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 p￿paring
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.
W0￿1ng 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 perf0m￿nCe
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 hIgh￿uality 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
se￿e 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 ne￿orkIng 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 Resu￿5 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 A￿epted 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 i￿egUlaritieS.

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 ex￿eded £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 a￿ordanCe 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 a￿ordanCe 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 aC￿rdanCe 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 a￿OUntIng
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 finan￿al 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 t￿en 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 ￿$1S of each actith are made up of the total of direct costs and
shared costs, induding support costs involved in undertaking each activity. Direct costs attribLrtaNe to a single
activity are allocated directly to Ihat activity. Shared costs which contribute to more than one activity and
support costs which are not attributable to a single adivty are apportioned belween those adivities on a basis
consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and
depreciation charges are allocated on the portion of the asset's use.
1.5 Intanglble fixed assets other than goodwill
Intangible assets acquired separatety from a business are recognised at cost and are subsequently measured
at cost less a¢¢umulated amortisation and accumulated impaimient losses.
Intangible assets acquired on business combinations are recognised separatety from goodwill at the
acquisition date where tt is probable that the expected future economic benefits that are attribLrtable to the
asset will flow to the enlity and the fair value of the asset can be measured reliably. Ihe intangible asset arises
from contractual or other legal righls., and Ihe intangible asset is separable from the entty.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their
useful lives on the following bases..
Website
20ts/ts Straight line
1.6 Tanglble fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, net of
depreciation and any impaiTment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their
useful lives on the following bases..
Computer & other equipment
33DA straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale
pro￿ed$ 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 f￿rn 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 a￿OUntIng 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 c￿dItorS. 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
Defe￿ed 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