2024-03-31-accounts

REGISTERKD CHAIUTY NUMBER: 121)3103 REPORT OF THE TRusfKES AND FIf4AP4CIAL sfATEMETrrrs FOR THE PEIUOD I JULY 21123 TO JI MARCH 21J24 FOR TUE HUMANE RESEARCH TRUST CIO

The Humane Researth Trnst CIO Contettts Pge Report of the trnstees R¢wbrt of the 8udito 12-14 Consolidited 5t%temeTht of financial aetivitits 15 Consolidated ￿lance sheet 16 CoDsiilidaled staternent of e•$b flows 17- 18 o¢ts formiDg pgrt of the fth4neial stteMellts 19-28

THE HUMANE RESEARCH TRUST CIO REPORT OF THE TRUSTEES FOR THE PERIOD FROM I JULY 2023 TO JI MARCH 2024 tn September 2022, the board of trustees Of Th¢ Human¢ Rtsearch Trust (Incorporating the Lawson Tait Medical and Scientific R¢seaTch Trust). charity number 267779. voted unanimously to transition the Trusi to aD incorporated Edy in the forni of a Charitable Incory)orated Organisation (CIO). The Humane R¢s¢arch Trust CIO became operational on I July 2023 and took over all the Staff, asset5 and operations of the unincoryM)rAted charity. The trusiees of the unin¢orp)rated charity be¢am¢ the founding trusttes of The Humane Research Trnst CIO. The trust¢es of The Humone Resear¢h Trust CIO present their first repon together with the fllhan¢ial stst¢m¢nts of the charity for the ￿mOnth peri(xJ from l July 2023 to 3l March 2024. The financial statements have been prepared in a¢¢ordance with the accountittg rx)licies set out on pa¥¢ 12 and comply with th¢ ¢harity's constitution and"Accounting nd Rerxirting by Chariii¢s'. Stat¢tH¢nt of Recommtnded Prnctice appli¢able to Ghariii¢s pr¢paTill8 their a¢tount5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland" ¢ffective l JaDuary 2015. REFERENCE AND ADMtNISTRATIVE DETAILS Trust¢es Gillian Homan (Chair) Barry Topha]n PauliJJe Cross Ap￿]nted l July 2023 Appx)inted l July 2023 Appointed l July 2023, Resigna 13 Nov 2023 Appointed l July 2023 Appointed l July 2023. Resigna 26 Oct 2023 Appointed l July 2023 Appointed l July 2023 Appointcd l July 2023 Appointed l July 2023 Appoinl¢d 8 Sepi 2023 Appointed 8 Sept 2023 Paul Gold Laurn Jackso Bryan Hom Janet Tate-smith (Deputy Chair) Julie Gough K¢lly Ryan Aline Mill¢r Alan Crozier {Hon Treasurer) Charity office: Brook House 29 Bramhall Lane S¢￿th Bramhall SK7 2DN Charity Number: 1203103 Audltors: Harold Sharp Limited, 5 Brooklands Pla¢¢ Brwklands Road Sa]¢ M33 3SD Bankers: Roy81 Bank of SGotl4nd Drummond House Bran¢h l Redheu8hs Avenu¢ Eilinburgh EH129JN

THE HUMANE RESEARCH TRUST CIO REPORT OF THE TRUSTEES FOR THE PERIOD FROM I JULY 2023 TO 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The Humane Research Tn]st CIO is an incoTrrf)rated registered charity. number 1203103. under a constitution signed by the founding irusiees on 17 May 2023. Goverllanee of tbe Trnst The Trust is governed by a Board of Trnstees. All Tn￿le¢S give th¢ir tirn¢ freely and no remun¢ration is paid to any Tru%tee. The Trustees who setved during the period are listed on page 3. The BoArd wishes to &%press its sincere grntitude to those Tru5te¢s who stepp¢d down during the period for their support of tbe Tru5¢- Laura Jarkson and Pauline Cr05S. The Board of Trustees holds four Btsard mcetings a year to agree the overall strhtegy, rA>li¢i¢s, and areas of activity. Trustees mak¢ d¢¢isions on new grants and keep financial perforniance. reserves and risk managemcnt under review. The Board of Trust¢¢5 h&5 w)wers to d¢le8at¢ som¢ d¢¢ision-makittg to sub-committees of the Board. During the period. Su￿CoMmIttee5 were establishcd in the f(>ur areas of audit & finance. ope￿10nS, ￿l¢n¢< and marketing & fundraising. Each sub-¢ommitt¢¢ has temis of reference that are kept under review. Tru￿e$ are required to disclose ￿1 relevant interests and register them with the Chair and in accordance with the Trnst's policy withdtaw from dis¢us$ion$ where a ¢onfli¢t of int¢rest exists. Detalls of T￿Stee5 expen5e5 and related party transa¢tiohs are S￿ed in the t￿$ to the financial siatements. Appointment of new Trnstees Th¢ app)intment of TnJ$tees is governed by the Trust'5 ConstitutlOD. and the Board of TTh5tet5 is aUthori￿d to appoint new Trustees to fill vacancits arising frorn r¢tireTn¢nt. ￿SignatIon or death of an existing Trusie¢. Twst£es serve for a 3- year ter]n and can 5thnd for tf-app)inttn¢nt for a s¢¢ond 3-y¢ar terni. The Trustees nominate a chair and deputy chair frtsrn aJTrtsngst their nwnb¢r. To provid¢ th¢ strdtegic leadership that is necessary for the Trusi. thc Board keeps the skill r¢quir¢ments for the TTUSt Body under review. Poi¢ntial new Th$t¢es are identifiedthrough open Competition, personal recommendation or through knowledge of individuals who respect the ethos of the Trust. Candidates are intetvt¢wed by a panel of existing Trustee5 and appointments are made subj¢ct to ealldidates meeting Trustee eligibility ¢ri*ria atld the completion ora conflicts of inteTest declaration. The CoDstitution provides for a minim￿￿ of three Trustees and a M￿lmuM of eleven TNste¢s. Nin¢ individu81$ wer¢ appointed a5 the founding tsustees of the Trust. During the period. two ￿$tee$ resign¢d and two new truste¢5 w¢re appointed, Wlth backgtDund$ in medi￿1 research snd accounting. The Tw$tees all have 8 proft85ional bACkW￿d, and two are actively involv￿ in medical r¢s¢arch. Trus¢e¢s may seek independent opinions, as apptrkpriate, from members of the Tntst's ind¢pendent Scientifjc Advi50ry PsD¢I or from other specialisi advis¢rs from time to time. Inductlon aDd trainlng of Trustees The induction proce55 for any newly appointed Trnstee comprises meetings with the Chair to explain tht Powffls and re5w)n5ibilities of the Trustee Board and to provide a brief history of the Trnst. Trustees are given Copies of key policy document& the gov¢rnin8 constitirtion, copy mirtutes and annual reports and &eCOUTLts tog¢th¢r with other flnancial infomiation. Additionallyg atry newTnLSte¢ is made aw8reoftheCharity Commission'sGuidance.'TheE55ential Trustee.. Wjat you ne¢d to kDow'.

THE HUMANE RESEARCH TRUST CIO REPORT OF THE TRUSTEES FOR THE PERIOD FROM I JULY 2023 TO 31 MARCH 2024 Risk managemen¢ The Trusi maintains a registerofihe k¢y risks facing the tharity. Therisks fall into three cate8ories'. financial,oper&lional. and repuiati¢)nal. Each risk is own¢d by a Board $0￿cOMmIttee reviews the risks and the corr¢srx)nding preventive and tnitigatin8 actiorts on a quart¢rly basis. The B¢)aTd of TN$tee5 rtviews the regisier on an annual b&¥is. Charitable objects The charitabl¢ objerts of the TNst are the promotion artd encouragement of medi¢&] and scientific research and learning and the diss¢mination of the results of such research For the benefit of th¢ publi¢ and in parti¢ular (but without prejudice to the generality of the fO￿going) in flelds that may lead kn the elimillation of the of animals and animaj products medical and scientific research and in all kind5 of testtng. The TTUSL which r¢lies entirely ￿￿)n public donations and l¢gacies. endeavours io raise fjnancc for pionecring projects in the UK thki lead to improvements in Jnedi¢al r¢sear¢h *¢hniques, the advancement of diagnosis and treatsnent of human diseases and the development of innovative ￿tern￿lveS 10 th¢ use of animals and anima141eriv¢d pr(KluclS in medical rest8￿h. Investment powers obJective5 The consiiiution authori$¢$ the Trustees to make aE]d hold inve5tmenis. at their dis¢r¢tion, using the generaj funds of the charity. During the accounting P¢Tiod of this report the portion of the Tn]st's reserves unlikely io b¢ utilised within three years was placed in the ethical inv¢stment fund managed by CCLA. a spectalist charity fund maTJager. (hh¢r r¢seThes r¢m4in on dwsit with a pan¢1 of re8ul#tsd banking itiststution4 as well as with the principal bank¢r. Public bellefit Th¢ Trllstees, having had regard to guidance on public benefit issued by the Charity Commission, confinn that th¢ chariiabl¢ purpose5 of the Trust fall within the definiiions set out in lh¢ Charities Ad and, therefore, are for the public b¢nefit. G￿nt mAkIng pollcy The Trusi invites gran¢ applications from UK-based 5¢ien¢ists from adiv¢rs¢ range of disciplines. Detai15 of how to apply for grants published on the charity's website. Applic￿10￿$ are a55e5s¢d by the Trust ￿8rd.$ science sub-committee And members of the Tnjst's indepthdent Scientifi¢ Advisory P8nel for their s¢ientÉfi¢ m¢rit and against the re5eareh objectives established by the TNst¢¢s. Shortlisied appli¢antg are visited by thechairof the Trust's Science sub-wrllmittee, th¢ CEO and other trustees when available. befor¢ a final deeision is taken. The srien¢e s￿￿e0m[￿lttcC h&% d£legated authority to lak¢ th¢ de¢ision on which applications to fund. The Trust funds PhD Siudentships and early career post-dociornl research scientists. wsth projects wvering a wid¢ rallge of animal-fr¢e iechniques and human di5ease& A ¢ornerstone of the Trust's philo￿phY i5 to en¢ollra8e scientisis to develop innovative alternatives to the of animals In medical r¢s¢arch and to fulfil & key rol¢ in nurturing the next generation of maical researchers. The Thjstees require grantee5 to issue reports at not less than annual iniejvals to enable ib¢m to monitor progress of the projeets. On tompleiion of a proj¢¢t a report is [tqu]r￿ setting out the research carried out, the results obtained. aTLd the ¢on¢lu$ions reached. The Trustees use the numbcr of A¢ademic papers a¢cepted for publi¢alion, independent editoria] endorsements and citations tsf these, ￿8¢ther with prescntatiotks ai s¢ientifi¢ confer¢n¢¢s. &$ aD indicatorof tmpact.

THE HUMANE RESEARCH TRUST CIO REPORT OF THE TRUSTEES FOR THE PERIOD FROM I JULY 2023 TO 31 MARCH 2024 Grant r¢cipÉeDts may b¢ asked to produ¢¢ arti¢l¢s for itt¢lu$ion in the charity's literature and to make PTesentations at internal ¢onfer¢n¢¢s and seminars. Cornmuni¢a¢ion with grantees is a conlinual pmeess. Key manigemen( personnel, and r¢muneratSon During the period, the day-to-day operations of th¢ Twst, the administration of grants. and the processing and handlirtg of Dew grani applications w¢r¢ delegated to the CEO, th¢ Trnsi Secretary and the administrator. The TTUSt a150 en8a8ed the services of a Consultant finance officer. All atr involved in providing 5UPPOrt to the governance Of the charity or deliverin8 its charitable activities. The salaries ofthe Trust'5 employecs are reviewed attnually by the Board with r¢fer¢nc¢to av¢rag¢ earnings tn the ¢harity sector for charities of equival¢Dt siz¢. and to th¢ cost of living. tndependent seientifie advisory p#lltl Members of thc paTtel include current and prewou5 grantholders and scientists r¢cruited through an opcn advcrt on our website and on our so¢ial media ¢hat)n¢ls. No members are remunerated for their work. The Trust ha5 a cortflirt$ of ntere5É policy in place to maintain ihe objectivity And fairn¢ss of the grant application as5e5SttLent pro¢&%s. Conflicts of Éntere5É among panel rnernbe￿ Gan include direct or indirect ftnancial ties to the applicant or their institution. personal or acad¢mi¢ ￿lationShIpS with the applicants, or other competitig loyalties. Volunteers The Trust ¢an ¢all upon a considerdble number of volunteers throughout the UK to ￿]St with ￿ndrAisIng activities on behalf of the Charity ond to pmrnote its objectÉves and activities. Th¢ T￿￿1 has a policy in place for the recruitment and manag¢ment of its volunteers. In the absence of reliable infomiati¢)n, whi¢h would imp05e additional demands ourvolunt¢ers, it is not practicable to giv¢ an indicativ¢ valu¢ of unpaid voluntary &ssistance. STRATEGY 2023-26 In May 2023 the trustees of Th¢ Humane Research Trust (Incorporating the J.awson Taitmedical and Scientific Research TThJsi} held a strategy day to a thre¢-year strot¢gy for the new incorw)Jated ¢harity from its launch on l July 2023. The 5tratcgy sets out three objectives towards achieving the CIO'S tnission.. Strengthen and exp8nd our animal-free research gra]]t progrdmme. Promote the eificacy of animaj-free research. Promote the Tn]st'S Vl5ion aTKi Missio￿ to the publi¢. The strategy is underpinned by activities tr) ensu￿ the CIO ￿MaInS asustainable and resilient organisatton with sutTicient kills, suppo¢ and income to delivcr its objectives. The focus in the fi￿t th¢ period of operations h&s been on the delivery of the first obje¢tive, to strengthen and expand our animal-fre¢ researth grant programme. Obje¢tlve I: Anim41-free resear¢h grant programme Grants twarded During the period the Trust awarded three new grznts. totalling £441,645.42. 10 applicants who had applied for thnding in the final funding round run by The Humane R¢s¢ar¢h Tntst (Incortrf)rdting the Law50n Tait Maical and Scientific

THE HUMANE RESEARCH TRusr cio REPORT OF THE TRusfEES FOR THE PERIOD FROM I JULY 2023 TO 31 MARCH 2024 Resta￿h Trust). That fundsng round closed in June 2023 and tbe de¢i$ion to fund th¢ three applicants was taken by ihe CIO'5 s¢i¢nc¢ sub-wmmittee in O¢tober 2023 aft¢rvisits w¢re made to each univeJ%ity- The three new grnnt awards w¢r¢ made to the following scientists: Dr Livia Rocha dos Santos, Nottingham Trent University A high-lhroughput human muscle ]nodel for sarcopenia r¢seareh Sar¢(>p¢nia 15 aD age-relatcd dis¢as¢, in which patients exp¢rience gradual lo￿ of theÉr muscle mass and strengih. If left untreat¢d, patients atTected by th¢ disease are two to three times more pron¢ to develop physical disabilitie5. Experts estimate that sarc4)penia affe¢ts 5.3 % of th¢ UK'S population and costs the NHS rnore than £2.5 billio peryear. 11 is a progr¢ssive dise&s< meaning its impart on Ixbih patients and th¢ NHS will only increase overtime. This PhD project uses a recently pateThted new teCh￿lOgY dev¢loped by Dr Rocha dos Sanlos th￿ allows researchers lo Krow ¢issue-engine¢red mus¢le in suspension. cUl￿n￿g muscle in suspension pnjvides developTTrental-like and facilitates nutrient and gas exchang¢. This makes it an ideal technology for us¢ in saTCOPtnia research to a¢celerdte treaiment discovery. In additio￿ this technology enabl¢s up to ten limes more tissues to be generated than any oiher available methods. Dr Rocha dos Santos estimat¢s that 5.4 million rodents were utilised in muscle ag¢ing or sar¢op¢nia research worldwide over the lasi 5 years. By adopiing her model, she estimai¢s resear¢htN could reduce this number by 410/0 OV¢[ the n¢xt 5 Y&￿s. Profjulie Gouth, University of Manchester Peptid¢ b&sed 3D in vitro plarfomi for drug and ioxicity iesting The liver is one of th¢ Iwgest and most critical organs of the human body with a highty complex $tru¢ture. It h&8 several essential functions, from metabolisirtg carbohydraies, lipids. toxins and dru85. to synthesising proteins and storing vitamins and sylycog¢n. Dnlgs inrended for humans are commonly tested in animals first for their etTicaGy and liver toxicity. However. drugs that are effectiv¢ and appear safe in anim&ls ¢ommoJJly fail in human cliniGal trials. This ￿$t￿o¢lOral projeGt will identify the most optimai synthetic hydn)g¢l to grow hum￿ liver cells in the laboratory. This WLII enable scheR)t15ts to test the toxicity gf drugs or toxins on human livei cells, dramatically reducing the numberof allimgjs required for research Énto new drng iherapies. Julie was appointed as a tEUStee of the Trust in the period betsveen her gr•ni submi&sion aDd the dcci5ion tsken by trusi¢¢s to award the grant. Th¢ Trnst has a rtsbust policy in place to handle su¢h wnflicts of interest. In this instance, Prof Gough look no part the assessment and d￿lS]0￿-￿ak1n8 process for all the applications under consideration in the funding round. Dr Stephanie Schuller, University of East Anglia D¢veltspment of a microaeJvbi¢ hutnan intestina] organoid model to detern)in¢ th¢ role of the gut mRcrobiom¢ in Crohn'$ dis¢&8e Crohn's disease is a life-long illness in which ￿Of the bowel becomes itLflam¢d. affecting 120,1>00 people across the UK. There is no cure for the condition. Crohn's diseas¢ management¢osts the NHS £750 million every year. Patients t¢nd to have less diversity in the microbial species present in the gut, a phenomenon ¢alled microbial dysbiosis. Additionally. patients suffer a leaky gut lininWbarrier. ¢all¢d th¢ inte5tina] epithelium. These factors compound and produce an immune reswknse against ihe bacteria in th¢ gth¢ resulting in chroni inflammation.

THE HUMANE RESEARCH TRUST CIO REPORT OF THE TRIISTEES FOR THE PERIOD FROM I JULY 2023 TO 31 MARCH 2024 This PhD project will use a new animal-free model to investigate whether microbial dysbiosi5 is a cause or con5wuencc of C.rohn'sdiseas¢. If the model was adopted by otherresear¢hers, Dr Schollerestimates that between 33.000-67.000 mice could be ￿plaCed in Crohn's studies. The new model could also be adapted to other inte5tinaJ ¢ondition$ inclllding ulcerdtive colitis, irritable bowel syndrome (IBSI, and colorectal cancer. The gratrt has b¢¢n ftam￿ the Andrew Benvitz award in honour of Andrew Berwit4 who served the charity as tnLStee and tre&surer for 29 ycars. During the period, the Trnst has ¢ontinued to support 13 proje¢ts at the UniversitlC5 of Sheffield, E&st Angli4 Edge Hill. Nottingham, Edinburgh, Keele, Aberdeen. Bristol and Bin￿]D$harn. These projects were awarded by The Humane Resear¢h Tn]st Iln¢orporating the Lawsgn Tait Medical and Scientific Researth Trust) and The contracts were novared over to ihe CIO on l July 2023. A list of all active grants during the period i5 give]] in note 7 to the finanrial 5tatemeTrts. As at the end of March 2024 over £1.63m ha5 becn eommittcd to ongoing research projects at UK universities. The TNst has mad¢ grant ¢ommitments until September 2027. TTUSt¢es take an active interest in the pro8rcss of the 8rants that the TTU5t awards. During the period, members of th¢ Board undertook visits to the two proj¢cts being delivered at the University of ShetTield. and the projects being deliv¢r¢d at Untversity of Aberdeen and UnivtTsity of Birniingham. In addition, one of th¢ T￿$t.$ long¢st-fimded researchers. Michael Womston¢ from University of E&st Angli4 gave a pTe5entatiOTL on his resear¢h career to the Board of Tn]st¢es. Grnnl-tsoklftgpoliry olldproc¢gs The trustees revi¢w¢d and updated the grant-T[￿kinL procts5 and poliGi¢5 that the CIO inherited from its pr¢deces50r chariry to ensur¢ th¢se reflect the changing world of academic research whilst¢ontinuin8tO Safeguard the principles under which the Tn]5t operates. The Trustees aiso ¢sthblished a policy to guide how a breach in grant ¢onditions should be handled. This i5 svailable w all Cu￿ent and prO$￿¢tive grantholders. During the peri(KJ, tht Trust introduced a new cloud-ba5cd grant manag¢rnettt plarfom). Tahua. This has impnjved the efficiency of the end-to-elld grant maoagement pNKess for L¥)th th¢ Thist and Scientists. The HumaneResear¢h Twst CIO launched its fjrst funding round in November 2023, which closed on 25 February 2024. The TFUSt promot¢d the fiinding Opportunity across 5wial media and at several scientific conferences. Thitty-two scientist5 registered on Tahua frorn a diversity of universitie& many of which not previously had a relationship with the TrusL Sixieen application5 were submitted, of which seven were 5hortlisted for a vi51t aft¢r independent assessment. A fill￿ decision on which grants the Trust will award will be tsken by th¢ end of July 2024. The Trust would like to A¢knowledge the pro bono assistance of its it)dependent scientific advisory panel memb¢rs who provided support advice to ihe Board of Twst¢¢s in the assessment of grant f¢wards. Objeetlve 2: Promote the e￿i￿rY of 4nimal-fr¢e r¢search During th¢ p¢rio4 the Trust accepted an invitation to join the Alliance for Human-R¢levant Research. an inclusive collabo￿￿0￿ of like-minded companies. organisattons and individuals working together to a￿tI￿ale innovation and reate positive change. Membership of the Alliance ertabl¢s the Trustio.. Add its voice to calls for more action to restrict the use of RlliEnals and animal products in medicai ￿Search aJMI protnote ar)tmal-free alternatives Access supw)rtive high-profile individuals and policymakers Qrow the Tnjst's repumion and sphere of t]]fluence Grow the TnLSt's network of like-minded organisations it could collaboratr with in fv¢ur¢.

THE HUMANE RESEARCH TRUST CIO REPORT OF THE TRUSTEES FOR THE PEIUOD FROM I JLTLY 21)23 TO 31 MARCH 2024 The TrLLSt ha5 also continued to buildrelatitinships with the two otherl¢adin8charitic$ in the sector, Animal-Fr¢eR¢search UK and the Fulld for the Repla¢¢m¢nt of Animals in Medical Experiments. In #ddition. the Th15t ¢ommissioned on Msc project from Tr Mat Williams. labordtory at University of East Anglia 10 assess the practi¢aiitie5 of animal-free an¢ibod&es for biomedical r¢sear¢h. The project will Consider new te¢hniques alld methodok)gies, and the ¢ommerckal a￿lIabIlity. cost And perfomJan¢¢ of rK)n-attimal derived recombinant antibodies. The practicalities of using non-animal derived wombinanl antibodies will be assessed by b¢nch-t¢sting bespoke and off the Shelf ¢ommercially &vatlable antib(xlies. The proj￿¢ will lead to a publication in a peer-reviewed journal to provide evid¢n¢¢ of the etTicw of animal-fre ntiErf)dies and will help promot¢ their future use by medical res¢archers. The project was delayed and will report in Septtjllbri 2025. During the period, one of the Tn]#'s grantholders had theirres¢ar¢h accept¢d for publication in a peer-r¢viewed journal. Jn addition. several res&Ychers had ab5trarts a¢¢epted for presentation at In￿rnatIO￿al ronf¢r¢nc£s. Objective 3: Promote tbe Trust's Vl5ion and mission to the publ1¢ The Trust launched its new mail order¢atalogue and online gift shop in winter 2023, reco8nising their importance &s tools for promoting the Trusi and reaching new audiences. The Trust made a small profit on $ale5. The T￿￿ ha5 continued the PTa¢ti¢e of its predecessor charity ￿ publish two newsletters a year. As well as distribution by email, printed copies of the newsl¢tt¢r are sen¢ to supporters where this is their prtfe￿ed ¢ommunhcatiOll5 route, with a letter from the chair and a donation fomi. The newsletter remains an important engag¢ment tool. The Trust would like to rewgiiiS¢ the 8enerosity tsf all those 5UPPOrt¢rs who tnade purchase5 and donations to the Trust during th¢ period. The Trust developed new collaieral to 511PPOrt its tnarketing and fundrnising adivities. New iiems included a brochure for the public to r￿se awarencss of the Ttusi and offer ways in which pwpl¢ can supp)rt its actiyities, a leaflet for ientists explaining wh rh¢ Trust fulld5 and how to find out more inf0m1￿￿on. and new promotional banners for us¢ al cornmunTty and scienGe ev¢nts. The Trust has continued th¢ practice of running the Christm&s card and cal¢ndar competitions to engage supporters. We ar¢ v¢ry grateful to patron Chris P￿kham. and to M¢gan Cubbins, for their 5UPPOrt in promoting th¢ ¢om￿LI10nS and for helping select the winning cajtndar entries. As outlined below. the Trust h&% platts in th¢ n¢xt r￿OnI08 period io significantly in¢rease its marketing and communhcations aciivities. FINA]YCIAL REVIEW Financial position On l July 2023. The Human¢ Research Trust CIO t(x)k over all th¢ &ssets of Th¢ Humane ResCa￿h Trust (Incoryx)ratiThg the Lawson Tait Medica] and S¢ientifie Research Trust). The tothl income of the CIO for the 9-month period ended 31 March 2024 totalled £l.758.542. Le8acy incom¢ was £1,645,203 and continues to be the dominant source of income for the Tru#. Donations were £31.617 tn¢ludiAg gift aid. Th¢ Trust is grateful to its dedicated supJy)rters for their continuing 5UPWrt. In respect of investment rt￿mS in the period £67,184 was earned from interest on d¢posit¢d reserves. Th¢ Trust's rx)licy is to a¢¢ount for intrrest only as received. In addition. un]¥alised gains on invested reserves amounted to £193.654; accordingly, a combined total return of £260,838 over 9 months r¢pre5enting approximately 8Y• p.a. on our average investibl¢ reserves.

THE HUMANE RESEARCH TRUST CIO REPORT OF THE TRusfEES FOR THE PERIOD FROM I JULY 2023 TO 31 MARCH 21124 Govrrnance and Supp￿ wsts during the 9-month period amounted to £131,962. Reimbursement of expenditure on grant awards made by th¢ Tn]5t amounted kn £492,707 during the pertod. The Tr￿81 recorded a surplus of £1.264.628. and Continues to bc financially sound with free reserv¢s of £3.6 million. This allows the Board to continue to PUTsue leading edge research projects that fit with thc Tnjst's ethos and represent good value for Tnon¢y. Jnweslttnts The charity held £2.16 milli¢)n in the ethi￿] investm¢nt Fund managed by CCLA. Otherwis< reserves {£3.23 million) were 8ubstantia]ly held on deposit with various UK tegulated banking insti￿tIons. ReserYe5 policy The Trustee5 aim to mainthin free reserves in unrestri¢t¢d funds at a level to ensure that operational and gov¢man¢e costs are covered for the period over which th¢ TNst's gront commitments extend. As stated in notr 17 on p8ge 27 of the financial statements. the Tru5te¢s have agr¢a w mak¢ ￿￿re grant payments amounting to £1.63m until September 2027. The Tn]5t theref(>re aims to maintain free r¢s¢rYes to cover the operational and governance costs through to 2027. Operntional and governan¢e costs ar¢ ￿lcUlated using current costs for the first two yeats, tapering down over subsequentyears. Legacy income is the dominant income Stream of the Trt￿t, with unpredictability in both timin¥ and amount. Grant commitments are nomially for research projects of between two and four years. Consequent]y. there can be time lags between receipt of income and payment of Wdnts. Therefore, th¢ Trust wi, at￿ frequently does. hold re5¢rye5 gr¢a¢er than the arnount rteeded to me¢¢ its operational and governance costs for lh¢ durntion of the grdnt5 awarded FtrruRE PLANS The next financia] period will see a ¢ontinued focus on delivery of th¢ Tnjst's 2023-26 strategy. Key adivit1¢5 towards delivering the strategy's first two objectives will include.. Running two 8rortt-funding rounds Deliverin8 a scientific syrnpo$ium in partnership with University of fvtallchester D¢livering a science ¢onf¢rM¢e in partnership with AniT]]al-fr¢e R¢s¢arch UK alld FRAME With regsrds the Trust's third objective. the Tntst apwpinted a marketing & Comm￿l¢all0￿S manager in March 2024. Their focus in 2024-25 will be to overhaul the Trust's communic4lion5 and marketing a¢tiviti¢s to reach and inspire current and Dew supwrt¢rs. They will a]so promote th¢ Trust's grant-progrsmme to s¢i¢niists. In addÈtioTh, the Trustees intend to hold a strategy day to rtview progre5$ on the Str￿egY and id¢ntify additiojjal actions they should be takin8 now towards a planning horizon of 2030. Trust¢¢$ will also considcrthe Trust's environmentsl and sustsinability irnpa¢L toth int¢rnally and through its grant awards. ACKNOWLEDGEMENTS The TTU5tees acknowledge and thank the dedieated volunteers and suprK)rter& as well as those Tru5tee5 whose temis finish¢d during the period. for their commitment to the Ttvst over many years. The Trnslees also thank Chris Packham, the Tn￿1.$ patron. and Megan M¢Cubbin. for giving their time so generou51y and amplifying the voice of the Trust. Spc¢ia] thanks ar¢ given to thc Trust'5 small staff t¢am Comprising th¢ Chief Exe¢uÉÈve Officer, the s￿retsry Adminisiraigr fortheir exc¢p¢ional efforts to ensure a continued high stsndard of service to gr8ntholders. donors. and 10

THE HUMANE RESEARCH TRUST CIO REPORT OF THE TRUSTEES FOR THE PEIUOD FROM I JULY 21123 TO 31 ￿L4RCH 2024 supporters. In addition. the tru*es thank Tim Askham, the consultant finance officer. for bis continued sthpwrt with the Ttust's financial management. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are Tesponsiblc for preparing the TNst¢¢s' annud report and the financial statements in o¢wrdanc¢ with applicabl¢ law and United Kin8dom Accountin8 Standards {Unitcd Kingdom Generdly Accepted Accounting Practi¢¢). The law applicable to charities An England and Wales, and the provisions of th¢ Trust tk¢d, tequir¢s the Trustees to PT¢paTe fu￿ncIaL statements for each finatLci&I year which give a alld fair vi¢w of the stat¢ of affairs of the TLusi and of the in¢oming resources and application of r¢sour¢es, including the income and ¢xpenditur¢. of th¢ Trust for that period. In preparing these f￿ancial statcments, the Trustees ar¢ r¢quired to.. scled Suitabl¢ accounting policies and thtn apply them con5lStently- observc thc methods and Principles in the ¢harities SORP. Inak¢ judgem¢nts and estimates thLat ar¢ reasonable aThd pnNl¢nt; state whether applicable accounting standards hawe been followeiL subject to any material depatkns disclosed and expl&ined in the fllLan¢ial statements- and prepare the fjnancial statemcnts on th¢ goillg cO￿¢rn basis unless it is inappropriale to presume that the ¢harity will continue in business. The Tn￿￿ are responsible for keeping propcr accounting recoTds that di￿￿Ose with reasonable ac￿racY ai any tiine the financial position of the TNst and enabl¢ tbem to ¢nsure that the financial statemcnts comply with th¢ Ch￿iti¢$ Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the T￿st Deed. They are also responsible for safeguarding the assets of the Trust and henc¢ for iaking r¢a50nabl¢ st¢ps foi th¢ prev¢Dtion and d¢t¢rtivn of fraud atml other irregularities. APPROVAL This r¢port was approved by the Trt￿te¢S on the and signed on thcir behalf. Jinet Tate-smith Chalr o( trustees

THE HUMANE RESEARCH TRUST CIO (INCORPORATING THE LAWSON TAIT MEDICAL AND SCIENTIFIC RESEARCH TRUST) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE HUMANE RESEARCH TRUST CIO

We have audited the financial statements of The Humane Research Trust CIO (the ‘charity’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 March 2024, and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of Charities Act 2011.

Basis for opinion

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

Conclusions relation to going concern

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

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

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

12

THE HUMANE RESEARCH TRUST CIO INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THF. HUMANE RESEARCH TRUST CIO Matters whlcb we are required tts report by eseeptl We have nothing to reFd)rt in r¢spect of the following tnatters where the Charities {A¢eounts and Rew)rts) Regulations 2008 re9liLre$ us to T¢￿rt to you if, in our opinion- the infom]ation gav¢n in the f￿anCIal st￿¢m¢￿t5 i$ in¢onsistent in any material r¢spe¢t with the trustees. report. su£fLcient a¢countin8 records have not been kepi the finAn¢ial statemtnis ar¢ not in agrcement with the ac¢owitin8 record5 and returns. or we have not received all the infonllation aod ¢xplaTthtions we requi￿ for ow audit. Responsibilities of trustees As explained more fully it) th¢ Trustee$, Responsibilities Staiem¢nt set out on pag¢ I I the trust¢¢s are responsible for the preparation orrinancial statements whirh give a true and fair view. and for such internal control as th¢ trustees deremin¢ is necessary ty enable the preparation of fman¢iai s¢atemenis th are frec from material misstatement. wh¢th¢r due to fraud or error. In preparing th¢ flnancial ststements, the trustees are responsible for assessing the Charity's ability to contiou¢ as a going disclosiDg, as applicable, matters related to golng concern and using thegoing ¢on¢¢m basis of accounting unless the trus¢¢e$ either intend to liquidate the company or io cease op¢ralions. or have txo realistic alternativ¢ but io do so. Audltor's reswnslblliti￿ for the Audit of the financial statsments We have b¢en appointed as auditor under the Charities Act 2011, s. 144 and rqM)rt in a¢￿￿lance wilh r¢gulation5 mad¢ under the Act and relevani regulations made or having effect ther¢und¢r. Ourobjectives areto obtsin reasonable ￿￿tance ab)ul whetherthe finan¢ial statements as a whole are free from material missiamenL wheth¢r du¢ to fraud or error, and to issue auditor's report that includes our opinion. Reasonable assuran¢e is a high level of &SSUTance. but is noi a guarantee that an audit conducted in ac£ordance with ISAS {UKI will always detect a material misstatement when ji exists. Misstatements ￿ arise from fraud or ¢rror and are considered material if. individually or in the aggrryate, they could reasonably be expected to influ¢n¢e the t¢onomic de¢lsio￿ of use]3 tsken on the basis of these financial statements. The exient io whi¢b our pro¢edure$ 2r¢ capable of d¢tc¢ting i￿¢gularitieS. including fraud 15 detF4il¢d below- We obtain¢d an understanding of laws, regulations and guidance thai affect the Charity. focusing on those tbat had a direct effect on the financi￿ statements or that had a fundamental effect on it5 operations. Key laws, regulations and guidance that we idenlified included the Charities Ad 2011 and relevant tax legislation. We enquir¢d of the Truslees and revi¢w¢d ¢offtsw)ndenc¢ and Trustee meeting minu¢¢s for eviden¢e of DO complian¢e with relevant law5 regulations. We gained all Ltnder5ta]Rding of the controls that the Trustees have in pla¢e ¢0 prevent and de￿1 ￿Ud. W¢ ¢nquired of the Trusie¢s about any incidences of frayd that had tAken place during the ￿COunting period. The risk of fraud and non-compliance with laws and r¢gulations was discussed within the audii team and tests were planDed and perfornjed to addres5 these risks. 13

THE I{UlM￿NE RESEARCH TRUST CIO {I.YCORPORATlTr4G THE LAWSON TAtT MEDICAL AL¥D SCIENTIFIC RESEARCH TRUST) LYDEPENDENT AUDITOR'S REPORT TO THE MEIMBERS AND TRUSTEES OF THE HUMANE RESEARCH TRUST CIO We reviewed financial statements disclosures ond supporting documentation to asses5 compliance with relevatLt laws and regulations discussed above. We enquired of the T￿SleeS abou( acwal and potential liugation and claims. We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risk of material misstatemellt due to fraud. In addre8sing the risk of fraud due to manag¢rnent override of internal controls we tested the appropriateness of jourllal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. There are inherent limitations in our audit procedures described above. The Tnore removed that laws and regulations are from flnancial transactions, the less likely it Is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-cotnpliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal ¢oTrspondence, if any. Material misstatements that arise due to fraud Can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A fiErther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. WWW.f￿.Org.uk/audiI0rSrtsp0nSlb1llt]es. This description fomis part of our auditor's report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we Inight state to the charity's trustees those matters we required to state to them in an &uditor's report and for no other purpose. To the fullest exteni pern)iited by law, we do not accept or assurne responsibility to anyone other than the charity and the charity's tntstees as a body. for our audit work, for this report, or for the opinions we have ftsrmed. Frederick Norman Senior Sta￿tOry Auditor for and on behalf of Harold Sharp Limited Chartered Accouniants and Statutory Auditor 5 Brooklands Place, Sale M33 3SD Date= q S, I.-¥￿ £oZ+ 14

THE HU￿E RESEARCH TRUST CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD I JULY 2023 TO 31 MARCH 2024 Untt5tTl¢ted Fund Restricted Fund Totsl Funds Total FuDds 01.07.23 01.01.22to 31J.24 30.6.23 Notes lttcome & EndowmeDt5 From Dothations & l¢gacics (hher tL3ding activities Investtnent Income 1,67&820 14K538 67,184 1,676,82 14,538 67.184 898,517 9,430 30.928 Tot81 Incomt 1.75&M2 1.758J42 938,875 ExpeDditur¢ O Raising Funds (61,179) (61,179) (79,902} Ch#ritble activities Grants Governallce Other Total Expenditure {494,427) (6D,734) (71,229) 687.569 (494,427) (00,734) 171229) 69 {597,5671 (130,658) (67.606) 875.733 Net Gains/(Losses) on investments J93.655 193,655 (86,199) Ne¢ IneomtJ(Eipellditur¢) 1.264.628 l J64,628 (23,057) Recon¢iiiatifjn of Funils Total Funds brought forward 4,029,739 4,029,739 4,052,796 Ttstl Funds carried forward 5,294 67 67 4,029,739 Th¢ not¢5 on pages 19 to 28 forni part of these financial statements. l5

THE HUMANE R&8EARCH TRUST CIO BALANCE SHEET 31 MARCH 21124 Unrestricteil Re$Érl¢ted Fund Fund 2024 Total Fllllds 2023 Toral Fundg Noles Ineome & End•wments From Tangible Assets Investments 53.213 2,164,991 2,218304 53,213 2.164,991 2318204 45,458 1,521.336 1.566.794 12 Current A5set% Stock 13 5,115 82,138 3,232,326 3J19,579 5,115 5,037 82,138 8,546 3,232J26 2,675,080 3?19￿79 2,688,063 Debtors C&sh at bank and in hand 14 Credfitors Arnounts falling due within oTre year 15 {243,416) (243,416} (225,718) Net Current Assets 3,076,163 3.076.163 2,462,945 Tol#l Assets less Current LiAbllltles 5294,367 5294J67 4,029,739 Net Assets 5J94.367 5294J67 4,029,739 Funds Unrestrictcd Funds Restricted Fund8 5294J67 3.998.548 31,191 4.Q29,739 Ttstxl Fundg 5 294,367 The financial st&tements wer¢ zpproved by the Board of Trnstees on 6 Septemb¢r 2024 aTxI wcrc signed on its behjlf by.. Jantt Tate•Smith Chair of trnstees Alan Crozier Honorary treAsurer 16

THE HUMANE RESEARCH TRUST CIO CASH FLOW STATEMENT FOR THE PERIOD VROM I JULY 2023 TO 31 MARCH 2024 Period P¢riod Notes 1.07.23 to 31.lJ324 01.01.22 to 30.06.23 Cxgh from operating ACtKvities Cath gen¢rat¢d Irom op¢rations 950J25 170,592 Net cash provided by operating a¢tivitkes 950525 170,592 C•sh flows from iDvestirtg aictivities Purchas¢ of tsngible fixed assets (10.463) (450J)Olb) 67,184 (3,039) Purchase of fix¢41 asset inv¢stments Interest received 30,928 N¢t ¢&8h provided byl(used inl inv¢still8 activities (393279) 27,889 Change In (ysh ¢Ash equiv8lents in tb¢ reporting period 557246 198.481 Cash ea$h eq￿l¥alentS at ¢he beginning fjfthe reporting period 2h75,080 2,476,599 C8sb alld casb eq￿l¥alentS a¢ the end of the reporting period 3332J26 2,675,080

THE HUMAf4E RESEARCH TRiisr cio NOTES TO THE CASHFLOW STATEMEKr FOR THE PERIOD FROM I JULY 2023 TO 31 MARCH 2024 RECONCILIATION OF NET INCOMEIEXPENDITURE TO PIET CASH FLOW FROM OPERATING AcfIviTIES Perffiod PtTL(xJ 01.01.22 111.07.23 to 31.03.24 30.06.23 Net iDcomel(expendithre) for tb¢ reportlng period Adj￿stMents for.. Depreciation Charges Lossesl(gainl on inv¢stments Interest reG¢ived {Incre&se) in 5to¢ks De¢1%￿1(]n¢r¢&￿C) in debtors Increase in Greditors 1264628 123,057) 2,707 (193h55) (67.184) (78) (73J92) 17,699 4,633 86,199 (30,928) (1.677) 37229 98.193 Ne¢ eosh provided by operations 950J25 170,592 ANALYSIS OF CHANGES IN NET FUNDS Ne¢ Cash At 01.07.2023 C￿h flow At 31.03.2024 C&8h at bank and in hand Totsl 2,675.080 2.675,08 557,246 557.246 3232.326 3232 18

THE HUMANE RESEARCH TRUST CIO NOTES TO THE FINANCIAL STATEME FOR THE PERIOD FROM I JULY 2023 TO 31 MARCH 2024 ACCOUNTING POLICIES Bgsls of preparation of the financi41 $tAteThents The finanoial stst¢m¢nis have be¢n prepared in a¢cordance with Accourtting and Rep)rtingby Charitie$= Statt]nen¢ of Re¢ommended Practice appli¢abl¢ to charities preparing their acwunts in a¢cordonce with th¢ Financial Reporting Stsndard applicable in the UK w)d Republic of Ireland (FRS 102) (¢ffective January 20I9- IChaTities SORP (FRS 102)), the Finan¢iat Rew)rting S¢3ndard appli￿ble in the UK and Republi¢ of Ireland (FRS 102) and th¢ Charities Act 2011. Assets and liabilitie$ are inilially re¢ognised at historical cost or trdE15a¢tion value unl¢ss otherwise stata in the relevant aceounting policy note(5) and with the ¢x¢eption of investments whith are includd at market value. The Charity incorpornted as a charitsbl¢ incorporated organisation on the 1° Juty 2023, with the tratLsf¢r of activities from the previous un1ncor￿rtd charity The Human¢ R¢s¢ar¢h Trust. In line with the requirements of the Charities SORP this forniatiort has been treattd as amergier. As a result the asset and liabiliti¢s of ihe previous entity wer¢ transferred at knok value to th¢ Charity with no adjustments coDsider¢d necessary. All results in th¢ currem p¢riod relat¢ sol¢ly to the new Charity. As required by SORP the accounts present compgTrtive amounts to shgw the results forthe unincorrx)rated charity for the previous rep)rting period. The previous reporting period r¢presented a long period of account and the current year a short period of account which may impact th¢ direct Gomparability of periods presented. 12 Going eoncern The accounts hav¢ been drawn up on a goithg concern basis. In common with many fynd-rdising charities, the adoption of the going concern basis is dependent on the compgny receiving adequate fundraising from voluntary such as donations and lega¢i¢$. While th¢ Truste¢s re¢ognise the un¢¢rtainties inherent in prediciing the timing and level offuture funding from voluntary income tha¢ is not yet assured, they believethatadequa funding will be secured fry>m donations and legaGits. lj Income Legacies Legacies are recognised in the p¢riod in which (he charity becomes legally ¢ntitled to the income. notifi¢alion h&s b¢en received and the amount ¢an be quantifi¢d with reasonable ac¢ur&cy. Et is cat¢goris¢d J¥ unr¢stri¢i¢d or r¢stri¢ted funds d¢peDdent up)0 whether expenditure restri¢tions by donors are pl￿d OD such receipts. Donated inv¢stments are intttmluc￿ at the mark¢t valuc at th¢ date of receip¢. Directgiving,fvpthaisiKg a￿dgift atd Cash dO￿tIOnS are r¢co8nised as they we received alon8 with relevant gift aids amounts if appSi¢able. 1.4 Expenditwr¢ Expenditure is accounted for on an accruals basis and has be¢n ¢lassified UDder headings that a88rcgate all cost related io the category. Wh¢re costs caDrtoi be directly attributed to partitlllar heading5 th¢y have been allo¢aied to a¢iivities oll a basis consistent Wlth th¢ use of r¢soyrces. Rai$ing donations andleg(￿leS These includ¢ salarie5 and dire¢ily attrtbutable ov¢rheads, plus a proportion of c¢ntrdl 5UPP)rt ¢osts. These include atnowLt8 ￿ld to grant r¢¢ipiellts. Governance r¥l(Fied These are the c¢oira] ruThniTJg c05ts of the Charity. in¢luding Strategic oYer#ight and publi¢ accountability- Oiher supporl costs These are otherancillary cosis. such as IT e05ts. not directly related to the activitits of the Charity. Liabilities are recogni5¢d &$ expenditure#s soon asther¢ is ale8al or con8tru¢tiv¢ obligation committingwthecharity l() that expendittsre. it is probable that a transferof e¢onomic bet)efits will be required in S¢tueme￿t and th¢ amount 19

THE HUMANE RESEARCH TRUST CIO NOTES TO THE FINANCIAL STATEMEPUS FOR THE PERIOD FROM I JULY 2023 TO 31 MARCH 2024 ACCOUNTING POLICIES- contlnued of the obligation ￿ be measured Teliably. Grants off¢r¢d 5ubj¢ct to wnditioDs which have not been met are Doted as a commitment but T￿t accrued a5 expenditure. J.5 Tangible fixed assets Assets costing more thon £500 are eapitalisd and accounted for at historical c05t. Depreciation is provided on all tangible fixed ass¢ts for Chortty us¢ over their us¢ful ewnomic lives at the following rates.. Freehold property Fixtures, fitting5 and offiee equipment 2% per annum on c05t 200/0 per annum on reducing value Stock Stocks ar¢ valued at th¢ low¢rof cost and net realisable va]ue. Taxation The charity is exempt from eorw)ration tax on its ¢hatitable activities under Seclion 505 of the Jncome attd Corporation Taxes A¢t 1988 to the extent that they are applied to the oryanisation's ¢haritsble objects. Fund AccoUnti￿g Unrestricted funds can be used irt ac¢ordan¢e wÉth the charitable objectives at the discretion of the trusttts. Restricted funds cononly be used forparti¢ular ￿$trIcted purposeswithin theobjeetives ofthe charity. Restri¢tions ari5¢ when specified by the donor or wh¢n funds are rnised for particular restricted purpos¢s. 1.9 PeD$ion other ￿¥t-retireMent bertellts The Charity operates a defined contribution pension scheme. Contributions payabl¢ to th¢ pensign sch¢me are charged to the Statement of Financial Activities in the period to which th¢y r¢lat¢. 1.10 Inverfments All investn)ents are carried at fair valu¢. Holding$ in comrnon investrnent funds rtststed at their mid-maTk¢t pri¢¢. The stalement of financial activities includes th¢ nels gains and losses arising ort revaluations and disposals throughout the yeor. Asset sa]es and purchases are recognised at the date oftrade atcost. Investsnents are managed using the iotal investment rdurn m¢th(MJology. Interest on d¢posited monie5 Is recogni5ed only on rettipt. DONATIONS AND LEGACIES Period 111.117.23 t 31.113.24 Perii)d 01.01.22to 30.06.23 Donations 27J85 4,032 1,645,203 191,525 5,736 701,256 Gift Aid Leg*i¢s 1,676021b 898 517 20

THE HUMANE RESEARCH TRUST CIO NOTES THE FINAiYCIAL STATEMENrs FOR THE PERIOD FROM I JULY 2023 TO 31 MARCH 21b24 OTHER TIL4DING ACTIVITIES Period 01.07.23 to 31.03.24 Period 01.01.22to 30.06.23 Shop incom¢ 14.538 9.430 INVESTMENT INCOME Period 111.O7.23 to 31.11124 Period 01.01.2210 30.06.23 Deposit account interest 67.184 30,928 67.184 30,928 RAISING FUNDS Raisi￿g dottstions and Itg•¢i Period 01.07.23 1 31.03.24 Period 01.01.22to 30.06.23 Postage alld stationery Subs¢riplions Support Costs 1412 967 662 45070 73,187 49.448 73,849 Other trnding ¥4ctivtties Period 01.0723 to Jl.0&24 P¢riod 01.01.22to 30.06.23 Purch&ses 11,731 6,053 Aggr¢gate Amounts 61,179 79,902 21

THE HUMANE RESEARCH TRusr cio NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM I JULY 21123 TO 31 MARCH 2024 CHARITABLE ACTivTfES Period to 31 M*reh 2024 Dirert eosts Grant nding (Dote 7) 492,707 Support costs (Dtste 8) Grat 1,720 494,427 Gov¢manc¢ r¢lated 60,734 60,734 Other Support costs 71.229 71,229 1,720 492,707 13 1,963 626.390 Period to 30 June 2023 Dlreot costs Grant funding (nole 7) 596,396 Support tosty (note 8) Tot41$ GranLs 597.567 Governancc ￿lated 9,458 121200 130,658 Othff Support costs 1,190 66,416 67,606 10.648 596,396 188,787 795,831 In assessing and ¢onsidering grani application5. the Twstees encoura8e and 5UPlX)rt llew medical research whi¢h does not inGlud¢ ihe use of animals, with the objectiwe of advancing the diagn0515 and treatm¢nt of disease in humalts. The charity also ¢ncourdge5 scientists to develop innovative alternatives to the use of animals in medical research and testing and fuifJ15 aTh important role in educating the next generation of researchers. Further details for the grantees, the purpose of the and the amounts are contsined in t)ote 7. 22

THE HUMANE RESEARCH TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM I JULY 2023 TO 31 MARCH 2024 CRANTS PAYABLE Th¢ bek)w out]ines the g￿ts whieh have been paid during the year Name and recipient in$titution Prof Worfflstone. University of East Anglia Dr Williatns, University of East An81ia Purpose fjf %rAllt Amoullt {£) Funding HRT lalK)ratory" tissue Culture humaD lens epithelial ¢ell$ Developmeni of xeno-free living human intestinal tissue bank and next 8eDeration 3D culture syst¢ms for inv¢$tl8ating gut hea]th & dise&se Pratticaiities of animal-free antibodies for biomedical research Reason for poor wound healing in diabetic patients 27.943 41,539 Dr Williams. UniveTsity of East Anglia Dr Gavrilovic, University of E&8t Anglia Dr Rana. University of East An81ia 149 290 Defining xeno-free human IPSC derived 3D biometric vcssel pl￿f0m7 for vas¢ular modelling in pulmonary arterial hypertension Crossroads of arx)oosis and intlammatory pathways. Fun¢iion of PERP as a junction Peptide based 3D in vitro platfornk for drug & tOXlGity t¢gting Parkinsons diseas¢ research irrto neural mechanisms l¢ading to impairtd impulse corttrol A high throughpui humaTJ vascularised 3D ill-vitro m¢xiel of adiposc tissue to r¢pla¢¢ ttsting in drug development for m¢taèoli¢ dysfiwction D¢velopment of 3D colorectal ¢ancer palitni-derived mini- ring m¢)del for high throughp￿ drug s¢r¢ening iargeting th¢ tumour mt¢ro¢nvirortment (kveloping new ways to battle canw drug resistance 31,495 Prof Paraoan, Univetsity of LiverwK)I Prof J Gough, University of Manchester Dr Ma¢t)ona]d. Bimiingha Univ¢rsity Dr Boussahel, Bristol Universiry 47,359 14,590 20.630 9,896 Dr A Nateri, Nottingha Umiv¢Ysity 24.550 Dr Tholllpson. Sheffield University Dr Green, Sh¢ffield University Dr Kan& Aberd¢eD University Dr George, Keele University 25.694 UDder5tanding role of bactrria in remodelling human cells promoting infection Cellular and tnolecular b&sis of neurodeveltspmenth] disorders Manipulaiing ependymona oncogeni¢ r¢sponse using genome engineering & stem cells R¢s¢arch on mechanisms of neuromllscular junction d¢generdtion in motor neuron disease 71.084 21,631 48,378 Dr Selvarnj, Edinbur8b UDiveTsity 107,479 Total 491707

THE HUMANE RESEARCH TRUST CIO NOTES TO THE FINANCIAL STATEMENfS FOR THE PERIOD FROM I JULY 21123 TO 31 MARCH 2024 SUPPORT COSTS Period to 31 March 2024 Stsff Consulting Genergl Advertiying Software & prof fees P05t*ge & Publietty Other support ¢o$ts Totsl support Raising Donations Governan¢¢ Other 37.645 37,645 37,645 112,935 2,500 10,220 3,412 3.647 13,008 61,179 9.138 60.734 24,983 71,228 47,128 193,141 3,732 7,463 12,162 1.137 4,549 12,720 3,647 Period ts 30 June 2023 Stsff Consulting General Advertising Software & prof fee5 Postsge & Publicity Other support eosts Total support Raising tJ)nations Grd]]ts Goveman¢¢ 46.541 3,364 6,051 3.105 14.126 589 10,020 29,165 53,900 73,187 582 1.171 9,520 121,200 66,416 10,102 261,974 46,541 23.270 116.352 53,823 10,092 67,279 1,051 3,154 10,256 245 735 4.085 Auditor's remunerdtion for the period was £8,000 (FY23.- £9,000). TRUSTKE REMUNERATION AFID BENEFri8 No remuneration waid to any trustee in the year(2023.. Nil). Expenses totallin8 £1.037 (2023: £582) were incurred by Trustees in carrying our their dutie5 TTUStees and paid by the Charity. I(1. STAFF COSTS Period 1.07.23 to 31.03.24 Period 01.01.22 to 30.06.23 Wages and Salaries ia] s￿￿rity Costs Other Pension Costs 100051 5,721 6J03 107.660 3.361 5.331 112 935 116.352 The aveTag¢ monthly number of employees during the period was as follow5.' Period 111.07.23 to 31.03.24 Period 01.01.22to 30.06.23 Administration No employees received emoluments in excess of £60.1)0012023= None}. 24

THE HUMANE RESEARCH TRUST CIO NOTES TO THE FIIYANCIAL STATEMETr¥rs FOR THE PERIOD FROM I JULY 2023 TO 31 MARCH 2024 TANGIBLE FIXED ASSETS Freehold property OffiG¢ equiprnent Total COST AI 30 June 2023 Additions 67,546 21,220 10,462 31,682 88.766 10,462 99228 At 31 March 2024 67.546 DEPRECIATION At 30 June 2023 30206 560 13.102 2,147 15.249 43.308 2,707 46,015 Charge for year At 31 March 2024 30,766 NET BOOK VALUE At 31 Marth 2024 36.780 16,433 53,213 45,458 At 30 Jun¢ 2023 37.340 8,118 Freehold land aDd buildings were stated ai their OTigirtal historic eost in ihe accounts of Th¢ Lawson Tait Medical and Scientifi¢ R¢search Trust in May 1988. the da* when the property was donated to The Human¢ Research Trust. The Trust¢¢s are of the opinion that the curr¢ni market valu¢ of the freehold land and building is substaDtially in excess of its net book value. As the property is used solely for the administration of ihe Trust and there is currently no intention to see, th¢ Trustees cannor justify the o)st of a prof¢ssional valuation. 12. INVEsfMENTS Listed Inv¢stment5 MARKET VALUE At 30 Jut)¢ 2023 New Inve5ttnents Reva]uations At 31 March 2024 lJ21J36 450.000 193,655 1164,991 NET BOOK VALU At 31 March 2024 At 30 June 2023 2,164,991 1.521,336 There were no investment ass¢ts outsid¢ the UK. Th¢s¢ investrnents w¢re held in the CCLA ethical investment fund ac¢umulation units. 25

THE HUWE RESEARCH TRUST CIO iy(YrES TO THE FTNANCIAL sfATEMENTS FOR THE PERIOD FROM I JULY 2023 TO 31 MARCH 2024 12. INVESTMENTS- continued Ai historic cost these fund units would have been inc]￿ed aL' 2024 2023 Historical Cost 1,950,0110 1.500.000 13. STOCK 2024 2023 Shop Sto¢k 14. DEBTORS: AMOUIYTS FALLING DUE WITHIN ONE YEAR 2024 2023 VAT 759 Prepayments A￿nIed income 1,938 8(1200 1.347 6.440 82.138 8,546 1% CREDrtORS: AMOUNTS FALLITrIG DUE WITHIN ONE YEAR 2024 2023 Trade Creditors 64.417 3J66 lJ87 162.569 2,657 9.0211 13,796 2246 Social security and other ￿￿eS VAT Grants payable Pensions payable Accruals and deferred inwme 196,412 237 13.027 243 416 225 718 26

THE HUMANE RESEARCH TRUST CIO NOTES TO THE FINANCIAL STATEMEfffiS FOR THE PEIUOD FROM I JULY 2023 TO 31 MARCH 2014 16. MOVEMENT IN FUNDS At 01.07.2023 N¢t Mov¢m¢nt nds lllt¢r-¢und Transfers At 31.IJ3.2024 Unre5trieted Fund Gemeral Fund Restrlcted FuDds Property Reserve Trust fund 3,998,548 1,264.628 3l,091 5,294,267 31,091 100 31,191 131.091) 100 loo (31,091) TOTAL FUNDS 4.029.739 1.264.628 5294,367 Net movement in fvnds. included in the above are a5 follows.. In¢omiDg Resourees expended GAlns and Movtment in fuDd$ Gen¢ral Fund Property lieserve TOTAL FUNDS MOVEMETrir 1,758,542 (687.569) 193.655 1.264,628 1,758,542 1687,569) 193,655 1.294.628 com￿￿#tiveS for movement in At 01.01.2022 Net MovemeDt funds IDter-fumd Transfer8 At 311.06.21Tr23 u￿restriCted General Fund Restricted Funds Property Reserve Trust fund 4,019,579 (21.031) 3,998,548 33,117 100 33,217 {2,026) 31,091 100 31.191 (2.0261 TOTAL FUNDS 4,052.796 123,057) 4,029,739 Resources eipeDded Gain5 Flnd Loss Movemenl th r￿Dd8 General Fund Property Reserve TOTAL FUNDS MOVEMENT 938.875 (873,707) {2.026) 186.199) 121,031) (2,026) 938,873 1875.733) 186,199) (23.057) 27

THE HUMANE RESEARCH TRIIST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM I JULY 2023 TO 31 MARCH 21)24 17. CONTINGEiYf LIABILrriES Ai the 31 Mar¢h 2024 the Trust had agreed ty make future grants of £1,634,988 dependant on certain CODditions bein8 mct by the claimants. Grant Commitments Brought Forward at 01.07.23 N¢w WmTnitments in peri Grnnts paid and incurred in period {￿Trte 7) Commitments revoked in period 1,675,750 451,945 (492.707) Catried FoNard * 31.03.24 1634 988 18. RELATED PARTY DISCLOSURES There were no related party transaction5 for the period to 31 March 2024. 19. CONTINCENf ASSETS At 31 March 2024, the Tn]st had becn notificd. by executOT5 acting for the est￿e$ of18 de¢¢osed supporters of the Trust. of indicativc amounts of legarie5 totalling some £708,000, of which &8ide from three pecuniary legacies amounting to £5.350 are all residual sh*rs. At 31 March 2024, each estate was at a varying stage of completion and neither the final estate accoutrts TK)r schedules of interim distributions had been submitt¢d for approval by the residuary legatres 28