RUA Life Sciences : Annual Report for the year to 31 March 2023

OUR GROUP'S MISSION

Enhancing patients' lives through the development of pioneering innovative cardiovascular medical devices using Elast-Eon™, the world leading long-term implantable biostable polyurethane, through licensing, contract manufacturing and developing next generation medical devices.

BOARD OF DIRECTORS AND ADVISORS	2
STRATEGIC REPORT
CHAIRMAN'S STATEMENT	4
GROUP MANAGING DIRECTOR'S REPORT	7
STRATEGY	11
OUR PEOPLE	12
DIRECTORS	15
SECTION 172(1) STATEMENT	18
FINANCIAL REVIEW	20
PRINCIPAL RISKS AND UNCERTAINTIES	24
GOVERNANCE

CORPORATE GOVERNANCE STATEMENT

28

AUDIT COMMITTEE REPORT	34
DIRECTORS' REMUNERATION REPORT	36
CONSOLIDATED FINANCIAL STATEMENTS
REPORT OF THE DIRECTORS	40
DIRECTORS' RESPONSIBILITIES STATEMENT	42
INDEPENDENT AUDITOR'S REPORT	43
CONSOLIDATED INCOME STATEMENT	54
CONSOLIDATED STATEMENT OF FINANCIAL POSITION	55
CONSOLIDATED CASH FLOW STATEMENT	56
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	57
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	58
PARENT COMPANY FINANCIAL STATEMENTS
PARENT COMPANY STATEMENT OF FINANCIAL POSITION	84
PARENT COMPANY STATEMENT OF CHANGES IN EQUITY	85
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS	86
LETTER TO SHAREHOLDERS	92
NOTICE OF THE ANNUAL GENERAL MEETING	96

OUR GROUP'S VISION

To position Elast-Eon to de-risk the future of all animal-based cardiovascular medical devices.

BOARD OF DIRECTORS AND ADVISORS

DIRECTORS

W Brown - Executive Chairman

C Stretton - Group Managing Director

I Anthony - Director of Vascular R&D, Quality, Clinical and Regulatory Affairs

L Smith - Chief Financial Officer

J McKenna - Director of Clinical Marketing I Ardill - Non-Executive Director

G Berg - Non-Executive Director

J Ely - Non-Executive Director

COMPANY SECRETARY

K M Full FCCA

REGISTERED OFFICE

Davidson Chalmers Stewart

163 Bath Street

Glasgow

G2 4SQ

HEAD OFFICE

2 Drummond Crescent

Irvine

Ayrshire

KA11 5AN

web: www.rualifesciences.com

email: [e-mail]

NOMINATED ADVISER AND STOCKBROKER

Cenkos Securities plc 6,7,8 Tokenhouse Yard London

EC2R 7AS

LAWYERS

Davidson Chalmers Stewart

163 Bath Street

Glasgow

G2 4SQ

Burness Paull LLP

50 Lothian Road

Festival Square

Edinburgh

EH3 9WJ

REGISTRARS

Equiniti Limited

Aspect House

Spencer Road

Lancing

West Sussex

BN99 6DA

INDEPENDENT AUDITOR

Grant Thornton UK LLP

Statutory Auditor

Chartered Accountants

110 Queen Street

Glasgow

G1 3BX

Registered in Scotland, Company No. SC170071

Financial statements will be circulated to Shareholders and copies of the announcement will be made available from the Company's registered office. Dealings permitted on Alternative Investment Market (AIM) of the London Stock Exchange.

2 RUA Life Sciences plc

STRATEGIC REPORT