Charity reglstration number 1166905 (England and Wales) Company registr4tion number 09437524 ROUTES 2 RESULTS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
ROUTES 2 RESULTS LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr E Blindell Mr R Dalar Charfty number 1166905 Company number 09437524 Registered office 5th Floor Watson House 5460 Baker Street London United Kingdom W1U7BU Independent examlner King & King 5th Fl¢)or Watson House SMO Baker Street London W1U 7BU Banker6 Nalwest 5 Station Approath West Byfieel Surrey KT14 6NQ
ROUTES 2 RESULTS CONTENTS Page Trustees, report Statement of tru5tees' responsibilities Independent examineffs report Statemenl of financial activities Balance sheet Statement of cash flows 10 Notes to the financial statements
ROUTES 2 RESULTS TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 28 FEBRUARY 2025 Introduction The trustees. who are also directors for the purposes of company law, present their report and financial statements for the year ended 29 February 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply wrth the Routes 2 Resulls. {R2R) trust deed, the Companies Act 2006 and 'Accounting and Reporting by Charities: Statement of Recommended PractrcE applicable to charities pparing their accounts in aizordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The company was incorporated on 12 Febwary 2015. An application was made to the charity commission on 31 July 2015 to register as a charity and the company was subsequently registered by the commission as on 4 May 2016. The trustees report has been written to reflect the objectives of the chaiity as per the charity registration application. Objectives and activities To relieve sickness and to promote and protect good health for the public benefft in the d8V8lopirg world by inforniing, educating and expanding ¢olle¢tive scientFfic and public heallh knowledge. Mlsslon Statement To promote and project good heallh though collaborative resear¢h, and the employment of a humarKentr8d approach to devèloping scientific knowledge. Publlc benefit RoLrte$ 2 Resutts fo¢uses its work in public heafth and developing worlds. It offers research to development agencies. pharmaceuticals and commercial companies who aim to support and development positively public heatth and the lives of people in developing countries which will support their development aims. Market research allows these groups to understand the people living, working and operating within the healthcare system, whether: a patient, a sufferer, a mother, a doctor, a minister of health. an end consurner. a healthcare adv¢xate or expert; ensuring that development programmes, campaigns or products are relevant and their impact maximised. The organisation designs market research studies to tsckle major questions and needs of these groups. carries out the research. analyzes the data and creates and delivers various outputs through: presentations. word reports, journal manuscripts to webinars. The development of innovations within public health where informed by intelligently designed matket 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. commercialisation and pioducl introduction and tsctical planning as a way to address and answer critical market and product-related questions. W01ng 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 stskeholders from the end user, product developers. lo funders, Non-Govemmental Organisations (NGOS), commerGial groups, advocacy groups, communities representations through governments, and this can be done through market research techniques and solutions. Grant Making The chaTity is currently a grant making charity; in the future the trustees do not discount providing bursaries and similar support lo other organisations.
ROUTES 2 RESULTS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 Achievements and perf0mnCe Studies Post-Exposuro Prophylaxls IPEP) - PEP is an antiretroviral drug regimen, lasting 28 days, 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 wilh men}, TGD (transgender, gender div8rgent}, PWID (people who inject drugs), doctors, nurses, and pharmacists. Countries Covered: Kenya, Nigeria and Zimbabwé. Fi&ldwotk and reporting for the PEP study were completed in December 2024. and findings were presented at a conference in Cape Town during the year. Taste-Blo¢ker - Taste-Blocker is a product concept in development that aims to block the taste of bilier-lasting medicines. This has particular potential for infants and older people who take long-term or seasonal treatments and may struggle with adherence because of poor taste. Fieldwork and reporting were completed by December 2024. Publi¢atlons after tho year end After the year end, both major studies led by R2R were published in peer-reviewed journals: The PEP study was published on 9 October 2025 in Frontiers in Repmductive Heafth. The Taste-Blocker study was published on 22 April 2025 in Fmnliers in Dmg Delivgry. These publications represent a significant milestone for R2R. increasing the visibility and impact of our research wilh global health partners Signlflcant events and devolopments It has been a challenging period for organisations working in global public health research. The Gates Foundation has undergone a major reorganisation, with many lontrstanding Contacts leaving the organisation and a strategic shift towards gender equality, with an emphasis on direct funding to African partners. This has reduced the number of granl opportunities available to R2R during the year and is likely to Continue affecting future prospects. During and shortly after the year, there were also substantial cuts to U.S. foreign aid and changes to global development funding. In early 2025, the U.S. administration cancelled approximately83•h of USAID programmes and began winding down USASD, with most remaining programmes to be absorbed into the State Department. This has significantly reduced d&v81opment funding flows to Africa and other low-in¢ome regions and created a ripple effect across all areas of health research funding. Taken together with reductions by other Westem donors, these changes have contributed to a mudi more ¢onstrained funding environment for organisations like R2R. This situation has affed8d the fijnds available to R2R and our staffing levels. As grant income declined, we were forced lo move employees from PAYE contracts to freelance arrangements in order to manage costs, and ultimately to let the core team go when it became clear that suffi¢ient funding would not be secured in time, Throughout the year we continued to support the team while we pursued multiple grant opportunities, induding applications to: Action for Women's Heatth, a global initiative led by Melinda French Gates othér funders identified by the team through a¢tive prospecting Unfortunat8ly, none of these applications were su¢¢8ssful. The funding challenges we have experienced are not unique to R2R' similar constraints and restructuring have affected much of the research community. leading to significant layoffs and proje¢t closures across the sector.
ROUTES 2 RESULTS TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2025 Financial review Small company provl$lon$ This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. R8vlew of financlal poslilon Financially, the charity struggled during the year as the wider funding environment deteriorated. The trustees made every effort to retain stsff and maintain momentum on core projects, but the level and timing of income Were insufficient to sustain the existing team structure, and stsffing costs had to be duced ac¢ordingly. The Charity recorded a surplus of £54,724 (2024: deficit of £95,787) on its charitable activities for the year. Allhough the charity is in surplus position as at Ihe year end, it has not received any grants post year end so far. Funds available for new work at the year end are therefore very limited. The trustees are continuing to monitor cash Ilow closely and to review the charity's ongoing commitments in light of expected income. Rlsk management The ttustees have assessed the major risks to which R2R is exposed. in particular those relating to the Charity's funding constraints. They are positive that despite the constraints of the current funding environment, appropriate systèms and procedurès are in place to mitigate these risks as far as is reasonably practicable. Th8 charity's plans for future periods are detsiled below. Plan$ for future perfods In the future R2R aims to- 1. Continue to develop proposals and research concepts with collaborating development agencies and fund8rs. 2. Continue attending public health ttjnferences, in order to deepen our understanding of the field and maintsin strong Connedions with the global health communty. 3. Strengthen the capacity of R2R to design and deliver hIghuality public health market research studies. 4. Explore, but only when viable funding is secured, the possibility of opening an office and Consortium in Kenya. In the prior year we had hoped to establish a women's research office in Nairobi and organise a consortium. however, current funding constraints mean this is not presenlly feasible. 5. Diversify R2R's activities by incorporating well-b8ing initiatives {self-leadership) for young people in deprived arèas of the UK. Over the next year, we plan to design this approath, identify partners and work towards a pilot programme. R2R would organise workshops and adivities for young people and ¢ondu¢t research alongside this work. We have identifi8d potential funders and will continue to pursue this aim alongside R2R's core research activities. 6. Continue working in public health and seek funding alongside various partners with interests in furthering Scien and public health knowledge.
ROUTES 2 RESULTS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2025 Structure, govemance and management Governing document The R2R is controlled by its governing document, a deed of Irust, and constitutes a limited Gornpany. limited by guarantee, as defined by the Companies Act 2006. The tTUStees. who are also the directors for the purpose of company law, and who served during the year and up to the dale of signature of the financial statements were= Dr C Bushby (Resigned 19 December 2024) Mr E Blindell Ms K Simmons Mr R Datar (Resigned 6 June 2025) Recruitment and appointment of new trustees When recruiting new members to their board, existing trustees must be clean in their own minds about the charity's purpose and aims. They also need to understand their broader duties and responsibilities as trustees, to ensure both that they are acting in the best interest of the tharity, and thal they are in a position to explain to new trustees what is qUired of them. Trustees need to ensure that they. rather than staff, taIn overall responsibility and control of the trustee re¢witment, selection and indudion process. Existing trustees have a clear role to play in overseeing the effective management of an open and efficient pro$$. 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 needed within th8 trustee board. and these 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 that job description will include the 6 main duties as outlined in the you.gov website- https.1hv.gov.UkI governmenVpubli¢ationslthe-essential-trustee-what-yOU-need-to-know-¢c31th8-essential-trustee-what-you-nee to-know-what-you-need-IoThdo For our charity which is a small one, the assessment is simple, and need not involve more than the application of ommon sense. Chariiies should ensure that all its new and potential trustees have access to the Charity Commission's publicalion Responsibilitie5 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 individual concemed to make a full and rounded contribution on the board's discussions and decisions. Trustees rnust ensure that they are aware of the tegal rules and eligibility to see as a trustee, bearing in mind that it is a criminal offence to serve as trustee if disqualified from doing so. Recruitment in most charities and including R2R will be based on word of mouth and recommendations. which will all be laid out transparently during the recruitrnent process. Other methods of search, such as advertising. using trustee brokerage services and neorkIng with other harit18S. are secondary options should recommendations and word of mouth not provide eligible Irustees. Diversty is also an important criterion. A charity will often benefft from seeking to recwit and retain trustees who reflect and have knowledge of the communities and areas in whith the charity operates. For Routes 2 Results, diversty in the tmstee body will be a major, specific factor.
ROUTES 2 RESULTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 In particular, Routes 2 Resu5 trustees should note the advent of the Race Relations (Amendment) Act 2000. This Act gives "public bodies" which includes some Gharities, a general duty to promote race equality. It also slands as a statemenl of good practice for all charities to aspire to. Trustees should be aware that other elements of diversty are also affected by legislation, for example the Disability Discrimination Acts. Even fi the appointment of a trustee is not specrfically affected by legislations. charities should look to such legislalion as an example of good practi. The trustees ensure the charity is fulfilling tts goals and mission. They are made up of experts and people with valuable experience in healthcare, charities, market research. business. education and the developing worfd. 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 to realise the need to operate wi(hin a Not-For-Profit setling, ensuring that the research and publiG purpose goals of the development sector and put first. Induction and training of now truste Indudion material includes.. the charity, s goveming document, in addiiion to 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 ¢harity's goveming document, latest set of annual accounts and Gopies of minutes from previous meetings) accompanied by an explanation of their purpose and effect. Trustees will utilise the following pages from the UK govemment websit8 as part of their induction- https:11 www.gov.uklgovemm8nvpublicationsltheé$sentiaktrustee-what-you-need-tO-know-cc3nhe-essential-trustee- what-you-need-to-know-what-you-need-to-do As well as reading through the UK Government page- The essential trustee.. what you need to know CC3 ica sentia- È-wh u-need-t -kn Existing trusle8s are encouraging and open in their dealings with new trustees and avoid either glossing over or exaggerating the role. Openness about the duties and responsibilities of a trustee will demystify them and help to reassure prospective candidates about any concerns they might have. An infonnal meeting at an earfy-stage of the selection process can provide an opportunity for existing trustees to provide prospective trustees with an understanding of what a trustee is requiréd and expected to do. Risk management The trustees have a duty to identify 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. All work is ethically approved in each and every country. Market research via the respective ethical approval committee of the relevant country is completed. The trustees. report was approved by the Board of Trustees. Mr E Blindell Trustee Dated: 9 December 2025
ROUTES 2 RESULTS STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 28 FEBRUAR Y 2025 The Iruslees, 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 accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Aepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a twe and fair view of the state of affairs of the R2R and of the incoming resources and application of resources, induding the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to- - select suitable accounting policies and then apply them consistentty; - observe the methods and ptinciples in the Charities SORP. - make judgements and estimates that are reasonable and prudent. state whèther applicable UK Accounting Slandards have been followed. subject to any material departures disdosed and explained in the financial statements: and - prepare the financial statements on the going conom basis unless it is inappropriate to presume thal the R2R will continue in operation. The trustees are responsible for keeping adequate accounling re¢ord8 that disclose wilh reasonable accuracy at any lime the financial position of the R2R and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the R2R and hence for laking reasonab18 Steps for the prevention and detection of fraud and other iegUlaritieS.
ROUTES 2 RESULTS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ROUTES 2 RESULTS I report to the trustees on my examination of the financial statements of Routes 2 Results {the R2R) for the year ended 28 February 2025. Responsibilltles and basls of report As the Irusteès of th8 R2R (and also its directors for the purposes of Company lawl, you are responsible for th8 preparation of th8 financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied 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 8xamination of the R2R's financial statements carried out under section 145 of the Charities Act 2011. In carying out my examination I have followed the Directions given by the Charity Commission under section 145{5)Ib) of the Charities Acl 2011. Independent examinerf8 statsment sin the R2R's gross income exeded £250,000, the independent exarniner musl be a member of a body listed in section 145 of the Charities Act 2011. 1 confirm that l am qualified to undertake th8 examination because l am member of Institute of Chartered Accountsnts in England and Wales {ICAEW), which is one of the listed bodies. I have completed my examination. l confirm that no matters have come to my attention in connèction with the examination giving me cause to believe that in any material respect.. a¢¢ounting records were not kept in respect of the R2R as required by section 386 of the Companies Act 2006. the financial statements 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 ststements give a true and fair view, which is nd a matter Considered as part of an independent examination,. or the financial statements hav8 not been prepared in aordanCe with the methods and principles of the Statèment of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial slatemenls in aordanCe with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102). I have no concerns and have Come across no other matters in connection with the examination lo which attention should be drawn in this report in order to 8nabEe a proper understsnding of the financial statements to be reached. Milankumar Pa {Indepondent Examln8r For and on behalf of King & King Chartered Accountants 5th Floor Walson House 5460 Baker Streat London W1U 7BU 9 December 2025
ROUTES 2 RESULTS STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 28 FEBRUARY 2025 Restrfcted funds 2025 Restrlcted funds 2024 Notes Income from: Donations and legacies Charitable activities 21,1)00 505,597 35.000 790.454 Totsl Income 526,597 825.454 Expenditure on: Charitable aclivities 466,414 892.967 Totsl expendlture 486,414 892.967 Net in¢omellexpenditure) 60,183 (67.513) Other recognised galns and losses: Other losses 12 (5,459) (28.274) Not movement In funds 54,724 (95,787) Re¢onclllatlon of funds: Fund balances at 1 March 2024 27,674 123.461 Fund balan¢e$ at 28 February 2025 82,398 27,674 All income and expenditure has been derived from continuing activities.
ROUTES 2 RESULTS BALANCE SHEET AS AT 28 FEBRUARY2025 2025 2024 Notes Fixed assets Tangible assets 13 5,496 4.535 Current assets Debtors Cash at bank and in hand 14 7,292 78,944 7,451 498,597 86,236 506,048 Creditors: amounts falling due within one yoar 15 (9,334) (482,909) Net Current assets 76,902 23,139 Total assets less current liabilities 82,398 27,674 The funds of the R2R Total funds 82,398 27.674 82,398 27,674 The company is entitled to the ex8mption from the audit requirement contsined in section 477 of the Companies Act 2006, for the year ended 28 February 2025. The directors acknowledge their responsibilities for ensuring that the charity keeps accounting re¢ords which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the finan¢ial year and of its incoming resources and applcation of resources, induding its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirement5 of the Companies AGt 21X)6 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 section 476. These financial statements have been prepared in accordance with Ihe provisions applicable to companies subject to the small cornpanies regime. The financial statements were approved by the trustees on 9 December 2025 Mr E Blindell Trustee r* Company registration number 09437524 (England and Wales)
ROUTES 2 RESULTS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY2025 2025 2024 Notes Cash flows from operating activities Cash (absorbed by>lgenerated from operations 21 (414,828) 385,393 Investing activities Purchas8 of tangible fixed assets (4,825) {6,769> Net cash used in investlng activities (4,825) (6,769) Net Gash generated from finan¢lng actlvities Net Ide¢rease)Ilncreaso in cash and cash equivalents (419,653) 378.624 Cash and cash equivalents at beginning of year 498,597 119,973 Cash and Gash gqulvalents at end of year 78,944 498.597 10-
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY2025 Accounting pollcies Charity infomlation Routes 2 Results is a private company limited by guarantee incorporated in England and Wales. The registered office is 5th Floor, Watson House, 54-60 Baker Street, London, W1 U 7BU. United Kingdom. 1.1 Accounting convention The financial statements have been prepared in aCrdanCe with the R2R's governing document, the Companiès Act 2Q06. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)" The R2R is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the R2R. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements h8ve been prepared under the hislorical cost convention. The principal aOUntIng policies adopted are sel out below. 1.2 Going concem At the time of approving the financial statements, the trustees have a reasonable expedation that the R2R has adequate resources to continue in operational existence for the foreseeable future. Thus the twstees continue to adopi the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestrroted funds are available for use at the discrelion of the Irustees 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 Ihe restricted funds are set out in the notes to the finanal statements. Endowment funds are subject to specific condition5 by donors that the capital musl be maintained by the R2R. 1A Income Income is recognised when the R2R is legally entilled to it after any performance conditions have ten met, the amounts can be measured reliably, and it is probable that in¢ome will be received. Cash donations are recognised on receipt. Other donations are recognised once th8 R2R has been nolified of the donalion. unless perfomiance conditions require deferral of the amount. Income tax recoverabfe in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation. Legaaes are recognised on receipt or otherwise if the R2R has been notified of an impending distribution, the amount is known, and receipt is expeded. 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 28 FEBRUAR Y 2025 A¢¢ounting pollcies (Conllnued Expenditure is recognised once there is a legal or constru¢tive obligation to transfer economic benefft to third party, it is probable that a transfer of economic benefits will be required in sett18ment, and Ihe amount of the obligation can be measured reliably. Expenditure is classified by activity. The $1S of each actith are made up of the total of direct costs and shared costs, induding support costs involved in undertaking each activity. Direct costs attribLrtaNe to a single activity are allocated directly to Ihat activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single adivty are apportioned belween those adivities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.5 Intanglble fixed assets other than goodwill Intangible assets acquired separatety from a business are recognised at cost and are subsequently measured at cost less a¢¢umulated amortisation and accumulated impaimient losses. Intangible assets acquired on business combinations are recognised separatety from goodwill at the acquisition date where tt is probable that the expected future economic benefits that are attribLrtable to the asset will flow to the enlity and the fair value of the asset can be measured reliably. Ihe intangible asset arises from contractual or other legal righls., and Ihe intangible asset is separable from the entty. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Website 20ts/ts Straight line 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, net of depreciation and any impaiTment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Computer & other equipment 33DA straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proed$ and the carrying value of the asset, and is recognised in the slatement of financial activities. 1.7 Impaimient of flxed assets At each reporting end date, the R2R reviews the carrying amounts of its tangible and intarvJibl8 assets to determine whether there is any indicalion that those assets have suffered an impairment loss. If any such indication exists. the recoverable amount of the asset is estimated in order to determine the extent of the impaiment loss (if any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other shorkterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank ovèrdrafts are shown within borrowings in current liabilities. 12-
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2025 Accountlng pollcies {Conllnued) 1.9 Financial instruments Thè R2R has elected to appty the provisions of Section 11 '8asic Financial Instruments, and Section 12'0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments, Financial inslruments are recognised in the R2R's balance she8t 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 enfor¢eable right to set off the re¢ognised amounts and there is an intention to settle on a net basis or lo r8alis8 the asset and settle the liability Simultaneously. Ba$lc flnanclal assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at Iransaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets dassified as receivable within one year are not amortised. Basic financial Ilabllltles Basic financial liabilities, induding creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year a not amortised. Debt instruments are subsequently carried al 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 dassified as Current liabilities if payment is due within one year or less. If not, they are presented as nonwcurrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effe¢tive interest method. Derecognltlon of financial Ilabllltles Financial liabilities are dere¢ognised when the R2R's Contractual obligations expire or are discharged or cancelled. 1.10 Employee benofits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediatety as an exp8nse when the R2R is demonstrably committed to teminate the employment of an employee or to provide lermination benefils. 1.11 Retirement benefits Payments to defined contribution retirement benefil schemes are charged as an expense as they fall due. 13-
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 Crltleal accounting estimates and judgements In the application of the R2R'$ accounting policies, the trustees are required to make judgements, estimates and assumptions aboLrt th8 carying amount of assets and liabilities that are not readily appar8nt from other sources. The estimates and associated assumptions are based on histori¢al experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. R8visions to accounting estimates are re¢ognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future p8riods where the revision affects both ¢urrent and future periods. Incomo from donation$ and legacles Restricted fund$ 2025 Restricted funds 2024 Donations and gifts 21,000 35,000 In accordance with SORP 2019 paragraph 6.14 researchers, time has been included in the SOFA on the basis of the value lo the charity. The value to the charity is the amount the charity would pay to third party researchers based on open markel rales. These services are r8cognised as in¢ome with an equivalent amount recognised as an expense. Income from ¢haritable actlvllles Restricted funds 2025 Restricted funds 2024 Performance related grants Perfomiance related grants 505,597 790,454 Perfonnance related grants analysis Perfomiance Perforn)ance related grants related grants 2025 2024 BMGF Mi¢ro-Array Patch (MAP) BMGF Lyndra IMOC) BMGF Posl-Exposure Prophylaxis (PEP) BMGF Taste Blocker Olher 99,564 54,798 394,971 241,121 205,823 299,774 (505,597) (790,454) 14-
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 In¢ome from ¢harltsble actlvltlos (Continued) The study Post-Exposure Prophylaxis was completed and published post year end in October 2025 and the study Taste Blocker was completed and published post year end in April 2025. The studies MicrowArray Patch (MAP) and Lyndra (MOC) were completed and published during the financial year to 28 February 2025. Expendlture on charltable activities Perfomiance Perfamianc related e related grants grants 2025 2024 Direct costs BMGF Post-Exposure Prophylaxis (PEP) BMGF Taste Blocker BMGF Micro-Array Patch (MAP) Other research expenses 15.175 57.062 264,533 207,507 22,550 35,000 22.973 95.210 529,590 Share of support and governance costs (see note 6} Support Govemance 366,644 4,560 358,817 4,560 466,414 892,967 Analysis by fund Restrided funds 466,414 892,967 The expenses that are directly attributable to research projects are included first. Overheads ar8 then apportioned across the projeds using percentages of time spent per research project. other research expenses are therefore the balance of un-apportioned expenses that relate to the wnning 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 28 FEBRUAR Y 2025 Net movomont In funds 2026 2024 The net movement in funds is stated after chargingl{crediting)'. Fees payable for the independent examination of the charity's financial statements Depreciation of owned tangible fNed assets 3,000 3,864 3,000 2,234 Indepondont examination fees Fees payable to the independent examiner: 2025 2024 Independent examination of the R2R's annual accounts 3,000 3.000 Trustees None of the Irustees (or any persons connected with them) re¢eived any remuneration or benefits frn R2R during thè year. 10 Employees The average monthly number of employees during the year was.. 2025 Numbèr 2024 Number Managemenl Administration Total Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 275,402 24,654 5,125 238,778 21,671 4,178 305,181 264.627 During the Current aOUntIng period. two of the researchers donated their services to the value of £21,000 (2024.. £35,000) 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 form part of employment Costs. The above two researthers are also on R2R's payroll and their payroll costs are included in the eryloyment costs note above. 17-
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 10 Employees (Continued The number of employees whose annual remuneration was more than £60,000 is as follows.. 2025 Number 2024 Number Between £60,000 and £70.000 11 Taxation The charity is exempt from tsxation on its activities be¢aus8 all its income is applied to charitable purposes. 12 Other gains and losses Restrl¢ted funds 2025 Restricted funds 2024 Gainsl(losses) upon- Foreign exchange 5,459 28,274 13 Tangible fixed assets Computer & olh•r èquipmènt Cost At 1 March 2024 Additions 18,188 4,825 At 28 February 2025 23,013 Depreciation and impairment At 1 March 2024 Depreciation charged in the year 13.653 3,864 At 28 February 2025 17,517 Carying amount At 28 February 2025 5.498 At 29 February 2024 4,535 18-
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 14 Debtors 2025 2024 Amounts falllng due wlthln one year: other debtors Pr8paym8nts and accrued income 865 6,427 863 6,588 7.292 7,451 15 cdItorS. amounts falling due within one year 2025 2024 Notos Other taxation and social security Deferred income Other creditors Accruals 6,433 467,305 4,611 4,580 16 4,774 4.560 9,334 482,909 16 Deferred income 2025 2024 Other deferred income 467,305 Deferred income is included in the financial stslements as follows.. 2025 2024 Deferred inmme is included within- Current liabilities 467,305 Movements in the year: Deferred income at 1 Mar¢h 2024 Released from previous periods Resources deferred in the year 467.305 {467,305) 467,305 Defeed income at 28 February 2025 467,305 Deferred income relates to grants where perfomiance obligations had not been fully met at the reporting date. 19-
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 17 Retlremont benefit s¢heme$ 2025 2024 Deflned contribution schemes Charge to profil or loss in respect of defined contribution schemes 5,125 4,178 The R2R operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the R2R in an independentty administered fund. 18 Restricted funds The reslri¢ted funds of the tharity comprise the unexpended balances of donations and grants held on trust subjed to specific conditions by donors as lo how they may be used. At 1 March 2024 Incoming Resour¢e$ resources expended Gains and At28 losses February 2025 Movernent in Funds 27.674 526.597 (466.414} <5.459) 82,398 Previous year: At l March 2023 Incoming Resources resourcos expended Gains and At29 losses February 2024 Movemenl in Funds 123,461 825,454 (892,967) (28,274) 27,674 19 Anatysls of net assets between funds Restri¢ted funds 2025 At 28 February 2025: Tangible assets Currenl assetsl(liabilities) 5,496 76,902 82,398 Restri¢tsd funds 2024 At 29 February 2024: Tangible assets Current asselsl(liabilities) 4,535 23,139 27,674 -20-
ROUTES 2 RESULTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 20 Related party transactions There were no disclosable related party transactions during the year (2024 - none). 21 Cash {absorbed by)Igenerated from operations 2025 2024 Surplusl(defi¢it) for the year 60,183 (67,513) Adjustrnents for. Foreign exchange differenGes Depreciation and impaimient of tsngible fixed assets (5,459) 3,864 (28,274) 2,234 Movements In worklng capitsl: Decrease in debtors (Decrease}lincrease in creditors (Decrease}lincrease in deferred income 159 (6,270) {467,305) 337 11,304 467.305 Cash {absorbed byvgenerated from operatlons (414,828) 385,393 21