Charity registration number CIO1189004 (England and Wales)
PARADIFFERENCE FOUNDATION UK
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
PARADIFFERENCE FOUNDATION UK
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Amanda Düsing Anna-Karin Gustavsson Claes Marcus Gustavsson Professor Randall Johnson Charity number CIO1189004 Auditor Ahsan Miraj FCA Bright Grahame Murray Emperor's Gate 114a Cromwell Road London UK SW7 4AG
PARADIFFERENCE FOUNDATION UK
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent auditor's report | 3 - 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 12 |
PARADIFFERENCE FOUNDATION UK
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their annual report and financial statements for the year ended 5 April 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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).
Objectives and activities
The objectives of the charity are:
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To advance the education of the public in general and to promote medical research related to neuroendocrine cancers (particularly paraganglioma and pheochromocytoma, with special regard to malignant paragangliomas caused by the SDHB mutation) for the public benefit.
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To advance health by supporting efforts to improve treatment options for people with neuroendocrine cancers.
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To advance science by increasing the existing body of knowledge in relation to the understanding, diagnosis, management and treatment of neuroendocrine cancers,
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The Trustees are satisfied with the results for the year. One large donation was received and further agreements were finalised to carry out specific research projects in line with the Charity's objectives
Financial review
During the year the charity was in receipt of donations of £1,547,840 (2024: £1,585,414) and awards totalling £1,422,072 (2024: £532,188) were paid in the year.
Net income for the year was £92,485 (2024: £1,081,594)
Committed research awards unpaid at the year end of £2,024,439 have been included within designated funds as set out in note 14 . In order to assist in funding the charity a related party has agreed to make donations of US$4M during 2025 and 2026.
Reserves policy
The income of the Charity derives mainly from occasional donations and does not rely on donations from the public. The charity has minimal running costs and any agreements to fund research can be met within its current reserves. Any surplus reserves will be maintained for future development.
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PARADIFFERENCE FOUNDATION UK
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Structure, governance and management
The Charity was established under the Constitution dated 19 December 2019, submitted with the Charity Commission on 17 February 2020 and registered by the Charity Commission on 9 April 2020.
The trustees who served during the year and up to the date of signature of the financial statements were: Amanda Düsing
Anna-Karin Gustavsson Claes Marcus Gustavsson Professor Randall Johnson
The power of appointing trustees rests with the trustees which must number at least three.
There are no paid employees of the charity and there is no relationship with any other UK charity.
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The trustees' report was approved by the Board of Trustees.
Anna-Karin Gustavsson
Trustee
25 March 2026
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PARADIFFERENCE FOUNDATION UK
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PARADIFFERENCE FOUNDATION UK
Opinion
We have audited the financial statements of Paradifference Foundation UK (the ‘charity’) for the year ended 5 April 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 5 April 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the Charities Act 2011.
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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
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the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
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PARADIFFERENCE FOUNDATION UK
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PARADIFFERENCE FOUNDATION UK
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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 an auditor's report 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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:
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PARADIFFERENCE FOUNDATION UK
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PARADIFFERENCE FOUNDATION UK
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We obtained an understanding of laws and regulations that affect the charity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the Charities SORP, tax legislation, employment legislation, health and safety.
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We enquired of the trustees and reviewed trustees meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the trustees have in place to ensure compliance.
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We gained an understanding of the controls that the trustees have in place to prevent and detect fraud. We enquired of the trustees about any incidences of fraud that had taken place during the accounting period.
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The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas : revenue recognition, related parties outside normal course of business, management override and misappropriation of assets.
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We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
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We enquired of the trustees about actual and potential litigation and claims.
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We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
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In addressing the risk of fraud due to management override of internal controls we assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Bright Grahame Murray
Ahsan Miraj (Senior Statutory Auditor)
For and on behalf of Bright Grahame Murray, Statutory Auditor Chartered Accountants Emperor's Gate 114a Cromwell Road Kensington London SW7 4AG UK 27 March 2026
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PARADIFFERENCE FOUNDATION UK
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 5 APRIL 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 2 | 1,547,840 | 1,585,414 |
| Investments | 3 | 51,766 | 39,416 |
| Total income | 1,599,606 | 1,624,830 | |
| Expenditure on: | |||
| Charitable activities | 4 | 1,474,612 | 542,994 |
| Total expenditure | 1,474,612 | 542,994 | |
| Net income | 124,994 | 1,081,836 | |
| Other recognised gains and losses: | |||
| Other losses | 10 | (32,509) | (242) |
| Net movement in funds | 6 | 92,485 | 1,081,594 |
| Reconciliation of funds: | |||
| Fund balances at 6 April 2024 | 1,934,865 | 853,271 | |
| Fund balances at 5 April 2025 | 2,027,350 | 1,934,865 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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PARADIFFERENCE FOUNDATION UK
BALANCE SHEET
AS AT 5 APRIL 2025
| Notes Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets The funds of the charity Unrestricted funds 14 |
2025 £ £ - 2,046,071 2,046,071 18,721 2,027,350 2,027,350 2,027,350 |
2024 £ £ 16,110 1,929,425 1,945,535 10,670 1,934,865 1,934,865 1,934,865 |
2024 £ £ 16,110 1,929,425 1,945,535 10,670 1,934,865 1,934,865 1,934,865 |
|---|---|---|---|
| 1,934,865 | |||
| 1,934,865 |
The financial statements were approved by the trustees on 25 March 2026
Anna-Karin Gustavsson Trustee
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PARADIFFERENCE FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
Charity information
Paradifference Foundation UK is a Charitable Incorporated Organisation (CIO) registered with the Charities Commission in England and Wales, registration number 1189004. The charity is a public benefit entity whose registered office is One Bartholomew Close, London, EC1A 7BL.
1.1 Basis of preparation
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention on an accruals basis . The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity 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.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds are monies set aside for a specific purpose.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised when received.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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PARADIFFERENCE FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Governance costs include the costs of governance arrangements that relate to the general running of the charity. These activities provide the governance infrastructure that allows the charity to operate and to generate the information required for public accountability.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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PARADIFFERENCE FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
2 Income from donations and legacies
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Donations and gifts | 1,547,840 | 1,585,414 | |
| 3 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Interest receivable | 51,766 | 39,416 | |
| 4 | Expenditure on charitable activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Direct costs | |||
| Research awards | 1,422,072 | 532,188 | |
| Share of support and governance costs (see note 5) | |||
| Support costs | 32,590 | 46 | |
| Governance costs | 19,950 | 10,760 | |
| 1,474,612 | 542,994 | ||
| Analysis by fund | |||
| Unrestricted funds | 1,474,612 | 542,994 | |
| 5 | Support and governance costs allocated to activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Bank charges | 107 | 46 | |
| Conference costs | 32,483 | - | |
| Governance costs | 19,950 | 10,760 | |
| 52,540 | 10,806 | ||
| Analysed between: | |||
| Charitable activities | 52,540 | 10,806 |
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PARADIFFERENCE FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
| 6 | Net movement in funds | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the audit of the charity's financial statements | 19,950 | 9,590 |
7 Trustees
The Charity considers its key management personnel to comprise of the Trustees.
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Other gains or losses
| 10 | Other gains or losses | ||
|---|---|---|---|
| **Unrestricted ** | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Foreign exchange losses | 32,509 | 242 | |
| 11 | Debtors | ||
| 2025 | 2024 | ||
| Amounts falling due within one year: | £ | £ | |
| Prepayments and accrued income | - | 16,110 |
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PARADIFFERENCE FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
12 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other creditors Accruals and deferred income |
2025 £ 8,051 10,670 18,721 |
2024 £ - 10,670 |
| 10,670 |
13 Related party transactions
Donations received include £1,545,595 (2024: £1,585,414) from a company where two of the trustees are directors. Other creditors includes £8,051 due to Paradifference Foundation Sweden where there are common trustees.
14 Designated funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| Balance at 6 April 2023 £ Research awards 717,000 717,000 |
Resources expended £ (167,000) (167,000) |
Transfers Balance at 6 April 2024 £ £ 350,000 900,000 350,000 900,000 |
Transfers Balance at 5 April 2025 £ £ 1,124,439 2,024,439 1,124,439 2,024,439 |
Transfers Balance at 5 April 2025 £ £ 1,124,439 2,024,439 1,124,439 2,024,439 |
|---|---|---|---|---|
| 2,024,439 |
The designated funds represent grants entered into by the charity for specific research projects. The timing of payments depends upon conditions set out in the grant agreements. The charity anticipates that some £1,500,000 will be paid in the year to 5 April 2026 with the balance being payable over the following two years.
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