Q Rosetrees Supports the best medical research Rosetrees CIO Consolidated Annual Report and Financial Statements for the Year Ending i March 202 Charity Registration No. 1197546
ROSETREES CIO LEGALAND ADMINISTRATIVE INFORMATION Trustees Richard Ross CBE Chairman Nicholas Caine Andiew Edwards Debra J Fox Sam Howard Hayley Katz Jamaria Kong Appointed 1315r24 Rach81 Liv8miore Appointed 1110124 Prof. David Lomas Appointed 26m3125 Lee R Mesnick Prof. Jane A Mitchell Mark A Steward Dr. Shana Vijayan Appointed 1110r24 Appointed 1315124 Resigned 1315124 Chlaf Ex8CUtlve Ann Berger Charlty number 1197546 Registered offleè Russell House 140 High Slr88t Edgware Middlesex HA8 7LW Audltor Gravita Audit 11 Limited Aldgale Tower 2 Leman Street London United Kingdom E18FA
ROSETREES CIO CONTENTS Page Trustees, Report Independent auditorfs report 10-12 staternent ol financial activities 13-14 Balan sheet 15 statement ol cash fiows 17 Notes to the financial $tst8ments 18-34
¢ Rosetrees Supports the best medical research Rosetrees cio IRosetreesl TRUSTEES. REPORT FOR THEYEAR ENDED 31 MARCH 2025 The Trustees present their Report and Accounts for the year ended 31 March 2025 The main funder of Rosetrees Grants since 1987 has been Regentsmead Ltd, the fami5y business Nat Rosenbaum started nearly 100 years ago. The level of donatlons has risen substantially year bv vear and Tere5a Rosenbaum'5 Wlll gave a considerable capital sum to Rosetrees. where annual donations exceed the income. The rate of draw down on capital increased 50 much in recent years that Rosetrees elther had to reduce Grants, or would run out of funds in the 2030,5. To avoid these outcomes in 2023, Rlchard Ross decided to gift the shares he controlled in Regentsmead Ltd to Rosetrees. The spend of all the income and draw down on capital can now continue and his extremely generou5 donation ha5 enabled NEXT funding of exceptional researchers and ideas. leading to early patient benefit. The intention is that this hlgh rate of spend will continue in his lifetime, where as Chairman he is engaged full time In helping to identify new opportunities that will benefit medical progress. The Accounts presented are the consolldated results for the year to 31 March 2025 and have been prepared in accordance with the accounting policies set out in the notes to the Accounts and comply with the Constitution Document, the Charities Act 2011, FRS 102 'The Financial ReportinE Standards applicable in UK and Republic of Ireland" IFRS 1021 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice èpplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective l January 20191. The charity is a Public Benefit Entity as def1ned by FRS 102. Objectives and activities Rosetree5 objective is to support Venture Philanthropy, to fund the highest quallty medlcal research, likely to lead to early diagnosis, treatments. and cures. Rosetrees funds research into 3 wide varlety of medical conditions land is always willing to consider new application5 which meet the Charity's high standards) likely to lead to public benefit from improved treatments. There is no personal beneflt for the Trustees from ROseteS research. Grants made during the year were predominantly for Medical research. covering a wide spectrum of Illnesse5. FLJrther details can be found in the Trustees Annual Review on pages 5 to 8 Rosetrees does not raise funds from the public but does co-donate with individuals, wealthy trusts and national charities, which increase substantially the Grants for life changing research.
¢ Rosetrees Supports the best medical research Achlevements and performance Details can be found in the Trustees Annual Review on pa&es 5 to 9. Financial review harlt Onl Total income for the year was £6.9m 12024.. £75.6m which Included a one-off gift of shares from Rlchard Rossl. Grants awarded by Rosetrees in the period totalled £13.6m12024'. £7.7ml, primarily towards medlcal research. In addition, co-donors awarded direct grants of £3.4m12024'. £1.8ml based on Rosetrees analysis and advice, provided wlthout charge, thereby enabling total Grants awarded to cutting edge medical research of £17m12024'. £9.5ml. Consolidated osition Rosetrees CIO has two trading subsidiarie5, and these accounts include the consolidated position as fo11ows'. Total Income £6.8m12024: £102ml, Deficit for the year £8m12024.. £99ml. Funds carried forward of E117m12024'. £125ml. Reserves Policy The Charity maintain5 Cash reserves and liquid assets at a level to enable all donations promlsed to be paid a5 and when they fall due. The Charity owns assets that can be quickly liquidated to cover all outgoings and grants, as and when required. R05etrees policy is to donate all income In the year. and if outstanding research applications warrant, to spend part of capital reserve5. The accounts Include provision for payment of agreed grants to future year5, usually 3 years. Investment Pollcv Rosetrees has an agreed Statement of Investment Principle and the policy is intended to protect the Charity's capital and create income. The Charity owns Freehold Property, Index Linked Gilts, Equities, Private Equity and Mu5tl Asset Funds which have appreciated in value since acquisition. Thls asset allocation should provide real returns Dver time and avoid the erosion of value created by inflation. Risk Managernent The Charity has undertaken a revlew of its risks and has complled a risk matrix and heat map las per The Charity Commission guidancel and systems have been established to minimise any risks. The Trustees believe that maintaining reserves at current leve15, combined with an annual review of the contro15 over keyfinancial sy5tem5, wlll provide sufficient resources in the event of adverse conditions.
¢ Rosetrees Supports the best medical research Publlc Beneflt The Charity's aims were carrled out for public benefit. Thi5 was achieved through making Grants to high quality medical research, which the Charity is committed to fund. Structiirei governance and management Rosetrees CIO (No. 119754651, is goverried by a Constitution Document dated 18 January 2022 and its objectives are to provide donations to worthy causes. primarily in the field of medical research. The Trustees named on the legal and administration page have served during the year. The power of appointing additional Trustee5 is vested in the Trustees and all future appointEnents of new Trustees shall be by any continuing Trustees of the CIO. During the year Professor David Lomas was appointed a5 a new Trustee, brlnglng very valuable expertise to the board. Ann 8erger as Chlef Executive oversees the Trust's team and its support for cutting edge research projects, advlsed by leading experts in those area5. Vin Rèlkumar PhD is the senior internal scientific dvisor and together wlth Megan Bright PhD, provides internal expertlse, assisted by an outstanding dvisory panel led by Professor Patrick Maxwell, and Professor Oavid Katz provides greatly appreciated external expert advlce. In addition, hundreds of researcher5 provide their expertise for reviews and without charge. Thls has assisted the Rosetyees team in evaluating the many requests for support, to establish first class research with effective results to improve health for millions of people. There are over 100 annual Grants and with more co-donors there are many more hlgh quality research projects Rosetrees could support. The Trustees have reports on all research projects made available using the team's specialised, summarised system and the CEO is re5pon5ible for drawlng attention to any changes in rules and regulations and the training of the Trustees. The Constitution Document authorises the Trustees to make and hold investments using the general funds of the charity. Plans for the Future R05&trees Seedcorn Grants are still as valuable as they were in 1990. unlocking brilliant new ideas and together with larger project grant funding make a disproportionate dlfference. We are expanding our partnership with national charities and in5titution5 to leverage the funds we make available. A Shortage of funds. especially for early career researchers has led to an increase in requests for support. The scientific advisory panel that provldes expert advice to Rosetrees ha5 recommended that we prioritise support for promoting promising young researchers, with a particular focus on clinical academics.
¢ Rosetrees Supports the best medical research Statement of Trustees, responsibilities The Trustees are responsible for preparlng the Trustees, Report and the financial statements in accordance with applicable law and United Klngdom Accounting Standards (United Kingdom Generallv Accepted Accounting Practicel. The law applicable to charitles in England and Wales requires the Trustee5 to prepare finantlal statements for each financial year which give a true and fair view of the state of affairs of the Charitable Trust and of the incoming resources and application of resources of the Charitable Trijst for that year. In preparing these financial statements. the Trustees are required to.. selert sultable accounting policies and then apply them conslstently., observe the methods and principles in the Charities SORP., make judgements and estimate5 that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financlal statements on the going concern basis unle55 It is inapproprlate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufflclent accountlng records that disclose with reasonable accuracy at any time the financial p051tion of the Charlty and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 nd the provisions Df 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 Irregularltles. Audltor Gravita Audit11 Limited are the appointed auditors. Disclosure of Informatlon to audltor The Trustees have confirmed that there is no information of which they are aware which is relevant tts the audit. but of which the auditc)r is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establlsh that the auditor is aware of Such Information. The Trustees report was approved by the Board of Trustees. O.kn-d /ogg R A Ross- Trustee
Q Rosetrees Supports the best medical research ROSETREES CIO TRUSTEES'ANNUAL REVIEW FOR THE YEAR ENDED 31 MARCH 2025 Background Rosetrees funds research in all disease areas and a makes available grants during the course of the year In the following areas: Seed corn Intermediate Major PhD's Fellowships NEXT- New Exceptional Transformatlonal research ExpertSse to Co-Donors l. We have built on the initial seed corn Grants which funded brilliant new Ideas to overcome the impa55 where"No data no Grant. No Grant no data" 2. Since 2008, Rosetrees has provided its expertise Ifreel to Co-Donors, who have contiibuted £40m alongside u5. 3. This combination ha5 enabled. more and better quality projects to be funded and our researchers have attracted major Grants of nearly £1.2L7n. Unlque Charity Now a Brand Rosetrees philanthropy has developed, based on support from the founding family business. The quality of appllcations continues to rise and although all our Income and some capital funds research every year, there are more high quality applications than we can fund. Medical Deans have told us that our approach 15 unlque and we are now a well recognised brand. Co-Donors Rosetrees has been funded by the Founding Family since 1987. The quality of research is so high that generous supporters of cutting-edge medical research have asked if they can co- donate alongside Rosetrees, who provide their expertise with no charge. The first co-donation was received in 2010 and 3 Small but growing group of philanthropists lincluding several billionaires) have in 202412025 added £5.3m to the Rosetrees donations.
Q Rosetrees Supports the best medical research Fundlng Cutting edge research Medical research is led bytop Profes50r5 and supported by teams of graduates, PhD Students and post PhD researchers. These teams can only grow if the lead researcher can attract donation5 to cover the costs of their team but there is never enough monev. The Covid Pandemic hastened the use of dlstance treatments, with video conferenclng and home tests. This has provided quicker treatment5, at less cost. travel and inconvenience. Rosetrees wants to help research whlch improves the efficiency of the NHS and will look for 5Ultable projects, including digital technologies where this helps identlfy an illness at an early stage, which can then be treated for less cost and a better outcome. Donated 2024125 Every year Rosetrees looks to increase the amount it gives away in Grants and for the yearto 31 March 2025 the amount awarded w35 £13.6m12024.' £7.7ml, of which co-donors provided £2.7m12004.' £1.2ml. In addition, £3.4m12024'. £1.8ml was awarded directly from Co-donors to research centres, relying on Rosetrees expertise, whlch is provided at no cost. Each year we try to increase co-donor support for cutting edge research. Although Rosetrees does not employ a fLJndraiser. to date payment and pledges from co-donors exceeds £40m. In 2025126 Rosetrees antlcipates more than £2m in co-dc>natlons. Our partners are attracted by the fact that Rosetree5 SUPPOrts research of the highest quality, and our expertise is provided at no c05t. Summary Yese8Ych The following pages include summarie5 of research projects Rosetrees has SUPPOTted In the year and the research eentres. mostly universities that have benefitted. Rosetrees peer review process grades the quality of research, I being the highest and the average score for new applications is about 1.4, which is about as good as is possible. Lead Funders Rosetrees has created a 5peclal role as lead funder for multi-mllllon-pound project5, where being the first committed donor attracts other donors. The due-diligence that Rosetrees undertakes, provides assurance that projert5 are of a very high quality. This approach started in 2012 with a pledge from Rosetrees which resulted In the £30m RCS Rosetrees Surgical Inltiative. In 2018, Rosetrees made a pledge which has resulted in an £8m fund to create a new groundbreaking Dementia Centre, led by Professor Nick Fox at UCL. This has been used as a model to be rolled out across the UK. The money has been raised, the building acquired and is expected to open In 2025. In 2024, E4.2m was raised in partnershlp wlth Race Against Dementia IRADI, whlch resulted in six exceptional Teams Awards, to identify outstanding research to help understand arid lead to successful trealment5 of thls disease. RAD would Ilke to help fund another round in 2026.
Q Rosetrees Supports the best medical research Out5tandlng results Research is a slow painstaking process, often over a great many years, so progress can never be instantaneous. But outstanding successes have been achieved in the year including.. Improvlng oesophageal tartcer treatment selection by understsndlng how variation cancer chemlstry contributes to treatment sensltlvlty, Dr Stefan Antonowicl Dr Stefan Antonowicz'5 research has identified 'weak spots. wlthin oesophageal cancer tumours regions with differing responses to treatment. Building on thls breakthrough, he has been awarded a prestigious £1.3m CRUK Clinician Scientist Fellowship, co-funded by Rosetrees, to further this work In alm of developing more effectlve, personalised treatment 5tTategies for patients. Development of targeted deep braln 5timulatlon for treatment of Alzhelmer's Disease, Professor Inna Slutskv Profe55or Inna Slutsky's team has identlfled a deep brain stimulation technlque that improves pathologlcal brain activity and improves cognitive behaviour in models of AILhelmer's disease. Thev have been awarded £500,000 by the Israel Science Foundation to advance this research and are actively pursuing a Phase I clinical trlal to evaluate the therapy in patients wlth familial Alzheimer's disease. Improvin8 adherence to alrway clearance for patlents wlth Cystlc Flbrosls- Professor Eleanor Maln, UCL People with cystic fibrosis must perform dally airway clearance techniques (ACTS) to help clear mucus from their lungs and maintain respiratory he31th, but adherence is often low. Building on the earlier Fiizyo study, Professor Eleanor Main'5 team has developed the 'Pocket PLJffin' new device and app that provides real-time feedback to encourage consistent use. 45 device5 have been produced and the app is ready for a 30-patient trial. New treatment approach for inherlted blood cancer- Profe$50rAlan Warren. Cambrldge Developing the firsttreatment targeting defects in inherited blood cancer, with potential wider impact on ovarian cancer. Professor Alan Warren's team is studylng mutant protein5 and identifying compounds that mimic natural rescue mechanisms found In patients. They are on track to nominate a candidate for a phase I clinical trial, supported by £4m major grants from MRC and CRUK.
Q Rosetrees Supports the best medical research Developlng a t)ew gene therapy treatment to treat splnal cord Injury- Profe550r Ellzabeth Bradburyi KCL Professor Bradbury is developing a gene therapy treatment to treat patient5 wlth spinal cord injury. The new treatment work5 by reducing scarring around the injury, allowing the injured nerves to heal. Progress has been excellent and they have applied to Life Arc for £2.3M to carry out a first-in-man study and have made it to the fin31 selection. Rapld MRI for dementla dlagnosis, Professor Nlck Fox. UCL Currently 3 gold-standard dia8n051s In dementia require5 3 30-minute MRI scan and e1ther invasive lumbar punctures for CSF or expenslve scans. Professor Nick Fox has successfully developed an MRI scan that can diagnose dementia in 7 minutes, which could lead to 3-4-fold increase in the nLJmber of patients that can be scanned. He has also developed a simple blood test that could repla lumbar punttures. He is applying for further funding to further develop both of these areas. Understanding how age and dlet drive the spread of melanoma-Dr. Amaya Vlros. Manchester Dr. Viros is studying how human skin fat changes with age and diet and how this influences the spread of melanoma. She has identified a new combination of drugs that has shown great promise in models Of melanoma and will be continuing these studies in early phase clinical trials. She has received two grants frorn CRUK totalling £6M. Philanthropy Rosetrees recognise5 that there is an urgent need to support research that could reduce the pressure on the NHS. In addition, there is an increasing richlpoor divide and one way to have a dirett impact Is through philanthropy. At Rosetrees we work hard to help co-donors and to encourage more people to glve, but if not for medical research, to a cause of thelr choice. Philanthropy can reduce the division in Society. Richard Ross has been working with the Beacon Collaborative in order to support their objectives to recruit and encourage wealthy individuals to become more philanthropic.
¢ Rosetrees Supports the best medical research Prolects awarded 2024125 Number of Projects value Brain Research Cancer Immunologylinfections Cardiovascular Stroke, Heart, Lung Mental Health Digestive. Urinary disorders Arthritus, Skin, Bone Maternity & Chlldhood Metabolism Mental Health Stem cells Nerves, Muscles Non-medical Covid Surgerv Vision/Hearing Digestive, Urinary disorders Drug development Liver 39 Projects 32 Projects 15 Projects 6 Projects 10 Projects 10 Projects 7 Projects 9 Projects 4 Projects 4 Projects 5 Projects 3 Projects 2 Projects 37 Projects 3 Projects 4 Projects 2 Projects 3 Projett5 I Projects I Projects £ 4,487,314 £ 3,059,151 £ 1,507,694 £ 1.202,826 £ 619,619 £ 566,084 £ 427.838 £ 390,632 £ 338,494 £ 281,089 £ 402,919 £ 229,193 £ 213,048 £ 174,535 75,613 39,727 32,712 32,45D 10,000 9,963 £13,665,532 The m3ln unlversitieslinstitutions that received R05etrees support in the year.. Birax British Heart Foundation Cancer Research UK Franci5 Crlck Imperial College London Instltute of Cancer Research Kings College London NIHR Queen Mary University London University College London University of Cambridge University of Edinburgh University of Oxford
ROSETREES CIO INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ROSETREES CIO Oplnlon We have audited the financial statements of R058tiees CIO Ithe'parent charity'l and ils subsidiarie5 (the 'group'l for the year ended 31 March 2025 which comprise the statement of Iinancial aclivilies, the balance sheet, the slatetnent of cash flows and nDtes to th8 fin8ncial statements. induding signifiranl accounting poliies. The financial reporting fram8work that has been applied in th8ir pieparation is applicable law and United Kingdorn Accounting Standards, including Financi81 Reporting Standard 102 Th8 Fin8ncial Reporting Stanclard appliGable in th8 UK ènd R8public of Ireland Iunited Kingdom G8n8ially Accepted Accounting Practi1. In Our opinion, the financi81 stat8m8nts'. give a true and fair of the state ol the group's and parent chaiitws affairs as al 31 March 2025 and ol the groups incoming SOU$ and 8pplicalion of resour$, for the year then ended, have been properly prepared in 8cCOrdan with United Kingdom Generally Apted Accounting Practi". and hav8 b8en prepared in accordanrE with the Charitres Act 2011. Basls for oplnlon We conducted our audrt in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for lh8 8udit ol lh8 fin8nci81 statements section of our report. We are independent ol the ¢harily in accordan with the ethical requirements that are relevant lo our audit of the financi81 staternents in the UK, including the FRC'S Ethical standard. and we have fulfilled our olhei ethical spOnsibilitieS in accoidance with these quireMents. We b8lieve that the audit evidents we have obtained is sufficient and appropriate lo provide a b8sis for our opinion. Concluslons relatlng to golng concern In auditing the financial slatemenls, we have concluded that th8 U5& of the going concern basis of accounting In the preparation ol the financial statements is 8ppropriate. 8a5ed on the work we h8ve perforrned, we have not identified 8ny material uncertainties relating to 8V8nt5 or conditions th81, individually or collectively, may cast significant doubl on the group and the paient charity's ability to continue as a going cOnM for a period of at 18ast tWeb months from when the financial slatetnents are 8Uthorised lor issue. However. because not all future events or conditions c8n be predicted this slalement is not guarant88 as to the charity's abi1ily to continue as & going concern. Our ie5ponsibilities and the r88ponsibilities of the twstees wth respect to going conrn are described in the relevant sections of this report. Other Inforn)atlon The other information compri58s the infom)alion included in the annual report other than the finalay statements and our auditorfs report thereon. The Irust8e5 are responsible lor 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 zny form of assurance conclusion Ihereon. Our responsibility is to read the other information and. in doing so, consider whether the other Inlomation is materially inconsistent with the financial statement5 or our knowledge obtained in the course of the audit, or olhetwise appears to be materially rnisslated. 11 we identify such material inconsistenaes or apparent material missta18ments, we are required to determine whether this gives rise to a materkql misstatement in the fin8ncial Statements themselves. If. based on the work we have perfomied, we conclude that there tnalerial misstatem8nt of this other information, w8 are required to report that lact. We have nothing tts report in this regard. Matters on whlch we ar8 requlred to report by exception We have nothing lo report in respect of the following matters in relation to which th8 Chariti85 (Accounts and Reports) Regulations 2008 r8quires us to port to you if. in our opinion". the information given in the financia1 stslements is incon51Stent in any material respectwith th8 r8port". or sufficient accounting records have not be8n k8Pt." or the financial st8temenls are not in agreement with the accounling records.. or we hav8 not reiVed all the information and explanations we requir8 for our aLKlit. 10-
ROSETREES CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROSETREES CIO R8SPOn51bllltles of trustees As explained more fully in the statement of responsibilities, the trustees are responsible for the preparation of the financial st8tetHenls and lor being s8tI51ied that they give a true and f8ir Mew. and for such internal control as the trustees determin8 is esSary to enab18 th8 preparation ol financial statements thal a free from mat8ri81 misst8ternent, whether due to fraud or error. In preparing th8 Iinanaal slatemenls, the trustees are responsible for assessing the group and parent chariws ability lo continue as a going Conrn, disdosing, as 8ppIic8bl&, rnatters related lo going concern and using the going concem basis of accounting un18SS the tiustees either intend to liquidate the group or the parent chaiity or to 3$e oper8tians, or have no realistic alternative but to do so. Audltorfs respon8ibilit18s for thè audlt of the flnancial 8tat8menls We have been appointed as auditor under $8Ction 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance 8bout whether the fin8ncial stalernents as a whole are free from material misstalemenl, whether due to fraud or error, and lo issue an auditofs report that includes our opinion. Reasonable 85surance is a high level of 85surance but is not a guarantee that an audit conducted in accoidance with ISAS IUKI will always detect 3 materi81 misstalernent when il exists. Missta18ments can arise from fraud or erior and are considered matsiial if, individually or in the aggre98te, they could reasonably b8 8xpeded to influen th8 economic decisions ol users taken on the basis of these financial st8t8ment5. Irregularities, induding fraud, are instances of non-compli8n(x with 18ws and regulation$. W8 design prOdureS in line wth our re5pon5ibililies, outlined above, to detect materi81 misstatements in SpeCt of irregulariti8s, including fvaud. The extent lo which our prOdureS are capable ol detecting irregularili85, including fraud, is detsiled below. However, the primary responsibility for the prevention and d8tection tsl fraud $1$ with both those charged with governance of the entity and managem8nt. Material misslalemenls that aris8 due to fraud can be harder to detect than those that ari38 from error as they may involve delib8rate conalment by for ex8mple forgery, or intention81 misrepre5entalion or through collusion. Our audit prOdureS ar8 desigfied to dete¢t material rni5slatement. We are not responsible for preventing non- compliance or fraud and c2nnot b8 expected to detect non-complian with all laws and regulations. A further description of our responsibilities is 8vai1able on the Financial Reporting Council s website al.. https'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Oth8r matters Your attention is drawn to the fact that the charity has prepared financial 5tatemenls in accordance wilh"Accountino and Reporting by Charities.. Statement of Recotnmended practi applicab18 to charities preparing their accounts in accordan with the Financial Reporting Stsndard applicable in the UK and Republic of Iieland IFRS 1021" las amended) in preference to the Accaunting and Reporting by Charitie5'. Statement ol Recommended Practice issued on 1 April 2005 which is ieferred lo in the extant regulations bul has now been withdrawn. This has been done in order for Ihe fin8ncial statements to prOld8 8 tiue snd fair view in accordance wth ojrrent Generalty A¢pIed Accounting Practice. Use of our report This report is made solely to th& charity's Iwslees, as a body, in accordan with Part 4 of the Charities IAccounts and R8POrtsl Regulations 2008. Our audit work has been undertaken 50 that we might stale to the charity's trustees those matters we are required lo slate to them in an auditor's report and for no other purpose. To the fullest extent peimitted by law, we do not acp1 or assurne responsibility to anyone other than the charity and the charity, Irusie85 as a body, for our audit work, for this report, or for the opinion5 we have lomed.
ROSETREES CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROSETREES CIO Sarah Wilson FCA Isènlor Statutory Audltorl For and on behsll of Gmvita Audit11 Limited. Statutory Auditor Chart8red Acctsuntants Aldgate Tower 2 Leman Street London E18FA United Kin 15IP12026 dom Gravita Audit11 Limited eligib18 for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of 8 cornpany under section 1212 of the Companies Act 20(kS. 12-
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ROSETREES CIO BALANCE SHEET AS AT31 MARCH 2025 Consolldated po$ltion 2026 2024 Notès Flxed ass8t8 Tangibl8 assets Inv8slmenl propety Inv85trnents 15 16 17 7,262 28.629.076 109,117,891 4,265 28.380,149 111.874,208 137,754,229 140,058,622 Current assets Stocks Debtors Ca8h at bank and in hand 19 20 2,431,278 619,546 838,484 2.795.371 935,120 1,212,845 3,889,308 4,943,336 Credltors: amounts falllng due wlthln one yaar 21 18,802,677) 17,547,302) Net current liabilit18$ 14,913,369) 12,603.9661 Total assets le85 current Ilablllt188 132,840,860 137,454,656 Provisions for Ilabllltles 18 116,278.5131 112,889,033) Net assets 116,562,347 124.565.623 Capital funds Endowment funds- general Income funds Restricted funds Unrestricted funds 25 10 10 109,439 116,452,898 27.500 124,538,113 116,562.347 124,565,623 The financial slat8m8nts were approv8d by the Twslees on Richard Ross CBE Trustee 15-
ROSETREES CIO BALANCE SHEET AS AT31 MARCH 2025 Parent only 2026 2024 Notes Flxed assets Tangible assets Investm8nt property Inv8Stm8nt5 15 16 17 7,262 10,654,488 121,554,552 4,265 10,654,488 102,728,248 132.216,302 113,387,001 Current assets Debtors Cash at bank and in h8nd 20 232,099 350,848 22,659,265 503,167 582,945 23,162,432 Creditors.. amounts falllng due wlthin one year 21 18.197,3861 16,245.2621 Net current Iliabilitiesllassets 17,614.4411 16,917.170 Total assets less currènt Ilabllities 124,601,861 130.304.171 Provlslons for Ilabilltl8S 18 18,039,414) 14.276,9831 Net a888t8 116,562,447 126,027,188 Capltal funds Endowment funds- general Income funds Restricted funds Unr8Stiicted funds 25 10 10 109,439 116,452,998 27,500 125,999,678 116,562,447 126,027,188 The total income for the charity for the year 8nded 31 March 2025 was £6.840,88312024'. £75,603,330). Wth the negative movements in funds being £9.464.74112024.' postive £100,941,234). The financial statements were approved by the Trust885 on Richard Ross CBE Trusteè 16-
ROSETREES CIO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operatlng actlvltles Cash absorbed by operations 31 16,528,073) 16,286,970) Investlng actlvlties Cash acquired from subsidiaiies Purch8se of tangible fixed assets Purchase of investments Proceeds from disposal ol other investm8nts Inv8Stment income received 1,959,046 16,0941 126,767,257) 29,751,654 3.107,913 15,659,232) 8,449,285 2,529,996 Net eash generated from invasting actlvltles 6,086,216 7,279,095 Flnanclng actlvitl88 Purchase of derivatives 67,496 Net cash generated from financlng actlvltles 67,496 Net 1decrea88lllncr8888 In cash and cash equlvalents 1374,3611 992,125 Cash and cash equivalents at beginning ol year 1.212,845 220.720 Ca¥h and cash 8qulvalents at end of year 838.484 1.212.845 17
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Charlty Informatlon R05etiee CIO is an unincorporated charity. The principal Offi address is Ru85811 House.140 High Street, Edgware, Middlesex, HA8 7LW. Charity number 1197546. 1.1 Aecountlng conventlon The financial statements have been prepared in accordance with the ch81ity'5 Trust Deed, the Charities Act 2011, FRS 102 The Financial Reporting Standard applicable in the UK 2nd Republic ol Ireland. l FRS 102,1 and the Chaiilies SORP "Accounting and Reporting by Charili85.' Statement of R8commended Practic8 applicable to charities preparing their accounts in accordan with the Financial Reportlng Standard 8pplicable in the UK and Republic of Ireland IFRS 1021" 18ffective 1 January 20191. The charity is a Public Benefit Entty as defined by FRS 102. The financial statements have departed frorn the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair wew. This departur8 h85 involved following the Statement of Recommended Practice lor charit18s 8ppSying FRS 102 rather than the version ol the Statetnent of Recornmended Practice which is referred to in the Regulations but which has 5inc8 b88n withdrawn. The financial statements are prepared in sterling, whlch is the functional currency ol th8 charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention, modified to include investment properties and investments at market value. The principal accounting poliries adopted are sel out below. The financial st8t&ments of the Chaiiws wholly owned subsidiaries on a line by line basis from the dale of acquisition. 1.2 Golng ¢oncarn Although the Group has n8t current liabilities of £4.913.36912024." £2,603.9661 this is covered by 9ross assets of £116,562,34712024'. £124,$65,6231 and therefor8 the group has the available funds as and when needed. At the tim8 of approng the financial stalem8nts, the trustees have a reasonable expectation that the charity has adequate r&sources to Continue in operational existence for the foreseeable lulure. Thus the IrLBlees Continue to adopt the going concern basis of accounting in pr8panng the financial statements. 1.3 Charitabl8 funds Unie5tricted funds are general funds av8ilable for use at the Trustees, discretion in further8 of the objectives of the Charity. Restricted funds are subject to specific conditions by donors as to how they may be us8d. The purposes and uses ol the restricted funds are set out in the notes lo th8 accounls. Expendable endowment funds are h81d by the CIO as a capital fund. Th8 Trustees have discretion to etsnvert the endowed capital into Income. IA Income Incom8 is recognised when the charity is legalty entitled lo 11 after any performan conditions have b88n rnet, the amounts can be measur8d ieliably, and il is probable that income will be reived. Cash donations are recognised on Ceipt. Other donations ar8 recoJn15ed once the charity has been notified of the donation, unless performance conditions require deferral of the amount. 18-
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles IContlnu•dl L8g8cies are recognised on receipt or olhewise il th8 charity has been notified ol an impending distribution, the amount is known, and leIpt IS 8XP8Cted. 11 the amount is not known. the legacy is tr88ted as a contingent asset. 1.5 Expendlture All expenditur8 is included on an accruals basis and is COgnISed when there 18 a legal or conslwctive obligation to pay. Grants payable are charged in th8 year they are awarded eXpt in those cases where th8 olfer is conditional, such giants being included as expenditure when the conditions attaching ar8 fulfilled. 1.6 Tanglble flxed assets Tangible fixed assets are initia15y measured at cost and subsequently m&asured at cost or valuation, net of depciation and any impairrnent losses. Depreciation is recognised so as to write off th8 Cost or valuation of assets less th&ir residual values over their useful lives on th8 following bases.. Fixtures and fittings Computers 25% reducing balance 3 years 5triuht lin8 The gain or Ioss 8ri51ng on the disposal ol an asset is determined as th8 differen befvv88n the Sa prw8ds and the carrying valu8 of the asset, and is recognised in the statement of financisl actiwties. 1.7 Inve8tm8nt property Investment property, which is property held to earn rentals andlor for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is rneasured at fair value at th8 reptsrting end date. The surplus 01 defiat on revaluation is reo)gnised In profit or loss. 1.8 Flxed asset InvestmentB Fix8d asset investment5 are initially rneasud at trans8Ction price including transaction costs. and ar8 subsequently measured at f8ir value at each reporting dale. Changes in lair value are rewnised in other recognised gains 8nd losses expt to the extent that a gain rev8rse5 a loss previously iecognised in net income expenditure. 01 a 105s exceeds the accumulated g8ins recognised in equity,. such gains and loss are recognised in net incomellexpendilurel for the year. A subsidiary is an entity controlled by the Charity. Control is the power to govern the financial and op818ting policie5 of the entity so as to obtain benefits from its activities. 1.9 Impairment of flxed a8sets At each pOrtirng end dale, the charity rewews th8 carrying amounts of its tangible assets to deterrnine wheth8r there is any indication that those assets have suffered an imp8iltnenl loss. If any such indication exists. the r8coverable amount of the asset 15 estimated in order to determin8 the extent of the impaiimenl Ios5 lil anyl. 18-
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢Gountlng pollcles Icontlnuedl 1.10 stocks Stocks are stated at the lower ol CD8t and estimated selling price 1885 costs to complete and sell. Cost compiises direct matèrials and. where applicable. direct labour costs and th058 overheads that have b8en incurred in biinging the stocks to their present location and condition. Items held for distributs-on at no or nominal consideration 8re measured the1ow8r of replacement cost and cost. Nel realisable value IS the estimated selling price less all estimated costs of completion and costs lo be incurr8d in marketing, selling and distribution. 1.11 Cash and cash equiva18nts Cash and ¢ash 8quivalents include cash in hand. 1.12 Flnanclal Instruments The ch81ity has elected to apply the provisions of Section 11 '8asic Financial Instrum8nts' and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all ol its financial instruments. Finanaal instruments are Tecognised in the charitls bal8nC& 5hEet when the charity b8come5 Party to the contractual provi5ion5 01 the inslwm8nt. Financial assets and liabilities ar8 oftset, with the net amount5 presented in the financial Statements. when there is a legally enforceable right to set off the recognised amounts 8nd there is an intention to 58tt18 on a net basis or to realise the as88t and settle the liability simultaneously. Baslc financial as5•ts Basic fin8ncial assets, which include debtors and cash and bank balan8, are init1811y measured al tiansaction price including transaction costs and 8re subsequently carried at arnortised cost using the 8ffeclive interest method unless the aiiangemenl conslitu18s a financing transaction, where the transaction is measured at the present value of the future olpt$ discountsd at a fflafket rate of interest. Financial assets classified as reC81vab within one year are not arnortised. Olher financlèl assets Oth&1 financial assets. including investments in equity instruments which are not subsidiaries, associates or joint ventures, ale initially measured at fair value, which is norm8lly the transaction pricA. Such assets are 5ub5equently carried 8t fair value and the change5 in fair value are recognised in net incomellexpenditLirel, exc8Pt that investments in equity instruments that are not public traded and whose fair values cannot be measured reliably are measured at cost les5 Impairment. Impairment of flnanclal asset5 Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each r8POrting date. Financ4al assets are impaired where th81e is objective evidence that, as a resull of one or more events that occurred after the iniiial recognition ol the financial asset, the estimated future cash flows have been affected. If an asset is irnpaiied, the impairment Ios5 IS the differeTh betwe8n the carrying amount and th8 present value of the estimated cash flows discounted at the assets original effective interest late. The impairment10ss is recognised in net incomellexp8nditurel for the year. If there 15 a decrease in the impairment Ioss 8ri5ing trom an event occurFing after the impairment was recognised, the Impaimient is reversed. The reversal is such Ih8t the current carrying amount does not exceed what the carrying amount would h8V8 been, had the impairment not previously been recogni88d. The impaiim8nt reversal is recogni5ed in nel incom8ll8xp8ndituI lor the year. -20-
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounttng pollcl8S IContinu8dl 8aslc flnanclal Ilabllitie5 Basic financial liabilities, including creditors and bank108ns are initialty recognised at transaction pri unless th8 8iiangement conslitules a financing transaction, where th8 debt instrument is measured at the present value of lh8 future paytnents discounted at 8 Market rate of interest. Fin8ncial liabilities dassified as payabte within one year are not 8morti5ed. Debt inslrum8nt5 ale subsequently carried at 8rntsrtised cost, using the eff8div8 interest rate method. Other flnanclal Ilabllltles Deiiv3tives, including forward forelgn exchange contracts, are not basic financial instrum8nts. Derivatives are initially recognised at fair value on th8 date a derivative contract is entered into and are subsequently re- measured el th8ir fair value. Changes in the fair value of derivatives are recognised in or in finan costs or finance income as appropriate, unles5 hedge accounting 18 applied and the hedge is a cash flow hedge. Derecognltlon of financlal Ilabllltles Financial liabilities are eCognISed when the charity's contractual obligations expire or are discharged or cancelled. 1.13 Derlvatlve8 Derivaliv8s, including interest rate swaps and forward foreign 8xchang8 contracts, are not basic finan1 instruments. Derivaliv88 are inits.ally recognised at fair value on the dale a derivative contract is entered into and are subsequently re-measur8d at their fair value. Chang8s In the fair value ol derivatives sie recognised in in¢omellexpenditUI for the year, unless hedge accounting is applied and the hedge is a cash flow hedge. Deiivalives are initially recognised at fair valu8 at th8 date a derivative contract is entered into and are subsequently remeasured lo fair valu8 8t each reporting date. The ie5ulling gain or loss is r8cognised in net incomellexpendilurel imrnedialely unless the derivative is designated and 8ffeclive as a hedging instrument, in which event the liming of th8 recognition depends on the nalure ol the hedge relationship. A derivative with a positive fair value is r8cogni8ed as 8 financial asset, wh8r8as a derivative with a n8gatw8 fair value is recognised as a financial liability. 1.14 Provlslons Provisions ar8 r8cogni5ed when the charity h85 a legal or constru¢tive pr858nt obligation as a result of a past event. it is probablg that th& charity will be requir8d to settle that obligation and a r81i8ble estimate can be mad8 of the amount of the obligation. The amount recognised as a provision is the best estimate of the considemtion required to settle the present obligation at the reporting end date. tsking into account the risks and uncertainties surrounding the obligation. n)ere the effect of the tirne value ol money is material, the amount expected to be required to settle the obligation is COgniSed al present value. VQh8n a provision 15 measured at present value, the unwinding of the discount is iecognised as a finance cost in nel incomellexpenditurel in the period in which it 81ise5. 1.15 Employee beneflts The cost of any unu58d holiday entitment 18 iecognised in the period in which the employee's services are rer£ived. Teminalion benefits are recognised immediately a5 an expense when the ch81ity Is demonstrably committed lo terminate the employment of an employee or to provide teimination benefits. 1.16 Retlrement benefits Payments to d8fined contribution relirernent benefit schemes are charged as an expense as th8y fall due. 21
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Ac¢ountlng pollcles IContlnu8dl 1.17 Forelgn exchange Monetary assets and liabilities denornin8ted in fOln currencies are translated into Sterling at the rates 01 exchange ruling at the balance sheet date. Transaction5 in foreign currenci8s are recorded at th8 rate ruling at the data of the tiansaction. All differen5 are taken to the statement ol financial activiti85. crftlcal aecountlnu estlmat8s and ludgem8nts In the application of the charity's accounting policies. the trusts85 818 required to make judgements, estimates and 8S5umptions about th& cairying amount of 8S5ets snd liabilities that are not readily apparent fiom other SoUs. The estimates and assouated assumptions are b85ed on historical experien and other factors that are considered to b8 relevsnt. Actual results msy differ from thes8 88tlrn8tes. The estimates and underlying assumpts.ons are reviewed on 8n ongoing basis. Revisions lo accounting estitnates are recognised in the period in which the estimate is r8vised where the vIsion affects only that period, or in the periocl of the revision and lulure period5 where the rewsion 8ffects both current and future periods. Key sources of estlmatlon unc8rtalnty Valuation of Propertles As described in note 16 to the Financial Statements, property is stated at fair value based on the valuation performed by an independent professional valuer with experienc8 in location and category of property valued. Th8 valuer used observable market pri$ adjusted as necessary for any differen in the futur8, location and condibon of the speafic asset. FIx8d Asset Inve8¢ment8 As described in note 17 to the Financial Statements, fix8d asset investments are initialty measured al Iran58clion pri induding transaction costs, and ar8 subsequently measured at fair value at each reporting dale, Income from donatlon8 and l&gacles Unrestrlcted Restrlcted funds funds 2025 2025 Total Unrestrlcted Restrlcted funds funds 2024 2024 Total 2025 2024 Donations and gifts other 250,6(K) 2,804,704 3,055,304 65,968,040 1,141,851 67,109,891 32,216,738 32,216,738 250,600 2.604,704 3,055,304 98,184,778 1,141,851 99,326,629 -22-
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from Investments Unrestricted Restrlcted funds funds 2025 202S Total Unrestrlcted Re8trict8d funds funds 2024 2024 Totsl 2025 2024 Rental incom8 Income from listed investments other income Interest receivable 1,670,060 1,670.060 1.265.569 1,265.569 875,796 405,147 124.220 875,796 437,837 124,220 865,735 68,774 329.918 865,735 68,774 329,918 32,690 3,075,223 32,690 3,107.913 2,529.998 2,529,996 Income from other tradlng actlvltles Unrestrictsd Unrèstrlcted funds funds 2026 2024 Property trading ineome 598,404 8g5,068 Charltable actlvltle8 2026 2024 Dlrect Costs staff costs 385.397 366,813 Grant funding of sctivities (see nota 71 13,5e4,877 7.702.511 13,950,274 8.069,324 -23-
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payable Total 2025 Total 2024 Grants to institutions.. UCL University of Cambridg8 Kings College London University ol Oxford Imperial Colleg8 London Franas Crick Cancer R85eaich UK British H88rt Foundation University ol Edinburgh Institute of canr Res88rch NIHR Queen Mary Uiv8rsity London University of Bristol BIRAX Non Medical Royal Academy of Engin88ring University of Manchest8r University of Dunde8 University of L8icester Northumbri8 University Royal College ol Surgeons W8izman Institute of Science University ol Haifalcarmel Leukaemia UK BURST (Brit Urology Reaseach in Surgicall MQ University of Bim)ingham BASO-A5soc ol Canc8r Surgery National Brain Appeal 8en Gurion University st Georges University ol London Oueens University Belfast Universily of the West of England Univ8rsity of Liverpool University of Glasgow Abertay University University ol Lincoln University of Southampton Hebrew University T81 Aviv University Newcastle University Other National Institut8 for Health and Care MO Mental Health Research The Cure Parkinsons Trust University of Leeds Royal Academy ol Engineering RCS 2.684.133 1,899,011 1,686,585 994,691 882,293 850,000 843,821 600,000 461,853 322,072 285,905 284.938 257,997 200,000 174,535 161.381 159,641 149,944 104,946 99.961 95.088 80,000 75,CKJO 74,446 41.811 30,000 29,056 25,000 24,880 20,000 18,OLK) 10,000 9,924 9,799 9,193 4,990 4,639 1,357.212 1.253.165 297,183 751,374 916,456 397,283 148,928 75,000 25,000 103,000 72,661 488,908 289,999 288.724 222,154 194,014 173,460 105,250 100.000 99.934 94,026 75,(K)7 -24-
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payablè (Connued) University olyork RNOH JAMI Antibiotic R8search UK Grants r8funded 59,467 51,326 33,000 30,000 1100,6561 13,564.877 7,702,491 Audlto¢8 r8rnuneratlon Fees payable to the charity'5 auditor and as8ociates'. 2025 2024 For audlt setvices Audit of the financial statements of the charity 25,570 25,270 Trustees None of the tiustees lor any persons connected with them) reiVed any remuneration or benefits frorn the charity during the year. 10 Employ8es Th8 average monthly numb8r ol employee5 during the yearwas.. 2025 Number 2024 Number Total 10 Employment CO8t8 2025 2024 Wages and Salaries Social security costs other pension cosls 301,657 32,548 51,192 290,762 26,073 49,978 385.397 366.813 The number ol employ885 whose annual r8rnuneiation was mor8 than £60.000 is as follows.. 2025 Number 2024 Number £60,000- £70.000 -25-
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Employee8 Icontlnuedl Pension contributions for employees whose annual MUneration w25 £60,000 or mor8 amounted to £11,965. 2025 83,402 2024 77,482 Aggregate compensation Subsidiaries The d1ClOr$ ol the subsidiaires are th8 only employees. They are also trustees of th8 ch8rilies Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 189,944 21,181 30.000 127,413 16,342 20,548 241,125 164.303 Comparative figures foi subsidaries are from date the enlits5 b8came subsidiary companies and are not for full year. 11 0th8r 8xpendltur¢ Unrestricted Restrl¢ted funds funds 2025 2025 Total Unre8trlcted Restrlctsd funds funds 2024 2024 Totsl 202S 2024 Expenditure of sub5idiarles Deferred tax of subsidiari85 Other expenditure ol charity 1.727,482 1,727,482 1,955,478 1,955,478 1382,4241 1382.4241 16.3281 16,3281 156,703 2,360 159,063 195,838 195.838 1.501.761 2,360 1,504,121 2,144,988 2,144,986 12 Net galnslllossesl on Investments Unrestrlcted UnreBtrl¢ted funds funds 2025 2024 Revaluation of inveslm8nis Gainlllos81 on sale of investments Revaluation ol investment properties 11,719,201) 7.640,949 1,936,263 1,872,553 484,927 11,656,570) 701.989 7,856.932 -26-
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Net gainsllloss•sl on Investment IContlnu•dl 13 Taxatlon The charity 15 exempt from lax on income and gains falling within section 505 01 the Taxes Act 1988 or section 252 01 the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable obj6cts. The trading subsidiaries account for taxation in their individu81 aecounts. 14 Other galn8 or Ios88S Unrestrlcted Unrestrict8d fund8 funds 2025 2024 Foreign exchang8 gains 12,491 914,644 15 Tanglbl8 Ilxed assets Parent Flxtures and Computers Total Cost At 1 April 2024 Additions 4.265 4,265 6.094 6,094 At 31 March 2025 4,265 6.094 10,359 Depreclatlon and Impalrmant Depreciation charged in the year 1,066 2,031 3,097 At 31 March 2025 1,066 2,031 3.097 Carrylng amount At 31 March 2025 3,199 4,063 7,262 At 31 March 2024 4,265 4,265 16 Investment property Group 202S Falrvalu8 At 1 April 2024 Additions Disposals Net gal[ or losses through lair valu8 adjustments 28,794,817 526,532 1236.0001 1456.2731 At 31 March 2025 28.629,076 -27-
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 16 Inve8tmant property Icontlnuedl The fair value ol the investment propety has b88n arrlved at on the basis of a valuation carried out at 31 March 2025 by the trustees. Parent 2025 Falr valua At 1 April 2024 Nel gains or losses through fair value adjustments 10.654,488 At 31 March 2025 10,654,488 -28-
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Flxed asset Investments Group Llsted Unllsted Investments Invèstments Total Cost or valuatlon At 1 April 2024 Additions Valuation changes Disposals 69.039.640 42,634.473 26,287,119 60,234 1,108,375 12,239,546) 124,457,931) 13,314,470) 111,674,113 26,347,353 11,131,171) 127,772.4011 At 31 March 2025 71,977,203 37,140,691 109,117,894 Carrylng amount At 31 March 2025 71,977,203 37,140,691 109.117,894 Al 31 March 2024 69,039,840 42,634,473 111,674,113 Listed inv8Stm8rits are valued at open matket value. Unlisted inv8Stment are valued al fair value. Paront Llsted Unlisted Investments Investmants Investments In subsldlari?$ Total Cost or valuatlon At 1 April 2024 Additions Valuation chang85 Disposals 16,342,504 26,180,491 520,370 14.642.5551 2,794,443 60,234 1197,5801 12,654,409) 1440.2471 83.591.301 102.728.248 26.240,725 12,331,619) 15,082,802) At 31 March 2025 38,400,810 2,216,850 80,936.892 121,554,552 Carrylng amount At 31 March 2025 38,400.810 2,216,850 80,936,892 121,554,552 At 31 March 2024 16,342,504 2,794,443 83,591,301 102,728,248 18 Flnanclal In8trum8nts 2025 2024 Carrylng amount of financlal Ilabllltles Measured al lair value through profit or loss Other financial liabilities 67.496 -29-
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 19 Stocks 2026 2024 Property Stock 2.431.278 2,795,371 20 Debtors Group Amounts falllng due wlthln one year: 2025 2024 Other debtors Prepayments and accrued income 607,151 12,395 896,816 38,304 619.548 935,120 Pargnl Amount5 falllng due withln one year- 2025 2024 other debtors PpaYments and accrued income 219,704 12,395 20,819.986 1.839,279 232,099 22,659,265 21 Credltors: amounts falllng due withln one year Group Amounts falllng duè In one year 2025 2024 D8rivatwe financial instiumenls Olhei creditors Accruals and d8feiied income 67,496 688,141 8,047.040 1,521,226 6,026,076 8,802,677 7,547.302 Parent Amounts falllng du8 In one year 2025 2024 Amounts owed lo subsidiary undertakings Other cr8dito Accruals and deferred income 21,752 247,181 7,928,453 2.400 216,786 6,026,076 8.197,386 6,245,262 -30.
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Provisions for Ilabllltl88 Group 2025 2024 Provisions for grant5 due over one year over on8 year Provision foi deferred tsx 8,039,414 8,239.099 4,276,983 8,612,050 16,278,513 12,889,033 Movèments on provlslons: Parent At 1 April 2024 Additional provisions in th8 year Grants paid 10,258,752 13,564,877 17.881.942) At 31 March 2025 15,941,687 Group Within one year Grants Dèferred tax 7,902,273 Total 7,902,273 Over one year 8,039,414 8,239,099 16,278,513 15,941,687 8.239.099 24.180,786 23 R8tlrement benefit Schèmes 2025 2024 Deflned contributlon schemes Charo8 to profil or bss in iespect of defined contribution sch8m8s 51,192 49,978 The charity operates a defined contribution pension scheme for all qualitying employees. The assets of the scheme are held sepaiately from those of the charity in an independently adrnini5tered fund. 24 Re5trleted funds The restricted funds ol th8 charity comprise the unexpended balances of donations and grants held on trust subject lo specific conditions by donors as to how they may be used. At 1 Aprfl 2024 Incomlng rasources R•50ur¢es At 31 March expended 2025 Co- funders 27,500 2,837,394 12.755,4551 109.439 31
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 24 Restrlcted funds Icontlnugdl Pr•vlou8 year: At 1 Aprll 2023 Incoming r8sour¢es Resources At 31 March expentled 2024 Co- fundars 64.663 1,141.851 11.179,0141 27,500 Endowmenl funds Endowment funds represent a85ets which must be held permanently by the charity. Incame aiising on the endowment funds can be used in accordan with the objects ol the charity and 15 included as unr8stricied incorne. Any capital gains or kjsses arising on the assets fomi part or the fund. 26 Analysis of net assets b8tw88n funds Unrestrlcted fund$ 2025 ReBtrlctèd Endowment funds funds 2025 2025 Totsl 2025 At 31 March 2025.. Tangible ass8ts Investment properties Investments 7,262 28,629,078 109.117,891 15.022.8181 116,278,513) 7,262 28.829,076 109,117,891 14,g13,3691 116,278,513) 109,439 10 ProMsions 116,452,898 109,439 10 116.562.347 Unrestrlctsd funds 2024 Re¥trhct8d Endowment funds funds 2024 2024 Total 2024 At 31 March 2024.. Tangible assets Investment properties Investments Current as58ts1lliabililiesl Provisions 4,265 28,380,149 111,674,208 12,631,476) 112.889,0331 4,265 28,380,149 111,674,208 12.503.9661 112,889,033) 27,500 10 124,538,113 27.500 10 124,565,623 27 Unrestrlcted funds The unr8Stiicted funds Df the charity comprise the unexpended ba18n5 ol donations and grants which are not subje¢l lo specific conditions by donors and grantors as to how they may be used. Th8S8 indude d8signated funds which have been set aside out of unr8Strided funds by the trustees for specific purposes. Surplus fund5 of the trading 5ubsidiari8s ar8 also induded in unrestiicted funds. .32-
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 28 Capltal commltments Arnounts contracted for but not prOved in the financial statements.. The Charitable Trust had capital commitments of $2,851,594 or £2,210,53812024 '. $1,087,500 or £863.0951 at the year*nd exchange rate in resp8Ct of investments. Subsidiary 8ntilies had capital commitments of $8,746,026 £6,667,696. É307,154 - £260,300 8nd £674,176 12024". 01 $14,071,OS2 - £11,167,502, É616,015- £531,047 and £1.107,4141, at the year end exchange Igte, in respect of capital investm8nts. 29 Related party transactions Transactlons Wlth related partI88 During the yearthe charity entered into the following transactions with r81ated patties.. Donatlon5 2026 2024 Waygrove Properti8s Limited Donation from P88k Securities Ltd R Ross donation of shares 250.000 6,800,634 64,569,776 250,000 71,370,410 Comparative don8tlons from Peak Securities Ltd relates to the period prior to the entity being 8 subsidiary and donations from R Ross relate to donation of shares in the charitles now subsid8ri8S. The Trustees R Ross and L R Mesnick are directors of Waygrove Propertl88 Limited. 30 Subsldlarles Details ol the charity's subsidiaries at 31 March 2025 are as follows.. Name of undertaklng Reglstered offlce Naturè of bu81ne83 Class of shares held °A held Direct Chromeglade Ltd Eroland Signpost Properties Ltd England Roselrees Norninees Ltd England Peak S8curities Limited England S&R Management Limited Enoland Dormant Dorm8nt Doimant Investment company stock trading Ordinary Ordinary Ordinary Ordinary Ordlnary 100.00 100.00 100.00 100.00 100.00 .33-
ROSETREES CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 31 Cash generated from operatlons 2025 2024 (Delicitllsurpus for the year 17,990,785) 100,394,313 Adjustfflents for.. Inv8Stmenl income recognis8d in statement ol financial 8Ctivities Donsted assets Unlift ol previou$1y donated assets Gain on disposal of investments Fair value gains and losses on inveslm8nt properties Fair value gain5 and losses on inveslrnents Depreci8tion and impairment of tangible fixed assets Realised FX Movements in working capital". Decrease in stocks Dec£sel(ln¢reaS&I in debtors Increaselldecr885el In cieditors Increase in PToMsions 13,107,913) 12,529.9961 184,569,776) 132,216,738) 11.936.263) 11,872,553) 1484,9271 1.656,570 1,719,201 17.640,9491 3,097 1,838 12,491 28,925 364.093 315,574 1,187,879 3,389,480 780,000 1106,8121 11.015.852) 804,060 Cash absorbed by operations 16,528.0731 16,286,970) -34~