2025-06-30-accounts

NATIONAL AIDS TRUST Annual Report and Financial Statements For the year ended 30 June 2025

03 Foreword from the Immediate Past Chair 04 Legal and administrative detail 05 16 Financial review Our vision, vJues and strategic aims 22 Plans for futLJre periods OLJr achievements 28 Structure, governance and management Our publications Pago 2 Nation•1 AIDSTru¥t Annual Report 2024125

Foreword The past twelve months have been a time of significant change at National AIDS Trust. Having served for eleven years as a Trustee, nine of which were as Chair, my term of office ended in June 2025.1 am delighted to hand over the Chair to Professor Matthew Wealt. atthew is a longstanding supporter and friend of National AIDS Trust INATI. with extensive expertise and deep commitment to the work ol the charity, making him Ideally placed to lead NAT into the future. I wish him every success. Alter a decade as NAT'S CEO Deborah Gold stood down in JLJIY 2024. Deborah's leadership at NAT was outstanding, delivering numeroLJS, highly impactlul successes that leave a lasting legacy. In July 2024 the Board appointed Robbie Currie as incoming CEO. With more than 20 years, experience In HIV. sexual. and reproductive health. Robbie brings far-reaching expertise and vision,. NAT Is very fortunate to have him at the helrn. Despite these challenges, NAT continues to receive the support of many generous funders, and the organisation is delivering on multiple workstreams that support NAT'S central mission of standing with and defending the rights ol all those affected by HIV. Some notable highlights of NAT'S work this year include awarding the HIV Confident Chartermark to an ever- growing number ol organisations, securing equitable access to fertility services, and exposing the ineqLJities that black people face when accessing health and care services And it was an especially proud rnoment for NAT to witness Robbie speak alongside the Prime Minister at Number 10 on World AIDS Day Like so many organisations, NAT Is navigating a very challenging financial land5Gape. Vany funder5 are moving Reflecting on my time as Chair It has been an honour resources away frorn work that underpins the UK'S to be a part of such a special organisation, and I look HIV response, yet NAT'S mission, to protect the rights, forward to remaining a close ally of the charity in the wellbeing, and voices of the 108,000 people living with and future. NAT'S successes are a testament to the collective affected by HIV in the UK and prevent new infections, is effort, passion, and belief ol so many who stand together increasingly urgent. NAT'S landmark report - HIV Services in this vital work. l am immensely grateful to have worked at the Crossroads - reveals the extent ol the voluntary alongside highly skilled, deeply committed, courageous, sector crisis. jeopar(Jising critically important support lor generous and supportive fellow Trustees. It has been a people living with and affected by HIV and threatening pleasure ancj a privilege to work with the exceptionally the UK'8 2030 targets. In consequence. difficult dècisions talented and dedicated staff of NAT with the leadership on staffing levels and expenditure have been made to of Deborah Gold and Robbie Curriè, piloting NAT through secure NAT'S long-term sustainability and resilience. a particularly complex year To NAT'S funders. donors. These choices were not easy, but they were essential to supporters and volunteers - thank you all for making safeguard the charity's future. NAT'S achievements possible. Professor Jane Anderson Immediate Past Chair of Trustees Page 3 National AIDS Trust Annual Report 2024125

Legal administrative detail Company reglstratlon number 2175938 David Sparks Dr Ann Sulllvan Profèssor Matlhèw Waait (appointed 19 April 20251 (appointed Chair 1 July 20251 The Trustees are the directors and members of the company. Charlty reglstratlon number 297977 Prlnclpal offlce (to 30 September 20251 The Green House 244-254 Cambridge Heath Road London E2 9DA Secretsry Stèphania Mccarthy (to 30 June 20251 Rts￿rt IRobbi81 Curriè (from 1 July 20251 (from 1 October 2025 and current office address) The Mark Ashley Centre 159 Mile End Road London E14AQ Chièl Exaeuti Robbie Currie R￿Ister•d offic# (to 30 September 20251 The Green House 244-254 Cambridge Heath Road London E2 9DA Prlnclpal bankors CAF Bank Ltd Kings Hill West Malling Kent ME19 4TA (from 1 October 20251 c/0 Begbies Chartered Accountants 9 Bonhill Street London EC2A 4DJ Investment bank Churches. Charities and Local Authorities ICGLAI Investrnent hAanagement Ltd One Angel Lane London EC4R 3AB Trustees Professor Jane Anderson CBE (Chair, resigned 30 June 20251 Dr Alessandro Cèeeatslli Gary Christiè stephen Crampton-Hayward Ceri Edwards Andrew Hochhauser KC (resigned 7 April 20251 Angelina Namiba Peter Roscrow (resigned 25 March 20251 Auditors Begbies Chartered Accountants 9 Bonhill Street London EC2A 4DJ Charity websiles nat.org.LJk worldaidsday.org loopedin.nat.org.LJk Page 4 National AIDS Trust Annual Report 2024125

Objectives and activities The Board ol Trustees has pleasure in SLJbmitting its Annual Report together with the audited financial statements lor the Charity lor the yèar ended 30 June 2025. The financial statements have been prepared in accordance with current statutory requirements. the mernorandum and articles of association of the company. the Companies Act 2006, Charities Act 2011, the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021- (Charities SORP IFRS 1021 and the Financial Reporting Standard applicable In the UK and Republic ol Ireland IFRS 1021. The Trustees, Report included the Directors, Report. Our vision and purpose Our values Our strategic aims for 2025 are to National AIDS Trust seeks to embody OLJr valLJes in everything we do - Including how we approach our work. how we treat our staff, and how we work with others.. Our vision 15 a world where HIV does not stand in thè way of health, dignity and equality Our purpose 1£ to stand alongside and defend the rights of everyone living with. affected by or at risk of HIV We carry out our purpose by Ljsing our expertise, research and advocacy to secure13Sting change to the lives of people living with and at risk ol HIV. And we won't stop until everyone allected by HIV can STOP We will stop ne HIV infections. We are brave. We speak out and are never afraid to challenge the status quo. CHAMPION We will champion the needs of people whose voices and cxperiences are too often ignored. PROTECT We will protect the rights of everyone living with and at risk of HIV. We are persi$tent. We persevere until we create change, however long it takes We are wllaborative. We work to build relationships of mutual trust and respect because we kr)ow we can't do this alone. DRIVE We will drive engagement and activism to change attitudes to HIV. We are honest. Our integrity and credibility are crucial, so we protect them by being independent, Iransparent and accountable. A new strategic plan will be launched in 2025/26. IN Ap"Tx Page S National 125

Achievements and performance in 2024-25 ational AIDS Trust Report 2024125

STOP;.;::;.:. HIV infections World AIDS Day Number 10 reception GG Ahead ol Worfd AIDS Day11 December), we were honoured tts attend a reception at 10 Dov¢ning Street, where the Prime Minister announced £27 million to expand the NHS'S highly successful emergency department Blood Borne Virus IBB VI opt-out testing programme. With this government, you will not be alone in the fight against HIV. We will stand together - for as long as it takes - both in memory of those we have lost and in support of those who are living with HIV today. I'm determined that this generation will be the one that ends new cases of HIV within England by 2030. This was a prtsud moment for National AIDS Trust. Together with our partner organisations. we campaigned tirelessly for opt-out testing and we warmly welcome this vital Investrnent. which will save lives and bring us closer to ending new HIV transmissions At the packed event, the Prime Minister thanked campaigners and public health experts for their determination and leadership. He recognised not only the crucial progress made in tackling HIV stigma, but also the pivotal role charities like National AIDS Trust have played in shaping the Government's forthcoming refreshed HIV Action Plan. Delivering on its manifesto commitment, the Government will publish this nèw HIV Action Plan later In the year. To ensure It Is bold and ellective, National AIDS Trust. Terrènce Higgins Trust and the Elton John AIDS Foundation jointly published Getting on track- beGoming the firstoountry to end neLV HIV cas85 by 2030. This landmark report sets out clear principles and practical recommendations for what the next HIV Action Plan must deliver- so England can meet its ambition ol ending new HIV cases within the next five years. Prime Minister Keir Stsrmgr Page 7 National AIDS Trust Annual Report 2024125

67% of organisations have had to cut staff or close services Pago 8 Nation•1 AIDSTru¥t Annual Report 2024125

GG When the legislation changed, it literally gave me my dreams back. It's made me so happy. Ala. HIV services at the crossroads With powerful testimony from both organisations and seryice users, HIVServices at the Crossroads makes the case for urgent action to protect vital HIV services - essential ntst only to meet the UK'S 2030 goal. but to enSLJre long-temi support for everyone living with and affected by HIV. In May, we hosted a parliamentary reception to launch our landmark report, HIVServices at the Crossroads. Drawing on evidence from over SO HIV organisations and more than 300 people living with HIV, the report revealed a voluntary sector In crisi8- threatening both the UK'S 2030 targets and essential support lor people living with HIV. The findings v¢ere stark.. Two-thirds ol organisations have had to CLJt stall, close services. merge. or use reserves to stay afloat. Just three In 50 felt able to fLJlly mèet demand In the last five years. Inequalities remain severe. with people outside major cities facing a postcode lottery in access to support Yet four In five people Iivino with HIV reported Improved wellbeing after accessing voluntary sector services Despite chronic underfunding. HIV voluntary, community and social enterprises IVCSES) continue to deliver Iife-changing. and often lifesaving, support. addressing health inequalities that statutory services overlook From peer mentoring to housing advice, they tackle 800/0 of the factors shaping health outcomes. An unfair law changed because of us After a delay caused by the General Election and change of Government. we were thrilled to see a historic breakthrough in October.. the removal of the unjust. homophobic, and unscientific law that prevented people living with HIV who are LGBT+, as well as anyone wishing to donate eggs to an HIV-negative person, from becoming parents through fertility treatment. This victory was the result of years of determined campaigning by National AIDS TrLJSt, alongside BHIVA IBritish HIV Association) and BASHH18ritish Association ol Sexu Health ancj HIVI. The law v¢as discriminatory, outdated, and not Supported by 5cience- and we are proud to have played a central role In securing its removal. In 2023, thousands ol you joined us." writing to MPS, signing our petition. and marching at Pride to dernand hange. Thanks to your efforts. this barrier has finally been overturned - paving the way for families to be created and lives to be brought Into being that otherwise would not have been possible. It means so much to people like Alan". 'As the eldest ol four, from a close-knit family, children have always been important to me, so the realisation that I would not be allowed, because ol my HIV diagnosis really affected the relalionship I was in at Ihe time. I felt so sad. I want a house lull of kids, a home that reminds me ol the one I had. National AIDS Trust educated me on the specifics ol the legislation, an(J I got angry! I was determined to support their campaign in any way I could. When the legislation changed. It literally gave me my dreams back husband. kids. the whole'lvhite picket fence life. It's made me so happy. The report highlights the urgent need to safeguard these seNices and sets out clear recommendations, including.. Stronger partnerships between governments and the voluntary sector to deliver HIV Action Plans. Multi-year funding that covers core costs to ensure sustainability. A national guarantee of high-quality psychosocial and peer SLJpport. Comprehensive programmes to re-engage people who have fallen out ol care. Greater investment in voluntary sector-led prevention, testing, and anti-gtigma initiatives. Page 9 National AIDS Trust Annual Report 2024125

CHAMPION Standing with communities Unheard Voices In April, we published Unheard Voices Understanding the landscape of London HIV commissioning and communtrty Involvement of Blaok Afrioari 3nd Garibbean communtrties, in collaboration with One Voice Network, a collective of Black-led organisations working to improve the health and wellbeing of Black commLJnities in the UK allected by HIV. Drawing on in-depth consultation with London local authority health commissioners, the report sets OLit practical recommendations to ensure meaningful engagement with Black communities in HIV service design. Its aim Is to support Commissioners to better Integrate Black African and Caribbean voices Into local commissioning and service development. Unheard VOICES also highlights the power of co- production where cornmunity members are funded to help shape and design HIV services while calling for greater investment to realise this approach fully. We were honoured that Winnie Byanyirna, Executive Director of UNAIDS, and Florence Eshalomi MP, Co-chair of the All-Party Parliamentary Group on HIV, AIDS and Sexual Health, contributed forewords to the publication, underlining its importaiice and urgency. GG Community leadership is not an idealistic dream; it is the proven route to impact. The message of this report could be summed up in this call to action: for the HIV response to succeed, let communities lead. Winnie Byanyima Executive Director UNAIDS Page 10 National AIDSTrust Annual Report 2024125

wrongly believed HIV could be passed on through spitting The reality of HIV discrimination 'Knowing that my health status had been shared without my permission sent me straight into a deep depression... It was the darkest time ol my life. The trauma, grief and pain were so great that I have not been able to work since. It has drained me." In May, we published new research which uncovered the concerning experience of discrimination lor people living with HIV. Despite legal protections under the Equality Act and Data Proteclion legislation, OLir report Eouality in name only? shows that breachès are v¢idesprea(J across healthcare. workplaces, and everyday services Our findinos make clear that tackling HIV discrimination is not just a matter ol law It is a matter ol dignity, safety, and human rights. HIV inequalities work: spotlight on asylum, PIP. and health equity. The report brings together a wide range ol evidence and highlight5 a systemic failure to collect and record cases of Hlv-related discrimination. With Inadequate systerns In place. this form of discrimination remains hidden and underreported. Making sure that people who are most affected. or at risk from. HIV have equitable access to treatment and prevention and are treated fairly In the healthcare system and across society remains a key priority for National AIDS Trust. Through our own casework service which provides free. confidcntial support to pcoplc facing discrimination, we have already supported 161 individuals in just over two years, with cases rising year on year. Surveys of healthcare professionals across the UK, Europe and Central Asia further expose the scale ol the problem, with alarming gaps in knowledge even among trained stall. In tsne NHS survey ol 1,454 stall, nearly a quarter1230/01 wrongly believed HIV Could be passed on through spitting. and more than half admitted they would feel worried when taking blood from someone living with HIV. Alongside powerful real-life testimonies. the report sets out four urgent recommendations to end Hlv-related discrimination-. A new research and report this year, Beyond Positive Voices la partnership project with Positively UK) was a new piece of research that specifically looked at population groups who report the worst health and quality ol life outcomes - young people, people not born In the UK, women, and trans people. Through facilitated research groLJPS With peer researchers, we explorèd the reasons v¢hy some grtsups are consistently receiving a poorer experience ol living with HIV. and what actions can be taken to address this. As the facilitators whts led the research grtsups said in a joint foreword for the report.. "We know that HIV doesn't have to define us. and yet for many it still does. as a manageable chronic condition, HIV still carries so much weight and history behind It. where the burden of such diagnosis sits on the shoulders of us living with HIV. We shouldn't have to just survive with HIV., we should be encouraged to thrive despite our HIV. Throughout the year we have continued to engage with civil servants, MPS, and Ministers, to highlight the health needs ol people seeking asylum and people who need appropriate SLipport from the benefits system to live a good qLiality ol life. We have produced policy briefings on how changino the asylum system can have multiple benefits by allowing people seekiiig agylum to work and are engaged with change5 proposed on Personal Independence Payments. Employers and service providers must put in place proper procedures to prevent discrimination and act swiftly when it occurs. Public authorities must improve the collection and reporting of Hlv-related discrimination. Aore time must be given for people to bring discrimination complaints to court. Unlawful discrimination must be addressed in the broader context of HIV stigma and its impact on people's lives. One former NHS nurse, whose health status was Linlawlully shared, told LJS. P8go 11 N•ti¢wlAIDSTru¥tAnnual Report 2024125

PROTECT Defending rights Now in its second year, our free Discrimination Advice SeNice remained in high demand, providing vital help to people living with HIV who face stigma and unfair treatment. Our dedicated caseworker offers confidential advice, legal support, and advocacy for anyone experiencing discriminalion becaLise ol their HIV status, empowering individuals to act, make official complaints, and defend their rights. In 2024 alone, we supported 19 new people navigating discrimination. GG National AIDS Trust's discrimination service is not just invaluable; it was a lifeline for me while navigating an awful situation. The knowledge, understanding, and compassion from the service made me feel like I wasn't alone, and most importantly, it affirmed the wrongdoing I had felt Alongside this direct support, we worked with the Information Commissioner's Office IICOI, the UK'S data protection regulator. to irnprove protections for people living with HIV whose status Is disclosed without consent. Thanks to this collaboration. the ICO has now published a practical toolkit to help individuals act when their sensitive data is shared unlawfully. •Daz 119 48 41 people given advice cases with a positive result resolved discriminatory policies changed 82 250 72 HIV prOfe￿lonal8 trained on discrimination ICO staff trained on HIV data protection people living with HIV on their rights sessior)s P89012 N•ti¢th￿AID$TrnW Annual Report 2024125

DRIVE,:.,,:,.,... and engagement The HIV Confident charter-mark is making a real difference to levels of knowledge and stigma, particularly in healthcare settings ONFIDENT 45,,.-- 13,,-. 1 The continuing challenge of the stigma experienced by people living with HIV must end as it negatively allects people's choices and lives, resulting in inequality, discriminatory experiences, and poorer wellbeing. The HIV Confident charler-iiiark has made real and demonstrable progress throughout this year, reaching more people and shifting the dial in their knowledge of HIV and overcoming stigma. We are proud that by thg end of thi8 year that HIV Confident had: Local Authorities Reached almost 5.000 people. mainly In NHS to highlight gaps In knowledge and grow confidence in responding well to people living with HIV eLearning modules have seen Improvements of 10-400/0 across Hlv-related knowledge. attitudes and confidence We worked to bring In 45 GP practices, 13 NHS trusts, 2 Local Authorities and 2 corporate organisations into the programrne to start their journey to becorning HIV Confident. corporate organisations rj Programme can now be offered in both English and Welsh language Outside of healthcare. we have seen commitment to become HIV Confldent from local authorltles, corporate buslnesses and thlrd sector organlsatlons. Social care ollering has been developed alongside generic and healthcare packages. First lee-paying local authorities have recently committed to becoming HIV Conlidenl. HIV Confident is funded by Fast Track Cities and Is a partnership between National AIDS Trust and Positively UK. Page 13 National AIDSTrust Annual Report 2024125

GG I'm doing my bit by showing my face and saying: Here l am. This is one face of HIV, and it's a happy face, a resilient one. Winnie Marking World AIDS Day "We can light stigma by starting or continuing to talk about It. within families or our social network5. Stioma In December we asked our supporters to proLJdly wear does a huge disservice to everyone. If people are not able the iconic red ribbon to stand shoLJlder to shoulder with to talk about their HIV diagnos15 or their chronic Illness. those impacted by HIV, past and present, and call lor a then they won't feel able to get the help that they need. better future. We sent out 126,600 ribbons and we were 'I'm doing my bit by showing my face and saying.. Here delighted to hear from our supporters about what wearing i am This is one face Of HIV. and it's a happy face. a one meant to them.. resilient one. 'It's important to recognise the steps we've made. the work that needs to continue and remember the lives we have lost." We launched a new website Back In 2004. Winnie featured in one of the first World AIDS Day photoshoots. Here's her story.. '1 rernember vividly during that time, I was told It was a challenge to find people living with HIV to front the campaign, due to stigma So, fashion models were hired and a few of us living with HIV were placed among the models to show that it was not possible to spot a person living with HIV just by looking at them. And here we are, 20 years on, still talking about HIV, and still talking about the stigma surrounding it - although this year we didn't need to rely on fashion modelsl 'It's important, as people living with HIV, to show our faces, to communicate that. while we still have the chronic condititsn, many ol us on HIV treatment cannot pass on HIV to anyone else. However. new HIV transmissions arè still happening, mainly due to undiagnosed tsr untreated HIV. and this needn't be the case. We were delighted to launch our new website in May, designed to help LJS connect more ellectively with the people who need us most. The refreshed site now reflects the vibrancy ol our tirand, using bold, people-locused imagery and storytelling to bring our mission to life. With a far smoother user experience than our previous site. it Is now easier to navigate, guiding visitors on a journey that not only inforrns but also Inspires long-term support. We are National AIDS Trust Page 14 Nabonal AIDSTrust Annual Report 2024125

Our publication-s It was a very busy year for National AIDS Trust reports and policy briefings with several published during the year: Living well with HIV in Wal98 Cost-eflective ways that the Welsh Government can support people living wilh HIV. Developed by HIV Outcomès UK and Fast Track CymrLJ. Beyond the virus A cost-effective framework lor the Scottish Government to deliver integrated HIV and mental health cartr. Developed by HIV Outcome5 UK. CrSmlnallsatlon of HIV transm5sslon This report adds to the existing research. thinking. and evidence that surrounds the subject of crirninalising reckless HIV transmission on people living with HIV by understanding what it means for people today. Funded by Gilead UK and Ireland Fellowship Programme. Gètting on track Becoming the first country to end new HIV cases by 2030. Developed by National AIDS Trust, Elton John AIDS Foundation and Terrence Higgins Trust. Unheard Voi¢es Project A lilerature review ol studies on the needs ol Black communities living with and Impacted by HIV. Developed with One Voice Network and supported by City Bridge Foundation. Unheard Voice$ Understanding the challenges faced by Black people living with HIV in primary care. Develope(J with One Voice Network and supported by City 8ridge Foundation. Equality in name onl A review of the èxperience ol discrimination lor people living with HIV In the UK. HIV services at the crossroads A voluntary Sector funding crisis thrèatens UK's 2030 HIV targets and support for people living with HIV. Developed by HIV Outcomes UK. HIV servlces at the crossroads- Scotland This briefing warns that a funding crisis puts Scotland's HIV 2030 targets and support service at risk. Developed by HIV Outcomes UK. Btyond P05ilive Voieès Qualitative research on high levels of unmet needs for key POPLJlations living with HIV. Developed with Positively UK in partnership with UKHSA and funded by Viiv and Gilead. Unheard Voices Project Equalty in name only . Criminalisation of UrKknstaThJry ￿ Ir71)&t Beyond the virus Prlorilislng mental health for people lfving wlth HIV In Scotland Page 15 National AIDSTrust Annual Report 2024125

1.1m+Y (U The charity's total income in 2024-25. This was an decrease of £275,266 from the previous year. The financial results are set out on pages 17-38 and are gummarise(J here. Our total expenditure in 2024-25 was $1.346.91112023-24". S1.370,3961. The reduction in costs is attributable to savings that were made by a reduction in workforce and other cost-cutting measures. National AIDS TrLJSt ended the year with a deficit of income over expenditure of £242,450, which includes a $10.961 loss on lono-term endowment investments. Details ol movements In fixed assets are shown in nole 16. National AIDS Trust holds one financial Investment in the form ol an permanent endowment in the name ol Gary Philipp. The permanent endowment is shown on the balance sheet az a fixed asset Investment and was investèd Into CCLAI COIF units at the close of 2023. The endowment cannot be expended on general charitable activities, but income and gains can be credited to a restricted fund for activities related to tackling stigma. Page 16 National AIDSTrust Annual Report 2024125

1.3m+ Our total expenditure in 2024-25 Investment powers uncertain tinancial environment. We maintain a restricted endowment, donated from the estate of Gary Philipp, to support our ongoing work. The endowment is invested with CCLA In Its Charities Ethical Investment Fund During the financial yèar, the value of the overall Investment rèduced and therefore. It was decided not to to spend the rnoney In 2024-25 to allow the funds to hopefully recover to a sum that would reasonably fund a complete project, tackling stigma and discrimination. The charity also purchased GCLA Deposit Fund units during the year, which are cash-equivalent units and are shown as cash on the balance sheet. These units pool the Charity's cash holdings with other organisations, ILJnds and earn returns in excess of the interest which could be achieved on a no-notice bank account. The charity's investment powers are governed by clause 31kl of the Memorandum ol Association which permits the investment ol monies not immediately required for its purposes in shares, stocks, ILJnds, securities, or oJther Investments as may be thought lit. National AIDS Trust has previously only held cash to meet its medium-term needs therefore generally holding financial resèrves on short-term dèposit only. Our principal bank account continues to be held with CAF Bank la wholly owned subsidiary of the Charities Aid Foundation). We closely managed the allocation of funds across different banking providers during the year to minimise risk exposure to the charity and ensure easy access to funds in an Psg8 17 National AIDSTrustAnnual Apptsrt 2024125

Fundraisin9 and supporter Impact Like many organisations in the HIV sector, we have been operating in extremely challenging financial circumstances this year. Thèse pressures meant we did not meet our fundraising target. Once again, World AIOS Day was our most successful campaign of the year. Each year, we invite SLipporters to wear the iconic red ribbon standing shoulder to shoulder with people impacted by HIV. past and present, while calling for a fairer future. In 2024 we distributed 126.000 ribbtsns. and were moved by messages from supporters about what wearing one meant.. "It's Important to recognise the stEPS we've made. the work that needs to continue, and remember the lives we have10st.' Even so. our small but dedicated fundraising team achieved something remarkable.. raising over 21 million to support our work. A particular highlight was the launch of our fundraising initiative, Drag Raise. Drag ha5 always been more than performance- It Is a powerful form of activism and self-expression. Throughout the HIV epidemic, the drag community has played a vital role.. challenging stigma, providing solidarity, and uplifting communities living with and affected by HIV. Bringing drag and fundraising together felt both natural and inspiring. The initiative launched in July at a flagship event generously sponsored by Diageo and M.A.C. Cosmetics. With stLJnning performances from Chèddar Gorgeous, Ella Vaday, Vanity Milan, and Hans Off, the night was a celebration ol art, activism. and community With all costs covered by our sponsors. we were proud to raise 218.635 in profit- and thrilled that both Diageo and M A C. Cosrnetics pledged support for a second event In 2025. Across all campaigns and events. our community helped raise an Impressive £83.245. Highlights included a record- breaking Red Run, which brought in £8,651 a 4300/0 increase on the previous year- and our most successful year yet for World AIDS Day station and street fundraising, boosted by our striking TFL poster campaign featuring Layton Williams. We remain deeply gratelLJI to our long-term supporters, M.A.C. Viva Glam, Gilead Sciences, Viiv Healthcare, and the George Michael Foundation, lor their oenerous grant funding. Finally, the Board wishes to express heartfelt thanks to everyone who SLipporled us in 2024-25". our regLJlar givers, one-off donors, challenge evènt participants, corptsrate partners. schools. universities. community groups. and the rnany volunteers who make our work possible. S1m+ raised by our dedicated fundraising team in 2024 Page 18 National AIDSTrust Annual Report 2024125

Thank you to our generous supporters Trusts, foundations and statutory Companies and corporate foundations Special thanks also to our Club 2030 supporters BHIVA (Brltlsh HIV AssocSatlon)- Laura Waters Communlty Awards Clty Brklge Comerstone Fund FastTrack Cltles Goorgo Mieha•l Fund Martin Bowley Charilablè Trust Mercury Phoenlx Trust Natlonal Lottery Communlly Fund Trust for London Vandarvèll Foundation Dlageo Everpress Gllead Sclences Ltd Rlcardo Alonso Cortina Yusef Azad Phlllppe Genre Matthew Hamlyn Andrew Hochhauser M.A.C. Vlva Glam Fund Merck, Sharpe and ljohme Ltd Viiv Healthcare UK Ltd Renaud Humberl Danlel Lynch Sheena Mccormack Karon Monaghan Roisin Moriarty Sallie Nicholas Paul Qualn Peter Roscrow Nigèl Simon David Sparks Kan Watters Robin Wilkinson Lèsford Williams Léè Wintsr-Dèan All these funders and supporters have enabled the Charity to continue to deliver its vital work. Page 19 National AIDSTrust Annual Report 2024125

Reserves workforce and remaining members of staff working harder to deliver our objectives, in the future, we may have to occasionally take difficult decisions to charge lor our expertise, which we will decide on a case-by-case basis. We will also explore more cost-efficient ways of delivering OLJr objective5. including developing partnerships for programme delivery and sharing back-office functions with allied and aligned organisations. Through these efforts. we aim to strengthen our financial resilience and ensurtr the long-teim sustainability of the organisation. Nevertheless. the reduction in our available reserves and the general outlook for the sector means that there is a material uncertainty related to going concern as disclosed in note 1.2 ol the accounting policies. National AIDS Trust reviews Its reserves policy annually to ensure compliance with best practice. The policy is designed to ensure that the organisation has both running costs and wind down costs. Our reserves policy is that the organisation should hold sufficient free reserves within a range in which the lowest amount Is the figure which equates to wind dov¢r) costs plus two months, running costs and the higher level is six months of total running costs. For the year ending 2024- 25, this range was £542.394 - £732,436. As 0130 June 2025, the charity's total reserves stoc at 2684,417. Of the total reserves. 299.781 related to restricted reserves carried forward. the majority of which Is to be expended In 2025-26. A further £262.479 related to the restricted permanent endowment investment. Total unrestricted funds stood at £322,157, of which £10.856 is Invested in the Charity's office equipment and is not available tor general use. On the balance sheet date, the Charity's free reserves stood at £311,300. Because our reserves are now below the threshold which we consider comfortable, it is OLir intention to Increase this over the coming and future years and we v¢ill be mindful that further reductions may be necessary in 2025-26. though Income targets for the first quarter of the urrent year are encouraging. In previous years. the Finance & General Purposes IF&GPI Committee of the Board of Trustees reviewed the charity's position every quarter, in the context of the reserves policy, and cxamincd thc forccast cash flow for thc following twclvc months, including capital expenditure. Given the challenging economic position faced by NAT, and indeed all charities, F&GP has decided to increase the frequency of cashllow scrutiny to every two months. Conclusions from these reviews are reported to the Board. Furthermore, NAT has implemented several cost-saving measLJres to ensLJre long-term sustainability. These include an organisational restructure and a transition to a more remote and hybrid way of working. allowing us to relinquish our permanent office space and redueè overhèad eogts. Following these measures, we will review our reserves policy to reflect the new financial landscape. Legacy and endowment plans We continue to be grateful for the restricted endowment donation from the U.S. estate ol Gary Philipp, which Is structured to allow us to spend income raised on work which contributes to combating stigma and discrimination experienced by people living with. at risk of or affected by HIV. Trustees and senior leadership have established a framework lor investment that allows for mediLJm risk based on planned long-term investrnent, in a fund run by CCLA that is consistent with our organisational values. In the financial year 2024-25, the Iiivestment reduced In value due to market forces and therefore we decided to allow the fund to appreciate further, to allow for greater withdrawals In future year5. The trustees as a body hold the permanent endowment behalf of the Charity as required by company law. Investment policy The charity's permanent endowment Is invested In CCLA Ethical Investment units which allows the charity to hold a more diversified portfolio than direct investment at the value ol investments held. The permanent endowment is required to be invested to produce income and gains, and the initial capital cannot be Ljsed for charitable expenditure. The fund aims to provide a total return (growth in capital and Income) over a five-year Investment horizon. Although the investments fell in valLJe during the first year, the trustees will monitor how the fund performs against long term aims once the fund has been held lor a longer peritsd. CCLA Ethical Investment units consider environmental, social and governance IESGI factors in the Investment process and use Investor engagement to drive change. At the same time we remain firmly committed to rebuilding our reserves and bringing them back in line with our policy targets. To achieve this, NAT will continue to focus on prudent financial management, income diversification, and the growth ol unrestricted income through targeted fundraising and partnership development. Historically, our staff have been very willing to participate in projects and engaoe with stakeholders freely. With a slightly depleted Page 20 National AIDS Trust Annual Report 2024125

Principal risks and uncertainties The Senior Management Team ISMTI present a detailed breakdown ol organisational risks to the Board ol Trustees tsn an annual basis. SMT review mitigation and assurance activity monthly, and report on this quarterly to the Finance & General Purposes IF&GPI Sub-committee of the Board. Oay-to-day risks are mitigated by the policies and procedLJres established by SMT. The prir)cipal risks as identified by the Board are highlighted below. These are those risks assessed as remaining high following mitigation and assurance. Risk description Mitigation and assurance Difficult economic environment significantly impacts financial security of organisation. Reserves and cash position insullicient to meet commitments. Monthly SMT review of income and expenditure,. Fun(Jraising Strategy and increased capacity in Fundraising Team. Finance and Fundrai51ng reports to F&GP. Financid instability resulting from declining revenue and rising operational costs could Compromise the organisation's ability to remain viable in its current structure. Reserves policy reviewed annually by F&GP.. ca%hflow report quarterly to F&Gp4edium term strategy to build reserves. Implement organisational restructure to align gtaffing and resources with strategic priorities. ensuring sustainability and adaptability- GG Alfredo's story Although I think my story is quite unique in a way, l also think others might be able to have some kind of affinity with it. So I feel like I can help people by telling it. Ay name is Alfredo, and I was born to a single mother in South America in 1987. My mum put me into an orphanage as soon as I was born, and I was adopted by my second family, and brought to the UK, to a home in the North East tsl England. y second mum was a special needs teacher, so she realised early on that I was aLJtistic. By the time I reached my teens I v¢a8 becoming unmanageable, so l ended up In a children's home and running wild. I would take drugs like ecstasy and go OLJt partying. In a gay So I left London and returned up North to live with my dad. bar that I worked In, there was a kind man who would often And we both looked after each other. I went through rehab ome In. He could see I was struggling. and took me under and am on effective HIV treatment now. Sadly Dad passed his wing. becoming my third'dad.. away recently with cancer. having lived with dementia In his Although he gave me stability. I was sexually and physically later years. abused by another rnernber of my new farnily, and ended up And now l am studying to be a lawyer I'rn in the third year using heroin to numb my pain. of my Bachelor of Law degree. I think ivs important that my Despite my addiction. I forged a successful career as a story is told, to show people that il is possible to tum your manager at an airline. I was living in London, holding down life around. Other peoplc havc probably bcon through the a really responsible job, getting promotions. I felt like the same as me, and il I can make one person think." oh, maybe I heroin helped me become more calm - it made me feel more should go and get a test, then that is what I want. like a normal hLJman being. But I hadn't told my employers that I was aLJtistic, and I was hiding my addiction too. It was difficult for me because I was lying about who I was. And then later on, crystal meth carne in - I was using the meth to stay awake, and heroin to get to sleep at night. I was injecting every day and sharing needles. When I got my HIV diagnosis, my third dad was the first person aroLJnd. He had10gt friends and former partners to AIDS in the 1980s, ir) the crisis, so it was hard for me to tell him, but I knew I had to. At that lime I was very unwell - the doctor that treated me said he had never Seen anybody as sick as me. Page 21 Nabonal AIDSTrust Annual Report 2024125

Plans for future periods Alongside this, we will work with partners to ensure that HIV prevention, testing, and treatrnent for people living with or vulnerable to HIV are prioritised within the restructure of Fit lor the Future". The 10-Year Health Plan lor England, a pivotal opportunity to embed HIV within the NHS'S vision for a more responsive, preventative, and person-centred health system. Drawing on our casework evidence, as well as wider data and insights. v¢e will continuè to expose and challenge persistent discrimination laced by people living with HIV, advocating for necessary changes to policies and guidance to create a fairer and more inclusive environment With the UK Government set to launch the updated HIV Action Plan for England on 1 December 2025. we will work closely with partners across the HIV sector to shape its development and support effective implementation. Through ctive participation in the steering committee, we will represent the collective voice ol HIV sector organisations, ensLJring the Government's commitmenls and ambitions to end new HIV transmissions by 2030 are met with meaningful, sustained action. We will continue tts advance our work on HIV Outcomes, building on OLJr evidence and advocacy to improve care and Support for people living with HIV. Over the coming year. we will.. Over thè comino year, we will continue to expand HIV Confident. the anti-stigma charter mark developed with Fast Track Cities London and Positively UK We are extending the programme into the social Care sector, starting with local authorities, to drive culture change and inclusion at every level. Finally, we are developing a new live-year strategy for National AIDS Trust, setting out our priorities and vision lor the years ahead. The strategy will be shaped through a comprehensive ctsnsultation process, including engagement with people with lived experience, in-depth inlerviews, stakeholder discussions. and sèctor-widè surveys, to ensure our future direction reflects the needs. Insights. and ambitions of the communities we Ser￿e. Produce country and iegion-specific briefings based on our UK-wide HIV services at the Crossroads report. Publish an assessment of how well the delegation of commissioning to IGBS has worked, Including clear recornmendations for IC8s and the NHS nationally to support the delivery and prioritisation of the forthcorning HIV Action Plan. Develop a report setting out a rninimum offer of voluntary sector support se￿iCeS that should be available to everyone living with HIV across the UK. Conduct new research into the experiences and needs of people living with HIV when accessing mental health support. Create briefings exploring how the digital transformatior) ol the NHS can drive more Integrated and person-centred care lor people living with HIV. We will continue to champion the recommendations set OLJt In the Getting on Track report, driving bold, system-wide action to end HIV transrni55ion In the Uk(. Our advocacy will focus on expanding acces5 to and availability of PrEP. addressing inequities In uptake. and ensuring that marginalised comrnunities are not left behind. We will also produce a dedicated policy briefing highlighting the urgent need to re-engage the estimated 12,000 people currently not in HIV care Structure, governance and management National AIDS Trust was incorporated on 9 October 1987 as a company limited by guarantee and not having a share capital Iregistered in England and Wales, nLJmber 21759381. The governing document is the MemorandLim and Articles of Associatitsn. Clause 6 of the Memorandum rèstricts the liability of each member as defined by paragraph 3 of the Articles of Association. to one pound In the event of the Trust being wound up. The Trust cannot pay dividends and must utilise all Its funds to further Its stated charitable objectives. On 30 June 2025, there were nine members. The Trust is registered at the Charity Commission (registered charity number 2979771 and the registere(J off ice until 30 September 2025 was The Green House, 244-254 Cambridge Heath We will also publish a follow-up report building on the Road, London E2 gDA. From l Octtsber 2025, the registered impact of Getting on Track, engaging key government ollice is clo Begbies Chartered AccoLJntants. g Bonhill departments beyond health. This report will locus on tLJrning Streèt, London EC2A 4DJ. recommendations into concrete action across education, justice, housing, welfare, and equalities- promoting a whole-government approach to tackling HIV. Page 22 National AIDS Trust Annual Report 2024125

Board of Trustees The Board ol Trustees, the governing body ol National As of 30 June 2025. our Board of Trustees comprised: AIDS Trust, is responsible for the overall management tsl the charity and lor ensuring that agreed priorities are Professor Jane Anderson CBE (Chairl COnS1Stently Implemented by the staff. They set the strategic Dr Alessandro Ceccarelli direction and objectives of the organisatitsn. agree the Gary Chrlslle ' budget and work plan on an annual basis. to ensure that the Ceri Edwards */ *** charity is muimising its public benefit and review progress against these on a quarterly basis. Responsibilities of the Stephen Crampton-Hayward ' Board of Trustees, its committees and ol senior staff are laid Angelina Namiba out in the Scheme of Delegation. Davld Sparks ' No beneficial conflicts of Interest were declared during Dr Ann Sulllvan the year. Professor Anderson is a member of the NHS Professor Matthew Wealt England Clinical Reference Group as representative lor London, does ad hoc work including consultancy lor drug companies whts may be ILJnding National AIDS Trust, and Is the Co-chair of Fast Track Citie5 London IFTCLI and the European HIV Outcomès Partnership. Prtsfèssor Anderson Is also On the grants committee for the Gilead grants programmes. When National AIDS Trust has applied for funding from Gilead. Professor Anderson recuses herself from all discussions at the Gomrnittee. Dr Alessandro Caccarelli is a Director METRO charity IHIV services) and Trustee at Fast Track Cymru. Ann Sullivan is a Consultant lor CHIP'S SDG monitoring programme for ECDC - HIV, and co-lead lor (Jeveloping EUROTEST 8BV screening in ED GLJidance (consultancy feel. National AIDS Trust maintains a Register ol TrLJStee8 Interests In which all potenlial conflicts are identified. National AIDS Trust appoints Trustees on the basis of creating a skills-based Board who can contribute to the effective governance of the charity and support staff In achieving Its objectives. In order to maintain and develop the skills-mix of our Board and ensure appropriate succession-planning. we annually conduct an audit of Trustees, skills and experiences. We have established a sub-cornmittee of the Board of Trustees the Recruitment and Succession Planning Committee IR&SPI - which utilises the findings ol the audit to identify current and future gaps and makes recommendations to the Board on TrLJStee recruitment. Mernber ol the Finance & GEneral Purposes Cornmitt¢¢ Member ol the Recruiiment & Succession Plannino Committee Member of the Fundraising Developrnent Board (not a sub-committcc of thc Èoardl National AIDS Trust has Trustees who are based in England, Scotland, Wales and Northern Ireland and this provides an Important mechanism for ensuring that a UK- wide locus is maintained. A comprehensive indLJCtion programme is in place to ensure that new Trustees are familiar with the charity's objectives, strategic aims and agreed workplan and lully understand their role and responsibilities as a Trustee. Trustees are provided with a Governance Handbook which includes detai15 on roles and responsibilities and all relevant organisational policies The Board has two sub-committees. The Finance & General Purposes IF&GPI Committee has delegated responsibility from the Board to monitor the charity's resources (both financial and human) and to make recommendations for action. where appropriate. The role of the Recruitment & Succession Planning IR&SPI Committee is to ensure that, collectively, National AIDS TrLJSt's Trustees have all the necessary knowledge and skills to discharge their overall responsibilities as a Boar(J. Previously. there was a sub-committee called The Fundraising and Engagement Committee. which ha5 now been disbanded and replaced by a volunteer-driven Development Board, which sit5 independently. The members asslst the Fundraising Team in driving high value incorne for the charity through major gifts, corporate partnerships and special events and be a sounding board for new funding ideas. The Board ol Trustees is able to add Independent Members tts its sub-committees where helpful. Judy Hague is currently an independent member ol the Finance and General Purposes Committee. Page 23 National AIDS Trust Annual Report 2024125

The Trustees recognise that one of their key responsibilities is to monitor and manage risks to the organigation and to ensure that processes are in place to identify risks at an early stage and to ensLJre necessary action is taken to manage these. F&GP plays a key role in Identifying areas of potential risk and highlighting these to the Board, tooether with clear recommendations lor action. Following good practice guidance from the Charity Commission. the Board has reviewed all appointments of Trustees who have served on the Board for longer than 9 years. Where this is the case. either members have unique expertise that cannot be replaced, or the Trustee in question will stand down at thc cnd of thcir currcnt tcrm of officc. National AIDS Trust Ambassadors National AIDS Trust has a small group of Ambassadors whose role is to help raise awareness ol HIV and of our work As of 30 June 2025, our Ambassadors were". Lord Puttnam CBE Professor Michael Adler CBE John Bowls OBE Mark Chataway Lady Falconer of Thoroton Rt Hon Lord Fowler David Grayson CBE Jonathan Grimshaw MBE Robin Pauley Baroness Prashar CBE Dame Ruth RuncSman The Board of Trustees, the governing body of National AIDS Trust, is responsible for the overall management of the charity and for ensuring that agreed priorities are consistently implemented by the stsff. Clinical Advisory Group Our Clinical Advisory Group provides invaluable clinical advice to inform and support our policy and campaigning work. CLJrrent members ol this groLJP are". Dr Kate Adams Dr Adrlan Palfreeman Professor Jane Anderson Nieky Perry Dr Trlstan Barber Dr laln Reeves Dr Dan Clutterbuck Dr Ann Sullivan Carl Evans NATIONAL AIDS TRUST Dr Shema Tarlq Dr Wllllam Ford-young Dr St•vo Taylor Jamiè Hardl• Dr L8• Wintèr Dr Christian Jèssèn Sarah Zètlèr Eilèèn Nixon Page 24 National AIDS Trust Annual Report 2024125

71tusr NATIONAL AIDS TRUST Stoppkng HIV Key management personnel National AIDS Trust staff The Senior Management Team is SLJpported by a small but dedicated stall team who, at 30 June 2025 were.. Trustees, who are also directors. are responsible for the governance and strategic direction of the organisation and delegate the day-to-day running of the charity to the Chief Executive and members of the Senior Management Team. Together, these comprise the key management personnel for the organisation. During the year, SMT comprised. Robbie Currie, Chief Executive (from 1 July 20241 Joe Parry, Director of Communications & Engagement (to 21 March 20251 Daniel Fluskey, Director of Policy. Research & Influencing Hannah Daws, Director of Fundraising (to 21 March 20251, Director of Fundraising & Gomrnunications (from 22 March 20251 All Trustees give of their time freely and no Trustee received remuneration in the year. Trustees can claim travel and subsistence expenses where necessary to enable participation at Board ol Trustees meeting. The remuneration ol the Chief Executive in 2024-25 was 74.375 per annum. Remuneration 18 set at levels cons15tent with other charitiès ol a similar sizè and nature and, where relevant. guided by the NJC pay scales Santiago Agra Bèrmèjo Jamos Colè Carollne Petersen Oluwakèmi Agunbiad• Chris Dyè Llndsèy Ponsonby Nigel Burch Paul Graingèr Sam Svènsson Jud• Clark• Annie Howard Page 25 National AIDS Trust Annual Report 2024125

Statements Public benefit ststement select suitable accoLJnting policies and then apply them consistently. The Trustees confirm that they have complied with their duty to have regard to the Charity Commission's gLJidance on public benefit. National AIDS Trust's charitable PLJrpose Is enshrined In Its objects.. To promote public health through ellective HIV prevention and early diagnosis of HIV infection. To promote the rights, dignity, health and wellbeing ol people affected by HIV. or at risk of HIV infection. in the UK. The TrLJStees are responsible for keeping adequate To advancè thè education of the public In general accounting records that disclose with reasonable accuracy land in particular policy makers. opinion formers and at any time the financial position of the charity and enable decision-rnakers) in order to Increase awareness and them to ensure that the financial statements comply with understanding of HIV and AIDS and eradicate Hlv-related the Companies Act 2006. They are also responsible lor stigrna, discrirnination and inequality. salegLJarding the assets ol the charity and hence taking The Trustees ensure that this purpose is carried out for reasonable steps for the prevention and detection ol fraud the public benefit by influencing public po11cy and by and tsther irregularities. providing expert information and free practical resources to the public. Our work benefits a wide range of people in the UK who are living with, or at risk of becoming infected with, HIV. OLJr objects are delivered through our four strategic goals, and our progress is reviewed by the Senior Management Team monthly, discussed by the Board ol Trustees quarterly and reported externally on an annual basis. The 8ionificant activities which National AIDS Tiust has undertaken over the last year to carry out its charitable purposes for the public benefit are detailed in sectlon 2 of this report. observe the mèthods and principles in the Charities SORP make judgements and estimates that are responsible and prudent., and prepare the financial statements on the going concern basis unless it is Inappropriate to presume that the charity will continue In operation ststement of disclosure to auditor So far as the Tru5teES are aware. there is no relevant audit information of which the charitable company s auditor is unaware. Additionally. the Trustees have taken all the necessary steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information. Auditor The Trustees have prepared this report in accordance with the special provisions ol Part 15 01 the Companies Act 2006 relating to small companies. Approved by the Board ol Trustees oJn 10 December 2025 and signed on its behalf by.. During the reporting period the auditors, Begbies, were deemed to be re-appointed under section 487121 of the Companies Act 2006 for the audit of the 2024-25 financial statements. ststement of Trustees, responsibilities The Trustees, who are also directors ol National AIDS Trust lor the purposes ol company law. are responsible for preparing the Tiustees. Report and the financial statements in accordance with applicable law and United Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Gompany law requires the Trustees to prepare financial statcmcnts for cach financial ycar which givc a truc and fair view of the state of affairs of the charity and of the incoming resoLJrces and application ol resources, including the net income and expenditLJre, ol the charitable company for the year. In preparing those financial statements, the Trustees are required to". Professor Matthew Wealt Chair of Board of Trustees 31yL- c+&A Stephèn Crarnpton-Hayward Vice-chair of Board of Trustees Page 26 National AIDS Trust Annual Report 2024125

GG Becky's Story My name's Becky, I'm 50, and I work as an executive assistant - but I'm also a personal trainer and running coach. I've always been fit and healthy, so when I was diagnosed with HIV in 2012, it came as a huge shock. I had been unwell for a few weeks that summer, but I V¢OLJldn't have thoLight to get tested had I not received a message telling me I might have bèen at risk. When my GP- who has known me since childhood - gave me the news, he held my hands and reassured me that modern treatments work. Early diagnosis meant my immune system was still strong. and within two weeks of starting treatment through the START study my viral load became undetectable. Despite this, there were dark days I felt angry. scared. and overwhelmed. Bijt my backgroLJnd in fitness helped me stay disciplined and focused I found huge support through a local women's HIV group in Bristol- a safe space where I could share openly and learn from other& My friends, family and colleagues were also kind and SLJpportive, which made all the difference. I quickly realised how underrepresented women are in conversations about HIV. That motivated me to speak out, edLicate others and challenge stigma. I've sometimes laced negativity - even from healthcarè professionals to use those experiences to raise awarenèss and push for better understanding. Over time, I've become involved In advocacy work, Includino joining National AIDS Trust's Community Advisory Group. where I help represent women living with HIV and learn from others in the community. In 2019. I was humbled to be awarded an MBE for services to HIV awareness. Today. I continue to live a very active life, coaching runners and leading fitness classes. HIV has Changed my life, but it hasnl limited me. I'm still the same woman I was before my dlagnosls- lust older. stronger. and. hopefully. a Illtle wlser. Page 27 Nabonal AIDSTrust Annual Report 2024125

Statement of financial activities for the year ended 30 June 2025 Curront financial yaar Income Notes Unrestrictgd funds £ Restricted funds £ Endowment fub)ds £ Total 2024-25 Total 2023-24 Donations and legacies 459,254 372,647 831,901 1,085,985 Charitable activities 240,904 240,904 282,937 Fundraising events 18,635 18.635 Investments 16.441 7,541 23,982 21,766 Total income and endowments 735,234 372.647 7.541 1.115,422 1,390.688 Expenditure Raising funds 310.761 310.761 282.407 charitable activities 732,333 303,817 1,036,150 1,087,989 Total expendlture 1.043.094 303,817 1,346.911 1.370.396 Net gains/llossesl on investrnents 14 110,9611 110,9611 11,5921 Net movement In funds {307.8601 68.830 {3.4201 {242.450) 18.700 Fund balances at 1 July 2024 630.017 30.951 265,899 926.867 908.167 Fund balances at 30 June 2025 322.157 99.781 262,479 684.417 926,867 The statement ol financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continLJing activities. Page 28 National AIDS Trust Annual Report 2024125

Statement of financial activities (continued) for the year ended 30 June 2025 Prior financial yèar Income Notes Unrestrictgd funds £ Restricted funds £ Endowment fub)ds £ Total 2023-24 Donations and legacies 883,105 202,880 1,085,985 Charitable activities 282,937 282,937 Investrnents 14,822 6.944 21.766 Other income 282 12821 Total income and endowments 1.180.864 203,162 6.662 1,390,688 Expenditure Raising funds 282,407 282.407 charitable activities 817,440 270,549 1,087,989 Total expendlture 1.099.847 270.549 1.370,396 Net gains/llossesl on investrnents 14 11,5921 11,5921 Net movement In funds 81,017 167.387) 5.070 18.700 Fund balances at 1 July 2024 549.000 98,338 260,829 908.167 Fund balances at 30 June 2025 630,017 30,951 265.899 926,867 Page 29 National AIDS Trust Annual Report 2024125

Summary income and expenditure account for the year ended 30 June 2025 2024-25 2 2023-24 2 Gross income 1,107,881 1,384,026 Total expenditure from income funds 1,346,911 1,370,396 Net lexpendlturel/lncome for the year 1239.030} 13.630 Page 30 National AIDS Trust Annual Report 2024125

Balance Sheet as at 30 June 2025 2024-25 2023-24 ixed a$sets Notes Tangible assets 16 10,856 20,674 Endowment Investment 17 254,265 265,227 Total 265,121 285,901 Current as$ets Stocks 18 17,046 13,032 Debtors falling due after one year 19 4,136 Debtors falling due within one year 19 135.38T 497,765 Cash at bank and in hand 518,075 371,962 Total 670,508 886.895 Credltors: amountsfalllng due wlthln one year 21 1251,2121 1245,9291 Nèt current assets 419,296 640,966 Totsl assets less Current liabilities 684,417 926,867 Capitsl fund8 Permanent endowment 24 262,479 265,899 Incomefunds Restricted funds 27 99,781 30,951 Unrestricted funds- general 28 322,157 630,017 Total 684,417 926,867 These financial statements have been prepared In accordance with the provisions applicable to companies subject to the small companies regime. The financial statemEnt8 were approved by the TrustEeg on 10 December 2025. 4-0+4? Professor Matthew Wealt Ichairl Trustee Company Registration No. 2175938 Stephen Crampton-Hayward Trustee Page 31 National AIDSTrust Annual Report 2024125

ststement of cash flows as at 30 June 2025 2024-25 2023-24 Cash flows from operating activitiès Notes Gash generated from labsorLEd byl operations 31 122,129 1200,0271 Investlng actlvltSes Purchase ol tangible fixed as*ts 112,6661 Purchase of investments 132TI 1266.4921 Interest received 23,984 21,766 Net cash generated from/{usèd In) Investlng actlvltles 23,657 {257,3921 Net Increasel{decrease) In cash and cash equlvalents 145.786 (457.419) Cash and cash eqLJivalents at beginning of year 372.289 829.T08 Gash and cash equivalents at end of year 518.075 372.289 Relatlng to: Cash at bank and in hand 518,075 371,962 Deposits Included in fixed asset investments - endowment 327 518.075 372,289 Page 32 National AIDS Trust Annual Report 2024125

Notes to the financial statementsfor the year ended 30 June 2025 Endowment funds are long term capital funds held to produce income for future accounting periods. The Gary Philipp Endowment is to be held in a separate trust to the charity lor its continuing benefit, but is consolidated within these accounts. 1.4 Income 1. Accountlng pollcles Income is recognised when the charity is legally entitled to Charity information it, the amounts can be measured reliably, and It Is probable Nalional AIDS Trusl is a private company limited by guarantee that Incorne will be received. Incoming resources are deferred Incorporated In England and Wales. The registered office when the conditions on which thèy may be received are not Is The Green House, 244-254 Cambridge Heath Road, yet satisfied. London. E2 9DA. The accounts also Include the Gary Philipp Permanent Endowment which is held in a separate trust In accordance with the wishes of the donor. Donations and legacies are aocounted for In the year in which they are received. Grants are recognised when receivable. Where grants are for a specific future time period the funds are deferred. Multi-year grants which have implicit time apportionment are deferred to the extent that they are for future time periods. Contract income is recognised as the required service is performed. All income arising on depogitg is accounted for when receivable. In the event of the charity being wound up, the liability in respect of the guarantee is limited to g per rnember of the charity. 1.1 Accounting convention The linanciJ statements have been prepared in accordance with the charity's memorandum and articles of association, the Companies Act 2006 and'Accounting and Reporting by Charities". Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting standard applicable In the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" The charity Is a Public Benefit Entity as defined by FRS 102. The value of services provided by general volunteers has not been included within incoming resources. Donated services are included at an estimate ol cost where material. The financid statements are prepared in sterling, which Is the functional currency of the charity Monetary amounts in these financial statements are iounded to the nearest £. 1.5 Expendlture Liabilities are recognised as resources expended where there is a lègal and constructive obligation committing the charity to the expenditurè. All expenditure 18 accounted lor on an accruals basis and Includes attributable value added t which cannot be recovered. The financil statements have been prepared under the historical cost convention The principal accounting policies adopted are set out below. 1.2 Going concern These financial statements are prepared on the going concern basis. The Trustees have a reasonable expectation that the charity will continue in operational existence lor the foreseeable lutLire, however, the Trustees are aware ol certain material uncertainties which may cause doLJbt on the charity s ability to continue as a going concern and, therefore, that It rnay be Ljnable to realise Its assets and discharge Its liabilities in the normal course of activitie5. All other expenditure Is Charged on an accruals ba515 and is analysed between direct charitable and other expenditure as detailed in the Statement of Financial Activities Costs of raising funds comprise those costs directly attributable to raising voluntary Income and those inourred in trading activities that raise funds. costs of raising funds include an apportionment of support costs salaries based on the proportion ol staff time dedicated to generating funds, and ol other SLipport costs on the same basis alter grant funded overheads are removed. The fundraising environment In the secttsr is currently very diff Icult, and the charity has not been Informed of any substantial legacies as at the balance sheet date. Although uts have been made in order to balance the 2025-6 budget. nd further cuts are planned, much of the 2025-6 budgeted income remains unsecured at the date of signature Due to the deficit created in the current year, the free reserves have reduced to £311,301. The reduced level of reserves give limited ability to cover any budgetary ghortlalls over the twelve months from the approval of these accounts. 1.3 Charltable funds Unrestricted funds are available lor use at the discretion ol the Trustees in furtherance ol their charitable objectives. Designated funds comprise lundg which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the de51gnated funds are Set out In the notes to the financial statements. Core policy work costs are in respect ol work in respondir)g to specific policy issues and specific strategic development support for the HIV sector. Core policy work Include an apportionment of support costs salaries based on the proportion of staff time dedicated to generating funds. and of other support costs on the same basls. Any overheads funded by restricted grant funding are allocated to core policy work. Support costs include the general overheads of the charity, not attributable to direct charitable activities such as the website, office overheads and the finance function. Support costs are reallocated across fur)draising and charitable activities in proportion to salaries as an estimation of the lair use ol these resources. Governance costs inclLJde those incurred in the governance ol the charity and Its assets are primarily associated with constitutional and statutory requirements. Governance costs are attributed entirely to charitable activities as an estimate of the fair use of how this arises. Restricted funds are subject to srecific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out In the notes to the financial statements. Page 33 National AIDS Trust Annual Report 2024125

1.6 Tanglble flxed assets Tangible a&sets are stated at cost less depreciation. All assets costing more than 21,000 are capitalised. Depreciation is provided on all tangible fixed assets at rates calculated to write oll the cost le>s the estimated residual value of each asset over It5 expected useful life, which Is reviewed annually. The rates used are as ftsllows.. Equipment, fixtLires and fittings 200/0-330/D Straght line. 1.7 Stocks Stock represents Red Ribbons brooche5 3nd lapel badge5 purchased In advance and held at the year end. Stock 18 ststèd at Cost. 1.11 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment ol an employee or to provide termination benefits. 1.12 Retlrement beneflts Payments to defined contribution retirement benefit schemes are charged a5 an expense as they fall due. 2. Critical aeeounting estirnate5 and judgements In the application of the charity s accounting policies, the Ttustees are required to make judgernents estimates and assurnptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estirnates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recogr)ised ir) the period in which the estimate is revised where the revision allects only that perio(J, or in the period of the revision 3nd future periods where the revision affects both current and future periods. Critical judgèmènts Contract income deferral Contract income Is recognised In line with the required work being undertaken. At the balance sheet date. Income relating to work which has yet to be performed Is deferred within reditors. In deciding the level of income to be recognised estimates are made based on the lenoth of the contract and the activities still to be undertaken. 1.8 Cash and eash squivalants Cash and cash equivalents Include cash In hand. deposits held at call with banks. other short-term liquid Investments with original maturities of approximately three months or less. 1.9 Financial instrument$ The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set oll the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price Including transaction costs and arè subsequently carried at settlement value. Financial assets classified as receivable within one year are not amortised. BasiG finanoial liabilities Basic financial liabilities, including Cieditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. AmoLJnts payable are classified as current liabilities il payment is due within one year or less. Derecognition ol financial liabilities Financial liabilities are derecognised when the charity s contractual obligations expire or are discharged tsr cancelled. 1.10 Taxatlon HM Revenue & Customs has recognised the company's charitable status for taxation purposes. The trustees Judge the company s activities to have been within the scope ol charitable status during the reporting period and accordingly no provision for tax has been made. Legacy valLJations The charity recognises legacies when entitlement arises and the amount ol the legacy can be estimated. Where a legacy ig due at the balance sheet date, any amounts received until the date that the accounts are approved will be Ljsed as the estimate ol the legacy debtor fioure. In the event that the legacy has not been received at the date that the accounts are approved. the legacy will only be recognised If the executors or legal advisors have provided an estimate of the amount receivable to the charity. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes In the estimated economic lives and residual value of assets. The useful lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, ILJtLJre inveslments, economic ulilisation and the physical condition of the assets. See note 15 lor carrying amounts ol tangible assets. Page 34 National AIDS Trust Annual Report 2024125

1. Dob)alSons and legacles Total 2024-25 £ Totsl 2023-24 £ Grants1£5,000+l plus all pharmaceutical grants 505,107 299,879 Other grants and donations 277,231 779,836 Donated goods and services 49,563 6,270 831.901 1.085.985 Grants1£S,OOO+l plus all pharmaceutlcal grants Access Reach Fund 13,061 British HIV Association 9,000 City Bridge Trust 13,163 51,742 Gilead Sciences Ltd 94,387 35,022 M.A.C Viva Glam 100.000 50,000 Martin Bowley Charitable Trust 5,500 5,500 Merck, Sharpe & Dohme Lld 9,486 1,500 Mercury Phoenix Trust 8,364 Mill Charitable Trust/ George Michael Fund 25,000 20,000 National Lottery Fund 103,488 86,115 Royal Free London NHS Foundation Trust 20,000 The A&0 Shearman Foundation 10.000 The Evan Cornish Foundation 10,613 TrLJSt lor London 42,000 30,000 Viiv Healthcare UK Limited 41.045 20.000 505.107 299.879 Other grants and donations Individual & community 156,431 122,768 Corporate donations 44.068 88.998 Trusts & foundations 8,240 Personal donations ol £5,000 or more are Included in the individual & community oategory Legacies 68,492 568,070 277,231 779,836 Page 35 National AIDS Trust Annual Report 2024125

2. Incomefrom fvndralslng event Income Unrestricted fvnds 2024-25 2 Unrestricted funds 2023-24 £ Fundraising events - Drag Raise ticket sales 18.635

3. Charltsble actlvltles Total 2024-25 £ Total 2023-24 £ Add.. deferred income brought forward 134,867 90,326 European International project funding 61.138 Royal Free London NHS Foundation Trust- Fast Track Cities 89,183 92,541 Gilead Sciences Ltd & Viiv Healthcare UK Ltd joint HIV outcomes project 54,000 152,000 Gilead Sciences Ltd HIV Lens 74,207 Public Health Wales 13,070 London BoroLJgh of Lambeth 5,000 Merck Sharp & Dohme MSD Whole Person Care 1,125 Less.. deferred income carried forward 1159.0941 1134,8671 212.358 261.138 Awareness raising through red ribbon products 14,479 19,161 Other income 14,068 2,838 240.904 282,937 Governmeni income Other income No statutory income was recognised in these accounts Other income includes the following pharma speaking lees where service obligations remained outstanding. No income and miscellaneous income". 2850.00 from Gilead Sciences was received from statLitory SOLirces other than listed Limited, £2,238 from Viiv Healthcare UK Ltd and £833 above and In note 312024.. 2nill. from GlaxoSmithKline.

4. Olher income Restrlcted Eb)dowment funds funds 2024-25 £ 2024-25 £ Totsl 2024-25 £ Restrlcted Endowment funds funds 2023-24 £ 2023-24 £ Totsl 2023-24 g Released from endowment fLJnds 282 12821 During the year the charity invested the Gary Philipp Endowment in COIF Ethical Investment Fund Income LJnit8. In accordance with the Gary Philipp Endowment deed, once invested the income and gains are to be transferred to the restricted funds to spend in accordance with the donors wishes. Page 36 National AIDS Trust Annual Report 2024125

5. Investments Unrestricted funds general funds general 2024-25 £ Endowm*nt funds 2024-25 2 Endowmènt funds 2023-24 Total 2024-25 2 Total 2023-24 2 2023-24 £ Income from COIF fund units 7,541 7,541 1,874 1,874 Interest receivable 16.441 16.441 14.822 5,070 19.892 16.441 7.541 23,982 14,822 21.766

6. Ralslng lunds Total 2024-25 £ Total 2023-24 £ Fundraising salaries 185.338 182.308 Donated fundraising event costs and materials 38,585 Associated operating costs 34,993 35,748 Support Costs 51.845 64.351 Gharitable fundraising costs 310,761 282,407 310,761 282.407

7. Charitablèaetivitiès Pollcy worl( & campalgnlng Total 2024-25 2 Total 2023-24 2 staff eosts 646.441 620,843 Other direct charitable expenditure 149,737 200,768 796.178 821.611 Share of SLJpport costs (see note 121 180,829 219,147 Share of governance costs Isee note 121 59,143 4f,231 1.036.150 1.087.989 Analysis byfvnd Unrestricted lundg- general 732,333 817,440 Restricted funds 303.817 270.549 1.036,150 1.087.989 The core policy work ol the charity consists ol its pursuit ol its overall aims and long-term outcomes, as explaine(J in the outcomes framework and theory of change and summarised In the objectives and activities. Core policy work additionally Includes elements of work to develop capacity and Influence. which relates to developing networks and Influencing Parliamentarian%_ The specific activities undertaken within these work streams are outlined In the Tru%teES' Annual Repoit. Page 37 Nabonal AIDSTrust Annual Report 2024125

8. Charltable actlvltles costsacross charltable alms The charity has four main areas of charitable activity, although each project may cover multiple charitable aims. The estimated costs across the charitable aims Is as follows.. 2024-25 2023-24 Dlrect Chafftablè SUpi￿rt rect Charitablo Total Stop 175,159 52,794 227,953 180,754 58,603 239,358 Champion 79,618 23,997 103,615 73,945 23,974 97,919 Protect 366.242 110.38T 476.629 303.996 98.560 402,556 Drive 175,159 52,794 227,953 262,916 85,241 348,156 796,178 239.972 1.036.150 821,611 266.378 1,087.989 The focus of charitable activities varied across the two years as the projects changed.

9. Trustees The trLJStees ol the charity received no remLineration in either the current or previous year. In 2024-25 one trLiStee was reimbLirsed 275 travel and SLJbsistence expenses12023-24." none). Trustee insurance is included with the general insurance policy. There were no other transaction with trLJStees requiring disclosure in either the current or previous year other than those disclosed in note 29.

10. Support costs Support costs Governance costs 2024-25 Support Governal￿e costs costs 2023-24 Stall costs 122,009 37,161 159,170 117.894 37,540 155,434 Depreciation 9,817 9,817 10.778 10,7T8 Non salary staffing &recruitment costs 10,072 10,072 51,664 51,664 Off ice expenditure 3,380 3,380 8,232 8,232 Telephone and internet 3,078 3,078 3,038 3.028 Web hosting and IT 20,409 20.409 23,368 23,368 Premises expenditure 59,480 59,480 57,735 57,735 Insurance 2,008 2,006 2,386 2,386 Professional fees 2,423 2,423 8,403 8,403 Audit & accountancy fees 6,960 6,960 6,960 6,960 Page 38 National AIDS Trust Annual Report 2024125

11. Support costs Continued Support costs Governance costs 2024-25 Support Govemance costs costs 2023-24 Legal and professional 10.353 10.353 339 339 Trustees. meetings and training 4,669 4,669 2.269 2,269 Meeting costs 123 123 232,674 59.143 291,817 283.498 47,231 330,729 Analys*d bètwe•n Fundraising 51,845 51,845 64,351 64,351 Charitable activities 180.829 59,143 239,972 219,147 47,231 266,378 232,674 59.143 291.817 283.498 47,231 330,729 Governance costs includes payments to the auditors of £4,400 exclusive of VAT12023-24- £4,400) for audit fees. Other fees paid to the auditor includes accounts preparation costs of £1,400 exclusive of VAT12023-24-£1,4001.

12. Employees Number of employees 2024-25 Nurnber 2028-24 Number The average stall headcoLJnt during the year was as follows". 19 20 Employment costs 2024-25 £ 2024-25 £ Wages and salaries 854,533 864,839 Social security costs 86,112 45,093 Other pension costs 50,304 48,653 990.949 958,585 Employment ￿$t$ by department 2024-25 2 2024-25 £ Core policy work 646,441 620,843 FLJndraising 185,338 182,308 support & governance 159.170 155.434 990.949 958.585 During the year the charitable company had statutory redundancy costs 0127,892 lor three people121,282 tsne person) and payment in lieLJ ol notice totalling £15,484, which had been paid by the baiance Sheet date and are inclLJded wilhin the wages and salaries figure. Page 39 National AIDS Trust Annual Report 2024125

13. Employees Contir)LJed The key management personnel ol thè charitable company comprise the Trustees. the Chief Executive. the Director ol Fundraising. the Director of Communications and Engagement and the Director of Policy Research & Influencing. The tot employee benefits of the key management personnel of the charitable company during the year were £310.87112024.. the Ghief Executive, the Director of Fundraising. the Director of Communications and Engagement and the Director of Policy, Research & Influencing £314,346). The number of employees whose annual remuneration was £60,000 or more were.. Number of employees 2024-25 Nurnber 2023-24 Number £80,001-£90,000 £70,001-£80,000 260.000-270.000 Total employer pension contributions lor the employee in the above band were £12,843 in 202512024.. £4,T621. Pension costs are not included in the emolument band calculations.

14. Gains and losses on investments Gains11108s88) arising on: Endowment Funds 2024-25 £ Endowment Funds 2023-24 £ Revaluation of investments 110,9611 11.5921
15. Taxatlon The charity is exempt from tax on Income and gains falling within section 505 of the Taxes Act 1988 or sectio 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to Its charitable objects.

16. Tangible fixèd a￿ts Cost Equlpmènt. flxturès and fittongs At 1 July 2024 101,752 Disposals 137,8401 At 30 June 2025 63.912 D•praeiation and impaim•nt At 1 July 2024 81,079 Depreciation charged in the year 9,817 Eliminated in respect ol disposals 127,8401 At 30 Junè 2025 53,056 Carrying amount At 30 June 2025 10,856 At 30 JLJne 2024 20,674 Page 40 National AIDS Trust Annual Report 2024125

17. Hxed asset Investments Costorvaluation Fund units £ Cash £ Totsl £ At 1 July 2024 264,900 327 265,22T Additions 327 227 Valuation ehanges 110,9621 110.9621 Invested 13271 13271 At 30 June 2025 254,265 254.265 Carrylng amount At 30 June 2025 254,265 254,265 At 30 June 2024 264.900 327 265.227 The Gary Philipp Endowment is invested in CCLA COIF Charities Ethical Investment Fund Income units. The historic cost ol the units 15 2266.819 The charity seeks to minimise the r15ks of holding investments. which comprise mainly market. yield and liquidity risks. through the appointment of an independent Investment Manager. who invests via common Investment funds specifically tailored for charities of thi5 nature. The trustees. report contains further details of the charity's Investment policy. The holding of common investment units allows the charity to access Increased diversification at a lower cost than would othewise be available, and so decreases the risks of holding investments. At the balance sheet date the units held by the charity where invested in the following areas". 0/0 Fixed Income 13 UK Equities Global Equities 61 InfrastructLJre & Operating Assets Property Other Liquid Assets Totsl 100

18. Stocks 2024-25 £ 2023-24 £ St(Kks ol Red Ribbon lapel pins and brooches 17,046 13,032 The charity holds small arnounts of stock for resale throughout the year At the current and previous year end the charity held stocks of Red Ribbons in advance of WAD on 1st December and as such these are recognised as stock at the year end. The Red Ribbons are both sold to the public on the charity's website and used as a token of gratitude for donations The income from these ribbons will be recognised in future time periods and accordingly the costs have been deferred. Page 41 Nabonal AIDSTrust Annual Report 2024125

19. Debtors Amounts falling due within one year 2024-25 £ 2023-24 £ Grants and donatior)s invoiced 89,763 25,665 Other debtors 6,021 2,830 Donations and grants accrLJed income 4.916 12.29T Legacies due 10,754 434,579 Prepayments 23,933 22,394 135.387 497.765 Amounts falling due after morg than one year Rent deposit 4,136 Total debtors 135.387 501.901

20. Retirement benefit sch8m8s Dolln8(I contrlbutoon schomos 2024-25 2 2023-24 Gharge to profit or loss in respect of defined contribution schemes 50.304 48.653 The charity operates a defined contribution pension scheme for all qualifying employees. The assets ol the scheme are held separately from those ol the charity in an independently administered fund.
21. Crsditors: amountsfalling duèwithin ono yèar Notes 2024-25 £ 2023-24 £ Other taxation and SOCI￿ security 31,726 34,998 Deferred Income 22 165,174 136,227 Trade creditors 28,468 21,857 Other creditors 1,780 3,178 Accruals and other creditors 24.064 49.669 251,212 245,929

22. Dof8rr8d Incom 2024-25 £ 2023-24 £ Arising from deferrèd income 165,174 136.227 Deferred incorne comprises contracts which were undeway at the balance sheet date and tickets sold for future events. All deferred income reverses within one year. Page 42 National AIDS Trust Annual Report 2024125

23. Operatlng lease commltments During the 2021-22 year, the charity moved to nèw premises under a lease to 31st March 2027, with a tenant break clause of rolling four months, notice from 1st June 2023. The notice was triggered during the year and the office was due to be vacated on 30th September 2025. The below table includes the rent payable until the earliest that the office Gould be surrendered. During the 2019-20 year the charity also signed a 5 year copier lease This was not renewed at the end of the term and there were no ongoing obligations at the current bdance sheet date. At the reporting end date the charity had outstanding comrnitments for future minirnum lease payments under non-cancellable operating leases, which fall due as follows. 2024-25 £ 2023-24 £ Within one year 10,603 13.820

24. Endowment funds Endc>wment funds represent assets which must be held permanently by the charity. Movement in funds Balance at 1 July 2023 2 Incoming Balancèat resources 1 Juty 2024 Incoming resources Balance at 30 June 202S 2 Pemianent endowments Transfers Gains and lossos Gary Philipp Endowment 260,829 6,944 265,899 7,541 110,9611 262,479 2eo,829 6.944 265.899 7.541 (10,961) 262,479 Gary Philipp Endowment At the end of 2021 the trLJStees received a legacy on behalf ol Gary Philipp for the purposes ol investment to generate income and gains. The expenditure ol both the income and gains is restricted to contribute to combating stigma and discrimination experienced by people living with, at risk ol, or affected by HIV. The bequest is to be accounted for as a permanent endowment, however both the gains and income may be expended on restricted purposes. The restrictions and capital will be released on 14th June 2041. Once invested, in accordance with the wishes ol the donor, income and gains will be transferred to the Gary Philipp restricted fund for use in the permitted projects. During the 2022 year the final terms of the endowment were agreed and the charity has been advised that the endowment must be held iri a separate trust. On the 28th December 2022 a trust deed was signed for the benefit of the charity. and the endowrnent remains consolidated within the charity s accoLJnts.
25. Flnanclal commllmonts. guarantoès and contlngsnt Ilabllltl•s During the 2019-20 year the charity received a joint residual legacy. One ol the specific legatees has not een traced. In the event of their claiming their share of the estate, the charity has a joint and several liability capped at É25,000.

26. Total retum on endowment Opgning valu9 ofgndowmgnt 265.227 Unapplied total return 15,9851 Total 259.242 Movèmènt in unapplied total rèturn and èndowmènt in thè yèar 265.227 Investment return. dividends and interest 7,541 Investment retum. recogr)ised and unrecognised gains/llossesl 110,9611 Page 43 National AIDS Trust Annual Report 2024125

27. Total retum on endowment Continued Transfer to restricted income fund Total {3.420} Unapplied total retLJrn allocated to income Net movement in the reporting period 13.4201 Closing value of permanent endowment Gift component of permanent endowment 259,242 Unapplied total relLJrn 2,565 Totsl 261,807 The Gary Philipp Endowment deed reqLiires a total investment retLJrn basis ol accounting once the capital is invested. The above table shows the split between initial capital and retained un-applied total return.

28. Restrfcted funds The restricted funds of the charity comprise the unexpended balances of donations and grants hèld on trust SLJbject to speoific conditions by donors as to how they may be used. Balanea at 1 July 2023 Ineoming resources Rèsoure$s Balancè at Ineoming expended 1 Juty 2024 resources Rosourcès expended Balancè at 30 June 2025 2 Access Fleach Fund 13,061 112,4611 600 British HIV Association 9,000 18,5001 500 Gity Bridge Cornerstone Fund - Unheard Voices Project 4,270 51,742 155,4711 541 13,163 113,7041 Evan Cornish FoLindation 10,613 17,0751 3,538 Gilead Fellowship 27.774 126,1501 1.624 77,520 156,2161 22.928 Gilead IAS AIDS Conference 2.909 2.909 12.9091 Gilead/Positively UK- Changing perceptions 4.340 4,340 3.340 17.6801 Gilead Young People 16.867 13.9991 12.868 Mercury Phoenix Trust 8,364 19781 7,386 Merck Sharp & Dohme 9,486 19,4861 The A&0 Shearman Foundation 10,000 10,000 Page 44 National AIDS Trust Annual Report 2024125

29. Restrfcted funds Continued Balance at 1 July 2023 Incomlng resources Resources Balance at IncomSng expended 1 Juty 2024 resources Resources Balance at expended 30 June 2025 £ Anonymous Individual donor 20,000 128,5001 11,500 Royal Free London NHS Foundation Trust 20,000 20,000 The Leigh Trust 2,500 11,2501 1,250 The National Lottery Gommunity Fund - RC England Wide 1,644 86,115 184,3381 3,421 103,488 1106,0611 848 Trust For London- core campaigning costs 30.000 30.000 142.1661 17.834 42.000 157.6531 2.181 Swarovski Foundation- Ending HIV Nationally 141 Viiv Healthcare- Prevention 62,420 162,4201 Viiv Healthcare- Prisons 10,000 14,0991 5,901 Viiv Healthcare- BHIVA 1,045 11,0451 WAD tube campaign - Anonymous donor and M.A.C. Cosmetics 2,200 12.2001 Gary Philipp Endowment cornbatting stigma & discrimination 282 282 282 98,338 203,162 270.549 30,951 372.647 303,816 99,782 Page 45 National AIDS Trust Annual Report 2024125

30. Restrfcted funds Continued Access Reach Fund Funds given towards our work campaigning for rights lor migrants living with HIV and to improve the welfare system for people living with HIV British HIV Association Funds to support our work on Improving access to infant formula milk City Bridge Cornerstone Fund- Unheard Voices Project Funds givèn towards project empowering Black communities living with HIV Evan Cornish Foundation FLJnds to suppoJrt our work on migration policy lor people living with HIV A grant to support research project and development ol an Influencing strategy on the harms caused by criminalisation of HIV transmission Gilead Fellowship- Criminaisation Gilead Fellowship- Re-engagement Funds towards our policy work to advocate for a national strategy for re-engagement Funding a research project to scope the potential role and acceptability of financial incentives to encourage an uptake of HIV testing Gilead Fellowship- Incentive-based testino Gilead IAS AIDS Conference To cover conference attendance costs Gilead Changing perceptions A grant to support qualitative research into quality of life and unmet needs for people living with HIV Funds to support a research project to understand key issues lor yOLing people living with HIV as they transition to adult care and to producè resources Gilead YoLJng People Mercury Phoenix Trust- Schools Pack Funds to update and refresh NAT'S resource on HIV teaching In schools Merck Sharp & Dohme A grant towards the MSD Whole Person Care Partnership The A&0 Shearman Foundation Funds used to support the rLJnning of our Discrimination Advice Service AnonymoLJS Individual dor)or FLJnds used to support policy work on re-engagement for people lost to HIV Care Royal Free ILondon HIV providers Forum) Funds to support capacity building and partnership working lor London-based HIV voluntary sector organisations The Leigh Trust Funds going towards our policy work on testing, prevention, and discrimination in prison settings The National Lottery Gommunity Fund - RC England Wide FLJnding legal SLJpport lor cases ol HIV discrimination Page 46 National AIDS Trust Annual Report 2024125

31. Restrfcted funds Continued Funds given towards our work campaigning for rights for migrants living with HIV and to Improve the welfare system lor people living with HIV Trust lor London core campaigning Fundir)g towards a project to shape policy to end new HIV transmission by 2030 Funding towards a project to shape policy to end new HIV transmission by 2030 Funds to support work on Hlv-related policy and discriminatior) in prisons Speaker fee HIV Confident Swarovski Foundation- Ending HIV nationally Viiv Healthcare- Prevention Viiv Healthcare- Prisons Viiv Healthcare- BHIVA WAD tube campaign World AIDS Day awareness campaign Gary Philipp Endowment- combatting stigma & discrimination Work to Improve the CQPS'S approach to cases of reckless transmission of HIV, and to support our anti-stigma campaign

32. Analysis of netassets between funds Unrestricted funds 2024-25 £ Restricted funds 2024-25 £ Endowment funds 2024-25 £ Fund balances at 30 June 2025 are represented by Total 2024-25 £ Tanoible assets 10,856 10,856 Investments 254.265 254.265 Gurrent a￿et8/(liabil1ties} 311,300 99,782 8,214 419,296 322.156 99.782 262.479 684.417 Unrestrietad fund$ 2023-24 Restrietad funds 2023-242 Endowmant funds 2023-24 £ Fund balan￿ at 30 June 2024are represented by Totsl 2023-24 £ Tangible assets 20,674 20,674 Investments 1,202 264,025 265,227 Current assetsllliabilitiesl 608.141 30,951 1.874 640.966 630,017 30.951 265,899 926.867

33. Ralatsd party transactlons Four trustees personally donated a total of £7.360 to the charity12024-23. 5 trustees, £6,840) Professor Jane Anderson is Co-chair of London's Fast-Track Cities Leadership Group, a partnership of organisations. Including the Mayor of London. NHS England. Public Health England and London Councils. During the year the Charity undertook a contract for Fast-Track Cities from which £89,18312023_4 £166,465) has been received in the year Psg8 47 Nabonal AIDSTrustAnnual Apptsrt 2D24125

34. Analysls of chab)ges In net funds The charity had no material debt during the year.

35. Cash generated from operations 2024-25 2 202&24 £ IDeficitl/surplus for the year 1242,4501 18,700 Adjustments for Investment income rewnised in statement of financial activities 123,9821 121,7661 Fair value gains and losses on investments 10,961 1.592 Depreciation and impairment ol tangible fixed assets 9,817 10,778 Movements in working caixtsl Ilncreasel/decrease in stocks 14,0141 929 Decreasellincreasel In debtors 366,514 1270.2921 IDecreasel/increase in creditors 123,6641 14,131 Increase in deferred income 28,947 45,901 Cash ggnerated froml{absorb8d by} opgrations 122,129 1200.0271 Page 48 National AIDS Trust Annual Report 2024125

Independent auditor's report To the members of National AIDS Trust As stated in Note 1.2 on page 37, these conditions indicate that a material uncertainty exists that may cast Significant doubt on the company's ability to continLJe as a going concern. Our opinion Is not modified ir) respect ol this matter. In aLJditing the financial statements, we have concluded that the directors, Lise ol the going concern basis ol accounting In the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Other information The other Information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form ol assurancè conclusion thereon. Our responsibility Is to read the other Information and. in doing so. consider whether the other Information Is materially inconsistent with the financial statements or our knowledge obtained In the course of the audit, or otherwise appears to be materially misstated. If we Identify such material inconsistencies or apparent material rnisstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclLJde that there is a material misstatement ol this other Information, we are reqLiired to report that fact. Opinion We have audited the financial statements of National AIDS Trust (the 'charity'l for the year ended 30 JLJne 2025 which comprise the statement ol financial activities, the summary income and expenditure account, the balance sheet, the statement of cash flows and the notes to the finaricial staterrients. Includirig a sumrriary of significant accounting policies. The financial reporting fiamèwork that has been applied in their preparation Is applicable law and United Kingdorn Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting Practicel. In our opinion, the financial statements". give a true and fair view of the state of the charitable company's affairs as at 30 June 2025 and of its incoming resoLJrces and application ol resources, including its income and expenditure, for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praclice", and have been prepared in accordance with the requirements ol the Companies Act 2006. Basls for oplnlon We conducted OLJr audit in accordance with International Standards on Auditing IUKI (ISA5 IUKII and applicable law. Our responsibilities under those standards are further described In the Auditor's responsibilities for the audit of the financial statements section of our report. We are Independent of the charity In accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis lor our opinion. Materlal uncertalnty related to golng concern We draw attention to Note 1.2 In the financial statements, v¢hich Indicates that the charity incurred a net deficit of £242,450 during the year ended 30th June 2025 and, as of that date the free reserves have reduced to £311,301. We have nothing to report In this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the COLirse of our audit.. the information given In the Tru5tees' report for the financial year for which the financial statements are prepared which includes the directors. report prepared for the purposes of company law. is consistent with the financial statements.. and the directors, report Included within the Trustees, report has been prepared in accordance with applicable legal requirements. Page 49 National AIDS Trust Annual Report 2024125

Matters on whlch we are requlred to report by exceptSon material misstatements in respect of irregularities, including In the light ol the knowledge and understanding ol the charity fraud. The extent to which our procedures are capable of and its environment obtained in the course ol the audit, we detecting irregularities, including fraud is detailed below-. have not identified material misstatements In the directors. report Included within the Trustee5' report. Agreement of the financial statement disclosures to underlying supporting documentation, Enquiries and confirmation ol management and the trustees as to their identification ol any non-compliance with laws or regulations, or any actual or potential claims-, Review ol minutes of Board meetings throughoLJt the period, Incorporating Ljnpredictability into the nature, timing and/or extent ol testing. EvalLJation ol the selection and application of the accounting policies chosen by the charity. In relation to the risk of management override ol internal controls, by undertaking prccedures to review journal entries an(J evalLJating whether there was evidence ol bias that representèd a risk of material misstatement due to fraud.. and We have nothing to report in respect of the following matters In relation to which the Companies Act 2006 requires us to report to you If, In our opinion. adequate accounting records have not been kept, or rEturn5 adequate for our audit have not been received from branches not visited by us.. or the financial statements are not in agreetnent with the accounting records and returns., or Certain disclosures of trustees. remuneration specified by law are not made., or we have not received all the Inforrnation and explanations we require for our audit", or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, rewrt ar)d from the requirement toJ prepare a strategic report. Responsibilities of Trustees As explained more lully in the statement of Trustees, responsibilities, the Trustees, who are also the directors of the charity lor the purpose ol company law, are resptsnsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such Internal control as the Trustees determine Is necessary to enable the preparation of financial statements that are free frorn material misststement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern Ljsing the going concern basis of accounting unless the Trustees èither intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. We assessed the susceptibility of the charity s firiancial statement5 to material rnisstatement. including how fraud might occur by considering the key risks impacting the financial statements. Our audit procedures were designed to respond to risks of material misstatement in the financial statements. recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, lor example, forgery, misrepresentations or throLJgh collLJSiOn. There are inherent limitations in the aLJdit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we 3re to become aware of It. A further description ol our responsibilities Is available on the Financial Reporting Council's website at.. https'// www.frc.org uk/auditorsresponsibilitlES. This description forms part of our auditor's report Auditor's rèsponsibilitiès for thè audit of t flnancial statèmants Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material il, individLJally or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Use of our report This report Is rnade solely to the charitable company's members, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other PLJrpose. To the fullest extent permitted by law, we do not accèpt or assume responsitiility to anyone other than the charitable company and the charitable company 5 member5 as a body. for our audit work, for thi5 report, or for the opinions we have formed. The extent to which our procedures are capable of detecting Irregularities. including fraud. is detailed below. Extentto which the auditwas capable of deteding irre9ularitie4 including fraud Irregularities, Including fraud, are Instances of non- compliance with laws and regulations. We design procedures in line with our reswnsibilities, outlined above, to detect Katherlne Dee FCA (Senior Statutory ALJditorl loJr and on behalf ol Begbies Chartered Accountants Chartered Accountants Statulory ALJditor 9 Bonhill Slreet London EC2A 4DJ Page SO National AIDS Trust Annual Report 2024125

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