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
P*ge
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 st*teMellts
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.
Re*imbursement 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.
Jnwesltt*nts
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
missia*menL 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#rit*ble 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
Ttst*l 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￿r*td 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