Fungal Infection Trust Charity Accounts

COMPANY REGISTRATION NUMBER: 08031174

CHARITY REGISTRATION NUMBER: 1147658

FUNGAL INFECTION TRUST

Company Limited by Guarantee

UNAUDITED FINANCIAL STATEMENTS

30 April 2026

FUNGAL INFECTION TRUST

COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2026

	PAGES

Trustees' annual report (incorporating the director's report)	1 to 6

Independent examiner's report to the trustees	7

Statement of financial activities (including income and expenditure account)	8

Statement of financial position	9

Notes to the financial statements	10 to 14

FUNGAL INFECTION TRUST

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)

YEAR ENDED 30 APRIL 2026

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 April 2026 .

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name	Fungal Infection Trust

Charity registration number	1147658

Company registration number	08031174

Principal office and registered	Spratton Grange Lodge
office	Welford Road
	Spratton
	Northampton
	NN6 8LA

THE TRUSTEES

	Mr P G Oxnam
	Dr C L Pankhurst
	Mr P J Folkman
	Prof R J Hay
	Prof C P Conlon
	Mr J C Morgan	(Resigned 12 November 2025)
	Mrs A Vinton	(Appointed 28 May 2025)

COMPANY SECRETARY	Mrs A Vinton

INDEPENDENT EXAMINER	Neil Gray MPhys (Hons) FCA
	Meadows & Co Limited
	Headlands House
	1 Kings Court
	Kettering Parkway
	Kettering
	NN15 6WJ

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

Fungal Infection Trust ("The Charity", "The Trust" or "FIT") is a company limited by guarantee and governed by its Memorandum and Articles of Association.

Organisational structure and governance

The Trust is managed by the Trustees. Accounts are prepared by the secretary on a regular basis and presented to the Trustees at their meetings. A minimum of three Trustees' meetings are held each year.

New Trustees are interviewed and appointed by the existing Trustees.

Who benefited from the Trust's Activities?

- Researchers in the study of fungi (mycology), respiratory medicine and infectious diseases from

all over the world

- Medical doctors, especially through the Antifungal Drug Interactions database

- Patients and their carers

- Students of medicine, pharmacy, biology and microbiology

- The public - school children, their teachers and parents

How do the Trust's Activities Benefit the Public?

Awareness of fungal disease has been generally rising but remains low. The FIT website itself enables the public to access reliable information quickly on this topic, augmented by the more specialised web resources at LIFE-Worldwide, the Aspergillus Website and Aspergillosis of Patients.

Secretariat

The Trustees wish to express their appreciation of the work undertaken by Mrs A Vinton in running the secretariat and administrative functions of the Trust during the past year.

Risk management

The trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

OBJECTIVES AND ACTIVITIES

The Charities main objectives are:

- To promote research in all aspects of mycology, mycotic diseases, fungal toxicology and microbial disease (of all living things) and to publish the useful results thereof

- To advance education particularly among physicians and scientists about mycology, mycotic diseases, fungal toxicology and microbial diseases in general

- To generally support basic research into fungi and fungal disease, train scientists in mycology

and related disciplines

- To provide information to patients suffering from fungal diseases, in particular aspergillosis

- To raise awareness of fungal pathogens and fungal diseases amongst the general public in the UK and internationally

ACHIEVEMENTS AND PERFORMANCE

Review of activities

The FIT website (www.fungalinfectiontrust.org) had an average of 1,100 visitors per month in 2025/26. The Trustees are pleased to offer authoritative, curated fungal disease resources online, as bulwark against poor quality and incorrect information available from many sources. Research grant and Geoffrey Scott Travel scholarships application forms are available for download, along with the FIT Grant Conditions.

Online education in fungal microscopy and histology (www.microfungi.net/)

The FIT continues to directly support the world's first online Microscopy and Histology course. Microfungi has been undergoing a major upgrade in the last year, with much additional written material and refreshed translations for Module 1 and Module 2. The 4 module course is approved by the Royal College of Pathologists for CPD points - ~30 hours per course (modules 2-4). The course is available in English, Spanish, French, Portuguese and Chinese, and is currently being translated in Indonesian. There were an additional 250 new enrollees January to March 2026, indicating continuing course engagement. Since inception, the Microfungi course has hosted over 5,000 distinct users from over 130 countries.

A particular feature of the course is that those registered on the course can login at any time to refresh their knowledge. This makes microfungi an invaluable life-long learning tool for all healthcare practitioners.

The Aspergillus Website (www.aspergillus.org.uk)

The Aspergillus Website was set up in 1998 and remains the world's most comprehensive resource for the pathogenic and allergenic fungi Aspergillus and all the diseases this group of fungi cause. It is available free to all users.

The Aspergillus Website is still read very widely across the world, with most usage from South Korea, USA, China, UK, India, Germany, Australia, Canada, Hong Kong, and the Netherlands. Its usage has fallen off considerable, partly because of automated bots accessing the site, which delays response times for genuine users. Major security challenges this last year, with 'crawler bot's and fake users has slowed the website down. The Aspergillus Website provides free easy access to >74,000 pages, over 17,000 scientific articles (including a unique collection of 836 historical articles) and >17,320 conference abstracts from 1974 onwards. Its storage usage is >26 GB of content. There are an average of ~500 unique visitors monthly, with multiple sections accessed, including the slide presentation archive, fungal image library etc.

The Aspergillus Website hosts a comprehensive list of drug-drug interactions with antifungals which is continually updated.

This drug interaction database (www.aspergillus.org.uk/antifungal-drug-interactions/) (including the antifungal drug interaction app for android phones) is popular and well used. An additional 41 new (non-antifungal) drugs were added in 2025 and 23 additional entries were updated. In December 2025, 24,192 possible interactions were on the database of which 652 are rated severe, 1373 moderate and 2178 mild or clinically insignificant - 19,989 were unlikely to have any interaction.

The majority of users are new users, with many also returning to the site to search. Over the year there were 2,700 new users. The greatest number of users are from the UK, USA, China, France, Germany, Australia, Canada, Netherlands, Ireland and Vietnam.

The Aspergillosis Website for Patients www.aspergillosis.org) provides patient and carer information, education and communication on all forms of aspergillosis. There were about 75,000 active users over the year with >100,000 page views. This is a big rise on the previous years. The most popular pages are those devoted to chronic pulmonary aspergillosis, allergic bronchopulmonary aspergillosis and 'Understanding Aspergillosis blood tests: IgE and IgG' and 'Understanding blood tests for aspergillosis. There is a regular weekly newsletter sent out to about 2,700 contacts with good engagement. The increased website traffic is partly attributable to a redesigned front page and navigation, a better knowledge hub structure, page renewal and increasing recent content, faster upload times and clearer communication emails.

Leading International Fungal Education (LIFE) (www.fungaleducation.org)

LIFE Worldwide continues to be widely read throughout the world. Leaflets have been distributed at multiple UK and international meetings. News items on key developments in the literature have been added 3 or 4 times a month. Multiple updates to the text have been made to keep it up to date. Most of these updates are reflected in the Spanish version, although there is a lag time.

Examples of important news items brought to the readership include:

- New study of HIV patients with disseminated histoplasmosis, using PCR diagnosis

- Invasive candidiasis and candidaemia among patients with acute pancreatitis

- Isavuconazole therapy in critically ill adult patients with invasive aspergillosis showed a lower

mortality compared with previous estimate

- Is voriconazole superior to itraconazole in chronic pulmonary aspergillosis treatment?

- Fungus ball of the sinus - usually a benign long term course without surgery

- Albumin binding of fatty acids protects mammals from pulmonary mucormycosis

- Recent cases indicate that both sporotrichosis and blastomycosis can be vector-borne diseases

- New epidemiological cutoff values for clinically relevant Sporothrix species

Newsletters were sent out quarterly, reflecting mostly the individual news items previously issued. There is a signup page including many legacy accounts: en.fungaleducation.org/education-cpd

Date Sent to Opened %

June 2025 5,552 1,224 (22%)

November 2025 28,318 4,685 (16.5%)

March 2026 26,715 4,960 (18.6%)

LIFE's YouTube channel (www.youtube.com/channel/UCMbjRZb4EofRTkKK9yHU8qQ) has 5,750 subscribers. It continues to be a very important component of the LIFE Worldwide educational offering.

Burden of fungal disease estimates

A long term commitment to raising the awareness of fungal infections generally has been the LIFE effort to estimate the incidence and prevalence of fungal infections. In addition to the 88 country estimates previously published, an estimate for Poland was published in 2025. This included for the first time an estimate of the numbers of cases of invasive aspergillosis complicating interstitial lung disease, a newly described entity in 2024.

Published burden papers are available at www.gaffi.org/media/academic-papers

The FIT also supported several important research publications and reviews (see Appendix 1). There were 8 peer-reviewed publications in calendar year 2025 consequent to FIT grants and collaborations. The notable outputs include:

- An international collaboration documenting the mortality of chronic pulmonary aspergillosis, with significantly lower mortality rates among younger people and following tuberculosis and higher rates among those with concurrent or prior maliganancy, chronic obstructive lung disease and interstial lung disease

- A detailed review of the guidance from preventing asergillosis in hospitals - clinical, infection control and building/construction advice

- A review of the radilogical features of chronic pulmonary histoplasmosis

During the year support was given to research projects at the University of Manchester, University College London and the Pasteur Institute Abidjan.

Travel and Living Allowance Grants for attendance and presentation at scientific conferences are part of the Trust's policy to support scientists in the early stages of their careers in mycology. The Geoff Scott Travel and Scholarship Fund awarded scholars from Brazil, Sri Lanka, Turkey and United Kingdom to attend the ISHAM meeting in Brazil, the Fungal Rhinosinusitis workshop and the Mycoon meeting in India, and the Candida and Candidiasis Conference in Berlin.

FINANCIAL REVIEW

Financial performance

The Trust had net incoming resources for the year of £44,929 (2025: £62,559 deficit].

At the year end total Charity funds amounted to £110,818 (2025: £65,889).

Reserves policy

The Charity have established a policy to maintain unrestricted funds not committed or invested in fixed assets i.e. 'free reserves' at a level of between one and two years of unrestricted expenditure. This provides sufficient levels of funds to be able to continue its current activities of the Charity and to provide sufficient time to consider and replace existing funding sources should there be a significant change in present funding arrangements.

The reserves policy is reviewed annually.

Investment policy

The Trustees do not consider that they have sufficient free reserves to invest surplus funds for any medium to long term. Consequently, funds are maintained in a bank deposit account.

PLANS FOR FUTURE PERIODS

In 2026/27, all translations and updates of the Microfungi course will be completed including Bahasa Indonesia. At this point, conversations will proceed on a full transfer of Microfung to the International Society for Human and Animal Mycology (ISHAM). Direct promotion of FIT's online resources will continue at major conferences in Europe, USA, Asia and Africa, through distribution of brochures. The Aspergillus Website and the drug interaction portal will continue to be updated weekly.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 2 October 2026 and signed on behalf of the board of trustees by:

Mr P G Oxnam

Trustee

FUNGAL INFECTION TRUST

COMPANY LIMITED BY GUARANTEE

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FUNGAL INFECTION TRUST

YEAR ENDED 30 APRIL 2026

I report to the trustees on my examination of the financial statements of Fungal Infection Trust ('the charity') for the year ended 30 April 2026.

RESPONSIBILITIES AND BASIS OF REPORT

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Neil Gray MPhys (Hons) FCA Independent Examiner

Meadows & Co Limited Headlands House 1 Kings Court Kettering Parkway Kettering NN15 6WJ

2 October 2026

FUNGAL INFECTION TRUST

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 30 APRIL 2026

	2026		2025
	Unrestricted funds	Total funds	Total funds
Note	£	£	£

Income and endowments

Donations and legacies	5	111,427	111,427	17,494
Other trading activities	6	61,478	61,478	–
Investment income	7	1,153	1,153	1,432
		---------	---------	--------
Total income		174,058	174,058	18,926
		---------	---------	--------

Expenditure

Expenditure on raising funds:

	Costs of other trading activities	8	38,325	38,325	–
Expenditure on charitable activities		9,10	90,804	90,804	81,485
			---------	---------	--------
Total expenditure			129,129	129,129	81,485
			---------	---------	--------

	---------	---------	--------
Net income/(expenditure) and net movement in funds	44,929	44,929	( 62,559)
	---------	---------	--------

Reconciliation of funds

Total funds brought forward	65,889	65,889	128,448
	---------	---------	---------
Total funds carried forward	110,818	110,818	65,889
	---------	---------	---------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

FUNGAL INFECTION TRUST

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION

30 April 2026

	2026		2025
Note	£	£	£	£

CURRENT ASSETS

Debtors	15	–	5,000
Cash at bank and in hand		145,454	62,935
		---------	--------
		145,454	67,935

CREDITORS: amounts falling due within one year	16	34,636		2,046
		---------		--------
NET CURRENT ASSETS			110,818		65,889
			---------		--------
TOTAL ASSETS LESS CURRENT LIABILITIES			110,818		65,889
			---------		--------
NET ASSETS			110,818		65,889
			---------		--------

FUNDS OF THE CHARITY

Unrestricted funds		110,818	65,889
		---------	--------
Total charity funds	17	110,818	65,889
		---------	--------

For the year ending 30 April 2026 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

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

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

These financial statements were approved by the board of trustees and authorised for issue on 2 October 2026 , and are signed on behalf of the board by:

Mr P G Oxnam	Mrs A Vinton
Trustee	Trustee

FUNGAL INFECTION TRUST

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2026

1. GENERAL INFORMATION

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Spratton Grange Lodge, Welford Road, Spratton, Northampton, NN6 8LA.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

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: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

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.

4. LIMITED BY GUARANTEE

The company is a private company limited by guarantee and does not have share capital. Every member of the company undertakes to contribute an amount not exceeding £10 to the assets of the company in the event of it being wound up while they are a member, or within one year after they cease to be a member.

5. DONATIONS AND LEGACIES

Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
£	£	£	£

DONATIONS

	Donations	13,846	13,846	5,994	5,994

GRANTS

Pfizer	50,000	50,000	–	–
Shionogi	25,000	25,000	–	–
ISHAM	13,588	13,588	–	–
Dynamiker	5,000	5,000	–	–
Biosergen	3,993	3,993	–	–
Mundipharma	–	–	6,500	6,500
Infection Medical Chambers Partnership	–	–	5,000	5,000
	---------	---------	--------	--------
	111,427	111,427	17,494	17,494
	---------	---------	--------	--------

6. OTHER TRADING ACTIVITIES

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Conference income	61,478	61,478	–	–
	--------	--------	----	----

7. INVESTMENT INCOME

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Bank interest receivable	1,153	1,153	1,432	1,432
	-------	-------	-------	-------

8. COSTS OF OTHER TRADING ACTIVITIES

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Conference costs	38,325	38,325	–	–
	--------	--------	----	----

9. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Donations and grants	20,588	20,588	22,921	22,921
Project costs	59,472	59,472	50,334	50,334
Support costs	10,744	10,744	8,230	8,230
	--------	--------	--------	--------
	90,804	90,804	81,485	81,485
	--------	--------	--------	--------

10. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

	Activities undertaken directly	Support costs	Total funds 2026	Total fund 2025
	£	£	£	£
Donations and grants	20,588	–	20,588	22,821
Project costs	59,472	–	59,472	50,334
Support costs	–	3,973	3,973	6,896
Governance costs	–	6,771	6,771	1,434
	--------	--------	--------	--------
	80,060	10,744	90,804	81,485
	--------	--------	--------	--------

11. ANALYSIS OF SUPPORT COSTS

	Fungal Research	Total 2026	Total 2025
	£	£	£
General office	95	95	260
Finance costs	287	287	82
Governance costs	6,771	6,771	1,434
Insurance	458	458	657
Travel and meeting costs	3,133	3,133	3,045
FIT website costs	–	–	2,752
	--------	--------	-------
	10,744	10,744	8,230
	--------	--------	-------

12. INDEPENDENT EXAMINATION FEES

	2026	2025
	£	£

Fees payable to the independent examiner for:

Independent examination of the financial statements	1,710	1,400
	-------	-------

13. STAFF COSTS

The average head count of employees during the year was Nil (2025: Nil).

No employee received employee benefits of more than £60,000 during the year (2025: Nil).

14. TRUSTEE REMUNERATION AND EXPENSES

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees

15. DEBTORS

	2026	2025
	£	£
Trade debtors	–	5,000
	----	-------

16. CREDITORS: amounts falling due within one year

	2026	2025
	£	£
Accruals and deferred income	34,636	2,046
	--------	-------

17. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds

	At 1 May 2025	Income	Expenditure	At 30 April 2026
	£	£	£	£
General funds	103,780	76,477	(100,331)	79,926
Designated Fund	(37,891)	97,581	(28,798)	30,892
	---------	---------	---------	---------
	65,889	174,058	(129,129)	110,818
	---------	---------	---------	---------

	At 1 May 2024	Income	Expenditure	At 30 April 2025
	£	£	£	£
General funds	121,195	13,736	(31,151)	103,780
Designated Fund	7,253	5,190	(50,334)	(37,891)
	---------	--------	--------	---------
	128,448	18,926	(81,485)	65,889
	---------	--------	--------	---------

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted Funds	Total Funds 2026
	£	£
Current assets	145,454	145,454
Creditors less than 1 year	(34,636)	(34,636)
	---------	---------
Net assets	110,818	110,818
	---------	---------

	Unrestricted Funds	Total Funds 2025
	£	£
Current assets	67,935	67,935
Creditors less than 1 year	(2,046)	(2,046)
	--------	--------
Net assets	65,889	65,889
	--------	--------