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 ROset￿eS 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 Practi￿1.
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 A￿pted 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 cOn￿M 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 con￿rn 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 fina￿lay 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 re￿iVed 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 ￿e￿sSary 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 Con￿rn, 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 prO￿dureS in
line wth our re5pon5ibililies, outlined above, to detect materi81 misstatements in ￿SpeCt of irregulariti8s, including
fvaud. The extent lo which our prO￿dureS 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 con￿alment by for ex8mple forgery, or intention81 misrepre5entalion or through collusion. Our
audit prO￿dureS 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 prO￿ld8 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 ac￿p1 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-

J ￿ ¢J>
O UJ
> Ln oi
7J Lfj
Iii"
0>
00>
(O
o ir)
VJ WJ
00
0>

Lfj
111-

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 appro￿ng 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 re￿ived.
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 le￿Ipt 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 eX￿pt 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
dep￿ciation 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 rneasu￿d 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 ex￿pt 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 balan￿8, 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 o￿lpt$ 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 incom8ll8xp8nditu￿I 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 ￿e￿CognISed 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 finan￿￿1
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¢omellexpenditU￿I 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 entit￿ment 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 fO￿l￿n 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 differen￿5 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
SoU￿s. 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 can￿r 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
(Con￿nued)
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) re￿iVed 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 d1￿ClOr$ 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
P￿paYments 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 ba18n￿5 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 prOv￿ed 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~