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 su￿essful,
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 reSe8￿h 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 AC￿pIed 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 othe￿iSe 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 Ca￿led 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-

Ln ￿ (
tLJ O) CO
(o rn co
Ln tx CO O CQ co
r O)minLn

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