. PEP fieldwork and reporting have been completed as of December 2024 with a conference presentation in Cape Town. The manuscript is currently under peer review by the JIAS (Joumal of the International AIDS Society). JIAS plans to publish the sludy in May 2025 as part of a collection of studies around PEP and the WHO. PEP is an antiretroviral drug regimen lasting 28 which blocks HIV infection amongst people who have potentially been exposed to HIV infection. We talked with potential end users including Women, men, FSW (female sex workers), MSM {men who have sex with men), TGD (Iransgender, gender divergent}, PWID (people who inject drugs), doctors, nurses. and pharmacists. Counlries covered.. Kenya, Nigeria and Zimbabwe. Taste4locker fieldwork and reporting compleled as of December 2024. The manuscript is nearly ready to be sent to Frontiers for publication in 2025. Taste-Blocker is a fomiula in development that blocks the taste of bitter- tasting medicines. This is particularly useful for infants and the elderly who take medication long temi or take seasonal Ireatrnents. We talked with caregivers (of children who lake bitter-tssting medicines), and providers (doctors, nurses, community health workers and pharmacists). We also talked with providers, geriatri¢ patients and careglvers of geriatri¢ patients in th8 USA to ass8SS the potential for this product in this country. Significant events and developments Dr Chrlstopher Bushby has retired as secretary of R2R and from public life as he has worked tirelessly for good causes for many years. Thanks so much, Chris for all your hard work to help establish R2R from Ihe roots up. Chris remains a trusted advisor to R2R and we wish him Ihe best in his retirement. Rajan Datar has joined R2R as a new trustee. Rajan is an award-winning and versatile intemational broadcaster, journalist and conferenGe mod8rator. A current affairs journalist who is now one of th8 most recognisable faces of international TV travelogues - latest programmes on the BBC.. Uzbekistan and Sri Lanka fifty half-hour BBC docs in total. In May 2024 he was the presenter of a 3-part special on BBC Radio 4, 'The Tourist Trap. about the pressures record-breaking tourist numbers are imposing on popular destinations, local communities and the environment. Rajan presents the BBC World Service's The Forum, a weekly feedback programme Over lo You as well as numerous R4 docurnenlaries and stints as host of The Media Show and The Front Row on R4. He also moderates and chairs conferences and literary festivals (including Hay) around the world. Rajan is the Found8rl Bass Player of Maroon Town, globetrotting ska and reggae 8-piece for 30 yearsl Karan Kong has joined the R2R team as a Research Director. Karen has been a friend and co-worker to Moushira and Jeff for many years at Ipsos Healthcare. Karen is a first-class researcher with many years of experience. Based in Plymouth wilh over 10 year5 of research experience in pharmaceutical (physician and patient) and public health. Specialist in large-scale and multi-market qual and quant projeds. She is adept at handling the dynamics of medical anthropology from different social perspectives given prior research experience in pharmaceutical market research {product testing, attitudes and behaviour assessments, mappinglforecasting), understsnding of Ihe palhology of disease and public health protection. Karen is a results-driven data visualization enthusiast with a strong background in transforming complex datasets into insightful visual outputs. Pr8vious roles in Public Health England (Communications). MBiol {Hons) in Molecular & Cellular Bio103y at the University of Bath with a thick sandwich industrial placement as a Research Scholar. Emma Tiraboschl has joined the R2R team as Project and Administrative Director. Emma brings her amazing organisational skills which have already established ISO equivalencé across the team and a new ITlcyber sècurity team. Based in Kent, and having begun her career in event management, Emma gained a PGCE from UCL before embarking on a seven-year teaching career during which she worked In, and led, earty years teams in private and state sector schools. Emma's education and career to date have given her a wide range of skills, including research, analysis, planning and communication. Known for her organisational skills, resourcefulnèss, positivity, people skills and ability to bring solutions to the table. In addition to her PGCE, Emma is a graduate of Leeds University with a BA in Classics.
ROUTES 2 RESULTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 NGOSource: we have again been given NGO equivalence in the USA until the next review in 2026. This equivalence allows R2R to receive direci grants from organisations such as the Bill and Melinda Gates Foundation (BMGF). Melinda Gates French: we are In the process of completing a grant application to thè Action for Women's Health Initiative which is a fund headed up by Melinda French Gates. The Action for Women's Health initiative aims to improve the physical and mental health of women by supporting organizatlons that provide access to funding. The initiative s88ks to support organlzations that: have a history of improving women's health, have an equity-centred approach, and can scale their work to improve the health of more women. If we are suessful, the grant will start in December 2025. The grant is flexlble funding from 1 to 5 million dollars. Financial review Review of financlal position The charity recorded a deficit of £95,787 (2023-. surplus of £63,421) on its charitable activities for the year. Small company provlsions This report has been prepared in accordance wilh the provisions applicable to companies enlitled to the small companies exemption. Risk management The trustees have assessed the major risks to which the R2R is exposed, and are satisfied that systems are in pla¢e to mitigate exposure to the major risks. Plans for future perlods In the future Routes 2 Results aims to: 1. Successfully complete current research studies with collaborators and funders 2. Continue the development of proposal and reSe8h concepts with collaborating development agencaes and funders 3. Contlnue to attend publlc health conferences: widening and deepening its understanding of the arèna and connections with the community 4. Strengthen the capacity of Routes 2 Results and its ability to conduct public health market research studies 5. Open Offi in Nairobi forwom8n's research led by women. Depending on funding availability, we plan to open an R2R NGO office in Nairobi next year. We have established a conversation with several partners in various countries including Kenya, South Africa, Uganda and Zimbabwe. These partners have given us access to countries right across Sub-saharan Africa (SSA) over the years. Once we have established an office in Nairobi, we intend to form a consoriium of partners lo support research across the continent. This consortium will b8 womeTrled and will allow women to research oth8r women. This is in line with current donor thinking as Gates is opening offices across SSA. We will not only support excellence in research, but we will also promote women with research training in all areas. Supporting women. We ntend to build an African brand for wornen-run research for women across SSA.
ROUTES 2 RESULTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 structure* governance and management Goveming document The R2R is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The truslees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Dr C Bushby (Resigned 19 December 2024} Mr E Blindell Ms K Simmons Mr Rajan Datar (Appointed 21 February 2024) Recruitment and appolntm8nt of new truslees When recruiting n8w members to their board, existing trust88s must be clean in Iheir own minds aboul th8 charily's purpose and aims. They also need to understand their broader duties and responslbilities as trustees, to ensure both that they are acting in th8 best interest of the charity, and that th8y are in a positio n to explain to new trustees what is required of Ihem. Trustees need to ensure that they, rather than stsff, retain overall responsibility and control of the truslee recruitment, selection and indudlon process. Existing trustees have a clear role to play in ov8rseeing the effective management of an open and efficient process. This applies whether trustees themselves select new colleagues, or whether other arrangements apply (for example, election or nomination by a memberships). There will be an assessment on what skills are rbeeded wilhin the Iruslee board, and those skills developed into a determination as to what kind of trustees to look for. A trustee job description, will be developed based on this. Part of thal job description will include the 6 main duties as outlined in the you.gov website: https:Ilwww.gov.ukl governmenVpublicationslthe-essential-trustee-what-you-need-tO-know-cc31the-essential-trustee-whal-you-need- towknow-what-you-need-to-do For our charity which is a small one, Ihe assessment is simple, and need not involve more than the appli¢ation of common sense. Charities should ensure that all its new and potential trustees have access lo the Charity Commission's publication Responsibilities of Charity Trustees (CC3) and that they have read and understood the contents. A major practice to ensure that potential new trustees consider the question of possible conflicts of interest before there is commitment on either side. This is particularly important where personal interests may be significant enough to make it difficult for the individu81 concemed to make a full and rounded contribution on the board's disGusslons and decisions. Trustees must ensure that they are aware of the legal rules and eligibility to serve as a trust&8, bearing in mind that it is a criminal offence to serve as trustee if disqualified from doing so. Recruitment in mosl charities and including R2R will be based on word of mouth and recommendations, which will all be laid out transparently during the recruitment proc8SS. Other m8thods of search, such as advertising, using trustee brokerage services and networking with other charities, are secondary options should recommendations and word of mouth not provide eligible trustees. Dlversity is also an important criterion. A chartty will often benefit from seeking to recruit and retain trustees who reflect and have knowledge of the communities and areas in which the charity operales. For Routes 2 Results, diversily in Ihe trustee body will be a major, specFfic factor,
ROUTES 2 RESULTS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 In particular, Routes 2 Results trustees should not8 the advent of the Race Relations (Amendment} Act 2000. This Act giv8s 'public bodies" which includes some charities, a general duty to promote race equality. It also stands as a statement of good practice for all charitles lo aspire to. Trustees should be aware that other elements of diversity are also affected by18gislalion, for example the Disability Discrimination Acts, Even fi the appointment of a trustee is not specifically affected by legislations, charities should look to such legislation as an example of good practice. The trustees ensure the charity is fulfilling its goals and mlsslon. They are made up of experts and people with valuable experience in healthcare, charities, market research, business, education and the developing world. A leadership team implement the vision and execute the research. They are made up of the market research experts who had the vision to and passion lo realise the need to operale within a Not-For-Profil setting. ensuring that the research and public purpose goals of the development sector and put first. Induction and Iralnlng of new trustees Induction material includes- Ihe charity, s goveming document, in addition lo accounts, with explanatory material where necessary, and recent minutes of trustee meetings. All trustees, as part of their induction, should receive an 'induction pack" Containing a copy of the charity's key documents (usually the charity's governing document, lalest set of annual accounts and copies of minutes from previous rneetingsl accompanied by an explanation of Ihelr purpose and effect. Trustees will utilise the following pages from the UK government website as part of their induction: https-11 www.gov.ukJgovemmenVpublicationslthe-èssential-trustee-what-you-need-to-know-cG31the-essential-twstee- what-you-need-to-know-what-you-ne8d-to-do A5 well as reading through the UK Govemment page: The essential trustee: what you need to know CC3 ublication -need-t Existing trustees are encouraging and open in their dealings with new trustees and avoid either glossing over or exaggerating the role. Openness about the duties and responsibiltties of a trustee will demystify them and help to reassure prospective candidates about any concerns they might have. An infom)al meeting at an early-stage of the selection process can provide an opportunily for existing trustees to provid8 prospective trustees with an understanding of what a trustee is requlred and expected to do. Risk management The trustees have a duty to Id8nlify and revlew the risks to which th8 charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. All work is ethiGally approved in each and every country. Market research via the respective ethical approval committee of th8 relevant country is completed. The trustees, report was approved by the Board of Trustees. Ms K Simmons Trustee Dated: 20 December 2024
ROUTES 2 RESULTS STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 29 FEBRUARY 2024 The trustees, who are also the directors of Routes 2 Results for the purpose of company law. are responsible for preparing the Trustees, Report and the financial statements in aGcordance with applicable law and United Kingdom Accounting Stsndards (Unit8d Kingdom Generally ACpIed Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the R2R and of the incoming resources and application of resources, including the incorne and expendilure, of the charitable company for that year. In preparing these financial statements, the trustees are required to., select 5Uitablo accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent.. and prepare the finanGial stalements on the going concem basis unless it is inappropriate to presume that the R2R will ontinue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable acGuracy at any time the financial position of the R2R and enab18 them to ensure that the financial ststements comply with the Companles Act 2006. They are also responsible for safeguarding the assets of the R2R and hence for tsking reasonable steps for the prevention and detedion of fraud and other irregularities.
ROUTES 2 RESULTS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ROUTES 2 RESULTS I report lo the Irustee5 on my examination of the financial statements of Routes 2 Results {th8 R2R) for the y8ar ended 29 February 2024. Responsibilities and basls of report As Ihe trustees of the R2R {and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having salisfied myself that the financial statements of the R2R are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the R2R's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5){b) of the Charities Act 2011. Independent examinerfs statement Since the R2R's gross income exceeded £250,000. the indep&ndent examiner must b8 a member of a body listed in section 145 of the Charities Act 2011. 1 confirm that l am qualified lo undertake the examination because l am a member of Institute of Chartered Accountants in England and Wales (ICAEW), which is one of Ihe listed bodios. I have completed my examination. l confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the R2R as required by section 386 of the Companies Ad 2006. the financial statoments do not accord with those records; or the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is nd a matter considered as part of an independent examination,. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accountlng and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have Gome across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial slatements lo be reached. King & King 5th Floor Wat50n House 54-60 Baker Street London W1U 7BU 20 December 2024
ROUTES 2 RESULTS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 29 FEBRUARY 2024 Restrlcted funds 2024 Restrlcted funds 2023 Notes Income from: Donations and legacies Charitable activities 35,000 790,454 31,500 455,085 Total income 825,454 486.585 Expenditure on: Charitable activities 892,967 420,647 Total expenditure 892,967 420.647 Net incom8llexpenditure) (67,513) 65.938 other recognised gains and lo$$es: Other losses 12 (28.274) (2.5171 Net movement in funds (95,787) 63,421 Reconciliation of funds: Fund balances at 1 March 2023 123.461 60.040 Fund balances at 29 February 2024 27,674 123,461 All income and expenditure has been derived from continuing activities.
ROUTES 2 RESULTS BALANCE SHEET AS AT29 FEBRUARY2024 2024 2023 Notes Fixed assets Tangible assets 13 4,535 Current assets Debtors Cash at bank and in hand 14 7,451 498,597 7,788 119,973 506,048 127.761 Creditors: amounts falling due wilhin one year 15 {482.909) (4,300> Net current assets 23,139 123.461 Total assets less current liabilities 27,674 123,461 The funds of the R2R Totsl funds 18 27,674 123,461 27,674 123.461 The company is entitled to th8 exemption from Ihe audit requirement contained in section 477 of the Companies Act 2006, for the year ended 29 February 2024. The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the AGt and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the 8nd of the financial year and of its incoming resources and application of resources, including ils income and expenditure, for the finan¢ial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with seclion 476. These financial statements have been prepared in accordance with the provisions applicabSe to companies subject to the small companies r8gime. The financial statem8nts were approved by the trustees on 20 December 2024 Ms K Simmons Trustee Company registration number 09437524 (England and Wales)
ROUTES 2 RESULTS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 29 FEBRUARY 2024 2024 2023 Noles Cash flows from operatlng activities Cash generated from operations 21 385,393 65,026 Investing activities Purchase of tangible fixed assets (6,7691 Net cash used in investing actlviti8S (6,769) Net cash generated from financlng activittes Net Increase in cash and cash equivalents 378,624 65.026 Cash and cash equivalents at beginning of year 119,973 54,947 Cash and cash equivalents at end of year 498,597 119,973 10-
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Accounting pollcles Charity information Routes 2 Results is a private company limited by guarantee incorporated in England and Wales. The registered offic8 is 5th Floor, Watson House, 54-60 Baker Street, London, W1U 7BU, United Kingdom. 1.1 Accounting convention The financial statements have been pr8pared in accordance with the R2R's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicablg in the UK and Republic ol Ireland" and the Charities SORP "Accounling and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}" The R2R is a Public Benafit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is Ihe functional currency of the R2R. Monelary amounts in these financial statements are rounded to Ihe nèarest £. The financial slatements hav8 been prepargd under the historical cosl convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation that the R2R has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in Ihe notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the R2R. 1.4 In¢om8 Income is recognised when the R2R is legally entitled lo it after any perfomiance conditions have trEen met, Ihe amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. other donations are recognised once the R2R has been notified of the donation, unless performance conditions require deferral of Ihe amount. InGome tax re¢overable in relation to donations received under Gift Aid or de8ds of covenanl is recognised at th8 time of th8 donation. Legacies are recognised on receipt or otheiSe if the R2R has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 11
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 Accounting policles (Contlnued) Expenditure is recognised once there is a legal or constructive obligalion to transfer economic benefit to a Ihird paty, it is probable Ihal a transfer of economic benefits will b8 required in settlemenl, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each aclivity- Direct costs attributable to a single aclivily are allocated directly to that activity. Shared costs which contribute to more than one adivity and support costs which are not attributable to a single activity are apportioned belween those activities on a basis consislent with the use of resources. Cenlral staff costs are allocated on the basis of time spent, and depreciation charges are allocated on Ihe portion of the assefs use. 1.5 Intangible fixed assets other than goodwill Intangible assets acquired separately from a business are recognised at cost and ar8 subsequently measured at Gost less a¢cumulaled amortisation and accumulated impairment losses. Inlangible assets acquired on business combinalions are recognised separately from goodwill al the acquisition date where it 15 probable that the expected fLSture economic benefits that are attributsble to the asset will flow to the entity and the fair value of the asset can be measured reliably., the intangible asset arises from contractual or other legal rights- and the intangible asset is separable from the entity. Amortisallon is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Website 200/0 Straight line 1.6 Tangible flxed assets Tangible fixed assets are initially measured at cost and subsequently m8asured at cost or valuation. net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases= Computer & olher equipment 33 /a Straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and 15 recognised in the stalement of financial activities. 1.7 lrnpalmient of fixed assets At each porting end date. the R2R reviews the carying amounts of its tsngible and inlangib18 assets lo determine whether there is any indication that those assels have suffered an impaimient loss. If any such indication exists, th8 recoverable amount of the asset is estimated in order to detemiine the extènt of the impairmenl loss {if any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 12-
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 Accounting policies (Contlnued) 1.9 Flnanclal instruments The R2R has elected to apply the provisions of Section 11 'Basic Financial Instrumenls. and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the R2R's balance sheet when the R2R becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise Ihe assel and settle the liability simultaneously. Baslc financial assets Basic financial assets, whlch include debtors and cash and bank balanc8s, are initially méasured a transaction price including transaction costs and are subsequently carfled at amortised cost using the 8ff8ctive interest mathod unless the arrangement constitutes a financing transaction, where the tran5adion is measured at the present value of the future r8C@ipts discounted at a market rate of interest. Financial assets classlfied as receivable within one year are not amortised. Basic finan¢lal Ilabllltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the dèbt instrument is measured at the present value of the future paymenls discounted at a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently Caled at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditor5 are recognised initially at transaction price and subsequently measured at amortised Cost using the effective interest melhod. Derecognition of flnancial Ilabllltles Financial liabilities are derecognised when the R2R's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which Ihe employee's services are received. Termination benefits are recognised immediately as an expense when the R2R is demonstrably committed to temiinate the employment of an employee or to provide termination benefits. 1.11 Retlrement beneflts Payments to defined contribution retirement benefit schemes ar8 charged as an expense as they fall due. 13-
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 Critical accountlng estimates and Judgements In the application of the R2R's accounting policies, Ihe trustees are requlred to mak8 judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlylng assumptions are reviewed on an ongoing basis. R8visions to accounting eslimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the r8vision and futur8 periods where the revision affecls both current and future periods. Income from donatlons and18gacies Restrl¢t8d funds 2024 Restrlcted funds 2023 Donations and gifts 35,000 31,500 In accordance with SORP 2019 paragraph 6.14 resear¢hers' time has been included in the SOFA on the basis of the value to the charity. The value to the charity is the amount the charity would pay on the open market. These services are recognised as income with an equivalent amount recognised as an expense. Income from charitable a¢tivlties Restricted funds 2024 Restricted funds 2023 Performance related grants Performan related grants 790.454 455,085 Performance related grants analysis Performance Performance related grants related grants 2024 2023 BMGF Micro-array patch {MAP) BMGF Lyndra (MOC) BMGF Post-Exposure Prophylaxis BMGF Taste Blocker Other 99,564 54,798 394,971 241.121 316,923 138,162 (790,454) (455.085) 14-
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 Income from charilable activities (Contlnued) All research projects, except BMGF Post-Exposure Prophylaxis and BMGF Taste Blocker, were ¢ompleted as at 29 February 2024. Expenditure on charltable a¢tlvltles Perforamnce related grants 2024 Perforamn¢ e relaled grants 2023 Direct costs BMGF Post-Exposure Prophylaxis BMGF Tasle BIoGker BMGF Micro-array patch (MAP) BMGF Lyndra (MOC) Other research exp8nses 264,533 207,507 22,550 213.639 43,720 31,497 35,000 529.590 288.856 Share of support and governance costs (see note 6) Support Governance 358.817 4,560 127.491 4,300 892,967 420,647 Analysls by fund Restricted funds 892,967 420,647 The expenses that are directly attributable to research projects are included first. Overheads are then apportioned across the project5 using percentages of time spent per research project. Other research expenses are therefore the balance of un-apportioned expenses that relate to the running and management of the charity itself and in searching for new projects. 15-
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ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 Net movement In funds 2024 2023 The net movement in funds is stated after chargingllcrediting): Fees payable for the independent examination of the charity's financial statements Depreciation of owned tangible fixed assets 3,000 2,234 2,900 Independent examinatlon fees Fees payable to thè indepondent examiner: 2024 2023 Independent examination of the R2R's annual account5 3,000 2,900 Trustees None of the trustees (or any persons connected with them) received any rernuneration or benefits from th8 R2R during the year. 10 Employees Th8 average monthly number of employees during the year was: 2024 Number 2023 Number Management Administration Total Employment costs 2024 2023 Wages and salari8S Social security costs Other pension costs 238,778 21,671 4.178 104,082 4,984 2,270 264,627 111,336 During the current accounting period. Moushira El-sahn and Jeff Lucas donated their services to the value of £35,000 (2023.. £31,500) on pro bono basis. This is considered to be the market rate of the individuals. knowledge and time. This is included in the accounts as other research expenses and does not fomi part of employment costs. Moushira El-sahn and Jeff Lucas are also on R2R's payroll and their payroll costs are included in the employment costs note above. 17-
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY2024 10 Employees (Continued) The number of employees whose annual remuneration was more than £60,000 is as follows- 2024 Nurnber 2023 Number Between £60,000 and £70.000 11 Taxalion The charity is exempt from taxation on its activities because all its income is applied for charilable purposes. 12 Other gains and losses Restricted funds 2024 Restrlcted funds 2023 Gainslllosses) upon.. Foreign exchange 28,274 2,517 13 Tangible fixed assets Computer & other equiprnent Cost At 1 March 2023 Additions 11.419 6,769 At 29 February 2024 18.188 Depreciation and Impairment At 1 March 2023 Depreciation charged In th8 year 11.419 2,234 At 29 Fabruary 2024 13,653 Carrylng amount At 29 February 2024 4,535 18-
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 14 Debtors 2024 2023 Amount$ falling due withln one year: Other debtors Prepayments and accrued income 863 6,588 905 6,883 7.451 7,788 15 Credilors: amounts falling due within one year 2024 2023 Notes Other taxation and SOGial security Deferred incom8 Other creditors Accnjals 6,433 467,305 4,611 4,560 16 4.300 482,909 4,300 16 Deferred income 2024 2023 Other deferred income 467,305 Deferred income is included in the financial statements as follows: 2024 2023 Deferred income is inGluded within: Current liabilities 467,305 Movements in tha year- Deferred incom& at 1 March 2023 Resources delerred in the year 467.305 Deferred income at 29 February 2024 467.305 Deferred income relates to grants where perfonnance obligations had not been fully met at th8 reporling date. 17 Retirement benefit schemes 2024 2023 Defln8d contribution 5chomes Charg8 to profit or loss in respect of defined contribution schemes 4.178 2,270 19
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 17 Retirement benefit schemes (Continued) The R2R operate5 a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the R2R in an independently administered fund. 18 Restrfcted fund5 The restrict8d funds of the charity comprise the unexpended balances of donations and grants held on trust subject lo specific Gonditions by donors as to how they may be used. At 1 March 2023 Incoming resources Resources expended Galns and At29 losses February 2024 General funds 123.461 825.454 (892,967} (28,274) 27.674 Previous year: At 1 March 2022 Incoming resources Resources expended Gains and At28 losses February 2023 General funds 60,040 486.585 (420,647) {2,517) 123,461 19 Analysis of net assets between funds Restrlcted funds 2024 At 29 February 2024: Tangible assets Current assetsl(liabilities) 4,535 23,139 27,674 Restricted funds 2023 At 28 February 2023: Current assetsl(liabilitie5} 123,461 123,461 20 Related party transactions There were no disclosable related party transactions during Ihe year (2023 - none}- -20-
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 21 Cash generated from operations 2024 2023 (Deficit}Isurplus for th8 year (67,513> 65,938 Adluslments for: Foreign exchange differences Depreciation and impairment of tangible fixed assets 128,274) 2,234 (2,517) Movements in working capltal: Decrease in debtors Increase in creditors Increase in deferred income 337 11,304 467,305 1,505 100 Cash generated from operatlons 385,393 65,026 21