Charity registration number 1064899 (England and Wales)
Company registration number 03345688
CITRINA FOUNDATION UK LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
CITRINA FOUNDATION UK LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr TR Meadows
Prof R Villems
Secretary
Mr H Wood
Charity number (England and Wales)
1064899
Company number
03345688
Registered office
10 Bolt Court
3rd Floor
London
EC4A 3DQ
CITRINA FOUNDATION UK LIMITED
CONTENTS
Page
Trustees' report
2 - 3
Balance sheet
5
Statement of cash flows
6
Notes to the financial statements
7 - 12
CITRINA FOUNDATION UK LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The trustees, who are also the directors of Citrina Foundation UK Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CITRINA FOUNDATION UK LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note to the financial statements and comply with the charity's Memorandum and Article of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The charity's objects are to advance education and wellbeing, by assisting in the establishment and operation of facilities at the University of Tartu in Estonia and other similar research facilities. The facilities are designed for the purpose of transgenic tumour research.

Achievements and performance
Significant activities and achievements against objectives

After funding the development of the cancer research laboratory at the University of Tartu in 1998, the charity now makes donations to help towards its running and maintenance costs and to other research institutions. During the year the charity made donations to research bodies of £Nil (2024: £Nil).

Financial review
Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Major risks

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity as established by trust deed in 1997 and is registered with the Charity commission, number 1064899. The charity was incorporated as a company limited by guarantee on 1 April 1997, number 03345688.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr TR Meadows
Prof R Villems
Recruitment and appointment of trustees

It is the policy of the charity that new trustees may be appointed at the discretion of the existing trustees.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

CITRINA FOUNDATION UK LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The trustees' report was approved by the Board of Trustees.

Mr H Wood
Trustee
2 May 2025
CITRINA FOUNDATION UK LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
Notes
£
£
£
£
£
£
Income from:
Investments
3
1,275
-
1,275
947
-
947
Total income
1,275
-
1,275
947
-
947
Expenditure on:
Charitable activities
4
-
9,063
9,063
-
9,063
9,063
Other expenditure
5,112
-
5,112
3,625
-
3,625
Total expenditure
5,112
9,063
14,175
3,625
9,063
12,688
Net expenditure and movement in funds
(3,837)
(9,063)
(12,900)
(2,678)
(9,063)
(11,741)
Reconciliation of funds:
Fund balances at 1 April 2024
437,535
314,069
751,604
440,213
323,132
763,345
Fund balances at 31 March 2025
433,698
305,006
738,704
437,535
314,069
751,604

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

CITRINA FOUNDATION UK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 5 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
652,561
661,624
Current assets
Cash at bank and in hand
90,511
93,605
Creditors: amounts falling due within one year
10
(4,368)
(3,625)
Net current assets
86,143
89,980
Total assets less current liabilities
738,704
751,604
The funds of the charity
Restricted income funds
11
305,006
314,069
Unrestricted funds
12
433,698
437,535
738,704
751,604

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 2 May 2025
Mr TR Meadows
Trustee
Company registration number 03345688 (England and Wales)
CITRINA FOUNDATION UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
(4,369)
(3,624)
Investing activities
Investment income received
1,275
947
Net cash generated from investing activities
1,275
947
Net cash generated from financing activities
-
-
Net decrease in cash and cash equivalents
(3,094)
(2,677)
Cash and cash equivalents at beginning of year
93,605
96,282
Cash and cash equivalents at end of year
90,511
93,605
CITRINA FOUNDATION UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
1
Accounting policies
Charity information

Citrina Foundation UK Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 10 Bolt Court, 3rd Floor, London, EC4A 3DQ.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Article of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
CITRINA FOUNDATION UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 8 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

 

 

 

 

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
over the lifetime of the lease of 100 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CITRINA FOUNDATION UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 9 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Interest receivable
1,275
947
CITRINA FOUNDATION UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
4
Expenditure on charitable activities
Restricted Funds
Restricted Funds
2025
2024
£
£
Direct costs
Depreciation and impairment
9,063
9,063
Analysis by fund
Restricted funds
9,063
9,063
5
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
9,063
9,063
6
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The renumeration of key management personnel for the year was £Nil (2024: £0).

8
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

CITRINA FOUNDATION UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
9
Tangible fixed assets
Leasehold land and buildings
£
Cost
At 1 April 2024
906,326
At 31 March 2025
906,326
Depreciation and impairment
At 1 April 2024
244,702
Depreciation charged in the year
9,063
At 31 March 2025
253,765
Carrying amount
At 31 March 2025
652,561
At 31 March 2024
661,624
10
Creditors: amounts falling due within one year
2025
2024
£
£
Accruals and deferred income
4,368
3,625
11
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April 2024
Resources expended
At 31 March 2025
£
£
£
314,069
(9,063)
305,006
Previous year:
At 1 April 2023
Resources expended
At 31 March 2024
£
£
£
323,132
(9,063)
314,069
CITRINA FOUNDATION UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
12
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2024
Incoming resources
Resources expended
At 31 March 2025
£
£
£
£
General funds
437,535
1,275
(5,112)
433,698
Previous year:
At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
440,213
947
(3,625)
437,535
13
Analysis of net assets between funds
Unrestricted
Restricted
Total
£
£
£
Fund balances at 31 March 2025 are represented by:
Tangible assets
-
652,561
652,561
Current assets/(liabilities)
433,698
(347,555)
86,143
433,698
305,006
738,704
14
Related party transactions
Transactions with related parties

During the year the charity purchased services on normal commercial terms from SRG LLP, a firm in which Mr. Meadows is materially interested as a member. This amounted to £4,369 (2024: £3,625).

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