Chavityrewstvatitin nuM￿r 1179130 (England and Walesl Conwany reelstratlom number07855645 GENESIS RESEARCH TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 GENESIS RESEARCH TRUST LEGAL AND ADMINI￿RATIVE INFORMATION Trustees Professor Lord R M I Winston Profes50T P R Be￿r￿tt Professor5 Franks Ms A Hodes Mrs LC Loftu5 Mr A S Rosenfelder ProfeswAC Harvalo￿￿ ClSnical Research Felh)w S Jatms Seuetary Mrs LC Loftus Charlty number 1179130 CoM￿nY nurnber 07855645 Olr¢ttar ol S¢nA¢¢s Stephen Button Re8lstered office Wolfson & Weston ReS￿h Centre Famlly Health IRD& 8viltling Imperial Colle8e London Hammersmith Hospital Du Cane Road Lomd W12 (*4N Audltor HW Fisher A￿lIt Acre House 11-15 Willbtim Road London NWI 3ER United Kingdom Èankers HSBC Bank PIC Z81 Chiswick H8h Ro•J Chiswick London W4 4HJ Investment advlsors Nwa In¥estment Mana8ement timTted Rwerside House 2a Southwark Brid8e Rd London SEI 9HA GENESIS RESEARCH TRUST CONTENTS Trustees. report Statement of Trustees, responsibilths Independent auditor'5 report 10-12 statement of financlal èctlvittes 13-14 Summary Incomeand expenditure account 15 8al8nct sheet 16 Statement of ¢a5h fl¢)ws 17 Note5 to the linancial Statements 18-31 **GENESIS RESEARCH TRUST** _**FOR THE YEAR ENDED 31 JULY 2025**_ ## **INTRODUCTION** charity for the year ended 31 July 2025 The financial statements comply with the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statements 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) (effective 1 January 2019). ## **OUR PURPOSE AND ACTIVITIES** The origin of the Genesis Research trust was from funds raised after the Second World War by the Postgraduate Institute of Obstetrics and Gynaecology, London University. Then private practice funds were charitably Dewhurst and Professor John McClure Browne and this model was adopted when the Genesis Research Trust was founded in the 1980s. Our early research into surgical adhesion formation and pelvic microsurgery, uterine bacteriology, ovarian function, fallopian tube physiology and paediatric lung function excelled. The first attempts at fertilising human eggs here was done with Dr John Marston, now sadly deceased. Subsequently, money was raised to build the pioneering IVF laboratories at Hammersmith Hospital. A fulltime scientist, Professor Stephen Hillier developed new hormone assays and greatly improved the laboratory environments; he worked with Robert Winston to establish the highly successful IVF service which labs were eventually formally opened at a visit by HRH the Prince of Wales. The private practice funding model set up by the old Institute was expanded massively and Genesis used these funds when its medical staff agreed not to undertake personal private practice. It went on to employ two other significant academics on consultant salaries including Raul Margara who led in the medical management of IVF patients and Professor Alan Handyside who established a research team undertaking work on genetics and preimplantation diagnosis of genetic defects. These senior salaries were eventually supported by Imperial College. Meanwhile, Genesis employed simultaneously at least six medical staff, six embryologists, various PhD studentships, three counsellors, four nurses, and support staff. All agreeing not take private income. A small company, Araoz Ltd, now dissolved, led to several million pounds for research activity. Many years later, the NHS Hospital Trust realised our financial value and much of our income reduced considerably but was used to support obstetrics and gynaecology. Having twice rebuilt and expanded the IVF laboratories, the trust made successful attempts at raising charitable funding from the public in the UK and countries as far apart as the USA and Australia. A six-story research building housed our new base The Institute of Reproductive and Developmental Biology and some funds were donated towards the building next door, the new Queen now includes worldleading research into ovarian physiology by Professor Stephen Franks and that on pre-term birth and its management by Professor Phil Bennett. The trustees have considered the long-term future of the Genesis Research Trust and its research as well as the critical importance of new leadership and staff. We have agreed to provide further investments over five years to establish and maintain three posts for senior scientists and a consultant level clinical academic to refresh and maintain the core endeavours of the Genesis Trust. With this funding the trustees will also fund at least three new PhD students with limited start-up funding for consumables. The aim is to ensure these substantive appointments will increase our research and clinical activity in the Imperial College Medical School and provide material support to our strategic objectives set out in our Objectives below. 1 **GENESIS RESEARCH TRUST** ## _**FOR THE YEAR ENDED 31 JULY 2025**_ The objectives of the Trust are: 1. To promote by all available means the study of healthy childbearing. 2. The Improvement and understanding of human reproduction, early development and fertility. 3. The study of disorders of childbearing and their diagnosis and treatment. To achieve these objectives, the Trust has acted as a grant making body, raising funds to provide financial assistance for medical research and for teaching in the field of gynaecology, obstetrics and related fields in paediatrics. Most activities supported by the Trust are centred at the Institute of Reproductive and Developmental Biology at the Wolfson and Weston Research Centre for Family Health and at Queen now funds some academic activity within the The Institute of Reproductive Developmental Biology (IRDB) Building on the Imperial College Campus. building was opened in February 2002 by the prime minister, Tony Blair. The bulk of the funds for the building over £13 million - was raised by The Trust and donated to Imperial College who owns the building now. A Covenant is in place between The Trust and Imperial College that restricts use of the building to activities ## **Scope of grant making** To support research into the causes, prevention, diagnosis, and treatment of clinical problems associated with fertility and conception, foetal and maternal diseases and disorders in order reduce the rates of preterm birth, stillbirth, infertility and diseases of genetic or inherited origin. ## **Grant Giving Guidelines** The Trust operates five grant streams health: - Strategic Development Fund for new initiatives and original research. - An Equipment Fund for laboratory equipment (for research purposes only). - A fund specifically for women scientists and clinicians to support a greater number of women within STEM subjects. - Equipment and Research for teaching purposes. - Amenity Funds are generated to support particular research areas of the respective clinicians, Applications for grants from the General Research Fund are invited twice a year, up to £50,000 of unrestricted income is available for allocation by the Scientific Advisory Committee at each meeting, totalling c£100,000 of grants from this income per year. Further amounts are awarded by the Board of Trustees each year to relevant research and equipment, with decisions made at the Board meetings. The Trustees took the decision in the previous year to simplify and focus on Grant giving and the successful Symposia programmes at Imperial College. It also carried out a reduction in its operating costs to reflect this streamlining in a difficult, lower growth, investment environment while committed to preserving its long-term Endowment Capital. During this financial year a number of grants were issued, the total amount granted is £2,294,931. One of the grants was for £2,203,400 which is effectively for several lectureships and Ph. D studentships, which is in line with the future purpose. Investment decisions have been made in order to ensure adequate investment income is available to fund the new grant. 2 **GENESIS RESEARCH TRUST** ## _**FOR THE YEAR ENDED 31 JULY 2025**_ ## **Eligibility** Hospital site though not limited to it. Clinical and scientific staff working on these sites are eligible. The Board of Trustees may occasionally decide to award grants to work undertaken elsewhere including outside Imperial College London, where this fits with a core objective of the Trust. ## **Assessment** All applications are assessed by the Scientific Advisory Committee. The Scientific Advisory Committee makes recommendations to the Trustees twice a year at Board meetings as to which grants should be awarded. The final decision on successful applications sits with the Board. ## **MEASURES OF SUCCESS** Our projects are reviewed by our Scientific Advisory Committee and through compulsory external peer review. In addition, each research project is subject to the rigorous academic review processes of Imperial College. Each year the project heads report to the Trust on progress at key intervals and are expected to deliver an annual report of output including publications. Success is judged in terms of impact on our core objectives, new procedures, products and inventions and student progression. ## **Public Benefit** In shaping our objectives for the year and planning activities, the Trustees have considered the Charity Our mission is to reduce harm and suffering to babies and families caused by treatable conditions and complications. We seek to fund research that will deliver the following outcomes in the public benefit: 1. Reduction in preterm birth 2. Reduction in stillbirth 3. Improved treatment for disorders of fertility and inherited genetic disease 4. Improved support for families who lose a baby, at every stage in pregnancy 5. Improve public understanding of conditions associated with diseases of reproduction ## **ACHIEVEMENTS AND PERFORMANCE** Overall, the Trust raised £551,309 in the last financial year. Fundraising Strategy The Trust fundraisers to generate funds for research and grants. Income is generated in the following ways: 1. Trust and Foundation funding 2. Individual donations 3. Corporate sponsorship 4. Awards raised by clinicians and scientists from charitable bodies and organisations 5. 6. Income earned on our investments which are careful managed by professional asset management advisors. 3 **GENESIS RESEARCH TRUST** ## _**FOR THE YEAR ENDED 31 JULY 2025**_ Funds are prudently managed by investing in sterling fixed income assets and listed global equities selected by the Managers ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** charity on 7 August 1985, and from that date until 31 July 2018 it was an unincorporated Charitable Trust. registered under the Companies Act 2006 as a company limited by guarantee and not having a capital divided by shares. The company was incorporated on 21 November 2011 and is a registered charity constituted as a Limited Company under the Memorandum and Articles of Association. The charity registration number is 1179130 and the company registration number is 07855645. The core objective of the Trust is the promotion of healthy pregnancy and childbirth. There are no restrictions in the way the charity can operate to meet its objectives. Current funding is directed towards activities undertaken at the Institute of Reproductive Developmental Biology at Imperial College, London and selected other institutions. ## **Recruitment and appointment of Trustees** As set out in the Articles of Association, the chair of the Board of Trustees is nominated by the Trustees. The Trustees of the organisation are also the directors for the purposes of company law. The Board of Trustees have power to appoint additional Trustees as it considers fit to do so and there is no limit to the number of years for which a Trustee may serve. The Trustees who served during the year and up to the date of approval of the financial statements were Professor Lord R M L Winston Professor P R Bennett Professor S Franks Ms A Hodes Mrs L C Loftus Mr A S Rosenfelder Appointed subsequent to the year end: Professor A C Hanyaloglu Clinical Research Fellow S Jarvis The Trustees have no beneficial interest in the company other than as members and each guarantee to contribute £1 in event of a winding up. Related party transactions are disclosed in note 27. Trustees have power of discretion over the use of funds held by the Trust but are advised by the Scientific Advisory Committee and the Executive team. Trustees meet annually to set and agree operating strategy, and quarterly to review activities and impact with the executive team. 4 **GENESIS RESEARCH TRUST** ## _**FOR THE YEAR ENDED 31 JULY 2025**_ ## **Trustee induction and training** The Trustees maintain a good working knowledge of charity and company law and best practice. New informal procedures in place for their training and induction. ## **Organisation** The Board of Trustees meets regularly during the year to oversee the management of the affairs of the Trust. The Board comprises members from a variety of backgrounds and there are sub-committees dealing with various aspects of the operation. The Director of Services oversees the day-to-day operations of the organisation. All major decisions are ratified by the Board of Trustees. The Trust is not significantly dependent on the services of unpaid volunteers. ## **Risk review** The Trustees have established a Finance and Risk Committee to analyse and identify risks facing the Trust and report these risks to the Trustees. The aim is to minimise and reduce risk and the process remains under continuous review. The Trustees consider the key risks and uncertainties facing the charity and their plans and strategies for managing these risks to be: Long term viability of fundraising: The Trust is diversifying its fundraising strategy to reduce dependence on any one type of activity and increase the scope of its goals. The Trustees established a Scientific Advisory Committee to fully review each project before granting funds and to provide peer review and check on project outputs. Website risks in terms of providing reliable information which continues to be under review. ## **Related parties** The Charity works closely with other similar organisations Trustees of these other organisations. ## **Pay policy for senior staff** The finance and remuneration sub-committee reviews annually the salary and employment conditions of the Director of Services, considering The Director of Services reviews annually the pay of the team in consultation with the Chair of the Trustees. ## **FINANCIAL REVIEW** In the year under review, the Trust raised £551,309 and expenditure was £2,780,831. The income is in line with previous years. The expenditure is higher than in the past arising from the decision set out in Para 2 of our Purpose and Activities to provide Research funding for up to five years for senior scientists and Ph.D studentships. ## **Principal Funding Sources** The principal funding sources are Donations received in the year, amenity funds and symposium income. Details of principal funding sources are shown in notes 3 to 5. 5 **GENESIS RESEARCH TRUST** ## _**FOR THE YEAR ENDED 31 JULY 2025**_ ## **Investment powers and policy** Under the Memorandum and Articles of Association, the charity has the power to make any investment which the Trustees see fit. The Trustees have considered the most appropriate policy for investing funds and have found that cash deposits meet their requirements to generate income. The managers and trustees were in regular contact throughout the year given the deteriorating outlook to ensure there was sufficient short-term liquidity in the form of cash and short dated bonds to ensure that all commitments could be met. These discussions continued after the year end given the volatility in markets. ## Main Fund Perhaps surprisingly given the highly uncertain economic and particularly geopolitical environment, equity markets continued to be very strong, posting a 12.5% return over the 12 month period. This was due to a strong US market in the run up to the US election and Trump inauguration and the early days of the new administration. The USD decline and the news flow on tariffs dented global markets in Spring 2025 but a cyclical rally then ensued after this. The portfolio performed steadily for much of the period, returning 4.2% (total return after costs), above inflation of 3.9%. The portfolio was restructured during February and March to reflect the expected increase in grants and lectureships to be funded. The portfolio has therefore moved to a higher weight in fixed income and a reduced weighting of approximately 20% in equities. The portfolio has benefited from the higher yields on fixed income and cash and particularly from the strength in the gold price. The value of the portfolio has increased to £4,334,924 and over 5 years, the portfolio has performed +39.4%, growing in real terms ahead of inflation (27.4%) and the ARC peer group of 30.5% (ARC peer group is blended Steady Growth and Balanced to take account of the change in asset allocation in March 2025). ## APST Fund The APST fund performance was +3.0% in the 12 months to 31 July 2025. Performance was similar to the main fund but is slightly lower due to disappointing equity performance towards the end of the period. This was largely because the portfolio has not kept pace with the market post the April 2025 tariffs announcement given that the market was led largely by cyclical sectors and a narrow AI infrastructure group of companies. The managers remain selective in their approach, looking for high-quality companies that can predictably compound growth over time, and mindful of valuations. The portfolio has benefited from the higher yields on fixed income and cash and particularly from the strength in the gold price. Since inception in February 2021, the portfolio has returned 24.2% which is slightly lower than the unusually high inflation over this time period of 27.5%. Performance remains ahead of the ARC Steady Growth peer group however of 20.2%. The portfolio had increased to £2,488,899 as at the end of July 2025 and remains with the original asset allocation of between 50-80% in equities (at the end of the period 61%) and the rest in high quality fixed income, gold and some cash. ## **Reserves Policy** The Trust maintains reserves at a level which minimises the impact of short-term income volatility or economic downturn and enables the Trust to manage financial risk. Income is generated through a range of fundraising activities including sponsored challenge and medical conferences. This income is used to fund will deliver evidence-based results for reproductive medical treatments and outcomes of worldwide significance. The level of reserves ensures that key research can continue in the event of a temporary shortfall in income. 6 **GENESIS RESEARCH TRUST** ## _**FOR THE YEAR ENDED 31 JULY 2025**_ 5 were £4,321,770. The unrestricted funds not designated or invested in tangible fixed assets held by the charity are £1,047,117. Details of reserves are shown in notes 22-25. ## **FUTURE PLANS AND DEVELOPMENT** The Trustees reported their intentions last year and Genesis Research Trust has completed the simplification of the non-scientific activities so that the Trust is now in response mode. The Trustees have also continued to map out the strategy of the Trust to secure the future of our activities health with emphasis on the areas related to pregnancy, reproduction, fertility, epigenetics and some aspects of cancer affecting women. They also recognise that a combination of both academic and translational clinical the Institute of Reproduction and Developmental Biology (IRDB building gifted to Imperial College) resulted in a successful track record. With the allocation of funding from Genesis, the research has helped progress in these areas. The Trustees fully recognise however that more is needed, and this will be supported by the capital available to Genesis which the Trustees plan to supplement over time. The Trustees, while assisting with some limited project funding, will continue to allocate funds over the coming years to support merit-based Ph.D. studentships, each with an expected duration of up to 4 years. The trustees have long recognised they also need to support the creation of academic positions within the IRDB. For some years the search for a suitable clinical academic to fill a chair in reproductive medicine has been unsuccessful. This is partly because movement to London and the high cost of living here has deterred appropriate candidates. We recognise that clinical academic leaders will be essential for the continued success of work in the IRDB, and the trustees have considered supporting promising younger candidates to grow into maintaining the life and excellence of the intellectual and scientific capital the trust wishes to promote. The Trustees anticipate funding such posts internally and in collaboration with partners. ## **Going concern** . They have taken the view to suspend the symposium office and to focus on the lectureship and PHD student programs. Processes have been put in place to ensure the viability of the Trust and its commitment to meeting its primary objective of research funding. The Trustees have taken the decision to wind down the Symposium Office at the conclusion of its current programmes; the closure took place on 31 March 2026. The Trust, through its existing reserves is well positioned to meet all its commitments in grants and scholarships. The Trustees have a reasonable expectation that the Trust has adequate resources to 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 ## **Statement of Fundraising Practice** The Trustees wish to acknowledge and thank our dedicated fundraisers who have undertaken a challenge event over the past year in support of Genesis Research Trust. We also appreciate the Trusts and companies who have supported the charity. 7 **GENESIS RESEARCH TRUST** ## _**FOR THE YEAR ENDED 31 JULY 2025**_ ## **Disclosure of information to auditor** Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. ## **On behalf of the Board of Trustees** ------------------------------------------------Professor Lord R M L Winston **Trustee** Date: 8 GENESIS RESEARCH TRUST ATEMENT OF TRU￿EE5. RESPONSIBIUTIES FOR THE YEAR ENDED 31 JULY2025 The Trustees. who are also the diTertor5 of Genesis Re*aTch Tru5tfr)r the purF¥bse of cornpa￿ law. are responsible ft>r preparin8 the Trustees, Report and the financial Statements in ac¢￿ance ￿th appliG4ble law and United Kingdom kcounting St3ndards (United Kingdorn Generally Accepted Accountin8 Practice). Company law re4uirÈs thÈ TrustÈÈs to prÈpèrÈ flnancial ststements for financial year whith give b true and falr view of the state of affèirs of the Trust and of the incoming resources and ap￿ltation of resourtes, includin8 the intome and @xpenditure, of the charitsble companyfor th* year. In preparSng these financial statements, theTrustees are required to". select Sultable accounting policies and then apply them consistently. observe the methods and principles in the CharitiesSORP- - make judgements and estimates that are reasonable and prudent." and prepare the financial 5tatement5 on the going concern basis unless rt is inappropriate to presume that the Trust will continue In operation. The Trustee5 are responsible for keepin& adequate ￿oUntr"n8 recwds that di5d05e with reasonable accuracy at any time the Hn3ncial posiyon of the Trust ond enable them to ensu￿ that the financial ststements cornply with the Companie5 Act 2006. They are 3150 responsible for 5afeguardin8 the a55ets ol the Trust and hence for ts*in8 reasonable 5tep5 for the prevention and detection of fraud ond other irre8ularitie5. GENESIS RESEARCH TRUST INDEPENOENT AUDITOR'S REPORT TO THE MEMBERS OF GENESIS RESEARCH TRusr Oplnlon We have audited the financial statements of Gene&s Research Trust Ithe'Trust'l for the year ended 31 July 2025 which comprise the statement of financial activities. the summary income and expenditure account. the balan￿ sheet. the statement of cash flows and notes ro the financial statements. Including significant accounting policies. The financial repomng framework that has been applied In their preparation 15 applicable law and United Kingdom Accounting Standards. including Financial Rewrnnz Standard 102 rne FinJnciol Itepomng Stondord opplicoble tn the UKond RepublicoJlrelondlUnited Kingdom Generally Acceptrd Accounting Practice). In our opinion, the financial ststernents.. Éive a true and fair vSew of the state of the chafiiable company's aflairs as at 31 July Z025 and of Its Incemlng resources and pplication of resources. Including its Income and expenditure. lor the year then ended., hbve been property prepared in accordance with United Kingdom Generally Aciepted Ac£ountin8 Pra¢tio.' ond have been prepared in accordance with the fequirementsof thecompanies Act 21￿. ea￿S for oplnlon We conducted our audlt In accordance wlth International stsndaids on Audi￿￿$ IUKI 11&4s IUKII and appllcable law. Our responsibllifjes under those stsndards are further *Jescribed in the Auditors rewnsibilil*eslor the oudir ol thefinortciol sti*ements secfjon of our report. We are Independent ol the Trust in accordance with the ethical requiremet*S that are relevant to Lwr èudlt of the h-n8ncSal statements In the UK, includin8 the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilifjes In accordance with these requlrements. We believe th* the audit ewdence we hawe obtsined 15 5uffi"cierrt and approprlate to provlde a basis for our opinion. Concluslon5 rela￿￿&to8￿n1 wicern In audifjn8 the flnancièl statements, we concluded that the Trustees. use of the Wn8 cot)cern ba￿S of aCcoun￿ng In the prepiratton of the financial statements is appropriate. Based en the work we hève performed, we hève not Identffied any matsrial uncertalnfjes rela￿n6 to events or condlfjons that, individually or collectively, may cast signfficant doubt on the Trust's ability io Con￿nUe as a 8oln8 concern for a perlod of at least twelve months frem when the fi.nancial ststements ale authorised for issue. Our responslblllttes and the responslbSllttes of the Trustees wlth respect to 8oln6 concern are de5crlbed In the rel￿ant secdons of Other Informadon The other infermafjon Cemprises the informatson included in the annual report other than the financial statements ènd our auditor's report thereon. The Trustses are responsible for the other information contained within the annual report. Our opinion on the financlal statements does net cever the other Infomiation and. except to the extent otherwise emplicitly stèted In our report, we do not express èny form of assurance conclusion thereon. Our responsibility is to read the other Inforwtion ènd. In doing so, conslder whether the other Informanon Is materially inconsistent wilh the financial statements or our knowledge obtèined In the course of the udlt, or otherwise appears to be materiall¥ misstated. 11 we identyfy such material Inconsistencies er apparent material misstaternents. we are required ro ddermine whether rhis gNes rise to a material misstatement in financial ststements themselves. If. based on the work we have Ferformed. we condude that there is a material misststement of this other inform3thon, we are required to report rhat fact. We have nothing to report in this regard. Oplnlons on other matters presulbed bythe CompanSesArt 2L In our opinion, based on the work undertaken In the course of our èudlt-. the information 8iven in the Tru5tee5' rewrt for the financial year tDT which the financial 5tatemerit5 are p￿pared, which include5 the director5, report prepared for the purpose50f company law. 15 consistent with the linaricial 5tatement5', and the director5, report induded within theTrustees' report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlredto repwt by excepti In the liÉht of the knewledge and understsndinE of the Trust and rts enwrenment obtained in the course of the aud￿. we have not identifi.ed material misstatements in the dirertors. included within theTrustses' report. 10- GENESIS RESEARCH TRUST INDEPENOENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF GENESIS RESEARCH TRusr We have nothin8 to report in respect ol the following matters in relati¢)n to which the Cornpanies kt 2Tr)6 requires u5 to report to you if, in our opinion.. adeouate accounnng records have not èeen tr*pt. crf returns adequate forour audit hawe not been re￿ived from branches not visited by us.- er the linancial ststÈmÈnts arÈ not ill a8rÈÈmÈnt with thÈ attounting records and rÈtUTns: or certsin disclosures of tru5tee5' remuneration specified by laware not made: or we hève not recelved all the informatton expl3nattonswe require for our audit., or the Tru5tee5 were not entitled to prepare the financial statements in accordance %wth the Small companie5 regime and take athiantage of the small companies. exemption5 in preparing the Tru5tees' report and frDm the requirempnt to prep3re a str3tegi£ report. Re5ponslblllt6es olTru51oes As explained more fully in the statement of Trustee5' responsibility"es, the Trustees, who are also the directors of the Trust for the purpose of company law, are responsible for the preparation of the financi31 ststements and for being satisfied that they give a true and fair view, and for such intemal control as the Tru5tee5 determine is nece55ary to enable the prepar3bon of financial ststements that are free from material mi55tatement, whether tlue to fraud or error. In preparing the financial ststements, the Tru5tee5 are re5pon5ible for asses5in8 the Trust'5 ability to conbnue as a 80ing concern. diKlosin& as applicoNe, matter5 related to goin8 concern and using the going concern basis of accoundng ynle55 the Tru5tee5 either intend to liqU￿ate the charitoble company or to ce35e opprètions, or have no reali5tir a￿ernative tmjt to do 50. Audltor'5 r¢5ponslbllltlesfor the •udll of Ih¢fftnan¢lal stalemw Our objectbves are te obtain reasonable assurance about whether the financlal statements a5 1 whole are free from materlal mlsstaternent. whether due te traud or error. and to issue an auditor's report that includes our D￿ri00. Reasonable assurance 15 a high level of assurance but Is not a guarantee that an audit conducted in accordance with I￿5 IUKI will always detect a Material missiaternent when It e¥i5ts. mI￿tatementS can arise from fraud or error and are considered material if, Indiwdually or In the a86regate, they could reasonably be expected to infiuence the econornic decisions of users taken on the basis of these financial ststements. The extent to whlch our procedure5 are capable of detethTr8 irreBularit*s. includin8 froud. 15 detailed below. A5 part of our pl3nnin8 pr(Ke$5'. WÈ enquired of fflanagement the systems •fid ¢ontrds the ¢h•rity has ih pla¢e, the areas of the hnan¢ial ststements that are most 5usreptible to the risk of irre8ularityes and fraud, and whether there was ary known, suspected or alleged fraud. The charity did not inform us of any known, siispe£ted or allwd frbud. We obtained an urider5t3ndin8 of the le8al and re8ulatory Irameworks applitablè to thÈ charity. ￿ determined that the followin8wÈre m05t relevant.. the Charity SORP, FKS 102, Charities Att 2011 and Companie5 Act 2006. We considered the incentivè5 ènd opptrrtunitiÈ5 that ex15t in the charity, includin8 the ÈxtÈnt of mèna8ement bias. which present a potential for irrÈ8ularittes and fraud to bÈ perWuatÈd. and tailored eur risk assessment èccordin81y. Usin8 our knowledge of the charity, tO8ÈthÈr wTth the discussions ￿ld with the chèrity at the plannin8 Sts8e, we formed a conclusion on the risk of misststement due to irregulèritses includin8 frèud and tailored our preceOJres according to thls rlsk assessment. The key procedures we undertook io thect Irregularffjes Ir￿l￿oI￿R fraud during ihe course oftheaudit included,. Identifvinzand testingjournal entrie$3nd the overall accounting records. In ￿rticUlar those that were significènt ènd unusual. Reviewingthe hnancial statement dlsclosures and determininB whether accounting policies been appropriately applled. Verifying of bank and Investments balances io ihird party coThfiimations. Testing key income lines for evidentt ol management bia& ASSe￿Ing rhe extent of compliance. or lack of. ￿th rhe relevant laws and regulations. Assessing the validity of the classilicaty.on ol income. expenditu￿, assets and liabilitres betweffi unrestricted. restricted and endowment funds. Documenting and veritwng all significant re13ted party balan￿5 and transaciions. fteviewingdocumentation such as the charity board minutes, for discussion50f irregularities incI￿lIn8fraUd. Owing to the inherent limitation5 of an audit. there is an unavoidable risk that we may not have iÈtected some material rnis5taternent5 ill the financial Statements even though we have propprly planned and perforrned our audit in accordance with audthng standard5. The primary reswnsibiltty for the and detettion of irre8ularthes and fraud re5t5 Wlth the trustees of the charity. 11 GENESIS RESEARCH TRUST INDEPENOENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF GENESIS RESEARCH TRusr A fvrther description of our resw>nsibilthe5 is availab￿ on FinarKial Rewrting Council's Web￿te at.. https.'/lw¥vw.frc.or8.uV auditor5re5pon5ibilities. Thi5 description forrn5 part of IXJTaudrtOl'5 report. Use of our report This report Is made solelytothe charttsble company's members. 3$3 body. in accordance wrf(h Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we might state to the charitsble company's memiers those matters we are required to stste to them in an auditof5 report and for no other purpose_ To the fullest eklent permitted by law, we do not actrpt or assume responsibility to anyone other than the charitsble company and the chantswe company's member5 a5 a body, for our audit work, for thi5 report. orfor the opinions we havelorrr*d. r5 Dar5hna Choudhury (Senlor StstutoryALthorl for and on behalf of HW Flsher Audlt Chartered Accountants Statutory Auditor Acre House 11-IS WS11iam Road London NWI 3ER Unlted Kln8dom 13 Au.a.2026 12- GENESIS RESEARCH TRUST ATEMENT OF FINANCIAL A￿1VITIES FOR THE YEAR ENDED 31 JULY2025 Current finan¢lol year LInrtA￿cteé Unrestsittsd Rell￿tted Enth)*ment nd5 lund5 fund5 Total Total Beneral 2025 2025 2025 2025 2025 2024 Donatbons and legacie5 Charitable activities Investments 76.444 272.308 112.167 36.882 113,326 272.308 165,675 56,660 235.892 160,775 53,508 Total Intome 460.919 36W2 53,508 551,309 453,327 Raisin8funds 53.348 18.272 71,620 51.992 Charitable activities 2.651,384 57A27 2,709,211 424,377 Total rewur¢e5 expended 2.704.732 57A27 18.272 2,780,831 476.369 Net IIos5e5118alns on investments 13 107,732 43.491 1S1,223 532,134 Net mo¥ement In lunds 12.136.081) 120.9451 53,508 25,219 12,078,299) 509,092 Fund balances at i Au8USt 2024 3,183,198 596,077 232,2t 2.388.588 6,40Q,t69 5,890,977 Fund balancesat 31Julv 2025 1,047,117 575.132 28S,714 2.413.807 4,321,770 6,4th),069 The statement of flnancial actiwttes indudesall gainsand losses rewised in the year. The Statement of financial actiwttes indude$311 gainsand105ses rerogni5ed in the year. All 1￿me and expenditure derwe from confjnuingathvitie5. 13- GENESIS RESEARCH TRUST ATEMENT OF FINANCIAL A￿1VITIES (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Prlor finandal year Unres￿£￿￿ Restricted Endowment funds lund5 fund5 funds Tthl general 2024 2024 2024 2024 Notes Donatbons and legacie5 Charitable activities Investments 26.674 235.892 96.394 29,986 56,660 235.892 160,775 64.381 Total Intome 358.960 29,986 64,381 453,327 Raisin8funds 35.207 16,785 51.992 Charitable activities 371ASO 52.527 424,377 Total rewur¢e5 expended 407.057 52,527 16,785 476.369 Net 8alnslllosse51 on in¥estments 13 337,627 194,507 532,134 Net lout8o1n8lllnc￿nln1 re50y￿e$ before transfers 289.530 122,5411 64,381 177,722 5Q3,092 Net movement In lunds 289.530 122,5411 64.3Bi 177,722 5trJ,092 Fund balances at l August 2023 2.893.668 618,618 167.825 2,210,866 5,890,977 Fund ￿lanCes•t 31July 2024 3.183.198 5%,077 232,206 2,388,588 6,4(KJ,069 The statement of financlal actmttes indudesall qalnsand losses rewised in the year. The Statement of financial actiwtbes indudesall gain53nd1055es rerogni5ed in the year. All 1￿me and expenditure derwe from continuingacti¥itie5. 14- GENESIS RESEARCH TRUST SUMMARY INCOME ANO EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY2025 I Incomelunds 1025 Z024 Gross income Gain5 on investment5 551,309 107,732 453,327 337,627 Total income in the reporhngperiod 659.041 7ghJ,954 Totsi expÈnditurÈfrom income funds 2.762,559 459,584 Net lexpendlturelllntome for the￿Ir 12,103,5181 331,370 15- GENESIS RESEARCH TRUST BALANCE SHE ASAT31 JUIY2025 2025 2024 Fixed a55et5 Investment5 16 6.823.823 6.732,467 Current assets Debtors Cash at bank and in hand 14.0 102.090 39.265 39.265 1547.140 116,090 1293,1271 Credltor5'. amounts tslllngdue wlthln we 19 Net current Ilabllltle5 1507.8751 1177.0371 Tot•1 •ssrts le55 ¢urrent Ilabllltbes 6.315.948 6,555.430 Credltors.. *mourbts lalllfi8due *ft¢r mtye th• ohe year 11.994,1781 1155,3611 Net assets 4.321,770 6,4ryJ,069 Th* lunds olth*Tryst Endowment funds Restricted income funds Unrestricted fund5 general Unrestrlcted funds- Desl8nated 22 23 2.413.807 285,714 .047,117 575,132 2.388.588 232,206 3,183,198 596,077 24 25 4.321,770 6,4W,069 13 Aug 2026 The financial statements were approved by theTrusteeson......................... Prefessor Lerd R M L Wlnston Trustee Company re8lStration numbÈr 07855645 IEnWand and Wales) 16- GENESIS RESEARCH TRUST ATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY2025 2025 2024 Noies Cash flows from operatln8 aCtl¥llle5 Cash absorbed by operations 29 1224.1561 1257,1711 In¥estlni ath¥Mes Cash linve5ted inllwithdrawn from investment portfolio 161.331 182,103 Netush ienertttd Irom Im¥*sttn¢actSvltles 161.331 182,103 Nettash used In •cd¥ltyes Net decrease In cash and tash etyjlvalents 162,8251 175,0681 Cash ind c35h equivalents at *lnniThg of year 102.090 177,158 Cash and (ash equlvalert5 at end of 39.265 102,090 17- GENESIS RESEARCH TRUST NOTE5 TO THE FINANCIAL ￿ATEmENTs FOR THE YEAR ENDED 31 JULY2025 Ac¢ountin8 poll¢ies Charity irTrlormatioTr Genesis Research Trust is a private company limited by guarantee go¥erned by its Memorandum and Articles of Association and incorporated in England and Wales. The registered office is Woltson & We510n Research Centre Family Hea￿h. IRDB uildin& Imperial College London. Hammersmith Ho$￿ts1, Du Cane Road. London. W12 ONN. 1.1 Accountin8 canvention The financial statements have been prepared In xcordance with the Trust's governlng document, the Companles Act 2W6 and Accounting and Repomng by (hariDes". Statement ol Recommended Practrce applicable to charilles preparing their accounts in accordan￿ with the Finanoal Reporting Standard appluble in rhe UK and Republic of I￿land IFRS 1021 leffecnve l January 20191 TheTrust is a Public Benefit Entity asdefined by FRS 102. The linancial ststernents are prepared in sterlin& which 15 the funcbonal currency ol the Trust. Monetary amounts in these lin3ncial 5t*ements are rounded to the nearest £. The Inanciol 5t*ement5 h4ve been prepared under Ihe hi5toriral cost corwention, modified to In￿de the valuafjon of certaln finoncial in5trurnent5 at fair v4lue. The principal 4¢¢ountin8poli¢iesadoPted are Set out below. 1.2 Golh8 tonttrn The Trustees completed a revlew ol the Trust'5 planned syrnrthivrn and other proyams. They have tsken the view to suspend the symposivm oflice and to focu5 on the lertureship and PHO studenl progr3m5. Processes have been put in place to ensure the viability of the Trust and its commitment to rneebn8 Its prirnary objecty¥e of research fundin8. The Trustee5 have taken the decision to wind down the Symposium Office at the conclusion of its current programme5', the closure took place post year- end, on 31 March 2026. The Trusi, Ihrouqh Itsexis￿￿B r¢ser¥es is well p0ytton￿ io meet •ll ￿lts¢0￿Mil￿e1li$ 1118f4nts and s¢hol•rships. The Trusteès hève è reèwnable expÈttatiDn that the Trust has adequate resourtes tts tontinue in opÈrational ÈxistèntÈ for the foreseÈablÈ future. Thus th¢ Truste¢s continue io adopt the 80in8 ttyl￿1￿ basis of attountin8 in preparing the financial ststements. 1.3 c￿rI￿ble lunds Unrestritted funds ire avallable for useatihe discretfjon of ihe Trustee5 in furtherance of their charltable oblecfNes. Designated funds comprise funds which h*e set aside at the discref¥)n of the Trustees for spcilit purposes. The purposes and uses of the desi8nètsd fvnds are set in the notestothe financial statement Restricted fund5 are Subject to Specific condithons by dorbtsrs or 8rantOTS a5 trj how they may bp used. The purwses and use5 of the restricted funds are Set out in the ntstestothe firbbncial 5tsternerb Endowment fund5 are 5ubjert lo specificcondit*)ns bydonor5that the capitsl must be mainlained bytheTrv5t. 1.4 Income Income is reco8ni5ed when the Trust 15 le8allyentitled to it after any performan￿ condTtions have been met, thp amounts tèn be measured reliably. and it 15 probablethat income will be receNed. Cash donation5 are recogriised on re￿ipt. Other donations are recogni5ed On￿ the Trust has been notified of the donation, unless performance conditions require deferral of the arnount. Income tax recoverable in relation todonations received under Gift Aid or deed5 of covenant 15 recognised at the time of the donation. Sev￿Ces in kind are feco8nised at the value the Trust would be preFkred to payon the open market forwhat it receNe5. Legacies are recognised on receipt or otherwise if the Trust ha5 been notified of an impending distribution, the amount 15 known, and receipt is expeLted. If the amount is not known, the legaLV i5treated as a contingent asset. 18- GENESIS RESEARCH TRUST NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Accountins policie5 Icontinuedl Gifts in kind comprise the provision of office 5patr. Gifts in kind a￿ induded in income and expenditure at a reasonable e5tirnate of their value to the charity. Go¥ernment grants are recognSsed at the fair value ol the amount re£eived or receivat4e when therels reasonable assurance that the grant condI￿on5 will be and the grants will be ce£ewed. Go¥ert)ment Erants are accounted for under the performance model. 1.5 Expemdlture Expenditure is reco8ni5ed on an accrua15 ba515, incluyveof Val￿ added tax. Expenditure rel3tin8to choritable actNitie5are those elemenls olexpendilure directly incurred in performingthe5e acbvities. Grants payable are payments made to third partie5 in the furtherance of the charitsble objects ofthe charity. In the case of an unconditional grant offer this isaccrued oncethe recipient has been noffied of the grant award. Support cost5 are allocated ￿Sed on the proportiorb of dirert cos15 alkKated to each athty. Governance costs comprise ¥ll costs in¥thn8 the public accuuntsbility ol the tharity and its ¢¢mplian¢e with re8ulaYon and 800d practice. 1.6 T•n8lble Hxed 455ets Tangible fixed assets are In1￿allY measured at cost and stsbsequenily measured at cost, net of deprecIa￿On and any Impairment losses. Depreciètton is re¢ognised $0 as to wiiie off the cost of assets less iheir residual values over their usefvl Ilves Qrt the f¢ll¢)wlna bèses.. Computer5 3year55trai8ht lin• The galn or loss arSsSnB on the disposal ol an asset is d￿ermined as ihe dthrence between the sale proceed5 and the carryln8 value of the asset, and Is recognised ITr the statement of financlal actlwttek 1.7 Flxed as￿ In¥estmentS Fixed 355et investments4re inittalty measured at transartlon yiceexcludin8 tran5èthon costs, and a￿ Subsequently meèsured at fair value at each rewrknng date. Change5 in fair value are recogni5ed in net incomellexpEnditurel for the year. Transaction t05ts are Èxpensed as inturred. 1.8 tssh and rash equlvalents Cash and cèsh eouivalents include osh in hand. deposits held èt oll wTth banks. other short-tem) liquid investments with ori8inal maturittes of three months or les 19- GENESIS RESEARCH TRUST NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Accountins policie5 Icontinuedl Flnanclal Instrumerfs ThÈ Trust has elected to apply the provisions ol SÈ£iion 11 'Basic Finar*ial Instruments, and Section 12 '0ther Finantlal Instruments Issues. of FRS 102 to all of itsfinancièl instrument& The charlty On￿ has financial assets and financial liabilities of a kind that qualify as basic finèncial Instruments. Basic financlèl instruments are InitialNf recognised at transathon value and subseouenily measured at their setlement value except for those financial assets classified as at fair value through profft or loss. whith are initially measured at fair value Iwhich Is normally the transathon price excluding transacDon costs). Financial Instruments are recognised in the Trust'5 balance sheet when the Trust become5 party te the contractual provisions of the instrument. Financial assets and liabilitie5 are oif5et, with the net amounts presented in the financial 5tstements, when there is a le8allv enforceable right to set off the recognised ￿0￿nts3nd there is an intentbjn to settle on a net bays orto realise the a55et and 1.10 Employee bentfits The c05t of any unused hollday entstlement 15 reco8Thlsed in the Feriod In which the employee's se￿CeS are received. Termination benelits are recogni5ed immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to prowde termina￿n benefits. 1.11 R•tlrement ben•ffts Payments to defined Contribu￿On refjrement benefft sthemes are charged as an expense astheyfèll due. cr1￿(•1 accouThtlni estSM•iesar￿1￿d8effie￿ts In the applicèdon of the Trust's accoun￿n$ policies, theTrustses are requirÈd to makejud8ements, estimates and assumptions about the carryin8 èmeunt of assets and lia￿liv*S t￿1 are not readity èpp3rent from other sources The estimates and associated aSsuMp￿0n$ are based on historical experience and other fartors that are considered to be relevant. Actuèl results may differ from these esfjmates. The esfjmates and underlying assumtyonsare feviewed on an on8oin8 basis. Revisions to ac￿Unting e5￿MateS are reco8nlsed In the perlod In which the esttmate Is rewsed where the re￿￿On affetts onty that pe￿¢d, or In period of the ￿￿$10n and future perlods where the ￿l￿on affects both current and future period5. There were no significant accounfjng estimates or Judgements in the year. Donadons and lepdes ilnre#rfcred Unrertrfcted funds lunds 8eneral Totsl Unrestricted un￿stricted funds funds general Totsl 1025 Z025 2024 2024 2024 Donations 2nd 8ifts Leg3cie5 recewable 40.444 36,( 36.882 77,326 26.674 29.986 56,660 76.444 36.882 113,326 26.674 29.986 56.660 -20- GENESIS RESEARCH TRUST NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Dorbati(￿s and le4zue5 Icontinuedl Dor4￿0￿$ and glfts Donations 744 36.882 37,626 39.7 1.974 24,7CA) 29.986 31,960 24,700 Service5 in kind loflice spattl 39,71KI 40.444 36.882 77.326 26.674 29.986 56.660 I￿￿￿e Irom chavltsble actiths Umestrfrted lund5 2025 Unrestritted lund5 2024 Symposivm income 272,308 235.892 Income Irom Investments Uhrestrfrted Restrirted fvnds 2025 Tothl Unrestricted fvnds 2024 Restrlcted fvnd5 2024 Total 2025 2025 2024 Income from Ilstsd investments 112.167 53.508 165.675 96,394 64,381 160.775 21 GENESIS RESEARCH TRUST NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Ralslns fvnds Unrestvicted Endowinent Total Unrestricted Endowment Total fvnds funds general 2024 fund5 neftl 2025 2025 2025 2024 2024 Consultancy and other fundraisin8COSts 22.263 22.263 5,759 5,759 31.085 18,272 49.357 29,448 16,785 46,233 53,348 18.272 71.620 35,207 16,785 51,992 Chltitsble att6vllJes sYM￿￿M Medlol ToL•I 5ymposbum 2015 Pwmme Medltal Researth Pw8rnmme 2024 Total 2024 Pro8rnmme 2025 2025 2024 Staff costs Conferences. travel, accommodafjen & letture fees Other costs 1.161 28,869 28,869 185,207 185.207 57.817 202,811 202,811 52.527 57.827 52.527 186,368 57A27 244.195 231.680 52,527 284.207 Grant fundin8ef aC¥w￿eS lsee note 81 2.294.931 2.294.931 9.050 9.050 Share ef support costs (see note 91 Share of 8overnano r05t51see note 91 I50.￿￿ 150.9 110.598 110,598 19.176 19.176 20,522 20.522 337,277 2.371.934 2.7CV).211 342.278 82,099 424.377 alysls byfund Unrestricted funds- Beneral DesSEnated funds 337.277 2.314.107 57W7 2.651,384 57.827 342,278 29,572 52.527 371.850 52.527 337.271 2.371.934 2.709.211 342.278 82.099 424,377 GENESIS RESEARCH TRUST NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Grants payable Medical Research Programme Medical Research Pro8rètnmÈ 2024 2025 Grants to Institutions.. lrnperial Colle8e 2,294,931 9.050 Supportcosts•lloul¢d to artlvlll 2015 1024 Stèff costs Rent 3nd ITc05ts Accountancy PtyToII, in5uran¢e ènd legal tt•5ts Governance costs 69,161 46,821 30,265 4,662 19,176 42,001 34,710 21,776 12,111 20,522 170,085 131,120 Jffjalysed belweerb: Symposium pro8ramme Medicol Reseorch programme 150,9C4 19.176 110,598 20,522 170,085 131,120 io Net rno¥efflent In lunds 2025 2024 ThÈ nèt rnovement in funds 15 stated afterthar8in8lltfediiingl'. Fees ptyablefor the èudit of thechèritys financial statements 19,176 20.522 li Trustees None of the Trustees lor any persons conne£ted with them) re￿15￿ any Temuneration or benefits from the Trust during the vear. Key manasement personnÈl tomprise5 the Tru5tee5 and Chief EX￿￿rtIVe. The totsl employep bpneftt5 of the key managernent personnel of the charitywere £39,(¥NJ12024.. £39.(MJll which related to the Chief Exetuti¥e. -23- GENESIS RESEARCH TRUST NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Employees The average monthly number of ern￿O￿e5 duringtheyear w 2025 Number 2024 Number Direct charitable work Administrarve work Total Employment costs 2025 2024 Wages and salarles Social Security costs Other penslen costs 61.829 6,942 1.551 65,738 4,149 983 70,322 70,870 There were na employees whose annual remuneratton was £60.CK#)or mwe. 13 Galns and losses on Investments Unrestrftled Endowment lunds rbd5 2025 roul Unrtstrlcted Endowmer+t fundi fvnd5 2025 2025 2024 2024 2024 Gèinslllossesl arisin8 on.. ReValua￿On of investments Sale of inve5trnents Z3.4Z7 84,305 6.349 37,142 29.776 121.447 397.539 159,9121 213,047 118,5401 610,586 178,4521 107.732 43.491 15L223 337.627 194,5D7 532.134 The charity 15 exempt from taxation on its aLtivities berau5e all its income isapplied for Charitab￿ purp05e5. -24- GENESIS RESEARCH TRUST NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 JULY2025 T•n8lble fixed awt5 (omputers Cost At I Au8USt 2024 4,414 At 31 July 2025 4,414 Depreclthon and Impalmie At l August 2024 4.414 At 31 July 2025 4,414 At 31 July 2025 At 31 July 2024 16 Flxed •5Wt Inw5trnent5 Usted equKv In¥eMments Usted fixed Imerest Gold Cash In portfollo Tot•1 Cost or At l August 2024 Addiyons Valuatton chan8es Cash withdrawn from investment portfolio Investment Income Disposals 4.328.496 628,011 114.$661 1,471,172 2.248.178 44,335 201.890 465,883 18,3051 730,909 215,763 25,334 6,732,467 3,557,835 46,798 1161,3311 138,540 13,441,130) 138.540 1279,0161 12,585.1461 1242.288 1334,6801 At 31 July 2025 2.356.795 3.521,397 324.788 670.199 6.873,179 InvÈstmènt management fèes 49,357 49,357 At 31 July 2025 49,357 49,357 CarrylnE amount At 31 July 2025 2.356.795 3.521.397 324,788 620,842 6,823.822 At 31 July 2024 4,328.496 1.471.172 201,890 730,9CQ 6,732,467 -25- GENESIS RESEARCH TRUST NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 JULY2025 17 Flnanclal Instruments 2025 2024 Carryin8 arnaunt olfinancial a55et5 Instruments measured at fair value through profftly loss 6,20Z,98L) 6.001,523 Fair value is determined by a quoted market pritt in arb actwe rna￿t. Debtoys 2025 2024 AmouTht5ts111ni due wlthlD one ￿11. Prep3yments and èccrued income 14.000 19 Credltors: amounts lallln8due wlthln ￿e yèar 2025 2024 Trade creditor5 Grants due wlthin one year Acrruèls and Oeferred Intome 56,IY31 465,C69 25,980 63.351 183,621 46,155 547,149 293,127 20 Credltor5'. •mount5 tslllngdue 4fterfflrye than lyle ye•r 2025 2014 Grants due after one year 1,994,178 155.361 21 R•Yrement benefft stheme5 2015 1024 Oefined cantrIbU￿an sthernes Chargè to prolit or loss in rÈspertof delined contribution schemes 1,551 983 The Trust operate5 a defined contribution penyon scherne for all qualifyin8 employees. The a55et5 of the scheme are held separ3tely frorn those of theTrust in an indeppndenttyadrninistered fund. -26- GENESIS RESEARCH TRUST NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Endowinentlunds Endowment funds rep￿sent a55ets which must bp held permanentty by theTru5t. IrMx>me arisin8On endowrnent fund5 can be used in accardance viith the object50f theTru5tand 15 included as re5tri(ted income. Any capital 8ain5 or1055e5 arising on the assets form part of thefund. nce lA￿U5r20ZY e50wfe5 kn55e5 BILi￿reat l Augwt ZOZ4 Rewurces GIlMand knsses e¥pended ealance at 31 july 202$ Permanent endowments An8ela Pattman scholarshlps fund Z,210,866 116,7851 194.507 2.388.588 118.2721 43,491 2,413,807 2,210.866 116,7851 194.507 2.388.588 118.2721 43,491 2,413,807 The An8el3 P3ttmèn schol3rships fund.. A peimanefit endowment 8ift (Angela Pèttmèn Scholarship Trust- APSTI of £2,045,159 (net of expensesl was received by the Trust in 2020. A further sum received in 2021 represented the adjustment for the final sellln8 prlces of the properties left under the Will. TheTrust will follow the wishes of the latssettlor which were ès follows.. To promote the further educatlon of students of Ilmitsd financlal means stuth'ng at The Imperial Cellege School of Medlclne Ithe"College"I lor any successor InsDtution should the College merge wth another insDtution or otherwlse cease to exlstl by the award whlch shall be at thelr dlscretion of one bursary per annum in full or part conslderatlonof the fees required for the 5tudyof mediclne at the College 108ether or to cover or partl¥w*r the Imngand other expenses of such students.. Income 8enerated bythe Investments iscredited to a 5peclfic restrkted lund. The Trustees have decided to apply a totsl return on Investment approach in respect ol estsblishlni the amount of funds The tTUSteeship of the APST wo5 transferred to the Trust by a Charity Commission Stheme dated 24 March 2020. The Cofflrni55ion 3150 issued a direction to link the APST with the Trv5t for accountin8and charity re815tration purposes. The Trust is the 501e trustee of the APST and can account for APST Mrithin GRT'S ac(ount5 however, the APST rernains a separate linked Charity I Charity number.. I17913￿11. -27- GENESIS RESEARCH TRUST NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Restrlded fvnds The restricted fund5 of the charity comwi5e the unexpended balances of dorwtions and grant5 held on trust Subject to 5pecrfic condition5 by donors a5 to howthey may be used. Movement Im funds Movement In funds Lince•t Balanreat IAuBWt IOZJ ￿l0￿CeS l Aug￿1 Z024 Incomthi ealance at 31 july 202$ Angela Pattman Scholarships Prtrterm Labour Reseaich Prostrate Cancer Researth Ultrasound 77.OS4 61.676 26,09) 3.(bJ5 64.381 141.435 61.676 26,090 53.508 194,94J 61,676 26,090 3,005 167A25 64.381 232.2Q6 53,508 285,714 The restritted lunds represent amounts rece￿ed bythe charityfof $￿IfiC purposes as shown beltrw.. An8ela Pattm•n Stholatshlps.. Income generated by ihe endowmeni fund asdetailed In note 22. Prtrterm Research FUTr￿.. represents specffic research funds recel%*d from Observa Pharmaceufjcal Company. Prost•te Concer Rese•r¢h Fund.. represerts lunds P￿￿ded for the specific work carrled out by Professor l Huhtanlemi into the research of prostate cancer. Ultrasound Fund.. The award w35 made In 2017 to buy an ultrasound equipment. There has been no movement 51nce 2017. Unrestdrted fvnds The vnre5tritted fund5 of thech4rity cornprise the unexpended ofdonations •nd 8rant5 ¥Yhich •re not subject to specific condition5 by donor5 and 8rantors a5 to how they rnay bE used. The* ifidwle designated funds which have been set aside out of unrestricted funds by the trustees for specific purKX>SÈS. At i Awst 1024 Intomln¢ Resourtes Galnsand losses At 31 July 2025 exptnded Miscellaneous Amenity Fund5 Miscellaneous Research Grants General funds 524.455 71.622 2.587.121 36.882 157.8271 503.510 71.622 471,985 424.037 12.646,9)51 107,732 3.183.198 460,919 12.704,7321 107,732 1,047,117 -28- GENESIS RESEARCH TRUST NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 JULY2025 24 Unrestricted lunds Icontinuedl Prevlous year.. AI IAW2023 Resource5 Ga1Th5and1055es At JI July 1014 eypended MIs￿lIaneOUS Amenlty Funds mis￿11ane0u5 Research Grants General fund5 546.996 71,622 2.275.050 29,986 152,5271 524,455 71.622 2.587.121 328.974 1354.5301 337.627 2,893.668 358,960 1407.0571 337,627 3.183,198 MIscel￿ne0us Amenlty Funds.. represent funds set ayde lor Research grants, symr#Jsium and tr￿1 c05t to the symposiums Mlscellaneous Research Grnr+ts.' represerbt stand¥d 8rants gi¥en to Imperial. The grants are ger*rally for a 3 year period. No new grants have been issued during the ￿ar. UDrnstd(tqd funds. Wgnatqd These art unrestricted fund5 ¥¥hich are material to theTru5t'5athitle5 m•de upa5 follow5.. At I A4Ltst 2024 Ihcomlr Resourtts At 31 July 2025 ¥pèndtd Mi5tt113neous Amenlty Fund5 Mlscellaneous Research Grants 524.455 71.622 36.882 157.8271 503,510 71,622 596.077 36,882 157,8271 575,132 Prevlthis year.. At l Awst 2023 Intomh Resourtes At 31 July 2014 pended Miscellaneous Amenity Fund5 Miscellaneous Reseaich Grants Y6.996 71.622 29.986 152.5271 524,455 71.622 618.618 29.986 152,5271 596,077 -29- GENESIS RESEARCH TRUST NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 JULY2025 26 alysls of net avts brtwttn lunds Unrewfictrd UDreArfctrd Re5tr1rted Endwment funds funds nds funds 8eneAI De￿gnated 2025 2025 Totsl 2025 2025 2025 Al 31 July Z025'. Investfflents 3.834.884 1793.5891 11,994.1781 575.132 2,413,807 6,823.823 150?,8751 11,994,178) 285.714 Longterm liabilitles 1.047.117 575.132 285,714 2,413.807 4,321,770 Unwestrfrted UnreArfrted Re5tdrted endwment nds lunds funds funds 8eneBI 0¢￿￿nated 2024 2024 Total 1024 1014 1024 31 July 2024.. Investments 3,515.596 1177.0371 1155.3611 596.077 232,2( 2,388,588 6,732,467 1177,03?) 1155,3611 Lon8term liabilitles 3.183.198 596,077 232.206 2.388.588 6.4W,069 27 Rd•ted p•rtytran5acYons Investment management fees 01 £49.357 12024 .. £46,2331 hwe been p•id io Meridiem Investment Mona8ement Limited, a company in which one of the Trustees, Mr A S R05enfelder, has a participating interest. Mr Rosenfeldpr is not invtsw in the rn8na8ement of the investmerits a5 he 15 not registered bythe FCA in the UK. Durin8 the year, 8rant5 totallin8 E2,294,231 12024.. £9,050) were made to Imperial Collegè whère ProfEswr P R Bennett is Director of IRDB ènd Pr¢)fe550r S Frènk5 is Professor of Reproduciwe EndotriMIo8Y. In addition, durin8 the ye¥. Professor P R Bennett and Professor S Franks ￿eNed reimbursements from the Amenity Fund in relation to research costsof £9,oxII2024.. £4,017) and £2.87612024.- £2111 respedfvely. No trustee recefved remuneratbon inthe ¥*ar. Analysls of thanges In w fvnds The Trust had no material debt durin8 the year. GENESIS RESEARCH TRUST NOTE5 TO THE FINANCIAL ￿ATEmENTs {CONTINUED) FOR THE YEAR ENDED 31 JULY2025 29 tssh 8enerated from operatiw$ 2025 2024 IDeficitllsurplu5 for the year 12,078,299) 5QJ.092 Adju5trnent5for.' Investment income recoEnised in statement of finantial actmties Investment mana8ement charged to portfolio (Gainllloss on disposal of in¥estments Falr vèlue gains and losses on investments 1165,6751 49,357 1160,7751 46,233 78.452 1610,5861 1163,5041 Mevements in workln8 tèpSts1.. Decreasellincreasel in debtors Increaselldecreasel In uedltors 14,(M)J 2.09Z,830 16,0561 1113,5311 Cash absorbed by operad￿5 1251,2911 1257,1711 £￿Tr¢S after the reportln8 dat• The Trustees look the decision to wind down the Symposium Olh¢e * the ¢on¢lusion of Its ¢urrent pro8r•mmes.' the closure took pla¢e post year-end, on 31 Mbr¢h 2026. 31