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2026-03-31-accounts

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

Registered in England No. 05393391 England and Wales Charity No. 1115606 Scottish Charity No. SC039197

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2026

CONTENTS

REFERENCE AND ADMINISTRATIVE DETAILS
REPORT OF THE TRUSTEES
INTRODUCTION
OBJECTS, OBJECTIVES AND ACTIVITIES
Objects
Objectives & Activities
STRUCTURE, GOVERNANCE AND MANAGEMENT
Trustee Recruitment, Induction, Training and Evaluation
Trustees’ and Members’ Meetings and Business
Strategy and Decision Making
Key Management Remuneration
Diversity
Safeguarding
Partnerships and Related Parties
STRATEGIC REPORT
Performance and Achievements
Financial Review
Future Plans		 Page
2
3
3
3
3
3
4
4
4
4
5
5
5
5
5
7
9
Principal Risks and Uncertainties 9
GOING CONCERN
STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS
AUDITORS
RESPONSIBILITIES OF THE TRUSTEES
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES
INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
STATEMENT OF CASH FLOWS
NOTES TO THE FINANCIAL STATEMENTS		 10
11
11
12
13
16
17
18
19-30

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GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees

Dr I Dieuzy-Labaye Dr J Maina

Dr H Wamwayi

Mr S Jha

Ms P Nair

Dr T Mitchell Dr B Wieland Dr P Thornton Dr A Banga Dr F Kausche Dr J Dreesen Prof C Ly Dr U Ushewokunze-Obatolu

Chair

Retired 16 September 2025 (was Vice-Chair, Chair of HR Committee and Nominations Committee)

Vice-Chair, Chair of HR Committee and Nominations Committee (from 16 September 2025) (was Chair of Technical Scientific Committee) Retired 16 September 2025 (was Chair of Commercial Development Advisory Committee Chair of Commercial Development Advisory Committee (from 16 September 2025) Chair of Finance and Risk Committee Chair of Technical Scientific Committee (from 16 September 2025) Chair of Impact, Monitoring & Evaluation Advisory Committee

Appointed 16 September 2025

Chief Executive Officer

Dr L Muraguri (Dr C Schumacher – retired 31 December 2025)

Company Secretary

Mr J M Benson (appointed 12 June 2025) Ms C Schumacher (appointed 5 May 2025 - resigned 12 June 2025) Ms R Stewart (resigned 2 May 2025)

Independent Auditors

Henderson Loggie LLP Chartered Accountants The Stamp Office, Level 5 10-14 Waterloo Place Edinburgh, EH1 3EG

Legal Advisors

Dentons LLP 9 Haymarket Square Edinburgh, EH3 8RY

Bankers

Lloyds Bank plc City Office, PO Box 72 Bailey Drive, Gillingham Business Park Kent, ME8 0LS

Registered Office

One Fleet Place London, EC4M 7WS

Principal Office

Doherty Building Pentlands Science Park Bush Loan Edinburgh, EH26 0PZ

Company No. 05393391 England and Wales Charity No. 1115606 Scotland Charity No. SC039197

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GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

TRUSTEES’ REPORT For the year ended 31 March 2026

INTRODUCTION

The Trustees have pleasure in presenting their report for the year ended 31 March 2026. This report is prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and in accordance with applicable law.

Global Alliance for Livestock Veterinary Medicines (the Company) has complied with the duty in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

Global Alliance for Livestock Veterinary Medicines (GALVmed) is a Company limited by guarantee and is registered as a charity with the Charity Commission and the Office of the Scottish Charity Regulator (OSCR). It is incorporated in the UK with its principal office in Edinburgh, UK. A further office is maintained in Nairobi, Kenya (Africa office). Other reference and administrative details are set out in the previous page.

OBJECTS, OBJECTIVES AND ACTIVITIES

Objects

Around 900 million people rely on livestock for their livelihoods. The Company’s objects, as set out in its Memorandum of Association, are for the benefit of the public:

GALVmed’s vision is the transformational improvement in the wellbeing and economic progression of SSPs. GALVmed’s mission is to contribute to the transformation of SSPs’ lives by:

Objectives & Activities

GALVmed achieves its charitable purpose by operating a series of Research and Development (R&D) and Commercialisation programmes, supported by Enabling Environment and Monitoring and Evaluation (M&E) activities, funded principally by the Gates Foundation (GF) and the UK Government through its Foreign, Commonwealth and Development Office (FCDO). These programmes are designed to identify products that SSPs can use to improve the health of their animals and to make such products more easily accessible. The three largest of these programmes are Veterinary Innovations Transforming Animal Health and Livelihoods (VITAL) 1 and 2 with a budget of $50m and $48.3m respectively, and African Animal Trypanosomiasis 3 (AAT 3) with a budget of $34.3m. 7 other programmes are also being operated, with values ranging from $1.9m to $5.0m. All programmes are supported by the funding of project core costs through the VITAL 2 programme, with a budget of $15.3m, except for AAT 3, AgResults and EDSAP where project staff are funded directly (see note 12 for further information on all programmes). All future programmes will fund project core costs directly.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The governance of the Company is the responsibility of the Trustees, and the Company adopts the appropriate principles and recommended practices of the Charity Governance Code.

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GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

TRUSTEES’ REPORT For the year ended 31 March 2026

The Members elect the Trustees in accordance with the terms of the Memorandum and Articles of Association.

Trustee Recruitment, Induction, Training and Evaluation

The maximum number of Trustees permitted by the Company’s Articles is 12. Trustees are recruited for their individual skills and experience to fill current or impending vacancies, guided by a comprehensive skills and diversity matrix. Trustees serve a term of three years subject to a maximum of two consecutive terms and Board and AGM approval. Recruitment of Trustees is managed by a Nominations Committee, comprising three Trustees of which one is the HR Committee Chair. One new Trustee was approved at the 2025 AGM following a recruitment process. An on-going external recruitment process has identified 4 candidates to replace 2 Trustees who retired at the 2025 AGM and those due to retire at the 2026 AGM. The new Trustee candidates will be considered for approval at the AGM in September 2026. In certain circumstances the Chair may stand for re-election after the end of their two three-year terms up to a further three years, where it would be deemed detrimental to the organisation for the Chair to change during that period. Their re-election must be approved by the Members annually.

A formal Trustee induction process is in place to ensure clarity of the role of the Trustee and their responsibilities under Company and charity legislation. Trustees, new and current, also receive training on their legal responsibilities annually prior to the AGM. During the year Trustees received training on risk management.

Trustee evaluation takes place annually and is based on self-assessment, peer-assessment and annual performance interviews with the Chair and Vice-Chair; the process includes identifying development requirements.

Trustees’ and Members’ Meetings and Business

Trustees meet formally four times a year, with two virtual and two in-person meetings which are held at the same time as the Members’ meetings. The two in-person meetings in 2025-26 were in Glasgow in September 2025 and Casablanca in March 2026. The business of all meetings is minuted.

On 31 March 2026 there were 15 Members and 11 Trustees. Members are subscribers to GALVmed’s Memorandum of Association. The organisation appoints a representative to attend all meetings and to undertake their responsibilities as dictated by the Articles of Association. Members have rights and obligations in accordance with the Articles. In addition, observers from 5 organisations, including GF and FCDO, the Company’s major funders, are invited to attend the Members’ meetings, with the funders also invited to meet separately with the Board.

The Board is supported by the Finance & Risk and HR Committees, to whom aspects of day-to-day accountability and governance are delegated. The HR Committee is also responsible for safeguarding. There are also three advisory Committees - the Technical Scientific, Commercial Development and Impact, Monitoring and Evaluation Committees. These Committees provide guidance to the Board through the involvement of external experts.

Strategy and Decision Making

Development of the Company’s strategy for the achievement of its charitable objectives is overseen by the Board of Trustees and delivered by the Executive Directors. The related corporate objectives and budget are set out in the Annual Plan. Progress in achieving these objectives is assessed by the Board through reports by the Chief Executive Officer and the Executive Directors at Board meetings and drawn from monthly and quarterly internal performance monitoring tools. Strategic and operational issues are brought to the Board for assessment and direction as required. GALVmed are currently working towards the achievement of the 2030 Strategy, which was approved by the Board in March 2021, utilising the Strategy Implementation Plan and the Strategy Execution Framework.

Key Management Remuneration

Key management includes the Chief Executive Officer (CEO) and Executive/Senior Directors of the Company who operate as the GALVmed Leadership Team (GLT).

The HR Committee has responsibility delegated to it for setting the framework for key management remuneration. The main responsibilities of the Committee in relation to key management remuneration are:

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GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

TRUSTEES’ REPORT For the year ended 31 March 2026

The performance related pay scheme, which is based on departmental and individual objectives developed from the corporate objectives, is applicable to all employees. GALVmed has sufficient qualified and experienced staff to deliver all current programmes including the duration of VITAL 2 to 31 December 2029.

Diversity

The diversity of the Trustees, GLT and staff as at 31 March 2026 was as follows:

Gender Gender Ethnicity Ethnicity
Male Female African Asian Caucasian
Trustees 6 5 4 1 6
GLT 3 3 2 - 4
Staff 9 24 13 2 18

Safeguarding

GALVmed is committed to addressing safeguarding throughout its work. It does so through a specific set of policies and procedures that include: Safeguarding Policy (which explicitly addresses prevention, reporting and response); Trustee and GLT training (on commencement and biennial thereafter); all-staff awareness; safeguarding risk assessments and contractual commitments to safeguarding by its partners and consultants. No safeguarding issues were reported in the year.

Partnerships and Related Parties

Partnerships with entities to whom research and development, commercialisation and other work can be subcontracted is a key part of the way the Company operates and is instrumental in allowing it to pursue its charitable objectives. The Company initiates, facilitates, brokers, and contributes to such partnerships from two perspectives: 1) partnerships to deliver and support programme achievement and impact; and 2) strategic partnerships to initiate and advance the livestock agenda. All such relationships are formalised through Memoranda of Understanding, Confidentiality Agreements or Contractual Agreements. All contractual arrangements and related party transactions (detailed in Note 17 to the Financial Statements) are conducted at arm’s length.

STRATEGIC REPORT

Performance and Achievements

Key Performance Indicators

The Trustees and GLT assess the financial and operational performance of each programme using the following key performance indicators (KPIs):

The Advisory and Board Committees oversee the financial and operational performance of organisational and programme activities quarterly.

In addition, Service Level Agreements have been established for all service-related support functions, performance of which is assessed quarterly.

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GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

TRUSTEES’ REPORT For the year ended 31 March 2026

Key Achievements

The Company made good progress during the year in delivering against its charitable objectives, with a continued focus on strengthening livestock health systems and improving access to veterinary products in sub-Saharan Africa. Its corporate objectives for the year to 31 March 2026 together with key achievements were:

Objective Achievements
Programme delivery
Support programme functions and project managers delivering innovation and 2025-26 targets efficiently (on target,
budget and timeline) collaboratively and with the overall GALVmed purpose, long-term sustainability and impact in
mind.
Rating of Progress:
Achieved		 The Company successfully transitioned its portfolio from programme development to
implementation, with the launch and early delivery of the VITAL 2 programme across priority
countries. Key legacy programmes were completed during the year, with lessons captured
to inform future activities.
Across the portfolio, delivery remained broadly on track, supported by strengthened project
management and governance frameworks. Progress was made across a range of initiatives
including vaccine development, regulatory strengthening, and market system interventions,
with risks actively managed where they arose.
Funding & strategic positioning
Progress application for new funds for VITAL 2 programme and progress new funding opportunities by leveraging
VITAL 2 funding and delivering year 1 leveraging activities.
Rating of Progress:
Partially Achieved		 Progress was made in strengthening the Company’s funding pipeline and strategic
positioning. While some funding opportunities did not materialise, the Company maintained
strong engagement with existing partners and continued to develop new opportunities
aligned with its strategic priorities.
Work to diversify funding sources is ongoing and will continue into the next financial year.
Impact & communication
Communicate the added value of impact and long-term transformational change achieved through GALVmed’s
past, current and future projects.
Rating of Progress:
Achieved		 The Company strengthened its approach to measuring and communicating impact,
including the development of improved monitoring and evaluation frameworks and the
publication of an impact report highlighting its long-term contribution to livestock health.
Communication activities continued to enhance the Company’s visibility and reputation
among key stakeholders.
Organisation, Governance & Processes
People development, compliance, internal processes and controls.
Rating of Progress:
Achieved		 The Company successfully navigated a year of organisational transition, including
leadership changes and targeted recruitment to support programme delivery.
Governance and operational systems were strengthened, including the implementation of
a revised project management framework, enhanced risk and compliance policies, and
continued improvements in internal processes.
The organisation remains stable and well-positioned to support future programme delivery
at scale.

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GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

TRUSTEES’ REPORT For the year ended 31 March 2026

The Impact of our Work

GALVmed has delivered significant impact in the livestock sector and for SSPs, driving change through a diverse portfolio of projects. Some achievements are measurable and immediately visible, with certain initiatives generating tangible results within a year. Others, such as AAT 3 (a $70m investment over 12 years) progress more slowly due to their nature. Some of our most important contributions, such as strengthening market systems and catalysing long-term impact and sustainability, are less visible but no less important.

Measuring our results and achievements remains central to understanding GALVmed’s progress and long-term impact. During 2025, there was a clear focus on strengthening the foundations for measurement under the VITAL 2 programme. This included the establishment of a comprehensive Theory of Change results framework, and a structured set of Key Performance Indicators (KPIs), supported by a detailed Monitoring and Evaluation (M&E) plan. Together, these elements provide a coherent and robust framework to guide performance and impact tracking over the life of the programme.

Of the sixteen KPIs defined under VITAL 2, thirteen were eligible for assessment in Year 1. Of these, eleven either met or exceeded their respective targets. Many of these indicators relate to progress in strengthening market systems, including partnerships, enabling environment improvements and vaccine availability.

In addition, GALVmed continues to track core impact indicators carried over from previous programmes, ensuring continuity in how results are assessed across the portfolio and over time. The most recent assessment of GALVmed’s impact includes the following:

Alongside these measurement advances, continued progress was made in strengthening data systems and processes. A centralised dashboard has been developed to warehouse GALVmed M&E data, with all available historical and current data integrated to date. This has enhanced data accessibility, strengthened data quality assurance processes, and enabled more systematic analysis across projects. Collectively, these developments position GALVmed with a stronger and more integrated measurement system, capable of capturing both direct programme outputs and broader systemic change.

Financial Review

Income in the year was £7.9m (2025: £17.7m) and total expenditure was £11.7m (2025: £12.7m).

Income

Restricted income of £6.6m (2025: £16.3m) includes £2.4m in respect of VITAL 2, £2.1m for AAT 3 and £1.1m for Regulatory Harmonisation; funding for other programmes totalled £1.0m. Unrestricted income of £1.3m was received (2025: £1.3m) from contributions from programmes to overheads, and from interest.

Expenditure

Expenditure decreased to £11.3m (2025: £12.3m). VITAL 2 costs of £3.1m are the largest proportion of expenditure, 27% (2025: £0.5m, 4%). Expenditure on VITAL 1 decreased to £2.5m, 22% (2025: £2.7m, 22%) and expenditure on AAT 3 decreased to £1.8m, 16% (2025: £3.4m, 28%). Unrestricted spend has increased to £1.3m (2025: £1.0m).

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GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

TRUSTEES’ REPORT For the year ended 31 March 2026

Expenditure continued

An unrealised exchange loss of £0.4m has arisen (2025: loss of £0.4m) on the conversion of foreign currency balances at year end exchange rates. The loss is a result of the strengthening of Sterling against the US Dollar (in which most of the Company’s funding is received) from 1.29 to 1.32 in the year. The Company minimises the effects of currency fluctuations by taking several steps, including contracting in the funded currency where possible and optimising the timing of foreign currency conversions.

Balance Sheet

The level of cash held has decreased from £20.8m to £18.6m in the year because of advanced VITAL 2, AAT 3 and EDSAP funding received in prior years in line with the funding agreements.

Liquidity Management Policy

The Company’s liquidity management and investment objectives, responsibilities, risk, and strategy are clearly set out in a Liquidity Management Policy which is subject to review annually. The related liquidity and investment activity is reviewed quarterly by the Finance & Risk Committee. GALVmed’s Liquidity Management Policy is driven by the need to have funds readily available to fund its activities in diverse geographies as well as to maintain the infrastructure of the organisation. As such, longer term investments are not appropriate in maintaining adequate cashflow.

Climate Change

The Board is committed to reducing the Company’s greenhouse gas emissions, particularly those resulting from air travel. The Company generated and offset 356 tonnes of emissions in the year (2025: 470 tonnes). Carbon is offset through like-purposed initiatives. GALVmed has reviewed their approach to reducing their carbon footprint and identified several actions including the need to observe and support livestock-related climate change actors, and to support staff in actively reducing their individual ecological footprints in and outside the office, particularly by only travelling when necessary, with alternatives to air travel now a pre-requisite consideration before travel is undertaken.

Reserves

Reserves at 31 March 2026 total £19.0m (2025: £22.9m), of which available funds not tied up in fixed assets amount to £19.0m (2025: £22.9m). Reserves related to restricted funds of £15.4m (2025: £19.3m) mainly relate to advance funding for AAT 3 and VITAL 2.

Unrestricted Reserves Policy

Unrestricted reserves at 31 March 2026 amount to £3.6m (2025: £3.5m). From this amount, the Trustees have established a designated fund of £1.3m (2025: £1.9m) which comprises unrestricted reserves that have been set aside for any future shortfall in the recovery of overhead costs from programmes.

The objective of the Company’s Unrestricted Reserves Strategy is to build sufficient funds to protect the Company from any adverse changes in its financial circumstances and to pursue operational opportunities that, in the initial phase, are not funded by third parties. By considering a variety of risks, the Trustees have concluded that £1.2m of general unrestricted reserves is the minimum that should be held. General unrestricted reserves are currently held in excess of this to allow for future investment in the 2030 Strategy and to ensure financial sustainability in the event of any reduction in funding during the VITAL 2 programme. The unrestricted reserves policy is reviewed every six months to ensure that it reflects current circumstances.

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GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

TRUSTEES’ REPORT For the year ended 31 March 2026

Future Plans

Objectives

GALVmed is operating in accordance with the vision of the 2030 Strategy. This builds upon the evolution of the Company since inception as a product development partnership working on a strong portfolio of new products, technologies and processes while continuing to facilitate scale-orientated private sector driven commercial development initiatives.

GALVmed has identified the following key strategic corporate objectives for 2026-27:

Objective
1. Deliver programmes and innovation efficiently with measurable market outcomes.
2. Build a strong portfolio through strategic partnerships and investment.
3. Strengthen GALVmed’s influence, evidence and communications impact.
4. Build the organisational capability and culture required for sustained delivery.

Financial

The 2026-27 expenditure budget is £18.3m, a 63% increase on 2025-26 actual expenditure. This increase is mainly because of the increased VITAL 2 activity as the work progresses through the second year of the programme.

Principal Risks and Uncertainties

Risk Management

The Company’s governance structure includes risk management. The Risk Management Policy details the Company’s risk management objectives, processes, reporting and responsibilities. The Corporate Risk Registers (Strategic and Operational) highlight the major risks to which the Company is exposed and for each risk the score, lead risk owner, mitigations and actions stated. They are maintained to support strategic, financial, and operational planning and therefore to assist in achieving the Company’s objectives and targets. The key risks, that GALVmed faces at the time of this report, and key mitigations, are:

Risk Key Mitigations
Loss of highly experienced key staff impacts on project
delivery, stakeholder reputation & staff morale.		 Succession planning reviewed, with focus on key roles
and action plan in place to ensure retention of key
successors; Action plan to ensure retention of key
company information in the event of staff departure;
Leadership and development programme and ongoing
management of staff career progression expectations;
Organisational review completed, ensuring sufficient
skills, time and resources to deliver funded programmes;
Determined
the
future
approach
to
department
collaboration, team building and skill sharing. Staff
engagement
and
development
through
delegation,
shared
goals
and
strengthened
understanding;
Knowledge management strengthened following launch
of new project management process.
Failure to plan for change in government policy
impacts GALVmed’s ability to achieve programme
objectives or impact for SSPs at scale.		 Exemplar production system/regions identified for VITAL
2 and agreed with funders; Governance process in place
to allow effective decision making should a change in
government priorities necessitate a change in geographic
focus; Strong engagement with Partners.

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GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

TRUSTEES’ REPORT For the year ended 31 March 2026

Risk Key Mitigations
Failure to plan for geo-political instability impacts on
GALVmed’s beneficiaries, operations, and resources.		 Governance
structure
in
place
to
ensure
effective
decision making should security changes necessitate a
change in geographic focus; Risk & change management
disciplines and approaches have been formalized and
integrated with escalation and decision making processes
embedded through governance structure; Adopted a
prudent approach to selecting countries of operation to
safeguard partners & staff and increase the level of
success; Strengthened processes with partners to assess
their approach to risk management in high-risk areas;
Adopted a Crisis Management Plan with a Team created.
Ensuring regular and sufficient supply of quality
vaccines to exemplar areas.		 Implemented robust supply and procurement processes
with partners (including monthly forecast); Partners set up
local security stock of at least three months’ supply in
each country.
Barriers to product registration, distribution, and
importation at a national/ regional level reduces
product availability and impacts on ability to deliver
against programme objectives.		 Partners supported in their geographic expansion through
combo launch workstream and developed stakeholder
plans
to
overcome
barriers;
Increased
internal
integration; Project registration needs matrix developed
and implemented; Leveraged EAC Mutual Recognition
Procedure (MRP) project to fast track registration of
GALVmed supported products; Streamlined and strategic
approach
employed
linking
industry
with
regulators
including
the
regulatory
harmonization
project
and
facilitated
dialogue
through
EAC
MRP
project;
Progressed
establishment
of
a
platform
for
SSA
regulators to identify and address key barriers to product
registration/regulation; EAC MRP project implemented.

As well as the strategic and operational risks noted in the table above, important financial risks are monitored and include the possible loss of bank deposits through fraud or theft, currency risk, liquidity risk and dependency on limited funding sources. The risk of loss of bank deposits is managed through the bank mandates in place and continued vigilance. Currency and liquidity risk are managed by following the Liquidity Management Policy. The 2030 Strategy and Funder Relations Strategy aim to address the limited funding sources issue.

GOING CONCERN

The Board of Trustees has considered the financial position of GALVmed for the next twelve months and concluded that the use of the going concern basis of accounting is appropriate. VITAL 2 commenced in January 2025 and combined with other ongoing programmes, will cover all direct (project support) costs to December 2029. Contributions from VITAL 2 and other current programmes are also forecast to be sufficient to fully cover indirect (organisational) costs during this time. Other programmes are fully funded.

Recent announcements of cuts to the British Government foreign aid budget may impact GALVmed in future years, but funding is assured from FCDO until at least March 2027. Beyond this and in the event of a funding reduction, cuts to project delivery may be required. There is, however, sufficient designated funds to cover any shortfall in direct or indirect costs until at least June 2027.

General unrestricted reserves are also sufficient to maintain the minimum balance of £1.2m required within the reserves policy. There are therefore sufficient funds to maintain GALVmed as a going concern for at least twelve months from the date of signing the financial statements.

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GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

RESPONSIBILITIES OF THE TRUSTEES For the year ended 31 March 2026

STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS

Each of the Trustees who held office at the date of this Trustees Annual Report confirms that (a) so far as the Trustee is aware, there is no relevant information of which the organisation’s auditor is unaware; and (b) he/or she has taken all steps that he/she ought to have taken as a Trustee to make himself/herself aware of any relevant audit information and to establish that the auditor is aware of that information.

AUDITORS

Henderson Loggie LLP, Chartered Accountants, were reappointed as auditors to the Company at the Annual General Meeting in 2025. Their re-appointment was approved for an initial three-year term from 2022 subject to annual consideration by both parties.

The Directors’ Annual Report is signed by the Chair on behalf of the Board of Directors. The Directors also approve the Strategic Report, which is contained within the Annual Report, in their capacity as Company Directors.

Isabelle Dieuz -Laba e y y

___Isabelle Dieuzy-Labaye (Jun 24, 2026,10:50am)

Dr I Dieuzy-Labaye

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GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

RESPONSIBILITIES OF THE TRUSTEES For the year ended 31 March 2026

The Trustees (who are also the Directors for the purposes of Company law) are responsible for the preparation of the Trustees’ Report, including the Strategic Report, and financial statements in accordance with applicable law and regulations.

Law applicable to incorporated charities in Scotland requires the Trustees to prepare an annual report and financial statements for each financial year in accordance with applicable law and regulations. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under Company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity at the end of the year and of its financial activities including its income and expenditure during the year then ended. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper and adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006, with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Act 2011 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are also responsible for the maintenance and integrity of the charity.

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GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES For the year ended 31 March 2026

Opinion

We have audited the financial statements of Global Alliance for Livestock Veterinary Medicines (the ‘charitable Company’) for the year ended 31 March 2026 which comprise the Income and Expenditure Account and Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ (who are also the directors of the charitable Company for the purpose of Company law) use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance 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 misstatements, 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 conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

13

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES For the year ended 31 March 2026

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report, included within the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, as set out on page 12, the Trustees (who are also the directors of the charitable Company for the purposes of Company law) are responsible 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 from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

As part of our planning process:

14

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES For the year ended 31 March 2026

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Owing to the inherent limitations of an audit, there is unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The primary responsibility for the prevention and detection of irregularities and fraud rests with the Trustees.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable Company’s Trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable Company’s members and Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable Company, the charitable Company’s members as a body and the charitable Company’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

~~……………………………………~~ Keith Macpherson (Senior Statutory Auditor) Keith Macpherson (Jun 24, 2026,11:19am) …… For and on behalf of Henderson Loggie LLP Chartered Accountants

Statutory Auditor

Henderson Loggie LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006. The Stamp Office, Level 5

10-14 Waterloo Place, Edinburgh, EH1 3EG

………………….. 2026

15

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 March 2026

Total Total
Notes Unrestricted Restricted 2026 2025
£ £ £ £
Income from:
Charitable Activities 2 1,264,211 6,318,841 7,583,052 17,259,955
Investments 72,405 235,372 307,777 405,105
─────── ─────── ─────── ───────
Total Income 1,336,616 6,554,213 7,890,829 17,665,060
─────── ─────── ─────── ───────
Expenditure on:
Charitable Activities 3 1,259,792 10,009,505 11,269,297 12,303,525
Other: Loss on Foreign Exchange 6 66,670 378,962 445,632 375,000
─────── ─────── ─────── ───────
Total Expenditure 1,326,462 10,388,467 11,714,929 12,678,525
─────── ─────── ─────── ───────
Net Income/(Expenditure) 5 10,154 (3,834,254) (3,824,100) 4,986,535
Transfer between funds 12 40,985 (40,985) - -
─────── ─────── ─────── ───────
Net Movement in Funds 51,139 (3,875,239) (3,824,100) 4,986,535
Reconciliation of Funds
Total Funds Brought Forward at 1 April 2025 12 3,543,303 19,309,274 22,852,577 17,866,042
─────── ─────── ─────── ───────
Total Funds Carried Forward at 31 March 2026 12 3,594,442 15,434,035 19,028,477 22,852,577
═══════ ═══════ ═══════ ═══════

All the results of the Company relate to continuing activities.

The Company has no recognised gains or losses other than those set out above.

The notes on pages 19 to 30 form part of these financial statements

16

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

BALANCE SHEET As at 31 March 2026

2026 2025
£ £ £ £
Fixed Assets
Tangible Assets 8 53,609 38,574
Current Assets
Debtors 9 905,959 2,429,265
Bank and Cash Balances 10 18,628,080 20,854,917
─────── ───────
19,534,039 23,284,182
Liabilities
Creditors: Amounts Falling Due Within One Year 11 (559,171) (470,179)
─────── ───────
Net Current Assets 18,974,868 22,814,003
─────── ───────
Total Net Assets 19,028,477 22,852,577
═══════ ═══════
Unrestricted Funds
General Reserve 12 2,270,287 1,679,031
Designated Funds 12 1,324,155 1,864,272
─────── ───────
Total Unrestricted Funds 3,594,442 3,543,303
Restricted Income Funds 12 15,434,035 19,309,274
─────── ───────
Total Funds 19,028,477 22,852,577
═══════ ═══════

The financial statements were authorised for issue and approved by the Trustees on the 10 June 2026.

Thomas Mitchell

~~Tom Mitchell (Jun 24, 2026, 11:05am)~~ Dr. T Mitchell Company No: 05393391

The notes on pages 19 to 30 form part of these financial statements

17

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

STATEMENT OF CASH FLOWS For the year ended 31 March 2026

2026 2025
Notes £ £
Cash Flows from Operating Activities:
Net Cash (Used)/Provided by Operating Activities 16 (2,049,952) 4,568,925
Cash Flows from Investing Activities:
Interest from Investments 310,087 617,977
Purchase of Property, Plant and Equipment (41,340) (18,943)
─────── ───────
Net Cash from Investing Activities 268,747 599,034
─────── ───────
Change in Cash and Cash Equivalents in the Reporting Period (1,781,205) 5,167,959
Cash and Cash Equivalents at the Beginning of the Reporting Period 20,854,917 16,061,958
Change in Cash and Cash Equivalents due to Exchange Rate Movements (445,632) (375,000)
─────── ───────
Cash and Cash Equivalents at the End of the Reporting Period 18,628,080 20,854,917
═══════ ═══════
Analysis of Cash and Cash Equivalents
Bank and Cash Balances 10 18,628,080 20,854,917
═══════ ═══════

The notes on pages 19 to 30 form part of these financial statements

18

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2026

1. Accounting Policies

Basis of accounting

GALVmed is a public benefit entity. It is a Company limited by guarantee and is registered as a charity with the Charity Commission and the Office of the Scottish Charity Regulator (OSCR). It is incorporated in the UK with its registered office in London, UK and its principal office in Edinburgh, UK (see Reference & Administrative Details on page 2). The financial statements have therefore been prepared in accordance with the Companies Act 2006, applicable accounting standards, Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended), and the Charities Act 2011. They have also been prepared under historical cost accounting rules. The financial statements are prepared in Sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest pound.

Adoption of new and revised standards

Other new standards, amendments to standards and interpretations that are mandatory for the first time in the reporting period are considered to have no significant or material effect on the Company’s financial statements.

Guidance in issue but not in force

Disclosure is required for guidance in issue but not in force. The minimum disclosure relates to guidance issued by 31 March 2026 and with potential effect.

Effective for periods Accounting Standards & Interpretations beginning on or after Charities SORP 2026 (FRS 102); Accounting and reporting by Charities 1 January 2026

The Charities SORP 2026 will affect disclosures in the annual report, income recognition and leases. The Board of Trustees have reviewed the requirements of the new standards and interpretations listed above and they are either not applicable or, in the case of lease accounting while there will be recognition of a right-of-use asset and a matching long-term liability, the net impact is not expected to have a material impact on the Company’s financial statements in the period of initial application. The year ended 31 March 2027 will be the Company’s first year of application.

Going concern

The Board of Trustees has considered the financial position of GALVmed for the next twelve months and concluded that the use of the going concern basis of accounting is appropriate. VITAL 2 commenced in January 2025 and combined with other ongoing programmes, will cover all direct (project support) costs to December 2029. Contributions from VITAL 2 and other current programmes are also forecast to be sufficient to fully cover indirect (organisational) costs during this time. Other programmes are fully funded.

Recent announcements of cuts to the British Government foreign aid budget may impact GALVmed in future years, but funding is assured from FCDO until at least March 2027. Beyond this and in the event of a funding reduction, cuts to project delivery may be required. There is, however, sufficient designated funds to cover any shortfall in direct or indirect costs until at least June 2027.

General unrestricted reserves are also sufficient to maintain the minimum balance of £1.2m required as per the reserves policy. There are therefore sufficient funds to maintain GALVmed as a going concern for at least twelve months from the date of signing the financial statements.

Fund accounting

Funds received on which no restrictions are placed as to their use are accounted for as unrestricted funds. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. Funds received for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose, are accounted for as restricted funds. The aim and use of each fund is set out in note 12.

19

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2026

1. Accounting Policies (continued)

Income

Funds received are recognised as income from charitable activities once there is entitlement, reasonable probability of receipt and the amount can be measured with sufficient reliability. Income is deferred where funderimposed conditions that specify the performance conditions or time period in which the funds can be spent have not yet been met. Investment income is recognised as earned.

Value Added Tax (VAT)

Expenditure is accounted for inclusive of VAT where appropriate as the Company is not registered for VAT.

Pension scheme

The Company provides a defined contribution pension scheme for its staff and the pension charge in the Statement of Financial Activities (SOFA) represents the amounts payable by the Company to the Company Personal Pension Scheme in respect of the year.

Operating leases

Rentals payable under operating leases are charged to the SOFA on the straight-line basis over the lease term.

Expenditure

Expenditure is recognised on the accruals basis when a legal and/or constructive obligation exists. Expenditure through contractual agreements is recognised as goods and services are supplied. Grant payments are recognised as expenditure when payments are due in accordance with the terms of the contract.

Costs incurred by the Company in the delivery of its activities and services are accounted for as charitable expenditure and categorised in the SOFA by the main activities of the Company. Each category includes direct costs and support costs and, where support costs cannot be directly attributed to a category, they are apportioned on the basis of headcount.

Costs that, whilst necessary to deliver an activity do not themselves contribute directly to GALVmed’s activity, are accounted for as support costs. Support costs include central office functions such as management, finance, information systems and administration activities.

Foreign currency

Foreign currency transactions are recorded in Sterling at the previous month’s month-end rate of exchange. Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the exchange rate at the balance sheet date. All exchange differences are recognised through the SOFA.

Tangible fixed assets

Assets are only depreciated when they are brought into use and depreciated up to, but not including the month of disposal. Tangible fixed assets costing more than £1,000 are capitalised and stated at cost and depreciated over their useful economic lives as follows:

Office equipment 4 years Computer equipment & software 3 years Leasehold improvements over the life of the lease

Debtors and prepayments

Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

20

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2026

1. Accounting Policies (continued)

Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a maturity of six months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Creditors are recognised where the Company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party in the future and the amount due to settle obligations can be measured or estimated reliably. Creditors are recognised at their settlement amount.

Critical accounting judgements and estimation uncertainty

In preparing the financial statements, the Trustees are required to make judgements, estimates and assumptions, which may affect reported income, expenditure, assets, and liabilities. The estimates and associated assumptions are based on historical experience and other factors considered relevant. Actual results may differ from such estimates. Judgements made in preparing these financial statements comprise:

2. Income from Charitable Activities

UK Grant Overseas
Funding - UK Grant - Grant 2026 2025
FCDO Other Funding
£ £ £ £ £
Restricted income
AAT 3 - (5,894) 2,016,842 2,010,948 6,406,884
VITAL 2 2,759,245 (120,155) (344,124) 2,294,966 6,796,662
AgResults Brucellosis - - (10,450) (10,450) (13,005)
AgResults FMD - - 606,227 606,227 346,942
Regulatory Harmonisation - - 1,112,087 1,112,087 (77,549)
MoTAR - - 229,619 229,619 (115,232)
EDSAP 457,766 (46,119) (37,560) 374,087 767,480
MAHABA - - (719) (719) (1,683)
Eartag - - 73,120 73,120 -
VITAL 1 - - (369,343) (369,343) 979,123
Bovine TB - - - - (17,630)
PREVENT - - (1,701) (1,701) (42,132)
VITAL Bridging - - - - 986,734
─────── ─────── ─────── ─────── ───────
Total restricted income 3,217,011 (172,168) 3,273,998 6,318,841 16,016,594
Unrestricted income - 172,168 1,092,043 1,264,211 1,243,361
─────── ─────── ─────── ─────── ───────
Total income 3,217,011 - 4,366,041 7,583,052 17,259,955
═══════ ═══════ ═══════ ═══════ ═══════

The negative income noted for each programme above is because of indirect core contributions towards unrestricted funds.

21

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2026

3. Analysis of Expenditure

Support Governance Staff Direct Cost Total 2026 Total 2025
£ £ £ £ £ £
AAT 3 2,323 - 125,375 1,624,299 1,751,997 3,432,755
VITAL 2 519,497 - 1,211,752 1,363,941 3,095,190 462,319
AgResults Brucellosis 1,341 - - 68,323 69,664 86,702
AgResults FMD 4,185 - 123,224 347,049 474,458 341,920
Regulatory Harmonisation 1,138 - 54,676 1,251,051 1,306,865 992,223
MoTAR - - - 215,116 215,116 768,214
EDSAP - - 45,111 512,746 557,857 258,945
MAHABA - - - 14,368 14,368 33,654
Eartag - - 14,152 13,547 27,699 -
VITAL 1 48,750 - - 2,413,530 2,462,280 2,678,442
Bovine TB - - - - - 117,531
PREVENT - - - 34,011 34,011 47,128
VITAL Bridging - - - - - 2,065,049
Unrestricted 86,704 161,093 585,889 426,106 1,259,792 1,018,643
───── ────── ────── ────── ─────── ───────
Total 2026 663,938 161,093 2,160,179 8,284,087 11,269,297 12,303,525
═════ ══════ ══════ ══════ ═══════ ═══════
Total 2025 540,529 155,022 1,850,196 9,757,778 12,303,525
═════ ══════ ══════ ══════ ═══════

Analysis of Support Costs

Professional Office Information Audit Total Total
Fees Costs Technology Fees 2026 2025
£ £ £ £ £ £
AAT 3 - 23 2,300 - 2,323 1,202
VITAL 2 78,429 133,100 307,968 - 519,497 57,406
AgResults Brucellosis - 203 1,138 - 1,341 1,372
AgResults FMD - 19 4,166 - 4,185 4,139
Regulatory Harmonisation - - 1,138 - 1,138 379
VITAL 1 48,750 - - - 48,750 197,724
VITAL Bridging - - - - - 158,989
Unrestricted 17,474 31,660 20,011 17,559 86,704 119,318
────── ───── ───── ──── ───── ─────
Total 2026 144,653 165,005 336,721 17,559 663,938 540,529
══════ ═════ ═════ ════ ═════ ═════
Total 2025 215,318 184,200 123,773 17,238 540,529
══════ ═════ ═════ ════ ═════ ═════

22

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2026

4. Staff Costs

.
Staff Costs
2026 2025
£ £
Total staff costs were as follows:
Salaries 1,801,531 1,574,451
Social security costs 166,962 127,857
Pension contributions 119,862 105,138
Other employee benefits 71,824 42,750
─────── ───────
2,160,179 1,850,196
═══════ ═══════

The average number of employees during the year was:

Number Number
Management 3 3
Project staff 13 11
Support staff 14 14
─────── ───────
30 28
═══════ ═══════

During the year, the Company incurred expenses of £5,778 on behalf of, or reimbursed expenses to, 11 Trustees in connection with their governance responsibilities (2025: £3,449, 9 Trustees). Two face-to-face meetings took place in 2025-26. No expenses were incurred for persons or entities connected with the Trustees (2025: £nil). No Trustees received remuneration in relation to consultancy services provided (2025: £nil).

GALVmed provides to its UK-based staff a defined contribution pension scheme, the GALVmed Personal Pension Scheme, which is operated by Aviva. Total employer contributions in the year were £72,750 (2025: £65,850). The total number of members in the scheme at 31 March 2026 was 17 (2025: 17).

To compensate for the fact that there is currently no pension scheme for international staff, an employer contribution of 6% of salary is paid to such staff on the understanding that this contribution should be paid into a pension scheme of their choice. The total of such contributions in respect of the year were £47,112 (2025: £39,288).

The following number of employees received total employee salary and benefits (excluding employer pension) in excess of £60,000 in the period:

ension) in excess of £60,000 in the period:
2026 2025
£60,000 - £69,999 5 4
£70,000 - £79,999 1 2
£80,000 - £89,999 2 2
£90,000 - £99,999 1 1
£130,000 - £140,000 2 -
£170,000 - £179,999 - 1

GALVmed considers the key management of the Company to be the GALVmed Leadership Team (GLT), comprising the Chief Executive Officer, Executive Directors, and Senior Directors. The total cost of the employment of key management in the year was £515,612 (2025: £478,963), with a further £280,280 paid to two consultants (2025: £253,927, paid to two consultants). Employer pension contributions for key management totalled £27,497 (2025: £25,751).

Redundancy costs of £nil (2025: £26,066) were incurred in the year.

23

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2026

5. Net Income/(Expense)

Net Income/(Expense)
2026 2025
£ £
This is stated after charging:
- Auditor’s remuneration – audit fees 17,559 17,238
- Depreciation 26,305 19,132
- Operating leases
Land and buildings 95,142 120,100
Equipment 1,000 1,000

Auditors’ remuneration includes £1,359 (2025: £1,698) for audit fees payable in India and £16,200 (2025: £15,540) for audit fees in the UK.

6. Exchange Gains and Losses

Unrealised gains and losses on foreign exchange relate to the revaluation of GALVmed’s net current assets at 31 March 2026 and are included in other expenditure (see note 12 for breakdown by programme). The loss of £445,632 (2025: £375,000 loss) relates to advance funding in US Dollars and a strengthening of Sterling against the US Dollar.

In addition, a realised loss of £27,453 (2025: £452 loss) is included in expenditure on charitable activities, which is a result of the difference between the currency rate invoiced and the currency rate paid to suppliers. GALVmed undertakes a variety of exchange mechanisms throughout the year to minimise realised exchange differences and help ensure there are adequate resources to deliver the programme outputs.

7. Taxation

The Company has charitable status and is not liable for Corporation or Capital Gains tax on income and gains which is applied to its charitable purposes.

8. Tangible Assets

Leasehold Office Computer
improvements equipment equipment Total
£ £ £ £
Cost
At 1 April 2025 12,430 7,267 265,132 284,829
Additions 1,168 - 40,172 41,340
Disposals - - (14,152) (14,152)
────── ────── ────── ──────
At 31 March 2026 13,598 7,267 291,152 312,017
══════ ══════ ══════ ══════
Depreciation
At 1 April 2025 12,430 7,267 226,558 246,255
Charge for year 111 - 26,194 26,305
Eliminated on disposal - - (14,152) (14,152)
────── ────── ────── ──────
At 31 March 2026 12,541 7,267 238,600 258,408
══════ ══════ ══════ ══════
Net book value
At 31 March 2026 1,057 - 52,552 53,609
══════ ══════ ══════ ══════
At 31 March 2025 - - 38,574 38,574
══════ ══════ ══════ ══════

24

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2026

9. Debtors

Debtors
2026 2025
£ £
Prepayments and accrued income 864,213 2,388,232
Other debtors 41,746 41,033
────── ──────
905,959 2,429,265
══════ ══════

Prepayments and accrued income include £274,113 (2025: £86,458) of accrued income in relation to the AgResults Foot and Mouth Disease (FMD) programme, £nil (2025: £1,170,825) of accrued income for the AAT 3 programme, £nil (2025: £571,319) of accrued income for the VITAL 1 programme, £329,204 (2025: £137,224) of accrued income for the VITAL 2 programme and £39,609 (2025: £164,132) of accrued income for the EDSAP programme. Other debtors include accrued investment income of £514 (2025: £2,824).

10. Bank and Cash Balances

Other
2026 GBP USD currencies Total
£ £ £ £
Lloyds Bank 1,615,802 7,961,510 373,053 9,950,365
Bank of Scotland - 4,386,578 - 4,386,578
NatWest - 4,267,648 - 4,267,648
Standard Chartered - - 16,184 16,184
Cash 285 6,567 453 7,305
─────── ─────── ────── ───────
1,616,087 16,622,303 389,690 18,628,080
═══════ ═══════ ══════ ═══════
Other
2025 GBP USD currencies Total
£ £ £ £
Lloyds Bank 1,385,399 7,800,417 468,213 9,654,029
Bank of Scotland - 6,825,789 - 6,825,789
NatWest - 4,366,788 - 4,366,788
Standard Chartered - 5,011 - 5,011
Cash 328 1,661 1,311 3,300
────── ────── ────── ──────
1,385,727 18,999,666 469,524 20,854,917
══════ ══════ ══════ ══════

25

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2026

11. Creditors: Amounts Falling Due Within One Year

2026 2025
£ £
Trade creditors 80,140 244,536
Accruals 464,699 217,166
Other creditors 14,332 8,477
────── ──────
559,171 470,179
══════ ══════

12. Funds Movement

31 March Exchange 31 March
2026 2025 Income Expenditure (loss)/gain Transfers 2026
£ £ £ £ £ £
Restricted funds:
AAT 3 6,475,430 2,099,962 (1,751,997) (75,843) - 6,747,552
VITAL 2 6,357,358 2,387,600 (3,095,190) (127,171) - 5,522,597
AgResults Brucellosis 980,373 12,745 (69,664) (21,775) - 901,679
AgResults FMD 580,888 614,314 (474,458) (14,210) - 706,534
Regulatory Harmonisation 655,096 1,120,003 (1,306,865) (12,148) - 456,086
MoTAR 377,820 240,379 (215,116) (16,183) - 386,900
EDSAP 543,733 377,761 (557,857) (8,953) - 354,684
MAHABA 342,764 (627) (14,368) (13,554) - 314,215
Eartag - 73,120 (27,699) (1,633) - 43,788
VITAL 1 2,912,301 (369,343) (2,462,280) (80,678) - -
Bovine TB 43,471 - - (2,486) (40,985) -
PREVENT 40,040 (1,701) (34,011) (4,328) - -
─────── ─────── ─────── ─────── ─────── ───────
Total restricted funds 19,309,274 6,554,213 (10,009,505) (378,962) (40,985) 15,434,035
══════ ═══════ ═══════ ══════ ═════════════
Unrestricted funds:
General reserve 1,679,031 1,336,616 (1,259,792) (66,670) 581,102 2,270,287
Designated funds:
Indirect future costs 1,864,272 - - - (540,117) 1,324,155
─────── ─────── ─────── ─────── ─────── ───────
Total unrestricted funds 3,543,303 1,336,616 (1,259,792) (66,670) 40,985 3,594,442
══════ ═══════ ═══════ ══════ ═════════════
Total funds 22,852,577 7,890,829 (11,269,297) (445,632) - 19,028,477
══════ ═══════ ═══════ ══════ ═════════════

26

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2026

12. Funds Movement (continued)

2025 31 March Exchange 31 March
2024 Income Expenditure (loss)/gain Transfers 2025
£ £ £ £ £ £
Restricted funds:
AAT 3 3,483,597 6,537,779 (3,432,755) (113,191) - 6,475,430
VITAL 2 - 6,801,371 (462,319) 18,306 - 6,357,358
VITAL 1 4,590,094 1,040,341 (2,678,442) (39,692) - 2,912,301
AgResults Brucellosis 1,068,004 21,350 (86,702) (22,279) - 980,373
Regulatory Harmonisation 1,749,081 (49,036) (992,223) (52,726) - 655,096
AgResults FMD 580,077 357,715 (341,920) (14,984) - 580,888
EDSAP - 771,451 (258,945) 31,227 - 543,733
MoTAR 1,291,164 (90,168) (768,214) (54,962) - 377,820
MAHABA 394,550 1,584 (33,654) (19,716) - 342,764
Bovine TB 129,218 (15,615) (117,531) 47,399 - 43,471
PREVENT 139,372 (42,132) (47,128) (10,072) - 40,040
VITAL Bridging 1,133,583 994,638 (2,065,049) (63,172) - -
─────── ─────── ─────── ─────── ─────── ───────
Total restricted funds 14,558,740 16,329,278 (11,284,882) (293,862) - 19,309,274
══════ ══════ ══════ ══════ ══════ ══════
Unrestricted funds:
General reserve 1,735,025 1,335,782 (1,018,643) (81,138) (291,995) 1,679,031
Designated funds:
Indirect future costs 1,572,277 - - - 291,995 1,864,272
─────── ─────── ─────── ─────── ─────── ───────
Total unrestricted funds 3,307,302 1,335,782 (1,018,643) (81,138) - 3,543,303
══════ ══════ ══════ ══════ ══════ ══════
Total funds 17,866,042 17,665,060 (12,303,525) (375,000) - 22,852,577
══════ ══════ ══════ ══════ ══════ ══════

Programme Objectives and Funding

The purpose of the AAT 3 programme is to build upon the success of the work carried out under previous AAT programmes resulting in the improved tools for the control of African Animal Trypanosomiasis. The specific objective of AAT 3 is the commercial development of a registered therapeutic trypanocidal product, ready for sale through GALVmed’s commercial partner in the AAT 3 programme, Boehringer Ingelheim. This programme is funded by both GF ($28.9m) and FCDO ($5.4m).

The VITAL 2 programme aims to support commercial vaccine manufacturers in their development of the African vaccine ruminant market and in doing so, deliver the nucleus of a private vaccine market capable of stimulating further investments to increase vaccination coverage rates. It also aims to further expand the portfolio of ruminant vaccines available to the private sector through R&D product development work. This programme is jointly funded by GF ($35.8m) and FCDO ($12.5m).

The VITAL 1 programme has two strands: product development and commercial development. The broad objectives are: 1) to develop six new high impact livestock vaccines ready for commercial production and suitable for widespread use by smallholders in Africa and South Asia; and 2) to partner the animal health industry to establish five large scale portfolio distribution networks in Africa and South Asia with each initiative being capable of generating positive cash flows by year 4 and achieving subsequent growth and expansion through these cash flows. The programme is jointly funded by GF (80%) and FCDO (20%). This programme was contracted to end on 30 September 2022 but was then awarded a no-cost extension to December 2025 for GF and March 2025 for FCDO because of delays associated with COVID-19. The programme concluded in December 2025.

The AgResults Brucellosis programme is a competition, managed by GALVmed, to develop and register a safe and efficacious vaccine against Brucella melitensis , the main cause of human infections with Brucella and a significant economic burden in developing countries. It is fully funded by the AgResults consortium.

27

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2026

12. Funds Movement (continued)

Regulatory Harmonisation programme is fully funded by GF and is carried out in partnership with Veterinary Medicines Directorate, World Organisation for Animal Health and East African Community. Its objective is to improve the registration system for veterinary medicines across sub-Saharan Africa countries and harmonise the requirements to simplify the process, improve affordability, save time, and resources and to help ensure quality, safety, and efficacy of products.

The AgResults Foot and Mouth programme is a competition, managed by GALVmed, to encourage the development and uptake of an improved FMD vaccine tailored for the needs and requirements of East Africa. It is fully funded by the AgResults Consortium.

The EDSAP programme seeks to contribute to improved disease surveillance in Africa through improved laboratory diagnostic capacities and improved capabilities of three private sector poultry companies in Ethiopia, Tanzania and Nigeria. The programme is jointly funded by GF ($1.5m) and FCDO ($1.8m).

The MoTAR programme is fully funded by GF and is carried out in partnership with Makerere University. It aims to provide Uganda with an effective means of controlling tick acaracide resistance (TAR) and tick-borne diseases (TBD), key constraints in sustainable livestock production. This will be achieved through the development of an online mapping tool showing relevant distribution patterns and through the establishment of a network of laboratories capable of delivering the necessary diagnostic and testing services for TAR/TBD on an ongoing, sustainable basis.

The MAHABA (Managing Animal Health and Acaricides for a Better Africa) programme is fully funded by GF and is carried out in partnership with Elanco Animal Health. The aim of the programme is to create effective tick control for SSPs, by building a clear understanding of acaricide usage, developing innovative methods to help educate on effective use and by providing practical methods to counter resistance, avoid failures and allow sustainable tick control.

The Bovine TB programme aims to enable and accelerate the development and implementation of rational evidence-based approaches to control TB, with a focus on India, and to provide a strong foundation for the development of control programmes in other developing countries. This project will establish and publish Target Product Profiles for novel tools to control TB and develop a roadmap for product development and commercialisation of novel diagnostic tests in India. This programme ended in December 2024.

The PREVENT (Promoting and Enabling Vaccination Efficiently, Now and Tomorrow) programme is fully funded by GF and is carried out in partnership with Ceva Santé Animale. The aim of this programme is to create an efficient sector of medium-sized African hatcheries applying hatchery vaccination and proactive marketing methods to initiate and increase vaccinated chick sales to poultry small scale producers. This programme ended in December 2025.

The EarTag programme is a collaboration agreement between Clinglobal, ILRI and GALVmed which aims to conduct gap analysis of commercial vaccines against major livestock diseases in LMIC’s to determine if existing vaccines are optimal or if further development and improvements are required. The activities conducted will help assess the technological platforms and the potential to accelerate development of animal health products for multiple diseases.

The VITAL Bridging programme aims to support the development and initiation of new programmes of work which will progress the next phase of work beyond VITAL 1 and reflect the essence of the GALVmed 2030 strategy. This programme is funded by GF ($7.7m) and ended in September 2024.

The general reserve represents the free funds of the charity. Designated funds comprise unrestricted funds that have been set aside by the Trustees for a particular purpose. Organisational (indirect) costs need to be covered by contributions from all programmes. Cumulative net indirect core cost contributions have been designated by the Board at 31 March 2026 to fund future indirect costs.

28

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2026

13. Total Assets – Analysed Between Funds

Net
Fixed current
2026 assets assets Total
£ £ £
Restricted funds
AAT 3 1,065 6,746,487 6,747,552
VITAL 2 - 5,522,597 5,522,597
AgResults Brucellosis 398 901,281 901,679
AgResults FMD 2,296 704,238 706,534
Regulatory Harmonisation 927 455,159 456,086
MoTAR - 386,900 386,900
EDSAP - 354,684 354,684
MAHABA - 314,215 314,215
Eartag - 43,788 43,788
──────── ──────── ────────
4,686 15,429,349 15,434,035
Unrestricted funds
General reserve 48,923 2,221,364 2,270,287
Designated funds - 1,324,155 1,324,155
──────── ──────── ────────
Total 53,609 18,974,868 19,028,477
════════ ════════ ════════
Net
Fixed current
2025 assets assets Total
£ £ £
Restricted funds
AAT 3 2,127 6,473,303 6,475,430
VITAL 2 - 6,357,358 6,357,358
VITAL 1 - 2,912,301 2,912,301
AgResults Brucellosis 992 979,381 980,373
Regulatory Harmonisation 1,511 653,585 655,096
AgResults FMD 986 579,902 580,888
EDSAP - 543,733 543,733
MoTAR - 377,820 377,820
MAHABA - 342,764 342,764
Bovine TB - 43,471 43,471
PREVENT - 40,040 40,040
──────── ──────── ────────
5,616 19,303,658 19,309,274
Unrestricted funds
General reserve 32,958 1,646,073 1,679,031
Designated funds - 1,864,272 1,864,272
──────── ──────── ────────
Total 38,574 22,814,003 22,852,577
════════ ════════ ════════

29

GLOBAL ALLIANCE FOR LIVESTOCK VETERINARY MEDICINES (a Company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2026

14. Operating Lease Commitments

At 31 March 2026 GALVmed was committed to a total of future minimum lease payments under non-cancellable operating leases for land, buildings, and equipment for each of the following periods:

2026 2025
£ £
Not later than one year 112,056 57,301
Later than one year and not later than five years 198,475 88,969
───── ─────
Total 310,531 146,270
═════ ═════

15. Share Capital

The Company is limited by guarantee and does not have share capital.

16. Reconciliation of Net Income to Net Cash Flow from Operating Activities

2026 2025
£ £
Net (expenditure)/income for the reporting period (as per the (3,824,100) 4,986,535
Statement of Financial Activities)
Adjustments for:
Loss on foreign exchange transactions 445,632 375,000
Depreciation charges 26,305 19,132
Interest from investments (307,777) (405,105)
Decrease/(increase) in debtors 1,520,996 (395,623)
Increase/(decrease) in creditors 88,992 (11,014)
─────── ───────
Net cash (used)/provided by operating activities (2,049,952) 4,568,925
═══════ ═══════

Debtors contain accrued investment income of £514 (2025: £2,824). The movement on accrued investment income is included in investments within the cash flow statement.

17. Related Parties

During the year £333,911 (2025: £182,417) was paid to International Livestock Research Institute (ILRI), a Company in which Fabian Kausche, Trustee, was in post as the Deputy Director of Research and Innovation to September 2025. The amount paid in the full year included £53,180 (2025: £53,400) relating to rental charges for the Nairobi office and £280,040 (2025: £129,017) relating to contracted work for livestock disease surveillance in Kenya as part of the VITAL 1 programme and quantitative gender analysis as part of the PREVENT programme. At the year end, a balance of £3,738 (2025: £691) was owing.

The Trustees consider all the transactions during the year to have been undertaken on an arm’s length basis.

18. Ultimate Controlling Party

GALVmed is constituted under its Memorandum and Articles of Association and is managed by its appointed Board of Trustees.

30

Issuer

CGPM Consulting LLP

Document generated Tue, 23rd Jun 2026 14:39:47 BST Document fingerprint f809af700dadccc8fd95fbcc5715ca96

Parties involved with this document

Document processed

Party + Fingerprint

Wed, 24th Jun 2026 10:50:26 BST Isabelle Dieuzy-Labaye - Signer (e5dd29a92b96fd243b8f957a84054f2a) Wed, 24th Jun 2026 11:05:47 BST Tom Mitchell - Signer (07a93726365d4295e0cc1a08f678733d) Wed, 24th Jun 2026 11:19:05 BST Keith Macpherson - Signer (1b736aeecba8f46f60dff688060d1ae4)

Audit history log

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