pspi The PSP Assoclatlon IA Company IFmlted by guarantee) Report and Flnancial Statements Year endlng 31 December 2025 Charity number 1037087 Company number: 2920581 IIPa8e pspl, Contents The PSP Association IP5PAI Report of the Trustees for the Year Endin8 31 December 2025.. 3 Trustees Report............. Objectlves and Actlvlties ..........................................,,..,................. . .................................... PSP & CBD...................................................... Revlew of the Yearfs Achlevements and Perfomiance..........,.,.,.,..,,.................................... Improvlng Care and Support.............,............................................................................... Funding and Promotln8 Research...............,..........................................,.,,...................,... Awarene55 Raisin& Pollcy and Influenclng............................................... ................,-...... Environmental Commitments,....,..................... .11 Many Thanks...,,.....................,................ ......................... .................... ...... .11 Plan5 and Prlorities- 2026 onwards.............................................-......................-............... li Fundralsing Approach..................................... .12 Flnanclal Review..................................,.................................................................,,................ 12 Investment Powers and Pollcy.......................... . ...........,...................,............................... 13 Reserves Policy and Goingconcern ..........................................,..................................... 13 Principal Rlsks and Uncertaintle5 . .14 Rlsk Management.....,,.,,.,....................................,..............................-.................. ......... 14 Strutture, Governance and Management...,.....,.,................................................................. .15 Reference and Administrathie Detalls.................................................................... .... ....... 15 Committees of the Board..........................,..................................................................... 15 Appointment of Trustees............................................................... .. .................. Remuneration Policy and Senlorstaff..................................................,...... ................... 16 Staternent of Trustees. Responsibilities and Corporale Governance..... ...............,...,....... 16 Or8anlsètional Information.............................,....-............................................,,. .18 Independent Auditors Report to the Trustees of The PSP Associatlon .................................. 20 The PSP Association Statement of Financlal Actlvitles for the year endlng 31 December 2025 .25 The PSP Associètion Balance Sheet as at 31 December 2025...... ................,.....................,... 26 The PSP A550ciatlon Statement of Cash Flows for the Year Endlng 31 December 2025........ 27 Notes to the Accounts..................................,...................................................................... .15 21PaEe psp/, The PSP Association (PSPA) Report of the Trustees for the Year Ending 31 December 2025 The Trustees are pleased to present their annual directors, report together with the financial statements of the charity for the year ending 31 December 2025 whieh are also prepared to meet the requirements for a dlrector5' report and accounts for Companies Act purposes. The flnanclal statements comply wlth the Charltles Act 2011. the Companles Act 20(￿, the Memorandum and Artlcles of Association, and Accountlng and Reportlng by Charitie5; Statement of Recommended Prartice applicable to charttles preparing thelr account5 in accordance wlth the Financlal Reporting Standard applicable in the UK and Republlc of Ireland (FR51021 leffectlve l January 2015) Trustees Report Objectives and Actlvities PSPA'S purpose is to create a better future for everyone affected by Pro8ressive Supranuclear Palsy IPSPI and Corticobasal Degeneration ICBD). Our8oals are to: Enable people with PSP & CBD and thelr families to live their best Ilve5 possible with high quality support & information, Improve the quality of life of people Ilving with PSP & CBD through research and Inftuence. Put people Ilvin8 wlth PSP & CBD at the heart of what we do. PSPA was flrst re8lstered as a company Ilmited by guarantee and as a charity In 1994. It is one of only two charities of any significant size in the world focussin8 on PSP & CBD. The other is the USA based charity, CurePSP. PSP & CBD PSP is a complex neurologlcal condrtion caused by the death of nerve cells in the brain. It progressively afferts movement. balance. co8nition, vision, speech and swallowin8. It belong5 to a category of disorders called Atypical Parkinsons Dlsorders. It often gets misdiagnosed as Parkinson's dlse35e. The avera8e time from onset of symptoms to death Is seven years. PSP Is a55ociated with an over-productlon of the tau proteln in some areas of the braln. The proteln form5 into clumps (known as neuroflbrillary tangles) that lead to the death of ner4e cells, especially in the motor areas Df the brain, althou8h the intellect often remalns Intact. Symptoms include: FallSng backwards Postural Instability 51owne5s of movement Motor recklessness Eye problems due to the rigidity of the eye muscles 31Pa8e psp/ Speech slurrln8 and 50ftness Swallowing problems Cognltlve chan8es Mood swings, apathy, and Irritabllltv CBD has a slmilar pathology and pro8resslon to PSP. It Usually presents Similar symptoms to PSP, but one side of the body may be more afferted. Symptom5 may include 'alien' movements and tremor In the affected side. Research by the PROSPECT study, funded by PSPA has concluded that prevalence of PSP & CBD Is potentially twice what we previously thought wtth up to 10,000 people In the UK directly afferted by the conditions. The diseases are not inherited, althou8h research indicates that some people may have a genetic pre-disposltlon that makes them rnDre susceptible, Review of the Yearfs Achievements and Performance In 2025 6,131 individuals were registered to re￿1ve 5UPPOrt from PSPA, induding people living with a PSP or CBD diagnosis. carers, and family members14.106 In 20241. 2,518 Health and Social Care Professionals were registered to recelve support and information 314 5UPPOrt group meetings took place1246 in 2024). 152 people were reglstered as PSPA volunteers, provldlng 1,829 hours of volunteerlng {1,428 in 20241. The charlty continues to be In a strong financial position, and in 2026 we wlll agree a new 5- year strategy that levera8es thi5 financial strength to increase our Impact across support, research, and awareness. Income for the 2025 financlal year was £2,074,902 (2024: £1,963,095). The surplus for the year was £380,01412024: surplu5 £462.1601. At the end of 2025 we had 10 research 8rants in operation111 in 20241 with a total 6rant commitment of £450.134. In December 2025 we were sad to say 8oodbye after 4 years to our CEO Rebecca Packwood, whllst atthe same time being delighted to welcome our Incomlng CEO, Drjames Cusack. Involvement Ouw Servlce Committee, made up of people Ilvlng wlth PSP & CBD, thelr carers. famlly members, and health professionals continued to play a vital role in shaping and reviewing our service provislon throughout the year. Their contrlbutlons extended beyond core services, offering valuable guidance across a range of charity projects. In 2025 the committee 5UPPOrted the review ofthe PSPA Voice Banking Service ?nd the Link Volunteer Serdice, also providing in51ghtful feedback In the review of PSPA podcasts, e-new51etters, the 2025 Patient Survey. and our new Research Strategy. As part of <)ur commitment to strengthen the voice of people affected by PSP & CBD, in 2025 we continued to bulld our PSPA Research Involvement Member5 group IPRIMI. The 8roup aims to increase the quallty and impact of our research to ensure the views of those it 41Page PSPI affects are considered and that research is relevant to the publlc. They a55iSt. 5UPPQrt, and advise researchers and dru8 development companies. The 8roup acts as a 'critical friend, on how to improve the desl8n of research projects we support or to Include PSP & CBD affected people. The group grewto 12 members and met on 10 occaslons durin8 202519 in 20241. Task5 included advlsin8 a researcher on the lay summary of their pro5ett, evaluatlng the new PSPA Research Strategy, and reviewing a total of 15 grant appllcations. Volunteer5 Across the UK, our network of volunteers contlnues to make an invaluable contribution. They lead support 8roups that enable people affected by PSP and C8D to come togeiherto share tips, form frlend5hips and feel a sense of communty- They provide personalised on to-one support through home visits or phone calls. They also deliver educatlon session5 for Health and Social Care Professlonals within care and nurslng home 5ettin85, and play key roles at fundralsln8 and awareness events. By the end of 2025. we had 152 registered volunteers who collertively contributed 1,829 hours of 5ervlce11,428 in 2024). All volunteers complete induction tralnln& including safe8uardin8 and GDPR, and receive ongolng support and development. Improving Care and Support A key goal within our strate8y is to enable people livin8 Wlth PSP & CBD and their famllles to Ilve their best Ilve5 possible, with high quality support and infcymatlon. To help achieve this we provide a range of support and inforniation serrfices. These Inclyde: Helpline Our confidentlal helpline operates from 9am to 9pm Monday to Frlday. Our Helpline Care Navigators each cover a specific region. They respond to phone and emèil enquiries, providing emotional support and specialist Information and 8uidance on all aspects of livin8 with PSP or CBD such as symptom management. beneffts and entitlements, and overcomin8 day-to-day challenges. They also make proactlve outreach ca115 people in iheir region, helplng to reduce isolatlon and loneliness. particularly among carers. Our trained helpline volunteers generou51y give thelr time to cover the evening 5erwice from 7pm to 9pm. In 2025 we recruited two additional Helpllne Care Navigators to cover Scotland and Wales. enablin8 US to raise our profile, develop relationships with health and social care professionals. and deliver more tailored support to people affected by PSP and C80 within these nation5, This has resulted in a rise in referrals to us from healthcare professlonals, enabling people in Scotland and Wales to acces5 our support earlier and at a more appropriate stage in their journey. In Scotland we supported 378 people in 2025 (271 in 20241 and in Wales we supported 228 people1156 in 2024). In 2025, there were a totsl of 9.%84 phone or email contacts with our helpline19,578 in 20241. -It wos good to tolk to you.. it Is comforting knowing thot I can call the helpline cnd talk through my concerns in an understandlng ond infvrmed woy. The Infomiation you hove sent is very usefvl, ond Is cleor ond well written. without being overwhelming". 51Page pspi Support Groups Our in-per50n and Dnline support groups PrO￿de an opportuntty for people affected by PSP & CBD to come tO8etherto make connectlons wlth others and Share information. They include local support groups, regional carers, 5LlPPOrt groups, a men's carers, support group. and a group for the newly diagnosed. In 2025 we launched two new online support 8roups- one for bereaved carers, and one for carers of a loved one living in a care home. We also launched a newi local support group in Portsmouth. There were 34 8roups in operatlon by the end of 2025, with 3.161 attendances across 314 support 8roup meetin8S. Support Grants and Voice Banking Support grants of up to £250 can be used towards items or services which improve the wellbeing and qualfty of life for people who are living wlth or affected by PSP or CBD. In 2025 support 8rants Included: Spa Day and Afternoon Tea for a carer Part payment towards a wheelchair Transport to regional support 8roup meetlngs Voice Ampllfier to assist wlth communication Voice bankin& which facllltates tlie generation of a personallsed, synthetic voice when someone loses the ability to Speak Is also on offer, provlded in partnership with 'SpeakUnique'. 143 people were awarded a support Brant or accessed voice banking in 20251118 in 20241. Befriendin8 service In 2025, following consultation with our existing volunteers and Trustees, we amended the role of Llnk Volunteer to Befriendin8 Volunteer. Our Befrienders offer personallsed One-to￿ne support through in-person home visits, regular phone calls or online conversatlons, ensuring that families afferted by PSP & CBD receive companionship. understanding and a lirtenin8 ear when they need It most. 13 Llnk Volunteers transitloned into the Befriending Volunteer role. with a further 6 new Befriending Volunteer5 being recruited and undertaking tralnlng at the end of 2025 and into 202& 25 individuals/families were supported by a Befriending Volunteer In 2025. Coun5elling Our counselling service is delivered in partnership wlth Rare Mlnds and forms part of our Mind, Body and Soul project, whlch was launthed in 2024 followlngthe award of a four year grant from The Natlonal Lottery Commtsnity Fund. Specialist support Is provided to help people navigate the emotional challenges assoelated with PSP & CBD and bulld thelr resilience. In 2025, 266 coun5elling sessions were provided for 37 people (22 in 20241 living wlth PSP or CBD. their carers or family members. -Ifeel that hoving c04Jnselling helped me to occept my condition ond gave me o good opportunity to talk obout how Ifeel ond how it affects me ond myfumily. lfvund my coun5ellLV very nlce to tolk to, they were understanding and kind. l om extremely gratelulto ht7ve had the opportunity to hove counselling." pspl Online exercise classes Delivered in partnership with Neuro Heroe5 as part of our Mind, Bodyand Soul prolect, these online exercise classes enable people living wlth PSP & CBD to take part in safe, accesslble physical activty from their own homes. Sesslons are tallored to Individual ablllty levels and focus on maintainin8 mobility, improvin8 confidence, and supporting overall wellbeing. For many participants, the dasses have becorne a valued weekly routine that fosters both motivatlon and tonnection. 78 people beneflted from the classes In 2025 (61 in 20241. ould like tosay I hove reolly enjoyed the onllne exercise classes. It confeel very i501oting living with PSP" he5e se55ion5 hove been of value to me because they have enobled me to Ove￿onIe some of the demotivotion about exercise" Events We held a Family Day in Milton Keynes, welcomlng 58 attendees. The mornlng programme featured presentatlons from a leading neurologist, a dletltian, and the CEO of Rare Minds, offerlng valuable clinical and psychological insights. The afternoon was more Interactlve, with an en8a8lng exerclse sesston dellvered by Neuro Heroes. Throu8hout the day* attendees also participated in Art Therapy. creating three Impresslve ¢anva5e5 that are now displayed in the PSPA office. P5PA Matters PSPA Mattersls our quarterly magazine keeping the PSPA community up to date wlth news and informatlon about support. research. awarenes5 raising and fundraising activitie5. Each edltlon was sent to approximately 11,400 people, either by email or post110,31XI In 20241. Funding and Promoting Research Research Strategy 2025 saw the end of our 202Ck2025 Research Strategy and the creation of the 2026-2030 strategy. fitled 'Researchfor Impact,, the new strate8y cover5 the three domains of Dlagnosis, TreatM￿t and Care. Projects funded under the new strategy should elther lead to or be worklng towards research to Improve 11 earller. accurate diagnosis; 2) eff.ectlve symptomatic or disease modifying treatments or, 3) estsbli5hing and enhancing care standards for everyone living with PSP & CBD. Our new strategycan be found here: associatlon.or .uk researth reseèrch-information research-strate Research Committee Our research investments are overseen by the PSPA Research Commlttee with Professor Karen Morrison completin8 her flrst full year as the comrnittee chair. We also welcomed several newcommittee members. Professor Marla Grazla Splllantlnl and Dr Kathryn Bowles as experts in the fleld, as well as Professor Heather An8U5-Leppan and Fiona Lindop MBE a5 trustees on the commlttee. We would Ilke to thank Professor Wendy Noble who stepped down In 2025 for her tlme and expertlse on the committee. psp Communication of Research In 2025 we held three well-attended online research information sessions for people livin8 wlth P5P & CBD as W￿11 as their carers. family members and friends {two in 20241. Flfteen academics, ¢linitians and students shared thelr research projects and answered questions frorn the audlence. These sesslons are available to watch on our website. We also released a podcast on brain donation,. as well a5 featurin8 researth partlclpantS experience of what it's like to take part in a clinical trial in PSPA Matters. Research Participation We continue to signpost PSPA members to active research studies. facilitated vla an online 'expression of interest in research, form lalso avallable by postl. Each month the research coordlnator shares encrypted details from consentin8 members wilh study coordinators workin8 on dlfferent studies across the UK. We also share new opportunities for research partldpatlon on our x>clal media channels, through our website, and in PSPA Matters. In 2025 we were involved in $18npostlng Interested members to a cllnical trial called The PROSPER Study, a Phase 2 clinical trial run by Ferrer to evaluate how safe and effective a medicine called FNP-223 may be ill treating PSP. A highlight has been working alongside Durham Universlty academic Professor Daniel smith on a project examining the effectiveness of PRISM glasses. We sent questionnaires to those who have recelved PRISM glasses frorn PSPA to evaluate how easy they are to Use and Identlfy irnprovements. Projects Completed in 2025 Research completed in 2025 has delivered SiBnificant scientific and translational Impatt: Dr Edwin Jabbari: Using a novel 4-repeat tau seed amplification assay ISAA) to enhance the dia8nosis and predict the progression of PSP. Dr Jabbari's project has led to further £2.3 million MRC Clifftician Sclentlst Fellowshlp which wlll begin in August 2026 to continue this work. He Jlso received the hi8hly prestlgiou5 junior award at the Internatlonal Movement Dlsorders Society conference and gave a plarform talk on thls work as well as pub115hing two paper5 Ihttps:Ilmovementdisorders.onllnellbrary.wiley.com/doilfull/lO.I(KJ2lmds.3001 9, http5:l/vMw.thelancet.com/lournalsllaneur/artlcle/P1151474-4422{25100157- 71fulltext}. The SAA shows high specificity in post-mortem tissue and work is ongoing to repllcate thi5 in ante-fflortem spinal fluid samples. Dr Man50ureh Hnazaee: Non-lnvasive neurophysiological assessment of the human brain stem in vivo. Dr Hnazaee'5 project concluded early in 2025, with publication in production. A poster wa5 also presented at the MEGUKI conference In Birmingham, Dr Pat Cullinane: Nanopore senslng of tsu p05t-translational modifications. These projert5 have lald important foundations for future clinical and biomarker dpvelopment. Our PSPA Fellow, Dr Rob Durcan, re5iBned in August 2025 two years into his fellowship, after being offered a prestigious role close to hls family In Ireland. Whllst this means we are no longer paying for the third year of the fellowshlp. Dr Durcan Is commltted to completin8 psp the research (with the support of his supervlsor at Cambrld8e Unlversttyl and will continue to be Involved with PSPA In h15 new role as a consultant neurologist in Ireland. Research Grants In 2025 we invested £IOO,000 In four Small Grants of -£25.lX￿. The projects funded indude research Into understandlng astrocyte cells; investlgatlns proteln imbalance in PSP,. uslng a smartphone application and artificlal Intelligence to improve PSP diagnosis; and understsndingthe role of the TRIMII 8ene in PSP. The fourgrantswere 5eletted from ten applications and in November, the w4ardees hadthe opportunttyto present their projects In person to donors. trustees and staff at an event in London. We also awarded two Large Grants (totalling £433,357), selected from five full Brant application5.. The volume of grant applications in 2025 15 evidence that we are Increasing our vlslblllty as a research funder In the academic community. Future Research Activities 2026 will be a bl8 year for PSPA research. As well as presenting a poster at a prestigious neurological conference in Copenhagen using data from the 2025 PSPA Member Survey. we wlll also be CO•hosting Neuro26, an international symposium focused on PSP & CBD to be held in London in November 2026. There are also plans to award further Small Grants with the remainder of the fvnds raised bv the Understood Appeal. Awareness Raising, Policy and Influencing In 2025 we contlnued to bulld our Pollcy and Influenclng capaclty as part of our long-temi strategy to Improve awareness of PSP & CBD and bring system5 change for people affected by the conditions. Raisin8 Awareness among Health and social Care Professiona15 PSP & CBD are relatively rare condition5, and many health and social care professlonals have Ilmited experlence in supporting those affected. Through oui information resources and education programmes, we help professionals develop a deeper understanding of the care needs of people Ilving with PSP or CBD. In 2025, we introduced a series of Shorter, tar8eted onllne educatron sessions through our new PSPA Masterclasses. These sesslons were designed to equip frontline professionals with the knowledge needed to reduce delays in dia8nosis and to support effectlve Symptom management. The Masterclasstoplcs included Neuro Orthoptics in PSP & CBD, DlaBnosin8 psp & CBD, and Falls & Mobility Management In PSP & CBD. Atotal of 1.032 professionals registered for these sessions1436 received training in 20241. "Many tht7nksfor a veryprarticul and informative session. The videos brought to lifr the complexities thot people with these conditions suffer, und I hove recommended this mostercla55 to several of my colleogues." We also continue to publish a wide range of free re50urce5 to support health and social care professiona15 in their work with individua15 living wlth PSP or CBD. In 2025. 1.085 new professionals lolned our network1396 in 20241, brin8in8 the total to 3.028. Expanding thls network remalns centrdl to raislng awareness and improving the quality of care available across the UK. 91 Page Policy and influencing Early in the year, we publlshed our first policy report on the State uf NHS CDntlnulng Healthcare. Drawing on the lived experSences of the PSP & CBD community alon8side national NHS dats. the report hi8hllghted natlonwide challen8es Withln NHS Continuin8 Healthcare ICHCI. These included a fall In the number of people re¢eivin8 CHC to fewer than one In five of those assessed. signfficant delays. and wide postcode varlatlon across the country. The report's recommendations formed the basis of our campaign fi)r PSP & CBD Awareness Week in June, #FIXCHC. Supporters were encouraged to write to thelr Member of Parliament sharin8 their ovm experiences of CHC and calling for a change. As a result, 260 P5PA 5UPPOrters wrote to their MP and the campai8n led to written parliamentary questions being raised with the Department for Health & Social Care. During the year, we a150 launched the PSPA Survey 2025, whlch slgnificantly expands on our previous surveys conducted in 2016 and 2022. More than 750 people living Wlth PSP or CBD and thelr carers completed the survey. It explores experiences of dla8n05is. living wlth the condltions, interactions with health and care Services, and wider quallty of life. The findlngs will provlde PSPA with robust, UP-to4ate evidence to inform our future pollcy and Influencin8 priorities. In additlon, we made submissions to several key government con5ultation5 and parliamentary Inquiries, including the Department for Work & Pensions Pathway5 to Work Green Paper and the House of Commons Health & Soclal Care Committee's inquiry into adult social care, as well as sendin8 a briefin8 to Members of Parllament on the passa8e of the Terminally111 Adults (End of Life) Bill. To maximise our impact. PSPA continued to collaborate with natlonal and internatlonal organisations including the Neurological Alliance5 of En8land, Scotland, Wales and Northern Ireland, and the Care & Support Alllance, DisabS11ty Benefit Alliance and CurePSP in the United States. Plan5 and Prioritie5 Buildlng on this work. our pollcy and Influenclng prlorltles for 2026 and beyond will focus on strengthenlng our evidence base and ralsing awareness of PSP & CBD amon8 declsion- makers and healthcare professlonals: l. Improving and communlcating our evidence base, includlnB: Publlshlng a report on the findinBS and insights from the PSPA Survey 2025. Produdn8 a state of awareness report to hlghlight the low levels of knowledge of PSP & CBD amon8St healthcare professionals. Publishing a further In￿ePth policy report In the second half of the year. 2. Raisin8 awareness of P5P & CBD among decislon-makers & healthcare profe5sionals.' Hosting a parliamentary event to ralse awareness of P5P & CBD and how MPS can support affected constituents. Havlng a presence at the major party-politlcal conferences and key professlonal bodv conferences and conEresses throu8hout 2026. 101 Page psp, Environmental Commitments In 2025 we malntained our commitment to reducin8 ourcarbon footprint. We continued to encourage people to download publications and receive our quarterly magazine PSPA Matters electronically and we have seen a considerable increase in downloads from our website across all our publlcatlon5. We rent offlce space in servlced offlces so taftnot control emlsslons from heatlng and lightlng. However, we are pleased that those offices have introduced movement sensltive Ilghtln8 reduclng the ener8y used. Many Thanks PSPA is grateful to all donors. tru5t5, and foundations whose support makes our work P0551ble. We thank those who have taken on challenges or dedicated their time to fundraisin& the Natlonal Lottery Community Fund fortheir multi-year 8rants, and everyone who has remembered the charity through a legacy. We are also deeply appreciatfve of our volunteers for their commltment and contribution throughout 2025. Plans and Priorities- 2026 onwards After an excltlng five year5, we will be developlng a new or8anisatlon strategy In 2026. This wlll be an opportunity for PSPA to strengthen existing atttvlties and reflect on new areas of opportunlty for the charity. We have already e5tabllshed the followln8 artl¥ltles as priorftles for 2026: l. Establlshln£ a Community of Pracllce A peer-led 8roup of health and soclal care professiona15 With a shared passlon for improvin8 care and symptom management In PSP & CBD. We plan to do thls by brlnglng together experts to share their knowled8e wlth other health profe5slonals wishin8 to advance their skills and practice. 2. Expandlng our reach To strengthen awareness and engagement in areas of the UK where PSPA has hi5toricalty had lower vlslbility, our Helpline Care Navigator5 will deliver a series of regional in-person events. Each Helpline Care Navlgator will host an event within their region, ensuring th communities with lower en8a8ement receive focused attention. These regional events will play a key role in ralslng awarene55 of PSP & CBD. st￿ngthe￿ing professlonal understanding, and helping familles connert with PSPA earller in their journey. 3. Actteditstlon for our volunteerlng service and our patlent facin8 reSoUr￿S We will be worklng towards achieving two Important quallty standard5- the Investin8 in Volunteers IIIVI kltemark and the Patlent Information Forum PIF rick for our patlent- faclng infomiatlon. / Galnln8 the liv kitemark wlll demonstrate our commitment to provldlng hlgh quallty. well-supported volunteerin8 experience and will help ensure that our volunteers feel valued, equipped, and confident In their roles. IIIPa8e psp 4 Securlng the PIF Tld( will provide external assurance that our Informatlon for people ffected by PSP & CBD meets reco8nlsed Standards of accuracy, clarity, acce55ibilityi and relevance. Th55 accredltatlon wlll strengthen trust in our resources and reinforce our commitment to dellverlng reliable. evidence-based information that empowers individuals and families. Fundraisin8 Approach We malntaln our commitment to the Code of Fundraisin8 Practice in all our fundrai5in& including when we work with third partie5. We adhere to the principles of our Fundraislng Promlse. aligned with the Fundraising Regulator and Code of Fundraislng Practlce. We arecommlttedto upholdlng our Fundraising Promise to our supporters, and will always: Commli to hlEh standards. Be clear, honest, and open, Be respectful. Be falr and reasonable. BÈ accountable and responslble. Our approach, alon8 With how we manage and use supporters, data. is set out In our supporter promlse and privacy statement on our webslte. When we Identify people who may be in vulnerable clrtum5tances, we take appropriate steps to protert them from fundraising requests. We work with a Small number of commercial partnerships to raise money. We monitor these third parties to ensure they meet the same hi8h standards as our own fundraiser5 and have a8reement5 in place to ensure this happens. We capture and monitor communlcatlons across various channels. IVS vital to our work that 5UPPOrters can easlly send us theSrcomment5 orcomplalnts. We aim to answerthe phone In thve rings and respond to letters, emalls, and queries throu8h our website within five working days of receivlng them. If we can't, we alm to l(eep supporters informed of progres5. We take all complalnts seriou51v. Simple complaints are generally dealt with immediately by the Fundraising team, and we aim to resolve the complaint or acknowled8e recèipt wlthln five working day5. More seriou5 complaints are escalated to the Chief Executive offi￿r and Trustees so they can consider the le550ns learned. Our feedback and complaints procedure are available on our website. There wa5 one fundraising complaint In 2025 lone in 20241. We are committed to a wide range of income streams In order to Increase our sustainability and long-term future. We do not recelve any routlne statutory fundlng. Our fundraising strategy focuses on buildin8 long-term support acr055 our fundraisin8 Streams. Financial Review 2025 was a successful year for fundralslng, wlth total income exceedlng £2mi11Son for the first time. Donatlons and le8ary contributions totalled £1,983,1361£1.861.573 In 20241 although legacy income fell to £178,8171£321.175 In 20241, demonstratlng the unpredictability of thls Income stream. 12 IPage pspi Voluntary fundraising experienced slgnlficant grovrth, reaching £633,2621£561,930 in 20241, influenced by our partnership with Run for Charlty whlch enabled us to in¢rease the range of runnin8 events available for fundralsers to participate in, and the successful Pathwayto Progress campal8n lour re-branded Walk for Hgpe). Support for our Understood Research Appeal was generous with £337,184 ralsed In 2025 {£159.894 In 20241. Thanks to the generosty of our sUPPOrters, we produced a stron8 surplus of £380.014 (£462.160 In 20241 desplte the planned increase in the cost base in the year to support additional fvndin8 of awareness raisin8 and research spending In 2026 and beyond. Our sincere thanks to all the Ma￿r Donors, Charitable Trusts and Foundatlons whlch have supported our work, not lust In the past year, but In many cases for several year5. Their continued interest and support are a huge encouragement to U5. Investment Powers and Policy The Trustees continue to maintain a conservatlve approach to the mana8ement of financial resources consldering research fundln8 commltments, the operating cash needs of PSPA and uncertainty over the timing and extent of future income generation in the Current economlc and geopolitical environment. We continue to use the investment options provided by the Charities Ald Foundation Platform to ensure we generate income from our cash balance. Thls plarform provides access to a rdnge of deposit accounts providin8 attractlve interest rates investing in financlal institutions covered by the UK Government Financial Services Compensation Scheme. Reserves Policy and Golng Concern PSPA maintains reserve5 to ensure it can continue operating effectively durlng periods of fluctuatin8 income. Our policy, benchmarked against similar-51zed char￿leS, requires general reserve5 equivalenl to nine months of budgeted fixed costs. We currently hold general reserves above thls level (equivalent to 10.6 months budgeted fixed costs} due to successive years of higher than budgeted Income, and lower than anticipated expenditure la result of staff vacancies and delayed payments of research grants). Trustees have agreed a planned and controlled approach to reduclng our general reserves. Thls wlll be achleved through increased investment In support. influencin8 and research attivitles. Trustees will contlnue to monitor reserves levels c105ely to ensure reserves are brought back In Ilne with the policy over an appropriate timeframe. PSPA'S funds are allocated to three speclflc reserves: Restrlcted ReseNe: unspent funds held for research and servlce dellvery programs, whlch can only be used for the intended purposes outlined by the funders. Designated Rese￿e. funds set aside for the charitys research strate8y. General Reserves: unrestricted funds that safeguard operations and cover at least nine months of fixed c05t5. The Trustees have considered the Impact of economic pressures on our flnances and, given the strength of our reseNes and cash liquidity, are confident the charity can continue to meet its obligations. 131 Page psp/ Reserrfe levels are reviewed regularly by the Flnance, Audit, and Risk Committee, and the policy Is formally revlewed each year to ensure It contlnues to support PSPA'S strateglc and operational need5. The Charltvs reserves leve15 as of 31 December 2025 were as follow5: Restrlcted Reserve: £682.64412024: £445,133). Designated ReseNe: £435,597 (2024: £435.9571. General Reserve £1,834,74512024: £1,692,242) Principal Risks and Uncertalnties Risk Management The trustees acknowledge their responsibillly for the charitls systems of Intemal control and rlsk management. There Is a rlsk management strategy in place which comprises: an annual review of the prlnclpal rtsks and uncertainties that the charity faces the e5tabllshment of pollcles, systems, and procedure5 to mitl8ate those risks identif￿d In the annual revlew: and the implementation of procedures designed to mlnimise or manage any potential impact on the charlty should those rlsks materialise The main risk categorres relevant to PSPA are financlal risk; reputatlonal risk; fundraising risk,. external environment risk; and legal and regulatory rlsk, includin8 GDPR, health and safety, cyber securlty and new fundraising standards. 141Page psp Structure, Governance and Management Reference and Administrative Details Committees of the Board Finance. Audit and Risk Committee This is a committee of the board wlth ongoin8 responsibilities for monltoring and revlew of financial perforrnance, and the identification and management of financial and operational risk. The committee performs è detailed review of the annual budget, oversees the financial audlt and undertakes detalled reviews of the quarterly mana8ement accounts. The committee includes a mlnlmum of three members of the board, includln8 the chair of the board. The cornmittee is chalred by one of the members (not bein8 the chalr of the board) who must have recent and relevant flnancial experience. It is attended bythe CEO and Head of Flnance {both ex offluo}. Nomlnation5 Committee Task5 Include the scrutiny of pr95pective dlrectors, the appointment of the CEO and senior Staff. and the review of available skills within the board. The committee is also responslble for ensuring that staff are appraised by the CEO and, in this regard, acts as a committee of appeal for disputes arising between the staff and the CEO. The committee includes a minimurn of three members ofthe board and Is chaired bythe chalr of the board (except for the recrultment of a new board chalrl. It is encouraged to take outside advice, where approprfate. Research Committee The Research Committee takes deleEated responsibility on behalf of the Board of Trustees for the research strate￿. This Commlttee ensures there Is a framework for accountability. and that the charity 15 worklng within approprlate legal and ethical boundaries. to fund researth of the hlghest quality, and of greatest benefrt to people with PSP & CBD. The Research Committee will adhere to the recommendatiODS of the Assoclation of Medical Research Charities IAMRC) for the management of research. Prlmarily composed of outslde mernbers. the comrnittee must include at least one member of the board and Is attended by the Chair, CEO and Research Coordlnator (all ex offlclol. Serrfices Committee The Services Cornrnlttee was created to ensure continuous Improvement of quallty and Standards acr055 the charitys service5 provlslon. The cornmlttee is the main forum for patients. carers and professionals to have direct impart on the design and dellvery of service5 and the 5trate8y of PSPA. The aims of the committee are to ensure that the charity maximlses Its performance on behalf of people affected by PSP & CBD and to increasethe use of coproduction to develop and design services. This Committee is coordlnated by the Director of 5erylce Development and Improvement. Appointment of Trustee5 The board may select new trustees by any means It deems appropriate, which may include the introdurtlon of personal contacts. by advert15in& or by direct approach to 151 Pa8e psp Individuals. All applicants to become trustees are Interviewed by the Nominations Committee. New trustees are appolnted for a 3-year terni, which may be extended by mutual agreement for a second perlod of three year5. The chair is appointed for a non-renewable term of five year5. Where the board of trustees agree it15 appropriate the temi may be extended for a further period of one year. Trustee Induction and Trainin8 The Chair provldes oversi8ht of new trustee orlentatlon. whlch Includes their legal and fiduciary obll8ations under charty and company law, the Charity Comm15sion guidance on public benefrt, the charivs Memorandum and Articles of Association and governance processes, alon8 wlth the strategy, business plan and recent financial performance of the charlty. Related Partie5 and Co-operation wrth Other Qrganisations None of our trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee or senior manager of the charlty and a related party must be disclosed to the full board of trustees. Details of research awards connerted to Trustees are dlsclosed in note 10. Remuneration Policy and Senior Staff The dlrectors consider that the board of dlrectors who are the Assoclation'5 trustees, and the senior management team comprise the key mana8ement personnel ofthe charity in charge of directing and controlling, runnin8 and operatin8 the Association on a day-to4ay basis. All directors give their.time freely and no director recelved remuneration in the year. Details of directors, expen5e5 and related party transactions are disdosed in notes 7 and 10 to the accounts. The pay of the senior 5t3ff is revlewed annually and nor mally increased In accordance with average earnin85. Statement of Trustees, Responsibilities and Corporate Governance The charity trustees {who are also the dirertors of The PSP Assoclatlon for the purposes of company lawl are responsible for preparing a trustees, annual report and financial 5tatemenls in accordance with the applicable law and Unlted Kingdom Accounting Standards (United Kin8dom Generalty Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statement5 for each year which give a true and falr vlew of the situation of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the tharity for that perlod. In preparing the financlal statements. the trustees are required to: select sultsble accountSng pollcies and then apply them Con5￿tentIV observe the methods and principles In the Charlties SORP make judgements and estlmatesthat are reasonable and prudent state whether applicable UK accountlng Standards have been followed, subject to any material departures dlsclosed and explained in the financSal statements 161Page pspi prepare the finandal statements on a going conwn basis unless tt is Inappropriate to presume that the charlty wlll contlnue In business The trustees are responslble for keepin8 proper accountin8 records that dlsclose wlth reasonable accuracy at any tlme the flnanclal position of the charlty and to enable them to ensure that the flnandal statements comply with the Companies Act 2LM)6. They are also responsible for safe8uardlng the assets of the chaTIty and hence taking reasonable steps for the p￿Vention and detection of fraud and other Irregularitles. The trustees ale responslble for the malntenance and Integrlty of.the corporate and Ilnancial govemance. The preparation and dissemination of financial statement may dlffer fiom le8islation in other jurisdictions. Statement as to the dlsclosure to our audltors In so far as the trustee& are aware at the tlme of approvin8.our trustees, annual report: There15 no relevant information, being Informatlon needed by the audltor In connection with prepartng thelr report, of which the charitrfs auditor is unaware, and The trustees, having made enquiries from fellow dlrertors and the charitrfs audltor that they ought to have individually taken, have each taken all step5 that he/she Is obllEed to take as a dlrector to make themselves aware of any relevènt audit informatlon and to establish that the audltor is aware of that information. By order of the Board of Trustees Ms R Ironside. Chalr Date . 20 Mty 2026 171 Page pspi, Or8anisational Information Charity number". 1037087 Company nurnber". 2920581 Re¥lstered Office: Margaret Powell House, Mldsummer Boulevard. Mitton Keynes, Bucklnghamshire, England, MK9 3BN Our AdvlsÈTs Audltors." Fleld Sullivan 9 Hare & Blllet Road, Blackheath, SE3 ORB Lloyd5 Bank 1-5 The Broadway. Crawley, West Sussex, RHIO IDU Unity Bank Four Brindleyplace, Birmingham, Bl 2JB. Banker5: Trurtoes who are also directors under company law, who seNed durin8 the year were as follows: Rowena Ironslde (Chairl James Noble IResl8ned June 20251 Jon Garrard Dr Boyd Ghosh Alison Goold ITrea5urerl Marla Tennant Gieg Richardson John Redfern (Appolnted l January 2025) Thomas Whlttle (Appointed l January 20251 Flona Lindop (Appointed l Aprll 20251 Prof Heather An8us-Leppan (Appolnted l April 2025) Company Secretsry: Jame5 Cusack (Appointed l December 20251 Rebecca Packwood (Resigned 30 November 2025) Key Management Personnel: Chlef Executlve Officer.. James Cusack (Appointed l December 2025) Rebecca Packwood (Resigned 30 November 20251 Director of Service Improvement & Development (Deputy CEO): Carol Amirghlasvand Research Commitlee Prof Karen Morrison {Chair) Prof Johannes Attem5 Dr Boyd Ghosh Pmf PeterGaffard 181Page pspi. Dr Maura Malpetti Dr Vicky Marshall Pn)f Wendy Noble Prof Huw Morrls Dr Kathryn Bowles (Appolnted January 2025) Prof Marla Grazia Splllantlnl {Appolnted l January 2025} Navin Sewak (lay member) 191Page psp Independent Auditors Report to the Trustees of The PSP A550ciation Oplnlon We have audited the flnancial statements of The PSP Association (the 'charitable compan¢) forthe year ended 31 December 2025 which comprise the balance sheet, the statementof financial actlvities, statement of cashflow5, and notes to the financial statements, Including a summary of significant accounting policies. The flnancial reporting framework that has been applled in their preparation is applicable law and United Kin8dom Accounting Standards, including Financial Reportlng Standard 102 The Financial Reportin8 Standard applicable In the UK and Republlc of Sreland (United Kingdom Generally Accepted Accountlng Prarticel. In our oplnlon. the financlal statements: glve a true and falr view of the state of the charltable cornpanrfs affalrs as at 31 December 2025 and of Its Incomlng resources and applicatlon of iesources, Indudln8 Its income and expendlture, for the year then ended; have been properly prepared in accordance with United Klngdom Generally Attepted Accounting Prartlce: and have been prepared in accordance with the requirements of the Companies Act 2006. Oas15 for opknlon We tonducted our audit In accordance wlth International Standards on Auditing (UK} {ISAs {UKII and appllcable law. Our responsibilities under those standards are further described in the Audltorfs re5pon5ibllltles for the audit of the financial rtatements 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 FRCS Ethlcal Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requlrements. We believe that the audit evidence we have obtained Is sufficient ènd appropriate to provide a basls for our opinion. Concluslons relatln8 to golng roncern In audltlng the financlal statements. we have concluded that the trustees, use of the goln8 concern basis of accounting in the preparation of the financl31 statements Is appropriate. B05ed on the work we have performed, we have not Identffied any material uncertalnties relating to events or condltlons that, Indivldually or collectlvely, may cast slgniflcant doubt on the entlty's ablllty to continue as a going concern for a period of at least twelve months from when the flnanclal statements are authorised for i55ue. Our re5ponsibilltles and the responsibilities of the trustees with re5pert to going concern are descrlbed In the relevant sectlons of this report. Other Informatlon The other information comprises the informatlon Included in the annual report other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other irtformation contained wlthln the annual report. Our opinlon on the financial statements does not cover the other information and, ex￿pt to the extent otherwise explicitly stated In our report, we do not express any form of assurance conclusion thereon. 201 Page pspi Our responslbllity is to read the other inforrnatlon and, in doing so, consider whether the other informatlon is materially inconslstent wtth the financlal statements or our knowledge obtalned in the course of the audit or otherwise appears to be materially misstated. If we identlfy such material inconslstencles or apparent material misstatements, we are requlred to determine whether this glves rise to a materlal mi55totement in the financlal statements themselves. If, based on the work we have performed. we conclude that there 15 a material m15Statement of this other information, we are requlred to report that fart. We have nothing to report in this regard. Opinions other matters prèsttibed by the Companles Act 2006 In our OPiVbion, based on the work undertaken Sn the course of the audit: the inforniation given in the trustees, feport. whlch include5 the directols, report prepared for company law purposes, for the financial year for which the financial statements are prepared Is consistent wlth the financial statements; and the direttors, report included within the trustees, report ha5 been prepared in accordance with applicable le8al requirements. Matter5 on whlch we are requirqd to report by exception In the I1￿1 of the knowledge and understanding of the charltable company and its envlronment obtalned in the course of the audit. we have not identlfied material mi55tatement5 In the trustees, reporL We have nothin8 to report in respect of the following matters in relation to whlch the Companies Att 211￿, and the Charities Accounts (Scotland) Regulations 2LK)6 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branche5 not visited by us; or the financial statements are not in agreement with the accounting recoids and returns; or certain dlsclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we requlre for our audlt. Responslbllltles ol Trustees As explained more fully In the trustees, responsibilities statement set out on page 16 the trustees (who are also the dlrectors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statement5 and for being 5atlsfled that they give a true and falr view, and for such internal control as the tru5tee5 determine 15 nece55ary to enable the preparatlon of financlal statements that are free from material misstatement. whether due to fraud or error. In preparing the financlal statements, the trustees are responslble for assesslng the charitable company's ability to contlnue as a 80in8 concem, disclosin& as applicable, matters related to goln8 concern and using the 8oln8 concern basis of accountlng unless the trustees elther Intend to liquldate the charitable company or to cease operatlons. or have no reali5tlc alternatlve but to do so. Audltorf5 r85ponslblllties for the audlt of the lin•ntlal ststernents 211Page psp Our objertlves are to obtsln 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'5 report that include5 our opinion. Reasonable assurance is a high level of assurance. but It Is not a 8uarantee that an audit conducted in accordance with ISAS IUKI will always detect a materi81 misstatement when it exists. Misstatements can arise from fraud or error and are considered material If, indlvldually or In the aggregate, they could reasonably be experted to influence the econoknlc declslons of user5 taken on the basls of these flnanclal statÈments. The extent to which our procedures are capable of detectln8 Irregularities. including fraud, Is detalled below: Iderrtlfyln8 and assessln8 Wntial risks rqlat•d to irr•wlarftl•s In Identlfying and assesslng the rlsks of material Misstatement in respect of Irregulartties, including fraud and non-compliance with law5 and regulatk)ns, we considered the following: The nature of the charltys actlvltle5 and sector, control envlronment and financlal performance: Enqulrlng of management and the trustee5. includlng obtalnlng and reviewin8 supporting docurnentatlon. concernlng the charitable companrf5 policie5 and procedures relating to., o Identifyin& evaluatin8 and complyingwlth lèws and re8ubatlon5 and whether they were aware of any instances of non-compllance: o Oelerting and respminding to the risks of fraud and whether they have knowledge of any actual. 5usperted or alleged fraud,. o The Internal corrtrols established to mltigate r15ks related to fraud or non-compliance with laws and reEulations. • Discussin8 among the engagement team and Involvlng relevant internal specialists, including tax, and charity specialists (where relevant) regardin8 how and where fraud might occur In the flnancial statements and any potential indicators of fraud", and Obtainin8 and understandin8 of the legal and regulatory frameworks that the charitable company operates In. focusing on those laws and regulation5 that had a direct effect on the financial statements, such as provislons of the UK Companies Act, charity le8islation and tax legislalion or that had a fundamental effect on the operatlon5 of the charltable company,. Including General Data Protection requlrements, anti-bribery and corruption pollcy. Audlt re5pon5e to risks Identified As a result of perfonnlng the above, we identified various provlslons of the Charities Act and the Charlty Commission 8uidance as key audlt matters rel*ed to non-tompllance wlth laws and regulations and the receipt of donations and the maklng of grants as key audit matters related to the potentlal rlsk of fraud. In common wlth all audit5 under ISAS {UK), we are also required to perform speclflc procedure5 to respond to the rlsk of management overrlde. In addftion to the above, our procedures to respond to rlsks Identlfied include the followlng: • Revlew of the financlal statement disclosures and testin8 to support docuinentation to assess compliance with provision5 Qf ￿levant laws and re8ulation5 described a5 having a direct effect on the financial statement5: Enquiring of management, the trustees and in-house and external legal counsel where relevant concernin8 actual and potentlal Iltigation and claims; 22IPa8e pspi Performing analytlcal procedures to identify any unusual or unexpected relation5hlpsthat may indlcate risks of material misstatement due to fraud; and Reading minutes of meetin8s of those charged with governance, reviewing internal reports where relevant and correspondence. Reviewing compliance with relevant charity lewslation. • Revlewing and testing the recelpt of donations. RÈviewing and testlng the making of 8rants. • In addressing the rlsk of fraud through management override of controls. testin8 the appropriatèness of journal entries and other adjustments; assessin8 whether the judgements made in making accountin8 estimates are indlcatlve of a potential bias; and evaluating the rationale of the charlty ftjr any significant transactions that are unusual or outside the normal course of busine55. We also communlcated relevant Identlfled laws and re8ulations and potential fraud risks to all engagementteam members and remained alert to an indication of fraud or non- compliance with laws and re8ulations throughout the audlL Bècause of the inherent limitations of an audit, there is a rlsk that we wlll not detect all irregularities, Including those leadin8 to a materlal misstatement In the financlal Matements or nonrn Investlng Actlvltles: Dlvidends, Interest and Rents from inve5tmenis Purchases of Property, Plant and Equlpment 77,2￿1 14,8151 78.779 15.6661 73,113 12 Change In Cash and Cash Equlvalents in the Reportin8 Period Cash at Bank and in Hand Less (knrdrafts at the Be8innln8 of the Year Cash at Bank and In Hand Less (knrdralts at Year End 118,349 454.940 2.702.250 2.247,310 I￿20,599 2,702,250 The notes on pages 2541 fomi part of these finanaal statements. 271 Page pspi, Notes to the Accounts I. ACCOUNTING POUUES The princlpal accountin8 pollcles adopted, Judgements and key source5 of estlmatlon uncertalnty In tr￿ preparatlon of the financial statements are as lollows: Ba$15 of Preparntlon The flnancial statements have been prepared in accordance with Accounting and Reportln8 by Charitie5.' Statement of Recommended Prattice applicable to tharities preparinE their accounts in accordance with thè Financial Reporting Standard opplicable In the UK and Republic of Ireland IFRS 1021 leffective l January 20151- Icharfties SORP IFRS 1021, the Financial Reportln8 Stsndard applicable in the UK and Republic of I￿land IFRS 1021 and the Companies Act 2006. The PSP A550clatktn meets the definltion of è public benefit enthy under FRS 102. Asset5 and Uabllltles are Inltlally recognised at historical cost or transaction value unless Otherwise stated In the relevant accounting policy notel51. Prep•ratlon of thp Accounts on a Goln8 Concern Basls The Associatlon reported a cash inflow of £118,349 for the year.12024 £454,940). The Trustees are of the vlew that based on the budgeted cash flow forecast, the tharity wlll have avallable Ilquld fvnds to settle debts as they tall due. beyond the next accountin8 period. Income Reco8nltlon Income is recognised when the charlty has entitlement to the funds, It Is probable that the income will be re￿ived, and the amount can be measured reliably. Income from 8overnment and other grants. whether'capital. grants or'revenue, grants, 15 recognised when the charity has entitlement to the funds, any performance condrtlons attathed to the 8ranls have been met, it 15 probable that the income will be received, and the amount can be measured reliably and 15 not deferred. For legacies. entltlementls tsken as the earlier of the date on which either.. the charfty Is aware that probate has been granted, the estate has been finèllsed, and notification has been made by the executodsl to the Trust that a distribution will be rnade, or when a distributlon 15 ￿ celved from the estate. Recelpt of a legacy, in whole 01 In parL Is onty considered probable when the amount can be measured reliably. and the charlty has been notified of the executorfs intention to make a distribution. Where1É8acies have been notlfled to the charlty. or the charity 15 aware of the granting of probate, the crfterla for irKome recognition have nct been met, then the legacy is a treated as a contingent asset and disclosed If material. Donated Ser¥kes and F*cilltles Donated profe55h?nal services and donated facilltie5 are recognlsed as intome when the charity has control aver the item. any conditions associated wtth the donated item have been met. the recelpt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities 50RP IFRS 1021, 8eneral volunteertime is not reco8lli5ed; for more information about their contribution referto the Tru5tees' annual ￿port. On receipL dgnated profe55ional 5ervice5 afKI donated facilities are recognised on the basis of the value of the 81ft to the charlty which is the amount thè charity would have been wllling to pay to obtsln Servi￿ or facllltie5 Of equJvalent economic benefit on the open markeL' a corresponding amount is then recoBnised in expendlture in the perlod of receipt. 281Page pspi. irt•rest Recei￿ble Interest on funds held on deposit 15 included when.receivable and the amount cin be measured reliably by the charity- this 15 nomially upon notificatlon of the interest paid or payable by the Bank.. Fund Accountl Unrestrlcled funds are available to spend on artivsties that further any of the purposes of charity. Designated funds are unrestrrcted fvnds of the charity whlch the Trustees have decided at their discretlon to set aside to use for a specific purpose. Restrlcted funds are donation5 which the donor has specifled are to be solely used for partkulararea5 of the Charl￿$ work or for specifK projects be5n8 undertaken by the Charity. Judiements In apptylng accounting polides and key sources of Èstlmatlon uncertaSnty In the applicatlon of the char5t￿5 accountlng policie5, the trustees are required to make judBements. estimate5 and assumption5 about the carryin8 amount of assets and Ilabilities that are not readily apparent from other sources. The estlm3tes and associated assumptions are based on historical experience and otherfactors ihat are relevant. Actual results may differ from tttge estimate5. The e5timate5 and underlying assumptions are reviewed on an ongolng basis. Revision5 to accounting estlmates are recognised in the periods In which the estlmate Is revised where revisions affect only that period, or in the period of the revi51on and future periods where the revisions affect both current and future periods. The followinE Judgement had a slgnfficant effect on the amounts reco8nised in the financlal ststements: The charlty holds stocK prlmarlly conslstln8 of awareness materials and fundralsing merchBndlse. A Significant judgement has been made In a55essinB the net realisable value of this stocki particularty in determinlng whether any adjustments for obsolescence Dr slow-moving items are necessary. Given the nature of the stocl its usability and demand Can flurtuate based on campaign activity and external fartois. The trustees have considered hlstorical sales t￿nds. future demand proJertions, and any potential write-offs when a55e55in8 the appropriate carrylng value. This judgement directly Impacts the valuation of stock In the financlal statements and, consequently. the reported financial P051tion of the charity. A(Idltlonally, judgement has been applied in the recognition of deferred Income. partlculady In relation to grant funding and event income. The chartty receive5 Income that may be subject to perfomiance conditions or restrictions on use. Where Income is received Sn advance of the related attivities taking place or condltlons beln8 met. It15 deferred and recogni5ed in future periods. The trustees have assessed each fundln8 Stream to deternilne whether tonditions exist that would requlre Incorne to be fleferred, ensuring compllance wlth appllcable accountln8 Standards. Thls judgement affects the timin8 of income recognition and, consequently. the reported surplus or deflcit for the financial year. Expenditufe and Irreco¥erable VAT Expenditure is recognised ontè there is a legal or constructive obligation to make a payment to third party, it is probable that settlement wlll be required. and the amount of the oblytion can be measured reliably. 291Page pspi Expenditure is classlfied under the followlng acllvity headin8S: Costs of raising funds compr15e all costs attributed lo the fundraising artivitie5 undertaken. including 5UPPOrt costs. Expenéiture on charttsble actNlties includes the costs of infomiation and support events and other educational activities undertaken to further the purposes of the charlty and thelr associated support costs. Support costs include the costs of 8eneral managemeftt Itncluding finance, IT and HR). Governance costs Include ihe costs of compliance wlth constltutlonal and ststutory requirement5, external audit and the cost of legal advice for the Trustee5, as well as staff time Spent on governance matters. Governance and sUPPOrt-costs are allocated to the Charity5 aclivities based on staff per opita per department. Irrecoverable VAT is charged as a cost against the artivity for whkh the expendlture was incurred, Other expendltts￿ represents those items not falling into any other head5ng. Ta￿1b1* Fixed Assels Tanglble fixed assets are recorded at cost. includin8 incidental costs of acqulrlng the asset. Depreciation is provided to write off the c05t of the fixed asset, less its estimated residual value. over their expected useful lives using the followlng basls: Leasehold Improvements Flxtures and Fittln8s lekrtrlcal equipment) Computer Software & Equipmenl 20% straleht line 20% straight line 33% stral8ht line Stock Stocks ère held on the balance sheet at the lowerof cost or estirnated sellln8 prlce le55 Costs IQ complete and sell. Cash at Bank and In Hand Cash at bank and cash in hand Includes cash and short tem) highty liquid investments with a maturity of three months or more from the date of Jcquisition Dr openlng of the deposit or slmllar account. Credltors and Provlsions Creditors and provisions are recognlsed where the charity has a present obligation resulting from a past event that wlll probably result in the transfer of funds to a third party and the amount due to settle the obllgatlon can be measured or estimated ￿liably. Creditors and provision5 are nomal recognised at their settlement amount after allowing for any trade dixounts due. rinancial In5trurn¥nts The A55ociation only has financial assets and financial liabllitles of a klnd that quallfy as bask financlal Instruments. Basic financial instruments are initially recognlsed at transaction value and subsequently measured at thelr settlement value Èxcept for bank loans whlth are subsequently mea5UTed at amortised c05t using the effective interest method. I Page psp/ Operallwa L¢as•S Rentals applicable to operating leases where substantially all the benefits and rlsks of ownershlp remain with the lessor are charEed to the SOFA on a stralght-line basls as they arise. Grat Grants are typically awarded for research projects extending over more than one flnanclal year and are paid in instalmen15 subject to agreed milestones and continuing eligibility. Grant expendlture15 recognlsed when the charlty has o present legal or constrnctive obligatlon to make a paymen¢ settlement is probable. and the amount can be measured reliably. ,Where grant awards are subject to performance-related or other condltlons. no liability is reco8nised for amounts relating to condftions that have not been met. Grant Ilabllities are recognised at the best estlmate of the amount payable and are included within creditors. Amounts falling due within one year and after more than one year are disclosed separately where material. The effect of discountin8 has been reviewed and is consldered immaterial In both eurrent and prioryear ends. 2. Leaal 5tatU5 of the assodJtlon The A55oFiatlon Is a company Ilmited by guarantee and has no share capital. 3. InMme from DL•nations and Le8atiÈs Income from donations and legacles w?5 £1,983,13612024- £1,861.5731. 2024 Totsl Vnrestrl¢ted Re5trlthd Totsl Voluntary Fundraising Legacles Trusts arsd Foundations In Memoriam Personal Donations Direct Mall Unsolicited Donations Major DorK>rs Corporatè Research Appeal 2024 624,614 157,817 8.648 21.(IXI 633,262 178,817 561,930 321,175 44.342 176.783 221,125 270,231 225,374 234,017 12.231 95.425 5.000 11.323 12.310 1.484 130 3.9YI 2.000 9.500 337.184 237,684 215.501 12,J61 99,379 208.986 209,530 15.754 105,058 20A23 337,184 7,015 159.894 IAIQ.143 572,993 1.983.136 ¥861,5rJ 311 Page pspi The Assoclation beneflts greatly from the Invofveinent and ènthuslastlc support of its many volunteers. detalls of which are given in our annual report. In actofdance wlth FRS 102 and the Charitles SORP IFRS 1021. the economic contributlon of 8eneral volunteers is not reco8ni5ed in the accounts. 4. An•ly515 of Empendituve on Charltabl•Artlvlile5 The following three tables show the total expendlture on charitsble fund5, then the split between expenditure on unrestricted and restricted funds. Research Actl¥ltl Info & Support Costs IOZS Volurt••r Costs Total Totsl Totrl Ch*ritable Artivities Salaries & WaEes Awareness Purchases Other Grants Research Grants Share of Support Costs Share of Governance 43,041 488,922 126.884 154,274 14,933 531.963 126 197,562 14,933 74.758 241659 6,212 427.681 78,?52 157.179 10,245 205,382 38.418 26.526 16.762 74,758 15.655 401 227, 5.811 160381 1.017,828 16,762 1,194,971 917.857 Restdrch Activilies Info & Support Costs Volunteer 2025 2024 Totsl Totsl Charltable Actlvities Unrestrfrted fvnds Salaries & Wa8es Awareness Purchases other Grants Research Grants Share of Support C05t5 Share of G￿ernan 446,21X) 126,884 28.242 302 446,200 126,884 37,232 302 326,252 77,194 120,700 4,314 1,191 7.799 15,655 401 227.DJ4 5.811 242.659 6.212 38.418 17,247 834.443 7.799 859N89 566,878 311 Pa8e pspi Research Artivities lfifo & Support 2025 Volunteer Total Total Charltablo Artlvltles R•strirted Fund$ Salaries & Wages Awareness Purchases Other Grants Resèarch Grants Shhre (rf Support C05tS Share of Govemance 43JMI 42,722 85.763 101,429 1,758 36,479 5.931 205.382 25335 126.032 14.631 8,963 160.330 14.631 74.758 74,758 143.134 183J85 8.903 335882 3W79 Raislns Funds Unrestrtcted Funds Z025 237.842 153,471 93,933 2.405 2024 195A66 130.002 19,639 Salarles Purchases Share of Support Costs Share of Governance Costs 487.651 345.107 5. Gr￿t Maklnq Acil￿tieS Research grants were awarded by the research committee lo fund research projects that have been approved by pèr review. An*sls of Grants Paid Research Grants Support Grants 74,758 14,933 205,382 10.245 89,691 215.627 6rants to Institutions UnNersity College London UnNersity Hospltal Southampton UnNersity of Cambridge Varlous Other Small Grants 119,6571 19,404 66,0 8.993 74.758 138.177 17.480 41,312 8,413 205,382 Support Grants to Indfvkluals 14,933 10.245 331Page pspi Research grants are generally pald quarter￿ in arrears. Grants can be awarded for a period of up to flve years, each grant is dIffe￿nt. For admlnlstrattve ￿asOnS it can take some time for the grantee to Bain ethiial approval and to appoint Suitable Staff. Consequently* Some grants may remain partly unpaid at year end; this may r@quire an adjustment in a subsequent pèriod in this respect. It Is generally accepted that the grant is tsken up within twelve months of the award date,. allowances can be made on approval by the RÈsearth Committee and Trustees. 2025 1024 Research Commftrnents Payable wlthln one year Payabk in year5 two to fwe 197,592 569,878 248,003 179,911 767A70 427,914 6. Net IKome/lExpendlture) For the Year 202S 2024 Th1$15 aftercharylnr. Depreciatlon Note 12 7,878 6,272 Operatin8 Lease Rental 12,CMX) 12.(QO Audit of the financial statements 7.602 7. Analysis 01Staff Costs, Trustee Remunerallon and Expenses. and the Cost of W ￿n48•mI Personnel One employee had remuneratlon lexcludlng employer penslon and Nl costs) between £70.000- £79,999 {20Z4: one employèÈ}- The total employeÈ benefits lincludin8 pensioft Contr1b￿10nS and employerfs Nll of the Senior Management Teom was £333,36312024 £329.8941- The charity Tru5tee5 and key management recevied no personal rernuneration benefrts durin8 the year12024: £nill. No charity Tru5tee5 re￿iVed payment for profe￿I0nal or other services supplied to the charity12024.. £nill. 2025 2024 Total staff costs wern as follo￿. Salaries & Wages Holiday Pay Accrual Social Security Penslon Contrfbutions 828.%NI 1.371 89,565 16,045 704.316 3.362 65.157 12.610 935.885 785A45 Trustee expenses of £183 were relmbursed durlng the year12024: £901. There was no Dlrectors, remuneration during the year. 341PaBe pspi 8. Staff Numbers No. of Operational & Admin stsff No. of Management Staff 20 16 25 21 9. Pension Costs The charity moke5 contrlbution5 for employees to a group personal pension plan. This is a defined contributton scheme administered by Royal London. 10. Kelated partytransaction5 Due to the nature of the charlws operation5 and the comp051tion of the board of Trustees, It is Possible that transactions may take pla￿ with organisations in whlch a irustee may hive an Interest, including the awardinB of research grants Isee note 51. All 8rant transactions Involvlng organ15atlon5 in which a trnstee may have an Interest follow a strirt grant approval process which includes external peèr reV￿W of application5 and the exclusion of any related party trustee from any decision making. Professor Rowe (who resl8ned from the Board of Trustees in July 20231 was a named Prlnclpal Investlgator on one such fellowshlp grant held by the Unfversity of Cambridge. whlch ended n August 2025. Dr Boyd Ghosh ha5 been awèrded small research grants of £2,754 whlch began in June 2024. £2,915 (approved by the Research Committee on 21 June 20221 and a two-year grant o! £58,799 comparin8 Utlllsatlon of health servkes and quality of life bètween centres whith began in August 2024. Donations totslliftg É1,719 were reteived from Trustee5 during the year {2024.. £5.006) There weo no other related party transactions durfng the year. 11. Corporation t￿at10Th The tharlty Is exempt from tax on income and Bains fallln8 Wlthin Section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable object& 35IPage pspi 12. Tan8ibl• Fixed Assets Leasehold Impnmments Fixtures & Flttl Equlpment Totsl COST At l January 2025 Addltions Dlsposèls At 31 Oecember 2025 2,958 21.303 4,815 3,091 27,352 4,815 {3101 31J57 13101 2,781 26.118 Depreclallon At l January 2025 Char8e for the year Ellmlnated on di5P05als At 31 De¢ember 2025 2,958 11.546 7,322 1.309 556 13101 1.555 15.813 7.878 (3101 23.381 1958 NET BOOK VALUE At 31 December 2025 7.250 1,226 8N76 At 31 December 2024 9,757 1.782 I1￿39 13. In¥estmènts Subsidi Undertakln8 Shares At ljanuary 2025 Addition5 At 31 December 2025 100 Pn>vision for Dlrnlnutlon In Value At l January2025 Charge for the Year At 31 December 2025 Net Oook Value At 31 December 2025 loo At 31 December 2024 loo 361Page pspi 13.1 Holdln85 of 20% Morn The company holds 20% Qr more of the followin8 companies: CfK4ntry of Incorporation Nature of usiness Shares H•ld- Cla Prnportton OF Votlng Rlghts & Share5 Held Sub51dlary Undertaklni The PSPA Trading Company Ltd (Co Reg No CB030995) Ordlnary ItX)% England Dormant The 088re8ate amount of capltal and reseFves and the results of that undertaking for the last relevant financlal year wère as follows: Capltal & Reserves ProfflVLoss on Ordlnary A¢tl¥ltles before Taxalioth for the Year The PSPA Tradin8 Company Ltd £1 £nS1 14 Deblors 2024 Other Debtors Accrued Investment Income Prepayments and Actrued Income 22.827 155,782 178,609 7,948 73,591 81,539 15. Creditoys: Amounts Fall1r￿ Due Wlthln One Year 2024 Taxation & Social 5ecuiity Payroll c￿dItOr Pension CredRor Trade Creditors Deferred Income Accruals Research Accrlbal Other Credltors 22,951 18A22 6,938 14,295 70.534 23,167 118,109 13,882 26,116 2,541 72A28 244.527 371 Page pspi l& Anaty5is of Charltsble Fund5 Funds 31 Resourea Tran5hr December Expended 2025 Analysls of Charltable Fund5 January 2025 Incomlng R¢$ou￿•S Gener¥1 Fund Research Fund 1,692,242 435.957 1,501.909 11,359,406) I￿3￿745 435.957 2.128,199 1.501,909 11.359.406) 2,270.702 Analysls of Mo¥ement In Restrlcted Funds Research Information & Support 338,978 106.155 445.133 467,641 105.352 572.993 1143,1341 1192,3481 1335W21 663.485 19,159 681644 llesearth restricted fvnds include all monies donated to PSPA for research activitles whlch Include research grants. information and events such a5 the Intematlonal Symposium. Inforrnotion and sUPPOrt restricted fund5 are used to deliver the chariVs infomiation and support actlvlties. These Include the provlslon of advi￿. information and 8uidance, helpllne and support services, education and awareness-raisin& pollcy and Influenclng activity. and support for beneficlaries and those who Ca￿ for them. The Deslgnated Research fvnd fom)s part'of the Research Appeal and will be used to fund future re5earth artNitie5 and initlatlves. Analysls of net assets ljetween funds 2025: General Fund Restrfrted Funds Total Tangible and Investments Fixed Assets Cash ot Bank and in Hand Other Net Current Assets Total 8.576 2,137.955 124,171 1,270.702 8,576 2.820,599 124,171 2.953,346 682.644 682,644 38 IPage psp T# Comparatlve lor Analysls of Chritsble Fund5 Balance l January 2024 Fund5 31 December 2024 Incoming Resources Resources Exper￿•d Analysls of Charftabl* Fund5 Transfer General Fund 1.696.518 1.581,637 (1,149,956) 1435,9571 1.692,242 Research Fund 435,957 435,597 2.128,199 1.696.518 1.581.637 11.149J56) Analysis of Movemert In Restrlrted Funds Research Infomiation & Support 303.467 111,187 414,654 282,343 99.115 381.458 1246A32} 1104.1471 1350J79) 338,978 106,155 445,ia3 An•lysl$ of net assets between fund$ 2024: General Fund R•strittèd Funds Total Tan8lble and Investments Fixed Assets Cash at Bank and in Hand Other Net Current Assets Totsl 11.639 2,319,353 1202,7931 2.128,199 11.639 2.764A86 1202.793) 1573.332 445,133 445.133 17. Contln8eftt assets Lew In¢ome A5 of 31 December 2025. the charity had received 10 notifications of legacies12024: 81 18. Analysis of Cash aryl Cash Equl¥alents 2025 2024 Cash at Bank and In Hand Total Cash and Cash Equivalent$ 2,820,599 2AZO.599 2.702,250 2.702250 391Page pspi 19. operati￿ Leases Totsl rents15 pjyable under operatin8 leases: 20Z5 2024 nd Ind IKbildln8S Current year F￿Ure Mlnlmum Le?5• Paymetlts Due Not Later Than l Year Later Than l Year and Not Later Than 5Years Totsl Pavrnenls 12.1XlO 16.741 4￿37 33278 20. Indefflnlty Insurance The Charfty paid for the insurance premlumsto Indemnfy Trustees, Directors and senlor staff from any loss arising from neglect or defaults of Tru5tee5, Directors or 51aff and any consequent loss. The cost to the Charity wa5 £65412024: £4191. Prernlums are based on the annual Income. 40IPage pspi 21. Prfsxyearstatsrnent ol Flnandal A¢tlvltles Unrestrfrtod Funds Rastrkt Funds Total Funds Total Funds 2023 Note In¢ome And Endowments From; Donations and Legacles Charitable Activities Other TradinE Activities Investments Other 1.480.115 381.458 1,161.573 1,259.525 179,707 49,572 45.766 22.743 78,779 22,743 78,779 Total Income Expendtture On: Raising FurKIs Other Trading Activities Charitsble Actk¥lt*5 Investments other T(*Jl Expendliure 1.581.637 381N58 1,963.095 1,535,118 345.107 15.668 566,878 29 222,274 1,149,9S6 345.107 15.668 917.857 29 222,274 1,500,935 290,412 7,194 823,948 2.828 267,687 1.392,068 350,979 350,979 Net Incom¢llEMpendltur¢l Net Movement In Funds 431.681 431,681 30,479 30N79 462,160 462.160 143.050 143,050 R•conclllatitsn of Fund$: Total Funds Brought Forward Total Funds Carrfed Forward 1,696.518 2,IZ8.199 414,654 445,133 2.111,172 1573.332 1.968,122 2.111,172 411 Page