Wessex Medical Trust Annual Report and Accounts 2025 Annual Report and Accounts 2025 Contents Page Trustees. and Officers................--.- -..................... Chairman's Statement......................................-. . 4-5 Trustees, Report..........................-.-.-..................... 6-10 Statement of Trustees. responsibilities................. 10 Independent Examiner Report............................. 11 Gr8nts Awarded.................................-................. 12 ststement of FinancialActivities................ ...-....- 13 Balance Sheet...................................................... 14 Cash Flow Statement........................................... 15 Notes to the Financial Statements...................-..- 16-21 Page 1 of 21 Wessex Medical Trust Annual Report and Accounts 2025 Le al and Administrative Inforniation Charity Name: Wessex MedlLxI T￿￿t Other names by which th8 chaiity is known: Wessex me(r￿al Resear¢h Hope for Guemsey Trust Office.. Mailpoint 420 L8v81 B South Academic Block Southampton General Hospital Southampton. SO16 6YD Registered Charity Number. 274839 Patrons and Trustees, Patrons.. The Lord&Lieutenant of Hampshre. Wlltshire and the lth of W The Baillffs of Guemsey and J8rs8y Sir dè Vi¢ Carey Trustees.: Professor Sir Charfes George- Chair Professor Diana Eccles- Dean, Facuty of M8dione, Univer%ty of Southampton Professor Lindy Holden-Dye (aF￿1nt￿ 17th October 2025) Tony Cottam Luk8 March Nick Page Professor Max Cri8pin (res￿ned 11th Aw'l 2025) Offlcers and A vlsers Independent Examinèr. Sarah AJexarKler FCCA FCA Lewis Brownlee Charter•J Accountants Birdham Road Chichester West Sussex. P020 7EQ Honorary Solicitors: Womble Bond Di(*inson (UK) LLP O￿ana House Commera81 Road Southampton Hampshire. S015 1GA dge2of21 Wessex Medi¢al Trust Annual Report and Accounts 2025 Bankers: HSBC Bank plc 55 Ats)ve Bar Street Southampton Hampshire. S014 7DZ Investrnent Manager5: M&G Se(xJrilies Ltd PO Box 9038 Chelmsford CM99 2XF Investment Management Limited One Angel Lane London, EC4R 3AB Universi of Southam ton - Scientific Adviso Committee Dr Ylhua Wang - Chalr Mr Brian Birch Dr Comella Blume Dr Colleen Deane Professor Jon Strefford Dr Jay Laver Dr Salah Mansour DrAli Roghanian Dr Sarah Crozl8r Dr Valarie Brant Dr Katnn Deinhardt Dr Ralph Gordon Professor Tina Roose Dr George Williams Faculty of Environmental and Life Scyen(xs Faculty of Medicine Faculty of Mediclne Faculty of Medicine Faculty of Medicbne Faculty of Med￿1n& Fawlty of Mediane Facuty of Medi(Ane Faculty of Medic4ne Fawlty of Environmental and Life Suences Faculty of Environmental and Ltf8 sc48￿8s Faculty of Envwnmental arKI Life Sca8rths Faculty of Physical Sciènces ar¥J Engineering Faculty of Physical Sciences and Engineering External Ex rt Assessors Dr James Amstrong Professor Hllary Crflchley Professor Auner Holger Universty of Bristol Unlverslty of Edinburgh University Hosptlal of the Vaud (Lausanne) and Imperial College London Page 3 of 21 Wessex Medical TTUSt Annual Report and Accounts 2025 Chainman's Statement ..2025 has been a challenging year with some changes. However, despite these, we have continued to support two groups of exceptional research proj8Cts...... It has been a busy year for the charity due to the seiies of changes and challenges described below. Despite these and a reduced income, the legacies received in previous years allowed us to continue the level of grants awarded in 2025. We supported 4 PhD studentships and 5 Innovati(￿ grants. These awards totslling almost £400,000 will support a diverse rang8 of medical research over Ihe next Iwo to four years. In addition. for the first time. we made two grants lo medical s￿dentS who wished to pursue an extra 'intercalated" year of study. This has been a route followed by students who aspire to be medical researchers- myself induded. However. there has been a major reduction in the number of applicants in recent years due mainly to the costs added to thelr sludent loans. Each student recelved a grant of £14,250 from us. In May we submitted a detailed response to the Association of Medic81 Research Charities lo meet their continued membership r8quirernents. The then-Director Peter Dawes and l are grateful lo trustees and members of the Faculty of Medicine for the help we received in the prepardts'on of (￿r response. Professor Max Crispin completed his second three-year te￿ of office as the Univ8rsty of Southampton's nominated trustee and retired at the end of the April meeting of trustees. Max gave generously of his time and kept us infomed of the demands placed on Prin￿paI Investigators as well as making helpful suggestions about invofving young academics in our work. Max has been succeeded by Professor Lirwty Holden-Dye who is Professor of Neuroscience in the School of Biologi(al Sciences. She joined Southampton as a postgraduate student. gaining an Msc and PhD before becoming a lecturer. She received her first research grant from this charity and Ihereafter Lindy a￿nded the academic ladder and served as Head of the School of Biobgical Sciences from 2018- 2023. She has supervised 35 PhD students to completr)n. Page 4of 21 Wessex Medical Tntst Annual Report and Accounts 2025 The charity has been an unincorporated trust since inceplion arxl. mindful of more recent developments in taw and practice we have, under the leadership of trustee Nick Page. begun the prO￿sS of converting to a Charitable IncortK)rated Organisation. I hope that change will be completed in the first hair of 2026. From my perspective. the biggest change in 2025 was the conduston of Peter Dawes. 20 years as Director. Throughout that time. he was responsible for administering Ihe charity. the awarding processes and finan￿. By the year end he had overseen the award of grdnts totalling nearly £5.7 million to early career researchers. Specifically, there were 114 Innovation Grants made and 36 PhD studentships of which 28 were joint-funded. Since 2015 Peter has also organised the annual presence of the TNst at the New Forest Show (apart from a two-year break during the Covid-19 crisis). This year we shared an excellent pitch wilh the Universty of Southampton and the teams educated and fascinated over 500 people on each of the three days. The result was the award of the prize for Best Trade Stsnd forthe second time. Congratulations Peterl We wish you a long, happy and healthy retirement. Our search for a successor began in April. Wlth help Joanne Donahoe Executive Director, Development & Alumni Relations, we advertised through the University and after due diligence appointed Jo Trueman. Jo had worked in The Faculty of Medicine from 2013 and had been Operations Manager for nine years. Jo brings a wealth of experience of academic life induding financial mark3gement. strategic operations. grant funding and administrats'on. Her induction programme began in earfy September and her appointment was confirmed at the year end. I want to pay tribute to and thank all of our donors, fundraisers partners and volunteers who continue to support the Trust. Their contrlbutlons are greatty appreciated by us In closing. l am delighted to cx>ngr8tulate Trustee Luke IAarth on being awarded an OBE in the King's Birthday Honours for"PJer¥ices to healih(xr8 and Ltharitable causes.. Slr Charles Georg6 Chalrnian Page 5 ot 21 Wessex Medical Trust Annual Report and Accounts 2025 Trustees, Re ort Thi8 report Should be read in conjunction with infomiation shown on pages 2 and 3 and the Chaimian's statement ￿ pages 4 to 5. The Trustees. present their ￿pOrt along ￿ the Financial Ststements of the Trust for the year ended 31 December 2025. The Financial Statements have been prepared in accordance with the accounting policies set out on page 16 comply with the trust deed, the Charities Act 2011 and the provisions of Ac(x)unting and Reporting by Charities.. statement of Recommended practice applicable in the UK and Rapublic of Ireland (FRS 102) (effective 1 January 2019). Charitable Wessex Medical Trust is an unincorpor8ted Trust estsblished by a Dedaration of Trust dated 7th November 1977 and subwuent Charity Commission Schemes. The objects of the charity are to further medical edueAtion. medical research and medlcal practlce both in the Faculty of Medicine and more generally in the University of Southampton. The Trustees. award grants for the purposes of research into medically-related matters and the advancement of medical practice and medical education, all for the public benefit. These include the provision within the University of S(xthampton of: bursaries arKI scholarships for students: teaching facilities and medical equipment of all ￿'nds: and amenities for the students and relevant staff indudlng any person engaged on medically-related r&search or in the instruction of medlcal students at such hospitals, places of education and other establishments as shall from b'me to time be used for the instruction of students or the carrying out of medical researth. The Twst conslders it fulfils the requirements of charitable wrpose and public bonefrt as sei out in the Charities Act 2011: its principal charitable purpc>se is the advancement of health but it also contributes incidentally to the relief of those in need by reason of ill health or disability: its aims-as set out atM)V&-are dear and the beneffts it creates are directy related to these aims and ouiweigh any potential detriment: the general public are the ultimate beneficiary of the Trust's activities through the advancement of medirally-related scien￿. Research papers produced as a result of each grant made are available in the public domain and the dinical beneffts of the research are. subject to any necessary regulatory approval processes. imrnediately available to the general public, tM)th in Ihe Wessex region and beyond. Page 6 of 21 Wessex Medical Trust Annual Report and Accounts 2025 Trustees, The Board of Trustees. comprises a maximum of twelve elected persons vtho may serve for up to two 3-year terms before reb'ring. An amendment made to the Trust Deed during 2012 means the Trustee Board rK)w has power in individual cases to extend a Trustees, tenure beyond six years. The Dean of the Faculty of Mediane at the University of Southampton is an ex-officio Trustee: the University of Southampton may appoint one further person to be a Trustee. GrantsA Details of all grants awarded duriNJ 2025 are sel out on paga 12. There was a total of 12 grants amounting in aggregate to £457,385 and 39 applicants made submissions for one or more of these. The Trustees are pleased to report that, once again, the grants awarded cijvered a broad range of diseases and Ix)ndits'ons. Research Results The Trust not only has a rlgorous process to ensure the qualty of the research it supports but it also has a system of requiring reports on research results. This allows the Trustees lo monitor progress from the fellowships and project grants that th8y award. Financial Review The Trust continues to rnanage ￿ awarding of grants in accordance with financial circumstances and keeps fundraising and administrative costs under tight control. Details of restricted fund movements durlng the year are set out in Note 16 to the financial ststements and detsils of grants awarded are on page 12. The overall financial position of th6 Tntst remains sound. The Future The major emphasis continues to be on providing pump priming futKls, through our Innovation Grant Awards. to support earty caTrer researchers. In addition. we have continued to develop the award of PhD studentships, vthich is particularly welcomed by the research communty. Govemance The Trust is govemed by a Board of Trustees who are eath elected for a three-year period. A maximum of two consecutive three-year periods may be sep4ed after which the Trustee must retire. Trustees may then be re-elected after a gap of at least one year unless invited spe(ifically by the Ttust8es to conts'nue for a furthor peficMJ which must itself be spec￿￿1 at the outset. An exception is the Dean of the Faculty of Medicine whose appointment is ex-officio. Page 7 of 21 Wessox Medical Trust Annual Report and Accounts 2025 The Trustees. aim to eftsu￿ that the board has a mixture of experience and talents and is representstive of the Wessex region and the Channel IsLqnds. on￿ elected. the Trustees. are given full written information about th8ir duties arKI about the Trust and are Invlted to have a discussion wÉth the Trust Chairman and Director about specific policies and procedures. They are also kept up to date with the Trust's work through attendance at Board meetings and by ad-hoc briefings during the year. A Trustee induction pack is given to all new Trustees,. The Board meels at least Iwice each year. in the late spring to receive and approve the annual accounts for the prevk)us year, and in the auturnn to review the perf0m￿nCe of the Trust during the first half year. In addition, the Trustees. attend to all matters of policy and govemance. The Board of Trustees. accepts full leS￿nsibl11ty for all of the adivitses of the Trust and has approved a comprehensive set of policies and procedures to guide its activities in accordance with current best pradice in governan￿. The Board seeks extemal professional advtce where it feels thts is appropriate. The Trustee with responsibilty for Finance ts Charged with ensuring that sufficient controls and procedures are in place to protect the interests of our donors arKI of our Trustees, and that the Twst satisfies the requirements of the Chanty Commission. as well as advising th8 Board on firkqncial matters including the investment of its funds and on other issues such as a res8rves policy. The Trustees, CU￿ntlY engage CCLA and M&G to act on their behalf in the investrnent of funds whilst awaFtFng application. In addition. from time to time, excess cash may be invested in Inle￿St-earnlng cash deposit accounts wrth CCLA. HSBC, and other major UK banks. As a Member of th6 Association of Medical Research Charities (AMRC), the Trust subscribes to a code of conduct wthich indudes subjecting applicatK)ns for funding to peer review in order that the merit arKI likely ￿l¢OMe of the project can be gauged and the saentific integiity of the projects being funded by the Trust ensured. The Trust successfully completed the most recentAMRC peer review audit in 2020 and an expert review audit in May 2025. To maintain this process independently of the Boar(l of Trustees,, the Trust has a Scientific Advisory Commrtiee, chaired by a member of the Faculty of Environmental and Life Sciences at the University of Southampton. Committ* members are listed on page 3 and each seprfes for a maximum three-year temi (with a possible single extension of 3 years) or for the length of th￿'r felevant appointrnent at the Universty. whichever is shorter. On each occasion, once the Scientific Advisory Committee has evaluated all applications for a grant for both scientific quality and relevance to the declared priorities of the appropriate Faculty from time to time. a s(1￿Ule of all applications, together with the actual applicalions for Ihe preferred carKlidates, will invariably be sent for exiemal expert assessment. PaE6 8 of 21 Wessex Medical Trust Annual Report and Accounts 2025 For grants of £50.IJ)O and over. all applications are further sent for ft)rmal extemal peer review. nomwlly by at least two reviewers. Addiiionally. intemal peer review may also be soughL Once peer review has been satisfactorily Ixbncluded. the Trustees are invited to authorise the relevant granL Grants are fomially awarded by the Trustees on a d1scretior￿ry basis. Risk Mana ement The Trustees have instituted a procedure for c0nskderi￿J tr￿ risks to which the Twst is exposed and have tak8n steps to remove or minimise these risks vthere they are within their control. In evaluating these risks. the Trustees, have ￿entified the volatilty of the stock market as a significant financial risk. The pr￿dU￿S in place to mitigate this risk are detailed in the paragraph of this report entitled 'Reserves Policy,. The Trustees. have also identified a risk of lack of free reserves: steps to mitigate this risk are also set out in the Resepies Policy. Further risk mitigation is athieved by the receipt and review of regular reports from the investment managers. Investment Polic Th8 Trustees. have full discretionary investment power5 in accordan￿ with the Declaration of Trust dated 71h Novernb8r 1977 under which the Trustwas set up. They currently invest in M&G ChartfurKI and CCLA COIF Charities Ethical Investment Fund which ar8 each equty based. In addition, a cash reserve has been established in the CCLA COIF Charities Deposit Fund. The Trustees keep the allocation between the funds and cash under regular revlew to maintsin a balance of risk. Reserves Poli It is the policy of the Trust to retain a reserve of £200,000 to protect the Trust from stock market volalility. This policy is kept under review by the Truslees, during the year and on preparation of the annual accounts. Unrestricted Reserves are set out in Note 17 to the ac(x)unts. uidi The Trustees. have set an appropriate reseprfes policy relating to liquidity. It is the Trust's policy to keep sufficient funds in cash or cash equivalents for 12 months, forecast cash ouffiow. These cash funds will provide for grants payments during the year. Su rters nd Advisers The Board of Trustees. thanks our honorary solicitors. Womble Bond Dickinson LLP, for their aSsiStsn￿ during the year. We are also extremety gratefijl to those extemal expert assessors who give their time voluntarily to assist the Scientific Advisory Committee. Page 9 of 21 Wessex Medical Trust Annual Report and Accounts 2025 Finally, we are enomK)usly grateful to all our donors. many of long slanding. who have continued to support our work: ￿4th0(rt their support the chaiity could not have achieved so much over recent years. Statement of Trustees. Res nsibilities Under charity law, the Trustees. are required to prepare finan(ial slatements for each financial year which show a true and fair view of Ihe Trust's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, generally accepted accounb'ng practice requires that the Trustees,: select suitable accounting policies and then apply them consistently: observe the methods and principles in the applicable tharities SORP" • make judgements and estimates that are reasonable and prudent; state whether the recommendations of applicable Accounting Standards and the Statement of Recommended Practice: ACC4￿nting and Reporting by Charrties (Charities SORP FRS 102) have been folk)wed, subject to any material departures disclosed and explained in the financial ststements; state whether applicable aco)unting standards have been followed. subject to any material departures disdosed and explalned in the finanoal statements; and prepare the finandal statements on the going COn￿M basis unless it is inappropriate to presume the Trusl will conts'nue its activities. The Trustees. are responsible for keeping proper accxiunting records which disclose with reasonable accuracy at any time the financial position of the Trust and which enable them to ensure that the financial statements comply wrih the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Trust and to prevent and detect fraud and other Infringements. Signed on behalf of the Truste88 Trustee Dated: 29 Page 10of 21 Wessex Medical Trust Annual Report and Accounts 2025 Inde Trust endent Examinerfs Re rt to the Trustees. of Wessex Medical I report to th8 tharity Trustees. on my examinalx)n of the aLxounts of Wessex Medical Trust for the year ended 31st December 2025. Res onsibiliti8s and basis of re As the charity Trustees, of the Trust you are reSE￿iSIble for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Acr). I report in respect of my examination of the TNst's accounts carried out under sectTron 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Chaiity Commission under section 145{5Xbl of the Ad. Inde endent examinerfs ststement I have completed my examination. I confirm that no material matters have come to my attention in connection the examination gmng me cause to believe that in any material respect: 1. accounting records were not kept in resp8Ct of the Tnist as required by section 130 of the Act" or 2. the accounts do not accord wlth those records; or 3. the accounts do not comply wrth the applicable requlrements (x>nceming the fom and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement thal the accounts gÉve a true arKI fair view which is not a matter considered as part of an independent examination. I confirm that there are no other matters to which ￿r attention should be drawn to enable a propar utKlerstanding of the accounts to be reathed. Sarah Alexander FCCA FCA L8wis Brownlee Chartered Accountants Birdham Road Chichester West Sussex. P020 7EQ Dated.. 18 fflo IIZb Page11 of21 Wessex Pljedi￿I Trust Annual Report and Accounts 2025 Grants Awarded - 1st January 2025 to 31st December 2025 Resea Dr Colleen S Deane. F￿lty of kknlmine PhD sbjdentship klentsfyivvj regulatoryo of the Gi￿4n￿Sd8 axts kn imwova wwsde resilience auoss the lrfecouTse"GUTS" Dr Christopher Hanley. Fa￿lty of Med￿1r¢ PhD studentshipljoinuy funded wrfh Centrn for Cancer Immunokw Investyting 8Pithelial MHC-Ciass11 tixpressicm and anl1-tun￿uI immun in lu Dr Franchesca HoUght￿. Faculty of m&1￿ Pho studentshk￿l0inty funded Roselr8es TnA8t Applicats"on of human pluripotent Stem (¥lkdarivod ￿￿¥j10cyY88 10 onhance arbcular cartila Dr Guido Ma￿10. Facuxy of Envmr¥nental and Life PhD studenlship Prgcbion targettt￿ of human iNlffJ. The notes on pages 15 to 21 fom part of these financ4al ststerwi& P8ge 13 of 21 Wessex Medical Trnst Annual Report and Accounts 2025 Balancè Sheèt as at 31•t De¢omb•r 2025 2025 2024 Flxed Assgts Tangible Assets Investments 10 11 2.367.LYJ5 2,103.990 2,367,(KJ5 2,103,990 Curr•nt A880ts Deblors Short Temi Deposits Cash al bank and in hand 12 12,272 3(￿l.0th) 86.227 398.499 75,950 300,[￿10 210.959 586,909 Currnnt Llabllltl•• Amounts falling due withln one year 13 391,743 369.169 Not Curr•nt A880ts1 (Llabllltl•$) 6.756 217,740 Tolal Ass•ts Cumint Ll•blllll•• 2.373,761 2,321,730 Llabllltl•8 Amounts falling due after more than ona )var 14 (523,035) (384.3011 Not A•s•ts 15 1,850.726 1,937,429 Fund• Unrestricted Re8tdct&J 17 16 1.825.602 2S.124 I.￿3,288 34.141 Total Funds 1,850.726 1.937,429 These ffinancial statements were approved by the Bo¥d dTrustees' c￿ 24th Aprl 2026 and were signed on its bahaw by Sir Chartes Ge(y. ChaThwi. The notes en pages 16 to 21 fom part of these financial statements. Sir Charte5 Gwrge Chaimian Page 14 of 21 Wessex Medical Trust Annual Report and Accounts 2025 Cash Flow Statement 2025 2024 Ca8h from Oporatlng A¢lMU (147,124) 250,360 Cash flow from Inv•stlng Purchase of Fixed Ass81 Investments Sale of Fixed Asset Investments Sale of Currenl Asset Investsnents (1￿.0(￿1) (%￿,000) Dlstribulions R￿￿1ved 122 392 22.392 Chang• In ¢￿h and ￿¥h •qulval•nts In th• porlod (124.732) 162.904 Cash and cuh •qufvalont• al l•t Januwy 2025 510.960 348.OS6 Cash •nd ¢uh •qulval•nts al 31*t D•ctyn￿r 2025 386.227 Not• 1 C8Bh from oporatlng A¢tlvMI•• Net lncomo11gxpgndlture) for rop)rtiw per￿￿ pw SOFA (86.703} 189,945 Adjustments for. Dlstributions recer¥8d (122,3921 1112,S44) 08craasolllnm8e) in Debtovs 63,678 40,219 <0￿8S8￿1nCre8se Crodkors 10,546 (256) (GainyLos8 on Inveslmts (163.01S) (53.145) 250.360 Page 15 of 21 Wessex Medical Trust Annual Report and Accounts 2025 Notes formln art of the Flnanclal Statement 1. Ac¢ounllng pollcles 8) Th8 financial statements are wepared the hislcwl c£tst eLThiention as rrnthfied by the r8v81uation of inv8stm8nts at market vabje. and are in acAvdarw v#ith arKI Rep(Mting by Charities.. Statement of R8commend￿ Pr&tic£ appl￿ble to charitiBs preparing their aC￿￿nE$ accordance with the Financial Reporti￿ Standard 102 arKI tho Ch*itigs Act 2011. The financial statements are prepared ￿ sterting whicti bs thefrjnclional currency ofthe tharity. Monetary amounts in theso financ￿ ststsmants are ft)Un￿ to the ngarest pouThJ. bl The restrict￿1 fijnds represent monigs rgcetved by the Trnst thal Is specthed by the donors for particular projects. The Unrestri￿ lund rerKesents uncomrnitted fvnds. The deS￿n#t8d fvnds a unrestricted funds that have been set a$￿e ty the Trustees for a specik purpose. c) Investments are Slated at mkl4nwknt v8lu8. Investm￿ that are separ8tety held to meet current obllgattons are trèated as current assets. The Slatement of FlnarKial A(thllles indudes the net galns and bsses arising rm revaluatio￿ aTKI d1sF￿ through(Mrt the y￿. d) Al re8ourc88 eypendgd. Includlng irroco¥erablo VAT. are d￿rg8d against Income on an ac¢ruals basis. Expenditure dlrecty whwe the (Thts are directty attributsble. olh8pwise on a bas￿ of staff usage and their albcatM)n of Ilme. For further details of exp8nses, please refer lo note 4 of the a¢￿unts. Gr8nts payab￿ are pawnènts mad8 to thlrd partles In the furfherarK8 of the ch8rftaL4e obAeclfva8 of the Trust. Single or multi-year grants are a¢tsJunt•J for whgn elthar the recÉpi&nt has a reasonabl8 eXPeCtat￿n that they wll recer¥8 a grant ￿ the Tnjstees have agrgod to paythe grantWithO￿ cwidition. or the recipiènt has a rgasonoblg expgctatM)n that théy wll rgcerve a grant and any condrtion attaching to the grant is outskle of the c¢x)trcA of the Trust Provisions lor grants are made when the intention to make a granl has been (￿mUn￿led to tho roc1F4￿M trArt Iharé is y￿ertaInty abwt erth6r th6 bming of the grant or the arrrf)unt of grant payaL48. e} Donatlon8 and leg8des are rerAgni8eAI In tr18 St*wngnt of Fmnclal A(thlbo8 whgn there 18 0 reasonable assurarK8 of recelpl. DNtdends on Invesbnants and bank Intwest are accountod ky on the &cAal8 baskg. gl Fixed assets are deprecia￿1 over Iheir estimaw usefvl Ilves. The mgth(*l of dewech8thig Fixtures, Flttlngs and Equpmgnt Is 33% on cosL Al assets ovor £5LKI are cap6tallged. h) Costs In respect of operab'ng le88es arn chaiyed on a Stra￿ht Ilne bo* over the lease term. il Glfts In kind ore Tee4)gnised al market at thé date re￿pL 11 The charty onty has financial as¥ets and ffinwKial liaLNlibes of a kind that qu• 88 baslc financlal inslnjmgnls. Basic financial instruments are recognised al amortised r4)st using the effedive interest method un16&* the eff8Ct of dbSCLwnting would b8 inmaterial case Itw are Sta￿ at (Jjst The chanty ha8 no a(hfancèd finanaal instruments. Page 16of21 Wessex Medical Trust Annual Report and Accounts 2025 2a. Donatlons 2025 2024 Trusts and foundabons Individuals Gtr( aid 3.500 12,483 10,861 4.178 45.039 15.985 2b. Ltyados Legacies At Ihe year end the Trust no surifK¥rt wIst￿h¥JIag8CI9s wded to b• 8¢L¥ued in these accounts {2024 .. 21gga¢igs £70K) 3. InV•¥th￿nt Incom• 2025 2024 Income from UK quotsd Inv•stments Income on short temi and osh 109,203 13,189 122,392 97.519 1 5.025 112.544 4. Ral•lng Fund• 2025 2024 Event Costs Brochures and Leaffots Advertising Support Costs 5,061 3.7 751 23.167 32,774 5,061 3.795 751 23.167 32.774 2.979 3.911 722 11.9)0 19,512 5. Anatysls of Exp•ndlturo on Charllabh AGtlvlU Ornnt Fund5ng Support Costs Totsl Advanc6ment of mèdKal re8earch 371,898 27,186 399.064 371.898 27.166 399.064 Page 17 of 21 Wessex Medical Trust Annual Report and Accounts 2025 6. Allocallon of Support Costs Raislng Funds Charltable Activitias Total Staff Costs Office Costs Professlonal Fees Indepèndent Examinalh)n Fees 1924 4.385 1.028 18.753 7.309 2,234 37,7 19.037 23.167 27.166 50.333 Professlonal fees {relaling to iwkkeeping, accwntsTrcy and Tfust Director) havo be8n apportloned by the approximate amount of tine sp8nl in each arga by the prOfeSs￿nal to 7*thich the tsjst relates. Office ¢>Mts have been apporth)ned to the actNity the cost rnlalod to. 7. staff Costs There w88 one part-tlm8 employee kn 202512024".nlll Salary Costs arTK)unl to £7,096 pension cc6ts ar8 £213 No ramuneralK)n was paid to any Tnth in 202512024.. nll) No expenses were paid to Twstee8 in 202512024: nil) 8. Grnrts Award Ouring 2025 12 grants totalling £457.385 (2024: el8¥￿ grants tolaI￿ng £387,960) were awarded lo the Universty of SouthamFrfon to fund edu(*iional posts &)d research as detailed on page 12. Grants not expended totallirKJ £85,487{2024.. £nl) We￿ addedlnetted a3ainst th8se fvJurns in thg Stslement of Financial Ac*vitl8s. of these £nil {2024£nll was from rostricw funds. 9. Ind•pendent Examlners remuneratton 2025 2024 Indépendent ExarnlneTS Sorvice8 2,970 1970 Page 18of21 Wessex Medical Trust Annual Rgport and Accounts 2025 10. Tanglble FIX￿ Ass•ts Fixturns. Flttkngts and EquSpmgnt Cost at 1￿ JaThJary 2025 A(hJttions Disposals Cost at 31•1 Doc•mber 2025 Accurnulatsd qhprrttallon at January 2025 Charge for yaar Dispos818 A¢¢umulatod doprnclatlon at 31•t DK•mlw 2025 190 N•t Book Valu• 31¥1 December 2025 31￿ De¢ambor 2024 11. Inv••tm•nt• at marknt v•lu•: fixed 48••ts Mark•t Valu• •t 1•1 January 2025 Addllions Unrealised Gain for tho year Market valu• al 31•t D￿0mb•r 2025 2.103,￿) 100.000 163,015 1367,005 The hlstorlcal ¢>Jst of at 311t Dgcember 2025 anK#Jnted tr) £2.127,935 12024.. £2,027,935). The equities arn invgsiments hekl in Ihg M&G EwAigs 1nv88tr￿nt Fund for charfti ICh8rtfund) and the CCLA COIF Chwthos EthKal In¥e8knert FuTrJ- In(xTh Urlts. Page 19 of 21 Wessex Medical Trust Annual Report and Accounts 2025 12. Debtors 2025 2024 Other debtrKs Prepayments 12.272 75.950 12.272 75.950 13. Cr¢dltor¥: amounts falling wilhin ¢Th year 2025 2024 Grants payabla Trade creditors Other creditors Accruals 374,788 11.616 339 362,760 6,409 369,169 391.743 14. Crodltor¥: falllng du• aftor mor• than on• y•ar 2025 2024 Grants payable 523.035 523.035 384.301 384,301 15. Analys13 of not assets Unrn•trlct•d Fund• Total Fund¥ Fund• Flxed As$8ts 2,367.005 2.367.005 Curr6nl Ats80ts 34.141 398,499 Curronl Liabiliti88 (382.726) (9.017) (391.7431 Amounts falllng due after rmye than 1 year 523 035 Total Net Auets 1850 726 Page 20 of 21 Wessex Medlcal Trust Annual Report and Accounts 2025 1& Rgstricted Fund# 2025 2024 o￿nIng Balan￿ at 1*t January 2025 Net mov8m8nl in restricted fvThJs 34.141 (9.017) 76.634 Transfer to unrestricl&l g8neral funds (43,5561 Balance as at 31•t Decomber 2025 24124 34141 Tho income funds ofthe charsty inckmjo restrK*d fijnds whare the dLXWXS wish th& monibs to be awlied in a $pecrf￿ research area. The Trust IK4ds many drfferent iFKome funds and the larygsl of these arg illLsstraled bebw. The suns shown are the un6xp&ted balancey of d￿￿tiOnS hokl ￿ trust to be appl￿ for a 8Fec4fk PUrym￿8 ty the Trust888 at a fiJture dats. Opènlng balanc• at 111 Jan Incomlng Resourc0• Transfor8 Re￿￿r¢￿ Exp•nd•d b8twoen fund• Closlng balance at 31st D•¢•mbor 2025 2025 Al￿rg￿S Cancer leervi¢dl Diabetas M8nlngllls Stev8 Mllls luTh other disease 8P8cffic funds 9,506 2.442 135 2.442 135 7.247 12,945 {7.24n 12,945 (1.TlO) Tot•1 34,141 (9,0171 25.124 17. Unrn8trlct•d Funds 2025 o￿nIng balan¢• at 111 January 2025 Net movement in Freo fvnds Transfer from Restricted Funts Balance at 31* 00¢9mbgr 2025 1.903.288 (77.686) 1.670.850 188,882 43,$56 1J03,288 1.825.802 1& R￿atfjd Party Dlsclosur There were no rela￿1 party trarBaclKWL* for the year eThled 31•t December 2025. Page 21 of 21