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2020-12-31-accounts

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RICE
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RICE ,

The Research Institute for the Care of Older People

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Annual Report and Financial Statements for the year ending 31 December 2020

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Registered charity number: 1042559 Registered company number: 2979617

Contents

Trustee Report

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Financial Statements

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RICE Annual Report and Financial Statements 2020

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General information

As at 31 December 2020:

RICE is a registered charlty in England and Wales. Registered charity number: 1042559. RICE is a registered company limited by guarantee. Registered company number: 2979617.

Principal address and registered office The RICE Centre Royal United Hospital Combe Park, Bath BAL 3NG

Patron Lady Pratchett

Vice Presidents Sir Tony Robinson Professor Gordon Wilcock Dr Bruno Bubna-Kasteliz Rt Hon John Jolliffe

Trustees The following, who are also Directors of the Company, serve on the Board of Trustees: Dr Chris Dyer (Chair} Professor Kevin Edge Dr Matt Jelley Mr lan Turner : Mr Ben Jones MrDr RobinChris HeadFackrell (Resigned 20.11.2020) ; . Dr Mark Kingston (Appointed 06.02.2020) Professor Patrick Kehoe (Appointed 06.02.2020} Mrs Sarah James (Appointed 04.02.2021) ,

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Key management personnel Professor Roy Jones, Director Dr Tomas Welsh, Deputy Director

Solicitors ‘Stane King LLP 13 Queen Square, Bath ‘BAI 2HJ Principal Bankers Barclays Bank . , 4-5 Southgate, Bath BAI 1AQ . Auditors Moore 30 Gay Street, Bath BA1 2PA RICE Annual Report and Financial Statements 2020

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Welcome from the Chair

lam pleased to present our Annual Report and Financlal Statements for 2020. When the year began, we did not know that events would soon alter the world around us and impact heavily on not only our work but also the people we support and the organisations we work with. We started the year ready and eager to implement the plans detailed in our new 2020-2024 strategy. The main alm of the strategy is to grow RICE so it can be one of the leading medical research charities for research into health problems in old age.

There is still no cure for dementia, and we will continue to fight for one, but we know that there are other conditions in older age such as Parkinson’s disease, and worsening muscle and bone health, which also greatly impact on the physical, mental and emotional wellbeing of alder people and their families. The need for research into dementia and these other conditions, and importantly the connections between them, continues to de critical and [s particularly vital glven the growling, ageing population and the Increasingly multiple, complex needs that it has. Our response to this pressing need is to grow and expand the breadth of RICE’s activities beyond dementia and to focus our research In 2020-2024 on thinking clearly, moving well and staying strong — dementia, Parkinson’s disease, and muscle and bone health.

On 11 March 2020, however, the World Health Organisation declared the coronavirus outbreak a gioba! ; pandemic and the UK government subsequently mandated a shutdown of all non-essential activities. To ensure the safety of the mainly older people that visit RICE, we paused almost all our research activities and closed our memory clinic services to face-to-face appointments and activities. The pandemic has impacted and continues to impact on everyone’s fives, but It has disproportionately impacted on both older pecple and Black, Asian and minority ethnic people. There [s also evidence to suggest that the pandemic has particularly impacted on those affected by dementia and those living with long-term health conditions.

It was with a renewed sense of urgency then that we worked during the mid-part of the year to put in place measures to protect the people who visit and work at RICE so we could resume as full a range of clinical services and research activities as possible whilst also operating within government restrictions and safety requirements. Gur memory clinic now provides diagnosis and support to people with dementia tn a wider range of ways: over the phone, video conferencing, in-person wnen needed, and at home for the most vulnerable. Our research activitias resumed with gusto in the Autumn and we’ve already embarked on several new trials. | am very pleased to report that these include working with the Royal United Hospital on two Parkinson’s disease trials and a Covid-19 vaccine trial. We also have other research projects in the pipeline that, if successful, will expand our research portfolio even further.

Whiist the pandemic has altered everything and made far an extremely challenging year, aur ambition has not changed. We continue to believe that we can improve the jives of older people and their families — it . will fust take longer than we hoped. Our focus for the coming year will be te continue to widen the breadth of research inte health problems of old age which RICE is invalved In, to further increase our collaboration with the Reyal United Hospital, and to support these activities with robust financial planning to ensure that RICE fs sustalnable, resilient and maximising the resources It has to make a difference.

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As Chair of the Board of Trustees | remain proud of the commitment and dedication which everyone brings to RICE. | would like to thank our staff, trustees and volunteers for all thelr efforts, hard work and enthusiasm. | would also like to thank our Patron and Vice Presidents for their ongoing support and all our funders and donors particularly those who gave in response to our appeal for urgent funds to help us survive this difficult year. Additionally, | would like to thank the Royal United Hospital for their crucial support throughout the year. And, finally to thank our patients and their families - without your willingness to be involved and without the contributions you have made, our vital work would be impossible. Dr Chris Dyer, Chair orf

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Our purpose

RICE’s charitable objects as set out in its Articles of Association is: “To relieve sickness and to promote and advance medical knowledge in particufar withaut limitation by reference to ail aspects of the care of older people and to undertake research in retation thereta and to publish the useful results of such research.”

The aim of RICE is to help people live as well as possible for as long as possible by reducing the impact of health prablems in ald age. In the past our focus has mainly been on Alzheimer’s Disease and other forms of dementia. More recently, whilst we have continued to seek better care and treatment and ultimately a cure for dementia, we are also researching other chronic conditions In older age such as Parkinson’s disease, worsening muscle and bone health and thelr connections to dementia. This expansion In our focus will enable RICE te contribute even more to the understanding of health problems in ald age and to share the knowledge we gain to improve older people’s health — this being the purpose of our charity.

Why RICE is needed

We all hope to live full and long lives and to stay heaithy. Improvements In standards of living and in the diagnosis and treatment of many diseases mean that people are living for longer, but as a result more people are developing multiple and complex diseases in their later years. As they age many peaple develop neurodegenerative conditions which cause progressive problems with memory, thinking, planning, perception, and physical health, all of which greatly impact on the quality of their day-to-day life and that of their family anc loved ones.

Thirty-flve years ago in 1985, RICE began its work in direct response to the urgent need to improve care for, and the quality of life of, older people everywhere and to find better care and treatment options. Alzheimer’s disease and other dementias were identified as important conditions worthy of aur expertise and attention. There are arcund 850,000 people currently living with some form of dementia In the UK, and this is expected to rise to 1,6 million by 2040.! In the UK, dementia is already the leading cause of death for women and the second leading cause cf death for men.” Currently there is no cure.

The dementias are devastating diseases which lead to much more than just memory problems. The condition often causes disorientation, confusion, anxiety and agitation. People become Increasingly frali and the majority will also have, or will develop, other health conditions which create additional ill health and complications. People living with dementia can also experience social isolation and financial difficulties due te the disease. The impact cf dementia goes far beyond the person ilving with the disease, Impacting on family and friends who are forced te watch their loved one deteriorate. Caring for someone with dementia can be traumatic, exhausting, stressful and emctionally draining, particularly when care Is taken on by an elder family member. Care can be emotionally and financially costly for carers who may have to give up work and social activities.

Dementia has higher health and social care costs than cancer and chronic heart disease combined.” The total cost of care for people with dementia in the UK is £35 billion per year and this is expected to rise to £94 billion by 2040.* Despite this, dementia research receives less funding then other health canditions and new and Improved treatments have been slow to develop — no new dementia drug treatments have been licensed since 2002. Drug treatments that are availabie are mainly for Alzheimer’s disease and of limited efficacy and there are no specific treatments whatsoever for several other types of dementia.

People living with dementia are affected by other health conditions. Lying with two or more long-term health conditions is called multimorbidity. Multhnorbldity is associated with low quality of life and often results in a person requiring intensive support from health and care services. Most people living with

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, dementia are affected by multimorbidity, yet services are mostly designed to treat a single disease rather than treat muttipie, complex conditions.’ Estimates suggest that people living with dementia may be affected by around five other health problems such as falls, osteoarthritis, diabetes, stroke, ostecporasis and heart failure.® Treating these conditions becomes more complicated when a persan also has a cognitive impairment caused by dementia or another condition such as Parkinson's disease. There is an urgent need to better understand multimorbidity, how it interacts with dementia and impacts on patients and their famlles, and how services can better treat muttple, complex conditions In alder age.” There are also around 145,000 peopie currently living with Parkinson's disease in the UK, and this is expected to rise to 200,000 by 2035 ~ it is the fastest growing neurological condition in the worid. Parkinson’s disease is the second most common neurodegenerative disease after Alzheimer’s disease. Currently there is no cure. Parkinson’s disease is a destructive disease causing progressive damage to the brain. This damage causes a variety of physical, psychological and cognitive changes including body tremors, problems with movernent and balance, as well as depression, anxiety, and memory preblems. People living with Parkinson’s disease aiso experience a deterioration in their quality of life as the disease progresses. Parkinsan’s disease can also cause dementia and the person Is Increasingly likely to suffer from a fall.?°

, ofThe diagnosis,medical costsrisingassociatedto £4,004 perwithyeartreatingas theParkinsan’sdisease advancesdisease andare thearoundperson£2,471needsper more year support.”in the first yearCosts are likely to be even higher for those living with the disease in its advanced stages. These costs exclude the additional costs of caring for a person living with Parkinson’s disease which, much like Alzheimer’s disease, has its own costs and places its awn burdens and toll on carers and loved ones.

Peonie living with dementia or with Parkinson’s disease are more likely to suffer from a fall as a result of worsening muscle and bone health. 60% of people living with Parkinson's disease’? and 66% of people living with dementia™ are affected by a fall every year. Falls cause several Issues. They can lead to serious injury or death, or result in a person losing their independence or, for fear of falling result in inactivity, loss of strength and frailty which then can cause more falls and contribute to generaf ill health. Hip fractures alone cost health and care services an estlmated £2,3 billlon per year,”*

The health problems associated with dementia, Parkinsen’s disease and worsening bone and muscle health are all connected, and the numbers of people living with these diseases and with more than one of these conditions is going to Increase as the population ages. In 2016, there were 12 million people living In the UK aged 65 years and over, This equates to 18% of the total UK pepulation, It is estimated that in 2041 there will be 20 million people aged 65 years and over equating to 26% of the population.** If nothing Is done, then even more people will be living with ill health in old age with its inevitable negative effect on their quality of life as the years pass.

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To improve ali our lives in older age and to reduce the burden of cost to society, we need to understand rouch more about Aizhelmer’s disease and other dementias, Parkinson's disease, deterioration in bone and

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RICE Annual Report and Financial Statements 2020 .

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muscle health, and how they affect and are affected by each other, by other health conditions and by personal situations. Finding better care and treatment options, prevention strategies, and ultimately a cure will help to reduce the impact of these ifinesses and enable older people and their families to live as well and as Independently as possible for as long as possible.

Public benefit

Trustees have pald due regard to the Charity Commissions’ guidance on public benefit. The trustees are confident that RICE’s aims and objectives are In accordance with the regulations on public benefit.

Our impact so far RICE established one of the first memory clinic services In the UK in 1987 — a service which has since been widely replicated and is now considered standard and best practice by the NHS. RICE now runs the NHS Memory Clinic in Bath and Nerth East Somerset on behalf of the local clinical commissioning group and local authority through a sub-contract with Virgin Care. To date, we have assessed, diagnosed, treated and advised more than 13,000 people with memory prablems and their familles in our memory clinic.

People who are worrled about thefr memory are referred to our memory clinic by thelr GP or another health specialist or can self-refer as a private patient or through our community clinics. At the memory clinic patients will undergo assessments and mest with our multi-disdplinary clinical team. Following the assessments, they may receive a diagnosis and treatment where appropriate from our cilniclans; support and advice Is also available to help a person with dementia and thelr loved ones deal with the news and impact of such a significant diagnosis. Every year we ask our patients what they think about our memory clinic, Over the years, on average, 94% of hase asked have told us that they were very satisfied with how they were listened to by our clinicians during thelr appointment, how their diagnosls was given and the amount and quality of information given to them about their diagnosis, and they felt that they had been offered cholce concerning thelr care, and that thelr questions had been answered satisfactorily.

We are very proud of this high level of satisfaction with our memory clinic, Over the years we have worked hard to create an environment which puts our patlents needs first. The RICE Centre Is specifically designed to be a low stimulus space for our patients to visit and the length of our appointments ensure that our patients have the time to be heard and to process what Is happening. These are Important factors glven the impairment in memory and thinking that they may have and the increasing isolation they may be feeling.

In addition to the more general support we provide to people and their families after a memory problem or dementia has been diagnosed, we offer support courses and group sesslons which complement the care and treatment we provide and help peaple to live as well as they can with their dlagnosls. Our support courses and group sessions are funded by generous donations from trusts and foundations and members of the public. They inctude:

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“ft really enjoyed the course and now understand whet Aizhelmer’s Is. | can put myself inthe sufferer’s shoes and understand what life i like for them.” “{ didn't realise there were others in the same situation as me. f felt quite afone before the group.”

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*The sessions made us feel young and brought joy, They were very therapeutic.”

One of our researchers since 2013 is an occupational therapist whe aiso can assess and advise people with dementia and their familles attending our memory clinic. New funding Is needed for this service which has been funded in the past by generous donations from trusts and foundations and members of the public. Individual assessments are undertaken in patlent’s homes and a personalised programme of therapy and supyort can be put together based on the patient’s individual needs and circumstances. The programme may involve resolving physical probiems that the patient is experiencing, such as difficulty getting up and

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downstairs or in and out ofthe bath, or resolving cognitive problems, such as remembering to take medication or how to work digital devices. All patients receive advice and information on strategies for living well with dementia and their carers also recelve advice and information related to their needs. For example, patlents are supported and encouraged to Increase thelr physical and cognitive activity every day, to manage thelr fluid Intake and eat healthily, and te attend suitable groups in their local area so they can * socialise, This personalised suppert helps our patients to live as well as they can with thelr dementia and supperts carers in their caring role.

We also work with other support services for pecople living with dementia and their carers to ensure that our patients and their families are aware of and can access local services. This Includes the local Alzheimer’s Saclety Dementia Support Workers, the Carers’ Centre Bath & North East Somerset, end Curo’s Independent Living Service. They often take part in our support courses and group sessions and a representative used to attend our clinic prior to the restrictions to offer immediate information to patients and carers. This collaboration Is beneficial far our patients and their carers and makes a differenceto them:

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Our memory clinic acts as a gateway for patients and their families who are keen to be involved in research and contribute to increasing knowledge about dementia and Ili health in older age. As well as receiving treatment and support around their diagnosis, patients have a direct pathway to, and opportunities to be involved in, a range of research activities. Patients and their families have told us that being part of a research project gives them more opportunities to socialise and to be better informed about thelr condition, how It ls progressing, end how {ft can best be managed. it also helps them to feel that they are contributing to potential improvements in healthcare.

RICE staff combine their clinical work through the memory clinic with direct Involvement in research within the RICE centre. This means most patients taking part in our research will not onty be familiar with the building but also with our staff; this relatively unique situation is reassuring for patients and makes us ideally placed to carry out clinical research, for example assessing potential new drug treatments for conditions like Alzheimer’s disease. Additionally, by supporting and treating our patients and their families, RICE staff are more easily able to Identify research projects that may benefit our patients mentaily and socially and hopefully have a real Impact on thelr health and the quality of their lives. For example, we recently set up several Patient Public Involvement groups where patients and carers have had the chance to feedback on the development of research projects run at RICE as well as'at the Royal United Hospital and the University of Bath. Additionally, cbservations made by our clinicians on managing our patients’ health has informed the development of research projects. For example, the challenge of managing blood pressure in some patients led to the development of a project to explore how weli people living with dementia could tolerate wearing a 24 hour home blood pressure monitoring device and determine whether this would be an effective way of measuring, and managing high blood pressure. The results could inform future clinical practice both at RICE and for GP surgeries everywhere.

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By combining our clinical and research expertise we are able to ensure that research informs and is Informed by clinical practice, and enable patients and their loved ones to contribute to research Into relevant questions that can potentially improve both treatment and care options not only for themselves but for all of us as we get older. |

For more than 30 years, RICE has madea significant contribution te global research Into Alzheimer’s disease and related conditions. Since 1985, we have undertaken trials of more than 50 potentlal drug treatments working with global pharmaceutical companies and other researchers. All of the currently available ficensed drug treatments for Alzheimer’s disease were evaluated by RICE. A suggestion from RICE led to a research study that showed that one of the drugs need only be taken once a day instead of twice a day and this is now the accepted and approved dosage regime. We were one of only four centres for the first study In the world of a potential immunisation against amyloid, one of the proteins that accumulates in the brain in Alzheimer's disease. Our clinical trial research has also looked at patentlal drug treatments for mild cognitive impairment, a condition that sometimes leads to dementia, vascular dementia and Parkinson's Disease. We have carried out research with patients and healthy subjects that aims to increase knowledge about genetics and the hereditary aspects of dementia.

RICE has also been involved In research to look at non-drug treatments, better ways of assessing quality of life for people with dementia, and how we might improve the quality of life of a person living with dementia and thelr carer Including ways to improve services available, A grant fram the Alzheimer's Society allowed us to develop a quality of life measure (the BASQID, Bath Assessment of Subjective Quality of life In Dementia) for completion by the patient rather than using the opinion of someone else. We were part of the team awarded funding for the GREAT (Goal-oriented cognitive Rehabilitation In Early-stage Alzhelmer’s and related dementias) study to evaluate cognitive rehabilitation therapy for people with miid or moderate memory difficulties as a result of a dementia diagnosis. The study concluded that it was beneficial in improving everyday functioning for those with early-stage dementia and a three-year Impiementation study fn 15 centres is now being carried out to see if this approach can be used globally more widety.

We are part of the team that has received funding from the Economic and Social Research Council followed by additional funding fram the Alzheimer’s Society for the unique IDEAL (Improving the experience of Dementia and Enhancing Active Life) study, which began in 2014 and Is due to finish In 2022, to identify what factors (nfluence 2 patient’s abll[ty to live well with dementia and what It means to live well. The study has already led to a number of research publications and it is hoped that eventually a set of recommendations can be made to help guide health and care commissioners and providers and individuals on hew best to [lve well with dementia. RICE has also used Its expertise to evaluate the benefits of an initiative involving volunteers to provide suppart to the approximately 200 people living with dementia who are admitted to the Royal United Hospital every month,

We are currently involved in the PrAISED2 therapy study which aims to pramote activity, independence and stabllity in people diagnosed with a memory problem or early dementia. The research explores whether - providing people with exercise, activities and memory strategies can help to improve physical and mental health and reduce the impact of their memory problem or dementia. Feedback from our patients and their carers is very positive, with many reporting a renewed interest in activities previously enjoyed by patients for example dog walking, gardening, and leisure activities such as table tennis. Knowledge from this project could provide guidance on better care options to help people live fuller, fitter lives and hopefully reduce their need for hea!th and care services.

Most of our work takes piace in aur own purpose built, specialist centre lacated on the Royal United Hospital site. The building of the RICE Centre was possible as 4 result of generous danations from major donors, trusts and foundations, and members of the public. RICE moved inte the ground and first floor of . the centre in 2008, Following tne success of the DementiaPius Appeal and further generous donations from major donors, trusts and foundations and members of the public, RICE converted the attic floar in 2019 to

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create much needed additiona! space, which will enable us to grow our research, services and activitles. We have warked hard to ensure that the areas of the Centre visited by our patients meets thelr needs and we regularly receive positive feedback about this. 86% of people who completed cur 2019 service user ; questionnalre said they were very satisfied or satisfled with the facilities at the RICE Centre.

A key part of our work includes working with other organisations caring for older people and researching alder people’s health. We lead the RICE Ageing Research Coilaborative which brings tagether clinicians and researchers fram the Royal United Hospital and the unlversities of Bath, Bristol! and West of England to develop and undertake Innovative research into the heatth problems of older age, We also communicate and share our research findings not just with other cnicians and scientists but with the wider public too. Our researchers regularly present at national and international academic and clinical conferences, write . chapters for clinical books, and publish articles in academic journals such as Age and Ageing, Aging & Mental Health, Alzheimer’s & Dementia, Cortex, Journal of Alzheimer’s Disease, international Journal of Gerlatric Psychiatry, Journal of Psychopharmacology, Lancet, Lancet Neurology, Neuropsychologia, New England Journal of Medicine and the Proceedings of the National Academy of Science.

Our impact in 2020 As a result of the UK government mandated shutdown in early 2020 due to the coronavirus pandemic, RICE has not been abije to have the full impact it would normally have expected. To ensure the safety of the mainly older people that visit RICE together with the safety of our staff and the altered priorities and advice for hospitals and health services we had to pause almost all our research actlvitles and close our memory clinic services to face-to-face appointments and activities in March 2020. The pausing of our research activities, and the reduction in charitable funding available for non-pandemic related activities, greatly affected our income and to save money we made use of the gevernment’s furlough scheme, Thls meant around 40% of our staff were furloughed to some degree for nearly six months of the year. Additionally, around 13% ofour[staff][ were][re-deployed][for][several][months][to][the][Royal][United][Hospital][to][help][with] coronavirus-related patient care. -

RICEchallengeswas ablecaused to resumeby the nearpandemic,normal welevels took oftheactivitydifficultin thedecision Autumn.to makeHowever, three becausestaff rolesof redundant,the financial — some staff took unpaid leave, and we reduced the working hours of other staff roles to save money and reduce costs Into 2021. The shutcewn and reduced staffing through most of the year has affected our capacity to take ferward our plans and te nin our activities at the level and pace that we wanted. it Is likely that we will continue to face capacity and financial challenges as aresult of our reduced staff team and income in the next few years. .

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Despite these challenges, we have continued to make a difference to older people’s health. Our main objectives for the year were to:

We describe below the main activities undertaken ta meet these objectives and who we have helped. All our charitable activities have focused on reducing the impact of health problems in old age and have been undertaken to further our charttable purposes and for public benefit.

We delivered high quality memory clinic services for Bath and North East Somerset which put patients and thelr carers at the heart of the service.

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In 2020 there were more than 1,000 patient visits to our memory clinic, of which 296 were patients being seen and assessed for the first time and 739 were receiving either follow-up care or medication reviews. Based on data collected between April and September 2020 on 492 of our patients, 42% identlffed as male, 58% as female, 93% as white, 1.4% as Black Asian or mixed ethnicity, and 5.6% declined to report thelr ethnicity, 8% of the 492 patients were in their 50s or 60s, 33% in their 70s and 59% were in their 80s or 90s.

Whilst we closed to face-to-face appointments in March, we continued to support and treat our patients over the phone and for the first time introduced wdeo conferencing for some appointments. We completely re-desipned the way our memory clinic operated to ensure that we had measures in place to protect the people who visit and work at RICE whilst also operating within government restrictions and safety requirements. This Involved continulng to provide appointments over the phone and virtually where possible, putting In place PPE for face-to-face appointments, as well as increasing the number of home visits for the most vulnerable. Unfortunately some patients have had to walt longer to be seen by our Clinicians and our clinic costs have also increased asa result of the PPE requirements, which mean our appointments take longer, and not being able to see some patients face-to-face for several months. We are discussing with Virgin Care options for reducing our waiting list caused by the shutdown and ongoing restrictions and anticipate that the walting list can be reduced in 2021.

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We were able ta hold one of our living well with dementia suppert courses in early 2020 which was funded by a generous donation from the Harford Trust. It was attended by eight patients. Unfortunately, due to - the shutdown and restrictions caused by the pandemic, we could not run any other courses or group sessions for the remainder of the year. Given the ongoing restrictions, we will look at other options for runningattendees thesecan activities,be better managed,for example,Werunninghope tothemexplorevirtuallythis inor2021.in a different format, so the safety of

Our music thezapy and music for memory groups, which was funded by a generous donation fram the Essex Trust, ended in March 2026. This was partly because the funding ended and partly because of the shutdown and restrictions caused by the pandemic. We will look at options for funding and re-starting these activities and hope to explore this in 2021. As the 18 month music project was coming to an end, we undertook an evaluation to consolidate our learning-and te identify the outcomes of the project. We ran music therapy groups at three care homes over 7-8 week periods which were attended by 39 people overall. We also hald a music for memory group fortnightly at RICE for 18 months, which was attended regularty by eight people and by 20 people overall. Just under 60 people benefited from this project.

Same limited neuropsychiatric assessments of the oarticipants In the muslc therapy groups showed that their wellbeing had Increased, but the project was not able to demonstrate conclusively the Impact of music therapy on the quality of fife for people with dementia. Nevertheless, positive feedback about the activities were received from attendees, and the facilitators also observed a number of positive outcomes such as: Increased engagement, focus and attention during the sessions, remembering lyrics or events triggered by the music, discussion of difficult feelings around the challenges of living with dementia, connecting with others in the group, reduced Jevels of confusion, agitation and signs of distress during the sessions, and attendees moods appearing raised by the end of the sessions. Similar positive outcomes were observed by the facilitators of the music for memory group held at RICE. We leamt a lot about the running of these kinds of groups and hope we can put this learning to good use in the future. We hope to improve how we measure what the impact of music therapy is on the quality of life of people with dementia.

We also evaluated our occupational therapy in early 2020. More than 40 patients were referred during the previous 15 months. The vast majority received support related to physical difficulties and a substantlal number received support related to cognitive problems. Additionally, 20 carers were supported by the : therapist and received a range of infarmation, advice and support. Since March it has been difficult to provide occupational therapy support as there has been a limitte what can be provided over the phone and virtually. Additionally, the funding for thls post, which was funded by a generous donation from the arrARECACEAE RICE

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” Essex Trust, ended in March 2020 and no future funder has yet been found. We will look at options fer reStarting occupational therapy and hepe to explove this in 2021.

Between June and August 2020 during the first goverment mandated shutdown we telephoned over 300 of our most vulnerable patients to check how they were and to offer advice and support. All our patients were pleased to recelve the call: 72 reported feeling isolated before the call but that receiving our call : helped them to feel less isolated and better connected, We referred 55 pegple on to other agencies for additional suppert and at least one patient benefited from the call and as a result sought specialist support to prevent their feelings progressing into a mental health crisis. This work was part funded by a generous donation from the Quartet Community Foundation.

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We increased our clinical trials and research activities with a focus on thinking dearly, moving well, staying strong — dementia, Parkinson’s disease, and muscle and bone health.

During the year over 100 of our patlents were supported by our staff to take part in our clinical trials and other research projects. Based on data cellected on these patients, 63% identified as male, 37% as famaie, 100% as white, 93% as residing in Bath and North East Somerset and 7% from Somerset or Wiltshire. 3% of the 100 patients were in their 60s, 22% in their 70s and 75% were in their 80s or 90s.

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In 2020, RICE was Involved in seven cllnical trials. The trials include the new Julius Clinical tral, and the ongaing Graduate 2 study and AC Immune Amyloid trial. The Julius Clinical trial is Investigating whether a drug, known as T-817M4A, is safe to use in people living with Alzheimer’s disease and whether it may slow . the progression of the disease. The Graduate 2? study is testing a new drug, known as gantenerumab, to find out how it affects memory, cognition and day-to-day functioning in people living. with Alzheimer's disease and whather it may slow the progression of the disease. The AC Immune Amyloid trial is Investigating the effects of a vaccine injected into the muscles, called ACI-24. Like gantenerumab,the vacelne stimulates the body to make antibodies which remove or prevent the build-up of beta-amyloid which is found in the brains of peoole with Alzheimer’s disease. .

Towards the end of 2020, we became inveived in three new trials working closely with the Royal United Hasgital. The PRIME Parkinson UK project aims to develop a new integrated model of care for people living with Parkinson's disease. The new model should better address patients’ needs, Improve their health and reduce healthcare costs, RICE is supporting the hospital with patient recruitment and data collection, The CHIEF Parkinson’s clsease project will test whether a drug, known a5 a cholinesterase inhibitor, usualhy used te treat people with Alzheimer’s disease, can be used to reduce the number of falls in people with Parkinson's disease. The CHIEF project will run from the RICE Centre in 2621. We also began supporting a trial to test a new Covid-19 vaccine developed by the Janssen Pharmaceutical Companies of Johnson & Johnson. Follow up visits for participants Jiving in Bath will take place in the RICE Centre and our staff will work closely with hospital staff to perform the follow-up visits. The coronavirus ls a new and major threat to the health of older people and RICE is proud to be involved in a trial which, if successful, could greatly reduce the risks of the virus and the wider impact it has had on older people.

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This year brought the exciting news of a potential new drug treatment for Alzheimer's disease, known as aducanumab. For some time, RICE has been invaived in evaluating this drug as part of the Blagen ENGAGE . trial and in late 2020, we agreed to assess this drug further as part of the Blogen EMBARK trial. Aducanumab is currently being reviewed in the US for a marketing licence. If approved, it would be the first newtreatmentdrug treatmentoptions toformillions Alzheimer’sof people.disease| to be approved for 17 years and will offer hope and further

In 2020, RICE was Involved in six ather research projects. The research orojects iIndude the ongoing : PrAlSED2 and IDEAL 2 studies. By the end of 7070, we had recruited almost 70 people fer the PrAlSED2 study. This study was affected by restrictions related to the coronavirus which meant support to people

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involved in the study had ta take place via telephone or virtually and recruitment was suspended for six months. The study is now back up and running as planned and we hopeit will continua throughout 2021 with minimal! disruption, The IDEAL 2 study was also affected by restrictions and, due to the vast majority of these involved being quite dderiy and vulnerable, this study was paused aad will not restart until 2021.

Other projects we have led on include completing an Investigation Into memory {mpairmeni caused by degeneration of the part of the braln located at the back of the head. This degeneration is called Posterior Cortical Atrephy and tends to affect younger people. The project found that memory impairment in these individuals is a result of poor attention to the information being learned rather than the degradation of learned material as experienced in typical Alzheimer’s disease. This finding will hopefully be published In a leading Journal [n early 2021. Building on this finding we Jed another project to develop support strategies toa help people with pasterior cortical atrophy. These strategies will help to maximise people’s abilities, promote independent action and self-management, and minimise the impact of the atrophy on peaple’s day-to-day lives. The strategies will hopefuily be published in 2021. And finally, we developed a new assessment te predict which patients diagnosed with Alzheimer’s disease will require more post-diagnostic support. The assessment will enable people mast at risk of losing Independence to recelve early support. This was a pilot project and the assessment will now be tested more thoroughly. All these projects were funded by generous grants from the local Alzheimer’s Research UK network.

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We contributed to clinical and research knowledge and increased awareness af RICE.

As ever RICE has worked collaboratively with other organisations through our research programme, despite the challenges that we have all faced this year and the very different ways of working that everyone has had to embrace. We continued to establish strong working links with the Royal United Hospita! and this close research collaboration will be further developed in 2021. Our involvement in the PRIME Parkinson UK project anc CHIEF Parkinson's disease project came about as a direct resutt of the RICE Ageing Research Collaborative, and there are prejects in the pipeline that should start in 2921 as a result of the group. The collaborative will aise look te expand beyond the core group next year to include others working on healthy ageing research In the South West of England.

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RICE publishes and presents Its research findings and shares the knowledge that we galn in our activitles so that we can contribute to the growth in knowledge of older people’s health and healthy ageing. We use our findings and expertise to influence health and care policy and to deliver improvements in how health and care services are provided, In 2020, we published elght papers {n academic Journals and RICE contributed two chapters to the latest edition of the Oxford Textbook of Old Age Psychlatry. Two of the papers considered mild cognitive Impairment, one being a European position statement and the other a consensus paper. We also presented the findings of our research into memory impairment in people with posterior cortical atrophy at the Alzheimer’s Association International Conference, presented cn medication and falls risk at the European Gerlatric Medicines Society, and delivered a webinar te patients and their families and carers and the wider research community about ongoing research stuctes. Additionally, one of our posters was awarded the Best Pester Award at the Dementia 2020 conference. :

As well as sharing our knowledge with scientists, health and care professionals, and commissioners and service providers, we share our knowledge with our funders, supporters and the wider public. We published two editions of our newsletter, each of which went, out to over 1,500 supporters. The newsletter helped to grow awareness of our work as well as generate income via donations for RICE. The launch of our new website was delayed as a result of staffing capacity and changes. It will now be launched in 2021.

We also ran a Patient Public Involvement group for our patients to discuss developing research on multimorbidity in people with dementia. The group discussed research documentation and the research plan. We hope to restart such groups in 2021 and explore options for disseminating our dintcal and research knowledge more widely to the public and to health and care providers and professionals in 2021,

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Our future plans

in 2021, our particular focus will be to carry on increasing the breadth of research into health problems of old age, to further increase our collaboration with the Reyal United Hospital, and to support these activities with robust flnancial planning to ensure that RICE fs sustainable, resilient and maximising the resources it has to make a difference. Our main objectives for 2021 will be ta continue to:

Financial review

In 2020 RICE ended the year with a surplus of £7,112 (2019 - deficit of £21,049), and with net assets of £1,954,383 {2019 - £1,947,271). The surplus can be broken down Into a figure of £52,594 surplus on unrestricted funds activity (2019 - £275,159 surplus) and £45,482 deficit on restricted funds {2019 - £296,208 deficit}. The main reasons for the surplus were that the Royal United Hospital generously donated benefits in kind totalling £33,396 to RICE during the early part of the pandemic and RICE was also the unexpected beneficlary of two large legacies towards the end of 2020.

Net assets Increased to £1,954,383 from £1,947,271 due to the surplus. Tangible flxed assets totalled £1,306,925 with mast of that value being in our purpose built, specialist Centre. Net current assets increased by £37,872 to £647,458 split between restricted funds of £78,782 and unrestricted funds of £568,676.

Total income | 2020 was £806,585 {2019 - £1,037,151). RICE continued to receive income from four main income sources which include its agreements to deliver clinical trials and research projects, the memory clinic service for Bath and North East Somerset, all of which are our charitable activities, and Income from fundralsing. Overall, Income from charitable activitles fell by £192,870 10 £515,650, due to having to pause almost all our research activitles for six months of the year due to the shutdown and restrictions caused by the coronavirus pandemic. The reduction in charitable funding available for nonpandemic related activities also affected our fundraising abilities.

RICE recelved a large amount of legacy income In 2020. Our legacy income does fluctuate from yearto year and increased from £33,110 in 2019 to £76,459 because of two particularly generous, large legacies. The DementiaPlus Appeal brought in £6,525 in income in 2020, a decrease of £24,981 fram , 2019, which is a result of many funders and donors understandably prioritising funds for covid-related activities. After running for five years and bringing in a total of just under £624,000 (approx. 60% of our appeal target of £1,230,000) the appeal closed at the end of 2020 having progressed our alms to increase our research capacity and expertise and to expand our facilities at the RICE Centre. We will aim "te spend the remaining Appeal funds in 2021. The donations income includes the £33,396 donated by the Royal United Hospital as benefits in kind. In 2020 RICE also made use of the government's furlough scheme and received £47,453 from this government prant.

Total expenditure in 2020 was reduced by £296,568 to £799,473 from £1,096,041 in 2019. The main reasons for the decreased expenditure was the reduction in our researeh activities which resulted in reduced expenditure, and actions taken to mitigate the impact of the shutdown and restrictions caused by the pandemic which resulted in reduced staffing costs. Staff costs represented 71.7% of total costs in 2020 (2019 - 66.3%). Overhead costs continued ta be tightly controlled and this year we were particularly focused on reducing all non-essential costs. We’re particularly grateful to thase suppliers that agreed to temporarily suspend supplies or issued refunds to help with cur financial challenges.

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2021 is likely te be another difficult year financially for RICE, although in March 2021 we received confirmation of another significant legacy which may come to over £200,000, Nevertheless, with an uncertain economic climate ang the impact of the coronavirus pancemic still belng felt, it Js kely that both income from cur charitable acttvities and from our fundralsing will remain reduced, which in turn will affect our capacity to grow our clinical services and research activities. Key to ensuring a stable future wil] be robust financial planning in order to ensure that RICE is sustainable, resillent, and maximising the resources it has avallable to pursue its purpose. This will hopefully enable small, incremental growth year-on-year.

Fundraising

We are immensely grateful te everyone who generously donated to RICE and particularly to those whe gave in response to our appeai for funds to help us survive this difficult year. In 2020 we raised 36% of our income through fundraising, This represents an increase in fundraising income of 4% from 2019 and is a result of the donated benefrts In kind from the Royal United Hospital. The amounts received from fundraising are presented in the accounts as donations and legacies, and fundraising activities.

During 2020 we had to alter our fundraising plans and focus our fundraising activities on raising income in ways not requiring face-to-face interactions, This meant most income raised in 2020 came from Trusts and Foundations, which either funded particular projects or equipment or made a contribution towards our care costs, and from donations from current supporters. For the first time we also ran an ondine crowdfunding appeal as part of the Aviva Community Fund which raised £4,158.

In 2021 fundraising activities will focus on securing much needed income to cover core costs such as the costs of operating from our speciallst Centre and the costs of our experienced and specialist staff team.

All our fundraising activities are carried out In-house by tralned and experfenced staff employed directly by RICE. Qur Fundraising and Develapment Manager oversees all cur fundraising activity and is accountable to our Director and the Board of Trustees. We monitor and support any velunteers whe de fundraising on our behalf and provide them with guidance on GDPR and good fundraising practice. We do not currently engage any third-party professional or commercia! fundraisers. RICE fundraising actlvitles are gulded by an Internal ethica! fundraising pollcy which sets out our approach to fundralsing and our interactions with vulnerable people. The policy aligns with and follows dosely the Code of Fundraising Practice, which we also use and comply with. RICE is a veluntary member of[the][Fundraising] Regulator and updates its approach to fundralsing when new guldance from the regulator is published. In 2020, we recelved no complaints abeut any of our fundraising activities.

Reserves

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Trustees reviewed and revised their approach to holding reserves in 2020 to clarify the purposes for which RICE holds reserves and to ensure funds are not retained unnecessarlly. Trustees will continue to hold restricted reserves as required to meet Its funding agreements and commitments. In 2021, trustees will also hold unrestricted reserves to cover redundancy liabilities; costs for closing the charity; a building, IT and equipment renewal programme; and working capital for approximately three months. For 20621, the range of unrestricted reserves needed was set between £495,000 and £580,000. Trustees agreed that setting a range was a helpful way to ensure enough reserves are held whilst also having an upper target level of reserves to ensure that funds are not held unreasonably. Trustees are confident that the range set will enable RICE to best manage the main risks its facing including a worst-case scenario should the economic climate and the impact of the coronavirus pandemic continue to be detrimental. Trustees will review each year the range of unrestricted reserves held and the purposes for which they are held alongside setting the operational budget for the year ahead:

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At 31 December 2620, RICE had restricted reserves of £1,377,437 and unrestricted reserves of £576,946 of which £568,676 is held for the purposes detailed above.

Going Concer . RICE has resumed near normal levels of activity, and anticipates that our research programme and fundraising will bring in the income needed to cover our operating costs for the next 12 months. Having carefully assessed internal and external factors, the trustees belleve that RICE has adequate resources avallable te continue to operate as a going concern for the foreseeable future.

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Risk Management

Trustees are responsible for identifying, managing and mitigating risks to the charity. To enable this, RICE has an internal risk management policy and a risk register which reviews risks by their likelihood and severlty, Identifies controls and actions to manage thern appropriately and allocates a risk owner who is responsible for ensuring controls are in place and appropriate actions are taken. Trustees review key risks on a six monthly basis or more often if circumstances require.

: During 2020 measures were priaritised te mitigate those risks scored as high. The highest risk continues to relate to the coronavirus pandemic and the impact it may have on RICE and its’ activities. This has been mitigated as best as possible by re-designing services to be Covid-19 safe, developing Covid-19 guidelines for staff and volunteers to follow, identifying and implementing cost savings to alleviate the impact of lost income, and reviewing the impact of the pandemic on RICE’s 2020-2024 strategy. This risk will continue ta be monitored by trustees In 2021. The ather highest risks relate to finandal risks. Trustees have mitigated these as best as possible by reviewing their approach to holding reserves, by setting a balanced operational budget fer 2021, by focusing on growing the breadth of research RICE undertakes so it is better protected against unpredictable external factors, and by focusing fundraising on those activities which are most likely to Dring in income to cover core costs. These risks will continue to be monitored by trustees in 2021.

Structure, governance and management Structure RICE is a registered charity in England and Wales (1042559) and a registered company limited by guarantee (2979617). We're governed as defined by our Articles of Association which were agreed on 17/10/1994 and amended on 23/12/2015 and 09/11/2017. Trustees are the members ofthe[charity.]

Trusteas RICE is governed by a board of trustees whe elect a chair and nominate two deputy chairs. The board is collectively responsible for governance of RICE, for developing our strategic direction, and they have oversight of all activities, They ensure we operate In line with our charitable objects and for public benefit, and that we meet cur financial and legal obligations, and both manage and mitigate risk. The board meets faur times a year. There are also three sub-committees made up of trustees which report to the beard. They are:

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Trustees also hold an annual strategic meeting which provides an opportunity for trustees and the senior management team to.review progress against the strategy and discuss future plans and activities. RICE’s Articies allow for a minimum of six and a maximum of 12 Trustees. ln 2020 there were nine - trustees appointed to the board. Trustees are normally able te serve, and be eligible for re-election, for consecutive periods not exceeding in aggregate 15 years fram the date of thelr first appointment, Our Articles also allow for a limited consideration of further extension in particular circumstances, to be agreed by written Special Resolution. Trustees have all been appointed based on their personal and professional expertise. Together the trustees act Independently of any other connections they have, and do not hold their trusteeships as representatives of other organisations or interests. This means trustees can act within the best interests of RICE and its beneficiaries. They bring a breadth and depth of leadership experience related to our charitable objects, governance needs and research credentials.

Prospective trustees are identified through recommendation and/or personal introduction, and specifically for their knowledge in the areas of expertise scughi at the time. They’re invited to meet with the Chair and Director and to observe a meeting of the board and meet trustees as part of their recruitment process. Appointments are made formally at the trustees’ first meeting each year, and in the interim new trustees are co-opted to the board. All trustees are required to undergo Disclosure and Barring Service {DBS} checks and must meet eligibllity criteria to serve as a charity trustee, Every trustee is asked to sign a declaration of[eligibility][ and][a][declaration][of][interests][on][appointment][and][annually][at] the first meeting thereafter, Trustees must also ensure that any canflicts of interest are notified to the board as soon as practically possible. There were ne related party disclosures made during 2020.

Once appointed all trustees receive a copy of the RICE trustee handbook, which is updated annually, and a tailored induction to RICE and its operations. Trustees complete a self-assessment every two "years to identify how well trustees are meeting their responsibilities. The self-assessment will next be repeated in 2021. Trustees receive reguiar updates on changes and developments In charity regulation and practice throughout the year either at their meetings or via our internal bulletin.

The board has delegated authority for day-to-day operational management of RICE to the Director. The ’ Director is assisted by the Deputy Director and a senior management team. The Chair of the Board of Trustees Is responsible for the appralsal and performance management of[the][Dlrector.]

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Statf

During 2026, RICE directly employed 20 people. All our staff are recruited in line with the RICE recruitment paticy which follows NHS safe recruitment guidelines. They receive an annual appraisal in line with our Induction, probation and performance management policy and guidelines. We are proud of the reputation of our staff and their caring and compassionate approach. As an organisation we : promote a healthy and balanced lifestyle and recognise our staff are our greatest asset. We place a high value in creating an inclusive, healthy and safe working environment where people feel valued and in which everyone can contribute. :

~ All our staff are based in one bullding located In Bath although this year a ‘core group have worked predominantly fram home. Formal communication occurs through staff meetings, a journal club to share research knowledge and experience, clinic meetings to review the operation of the memory clinic, and general communications meetings. An internal bulletin is circulated every three weeks to staff and trustees. The bulletin highlights clinic and research activities, regulatory and other business updates, staff and fundraising news, and other information of importance. Clinical staff also attend monthly educational meetings with the Older Peaple’s Unit of the Roya! United Hospital to share clinical learning and meet regularly with radiologists to discuss brain scans and imaging. For most of 2020 face-to-face meetings were either unable to take place due to restrictions or due to reduced staff capacity. By the autumn, however, most of these meetings had resumed and took place virtually.

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Staff are employed at RICE based on the specific skills that they can bring to their role. For RICE to operate successfully, we need a range of skills and we need to pay appropriatelyto ensure we can recruit people with the right skills. We also need to retain staff in a competitive market both in the charity and the health and care sector and so staff pay scales are set with these factors in mind. All Clinical staff pay is matched agalnst NHS agenda for change salaries. Pay awards are agreed yearly by the remuneration committee in line with NHS awards and subject te funds being available. All charity staff pay Is set based on an internal pay structure developed using benchmarking and comparisons with other charities of our size and type. Pay awards are agreed yearly by the remuneration committee and tend toa match any NHS awards aiso made. These awards are alse subject to funds being available.

Volunteers . Our work would not be possible without the volunteers whe support us and get involved in our activities: from patients volunteering In research projects, to volunteers helping to run research and getting lnvolved in our clinics, to thase volunteers supporting our fundraising efforts and helping to fundralse by running their ewn, often virtual, fundralsing events. Thelr contributions are incredibly valuable to us and we thank them all for the time and commitment they have given and continue to give us. [n 2020, 100 patients and their families volunteered to be part of a research project, two doctors volunteered In our memory clinic, one student volunteer supported our research, and one office volunteer supported our fundraising.

Trustee's responsibilities in reiation to the financial statements

Company law requires the trustees to prepare financial statements that gle a true and fair vlew of the state of affalrs of the charlty at the end of the ftnancial year and of Its surplus or deficit for the financial year. In daing so the trustees are required to:

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Companies Act 2006. The trustees 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.

In accordance with company law, as the company’s directors, we certify that:

Moore have acted as the Company's auditors during the year.

On behalf of the Board of Trustees,

Dr Chris Dyer, Chair

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Independent Auditor’s Report te the Members of RICE — The Research Institute for the Care of Older People

Opinion

We have audited the financial statements of RICE — The Research Institute for the Care of Older People (the ‘charitable company’) for the year ended 31 December 2020 which comprise the Statement of financial activities, Balance Sheet, Cash flow statement and nctes to the financial statements, including asummiary of significant accounting policies, The financial reporting framework that has been applied in thelr preparation is applicable law and United Kingdom Accounting Standards, Including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of ireland” (United Kingdom Generally Accepted Accounting Practice}.

In our opinion the financial statements:

Basis for opinion

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We conducted our audit in accordance with International Standards on Auditing {UK} {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibllitles for the audit of the financial statements section of our report. We are Independent of the charitable company in accordance with the ethica! requirements that are relevant te our audit of the financial statements in the UK, Including the FRC’s Ethical! Standard, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate te provide a basis for our audit opinion.

Conclusions relating to going concern

In auditing the flnancial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate,

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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, Indlvidually or collectively, may cast slenificant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue,

Our responsibilities and the responsibilities of the directors with respect to going concem are described In the relevant sections of this report. .

Other information

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The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our aucitor’s report thereon. Our opinion on the financial statements dees not cover the other information and, except to the extent otherwise exoplicithy stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is te read the other information and, in dolng so, consider whether the other information [s materially Inconsistent with the financial statements or aur knowledge abtained in the audit or otherwise appears to be materially

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misstated, if we identify such material Inconsistencies or apparent material misstatements, we are required te determine whether there is a material misstatementin the financial statements ara material misstatement of the cther information. If, based on the wark we have performed, we conclude that there Is a material misstatement of this other Information, we are required to repart that fact.

We have nothing to report In this regard.

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the tight of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees Annual Report.

We have nothing to report in respect of the following matiers where the Companies Act 2006 requires us to report to you ff, in our opinion:

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Responsibilitles of Trustees

As explained more fully in the Trustees’ responsibllities Statement set cut on page 19, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such Interna! control as the Trustees determine is necessary to enable the Preparation of financial statements that are free from material misstatement, whether due to fraud or error. . ,

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a golng concern, disclosing, as applicable, matters related to going concern and using the golng concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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Auditor's respons|billties for the audit of the financial statements

Our objectives are to abtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audit conducted in accordance with iSAs (UK) will always detect a material misstatement wher It exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financia! statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We cesign procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularitles, Including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud Is detalled below:

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Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud. The objectives of our audit in respect of fraud, are; to identify and assess the risks of materia! misstatement of the financlal statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and ' implementing appropriate responses to those assessed risks; and to respond appropriately ta instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

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As part of an audit in accordance with |SAs (UK} we exercise professional Judgement and maintalr professional scepticism throughout the audit. We also:

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events ina manner that achjeves fair presentation.

RICE Annual Report and Financial Statements 2020

22

.

.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit,

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at: www-fre.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report ; This report is made solely te the charitable company’s members, as a boty, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and the charity’s Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we de net accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body, and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Powell, Senior Statutory Auditor

For and on behalf of Moore, Statutory Auditor 30 Gay Street Bath BA1 2PA

13 May 2021

RICE Annual Report and Financial Statements 2020

23

EEE

eSOS

RE

EEE! EEE

inn

.

. Statement of financial Statement of financial activities activities
forthe yearended 31 December 2020 :
Unrestricted
funds		 .
Restricted funds		 "Totalfunds
2020		 Totalfunds
2019		 -
Notes £ £ : £ —£
.
Income :
Donations and legacies 1 156,148 - 156,148 95,973
Fundraising activitles 2 100,770 32,755 133,525 231,385
Investments 3 1,262 - 1,262 1,273
Charitable activities - co
Clinical trialsand research 4 392,633 123,012 515,650 768,520
Projects
Total Income . 650,818 155,76? 306,535 1,037,151
Raisingfunds 5 65,345 - 65,345 £0,750
Charitable activities - ;
Cilnlcal trials and research 5 532,879 201,249 734,128 4,015,291
projects
TotalExpenditure 598,224 201,249 759,473 1,096,041
NetGalns/{Losses) on
Investments		 10 7 7 7
37,241
ee
Net Income/Expenditure 52,594 (45,482) 7,112 (21,049)
Transfers betweenfunds in
the year		 (6,292) 6,292 : 7
Net movement in funds 46,302 (39,190) 7,112 (21,049)
Totalfunds at 1 January2020 530,644 1,416,627 1,947,271 1,968,320
Total funds at 31
December2020		 $76,946 1,377,437 1,954,333 1,947,271

|

The notes on pages 30 to 40 farm part of these accounts.

RICE Annual Report and Financial Statements 2020

24

Balance sheet

at 31 December 2020

. 2020 2019
Note £ £
Fixed assets - - ae oo, a
Tangible fixed assets - property 9a 1,294,738 1,324,955
Tangible fixed assets -equipment 9a . 5,123 5,666
Intangibleflxed assets -website Sb 7,064 7,064
Investments 10 . -
1,306,925 1,337,685
‘Currentassets ae
Debtors il 147,504 254,062
Cash at bank and in hand 608,493 465,684
755,997 719,746
Creditors
Amounts fallingdue withinone year 12 108,539 110,156
fe
Net current assets
.
. 647,458 609,586
1,954,383 1,947,271
Unrestricted funds 13 $76,946 530,644
Restricted funds 13/14 1,377,437
Totalfunds 1,954,383 1,947,271

The Financia! Statements and netes-set out on pages 30 to 40 have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and were approved by Trustees on 29 April 2021 and were signed on behalf of the Trustees by: ‘

Dr Chris Dyer, Chair Company registered number: 2979617 ‘

|

==> picture [70 x 39] intentionally omitted <==

----- Start of picture text -----
wore.
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RICE ,

Annual! Report and Financlal Statements 2020

25

Cash flow statement

==> picture [438 x 524] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |for|the|year ended|31|December|2020|,|.| |Total funds|—|Total fuads| |2020|2019| |Notes|£|£|:| |,|,| |Statement|of|Cash|Flows| |Cash|flows|from|operating|activities:| |Net|.|-|.|=|ae|See|below| |cash provided by|fused in} operating activities|150,101|43,279| |Cash|flows|from|investing|activities:| |Purchase|of equipment|and|building|$|{7,292}|(216,411)| |Investment|income|received|.|37,841| |Investment|income|reinvested|-|(37,841)|.| |Cash|withdrawn|from|Investments|-|-|.|479,191| |Change|in|cash|and|cash|equivalents|in|year|142,809|256,059| |Cash|and|cash|equivalents at|1 January 2019|465,684|205,625| |Cash and|cash|equivalents|at|31|December|2020|608,493|465,684| |Reconcile net income/(expenditure)|from| |'|operating|activities| |Net|income/(expenditure)|far year|SOFA|7,112|(21,049)| |Adjustments|for:| |Depreciation|charges|9|38,052|34,402|—| |(Gaines}/Losses|on|Investments|id|-|(37,841)| |(Increase)/Decrease|in|debtars|11|106,558|156,231| |Increasa/(Decrease)|In|creditors|12|(1,671)|(88,464)| |Net|cash|provided|by|(used|in) operating|activitles|150,105|43,279|

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RICE Annual Report and Financial Statements 2020

26

Analysis of changes in Net Debt for the year ended 31 December 2020

1 January Cash 34 December
2020 flows 2020
Cash 465,684 142,809 608,493
Total 465,684 142,809 608,493

)

,

RICE Annual Report and Financial Statements 2020

27

;

Accounting Policies

for the year ended 31 December 2020

RICE is a company Iimited by guarantee (2979617) and registered as a charity In England & Wales (1042559), RICE’s functional and presentation currency is the pound sterling. Amounts Include in the financial statements are rounded to the nearest whole pound.

The principal accounting policies adopted by the Charity in drawing up its Financial Statements are as follows:

a) Basis of accounting

The Financial Statements have been prepared in accordance with 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) — (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Going concern

RICE has resumed near normal levels of activity and anticipates that our research programme and fundraising. will bring in the Income needed to cover our operating costs for the next 12 months. Having carefully assessed internal and external factars, the trustees believe that RICE has adequate resources avaiable to continue to operate as a golng concem fer the foreseeable future.

hb} Income

c) Expenditure

;

Rice Annual Report and Finanaal Statements 2020

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==> picture [246 x 10] intentionally omitted <==

----- Start of picture text -----
d) Fixed assets and depreciation .
----- End of picture text -----

The investments held by the charity are stated at their open market value at the balance sheet date.

Gains and losses on disposal and revaluation of investments are credited or charged to the SOFA,

g) Funds

A further explanation of the nature and purpose of each fund Is included in the Notes to the Financial Statements {see note 13).

| |

Arinual Report and FinancialRICE Statements 2020

29

;

Notes to the Financial Statements

for the year ended 31 December 2020

|

Unrestricted Unrestricted Restricted Total funds Total funds
tunds funds 2020 2019
£ £ £ £
Donations 68,118 - 68,118 35,130
Gifts In memeariam 11,071 - 11,071 26,157
Corporate donations ~ 500 . 500 1,577
Legacies 76,459 - 76,459 33,110
156,148 - 156,148 95,974

;

Unrestricted Restricted Totalfunds Total funds
funds funds 2620 2019
,
£ £ £ £
Chazitabletrusts 88,080 26,230 114,320 185,030
Newsletter 8,522 - 8,522 3,527
Other fundraising : 2,318 - 2,318 8,910
DementlaPlus
Other income		 Appeal -
1,250		 6,525
-		 6,525
1,350		 31,506
2,512
. 100,770 32,755 133,525 231,385
Unrestricted
funds		 Restricted
funds		 Total funds
2020		 Total funds
2019
Bank interest 1,262
1,262
1,273
"4262
~2~——~<C—s~sti‘CssC«SYSGD—“(sC*id
Unrestricted Restricted Totalfunds Total funds
; funds funds 2020 2019
Clinica! trials 123,924 - 128,924 307,182
Research projects 2,405 75,555 77,964 158,279
Memory clinic 248,356 - 248,356 243,059
Government grant - Fudaugh - 47,453 47,453 -
Otherincome 12,953 - 12,953 -
392,638 123,612 515,650 708,520

.

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RICE Anoual Report and Financial Statements 2020

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|

Notes to the Financial Statements [continued]

Direct
staff
costs		 Allocated
staffcost		 Other
direct
costs		 General
suppert
costs		 Total 2020 Total 2019
£ £ £ £ £ £
Fundraising costs 35,261 13,755 4,443 11,886 65,345 80,750
oleate
andresearch		 369,343 160,073 665,398 138,314 734128 1,015,291
404,604 173,828 70,841 150,200 799,473 1,096,041
Direct expenditure has been allocated to theappropriate activity. Restricted depreciation is charged directly to
charitable activities. Indirect staff costs and general support costs have been allocated to activities In accordance
with accounting poficies note b}. General support costs forthe year ended 31 December 2020 are made up as
follows:
2020 2019
: £ £
Recruitment andtraining 1,702 5,156 :
Rent 14,916 14,772 ;
Heatand ght 6,117 6,309
Repairs and renewals 10,495 5,238
ITand website 2,982 1,894
Premisesexpenses 22,516 23,225
Equipment hire and maintenance 4,253 4,965
Cleaning
,		 10,683 10,499
Printing, postage and stationery 2,461 2,105
Telephone 1,964 2,823
Insurance 28,228 26,249
Legal, professional and buildingfees .
160		 19,526
; Subscriptions 2,097 1,880
Otheroverhead costs 205 1,870
Bank charges 235 237
IrrecoverableVAT 36,864 20,834
Depreciation (unrestricted assets) 692 1,882
Gowernance costs 4,500 4,280
Total 150,260 153,964 ,

RICE Annual Report and Financlal Statements 2020

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:

.

Notes to the Financia! Statements [continued] 6. Trustees’ remuneration and related parties

The Trustees neither recetved nor waived any remuneration or benefits during the year (2019 - ENil).

No expenses were reimbursed to the Trustees during the year (2019 - Nil).

The only related party transactions In the year were with the Royal United Hospital (RUH). Whilst the RUH and RICE work ciosely together due to our similar interests in Improving the health of older people, the two organisations operate separately and independently of each other. The relationship is that of a supplier and customer. Two of RICE’s trustees are employed by the RUH, but In thelr role as trustees of RICE they act only in RICE’s best interest,

During 2020, the RUH generously donated benefits in kind te RICE In support of the financial challenges RICE was facing due to the pandemic. The RUH also made payments to RICE in respect of raom hire and staffing costs for staff involved in research projects and supporting coronavirus-related patient care. During 2020, RICE made payments te the AUH tn respect of stationary, postage and medical supplies, medical scans, building costs, and staffing costs for a Joint past held between the RUH and RICE.

|||7. Staff costs|a|a||| |---|---|---|---|---|---| |||||2020|2019| |||||£|£| ||Wages and salaries|||521,376|657,361| ||Employers’ national|insurance|.|38,122|50,147| ||Pension costs|||18,934|18,859| |||||578,432|726,367|

Ne employees were remunerated tn total more than £60,000 in the year.

Key management personnel Include the Director and Deputy Director,

Staff costs of the key management personnel were as follows:

.

:

2020 2019
£ £
Wages and salaries 69,316 90,208
Employers’ national insurance 8,641 10,676
Pension costs 3,193 926
81,150 101,810
The average numberofemployees, based on full-time equivalents and analysesbyfunction, wes:
2026 2019
Research and clinicat activities 11 12
Management and administration 3 4
Total 14 16

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RICE - Annual Report and Financial Statements 2020

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32

Notes to the Financial Staternents [continued] 8. Net movementin funds

The net movement In funds is stated after charging

The net movement In funds is statedstated after charging
2020 2019
£ -£
Depreciation (unrestricted) 692 1,832
Depreciation (restricted fund assets, Including RICE Cente) 37,360 32,520
Auditors’ remuncration 4,500 4,500
Operating lease rentals - leasehold land and buildings 14,916 14,772
Operatingleaserentals-equipment 2,947 2,211

RICE Annual Report and Financial Statements 2020

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;

Notes to the Financial Statements [continued] 9a. Tangible fixed assets ,

.

.

Leasehold
Premises		 Office
.
Equipment		 Research
.
Equipment		 Total
£ £ £ £
Cost
At 1 January 2020 1,718,133 167,727 111,371 1,997,231
Additlons 5,292 - 2,006 7,292
Disposals (31,251) (98,165) (129,416)
At 31 December 2020 4,723,425 136,476 15,206 1,875,107
Depreciation
At 1 January 2020 393,178 167,727 105,705 656,610
Charge foryear 35,509 - 2,543 38,052
Disposals (31,254) (98,165) (129,416)
At 31 December 2020 428,687 136,476 10,083 575,246
Net book value
At31 December2020 1,294,738 - 5,123 1,299,861
At31December2019 1,324,955 - 5,666 1,330,621

AS aresuit of RICE’s Investment in relocating to a new site in 2G08, there is a significant annual depreciation charge on property restricted assets that is included in the Statament of Financial Activities each year as resources expended on restricted funds. Additionally, In 2019, RICE completed {ts attic conversion work which resulted in additional depreciation charges on property restricted assets and which [s being accounted for in the same way as the existing property restricted asset. The total property depreciation charge amounted to £35,509 in the year ended 31 December 2020 (2019 - £31,300.) The annual depreciation charge reduces the value of the restricted fund asset In the Balance Sheet as In note c} of the Accounting Policies.

Sb. Intangible fixed assets

Website Total
£ £
Cost
At 1 January 2070 7,064 7,064
Additions - -
At 31 December 2070 7,064 7,064
Depredation .
At 1 January 2020 - -
Charge foryear - , -
At 31 December 2020 - .
Net book value
At 31 December 2020 7,064 7,064
At31December2019 7,064 7,064

Asa result of reduced staff capacity and changes, the launch of RICE’s new website was delayed into 2021. It will go live in early 2021, at which point ft will start to amortise.

.

RICE Annual Report and Financial Statements 2020

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;

Notes to the Financial Statements [continued] 10. Tixed assets — Investments

"

2020 2019
£ £
Market vakie at 1January2020 - 391,350
Additions during theyear-reinvested income - -
Realised and unrealised investment (losses)/galns - 37,841
Withdrawals - (429,191)
Market value at 31 December 2020 - -
Historicalcostat31December2020 - :

All the investment funds were held in UK Unit Trusts or Open Ended Investment Companies and were managed by external investment advisors. The investment funds were closed in 2019,

.

11. Debtors — amounts falling due within one year

7 ae

2020 2019
. £ F
Research grants and other trade debtors _ 16,588 46,203
Accrued legacyincome 74,892 30,610
Other debtars and accruedincome 56,024 177,249
; 147,504 254,062

12. Creditors — amounts falling due within one year

2020 2019
£ £
Trade creditors 30,934 24,664
Other creditors and accruals 9,286 16,169
Taxation and national insurance 63,319 55,529
Grants received in advance - 13,793
108,539 110,160

The movement in grants received in advance during the year ended 31 December 2020 Is as follows:

: £ Balance at 1 January 2020 13,798 . Grants rdeased during year {13,798} Grants received during year > ‘ Balance at 31 December 2020 .

:

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RICE Annual Report and Financial Statements 2020

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:

- Notes to the Financial Statements [continued] ‘13a. Restricted funds

: 1January Incoming Resources Transfers 31 December
2020 Resources Expended 2020
£ fF £ £ €£
Revenuefunds Done ee a ee
IDEAL {Exeter} - 188 128 - -
Dementia PlusAppeal (DPAppeal} $5,248 6,525 46,773 - 45,000
Harford Charttable Trust - Courses - 1,500 1,500 - -
Essex Trust-Music Therapy Project - 7,500 7,500 - -
PrAISED2 Project - 64,141 44,221 - 19,920
RUH Research Capacity Funding - 11,230 24 - 11,206
Government grant » Furkough “ 47,453 47,453 - -
National LotteryCommunity Fund - 10,0090 19,000 . :
QuartetCommunity Foundation - 5,600 5,000 - -
Capital funds
The RICE Centre - building		 i
1,324,955		 - 35,509 a.
5,292		 So
1,294,738
ECG Machine - MedlockCharitable
TrustandJamesTudorTrust		 9396 - 1,220 - 7
4,476
Resus Trolley - Novia Foundation 1,028 - 256 .- 772
RayHarrisCharitable Trust -
Defibrillator		 ; 1,900 375 Loco 1.625
WG Edwards Charttable Trust - Chatrs
and Dish
or		 : 1,230 1,230 - -
Total 1,416,627 155,767 201,249 6,292 1,377,437

,

The purpose of each fund is as follows:

.

IDEAL (Exeter]

.

Dementia PlusAppeal (DP Appeal)

Harford Charitable Trust - Courses

Essex Trust - Music Therapy Project

PrAISED2 Project . ,

RUH Research Capacity Funding

Government grant - Fudough

National Lottery Community Fund

Quartet Community Foundation

To study patients with dementia and their family carers, aiming to improve the experience of dementia and enhance an active life

To fund the expansion of RICE research programme and the RICE . Centre

To support patients and carers through the provision of Cognitive SUmulation Therapy, Post Diagnostic Support and Carers Courses

To fund development of a new music therapy programme for patients with dementia

To study activity, Independence and stability [n patients with early dementia and mild cognitive impairment

To fund research staff costs and public patient involvemant group activity

To cover payroll-related costs of staff fudoughed under the government's furlough scheme

To fund staff and building costs during the pandemic

To fund the cost of calls during the pandemtc to aur most vulnerable patlents to reduce isolation

RICE Annual Report and Financial Staternents 2020

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.

:

,

Notes to the Financial Statements [continued]

The RICE Centre - building To fund the construction of the new RICE Centre (2008) and attic conversion (2019)

ECG Machine - Medlock Charitable Trust and James Tudor Trust

To fund the purchase of a new ECG machine at the RICE Centre

Resus Trolley - Novia Foundation To fund the purchase of a new Resus Trolley at the RICE Centre Ray Harris Charitable Trust - To fund the cost of a new emergency defibrillator at the RICE Defibrillator Centre WG Edwards Charitable Trust - Chalrs To fund the cost of a new dishwasher and chairs for our patients at and Dishwasher the RICE Centre

13b. Comparative restricted funds 13b. Comparative restricted funds 7 a,
. i January Incoming Resources Transfers 31 Oecember
2019 Resources Expended 2019
F £ £ £ E
Revenuefunds oo! _ . - Ck
IDEAL (Exeter) - 2,234 2,234 - -
Dementia PlusA4ppeal (DP Appeal) 285,760 31,506 232,018 oo 85,248
DPAppeal - StJohn’s Hospttal 44,524 - 44,521 - -
Support Services (Courses) - 11,500 11,500 - -
The Roper FamilyCharitable Trust 19,610 - 19,610 - -
Dementla Volunteer Project - 8,000 8,000 - -
EssexTrust -MuskTherapy Project - 30,000 30,000 - -
PrAlSED2 Project - 124,792 124,792 7 -
The RICE Centre - building 1,133,502 - 31,300 222,653 1,324,955
ECG Machine - Medlock Charitable
TrustandJamesTudorTrust		 6,689 - 1,293 : 9,396
Resus Trolley - Novia Foundation - 1,193 165 - 1,028
Total 4,490,132 209,225 505,433 227,653 1,416,627

.

RICE . Annual Raport and Financial Statements 2020

.

37

Notes to the Financial Statements [continued] 14. Analysis of net assets between funds

Tangible Fixed Other Net Total funds
Assets Assets 2020
£ £ £
RevenueFunds
Dementia PlusAppeal (DPAppeal} : 45,000 45,000
PrAlSED2 Project - 19,920 19,920
RUH ResearchCapacity Funding: : 11,206 11,206
Capitalfurs
The RICECentre - building		 eee
ee
1,294,738		 ee
-		 bee be eee
ve
1,294,738
ECG Machine - Medlock Charitable
Trust and James TudorTrust		 1520 2,656 4,276
Resus Trolley - Novia Foundation vie - Fhe
. Ray Haris Charitate Trust -
_Defibrillator		 1625 : 4625
Total restricted funds 1,298,655 78,782 1,377,437
Unrestricted funds -general 8,270 568,676 576,946
Total unrestricted funds 8,270 568,676 576,046
Totalfunds 1,306,925 647,458 1,954,383

RICE Annual Report and Financial Statements 2020

38

Notes to the Financial Statements [continued] 15, Commitments under operating leases

,

The Trust has annual commitments under non-canceliable operating leases as follows:

Other than Land and Bulldings 2020 2019 ;
£ £
Due within 1 year 2,760 2,700
Due within 2-5 years 2,760 5,520
5,520 3,280
Leasehold Landand Buildings 2020 2019
{39year leaseon land) é ¢
Quewithin 1year 14,964 14,772
Due within 2-5 years 59,856 59,0848
Due after 5 years 1,227,048 1,226,076
1,301,868 1,299,936

76. Pension scheme

_

RICE operates defined contribution pension schemes for its employees and the assets are held and managed , independently fram the charity. The pension costs disclosed in Note 7 represent contributions payable for the year. At 31 December 2020, there were outstanding pension contributions af £1,745.90 (2019 — £67.62}.

17. Post balance sheet event

In March 2021, RICE recelved confirmation of another significant legacy which may amount te between £206,000 to £250,000, depending on the final agreed settlement. This will be accounted for in the 7071 accounts inline with our accounting policles. There is some uncertainty at present as to when these funds will be received due to the length of time itis taking for legacy settlements to be agreed and acted on. This generous donation will hopefully enable RICE ta be less affected by the difflcuk economic dimate and ongoing challenges presented by the pandemic as well as present an opportunity to Invest for the future,

RICE ‘ Annual Report and Financial Staternents 2020

39

.

.

.

:

i |

Notes to the Financial Statements [continued] 18. Comparative statement of financial activities for year ended 31 December 2019

Unrestricted
funds		 .
Restrictedfunds		 .
Restrictedfunds		 .
Restrictedfunds		 . Total funds
2018		 Total funds
2018
Notes £ £ £ £
:
Donations and legacies 1 95,973 - 95,973 41,834
Fundralsing activites 2 157,186 74,199 231,385 305,530
Investments 3 1,273 ‘- 1,273 998
Charitable activities- ;
Research and clinica! 4 573,494 135,026 708,520 608,964
activity
Total Income 827,926 209,225 1,037,151 957,326
Raising funds 5 40,750 - ; 80,750 96,220
Charitable activities-
Research and clinical 5 509,358 505,433 1,015,291 926,774
activity
Total Expenditure 590,608 - 505,433 2,096,041 1,022,994
NetGains/{Losses) on
Investments		 10 37,84) . 37,844 (23,036)
Net Incame/Expenditure 275,159 {296,208} (21,049) {88,704)
Transters between fundsin
the year		 (222,653) 229,653 .
;		 .
Netmovement Infunds 52,506 {73,555} (21,049) (88,704)
Total funds at1January2019 478,138 1,490,182 1,968,320 2,057,024
Total funds at 31
December2019		 530,644 1,416,627 1,947,271 4,968,320

RICE Annual Report and Financial Statements 2020

40