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2024-12-31-accounts

Company Registration No. 12829456 (England and Wales) UK FOCUSED ULTRASOUND FOUNDATION Registered Charity No. 1193966 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 ____________

UK FOCUSED ULTRASOUND FOUNDATION

LIMITED BY GUARANTEE

REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

UK FOCUSED ULTRASOUND FOUNDATION CONTENTS

Page Legal and Administrative Details Trustees’ Report 2 - 4 Independent Examiner's Report 5 - 6 Statement of Financial Activities Statement of Financial Position Notes to the Financial Statements 9 - 14

UK FOCUSED ULTRASOUND FOUNDATION LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees Lord A J Aberdare
J C Bowis (Resigned 23 August 2024)
Dr N Kassell
P C Keevil (Chair)
Sir I A Roberts
H R Pernelet (Appointed 23 August 2024)
Company Secretary Dr E J White (Resigned 23 August 2024)
J L King (Appointed 23 August 2024)
Charity Registration Number 1193966
Company Registration Number 12829456
Registered Office C/O Sedulo London
Office 605
Albert House
256-260 Old Street
London
EC1V 9DD
Independent Examiner RSM UK Tax and Accounting Limited
Davidson House
Forbury Square
Reading
RG1 3EU

1

UK FOCUSED ULTRASOUND FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the financial statements of UK Focused Ultrasound Foundation ("Charity") for the year ended 31 December 2024 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act Purposes.

The financial statements have been prepared in accordance with the accounting policies set out on pages 9 to 10 of the accounts and comply with the Charity’s Memorandum of Association, the Charities Act 2011, the Companies Act 2006, and Accounting and Reporting by Charities: Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective October 2019).

Structure, governance and management

The organisation is a charitable company, constituted under a Memorandum of Association dated 21 August 2020 and is a registered Charity, number 1193966. The Charitable Company is limited by guarantee and does not have share capital. All Trustees are members of the Charity and guarantee to contribute £1 in the event of the Charity winding up.

The Trustees have complete control of the Charity in relation to the application of funds. Trustees are appointed in accordance with the Charity’s governing document. All decision making of the Charity is made in accordance with the Charity’s conflicts of interest policy. A list of Trustees who have served during the year are set out on page 1.

Objectives of the Charitable Company

The objectives are:

Public Benefit Statement

The Trustees have given due consideration to the Charity Commission published guidance on the public benefit requirements when reviewing the Charity’s aims and objectives, and in planning future activities and setting the grant making policy for the year. The Charity constitutes a public benefit entity as defined by FRS 102.

Achievements and Performance

In 2024, the UK Focused Ultrasound Foundation continued to advance its mission through high-impact events, strategic partnerships, and groundbreaking research. On 20 March, we convened the UK Council and Board of Trustees for an exclusive gathering featuring presentations by Professor Gail ter Haar on her collaborative cancer research at the Institute of Cancer Research and Queen Charlotte’s & Chelsea Hospital, and Professor Christoph Lees on the Twin-to-Twin Transfusion Syndrome trial at Queen Charlotte’s. Later in the year, on 19 November, we hosted a powerful awareness event, “Saving Children’s Lives with Sound”, at the Cavalry and Guards Club. The event spotlighted pioneering focused ultrasound work in pediatric and obstetrical medicine by leading UK clinicians and researchers from the Institute of Cancer Research, Imperial College London, and University College London. These achievements underscore the Foundation’s growing influence in the UK and its commitment to catalyzing transformative, non-invasive medical breakthroughs.

2

UK FOCUSED ULTRASOUND FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Financial Review

The results for the year are illustrated in the statement of financial activities on page 7. During the year, the Charity received donations totalling £86,595 (2023: £101,134). The cost of raising funds for the year totalled £70,107 (2023: £75,188) and expenditure on charitable activities of £15,230 (2023: £44,459) which brought total expenditure for the year to £85,337 (2023: £119,737). The result for the year ended 31 December 2024 was a surplus of £1,258 (2023: deficit of £(18,603)).

The balance of unrestricted reserves as of 31 December 2024 was £8,343 (2023: £15,185), and restricted reserves were £25,600 (2023: 17,500), giving total reserves of £33,943 (2023: £32,685). Per the Foundation’s reserves policy, the Foundation should have £15,000 in unrestricted reserves as at 31 December 2024 however, the US counterpart of Focused Ultrasound Foundation will commit further funds to keep unrestricted funds in line with the Foundation's policy.

Future Plans

Over the course of the next several months, the UK Focused Ultrasound Foundation will focus on strengthening research, fundraising, and visibility efforts. Helen Laurence has joined the Foundation as our UK-based Director of Development and Strategic Impact to lead this effort. Research priorities include expanding active awards, supporting trials in areas such as pancreatic cancer, dementia, DMG and glioblastoma, and further advancing partnerships with co-funding charities. To raise the Foundation’s profile, several events are planned in the coming months, including a September symposium to encourage collaboration among primary research investigators from our UK based Centres of Excellence, attended also by representatives of the equipment manufacturers, prospective donors, and opinion formers.

Reserves Policy

The trustees of UK Focused Ultrasound Foundation (Trustees) are under a legal duty to apply charitable funds within a reasonable time of receiving them but should also hold some money in reserve. Reserves are held to help ensure the charity continues to operate effectively and carry out its business activity with good governance arrangements. Trustees should keep their Reserves Policy and the level of reserves held under review regularly.

In accordance with Charity Commission guidance, the Trustees of UK Focused Ultrasound Foundation (Foundation) acknowledge that there is a requirement for a nonprofit to have a reserves policy. This is to allow freedom to initiate expenditure when required, in advance of donations, and to mitigate the impact of any unforeseen circumstances.

The Trustees consider it necessary to retain reserves over the longer term to:

i) Reduce the impact of risks from the external environment should the levels of income reduce significantly so that the Charity cannot meet its obligations.

ii) To ensure the Charity can cover its ongoing operational costs to process outstanding commitments. iii) Meet the closure or transfer of the Charity’s affairs should the need arise.

The Trustees have agreed a minimum cash reserve equal to approximately 3 months of current operating costs and estimated commitments. For the year ended 31 December 2024 this amount shall be £15,000. This reserve will allow the Foundation time to develop new sources of income, cut back on expenditures or close operations.

As at 31 December 2024, the Charity's restricted reserves was £25,600 (2023: £17,500) and unrestricted reserves was £8,343 (2023: £15,185). The US Focused Ultrasound Foundation gifted £70,000 in 2024 (2023: £70,000) and intends to commit further funding in 2025 to keep reserves in line with its policy and support operations.

4

UK FOCUSED ULTRASOUND FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees will review the cash balances at the quarterly Board of Trustees meetings to identify whether these funds are appropriate, whether they are likely to be committed in the near future, and the extent to which there is a continuing need identified for any particular funds.

The reserves policy was reviewed by ratified by the Board of Trustees on May 28, 2025.

Trustees’ responsibilities statement

The Trustees (who are also directors of UK Focused Ultrasound Foundation for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity for the year. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with ·the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the Trustees and signed on their behalf by:

P C Keevil Chair

Date 29/09/25

4

UK FOCUSED ULTRASOUND FOUNDATION INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF UK FOCUSED ULTRASOUND FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024

I report to the trustees on my examination of the financial statements of UK Focused Ultrasound Foundation (“the company”) for the year ended 31 December 2024 which are set out of pages 7-14.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the financial statements of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination I report in respect of my examination of your charity’s financial statements as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

5

UK FOCUSED ULTRASOUND FOUNDATION INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF UK FOCUSED ULTRASOUND FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Kerry Gallagher

Name: Kerry Gallagher FCA DchA

Name of applicable listed body: The Institute of Chartered Accountants in England and Wales Relevant professional qualification or membership of professional body: Chartered Accountant

ON BEHALF OF RSM UK TAX ACCOUNTING LIMITED

Davidson House Forbury Square Reading RG1 3EU

Date: 29/09/25

6

UK FOCUSED ULTRASOUND FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Donations & legacies
2
Total income
Expenditure on:
Raising funds
3
Charitable activities
4
Total expenditure
Net (expenditure)/ income
and net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
8		 Unrestricted
funds
2024
£
78,495
78,495
70,107
15,230
85,337
(6,842)
15,185
8,343		 Restricted
funds
2024
£
8,100
8,100
-
-
-
8,100
17,500
25,600		 Total
funds
2024
£
86,595
86,595
70,107
15,230
85,337
1,258
32,685
33,943		 Total
funds
2023
£
101,134
101,134
75,188
44,549
119,737
(18,603)
51,289
32,685

The notes on pages 9 – 14 form part of these financial statements.

7

UK FOCUSED ULTRASOUND FOUNDATION STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024

Note
Current assets
Debtors
6
Cash at bank and in hand
Creditors: amounts falling
due within one year
7
Net current assets
Charity funds
Unrestricted funds
8
Restricted funds
9
Total funds		 £
2,525
101,797
104,322
(70,379)		 2024
£
33,943
8,343
25,600
33,943		 2023
£
£
348
44,597
44,945
(12,260)
32,685
15,185
17,500
32,685		 2023
£
£
348
44,597
44,945
(12,260)
32,685
15,185
17,500
32,685
32,685
15,185
17,500
32,685

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with section 476 of the companies act 2006.

These financial statements are prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with Charities SORP (FRS102)

The notes on pages 9 – 14 form part of these financial statements.

The financial statements were approved by the Trustees and authorised for issue on and 29/09/25 were signed on their behalf by

P C Keevil Chair

8

UK FOCUSED ULTRASOUND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Company information

UK Focused Ultrasound Foundation is a private charitable company limited by guarantee. The members of the Charity are the Trustees named on page 1. The Charity is incorporated in England and Wales. Its registered office and principal place of business is C/O Sedulo London, Office 605 Albert House, 256-260 Old Street, London, EC1V 9DD. The company registration number is 12829456 and the Charity registration number is 1193966.

Basis of preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP FRS 102), Section 1A of Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (‘FRS 102’), the Charities Act 2011 and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The Charity constitutes a public benefit entity as defined by FRS 102.

Going concern

With the operational support from the US sister Foundation and controlled spending, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and specifically for a period of at least 12 months from the date of the approval of this report. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Income recognition

Income is recognised in the period in which the Charity is entitled to receipt, the amount can be measured reliably and it is probable that the income will be received. Where income relates to future periods, this income will be deferred. Grants and donations received for the general purposes of the charitable company are included as unrestricted funds; grants and donations for activities restricted by the wishes of the donor are taken to restricted funds.

Expenditure recognition

All expenditure is accounted for on an accruals basis inclusive of VAT, which cannot be recovered.

Expenditure on charitable activities relates to the direct cost of undertaking the Charity’s activities and any related support costs.

The cost of raising funds comprises expenditure related to the Charity’s expenses in relation to raising funds, including direct costs.

Charitable funds

Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of management and support cost

9

UK FOCUSED ULTRASOUND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies (cont’d)

Charitable funds (cont’d)

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity

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, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument and are offset only when the Charity currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets

Trade and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Basic financial liabilities

Financial instruments are classified as liabilities according to the substance of the contractual arrangements entered into.

Trade and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Derecognition of financial instruments

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Donations & legacies

Donations Unrestricted
2024
£
78,495
78,495		 Restricted
2024
£
8,100
8,100		 Total
2024
£
86,595
86,595		 Total
2023
£
101,134
101,134

10

UK FOCUSED ULTRASOUND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3 Expenditure on raising funds

Unrestricted
Restricted
Total
2024
£
2024
£
2024
£
Consulting
63,931
-
63,931
Gifts
-
-
-
Other professional services
2,710
-
2,710
Dues and subscriptions
-
-
-
Travel
1,342
-
1,342
Meals and entertainment
338
-
338
Meetings
1,768
-
1,768
Printing and copying
18
-
18
70,107
-
70,107
4
Expenditure on charitable activities
Unrestricted
Restricted
Total
2024
£
2024
£
2024
£
Support Costs
Printing and copying
-
-
-
General liability, property, auto
633
-
633
Bank service charges
199
-
199
Dues and subscriptions
1,658
-
1,658
2,490
-
2,490
Governance Costs
Accountancy fees
8,990
-
8,990
Independent examination fee
3,750
-
3,750
12,740
-
12,740
Grants
Grants paid during the period
-
-
-
Total charitable expenditure
15,230
-
15,230
Grants awarded during the period comprise of the following. Grants are not made to
individuals.
2024
£
Institutions
Prost8 UK
-
-		 Total
2023
£
58,046
80
-
300
7,607
1,176
7,101
878
75,188
Total
2023
£
3,232
632
382
1,153
5,399
14,200
4,950
19,150
20,000
44,549
2023
£
20,000
20,000

11

UK FOCUSED ULTRASOUND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5 Employees and Trustees’ remuneration

The Charity does not employ staff.

The Trustees consider that they alone comprise the key management personnel of the Charity responsible for controlling and directing the Charity’s operations.

No Trustees received any emoluments or reimbursement of expenses for their services as Trustees during the year (2023: none).

6 Debtors

Prepayments
Other debtors
Creditors: amounts falling due within one year
Note
Trade creditors
Accruals
Amounts owed to Focused Ultrasound Foundation
10		 2024
£
190
2,335
2,525
2024
£
1,405
9,240
59,734
70,379		 2023
£
348
-
348
2023
£
550
11,710
-
12,260

7 Creditors: amounts falling due within one year

8 Analysis of net assets between funds

Current assets
Current liabilities		 Unrestricted
2024
£
78,722
(70,379)
8,343		 Restricted
2024
£
25,600
-
25,600		 Total
2024
£
104,322
(70,379)
33,943

12

UK FOCUSED ULTRASOUND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8 Analysis of net assets between funds (continued)

Current assets
Current liabilities		 Unrestricted
2023
£
27,445
(12,260)
15,185		 Restricted
2023
£
17,500
-
17,500		 Total
2023
£
44,945
(12,260)
32,685

9 Restricted funds analysis

Profision
Rosenbaurm Gold
Horlick
Total restricted funds		 As at 1
January
2024
£
10,000
7,500
-
17,500		 Income
£
-
7,500
600
8,100		 Expenditure
£
-
-
-
-		 Transfers
As at 31
December
2024
£
-
10,000
-
15,000
-
600
-
25,600
Profision
Rosenbaurm Gold
Prostate Cancer
Total restricted funds		 As at 1
January
2023
£
-
-
15,000
15,000		 Income
£
10,000
7,500
2,000
19,500		 Expenditure
£
-
-
(20,000)
(20,000)		 Transfers
As at 31
December
2023
£
-
10,000
-
7,500
3,000
-
3,000
17,500

Restricted funds represent amounts held in cash reserved for the purpose of the above projects in relation to the objectives of the charity.

13

UK FOCUSED ULTRASOUND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10 Related party transactions

During the year ended 31 December 2024, the Charity was awarded a donation from one of its Trustees, P C Keevil, for an amount of £Nil (2023: £485), as well as a donation from John Bowis, another Trustee, of £100 (2023: £Nil). At the balance sheet date, the amount outstanding from the Trustee was £Nil (2023: £Nil).

During the year ended 31 December 2024, the guarantor company, Focused Ultrasound Foundation donated to the Charity an amount totalling £70,000 (2023: £74,858). They paid for expenses on behalf of the Charity of £59,734 (2023: £Nil) and repaid an amount owed of £Nil (2023: £5,820). At the balance sheet date, the amount owed to the guarantor company was £59,734 (2023: £Nil)

There were no other related party transactions during the year.

These unaudited financial statements have been subject to an independent examination. See report on pages 5 - 6.

14