HANSON RESEARCH TRUST REPORT AND FINANCIAL STATEMENTS For the year ended 5 April 2025 Registered Cl￿rity No.. 275779 Han50n Research Trust CONI'ENTS Pag¢ Legal and adrninistrativ¢ inforniation Report of the Trustees 4k5 Report of the Independent Examiner Statement of financial activitias Balance sheet Notes forming part of the financial statements 9-11 Hanson Research Trust Registered Charity No: 275779 TRUSTEES Professor Freddie Hamdy (Chainnan) The Lord Glenarthur Professor Peter Friend Fiona Hope David Cranston Simon Buc7Acki REGISTERED ADDRESS Furnace House Mohope Hexham Northumbetland NE47 8DQ tNDEPENDENT EXAM]NER P Pheasey FCMA 7 Ashgrove Road HuddeTsfield HD2 IFQ BANKERS Barclays Bank PLC Oxford City - Oxford Group PO Box 33 Oxford OXI 3HS INVESTMENT MANAGERS Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB Hanson Research TTh￿t RF.PORT OF THE IRUSTEES FOR THE. YEAR ENDED 5 APRIL 2025 Th¢ Trustees present their r¢￿rt along with the financial statements of the cbarity for the year ended S April 2025. The financial statements have been prepared in accordance with the accounting policies set out on page 9 and Comply with the charity's trust deed and applicable law. Principal objectives and actfvities for the publi¢ benefit The primary ststrd PUTpose is set out in a Tr￿￿( Deed and is to apply the income for the advancement of medical education and the undertaking of medical research for the benefit of the public. The Trustees have specific power to establish and n)aintain a bellowship in Surgery at th¢ D¢partEncnl of Surgery at the University of Oxford. Thes¢ purposes were met in the current year by continuing to support the fellow, Sandy Figi¢l, who started OTh 2 August 2021. Her tenn ended in 2025 and a new fellow. Dan Woodcock, was appointed. The Trustees give car¢ful consideration of the Ch￿lty Commission's guidance on public benefit when appointin8 Fellow3. The Hanson Research Trust is constituied under a trust dttd dated 25 April 1978 and is a regislered charity number 275779. Hanson PLC established the charity for the advancement of medical education and th¢ undertaking of medical reSca￿h for the b¢nefit of the public. Th¢ Tn￿teeS have spelific power to establish and maintain a Fellowship in Surgery at the Department of Surgery at the University of Oxford. A¢hl¢vements and performance The fellows research fOC￿Ses on the understsnding of the cellular Mechani$n￿ of prostate C￿Cer progression and metaslases d¢v¢lopment. She is working on the Spatial Proststr Assessment and Circulating Enivronment (SPACE) study which is looking at the identification of drivers of PTogrcssion in localised prostate cancer incorporating spatial transcripiomics of whole prostate and tracking of cancer clonal evolution. Finan¢l8dl Review During the year the Trustees continued their investment policy of holding fLmds in investments to provide tncomc to support the Fellowship. The Trustees meet Bnnually where a review of the investments is diSc￿Sed with the invesknent manw. Investments are invested to Produce sufficient income to cover the Hanson Fellow Costs. The trust is fully inv¢sted in the Quilter Cheviot Global Income and GTowth Fund for ChaTitie5. This aims to deliver a return of 3.50/0 above the IJK CPI over the medium terni with a medium risk profile. The value of the investments have decreased over the peri¢)d and there is an unrealised loss of £37,435 (2024 - wofit £138223). Hanson Research Trust REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRJL 2025 Net income before the ￿lised and unrealksed gains on investments w&s £12,632 (2024 - £2,531). Net expenditure including the investment Josses was £24,802 (2024 - exE￿dIture £140,754). Net assets at 5 April 2025 stood at £1.670,601. Reserves policy The accumulated reseryes are being held in resp¢ct of plaDned expenditL￿C. The TnLStees aim that in general the income received should be sufficient to cover the costs of each fellowship or any other donations. Risk management Ibe Tn￿teeS have asse5scd the major risks to which the charity is exposed, in particular those related to the operations al￿ filla[￿eS of the cE￿Ity, and are satisfied that systems are in plaec to mitigate such exposure. Structurfy govcrnanc¢ and management The Hanson Research Trust is constituted under a trust d¢ed dated 25 April 1978 and is a registered charity number 275779. HansoD PLC estsblished the charity for the advanccmcnt of medical education and the undertaking of medical research for the benefit of the public. The Trustees have specific power to estsblish and maintain a Fellowship in Surgery at the Department of Surgery at the University of Oxford. The T￿￿tee5 during the Y￿ are list¢d on page 3. Ne￿ Trustees are appointed following an approach to suitably qualified itLdividuals. There are no forn￿1 indudion or training procedures for new Tn￿tees. All decisions and management activities are undertaken by the Trustees. Reference and administration details Details of the cFLarity's Dame, its registered number, address of its principal office and names of Trustees of the charity who ￿[Ved during the year and up until tbis report w&s approved are provided on page 3. For and on behalf of th¢ board of Tn￿ceS. Professor Freddie Han)dy 5 January 2026 Hanson Research Trust INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HANSON RESEARCH TRUST I report on the accounts of the charity for the year ended 5 April 2025 wbich are set out on pages I to Respective responsibilities of Trustees and Examiner The charity's trustees are responsible for th¢ preparation of the accounts. The charAty'S tsustees consider that an audit is not tquired for this year under Section 144 of the CbarÉties Act 2011 ('khe Charities Act,) and that an independent examination is needeiL It is my responsibility to (l) examine thc accounts wider Section 145 of the Charities Act. (2) lo follow the procedures laid down in the general Directions given to the Charity Commission under Section 145(5)(b) of the Charities Act" d (3) to state whether particular matters have come to my attention. Basis of independent eiamineWs report My examination was carried out in accordance with the general Directions given by the Charity Commission. An cxamination includes a review of the accounting records kept by the clwity and a comparison of the accounts presented with those records. It also includes ¢onsideratton of any unusual items or disclosures in the ac￿unts. and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide ail the evidence that would be required in an audiL and consequently no opinion is given as to whether the accounts present a 'true and fair view" and the report is limited to those matters sel out in the siatement below. IndepeDdent examiner's statement In connection with my examination no material Matte￿ have come to my attention which gives me cause to ￿lIeVe thaL in any Jnaterial reSE￿rt: the accounting records were not kept in accordance with section 130 of the Charities Act. or the accounts did not accord with the accounting records, or the accounts did not comply with the applicable requirements concerning the fonn and content of accounts set out in the Charities (Accounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and faif, view which is not a matter considered as part of an indfflKndent examination I have come acTOSS no othu matters in connection with the examination to which 3tt¢ntion should be drawn in order to enable a proper understanding of the accounts to be reached. Paul Pheasey FCMA 7 Ashgrove Road Huddcrsficld HD2 1 FQ 5 January 2026 Hanson Research Trust STATEMENT OF FtNANCIAL AcrivtrtES FOR THE YEAR ENDED 5 APRIL 2025 Ineoming resources UNRESTRICTED FUND 2025 2024 Donations 10,000 10,000 Investment income: Dividends & interest from investments 51,238 47,233 Bank interest 193 248 Total incoming resources 61.431 57.481 Resources expended FelloNVs costs 48,799 54,950 Management & administration of the Charity Note 3 Total resources expended 48,799 54,950 Net {expenditureyiD¢om¢ before investment gainsllos$es 12,632 2,531 Net gains/(losses) on investments Note 7 (37,435) 138,223 N¢¢ movement in funds (24,803) 140,754 Reconciliation of funds Balance at April 5, 2024 1.695.404 1.554,650 Bydlance al April 5, 2025 1,670,601 1,695,404 Hanson Research Trust BALANCE SHEET AT 5 APRIL 2025 2025 2024 Fixed assets Investment portfolio Note 7 .589,567 1.627.002 Current gssets Cash at Bank and An hand Barclays Rank PLC Business account CU￿ent account Quilter Cheviot 13.667 57,154 1,000 46,035 97.273 111.940 104.189 Total current assets 111,940 104,189 Creditors: amonnts falling due within one year Net current a&qets Notc 8 (30.906) (35,787) 81,034 68,402 Total net assets 1.670.601 1.695,404 Funds of the Charity Unrestri¢ted funds Notc 5 1,670,601 1,695,404 The financial statements were approv¢d and authoris¢d for issue by the Board of Trustees and we signed un its behalf by.. Professor Freddie Hamdy 5 January 2026 Hatwn R¢search Trust NOTES TO THE FINANCIAL STATEMF.NTS FOR THE YEAR ENDED 5 APRIL 2025 l Basis of preparation Basis ofaccounling These financial statements have been prepared under the hisiorical ￿st convention with items recognised at cost or transaction value unless otherwise 8tsted in the relevant notes to th¢se accounts. The accounts have been prepaT¢d in accordance with the Statemcnt of Recommended Practic¢: Accounting and Reporting by Charitics preparing their accounts in accordance wtth F'inancial Reporting Standard applicable in the UK and Republic of Ireland (FRSI 02) issued on 16 July 2014 and with the Charities Act 2011. 2 Accounting policies 2.1 Income Recognilion of income Income is recognised in the Statement of Financial Activities (SOFA) when the charity becomes entitled lo the resources, it is more lik¢ly than nol that the trLL8tees will receive the resource and the monetary value can be mwured with sufficient reliability. Offsetting There has been no offsetting of assets and liabilities, or income and expen￿S. Donalions Donations are only included in the SOFA when the get￿81 incotne recogniiion ¢rit¢ria are met. Incomefrom inleres1 anddividendf This is included in the awounts when receipt is probable and the amount receivable can bc measured reliably. Expenditure and liabilities Liability recognition Liabilities are r¢cognised where it is more likely than not that there is a legal OT constructive obligation Committing the charity to pay out resources and the amount of the obligation can be rneasu￿d with re&sonablc certainty. 2.3 Assets Inveslmenls Fixed asset investtnents in quoted sFAate4 traded bonds and similar investments are valued initially at cost and subs¢quently at fair value (th¢ir market value) at the year fflid. Rcaliscd gains or los¢£s on investments are recognised on disposal of invesiments and any gain or loss on revaluation is taken to the SOFA. 'lThe deterniination of any gain5 and losbcs is caleulated by reference to the value of such &8sets at the ￿gInni￿ of the accounting period. Hanson Research Trust NOTES TO THE FINANCIAL STATF.MENTS FOR THE YEAR ENDED 5 APRIL 2025 3 MAnagement and administration of the Charity There was an amount of £Nil (2024- £Nil) expended for invesrnent management charges. 4 Trustees, Remuneration and Exp¢nses None of the trustees have been paid any remuneration or received any other benefits from an employrnent with the charity or a ￿lated entity. No trustee expenses have been incurred (2024 - £Nil). 5 Unregtricted Fund The only fund of the charity 15 an unrestricted fund. It has been built up by cash donations (from Hanson PLC. the London Law Society and from th¢ tA)rd Hanson Foundation) and surplus incoming resources. 6 Independent Examiner The indqKndent examiner did not receive any remuneration from the Ch￿lty (2024 - £Nil). 7 Fixed Asset Investments Quoted Imestments - all aifair value 2025 2024 Market value at 6 April 2024 Additions to investments during year Disposals Net realised (lossygain on disFx)sals Unrealised {lo&sygain on rev21u2tAon 1.627.1X)2 1,488,779 (37.435) 138,223 Market value at 5 April 2025 1.589,567 1,627,002 8 Creditors: amouDts falliug du¢ within one year 2025 2024 Amount owed to Oxford University r¢ Fellow costs 30.906 35.787 30,906 35,787 10 Hanson Research Tn NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 9 Fair value of assets and liabdities The Gharity is not exposed to Credit risk as it ha5 no debtors. Likewise it is not exp)sed to liquidity risk as it has sufficient cash avatlable to meet its short tern] financial demands. The charity is exposed to mark¢t risk as the majority of its &qsets are in quoted investments. However its assets are so much more than its commitmenis that even a s￿/0 fall in the value of the investments will have no sh(irt tern) impact on its ability to continue. 10 Transactions Tvith relgted partiej There have b¢ell no related paty transactions in the reporting period.