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2025-04-05-accounts

REGISTERED CHARITY NUMBER: 1184405

Report of the Trustees and

Financial Statements

For The Year Ended 5 April 2025

for

THE LORNA & YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION

Hilden Park Accountants Limited Chartered Accountants & Statutory Auditors Hilden Park House 79 Tonbridge Road Hildenborough Tonbridge Kent TN11 9BH

THE LORNA & YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION

Contents of the Financial Statements For The Year Ended 5 April 2025

Page
Report of the Trustees 1 to 4
Report of the Independent Auditors 5 to 8
Statement of Financial Activities 9
Statement of Financial Position 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13 to 18

THE LORNA & YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION

Report of the Trustees For The Year Ended 5 April 2025

The trustees present their annual report with the audited financial statements of the charity for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity's Trust Deed, The Charities Act 2011 and the requirements of the "Statement of Recommended Practice" applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Under the terms of the original Trust Deed, the trustees have discretion to promote, advance and support charities, charitable organisations, charitable purposes and charitable causes including but not limited to:

The protection and promotion of the health of the public by the provision of grants to support biomedical research in the fields of autoimmunity, inflammation, infectious diseases and ageing especially focussed on the development of practical applications in the form of new targeted treatments.

The trustees must use the income and may use the capital of the charity in promoting the objectives.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

ACHIEVEMENT AND PERFORMANCE

The Foundation entered an agreement in 2021 with Connect Immune Research, a consortium of national medical research charities comprising primarily of Versus Arthritis, The Multiple Sclerosis Society, Juvenile Diabetes Research Fund, along with the British Society for Immunology to fund research into the common causes of autoimmunity. This "Targeting shared mechanisms in immune-mediated inflammatory diseases" initiative provides the opportunity to think and research differently in autoimmunity by working across disease areas in the translational space. Building on decades of research conducted in individual disease areas, it was timely to invest in a cross-disease approach to identify potential new treatments for people living with autoimmune conditions.

Initially funding was offered for 10 pilot research projects, which have now all been completed and final reports received. After initial outline applications for Phase II funding to continue the work of the pilot projects, 4 were selected for full applications. Our partner charities in phase I decided not to continue with their funding, so the Foundation committed to funding alone 2 research projects. After external independent peer review, an expert panel was convened to assess applications and their reviews, and recommend funding. The trustees accepted their recommendations to fund Professor Lucy Walker at UCL for 2 years, Targeting Tfh cells across multiple autoimmune diseases for £500,000; and Dr Trinidad Montero Melendez at QMUL for 3 years for Drug development and pre-clinical evaluation of novel ACTH based peptides for £493,277.

Six of the seven Foundation funded PhD studentships have now successfully completed their studies and defended their vivas. They all have secured positions in science or are actively pursuing them.

A call was announced for applications from Foundation-funded PhD students for a post-doctoral fellowship. Two were received and assessed, and Dr Kathryn Frost was awarded a fellowship of €114,200 to be undertaken at Instituto de Investigação e Inovação em Saúde, Universidade do Porto for 2 years, entitled 'Unveiling the mysteries of the Sympathetic Nervous System (SNS): Engineering a 3-D model for the study of SNS functions in health and disease'.

The identification of the next topic for scientific focus has involved discussion and advice from scientific/clinical experts, discussion and negotiation with potential partners and research institutions.

Incoming resources for the period amounted to £508,216 (2024: £487,750). Reserves will continue to be maintained to provide future incoming resources and awarded as grants when appropriate charitable institutions and causes are identified or when costs become payable.

Page 1

THE LORNA & YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION

Report of the Trustees For The Year Ended 5 April 2025

FINANCIAL REVIEW

Financial position

Investment income received during the year totalled £74,573 (2024: £66,904) being interest and dividends received from fixed asset investments. Investment income increased as a result of additional funds invested into the investment portfolios during the year.

Royalty income received during the year totalled £433,643 (2024: £420,846).

Total expenditure for the year was £1,083,814 (2024: £66,380) with the increase due to grants approved in the year, higher investment portfolio management fees, along with the loss on foreign exchange of £17,319 compared to £3,921 in the prior year, and additional costs from the financial statements being audited compared to an independent examination in the prior year.

Total grants paid in the year were £1,041,640 compared to £28,093 in the prior year.

Net losses on investments during the year totalled £95,001 (2024: net gains of £119,791), which was made up of realised gains of £90,002 and unrealised losses of £185,003. The prior year figure is made up of realised gains of £32,733 and unrealised gains of £87,058.

The deficit for the year totalled £670,599 (2024: surplus of £541,161).

The balance of unrestricted funds at 5 April 2025 was £2,231,921 (2024: £2,902,520).

Investment policy and objectives

The trustees' overall investment objective as stated in the investment management agreement is to maintain a multi-asset portfolio and achieve a balance of income and capital growth. The charity operates an ethical investment policy.

The performance of the trust investment portfolio is considered at regular intervals with the investment manager and is benchmarked against various market indices (including the FTSE WMA and Stock Market Balanced Index) to ensure the funds held are performing well. This manager, which is regulated by the Financial Conduct Authority in the United Kingdom, manages the investments within the restrictions set out in the investment management agreement. Any issues are addressed with the trustees as and when they arise. The trustees were satisfied with the performance of the investments during the period. Investments at the period end had a market value of £2,386,011 (2024: £1,712,722).

Reserves policy

It is the trustees' policy not to retain reserves as the charity's overheads are low.

At the year end the charity's free reserves were £2,231,921 (2024: £2,902,520) which will be used to further the charity's objectives as set out above.

Going concern

After making the necessary enquiries, the trustees have a reasonable expectation that the Charity has adequate reserves to continue in existence for the foreseeable future and there are no material uncertainties regarding going concern. On this basis the Charity continues to adopt the going concern basis in preparing its financial statements

FUTURE PLANS

During the coming 2025/26 financial year the trustees plan to continue supporting the "Targeting shared mechanisms in immune-mediated inflammatory diseases" by funding Phase II grants. There will be periodic evaluation by face-to-face meetings and reports.

The Foundation will continue to support the PhD students until completion, and support the post-doctoral fellow in Portugal. There will be periodic evaluation by direct meetings and reports.

The trustees will review their portfolio and decide upon the focus of their next funding programme and partners (as appropriate). They will review their funding of trainee scientists in appropriate institutions.

Page 2

THE LORNA & YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION

Report of the Trustees For The Year Ended 5 April 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Charity constitution

The charity is an unincorporated registered charity, constructed under a Trust Deed dated 9 July 2019. The trustees hold the capital and income of the charity's Trust Fund upon trust to apply the income and, as far as may be necessary, the capital for the purposes set out in clause 2.2 of the Trust Deed.

Recruitment and appointment of new trustees

The minimum number of trustees required by the Trust Deed is 3 and the maximum is 5. Future trustees must be appointed by resolution of the trustees and must hold office for at least three years from the date of their appointment. As required by the Trust Deed, the trustees meet no less than twice a year. Except where otherwise provided, every issue may be determined by a simple majority of votes cast at a meeting of the trustees but a resolution which is writing and signed by all the trustees is as valid as a resolution passed at a meeting. For this purpose, the resolution may be contained in more than one document and will be treated as passed following receipt of the necessary written approval.

Every trustee has one vote on each issue. In the event of a tie, the chairman shall have the deciding vote.

Organisational structure and decision making

The trustees formally meet during the year to discuss the affairs of the Charity. Between meetings they keep in regular contact as matters arise.

The trustees oversee all operations of the charity and are responsible for all decision making.

Induction and training of new trustees

There are no formal policies in place for the induction or training of new trustees. New trustees are briefed by the board of existing trustees.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

When making decisions, the trustees assess the risks to which the charity might be exposed. The trustees carry out due-diligence on charitable institutions before grants are made and document all major decisions. As part of the grant-making process, the trustees agree to follow up with the donée to ensure that funds have been applied for the agreed purpose. This could be by way of a progress report, personal visit by one of the trustees or completion of an event. Donation receipts are obtained from each donée.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

1184405

Principal address

P.O.Box 1198 Whitstable Kent CT5 9DW

Trustees

Dr Lorna Chernajovsky Professor Yuti Chernajovsky Professor Paul-Peter Tak

Page 3

THE LORNA & YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION

Report of the Trustees For The Year Ended 5 April 2025

REFERENCE AND ADMINISTRATIVE DETAILS Auditors

Hilden Park Accountants Limited Chartered Accountants & Statutory Auditors Hilden Park House 79 Tonbridge Road Hildenborough Tonbridge Kent TN11 9BH

Investment advisors and bankers

Coutts & Co 440 Strand London WC2R 0QS

TRUSTEES' RESPONSIBILITY STATEMENT

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 2 September 2025 and signed on its behalf by:

Professor Yuti Chernajovsky - Trustee

Page 4

Report of the Independent Auditors to the Trustees of The Lorna & Yuti Chernajovsky Biomedical Research Foundation

Opinion

We have audited the financial statements of The Lorna & Yuti Chernajovsky Biomedical Research Foundation (the 'charity') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 5

Report of the Independent Auditors to the Trustees of The Lorna & Yuti Chernajovsky Biomedical Research Foundation

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 6

Report of the Independent Auditors to the Trustees of The Lorna & Yuti Chernajovsky Biomedical Research Foundation

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant which have a direct material effect on the amounts and disclosures in the financial statements are the Charities Act 2011 and Charities SORP FRS 102.

We also identified other laws and regulations which do not have a direct effect on the amounts and disclosures in the financial statements, but which compliance is fundamental to the entity's operations including Data Protections Laws (including UK General Data Protection Regulation (GDPR)) and enquires were made with management regarding procedures in place to ensure compliance.

Having reviewed the laws and regulations applicable to the charity, we designed and performed audit procedures to obtain sufficient appropriate evidence. Specifically we:

We assessed the susceptibility of the charity's financial statements to material misstatement and fraud and in doing so: - Considered whether there were areas of the financial statements particularly susceptible to fraud and enquired with management as to any known or suspected instances of fraud and their assessment of fraud risk.

The audit has been planned and performed in such a way as to best identify risks of material misstatement, however the inherent limitations of audit procedures means that there remains a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, override of controls, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 7

Report of the Independent Auditors to the Trustees of The Lorna & Yuti Chernajovsky Biomedical Research Foundation

Other matters which we are required to address

The prior period financial statements and the corresponding comparative figures included within these financial statements were not audited.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Hilden Park Accountants Limited Chartered Accountants & Statutory Auditors Hilden Park House 79 Tonbridge Road Hildenborough Tonbridge Kent TN11 9BH

4 September 2025

Page 8

THE LORNA & YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION

Statement of Financial Activities For The Year Ended 5 April 2025

Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
Other income
3
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
General grants
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2025
Unrestricted
fund
£
74,573
433,643
508,216
9,826
1,073,988
1,083,814
(95,001)
(670,599)
2,902,520
2,231,921		 2024
Total
funds
£
66,904
420,846
487,750
3,786
62,594
66,380
119,791
541,161
2,361,359
2,902,520

The notes form part of these financial statements

Page 9

THE LORNA & YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION

Statement of Financial Position 5 April 2025

Notes
FIXED ASSETS
Investments
11
CURRENT ASSETS
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
Unrestricted funds
TOTAL FUNDS		 2025
Total
funds
£
2,386,011
36,116
899,789
935,905
(1,089,995)
(154,090)
2,231,921
2,231,921
2,231,921
2,231,921		 2024
Total
funds
£
1,712,722
41,002
1,288,404
1,329,406
(139,608)
1,189,798
2,902,520
2,902,520
2,902,520
2,902,520

The financial statements were approved by the Board of Trustees and authorised for issue on 2 September 2025 and were signed on its behalf by:

Yuti Chernajovsky - Trustee

The notes form part of these financial statements

Page 10

THE LORNA & YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION

Statement of Cash Flows For The Year Ended 5 April 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Overseas interest and dividends
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 2025
£
305,102
305,102
(1,736,748)
968,458
20,750
418
53,405
(693,717)
(388,615)
1,288,404
899,789		 2024
As restated
£
(249,260)
(249,260)
(1,060,293)
1,031,634
19,434
1,478
45,992
38,245
(211,015)
1,499,419
1,288,404

The notes form part of these financial statements

Page 11

THE LORNA & YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION

Notes to the Statement of Cash Flows For The Year Ended 5 April 2025

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Losses/(gain) on investments
Interest received
Dividends received
Overseas interest and dividends
Decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operations		 2025
2024
As restated
£
£
(670,599)
541,161
95,001
(119,842)
(20,750)
(19,434)
(418)
(1,478)
(53,405)
(45,992)
4,886
41,397
950,387
(645,072)
305,102
(249,260)

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total		 At 6.4.24
£
1,288,404
1,288,404
1,288,404		 Cash flow
£
(388,615)
(388,615)
(388,615)		 At 5.4.25
£
899,789
899,789
899,789

The notes form part of these financial statements

Page 12

THE LORNA & YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION

Notes to the Financial Statements For The Year Ended 5 April 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The charity meets the definition of a public benefit entity under FRS 102.

The financial statements are presented in pounds sterling and rounded to the nearest pound.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Investment income is recognised when it is receivable.

Other income relates to royalties and is recognised in the period to which it relates.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.

The charity has one charitable activity to which direct and support costs are allocated.

Governance costs include all those associated with constitutional and statutory requirement including the preparation, and independent examination, of the statutory accounts, and legal and professional fees.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

The charity has an unrestricted fund created by the assignment of royalties and the income of the Trust is unrestricted. The terms of the Trust allow the capital of the fund to be spent if the Trustees so determine.

Unrestricted income comprises funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

continued...

Page 13

THE LORNA & YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION

Notes to the Financial Statements - continued For The Year Ended 5 April 2025

1. ACCOUNTING POLICIES - continued

Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual agreement as financial assets or financial liabilities.

Going concern

After making the necessary enquiries, the trustees have a reasonable expectation that the Charity has adequate reserves to continue in existence for the foreseeable future and there are no material uncertainties regarding going concern. On this basis the Charity continues to adopt the going concern basis in preparing its financial statements

2. INVESTMENT INCOME

UK interest & dividends
Overseas interest & dividends
UK bank interest
OTHER INCOME
Royalties from YEDA		 2025
£
418
53,405
20,750
74,573
2025
£
433,643		 2024
£
1,478
45,992
19,434
66,904
2024
£
420,846

3. OTHER INCOME

By a Deed of Assignment dated 14 August 2019 royalties due to Yuti Chernajovsky were formally assigned to the Trustees until further notice.

continued...

Page 14

THE LORNA & YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION

Notes to the Financial Statements - continued For The Year Ended 5 April 2025

4. RAISING FUNDS

Investment management costs
Portfolio management
5.
CHARITABLE ACTIVITIES COSTS
Grant
funding of
Direct
activities
Costs (see
(see note
note 6)
7)
£
£
General grants
1,245
1,041,640
6.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Research meeting costs
Travel costs
7.
GRANTS PAYABLE
General grants
The Charity has made the following grants to institutions during the year:
British Society for Research on Ageing
Post- Doctoral Fellowship at i3S Institute in Porto, Portugal
William Harvey Research Foundation
University College London
Queen Mary University of London
Other grants
Unspent grants returned in the year
Unused grants reversed in the year		 2025
£
9,826
Support
costs (see
note 8)
£
31,103
2025
£
-
1,245
1,245
2025
£
1,041,640
2025
£
-
96,928
-
500,000
493,277
3,637
(18,503)
(33,699)
1,041,640		 2024
£
3,786
Totals
£
1,073,988
2024
£
20,414
-
20,414
2024
£
28,093
2024
£
15,002
-
15,801
-
-
182
-
(2,892)
28,093

continued...

Page 15

THE LORNA & YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION

Notes to the Financial Statements - continued For The Year Ended 5 April 2025

8. SUPPORT COSTS

General grants
Support costs, included in the above, are as follows:
Bank charges
Profit or loss on foreign exchange
Administrative costs
Computer costs
Auditors' remuneration
Accountancy fees
Independent Examiners fees		 Finance
£
1,029		 Governance
Other
costs
Totals
£
£
£
19,634
10,440
31,103
2025
2024
General
Total
grants
activities
£
£
1,029
1,686
17,319
3,921
1,707
2,060
608
-
6,900
-
3,540
3,420
-
3,000
31,103
14,087		 Totals
£
31,103
14,087

Support costs, included in the above, are as follows:

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.

10. PRIOR YEAR ADJUSTMENT

A prior year adjustment has been made to the Statement of Cash Flows in relation to the overseas interest and dividends received of £45,992. The adjustment is to include this amount within the reconciliation of net (expenditure)/income to net cash flow from operating activities and also within cash flows from investing activities so that the balance is correctly classified.

The adjustment does not have any impact on the overall surplus for the prior year or funds brought forward at 6 April 2024.

continued...

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THE LORNA & YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION

Notes to the Financial Statements - continued For The Year Ended 5 April 2025

11. FIXED ASSET INVESTMENTS

MARKET VALUE
At 6 April 2024
Additions
Disposals
Revaluations
At 5 April 2025
NET BOOK VALUE
At 5 April 2025
At 5 April 2024		 Listed
investments
£
1,712,722
1,736,748
(968,458)
(95,001)
2,386,011
2,386,011
1,712,722

Fixed asset investments comprise UK fixed interest securities and bonds of £1,156,614 (2024: £843,494), UK quoted equities of £31,910 (2024: £254,147), alternative investments of £120,337 (2023: £Nil), overseas equities of £1,077,150 (2024: £570,595) and commodities £Nil (2024: £44,486).

Cost or valuation at 5 April 2025 is represented by:

Valuation in 2022
Valuation in 2023
Valuation in 2024
Valuation in 2025
Cost		 Listed
investments
£
(17,321)
(135,373)
119,842
(95,001)
2,513,864
2,386,011

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Prepayments and accrued income 2025
£
36,116		 2024
£
41,002

continued...

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THE LORNA & YUTI CHERNAJOVSKY BIOMEDICAL RESEARCH FOUNDATION

Notes to the Financial Statements - continued For The Year Ended 5 April 2025

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors
Accrued expenses
Accruals for grants payable
Movement of accruals for grants payable:
At 6 April 2024
Grants approved
Unused grants reversed in the year
Grant payments in the year
At 5 April 2025		 2025
£
18
10,440
1,079,537
1,089,995
2025
£
133,168
1,090,204
(33,699)
(110,136)
1,079,537		 2024
£
20
6,420
133,168
139,608
2024
£
778,480
30,984
(2,892)
(673,404)
133,168

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5 April 2025 or 5 April 2024.

15. FINANCIAL INSTRUMENTS

Financial assets
Financial assets measured at fair value through income and expenditure
Gain/(loss) on financial assets measured at fair value through income and
expenditure		 2025
£
2,386,011
(95,001)		 2024
£
1,712,722
119,791

Financial assets measured at fair value through income and expenditure comprise listed investments.

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