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The Wallace Kelsey Research Foundation Limited

Annual Report and Unaudited Financial Statements

for the financial year ended 31 October 2025

The Wallace Kelsey Research Foundation Limited

REFERENCE AND ADMINISTRATIVE INFORMATION

Directors | Professor Thomas Kelsey
| Dr WIlliam Wallace
Charity Number in England and Wales | 1116920
Company Registration Number | 05591916
Registered Office and Principal Address | 145 Junction Road, London N19 5PX
| London
| London
| N19 5PX
Accountants | JLK Associates Limited
| 145
| Junction Road
| London
| N19 5PX
| United Kingdom

The Wallace Kelsey Research Foundation Limited

DIRECTORS' ANNUAL REPORT

for the financial year ended 31 October 2025

The directors present their Directors' Annual Report, combining the Directors' Report and Trustees' Report, and the unaudited financial statements for the financial year ended 31 October 2025.

The financial statements are prepared in accordance with the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Directors' Report contains the information required to be provided in the Directors' Annual Report under the Statement of Recommended Practice (SORP) guidelines. The directors of the company are also charity trustees for the purpose of charity law and under the company's constitution are known as members of the board of trustees. In this report the directors of The Wallace Kelsey Research Foundation Limited present a summary of its purpose, governance, activities, achievements and finances for the financial year 31 October 2025.

The company is a registered charity and hence the report and results are presented in a form which complies with the requirements of the Companies Act 2006 and, although not obliged to comply with the Statement of Recommended Practice applicable in the UK and Republic of Ireland FRS 102, the organisation has implemented its recommendations where relevant in these financial statements.

Principal Activity

research and experimental development

Financial Review

The results for the financial year are set out on page 6 and additional notes are provided showing income and expenditure in greater detail.

Results and Dividends

At the end of the financial year the company has assets of £0.00 (2024 - £686) and liabilities of £0.00 (2024 - £1). The net assets of the company have decreased by £(685).

Directors

The directors who served throughout the financial year, except as noted, were as follows:

Professor Thomas Kelsey

Dr WIlliam Wallace

In accordance with the Constitution, the directors retire by rotation and, being eligible, offer themselves for re-election.

Compliance with Sector-Wide Legislation and Standards

The company engages pro-actively with legislation, standards and codes which are developed for the sector. The Wallace Kelsey Research Foundation Limited subscribes to and is compliant with the following:

- | The Companies Act 2006
- | The Charities SORP (FRS 102)
Approved by the Board of Directors on 6 July 2026 and signed on its behalf by:

________________________________ |
Professor Thomas Kelsey |
Director |

The Wallace Kelsey Research Foundation Limited

STATEMENT OF DIRECTORS' RESPONSIBILITIES

for the financial year ended 31 October 2025

The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and apply them consistently;
- | make judgements and estimates that are reasonable and prudent;
- | state whether the financial statements have been prepared in accordance with the relevant financial reporting framework, identify those standards, and note the effect and the reasons for any material departure from those standards; and
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.
The directors confirm that they have complied with the above requirements in preparing the financial statements.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Board of Directors on 6 July 2026 and signed on its behalf by:

________________________________

Professor Thomas Kelsey

Director

The Wallace Kelsey Research Foundation Limited

STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating an Income and Expenditure Account)

for the financial year ended 31 October 2025

|  | Unrestricted | Total | Unrestricted | Total
|  | Funds | Funds | Funds | Funds
|  | 2025 | 2025 | 2024 | 2024
| Notes | £ | £ | £ | £
Income

Donations and legacies | 3.1 | - | - | 10,500 | 10,500
|  | ───────── | ───────── | ───────── | ─────────
Expenditure

Charitable activities | 4.1 | 685 | 685 | 11,827 | 11,827
|  | ───────── | ───────── | ───────── | ─────────
Net income/(expenditure) |  | (685) | (685) | (1,327) | (1,327)
Transfers between funds |  | - | - | - | -
|  | ───────── | ───────── | ───────── | ─────────
Net movement in funds for the financial year |  | (685) | (685) | (1,327) | (1,327)
Reconciliation of funds:

Total funds beginning of the year | 7 | 685 | 685 | 2,012 | 2,012
|  | ───────── | ───────── | ───────── | ─────────
Total funds at the end of the year |  | - | - | 685 | 685
|  | ═════════ | ═════════ | ═════════ | ═════════
The Statement of Financial Activities includes all gains and losses recognised in the financial year.

All income and expenditure relate to continuing activities.

The Wallace Kelsey Research Foundation Limited

Company Number: 05591916

BALANCE SHEET

as at 31 October 2025

|  |  | 2025 |  | 2024
|  | Notes | £ |  | £
Current Assets

Cash at bank and in hand |  |  | - |  | 686
|  |  | ───────── |  | ─────────
Creditors: Amounts falling due within one year |  | 5 | - |  | (1)
|  |  | ───────── |  | ─────────
Net Current (Liabilities)/Assets |  |  | - |  | 685
|  |  | ───────── |  | ─────────
Total Assets less Current Liabilities |  |  | - |  | 685
|  |  | ═════════ |  | ═════════
Funds

General fund (unrestricted) |  |  | - |  | 685
|  |  | ───────── |  | ─────────
Total funds |  | 7 | - |  | 685
|  |  | ═════════ |  | ═════════
These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

For the financial year ended 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006; and no notice has been deposited under section 476.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", applying Section 1A of that Standard.

Approved by the Board of Directors and authorised for issue on 6 July 2026 and signed on its behalf by

________________________________ |  |  |  |  |
Professor Thomas Kelsey |  |  |  |  |
Director |  |  |  |  |

The Wallace Kelsey Research Foundation Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 October 2025

1. | GENERAL INFORMATION
| The Wallace Kelsey Research Foundation Limited is a company limited by shares registered in the England and Wales. The registered office of the company is 145 Junction Road, London N19 5PX, London, London, N19 5PX which is also the principal place of business of the company. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
| The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity’s financial statements.
| Basis of preparation
| The financial statements have been prepared on the going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102", applying Section 1A of that Standard. As permitted by the Companies Act 2006, the company has varied the standard formats in that act for the Statement of Financial Activities and the Balance Sheet. Departures from the standard formats are to comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP.
| Statement of compliance
| The financial statements of the company for the financial year ended 31 October 2025 have been prepared on the going concern basis and in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102", applying Section 1A of that Standard.
| Fund accounting
| The following are the categories of funds maintained:
| Restricted funds
| Restricted funds represent income received which can only be used for particular purposes, as specified by the donors. Such purposes are within the overall objectives of the company.
| Unrestricted funds
| Unrestricted funds consist of General and Designated funds. - General funds represent amounts which are expendable at the discretion of the board, in furtherance of the objectives of the company. - Designated funds comprise unrestricted funds that the board has, at its discretion, set aside for particular purposes. These designations have an administrative purpose only, and do not legally restrict the board's discretion to apply the fund.
| Income
| Income is recognised by inclusion in the Statement of Financial Activities only when the company is legally entitled to the income, performance conditions attached to the item(s) of income have been met, the amounts involved can be measured with sufficient reliability and it is probable that the income will be received by the company.
| Income from charitable activities
| Income from charitable activities include income earned from the supply of services under contractual arrangements and from performance related grants which have conditions that specify the provision of particular services to be provided by the company. Income from government and other co-funders is recognised when the company is legally entitled to the income because it is fulfilling the conditions contained in the related funding agreements. Where a grant is received in advance, its recognition is deferred and included in creditors. Where entitlement occurs before income is received, it is accrued in debtors. Grants from governments and other co-funders typically include one of the following types of conditions: - Performance based conditions: whereby the company is contractually entitled to funding only to the extent that the core objectives of the grant agreement are achieved. Where the company is meeting the core objectives of a grant agreement, it recognises the related expenditure, to the extent that it is reimbursable by the donor, as income. -Time based conditions: whereby the company is contractually entitled to funding on the condition that it is utilised in a particular period. In these cases the company recognises the income to the extent it is utilised within the period specified in the agreement. In the absence of such conditions, assuming that receipt is probable and the amount can be reliably measured, grant income is recognised once the company is notified of entitlement. Grants received towards capital expenditure are credited to the Statement of Financial Activities when received or receivable, whichever is earlier.
| Expenditure
| Expenditure is analysed between costs of charitable activities and raising funds. The costs of each activity are separately accumulated and disclosed, and analysed according to their major components. Expenditure is recognised when a legal or constructive obligation exists as a result of a past event, a transfer of economic benefits is required in settlement and the amount of the obligation can be reliably measured. Support costs are those functions that assist the work of the company but cannot be attributed to one activity. Such costs are allocated to activities in proportion to staff time spent or other suitable measure for each activity.
| Cash at bank and in hand
| Cash at bank and in hand comprises cash on deposit at banks requiring less than three months notice of withdrawal.
| Taxation and deferred taxation
| No current or deferred taxation arises as the company has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred.
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. | INCOME
3.1 | DONATIONS AND LEGACIES | Unrestricted | Restricted | 2025 | 2024
|  | Funds | Funds |  |
|  | £ | £ | £ | £

| Donations and legacies | - | - | - | 10,500
|  | ═════════ | ═════════ | ═════════ | ═════════

4. | EXPENDITURE

4.1 | CHARITABLE ACTIVITIES | Direct | Other | Support | 2025 | 2024
|  | Costs | Costs | Costs |  |
|  | £ | £ | £ | £ | £
| Expenditure on charitable activites | - | 685 | - | 685 | 11,827
|  | ═════════ | ═════════ | ═════════ | ═════════ | ═════════

5. | CREDITORS | 2025 | 2024
| Amounts falling due within one year | £ | £
| Accruals and deferred income | - | 1
|  | ═════════ | ═════════

6. | RESERVES
|  | 2025 | 2024
|  | £ | £
| At the beginning of the year | 685 | 2,012
| Deficit for the financial year | (685) | (1,327)
|  | ───────── | ─────────
| At the end of the year | - | 685
|  | ═════════ | ═════════

7. | FUNDS
7.1 | RECONCILIATION OF MOVEMENT IN FUNDS | Unrestricted | Total
|  | Funds | Funds
|  | £ | £
| At 1 November 2023 | 2,012 | 2,012
| Movement during the financial year | (1,327) | (1,327)
|  | ───────── | ─────────
| At 31 October 2024 | 685 | 685
| Movement during the financial year | (685) | (685)
|  | ───────── | ─────────
| At 31 October 2025 | - | -
|  | ═════════ | ═════════

7.2 | ANALYSIS OF MOVEMENTS ON FUNDS
|  | Balance | Expenditure | Balance
|  | 1 November |  | 31 October
|  | 2024 |  | 2025
|  | £ | £ | £
| Unrestricted General | 685 | 685 | -
| Total funds | 685 | 685 | -
|  | ═════════ | ═════════ | ═════════

7.3 | ANALYSIS OF NET LIABILITIES BY FUND

8. | POST-BALANCE SHEET EVENTS
| There have been no significant events affecting the Charity since the financial year-end.