| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 |
| FOR |
| SAFER MEDICINES TRUST |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 |
| FOR |
| SAFER MEDICINES TRUST |
| SAFER MEDICINES TRUST |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2026 |
| Page |
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7 | to | 10 |
| SAFER MEDICINES TRUST |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| FOR THE YEAR ENDED 31 JANUARY 2026 |
| TRUSTEES |
| COMPANY SECRETARY | R Macklin |
| REGISTERED OFFICE |
| REGISTERED COMPANY NUMBER |
| REGISTERED CHARITY NUMBER |
| INDEPENDENT EXAMINER | Spencer Hyde Limited |
| 272 Regents Park Road |
| London |
| N3 3HN |
| SAFER MEDICINES TRUST (REGISTERED NUMBER: 02747551) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 JANUARY 2026 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 2026. The trustees have adopted the provisions of 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) (effective 1 January 2019). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| Safer Medicines Trust is established to :- |
| a) undertake and advance research into the effectiveness and benefit to the general public of medical experiments on animals; |
| b) provide information and to educate the public as to the results of such research; |
| c) do any other charitable activity. |
| ACHIEVEMENTS AND PERFORMANCE |
| Charitable activities and achievements |
| Much of 2025 was spent in preparation for our Royal Society Science+ 2-day discussion meeting in February 2026. We had to contend with the Royal Society changing the venue due to their administrative error, and several speakers having to cancel, so that we had to keep changing the programme and finding new speakers. A very draining experience! |
| We were prolific with publications and blogs throughout the year- all of which can be viewed on our website. We were |
| delighted to coauthor a paper published in Frontiers in Drug Discovery on "How complex in vitro models are addressing |
| the challenges of predicting drug-induced liver injury." This collaborative work was an output from a workshop hosted by |
| The Alliance for Human Relevant Science (which we helped to organise) at the Royal Society in 2023. |
| The Journal of the Royal Society of Medicine published our important and alarming review: "The UK's Early Access to |
| Medicines Scheme 10 years on: an evaluation using publicly available data." We recommended that preclinical studies |
| make greater use of human biology-based approaches, among several other considerations to improve medicines' safety. |
| 2025 was an astonishing year for progress towards the transition away from animal use, towards human-relevant science.New US FDA Commissioner Martin Makary, among others, announced major moves to make animal use the exception, rather than the rule within the next 5 years. We blogged about this and about the UK government's 'Replacing animals in science' strategy / 'roadmap', published in November. Earlier, we launched a petition with 38 Degrees on behalf of the Alliance for Human Relevant Science, calling for specific targets and timelines in the roadmap. |
| The first issue of the new NAM Journal featured a paper by our research director, Pandora Pound: "A sociological |
| perspective on the challenges of displacing animal research within academia: the contribution of Bourdieu." An essential |
| read for all working on the transition. |
| FINANCIAL REVIEW |
| Reserves policy |
| The Trustees have resolved to establish reserves with a reputable UK bank for future funding activities of the charity, and the Trustees have powers of investment in such assets as they see fit. |
| Financial Review |
| During the year, the Charity raised £33,394 (2025: £13,951) as voluntary donations and generated income of £306 (2025: £3,189) from the sale of books. |
| These funds were used to promote the campaigns and educations through attendance at several conferences and events and overhead expenses. |
| As shown in the Statement of Financial Activities, the Charity still holds £29,755 (2025: £50,897) which will be used as the programmes progress. |
| SAFER MEDICINES TRUST (REGISTERED NUMBER: 02747551) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 JANUARY 2026 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The Charity is controlled by its governing document, a Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
| The company is limited by guarantee and therefore has no share capital. Each Trustee's guaranteed liability is limited to £1. |
| It is the view of the Trustees and stated in the Memorandum and Articles of Association that the surplus of funds is not available for distribution to the Trustees but it is for the sole purpose of achieving the main objects of the charitable company. |
| Recruitment and appointment of new trustees |
| The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. |
| The number of Trustees shall not be less than three but shall not be subject to any maximum. At every Annual General Meeting (AGM), one-third of the Trustees who are subject to retirement by rotation or, if their number is not three or a multiple of three, the number nearest to one-third shall retire from office, but, if there is only one Trustee who is subject to retirement by rotation, he or she shall retire. Additional Trustees can be appointed by recommendation of the existing Trustees or by standing for election at the AGM. |
| Induction and training of new trustees |
| All new Trustees, once elected, are inducted by the Chair Trustee, Ms K Archibald. All new Trustees are handed the charity's organisational policies and documents. All Trustees are encouraged to attend regular training courses made available through the NCVO, LVSC and other local voluntary support bodies such as HAVS, as well as utilising online resources for Trustees and attend networking opportunities. |
| Statement on Public Benefit |
| The Trustees have referred to the guidance issued by the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning its future activities. |
| In particular, we have considered how planned activities will contribute to the aims and objectives set. |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| Approved by order of the board of trustees on |
| INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
| SAFER MEDICINES TRUST |
| Independent examiner's report to the trustees of Safer Medicines Trust ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2026. |
| Responsibilities and basis of report |
| As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts 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 your 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 Company as required by Section 386 of the 2006 Act; or |
| 2. | the accounts do not accord with those records; or |
| 3. | the accounts 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 accounts 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. |
| Antony Youselli |
| Spencer Hyde Limited |
| 272 Regents Park Road |
| London |
| N3 3HN |
| 2 October 2026 |
| SAFER MEDICINES TRUST |
| STATEMENT OF FINANCIAL ACTIVITIES |
| FOR THE YEAR ENDED 31 JANUARY 2026 |
| 31.1.26 | 31.1.25 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Other trading activities | 2 |
| Total |
| EXPENDITURE ON |
| Raising funds | 3 |
| Charitable activities |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 50,897 |
| SAFER MEDICINES TRUST (REGISTERED NUMBER: 02747551) |
| STATEMENT OF FINANCIAL POSITION |
| 31 JANUARY 2026 |
| 31.1.26 | 31.1.25 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 8 |
| Unrestricted funds | 50,897 |
| TOTAL FUNDS | 50,897 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2026. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2026 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each 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 charitable company. |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| SAFER MEDICINES TRUST |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2026 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Computer equipment | - |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| Vat |
| The charity is not registered for VAT (Value Added Tax). In common with many other similar charities, the expenses are inflated by VAT, which cannot be recovered. |
| 2. | OTHER TRADING ACTIVITIES |
| 31.1.26 | 31.1.25 |
| £ | £ |
| Royalties received | 306 | 3,189 |
| SAFER MEDICINES TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2026 |
| 3. | RAISING FUNDS |
| Raising donations and legacies |
| 31.1.26 | 31.1.25 |
| £ | £ |
| Postage and stationery |
| Sundries |
| Travelling and subsistence | 470 | 1 |
| Support costs |
| 1,284 | 641 |
| 4. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 January 2026 nor for the year ended 31 January 2025. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 January 2026 nor for the year ended 31 January 2025. |
| 5. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 February 2025 and 31 January 2026 |
| DEPRECIATION |
| At 1 February 2025 and 31 January 2026 |
| NET BOOK VALUE |
| At 31 January 2026 |
| At 31 January 2025 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.1.26 | 31.1.25 |
| £ | £ |
| Other debtors |
| SAFER MEDICINES TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2026 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.1.26 | 31.1.25 |
| £ | £ |
| Accrued expenses |
| 8. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.2.25 | in funds | 31.1.26 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 50,897 | (21,142 | ) | 29,755 |
| TOTAL FUNDS | (21,142 | ) | 29,755 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 33,700 | (54,842 | ) | (21,142 | ) |
| TOTAL FUNDS | ( |
) | (21,142 | ) |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.2.24 | in funds | 31.1.25 |
| £ | £ | £ |
| Unrestricted fund | 86,678 | (35,781 | ) | 50,897 |
| TOTAL FUNDS | 86,678 | (35,781 | ) | 50,897 |
| Comparative net movement in funds included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted fund | 17,140 | (52,921 | ) | (35,781 | ) |
| TOTAL FUNDS | 17,140 | (52,921 | ) | (35,781 | ) |
| SAFER MEDICINES TRUST |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2026 |
| 8. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net |
| movement | At |
| At 1.2.24 | in funds | 31.1.26 |
| £ | £ | £ |
| Unrestricted fund | 86,678 | (56,923 | ) | 29,755 |
| TOTAL FUNDS | 86,678 | (56,923 | ) | 29,755 |
| Net movement in funds included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted fund | 50,840 | (107,763 | ) | (56,923 | ) |
| TOTAL FUNDS | 50,840 | (107,763 | ) | (56,923 | ) |
| 9. | RELATED PARTY DISCLOSURES |