FOR THE PERtOD I APRIL 2024 TO 31 MARCH 2025 FOR (ThCORPORATING THK LAWSON TArr MKDICAL AIYD SCIKNTIIqC RESEARCH TRUST) The Hum*tte lie4￿rth Tn￿1 Cto Comteuts Report ofthe Ixllstees 1-14 Report of the allditsj 15-17 Stat¢meit offh￿1¢￿ arlivitiel 18 Balance 5kn£t 19 CL8h flow Btatemellt 20 Notes formitig pthrt of the ftnaneial •tste]theo1¥ THE HUMANE RESEARCH TRUST CIO (INCORPORATINC THE LAWSON TAtr ThiEDJCAL AND SCI&NTIFIC RFSEARCH TRUST) OR THI£ YEAR ENDED 31 IklARCH 2025 REPORT OF THE TRUSTEES The Iwstew of The Hurnane Research Trust CIO preseJLt theirrei)ort toget[￿With the finaacial stht¢mollts of th6 charity forthe 12-rnonthwi(xl from l April 2024 to 31 Marcb 2025. The finallcial slatements have beenprcpared in aca)rdall( with the accwnting poli¢i&s 8¢t oulonfoge 22 and c4Trmply with theclwiiy's C4)D8b￿tionaDd"Acco￿￿tlllg andReporting by Chajities: state￿¢ThI gf R¢comllLellded Practic£ 8N)licable io charitiespTfwing ￿1r arLOUnts in accord￿ with the Finoncial Reporting StWLdprd 4pplicable ID the UK and Re￿b]I¢ of Ireland", effective l Jauuary 2015. REFERENCE AND ADMINISTRATIVE DETAILS Trustees Janet Tate-smith (chair from 14 June 2024) Topbam (d¢puty thair frollL 6 Sq)t 2024) Paul Gold Appoitited l Juty 2023 Appoint￿1 l July 2023 Appoint￿1 l July 2023 Ap[M)int￿l l July 2023 Appoint￿ l July 2023 Ap￿]ntrA l July 2023 Apptsinbj l July 2023 An)ointed 8 Sept 2023 Appolltsj 8 Sept 2023 AMK>intLNJ 14 June 2024 Ap￿In￿l 14 hwe 2024 Gillian Homan (chairwitil 14 Julle 2024) Prof Julie Gough Kelly Ryan Prof Aline Mill Al￿ Crozier (H(m Trwutrx) Natalie Bsit with 4 pan¢1 of regulated bankntig in*itytion& iDchJding with & prilloipal banker. and in CCtA's De{K￿lt Fun(L TH]£ Hum￿￿￿ RESKARCH TRUST CIO (INCORPORATILNG THE LAWSOiY TArr MFJ)ICAL Ai¥D SCIKwfiFIC RFSEARCH TRUST) FOR TIIE YF.AR ENDED 31 MARCH 2025 RKPORT OF THE TRUSTEES Publlc benefit The InJstee3. having had regard to guidance on publxc be￿fil issued by the Charity ConYnis8ioffj eonfirni that th6 charitable purposes of the Trust fall within the def￿1￿(￿￿ set out in th¢ Choritsoj A¢t atHL therefor¢, are for the public Grant makillg policy Th¢ Tn￿l invites grant applications frojn UK-b￿l￿1e￿I1Sts frona divo8e raDgeof d1sc1pltn￿. Details of I￿¥10 apply for grants are publisl*d on the charit￿8 Tw&ile. Applications ar¢ usessd aryj scored bY￿￿nbe[sof the Tntht's indwdetttkieniifio Advisory Panel fortheir 8cierttifi¢ merit and agaiD8¢ the research objwtive$ &8thblished by the trllste￿. Th¢ TnLq board's sciettce sub-￿mmittee review8 the asswstnents and thortlists applicants for a visic to m¢ct the re￿¢￿tr, ￿eW the lab and clarify EVints rnised by reviewers. Visits are usually led by the chair or dwty chair of tkn TTr￿'s 8cicnee sDbrfo1ri￿. the CEO and ttU8tees when available. Th¢ SCI￿¢£ sukn)AllJnith delegthl authortty to take the final decision on which applications to fuLd. The TnJ8t cunYnLlyfimds Pl)D studentsw oly Car￿￿)51-￿￿t0r3J re6eawh scientists and f¢llowship& Projects cover a wide mge of animal.free te¢l￿1qUeS and hunwi disea6e5. A cornerstone of the Tn￿t'S philosophy 18 to encoiirng? s¢i¢ntists to develop irU￿vatiVtr alt¢rnativGs to the use of aDiwls in nKdical research and to fulfil & key role iJL nurturing the next generation of mcdical researthrn. The trustees rcqllire grnnteu Io rq)orts at not I￿ than a￿ll￿aL inttrvals to enabl¢ thEm to monitor prngKs8 of the pmjects. On CO￿pIet10ll a fIn￿ rqjort is required that de4ai]s the res￿1¢￿ uThdertakno key findiDg4 publications and pr&sentations aTisitigJ and the ftcxt Stq￿ for the r&4eardL The the number of acthmic papers aCCA¥ted for publication, ifLdcpendent e4JiloTid ￿dors￿¢nts attd citalions of tbe84 togcther with pr￿￿tatiOnS &t ￿LentI￿¢ COnfer￿Ces. an llld1￿lOr of impa Grant ￿¢1pIEnts may be &8kd to pr￿1￿￿ articles for iwiu8ion in the cknity's literath atsd to ll￿ko pre£entstion8 at Key managemen4 personne4 and remumeration During the period, the day-104ay operniirms of the Tn￿( the thiDisti7tion of gr8nts, 8md the processing and hulldling of new grani appIL￿tiOnS were delegated to the staff, eomprlsing the CEO. Trust S￿re(￿ry, administrator. and maknting & wnJmuni¢atiOnS manager. Th¢ Tn￿1 also continued to engage the Servic￿ of fl consultant fIth8n¢e olYi¢er. All are juvolv￿ in providing 5LEpt￿ to th¢ governance of the ¢hgrAty or thliveTing its charitable &tiviti The salarios of tbeTnvt'8 ernploye￿ are rovicwed atmuaityby the BoardwithrefwKe to averageearnings illtbecharity se¢tor for charities of a]uival¢nt 817£. and to the ¢ost of livin THE HUMANE RESEARCH TRUST CIO (IIYCORPORATING THE LAWSON TArr MEDICAL AKD SCIThYIFIC RESEARCH TRUST) FOR THE YEAR ENDED 31 MARCH 2025 REPORT OF TIIE TRLSTEES Independent seientific adv150ry panel Members of the pa￿1 include cutrcnt and previous grantknlders &8 wcll a5 scielllists rec￿1￿1 thTough an open advert on th6 TDJst's website alld social media channel& No members are remuner8tcd for theirwork Th¢ Trust has a confjicts of ititEfG4t w>]icy iti plwe to maintsin the objectivity and faxmess of the grant &pplicaiion aSsessM￿lprQC￿. Conllicts of intuest amollg pallel members can include director indim financittl tits to thc app]icant or their institution, nal or a(xdemic Telationshipy with the applic4Dt4 otherwu* loyaltie VoluJAteers The Trust¢alls w &COD8idwable numbwofv01utttecr8thrnwgl￿utth¢uK to ￿ls¢wIth fundraisingactivities on behalf of the Charity and to PfDmote its objectiv&s and &¢ttVXtics. The Trust has a Folicy in place for the reCrnItD￿II alld al￿¢￿ellt of its volunteer& In the absence of reliablc infoThDa1io￿ which w(xdd imwp8e additio￿￿ d¢moth up)n the V0hmt￿ it 18 notpracticable to give all Itidi￿tiv# v&lue of unpaid voh]nwy a&8ist8ncB. ACHIEVEMEiYfs AND PERFORMANCE IN 21)24-25 The Trust's ststy for 2023.26 5¢ts oui obj￿{lY¢S toward8 achieving its Jnission: l. Str¢ngtb¢n and expand our animal.free research gtant progrdmm¢. 2. Promote the cfficacy of animal.free reseawlL 3. Promote the Trust's vision and mission to the public. ThestratsgyisunderpinnrAlbyartivitis% to eJMllc theTrUst￿￿itiB a sustaithle andresilientorganisationwith sufficient skill8. wpporL and income to de]iver its ObJ￿tIv6$. Objective I: Animal-free research grant programme To accelerate progrw towards itg Missio￿ th¢ Trust seeks to en￿age with In0￿ iL8ti1utioJ]s, dIV￿3]fy the Insti￿lI0nS it fimds, and incre4se the amount of fuuding awardcd. The Tru8t's lunding m￿1 be ￿￿d to rq)la￿ all]]]￿S ill rsearch and the priorily ￿ the development of mctlK)ds that are r￿ci￿le. Newgrants awarded During the period tbe Trnst l￿d two gene￿ grdllt.fill￿IllB rounds and received a tothl of 35 2pplicatson& The Tn￿t awarded 12 new repr&S6DtiDg a £2.1rn f￿￿l￿g comnlllment extULding itito 2028. THE HUMAfiE RI￿EARCH TRUST CIO (INCORPORATING THE LAWSON TArt MEDICAL AND SC]ENTIFJC RESEARCH TRusr) FOR THF, YF.AR END￿ 31 MARCH 2025 REPORT OF THK TRUSTELS The 12 new grant AvArds made to ¢hcfollowiDg 8cieutists'. Dr Paola Campagnolo. UnlversHy of Suffey HoHrt fallurfrassoelated miuovasellt8r dy5fllnttion This w$t-th￿toIal proj¢c¢ will utilise 3D spkn)id5 that thc comp)sition of the hcart's bl(rt)d vesselg. The researcherswill subn)it the SpI￿roidS to a rallge of coDditioDs aijned atmimi¢kitig thE heart failure environm￿¢ io vitro. Theywill &¥8&%8 which conditions repJiGate theVaKUlardysfill￿tsonobSenreAl itiviyo. Theywill use the data deriv¢d from this ¢x￿rimentsl model w iTrforni a mathanati[￿I m(Mlel to geLerntc ptedictions on the pokntiAI Dr Campa8nolo estima￿ that every in vivo s￿dY itito I￿art failure requires Ixtween 100.3IXI anirllals. She anticipat&s that the Witspre￿I ath)ption of the meth¢)d8 ￿5￿ iti this will reduce animal use in heart faikn resegJch by3¢fA. Dr Paul Holloway, Unlverslly of Oxlord Patient derived braln Va￿￿1•r networks Ns a neTrY kn ￿trO model of ¢er¢br818mall vcJ¥el dlsease: Studykng the role of ]watrlx remodelling in COIAAI CARASIL The blo￿ v￿se18 ¢rfthe br&inare highly with multiple ctll types coming togetber to form 8 SpeCi￿18t barrier that protects the brain. In Cerebral Small Vess¢l Disease (CSVD) the barrier is di8rupfr& leading to brain clots oAdble£ds {8trok¢sl. The reseawher6 have beell able togrow patient41erived cells into miniattwebrninblood va￿e18 and will to sthdy the cause of the diryiioll ill &8VD aod bewti to test a ncw approach to therapeuti¢ intervelllion to 'repair' the Yewls. The researcha5 ￿tiMate that4wmxin)atrly 7Q atilti￿ are pet CSVD sts￿. equatillg to about 4,000 Th¢ grani has been llan￿1 iti IK)JKJur of Pmf4w)r DavAd MI]L9)￿ who seThed tho clwrity as tsulee and Gb&ir for 6 yws until bis retirement thje to III health iu 2022. Prol Elrlnl Velllou. Unfverslty Couege London DeveiopiDg fully synthede, anlmAI-fre¢ peptldtrbased P￿¢￿tle eancer rn•dels: Unrnvelllng the role of ell.m*trlx.pepthie interplay •Jll the progrudoll gDd drng respoJ8e The aim of this p0st40cth￿pr0j￿¢ is to develop an ardjitecknrallylspatiaily adv8ttced multi￿lIllia[ 3D m(Klel of pancreatic ¢allc￿ tissue. Th¢ Jnodel will an animai-frcc platforjn for studylrg pRncreatic Gancer progr￿siOn in a 'hwDall.like' emiiromnent ￿ w¢ll &4 forscre£ning drugs and *8tiDg the efficacy of rddiotlwy. The most commthdy used animals inpattcttatic (aD(K [￿h aremic& Prof Velliou estimate& that tFLe adoption of h¢rplatform will Ave 1.800 mic¢ allnually in the UK and OV¢T 30.(MK> mic¢ inr¢rnationalty THE HULIWE RESEARCH TRUST CIO (llYCORPOK4'fLNG THE LAWS0Tr4 TArf MEDICAL AND SCIKNTIFIC RESEARCH TRUST) FOR THE YEAR LNDED 31 MARCH 2025 RKPORT OF ￿ TRusfEES Prol Judllh Madden. Llverpool John Moore's Unfverslty In Sllfieo Meth•d% to Ax•xt DeYeiopJ)Aen¢ of PhysloloRltally-Bwd Kinell¢ Models A sigwfieant number of ￿lma1$ are ￿lfie IMCCA￿ and patI￿eTh￿, infonning the development of improved Va￿l￿e ralldidatss wIth￿tanimal te8titi8. Dr Nlkola$ Hodges. Unlverslty of Blmlngham Replaelng AtiimAITesthigwlth ]DllOVatlv¢ Spkerofid Mfjdel¥: Txrgeted Nanoparttc]e Ther%py hr Hud amd Neek Cqneer SCI￿11sts have shown that atsacbing eallcw F tIK8e altotations aff￿t the ba]all(x bctween resi&YAt ittllnutte cell8 aDd thyroid cells (h¢ dcvrlopment of inttammalory autoimmune coTrJitions. THE llumA￿ RESEARCH TRIIST CIO (INcORPo￿4TING THE LAWSON TAIT MEDICAL AND SCIENTIVJC RESLIRCH TRUST) FOR THE YKAR ￿NDF￿ 31 MARCII 1025 REPORT OF THE TRUSTEES Al. Df Sven Bestmann, UnlYer51ty College London UndaYt￿dIllg the dynamlcs of eortl¢wlth￿ illtenctioDs ID Currendy, rfsearchon understslldingj￿lthy andpatho10￿1sp]nal wrdfunction i8domiDat&lby 8tiirnal m(ydels. Thig is in part due to the it￿￿¢￿bIllty ofthe spinal &)rd in hurnao8. Thi8 PGSt-do¢toral Proj￿t will Sts￿y humall patieTr￿ use of Ilighly $￿ItIv￿ wearable brain attd SPiDal Bensors andmwcle activ1tymonit0￿ Thedatawill he￿unCOVerho￿ thw¢ 8yStems communicate. And thechallge8 that following spinal cord injury or stroke. Thi8 will le&1 to insights into tt¢overy and hejp develop bettertreatments for JKurologi¢al conditio￿* 12. Prof Deepak Kalaskar. Unlver&Fly College London D¢velopiiig And Invesi)gxting the effeetivene&% of • fully artificiaL aDlmal-free v4%ular model to study the olecuiAr fattor8 governing blwd vessel IDtegrity 4lld in heAIth disease The f(￿￿8 of this post-doctoral project wiIi be to use 3D bioprinting lo creats spatially controlled layered distributions ofmultiplecell typts thatmillll¢ the nabmal strnctureofbl(KMlves5el& Theres£￿hN￿wiLLdetCrMIlle if btOEngille¢r¢d blood ve￿1 modeb caD bc u8ed to simulate the slTu¢tt￿e and fimction of normal and di6e&s blood vcsse18 and therefore w•vide a viable cytion for rrdu¢in￿re￿1llg the use of animal m(xlels to study The Tryst like to ackl￿wI¢dge the pro t*)no assIst￿e of its indwtht ￿l¢￿tIfiC advisory panel membeAS who provided support and to tn￿teeS iti the &¥G8SttIe￿t of grant award& Monitorxng of ￿&S￿￿ggr￿Ats During the periiML the TTUSt cotttiDU￿J to Sup￿ 14 pmjeLts rf the univ￿li1&S of Sheffield (2 projeots), Ea8t Anglia (3 proJ￿ts), Edge Hill, Nottingb&m, Nottingham TrenL Mancheshx. Edinkngty Keel4 Abad¢￿ llristol and Bimiingharn. A lis¢ of all xtive research grants during the ￿KM1 is givell in note 7 to the finallci￿ s¢at¢mu¢ts. It should be t￿ted thatProtsorJulie Gougb, th¢ PTitKipal investigatOE of the proj￿1 &tUnIV￿lty0f Manchester, is also a trustee of tb¢ Tn￿L This 18 Tworded ￿ a r¢lated party trnM¢tion in the ootes to the f￿￿Ial staternents. As at th¢ end ofmarch 2025 over £2.99m bas committrAI to ongoing Kwrch projeKts &t UK ￿]VerSAties. ￿)s$ 24 projects. The TrD8t has made gtaDt CO]￿)Mit￿&￿ unlilJuty 202& Trnstees take an activc interest iti the progrs58 of the grallts that the Tn￿ awards. lknitig the p¢Jiod, membets of th¢ B{￿rd undert(x)kvisits to the projEcts being deliver&J at the UnivcJsity OrK￿le aud Edijthurgli. Ill addxtiow theprtThoipal ittVEstigatOTS of projects at the uDiv¢rsIti￿ of Edge Htll. Sheir￿ld {Iwo PMDjth) and Birmingkn gave presentations tD th6 Board duTiDg the year. Promollng the Trust lo scientirts th￿1￿8 the year th¢￿ kn8 a signifi¢antfwus oopromoting theTn￿'S grantPTogrm6 to sci¢otists. This has ledto an in¢￿se in the number of followers and engagem¢nts Linkedln. the number of sci¢ntists ￿8¢￿￿ill8 to the Trust'8 scienee newsl¢tter, the numkn of appliwits to the Tnwt's irdlwtht scientific pand, and the x]]lllllKr of grant applieÈtitsns th¢ Trust re¢eiv6s ID each granl-fimding rnuThl. THE rnTrIJ£ RESEARCH TRLST (INCORPORATIYGTHE tAIVSON TAfF MEDICAL AI¥D SCIKNTIVIC RLSL4RCH TRUS roR THE YEAR FNDED 31 MARCH 21n5 REPORT OF TUE TRusfEF Objective 2: Promote the efflcacy of aDlmal-fr¢t research Too many anima]s are still beingusd iti medical rwarchwhen non-animal altanative m&bod8 Are available ￿￿VIable. The Trust se¢ks to pr(*nM)te the aTgut]]snL4 for human relev8llt researth. proll￿te the effic4Gy of existit)8 non-8mimal reseawh methods a￿{ pr{NIuG￿ and #imulate the deielopowt of new methods whett nonc Gurrentlyexi8L Sharing bestprach'ee Kn S¢pt¢mber 2024. the Tnth held a 8CiClltific symtK)siutD in part￿￿thIp with University of Manchestsr. TIL¢ event was attended by 80 scientists who 8¢tively engagrd in discUs￿OnS abwt their re8e8trh and forged nEw relationships and ollaboratiOll8. The Trust wouki lik6 to thank its two tnKstw Prof Aline Mill¢r and Prof Ju]ie Gougb, who were instrumentsl in organisittg the evellt andproYAded the vetsue free of clwge. The fan)ily of thE Ttwt'8 late fomier tmstce and ¢hair, David Mill￿￿. waB very pl￿ed to atte￿1 the eTht and me& Dr Paul Hollowdy from Oxford. whose pmject they had clKisen to be awardd in D8Yid's ll￿￿e. Followillg thc success of the Sym￿￿i￿rn. in March 2025 the TrLLSt was de]igbted to parttier with Anirnal.free Research UK and Rcp]aGing Animal hold a seience C￿]ferenC6,BeSlpr8ct1et ttinon.gJJiroai r&*ar¢h methods,. Across two days in York over LOO pioneering sci(¥ttists attd adv￿atrO sbaMJ knowledge, showcased cutting-edge tedjnologics and prO￿8ffj and Tell￿¢¢d on pmgLf6s and dir￿tiM5. Tbe Tn￿t￿Ou1d like to thank th¢ two pe￿nerS and all the event Spon80￿ who the EVe￿tpo￿Th￿. Influence and adv0￿CY The Trnst continues to partioip*e in tnonthty tiieetings of th¢ Alliance for Human-Rel¢vant Researc￿ an ittclusive collabmtion of I]￿minded companies, orgpnimtiolls and I￿lIvidualS wothing together to accelerate iimovAtion Hlld create positive change. During the period. th¢ Alliatw¢ publis1￿ the pr(y%￿l￿g& of an Allian¢£ w0￿hOp held in April 2023 on Drug Induced l.iver Injury (DJU)." FIuman-Foaud Tuling Impmve clim￿al Trtsnslaiion? in the journal Frontier8 in Drug Dis(¥Jvery. The Tn￿t al80 participated in sevetal roundtable meetings eonYeDed byLUSH Pri7K. inte￿Ied to provide support co- operation to mally of the charities ¢0￿crned WAdL anim41 welcwr ITh the UL Of particular fLW has been sharing intelligence on theGovemmeDt'sforthcomtng rothap ￿e￿I￿nIMal1¢S￿ng anddi￿UsslDg what each ch2rity'sprioriti&8 are with the aim of agreeing a shared EK>sition if ￿)sSIble. Objecllve 3: Promote the Trnst'x vision and nthsion to the public The Tr￿st'S income is rai￿￿ entirely frcmn membu5 of the publi4 th[(￿gh legacie4 doll￿1￿ fuThtiwing a¢tivities and online Shop sale8. It is vital that the Tryst ¢ontinue& to m¢h and iwirc a]tMI artd futhre supporters. The TTUSt aptxJitibJ its first n￿￿tiDg & rA>mnwnic&tioDs managff in March 2024. During the perii)d they have suec￿fidIY Impl￿ented a c0mmuni(xtio￿ and Ma￿eting straw. increasing the nullknof follower8 and intwtions on Social media, the nllMb￿ of subscrikn to the Trnst's n¢w51etter. and th¢ nUMb￿0f Tegular and ¢)n¢-off don¢)rs. The TTh￿t has improvements to the conteat and fillKtionality ofits w¢b8it¢. to better communicate what it does to tb¢ pubJiG KientisL% attd to raak¢ it eaBier forpeopl¢ to contact the TnTSt and Jnake donations. io THE HUMANE RLSEARCH TRUST CIO (INCOIUYIRATINC THE LAWSON TAIT MKDICAL AND SCIENTIFIC RESEARCH TRUST) FOR THE YEAR ENDED 31 hL4RCH 2025 REPORT OF THE TRUSTEES TheTn￿th￿rna]ntajThed its mail ord&¢athlogueandonlillegiftshop.rwognisiDg theirtmporwz￿ toolsforpromotitig the Tru8t and reachllw new audiell￿& The Trust 5Utplus on sales. The Trn# wouLd Iike to TecogDise the generosity of all 5upwrtW5 who made wch&seg and don￿10￿8 to the Tn￿l durillg the p•i(xl. It is only through their actions the Trust can contiDU¢ its work. The Tn￿t is also Efdtefill to Chris PaCkba￿ alld MewJn M￿￿￿)Ill for tbeirw inptonwtiog the Trust's a¢tivities on s(Kial media *md for helping select tbe wiulliDg ￿e1￿laT entri&s. The Trust is grateful to trustees and Voluntl￿S who have tskcn time to give t&]k8 to kbcyl 8OGi¢ties and commutiity groups. nm a stand at the Branthall Dllck Race. aud attend events at I￿1 high ythools. These activities have all hdped grow public awarenetw ibout thc Tn￿ and its mission. FUTURE PLAIIS The next financial perA(d will dclivw of the third and fmal year of the TnL8t's 2023-26 Strategy. Key activits¢8 towards delivering the 5trat¢gy's Obj￿tiveS will include: Objeetlve I: Animgl-free research grant progTarnJne Grant aivardg Continue to dev¢lop the Tn￿l's 2fdlltprggramn]e Run a grallt-fjjtiding round to award a FEllowsbip granl Conduct a supp)rter swry to inform the fotsts of a grdul-thnding roulld fML%cd on a $￿cIfiC disease Area Promote thegrantsprogrammé and qninmd-free reseaKh to scienlists Spollsor k¢y UK conferencu to engagc sciuAtiSts aem&8 a raDg¢ of di￿1P11tie6 Promote llnd attend the Royal ScKiety's Sciellce Plus ev￿4 'A ltsuRanfo¢u5for2111 eenhry life sueFW" that is iKing held on behalf of the Allianc£ forHutlla&.R¢l¢vant Science, Febru8ry 2026 Collabor4tlott¥ qndpartherships D¢velop rejationshxps with ￿n￿1￿cial suwlias ￿ support thoTn￿t'S gr8nthol(kn Resourcés to support animal-freeprnlocoL Develop p￿pO￿lS for a rnnge of the Trost'8 gr&ntlK)Iders to deliver allimo1.fir¢ r¢8eaTch TIIE UUIIIthE RFSEARCH TRUST Cto ONCORPORATif4G THE LAWSON TATf MEDICAL AND SCIENTIFIC RES]fARCH TRusf) FOR THE YEAR llNDED 31 MARCH 2025 REPORT OF THE TRUSTKLS ObjeeÉlve 2: Promote Ihe efficaey of allima￿free resear¢h Communicatsons and advoca(y Host a stand at a Westininster event beillg o￿l￿d by the Alliance for Hun}￿Re1cv8￿t S¢1￿¢¢, November 2025 Engag¢ with the Trust's local MP to gaill dKir For the Tn￿1,8 mission ContitLue to partici￿ in the All1all￿ for HuD)aD-Relevaat Sclencs witlL a fo¢us on the Government's forthcoming roadtllap to end animal tsti08 Engage with ￿Mme￿laI￿lIerS onthell￿lt0 makenxYe¥niwo1.ftterssearCh￿¢tsav￿II3blefOTT0Se￿[Ch InflueAceJunders I￿4J￿￿TRaI$ Work with leaditig ac4demics on a joint ￿1Cle toNature aknut the Tr>le j(yJrnal editor8 and rttr.reviewer8 play in supporting an1maJ.fr￿ research sup￿ thc development of a qJeKAal edition joun￿1 wb11￿10￿ sbowcasing atilms1-fr￿ t*oto¢ols Objectfve 3: Promote the Trnst's vision and mission to the publRe Communicate with thepublic Contit)ue to expand thc Trnst's witil medi84 presen￿. developing #￿1 testing ditY6rent formats atsd cfimpaigll La￿ to reach alld ellgAge WAth suprA)rte Contirtue to identify oppOrtun￿e* to S￿￿k to differrni al￿t tlLGTrJsL's wotk Increlxse donors and donatio grant ￿1. Engage high-profik ittth'vidua18 with link8 to the chosen di￿ to 8UPPOrt the targetul wnpaigD Increase pegmlar donations Trial ComLuulliGatio￿9 me&4ag£s to sUPP)rtas to s¢tup a re￿DIre¢lDebIt dotiation Promote gTfts In IfdLg revisirg th¢irWill. Covernance and strategy During the nextperiod. tnwtrgwiildeyelop allellv1rnnnj￿1XL social ￿¥{g0Vea￿¢e (ESG) strategy to doscTibe how the TnL8t will integratc environmffltaL soclai. and govemonce tstors into its operations md deLisioft. ll￿king. Trustees vnll und¢rth a review of the 2023-26 3trateByaThl develqi a llew strategy for the period 2026.29. 12 THE HUMA￿ RESEARCH TRUST CIO (INCORPORATING THR LAWSON TArr MEDJCAL AND SCIENTIFIC RFSKARCH TRUST) FOR THK YEAR Ki%DED 31 MARCII 2025 REPORT OF THE TRusrKKs FINANCL4L REv￿w 2￿￿25 Fin#nciAI posltlon The total incomeof the CIO for tbc 12-month kxriod ended 31 Marth 2025 lotsil￿ £1,898.15l. t&gaGy income was £1.585.185 and contitille8 to be the ¢kniJwit source of iDc4)m¢ for tkneTn￿L Donations were £74.850 includinE gift aKI. Th¢ Tn￿t is to iLg deAlic&￿1 WpOrte￿ for thcir con¢iJwiog supporL Tn respect of inv&st￿¢￿I tetsuJLs ill theperi(d £176228 was earned from int£￿t oll d¢p08i¢ed re6erYe8. The TrnsÉ'# licy is to a￿oUllt for I￿terest Only as re¢eive& ttt addTtl￿ thi8 yeaT, inveslment inoome rneived fTh)m dividend8 totailed £40,410 ￿ a w>rtioD of our invested VR5 Switch￿ into income fi￿d& On tho otlw barf our combined iJ)v¢sted resc￿e& eXperien¢edutu¢ali￿j vaLuation 10&8es of £87.527. Accordingly, thig amounted to a combitie4J total negative return of £47,117 over 12 months rqxwnting approximatsly-2Yll P.& on (w 8veJage investtble T&%ervE& Gov¢rnance and Support costs during th¢ 12-month p￿1(￿9 8mouut&l to £192505. TheTntst'S PTiority is to fiu)d high quality research and tn￿ thereforc k(w operatine expr￿$ to a ]niDimum, re￿Ied ill a S￿￿1 sthff base and f(ws¢d activiti￿. Whett setting the annual attd takitig decisTrons on gtants. the Trnstaims to keep operdtillg Gogts (excluding shop stiKk purGhases) to wlthiti 33_509h of grdnt ¢xp￿di￿￿Q. th tht ptZi(Kl the rntio was 39fA* . A second rAetric is to endeavour to ke¢p opernting ciKts (ex¢luding sbop stock ￿rch￿&s) within 25-33Y• of income (excluding sIM)p sllle8). During tbe period the figure w&$ 15% owing to the high incollLe from legacics. RethAmburseM￿t of ￿pendIture on 8tallt aw8nls madeby dLe Trust &nount¢d to£712254 during th¢ ￿l{￿L The Twst ￿Orded a 5urplw of £792.082 alld continues ￿ be firJarKially sound wilb free reserves of ovtt £3m. This allows the BoaThl to Continu¢ ts) pursue leading dg¢ rr￿[th projects that fitwith th¢ Tn￿t'S ethos and represent good value for money. Jrtve8AwRtr The charity bdd £2277.464 in the ethioal inve51meniFund mallagcd by caA comprising both Jneome aDd Accumulation wii¢& OtlLer reservss (£3,8Th) were Substan￿Ybe1d on dwit both withvariou8 UK regulated banknng institutions and CCIA'S own deposit fun(L Reserves policy The trnstees aiffl to maintain frcc re8erY¢s in un￿trICted fund8 at a 16vel to eThsure that ope4atioDal and govcman¢e osls are cover&J for the peritMI over which the Tn￿'S 8zant ¢0￿mIl￿￿ts exten As 8tated in note 17 on pag¢ 31 ofthe financi￿ statcmcnW the trustees have agre￿ to futt)re grallt payments amounting to £2.99m until July 2028. Thr TnLYt therefore aims to maintsin fre¢ r&wve4 lo cover the oper8tion81 and governance ¢osts thrwgh to 2028. opttatio￿ and governftnce costs arc calculated using GurrEllt C08ts for the fjrst two ye4rs. tapwingdown over thiuentyfars. Legacy inoome is tbe dollliaallt income stream of the Tn￿4 with unprojictsbility in liming 8Jxl amount. Gr￿t Commitments are th)mJally TrscarGh projects of be￿e¢ll two four yrars. Consequently. the￿ ¢m Lx time lags b¢￿een Tec¢1￿ of income and payment of grallts. TherefoJE. the Tntst Ca￿ and fr&4uently does. hold r￿erVeS greater than th¢ amount needed to meet its operational and governan￿ ¢osts for the duration of the grants awardeiL 13 THE HUMAP4E RESEARCH TRUST ao (INCORPORATING THE LAWSON TAIT MEDICAL Ahl) SCIENTIFIC RESFARCH TRUSTI FOR THE YKAR ENDED 31 MARCH 21)25 REPORT OF THE TRUSTEFS ACKNOWLEDGEMKNrs The trllStee6 ￿kDOW1&￿ge0￿Jtha￿&the dedIc￿￿v0hmtrttS and f0rthe1rcommitm￿tto the Trustovor many The twste¢s aIso thaDk Cl]ris PaCId￿ the Tn￿t'S palftxl. atyjmewan mcc￿bbin, ts giving their time￿ generously and amplitying the voice of ¢h¢ TrusL sp￿tal ilw]ks are given to the Tn￿t's Stlla]] staff tram comprisiDg the (*ief Officer, the Tn￿l s￿retary, Administrator and Marketing & Cottll]lls0icatson5 Menager for thcir exceptional effort8 to 6nsuTe a contitiued high stath of serviix to grdntholdets, dollo￿ aDd ￿pptsrt￿s. th additio￿ the tn￿t¢4$ thallk Tim Asklwn, th¢ ￿r&suIta￿l finaNe officer, for hig continuedsupport with the Twst'$ financi￿ m2tsagemenL STATEMKF4T OF TRUSTEESY RESPOTrISIBILfnF The tntstees respon￿￿*[e for prep&ing the tro3tC6s' wual report and th6 financial sthtements in ￿cOrdanCe with applithle law Utiit&l Kingdom Ae40untiDg Sta￿darth (United Killgdom Gelmlly AwtEd Acc￿￿tIng PTrwtice). Th¢ lawapplicable to charitie3 iti England andWaW8nd th¢ PTOViSiOn5 oftheTrusttkc(L thelrusteas to pttpare finallcial 8tat¢m¢nts for each fJn8ncial year wbiGh give a lrne al￿ fair view of the state of ttffairs of th¢ Trnst and of th¢ ittcoming resourcrs alld applii*tson of including the iticK)me ard eX￿￿lti7￿ of the Trust for that period. In preparing these fit￿l¢la1 8t*tetllenty the trustccs are requi￿1 to.. Select suitable w¢&)ullt&ng polici&s al￿ then at4)ty thcm con8iStetity' observe the methods gmd principles ill the charitiss SOIIP. make judgenLents and GgtinJAt£s th* are re2son8ble prUd￿ll 8tate vthether applicable xcountsng standarth ljave bee￿ follow￿1. subittt to any material dq)artuTh disolosed Attd explained in the finanolal thtements. alld prcpAre the finanoiai sthtements on tkn going ci)ncern ba8is u01￿ it is iaappropriate to prf6ume that the ¢lwity will continue in busiti￿. The lrnsttts ar¢Te¥￿>￿TrJ1e for keqjing propcr weounting rewr(Ls that di￿10$¢ with re&ginAble accuracy at ally time the finaDci81 position of the Tn￿t and eDable them to eJisiire that the fir￿1¢1￿1 slatements complywith the aJaritiesAct 2011, the Charity IA¢counts and Rwots) liegu18tion8 2￿8 theprovisions of thcTntst DeaL Theyate also rwonsible for safeguarding the assets of the T￿￿¢ and h￿¢¢ for tsktllg reag)Dabl¢ 8(ew for the preTthAott and thtwtion of fraud and Approval Tlus rqjort vrdS approved by the tr￿t￿6 on the I JmetTate-Smith Ch&ir of tn 14 IIUMANE RLSKARCH TRUST CIO (INCOIiPOIL4TINC THE LAWSON TAIT MEDICAL AND SCIENTIFIC RESEARCH TRUST) INDF,PFNDf.NT AUDrroR'S RKPORT TO THE htEMBKRS AF4D TRUSTffES OF THE HUMANL RESEARCH TRUST CIO W¢ h&ve audikd the fmancial statem¢nts ofTh¢ Hutnane Research Tn]st CIO (Ibe'¢hJrii￿j for the yw ended 31 MAr¢h 2024 which comwise the Sta*￿¢￿1 of FinarKial Actiyitiffj the Bal#nt£ She¢L the C&8h Flow Statement and the related notes. The financial reporting fra￿tWOrk thath&8been applied in theirpreparation is applic&blc laWa[￿ UDit¢xl Kingth)m Accounting Standards, including Financial Reporting Stalldard 102 Tr Financial Reporting Stsndard applicable in tbe UK and Republic of Ityland (Ullited Kingdom Genually AccBPted Awwifiug Prnctice). In our op1n1o￿ the fin8ncid st4t¢m¢nts: give a trt￿ aud fair view of stste of the cFthrity4 affairn as at 31 MaKh 2025. alld of its incoining resources and application of re80UTC4 for dLe yearthen ￿tIL. have been properfypffpared ill #c￿rd&￿￿ with United Kingdom Generally Acc£ptyl A(wunting PractirE' and have beenprwed in a￿[da[￿e with the ￿Quirem￿ts of Chariti65 Act 2011. Basis for opinlon We conducted our oudil in a¢cordan¢e with Illternatignal StandaTds on auditing (UK) OSAS (UK)) aTrJ appliLThble law. Our r&qtM)nsibilities under those standards #rE fUrt]￿r dwribed in the Alldxtor's resrA)tisibi]Iti￿ for the audii of the fuwicial stste4n¢nts 8eotion of Ourrc￿rL W¢ are inthpwdent of the charlty iti &COrdan￿ with the ethicdwuirem¢nts that are TelevarAt to our audit of the fiDancial Statements ill th6 UK the FRC'S Ethical Standard, and we have fidfilled our other ethical rwnsftjilitics in accordance with th&* rEquir¢Jn¢ll￿ We believe tbat the audit evidenco we have obtained is sittficient and appropTiate to provide a b&sis forouropinio Conclu8lon8 relatlon to gokng toncer n auditing th¢ fmancial statements. we have concluded tha¢th£ trust￿, we of the going concern b&8is of accowitsijg in the prwaration of the finanoial s￿eMents is appropriate. Ba8ed on the VIO￿ we have pdorrnryL we bave identified any n￿￿rial unC￿tain￿eS relatitig to eV￿ts or cl￿ditIOnS that, individually or eollectivety. may casl siguifiGant doubi on the charity's ability to contiDue as a going concern for & period of at least ttvolve month8 from the fiDwial statements are authori￿ for i￿. Our responsilJiiiti&% al￿ ts Twoll8Abilitie8 of the with res￿ to going ¢x)n¢¢m aJe de￿)ea in the relevant sections of this report. Other infomatlon Tli¢ other info￿atiOn eomprists tht inforroatson included in th¢ repoTL other than the finatscial 8tst¢Jnents and ouravdilor's reportthereA)tt The trusteGs are re4trxwbleforth¢oth¢rinfom)ation. Ouropiniononthefjnancial statements does not coverthe oth¢r illfonnation and we doJKbl expr&%s any fonll of assurance conclusion thereon. Jn conn¢ction wxth ouraudit of the finanBial *atements, our rthi)onsibiiity is to r¢ad the other ittfornwtion all(L ill doing so, ￿MsIderwbtther the other infom)ation is mat¢rialty inconsistellt with thc fmancial sts1aneJ￿ or our knowbjge obtained in the audit or othenvise appe4WS to be ￿￿1¢[1811Y If we I￿tify such Makn1￿ inc01￿￿¢1CS or apparent In8￿181 tnis9thtements, we are rfywired to deterlljine w11eth￿ 18 a nuterial misstatem￿1 in the fjtwicial 5tat¢Jnpnts or a rAal Dllsstat¢meni of the other ADfonllafioTr If. based on dLe work we havc ￿forniaL we ConGh￿¢ tha¢ there is a iaj misslatement of this other inforniatiOD. WG ]wuir¢d to report that facL W¢ have Jwthing to rwrt ill this regllr TIIF, HIJMATrIE RKSEARCH TRUST Cto (INCoRi￿RATING THE LAWSOLY TA￿ MEDICAL Alw SCIKNrnryc RESEARCH TRUSTJ INDKPENDKNT AUDrroRIS RRPORT TO THE.MKMBERS TRUSTE￿ OF Mattex8 on wl)fich we Are req￿Ired lo rtport by exteplfion We have nothing to report in red8p￿t of the fouowing malth where Ihe Ch8rAties (Accounts and Rwts) Regulations 2008 requir&8 US to f¢p)rt to you i£ io ouropini suff￿lent accounting rojxthbave Th)tlr£tt W. the fjnancial 8tato￿￿Lq are Jx)t in a#re￿it with the acmting re4ord8 and rEtisrns OT we have not rceeiyed all the infornwtion and wI￿ti￿liA)S we requite forour audiL Re8WJ￿lbll1des of trustee AS explained MOAE fully in the Trust￿8, I{￿￿111tie9 SlatemeTht 8¢1 out on page... the tsustees aT¢ resp￿)s1b1e for th¢ preparatson of financial sLiteLnents which£ive a Irue and fairview, aod for suchinternal GottttDI as thc tnLStees determi is necessary to enabl¢ the preparation of fthancial State￿ents that are free from matsrial mssSt&tem￿( whether due to fraud or eftror. Ill prying the fttwioial ststejllell￿ the trustees ore rt4W8iblefOr&￿&1ng the ¢harity's ability to conttnue 28 8 going dkgclosing. 0$ 4)plicable. Anatt¢rsrElatedtogoing w1￿9nd￿8]ng thegoing COncernb￿ls0fa¢cOuUtIAguD1¢SS the thtstees either Inte￿ to liquidate ttse ry)mpatty or to Cea￿ orKrntionfy or have no realistic alt£rnitive butto d(Tr 50. Alldltor'$ respoDsibllitie8 for the audit of th¢ finanetsl 8t#teAellts We hav4 appoint¢d a8 auditor under the Charitia8 Act 2011. s. 144 8nd Tq)Ort in a¢cordgm¢e with regulations made undertho Act and Trlovartt r¢gul•tiotis made or ha￿ing effect thff￿Jth. OurObi¢ctiv￿ are to obthiThrthwnable &￿ran(% aiNmtwheth￿the financi218tateJn¢nts &8 athl¢4r¢ free from material miSStaten￿l¢ WhEt1￿ due to frnud or ern)r. a￿1 to issue an auditof s report tI￿t includes our ()pinion. Reasottsble R&sur&nce is a high level of &8Sury￿ce. is not a gu2rallt￿ that an audit conducted Att a¢cord8mce with ESAB (LKI will always dete¢t a material misstate￿¢￿t whuj il exisL8. MI￿tements oan arise from fraud or ew and are coD8idersJ material if, individually or in the aggregate, they wthl M4irLabty be cXpwt￿ to Intluw￿ the eKonomic decisions of The extont to wbich ¢)ur are wable of drtwtittg irKgthritiu. including frwul is detailed below: We obtained an undeft3tawlinE of laws. regulatioL8 and guidance that 8ffect tbe (harity. focusing on those that had 2 direot elYe¢t Im the financial 8tatettLettts or tha¢ bad a fundamental ¢ff￿t on its Iyekztions. Key law regul*10￿8 and guidattce that we idenlifirA includ￿1 the CIMrities Act 20118nd relevallt tLx legislatiotL We enquired of the Tn￿te¢S al￿ reviewed ¢x)nV4KJDdaKt and Trllstee mc¢ting mtnutes for evidence of no ornpliance with r¢l¢vant laws and￿gulatIOnS. We gained all Unde￿anding of the ￿ntrOl8 that the Trus￿5 have ill place to preveLt and detect fraud We etwuiredof the Tru8tees abou¢ auy incitsK48 of fraud that had tsken place during the ￿oll￿dIng period. The riAk of fraud and llon-complian(x with laws and regulations was disw&*d wffithift the audit t¢am and te8ts 16 THE HtIMLNE RESKARCH TRUST CIO (INCORPORATING THE LAWSON TArr MEDICAL AND SCIEliTtFIC RK8EARCll TRUST) INDFPFNDENT AUDITORIS REPORT TO TItE MKMBliRS AliD TRUSTEES OF THE ItUWE RESEARCH TRusr CIO We reviewed fitmllcial Statemet￿4 diseliNwe& and Wing d￿￿1￿￿tIOn to as&￿ScomplIallCC with r¢l¢vallt laws and regulatiOL8 di8CU8s¢d alM>ve. We enquired of the ThLStecs about actual and￿)t¢￿lal ]￿gatson ¢]aims. We perfollrn￿ allatyti¢al W£￿￿1UrES to Id￿tify any uttw81 orUneX￿￿l Telationsbxp8 thatrnigbt ijhJi¢ate risk of ma*rial misstatement due to frau Itt addrE&8itig therisk of fiaud to management0v￿rIde of inteml wntrol8 we t45tcd the apptowiateness of journal Entries alld as84wAI whetherthe judgements made tn ar￿￿ting asiimalrs were indicative of a potelltiai bias. There Hre inherent limitations in our ￿lt Pr￿ dewribed above. The more removed that laws and regu]Ations fftre from finmcial trgnswtions. the l&s likely it is thatwe would i￿￿¢ awa￿ of noD-compliallcÈ. Audilimg s￿dardS a]so limii the audit proc£duTe8 required to idelllify non-compliance with laws and regthlatioDs to enquiry of the dircctors and other nwag¢ni¢nt and the iti5pection of wlatory and legal CO￿0￿ce. if any. Materi81 misstatem￿ thai arise due to f[p￿] CaD be hardy to dthtthan tha¢ arise from erroras they may involve dthl)¢rdte con¢**Income & Endowments From**
Donations & legacies
2
Other trading activities
3
Investment Income
4
**Total Income**
**Expenditure On**
Raising Funds
5
**Charitable activities**
Grants
6
Governance
6
Other
6
**Total Expenditure**
Net Gains/(Losses) on investments
**Net Income/(Expenditure)**
**Reconciliation of Funds**
Total Funds brought forward
**Total Funds carried forward**|**Unrestricted**
**Fund**
**Restricted**
**Fund**
**Total Funds**
Total Funds
**01.04.24 to**
**31.03.25**
01.07.23 to
31.3.24
**£**
**£**
**£**
£
**1,660,035**
**-**
**1,660,035**
1,676,820
**21,478**
**-**
**21,478**
14,538
**216,638**
**-**
**216,638**
67,184| |---|---| ||**1,898,151**
**-**
**1,898,151**
1,758,542
**(100,207)**
**-**
**(100,207)**
(61,179)
**(725.830)**
**-**
**(725.830)**
(494,427)
**(94,138)**
**-**
**(94,138)**
(60,734)
**(98,367)**
**-**
**(98,367)**
(71,229)| ||**(1,018,542)**
**-**
**(1,018,542)**
(687,569)| ||**(87,527)**
**-**
**(87,527)**
193,655| ||**792,082**
**-**
**792,082**
1,264,628
**5,294,367**
**-**
**5,294,367**
4,029,739| ||**6,086,449**
**-**
**6,086,449**
5,294,367| The notes on page 21 to 31 form part of these financial statements. 18 THE HUMANE RFSEARCH TRUST Cto (INCORPORATING THE LAWSON TArr MEDICAL AND ScI&￿TIFIc RESEARCH TRUST) BALiNCE SHEET 31 MARCH 2025 2O2S Tot81 2024 Tothl Funds F￿d Fund Income & EodoTvJlleDts From Tangible A85ets Inv&slments 53.042 2277.464 53.D42 53.213 2377.464 2.164.991 2J311J16 2,218.204 12 Current A&*ts Stock 13 7.165 33,629 3.01(1267 1,033323 7,165 5,115 3J,629 82,138 3,010267 3,232.326 1,1133323 4.1184284 3,319,579 14 Cash at bank and in batsd Current A&8et Credltors Amounts falling due within one year 15 (328J41) (328J41) (243.416) Net C￿rrent A￿ets 3,755943 3.775.944 3,076,163 Total knets k98 Current Liabllitle8 08Q449 6,1186,449 5.294J67 Net Assets 08￿449 6,080,449 5,294,367 Un￿￿trICted Fund8 Restricted Funds 6,080A49 5294.367 Total Funds 6 1186 449 5 294 67 Ii/o?/totf Thc finall¢ial s¢at¢mats were approvedby the Boanlof Tnkn ou [x] aod were sigDed oll its behaif by: Janet Tat&Smith Ch4lr vftrustees CroYJer Honorary Tr¢a8urer 19 THE HUMAf4E RKSKARCH TRUST CIO (INCORPORATThG THE LAWSON TAIT MEDICAL AND SCtEI¥TIFIC RF3KARCH TRUST) CASH YLOW STATETrI8NT FOR TKEI PKRIOD FROM I APRIL 2024 TO 31 MARCH 2025 Period Period Notes 1.0424 to 31.03.25 01.07.23 to 31.0324 C4sh floJYs from operathg Aettvldes Cash generthl from operations 841AII 950,525 Net cath Providd by operating ￿tivItIe 841AII 950,525 Cash flowa from InvestiAg activiti PuT¢hw of tangible fixrA a&sets (4475) {200,000) (10,463) (450.0￿) 67.184 PuTch&8e of fixed wet inv&81nLents 176328 1ts16tcst received Net c4sh provid￿ by1{u￿d in) investitig activitie8 (30347) 1393279) Change In eayh and cash equlvAlents th the reporting perlod 811,164 557246 Allocatloll to wrrent a&gel Inve8¢mellts (1,033323) and equlvolents at tke begiHnitsg of the reporthig period 3232J26 2.675,080 Cafjh and eash eqlliv*lexts at the end of th¢ reportkng perlod 3232.326 3.010267 20 THE HUMANE RKSEARCH TRUST CIO (XNCORPORATING THE LAWSOIY TATf MEDICAL AI¥D SCIENTIFIC IIESEARCH TRUST) NOTES TO TKK CASHFI.OW ￿ATEMENT FOR THE PERIOD FROM I APRIL 2024 TO 31 MARCH 21ll5 RECONCILIATIOI% OF I%ET INCOMFJKXPEi¥DrruRE TO NET CASH FLOW FROM OPERATING Period Peri(Ml 01.04.24 to 31.03.25 01.07.24 31.03.24 Net iti¢omeJ(expendlture) for the reporthg perADd 791082 1261,628 Adiustraents for. Depreciation Charges L06sesl(gains) on Fixed AsSetDiSpo￿ls Loss&%llgain) on inve8ttnents Interest r￿ely (Jn¢reasc) in S￿Ck8 DecJEa5&1(1ncr￿e} debto Increase in creditors 4,931 I,n5 87,527 (193,655) (176228) (67.184) (2,115(1) (78) (73.592) 17,699 1707 84,925 Net cAsh provlded by oper*tI•ns 950 525 AL¥ALYSIS OF cH￿NGEs FUNDS Net C*8h Cash flow Reallocation At 31.03.2025 01.04.2024 Cash at bank hand Total 3232J26 811.164 {1,033223) 811163 {1,033223) 3,010.267 3 010366 21 THEI HUMAP4E RESEARCH TRUST CIO (INCORPORATThG THK LAWSOF4 TArr MEDICAL AND SCIEi¥TIFIC BFAKARCH TRUS NOTKS TO THE FflANCIAL STATEMKK15 riOR TllCI PERIOD FROM I APRIL 2024 TO 31 ￿[ARcH 2015 ACCOUNTING POLXC)IS 1.1 Basts of prepmdon of the lInanc￿ 8tatemen(% The financial stalements. havel￿gnpr¢paTBJIll accordancewith AccountitigandReportingbyCltsriti&s: Statement of ReKommended Prdcti¢¢ applicable lo charits¢% prq)8rI￿ their accowits iti accordance with the Fillgncial Ryrting St2lldard appIl￿ble in thE UK and RqMblic of Ireland (FRS 102) (effwtivc January 2019- (Ch8ritie8 SORP (FR$ 102)). the Finllncial Reporting Stslthrd a￿]i(ab]e in the UK 8ndRepubli¢ of Irelond (FRS 102) and the Charities Act 2011. gets attd liabilities are illitially recognIs￿ ai historid or trarLsactson value unless othenvi8¢ Stated ITh tILe relevant accouttting p)licy nots(8) and with the exception of inV￿Mellts which ar¢ includd at nwket value. Thc Clwity in¢0￿￿)rated As a clwitable incorporated orE2nisation oll the Iii My 2023, with the transfer of activiti£8 from the previou8 ￿InCorp)r￿d charity The Humklle 1144earch T[￿SL kn lins with tho requirements of the Charitiss SORP this forniation h&$ treated as aw. As a result the ws¢t attd liabiliti&s of the previous ffltity w6re trat]sferrryJ at Ixw)k v4tue to the Ch8rity with no a￿￿$(t￿e4Lts consid¢r¢d necessory. All r¢sults in the rentperi(Kl ￿late solely to the new Charity. 1.2 Golng concern The 2¢counts have been dravm up on a going b&%1& Jn common with many fi￿￿.raisIllg ch￿Itt￿, th¢ adoption of the going wnccm basi8 is depetylent on the Gonwany rweivtng adequate fiuKkning from Yolufttsry ineozne such as donations and leEa¢ies. While the reco￿18¢ the uncertaintie6 inherent in pThli¢ting th¢ timing artdlevelof funditig from voluntary illcoffjethatig notyetaswetL fheybelieve thatadequatefimdillg will be se¢ured from don￿lon& and legacies. IJ IncoJn¢ Lega¢i¢¥ LegaciG8 arGre¢ognis¢d in the period in TJthi¢h th¢ ¢barityb￿0J￿eS l¢gally entitled to the inwrnfy notificatiott ha8 been rE￿ivEd and the amount can be quaotified Thith t￿Onable accurw. It is Categori￿ as Unrestrict￿ Ix restri¢ted funrls dependeutupon ￿thether eX￿idit￿re restriotio￿$ by donots ary placed on such reccipts. Donated inve8tn]ellts arB Introd￿ at th6 market value at th¢ datr of rerLipL Direcl giwng.fimdrairing (mdgrfi ald Cash douations are re￿gnI￿a as they are r￿lly￿ along wtth relevant gift aids ￿OUnts if aFpithIe. 1.4 Expendlture penditure is aCco￿tted for on aa aC£n￿lS b&8ig and has clwificd under headings that agEregat¢ all c(￿t Le12ted to the category. Vlhcrc cthsts ¢wmot be dittctly attr1￿ted to p8rticular headings they h&ve been allocated ¢0 activAties on a basi6 ¢0fySiSt¢nt with the u8e of rc40ll￿. Ratsing donalions dnd legacies Th&se illcludG salaries attd ditwtiy aunbutsble 0vahe￿￿ plu8 a prorx)rtion of c¢ntral swwt costs. Gn7nts include amounts paid to gtallt recipienty. Governunce retatsd are tkne central rnnnitig costs ofthe Cbarity. in¢luding stsategie oversight a￿j public aceountabiiity. Oiher supportcosts are other ancillary ￿)S*￿ such as rr c(rt JM)t dlrrfdYre]at￿ ¢0 the aetiYili&s of Ihe Charity. Liabxlities TWi8eAI L80xpenditureas8(M)n&s t￿￿￿]s￿l¢gOI0r¢0￿8ID￿tsVcobIIglltI0￿eoMmittU￿thGciIar1ty to that¢xpenditUTe. itis probable thata traD8f¢r of £conomi¢benefits willbe required in settlement and the amount ofthe obligalion Can bcmeasured reliably. GT8nts offurdwbj￿t to ¢¢￿itiOr&S whith have notbeenmet ar¢ noted as a ¢QULmitment but accrued as expenditw THK Hum￿ RFSF.ARCH TRLST CIO (INCORPORATING THE LAWSON TAIT MEDICAL AND SCIENTIFIC RLSEARCH TRUSTI NOTES TO THE FIE4ALYCIAL STATEMENr FOR THE PERIOD FROM I APRtL 2(124 TO 31 MARCH 2025 ACCOiJNTING POLICIES- ¢oDth)n¢d IJ TAnglble fixed Assets costing more tljall ￿00 are (￿lt￿lised alld #¢c4)utLted for athistorical cosL Dcprc¢ialion is provided on all t4ngl)le fixed assets for Charity use OV￿ theiT ¢¢owmic liv&8 at the followiog TattT'. Frcehold ptr)perty FiK• fittings and office equipment 2Yo ￿ anffl￿ on cost 2￿fi per aunum onreducingvaluc Stoek Stocks a￿ volued atthe lower of cost and aet reall￿￿ valu¢. l.Y T#x#doll Th¢ charity is exempt from c4)rpor8tion tax its cljarithble a¢tivitscs Swtion 505 of the Inc(Mn¢ and Corporntion T&xeq Act 1988 to the eX￿t that they are applTred to th¢ o[ga￿]Sa￿on'8 clharitable obi￿ts. Fnnd Atcountlng UJ]rHtricted can used in ￿cOrdance￿Ith the chtiritsbl¢ obj￿tIveS at the di￿retIOn of the tn￿. RsgtTl¢t￿￿NL%¢all ontyFK uscd forpart1cthlarr￿triCt￿jWrp￿￿￿1thIn th¢obj¢etivtt ofthe charity. Restrictions 1.9 Pensloll and other port-retirement bejhefits The Charity operdte6 a defined ¢ontrJbutioll p¢￿slott scheme. contn1￿ti1)rb9 payabk to the pen8ion scheme are Charg￿ lo the Sratement of Financial Activiti&8 in thc pttiod to whi¢b they retate. 1.111 Investments All inv&%tments are carrityj at fair value. Holdings in comDThinve8lment fimds t￿tated at their ]nid.morketprice. Th¢ statsment of fllwicial activlties includ&8 thc T￿ts gains and low arising on reVaI￿tiOnS and diwsa]s throiigknui the year. Asset sales and purchases are Twis￿5 at theila¢ of tsth at cK)sL InV&￿mellts are manag¢ using tbc totsl inv&8t￿rnI retum nLethodoloEy. IDterNI oll dcpositrAI ftuoDic8 is onty on rece4)L DONATXONS AND LKGACIFS Period 01.04.24 tD 31.Ok25 Peri￿1 01.07.23 to 31.03.24 DonatiOAhS 69J56 27.585 4,032 1.645203 Gift Aid l£ga¢i&8 IWS185 1676 820 OTHCR TRADIN'G ACTIVITIFS Period 01.04.24 to 31.03.25 Period 01.0723 to 31.0324 Shop irLcome 23 THE HUMANE RE8EARCH TRUST CIO (INCORPORATING TIIE LAWSON TATT MKDICAL AM> SCIENTIFIC RLSEARCH TRUST) NOTES TO THE FINANCIAL STATKMKNTS FOR THE PERIOD IfROM I APRIL 21124 TO 31 MARCH 2025 VESTMENT ￿Com PeAod 01.04.24 to 31.03.25 Pwyod 01.07.23 to 31.03.24 DeFQSitawount inter¢st 176228 40,410 67,184 67,184 Rlising donatlolls and legades Period 01.04.24 to 31.03.25 Puiod 01.07.23 to 31.03.24 P08tage and stationery Subscriptions Support C08ts 9,639 3.412 967 45.070 Other tradkng actiwitles Perlod 01.04.24 to 3J.03.25 Period 01.07.23 to 31.03.24 I6,IJ02 11,731 Aggregate ArnouDts i( 07 24 IruMANE RESEARCH TRUST CIO (Th'CORPORATING TAE LAWSON TATI MKDICAL SCIKKrnryC RLSEARCH TRUST) OTES TO THE FINANCIAL STATEMENTS FOR THL PERIOD FROM I APRIL 2024 TO 31 L￿cll 2025 Pertod to 31 MArth 2025 Dlreet togts Grant fundlng (note 7) 712254 SuppDrt costs (nole 8) 10,096 Totals Grants 3.480 725.830 Goveman¢e r¢l&ted 94.138 94,138 Othcr SupTth costs 98J67 98J67 3.480 712254 202.601 918335 Perlod to 31 March 2024 Imreet colts Gr*nt nding (note 7) 492.707 Support costs (Dote 8) Tola]s Grants 1.720 494,427 Govenwwe relAbJ 60.734 60.734 Oth¢r SupFth c4)sts 71229 71229 1.720 492.707 131.963 626.390 Jn &s8&4ing attd eoL8idering grallt 4Jplication4 thcTntstee8 ettcouwe and sw)portnew medical Tesearch which does llot include the use of allinw]s. v4ith the objective of adv￿￿1Thg the diagnosts and treatsnent of disease in humans. The charity also en¢(wagcs ￿l¢nt18ts to dcvclop iDtMTrvative ￿ter￿jatiV&S to the use of Éthimals in Medi￿ researoh alld tG8ting aDd fvlfi18 all tinpoTlant role in ¢ducating the nextgeneration of Ltse3rcber8. Further d¢tails for the grantes4 Ihe Plup(￿ of the grants ll[￿ the att￿ll￿ts are contsillfAI no(e 7. 25 HUMAPtK RESEARCH TRUST CIO {INCORPORATING THE I.AWSON TATf MKDICAL AND SCIEliTIFIC RFSEARCH TRLST) NOTES TO THE FJNANCIAL t)TATK,m￿NTs roR THE PEIUOD FROM I APRtL 24 TO 31 MARCH 21)25 GRANTS PAYABL The iKlow outtio¢s the 8rants which h&ve paid during th£ ycar Name And recipiettt AThstitutlon Prof Worn)stone, Univ¢tsity of E&8t Anglia Puryoge of grant Amount (£) Elu¢idating the phy3iolo8icd LXJnSC4WCaS of glutathione d7)letll￿ agents on ¢pitheli41 cells.. in]plicatioThs for thc 9.870 Dr Ran4 University of East Anglix Dcfining a xen(￿f￿¢t hllnmn TrSC4krivoJ 3D biornttnotiG y￿e1 platforrn for the elllcidation of Meth8n1￿ that drive vwu]Ar Imon on Development of a micn)a¢robAC hvtDan illtestintil orgalloid m(xl¢l to dctcnninc the role of the ut microbiom¢ in CJt)hn's disease MexbaDistll of wAion of the a￿ptoSis cffcctorPERP 40.943 Dr Schuller, Uniymity of East All lia Prof Paraoan, Edge Hill Univer8&t Prof Gough, UnIY￿s1ty of Man¢hc5tcr DrMa¢Donal University of Binllin DrBou&8ahel. Univwsity of Bristol 42 24261 Peptide bad 3D An vitro plathmi for drng & toxicity t&ting 72.135 Creating a Syst¢n]8-IEvrl Mtthl of the Naral Mech8nistns Underlying I￿￿1r￿j Impu]se CootToI in Parkitwin's Disease 34.449 A high through￿thUM￿ va%ulari8¢d 3D in-vitro mtyjel of lipose ti&sue to rq)la¢e at]imal *sting in dtU8 d6velopment for mctaknlic d fimction Development of 3D Color￿tsE cancerpattcnt4lerived mini.ring m(xtsl for high throU￿￿t d￿￿ wr¢enitig tsrgeling the tumour Juicro¢nviromtLent DevelopAtig new waiE to battle ￿ dtug re6i8tance 38.197 Prof {Assw} A Na University of Nottin DrThompsoJ4 Universit of Sh¢ffidd Dr Grccn, Uoiv¢rsity of Sheffield DI Georg4 KMle Universit Dr Selvaraj> Univusity of Edinbu Dr Rocba dos Sant& NottittEham Trent Univerni Dr Kang) University of 58,(W2 20.803 Hij&k of the hosL' Uncov¢rillg how b&teriaremodel human cell roteixLS Io 76,889 68,771 induciThleLenome and stcm cells Mecli8nisJns of tteuro&mus¢uiariuwti(m dcgelleration in Motyr cl￿1 models A high.thr0ughputlmll)￿ll musyle m(thl for ￿￿reSearCh 149.598 17,660 The cellular Anoknu￿b￿￿A8 of neuTodevelopJnentsl disord￿& 49.462 Dr Catnpagnolo. Utiiva3it of S Prof K8l&skar, University College London 13.732 Developing and investigating the eff￿tivene&S of a fully artificiol, animal-free Va￿ar m(xiel to study the moleculAr fa¢tor8 g0verningblc￿Vc￿I integrity and fjjllction in health and 11.200 Dr Hollowdy, UniveThity of Oxford Patient-derived iyain vwu12r lletwo￿ as a invitro model of cerebral 8mall vewl disease.. s￿dying the role of niatrAX in COL4AI and CARASIL 15.000 Totsl 712, HUMANE RESEARCH TRLST CIO (JNCORPORATING THK LAWSON TAIT MEDICAL AI¥D SCIENTIFIC RESEARCH TRUST) NOTKS TO THE FINANCIAL STATEhqENTS FOR THK PKIUOD VROM I APRIL 24 TO 31 MARCH 2025 SUPPORT COSTS Perfiod to 31 March 21llS Staff Consulting General AdvertlsSng Sofhyare Other & prof fees Po8¢age & Publlcity support CDsts Tota] 8upport Raising Tr)DatioDs Goveman¢e Grants 63.765 63,765 2.164 23,731 9.639 6.164 1993 16.482 1002Q7 3255 3,387 94,138 7932 10.096 55 29 873 98 67 16 435 49 742 302 808 2,164 191 95 28 Perlod to 31 M4rch 2024 Staff Consulthig General Advertlsthg Software Other & prof fees fosthEt & Publieity 5UPPQrt costs Total support Rai8itig I)o￿tio￿￿ Governall Other 37,645 37.645 2.500 LO.220 3.412 3.647 967 13,008 61,179 3.732 9.138 60,734 7463 24983 71228 12,162 47128 193 141 112 35 TRUSTEE REMUNEIL4TION AND BENEFITS No remunuation w&s ￿ld to any trtsstre xll the year (2024: None). 10. STAFF COSTS Perlod 01.&L24 to 31.03.2S Period 01.07.23 to 31.03.24 Wages attd SalArAes Social Security Coyts OtherPellsioll Costs 149.653 10,736 JOJ117 100,851 5,721 6.363 191 96 112935 The average monthly of ellLploy¢es duTing the p¢tiod vds follows: Perlod 01.04.24 to 31.11325 01.07.23 to 31.03.24 Administration One ￿ployee received emoluments itt the band of £fA).(X)1- £70.0(M) 27 HUMANE RESEARCH TRusr cio (INCORPORATLYG THK LAWSOh' TArr MEDICAL AND SCIEYTIFtC RESEARCH TRUST) NOTES TO THE FINANCIAL STATEMENTS FOR THg PFJUOD FROhf l APRIL 21124 TO 31 MARCH2025 11. TANGIBLE FIXED ASSETS Fre￿old Office Total COST At l April 2024 67S6 31.682 99228 6,475 (4.028> 101,675 Additiolls 6,475 Dis (4.028) 34.129 At 31 March 2025 67.546 DEPRECIATION At l Awil 2024 Charge forFcriod Di8p)sals A¢31 Mwch 2025 30.766 747 15249 4,184 (2J13) 15.249 46,015 4931 (2213) 48,633 31513 NET BOOK VALUK At 31 m￿¢h 2025 36.033 17.¢M)9 53,042 53.213 A¢ l April 2024 36,780 16.433 Freehold18nd and bulldings were 2rtated at thelr origillaI historic CO￿ iti the accounts of The tawsoll Tait Medical and Scientific Re6e8Jch I'tust in May 1988, tbe date when thc propty was donated to The Humane The Tnwt¢cs are of dke (ylnion that the C￿￿ent￿]￿rk¢tvth￿ of the frthokl J￿d attd buildiog is substatttially in excess of its net b￿k value. A8 the propffty is wed soldy forthe administrdtion of the Trust and theTe is currently no intctttion to see, the Trust￿8 ￿MOti￿6¢ify the cÉ%t of aprofessional valuation. 28 HUMANE RL8EARCH TRUST CIO (INCORPORATING THE LAWSON TATf MEDICAL AND SCJKNTIiqC RLSEARCH TRUST) NOTFS TO THV vfNANCIAL STATEMFTrIIS FOR THE PERIOD FROM I JULY 2023 TO 31 MARCH 21124 12. Listtsj Jnvesttnents At l ApTiI 2024 New Investm Revaluations At 31 March 2025 1164991 200.11(KI NET BOOK VALUE At 31 Marth 2025 277A04 2.164.991 At 31 March 2024 Athistoric e4)St thG40 units WO￿ld ljave included aL' 21ll5 2024 Historical Cikst 2,150,0011 1.950,IXJO Stock 2025 2024 Shop Stock 14. DEBTORS: AMouTrrrs FALLING DUE wfTHIN OIYE YEAR 2025 2024 VAT Prepayments 4,747 28￿81 1,938 80,200 29 29 UMANE RESEARCH TRusr cio (INCORPORATING THE LAwsofi TArr MEDICAL AND scJKwriFIc RESEARCH TRUST) OTKS TO THE FINANCIAL STATEMEN]3 OR THE PERIOD FROM I JULY 2023.ro 31 blARCB 20 IS. CREDrroRS: AMOiJNfs FALLING DUE wfiHIN ONE YEAR 2025 2024 TTrd¢ CrrAitors 57,158 3187 64,417 3J66 lJ87 162,569 2.657 9,020 Swi41 security aad other taxes VAT G[￿t$ payabl¢ Pensions payable A¢CTr￿ls and deferred itKome 9013 328J41 243.416 16. MOVbM£I¥T IN FUNDS At 01.042024 Ylet Movememt in fund$ At 31.1)3.2025 Ullre8trlcted FThnds General FuThl Re8trlrted Funds Propcrty R&save Trnst fjjnd 5294267 792.082 6,086J49 i(M) loo TOTAL FUI¥DS 5294J67 792,082 6.086,449 Net movcment in fuTrJs. included ID the above are as follows.. lllco resources liesources GAlllS And Movement In funds expended General Fund Property Res¢rve TOTAL FLTrIDS MOVEMENT 1.898.151 (1,018542) (8752T) 792.082 I,898.151 (1,018542) (87.527) 792,082 30 IIUhIATrIEI RESEARCH TRUST CIO IINCORPORATING TKK LAWSON TArr M&DICAL Al￿ SCIENTIFIC RESEARCH TRUST) INOTES TO THE IqNANCLIL STATEMENT3 FOR THE PERIOD FROM I APRIL 2024 TO 31 MARCH 2025 Compxr*tive8 for movem¢nt In At 01.072023 l*et Mov¢meMt fn fllnd$ IllteTr￿lld Tr4nJfer¥ At 31.032024 Unr¢strl¢¢¢d Fun General Fund 3.998.548 1264.628 31.091 5,294267 Restrleted ProtK%ty Re8erye 31.091 IIM) 31.091 (31,Tr)1) 31.091 100 (31,091) loo TOTAL Iiur4])S 4,029,739 1264.628 5294,367 Net mov¢mart in fund4 included in the above areas follo Incomlng resources Resource5 eJpeDded GalD8 and lA￿Ses Movement In funds General Fw Prop¢ty ReAerye TOTAL FUTrIDS MOVEMLYT 1.758.542 (687569) 193,655 1264,628 1,758.542 (687.659) 193,655 1264,628 17. COF4TINGENT tJABILTfiFS At the 31 M8rth 2025 the Tn￿¢ had agre*J to make grants of £2.993J96 dwdanton cer(ain conditions being MPA by the Clain￿ts. Gr•nt Commitments Brought Forward at 01.04.24 New commitments in period Grants paid and incutred in (tLots 7) Commiknts revoked iti pttiod 1,634988 2.070.662 (712254> ca￿ledFO￿Vard at 31.0325 2.993J96 18. There were no relatedp8ty tratisti¢tions for the period ty 31 MY￿h 2￿13. 19. CONTLYGthT A&sFrs At 31 Mawh 2025. the TnKt bad F*en notifie4 by executors acting for the estth& of 23 dece&$￿ supporters of th¢ Tfj￿t. of indicative amounts of I￿a¢leS totalling some £364,IKK). of which aside from th￿¢ pe£uniary legacies amounting to £50250 are all ]Lsidual share At 31 MaTch 2025, each estate at a vI￿1￿g stsge of CO￿￿letion and Theither the fiDal G¥at¢ ￿￿o￿lts nor chedule8 of interim distributions had been ￿bMItted for a￿roYal by the rcsithwy legatees 31 # **AUDIT COMPLETION REPORT** ## **YEAR ENDED 31 MARCH 2025** ## **AUGUST 2025** > 0 **STRICTLY PRIVATE AND CONFIDENTIAL** ## **CONTENTS** 1. Executive summary 2. Significant areas of work This document is to be regarded as confidential to the Humane Research Trust CIO. It has been prepared for the sole use of the Board of Trustees and Directors. No responsibility is accepted to any other person in respect of the whole or part of its contents. Our written consent must first be obtained before this document, or any part of it, is disclosed to a third party. 1 ## 1. EXECUTIVE SUMMARY ## **Principal conclusions and significant findings** Our audit has been conducted in accordance with International Standards on Auditing (UK) and means we focus on audit risks that we have assessed as resulting in a higher risk of material misstatement. In section 2 of this report, we have set out our conclusions and significant findings from our audit. This section includes our conclusions on the audit risks and areas of management judgement established in our planning phase of which the principal ones were: - Management override of controls; - Revenue recognition - Application of Merger Accounting ## **Misstatement and internal control recommendations** Throughout our work we have reviewed management's processes and controls, alongside our work over the financial statements. We have not identified any internal control recommendations we feel should be brought to the attention of the trustees. We have identified one adjustment through our work in the period; this relates to an under accrual of investment income in the period. The charity is notified of dividend income to be received in the next quarter (earned from investments held in the preceding quarter) and as such we consider that it should be accrued for as it meets the recognition criteria on notification. Currently this has been recorded on receipt of the income into the bank account. Given this only represents one quarters payment and the investment account is new in the period, we are comfortable this does not represent a risk of any further error. We also note that in future years four quarters will be recorded even on a cash recognition basis and so the scope for error is much reduced. Our proposed adjustment is: Debit Accrued Income 13,728 Credit Investment Income 13,728 ## **Status and audit opinion** We have substantially completed our audit in respect of the financial statements for the year ended 31 March 2025. At the time of issuing this report we anticipate issuing an unqualified opinion, without modification. 2 ## 2. SIGNIFICANT AREAS OF WORK ## **Significant risks and key areas of management judgement** Our planning considered significant audit risks and areas of management judgement as follows: - Management override of controls (this is a significant risk on all audits) - Revenue recognition (this is a significant risk on all audits) Our work has not revealed any findings which we consider requires further action or comment. ## **Qualitative aspects of the entity’s accounting practices** We have reviewed accounting policies and disclosures and concluded they comply with Companies Act 2006, FRS 102 and the Charity SORP (FRS102). The main area of focus is the recognition of legacy income given the often long time between notification and receipt of income from such donations. From our review of legacy income and the associated contingent asset disclosed in the accounts we have not identified any areas of concern from our work in the current year. We have reviewed the trustee’s report and associated disclosures and are comfortable that they are aligned to the disclosure requirements. ## **Independence** As part of our ongoing risk assessment, we monitor our relationships with you to identify any new actual or perceived threats to our independence within the regulatory or professional requirements governing us as your auditors. During the period under review, we have performed payroll services alongside our audit work. Given the separation of teams and management involvement and oversight of the payroll process we consider that this does not represent a risk to our independence. We can confirm that no new threats to independence have been identified and therefore we remain independent. 3