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2022-12-31-accounts

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Annual report and financial statements Year ending 31st December 2022

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Charity no. 1042559

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Contents

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Trustee Report

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |General|information|oeaguaneaneuneunnuucousaussansaseusaausauanesausousneneusnnansoucnsensesecensenrenscensaasens|D| |Welcome from|the|CUAL|stants|terivavaned|cianturs|nccaseinduanntetaleritisicssoestaduaicca|een| |Our|PUFPOSE|[ssssssscersnsennsenessuasersnsnansoneurseeusecuassgenterssunnascesvsersusananennnacerecsndeasesessdzsccance]|5| |Our impact over the years|seecurcceeeenneeeneneeeeeeeeeneneeseenasesneegceecosccscssscaneenssssceseenenenssses|7| |Our impact|in|O22|esnspcunntsnaivcensssincuedinisd|Cibupsdbasibadesigetinedtigescsiiubiicievthadadielfenesdes|LA| |Our future DIGS|sseiinseaecaunvsthdascascuthupadussafianlastenersiathn|ancora ieee|se|15| |Financial|review|ceevca|ences ceuaeeeuaueeueuenaaeeauaeeuaasauauseeauseanaeesenaesanssucuseuessesassnsssenecessenass|LO| |Structure,|governance|and|MANAGESMENE|cas cennsavcccinstvssdensursescusccdnaveueaverceudeavenwcctes|LS| |Trustee’s|responsibilities|in|relation|to the|financial|Statement|....cecccsseeeseeeees|20| |Independent|Auditor’s|Report|to|the|Members|of|RICE|—|The|Research|Institute| |for the Care of|Older|People Serer|reneuencerseecaecsesseeeonroeroersneseessenseerseeesensnsnranteenieesens|2|

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Financial Statements

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||||||||| |---|---|---|---|---|---|---|---| |Statement of financial|activitleeranahmnmicunmnmnenic|aet|e 24| |Balance|SIRGGE|devs swianseatyuraaite ceopasnnsavnnnenedt|e|csassratineturtonenie|AT|ia|cack, DS| |Cash|flow|SUALSIMION|CissicsanneseSeycqhatncusanusanrsdassoanevetaish|sévulddiesacebvisttviniiaetedemusiuttacs|D6| |Analysis of changes|in|Net Debt siaaiqaynituany|ust Uaptinkakaneaiis|faasteveseietaiaisvatayiier|atneeoO| |ACCOUMEING|POUCHES|iaicrinsscsuvstensiiet|deinsstdsvrasabienlee|cantanvener Outen|ieiccniehieki meron|27| |Notes|to the|Financial|Statement|.iecsssscossssscorssseccsvesrerseccerseneucarsazarenracceryieessecess|29|

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RICE Annual Report and Financial Statements 2022

General information

As at 31 December 2022:

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RICE is a registered charity 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

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Royal United Hospitals Combe Park, Bath BA1 3NG Patron President | Vice Presidents Lady Pratchett Professor Roy Jones Sir Tony Robinson (From 01.05.2022) 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:

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Dr Mark Kingston (Chair) Dr Chris Dyer tah (Resigned 03.11.2022) Ben Jones : Dr Robin Fackrell Professor Patrick Kehoe (Resigned 30.05.2022) Sarah James Dr Lindsey Sinclair (Appointed 23.02.2023) James Scott (Appointed 23.02.2023) Nicola Moorey (Appointed 23.02.2023)

Key management personnel Professor Roy Jones, Director (Until 31.01.2022) Melissa Hillier, Chief Executive Officer (From 01.02.2022) Dr Tomas Welsh, Deputy Director (Research & Medical Director, from 01.02.2022)

Solicitors Stone King LLP 13 Queen Square, Bath BA1 2HJ

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Principal Bankers Barclays Bank 4-5 Southgate, Bath BA1 1AQ

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Auditors Moore 30 Gay Street, Bath : BA1 2PA

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RICE Annual Report and Financial Statements 2022

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Welcome from the Chair

'first as Chair of of Trustees Trustees at for his not have made to be working working early 2022, 2022, and RICE. his support support worked : us through through by the steep the steep steep be similarly processes and and from and effectively é Whilst not through research whilst offering and build year. to people living ‘ in on for trials for of a a world treatment like to thank thank like to thank to thank thank ,

| am pleased to present our Annual Report and Financial Statements for 2022, which is my first as Chair of as Chair of Chair of of RICE. After 20 years of service to RICE, 10 as Chair, Dr Chris Dyer stood down from the Board of Trustees Trustees at the end of 2022. Everyone at RICE wishes him all the very best for the future and thanks him for his invaluable contribution over all these years. Without his support and leadership, RICE would not have made the impact it has to date. | am delighted to take over as Chair of the Board of Trustees and to be working working with my fellow Trustees, our new Chief Executive Officer, Melissa Hillier, who joined us in early 2022, 2022, and our Research & Medical Director, Dr Tomas Welsh, as we embark upon this new chapter for RICE.

Our outgoing Director, Professor Roy Jones, retired in early 2022. He kindly agreed to continue his support support for RICE by becoming our honorary President, for which | express my heartfelt thanks. He has worked closely with Melissa to make an appeal for much needed core and unrestricted funds to help us through through what has been a challenging financial year. Like most organisations, RICE has been affected by the steep the steep steep rise in costs and the deteriorating economic situation throughout 2022. We expect 2023 to be similarly challenging. We have, therefore, spent time this year reviewing and improving our internal processes and and evaluating our costs. This focused work will help create a more stable and sustainable foundation from which we can grow and develop in future years, ensuring that we are operating as efficiently and effectively as possible,

On a more positive note, we took the time this year to refresh our purpose, vision and values. Whilst not vastly different from before, the exercise has been helpful in reminding us why we exist — through research to find effective treatment for people impacted by dementia and other related conditions whilst offering essential diagnostic and treatment services.

Our refreshed purpose gives us a clear direction as we embrace and tackle the challenges ahead and build on the impact we have achieved so far. am pleased, therefore, to report that we had a productive year. Most of our support programmes restarted following the pandemic, providing vital support to people living with dementia and their families. We also have exciting new plans to extend our support programmes in 2023.1 am also pleased that our research programme is back in full swing, and we have embarked on several new Clinical trials and research projects, all aimed at improving the care of and treatment for people living with dementia and other related conditions. We already have several new clinical trials for 2023, so, there is much to look forward to and much to do.

The team here at RICE continues to be committed and dedicated to our purpose and vision of a a world where all people affected by dementia and other related disorders have a range of effective treatment options available to them enabled by our world class research, services and support. | would like to thank thank our staff, Trustees and volunteers for all their efforts, hard work and enthusiasm. | would also like to thank to thank thank our Patron, President and Vice Presidents for their continuing support and all our funders and donors, and research and service partners for their support throughout the year. Finally, | would like to thank our patients and their families - without their willingness to be involved and without the contributions they cae be possible.

Dr Mark Kingston, Chair of the Board of Trustees

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Our purpose

RICE’s charitable objects as set out in its Articles of Association are:

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me 4 ~ RICE's purpose o To relieve sickness and to promote and advance medical knowledge in particular without limitation by reference to all aspects of the care of older people and to undertake research in relation thereto and to a publish the useful results of such research. 3 :

The purpose of RICE is to lead and collaborate on essential research and service delivery to improve the health of and find effective treatment for people impacted by dementia and other related conditions. 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 for dementia, we are also researching other chronic conditions related to dementia such as Parkinson’s disease, and worsening muscle and bone health.

RICE’s vision is a world where people affected by dementia and other related disorders have a range of effective treatment options available to them, enabled by our world class research, services and support.

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Why RICE is needed We all hope to live full and long lives and to stay healthy. 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, are developing multiple and complex diseases in their later years. As we age, many of us will develop neurodegenerative conditions which cause progressive problems with memory, thinking, planning, perception, and physical health, all of which greatly impact on the quality of our day-to-day life and that of our family and loved ones.

| Thirty-seven years ago, in 1985, RICE began its work in direct response to the urgent need to improve care ie for and the quality of life of older people, and to find better treatment options. Alzheimer’s disease and other dementias were identified as important conditions in need of improvement. There are around ; 900,000 people currently living with some form of dementia in the UK, and this is expected to rise to 1.6 “RICE ; Annual Report and Financial Statements 2022 | | |

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million by 2040." In the UK, dementia is already the leading cause of death for women and the second leading cause of death for men. Currently, there is no cure.

The dementias are devastating diseases which involve more than just memory problems. The conditions often cause disorientation, confusion, anxiety and agitation as well as other problems such as language and visual difficulties. People become increasingly frail, and the majority also have, or will develop, other health conditions that create additional ill health and complications. People living with dementia can also experience social isolation and financial difficulties due to the disease. The impact of dementia goes far beyond the person living with the disease, impacting on family and friends who are forced to watch their loved one deteriorate. Caring for someone with dementia can be traumatic, exhausting, stressful and emotionally draining, as well as financially costly, particularly when care is taken on by an older family member who may have to give up their work and social activities.

Dementia has higher health and social care costs than cancer and chronic heart disease.’ 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 than other health conditions and new and improved treatments have been slow to develop — no new dementia drug treatments have been licensed in the UK since 2002. Drug treatments that are available 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. Living with two or more long-term health conditions is called multimorbidity. Multimorbidity 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 dementia are affected by multimorbidity, yet services are mostly designed to treat a single disease rather than treat multiple, complex conditions.> Research suggests that people living with dementia may be affected by around five other health problems such as falls, osteoarthritis, diabetes, stroke, osteoporosis and heart failure.® Treating these conditions becomes more complicated whena person 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 families, and how services can better treat multiple, complex conditions in older age.’

Parkinson’s disease is the second most common neurodegenerative disease after Alzheimer’s disease.® There are around 145,000 people currently living with Parkinson’s disease in the UK, and this is expected to rise to 172,000 by 2030 — it is the fastest growing neurological condition in the world.? 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 movement and balance, as well as depression, anxiety, and memory problems. People living with Parkinson’s disease also experience a deterioration in their quality of life as the disease progresses. Parkinson’s disease can also cause dementia and the person is increasingly likely to suffer from falls.2°

4 https://www.alzheimers.org.uk/about-us/policy-and-influencing/dementia-scale-impact-numbers (last accessed 04/11/2022) - https://www.dementiastatistics.org/statistics/prevalence-by-gender-in-the-uk/ (last accessed 04/11/2022) y nttps://www.dementiastatistics.org/statistics/cost-and-projections-in-the-uk-and-globally-3/ (last accessed 04/11/2022) 4 https://www.alzheimers.org.uk/about-us/policy-and-influencing/dementia-scale-impact-numbers (last accessed 04/11/2022) > https://www.ncbi.nim.nih.gov/pmc/articles/PMC6542764/ (last accessed 04/11/2022) 5 https://pubmed.ncbi.nlm.nih.gov/31109906/ (last accessed 04/11/2022)

7 https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6542764/ (last accessed 04/11/2022)

& https://pubmed.ncbi.nlm.nih.gov/16713924/ (last accessed 04/11/2022) :

https://www. parkinsons.org.uk/about-us/reporting-parkinsons-information-journalists (last accessed 04/11/2022) ‘ ag https://pubmed.ncbi.nlm.nih.gov/22133477/ (last accessed 04/11/2022) a RICE Annual Report and Financial Statements 2022

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The medical costs associated with treating Parkinson’s disease are around £2,471 per year in the first year of diagnosis, rising to £4,004 per year as the disease advances and-the person needs more support.*? Costs are likely to be even higher for those living with the disease in its advanced stages. This excludes the additional impact of caring for a person living with Parkinson’s disease which, much like Alzheimer’s disease, has its own costs and places its own burdens and toll on carers and loved ones.

~ People 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 as the fear of falling results in inactivity, loss of strength and frailty, which can then cause more falls and contribute to general ill health. Hip fractures alone cost health and care services.an estimated £2.3 billion per year.“

The health problems associated with dementia, Parkinson’s disease and worsening bone and muscle health are all related, 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 is 18% of the total UK population. It is estimated that in 2041 there will be.20 million people aged 65 years and over. This will be 26% of the population.”° If nothing is done, even more - people will be living with ill health in old age and with the inevitable negative effect on their quality of life.

To improve all our lives in older age and to reduce the burden of cost to society, we need to understand much more about Alzheimer’s disease and other dementias, Parkinson’s disease, deterioration in bone and 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, and prevention strategies will help to_ reduce the impact of these illnesses 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 paid due regard to the the Charity Commissions’ guidance on Commissions’ guidance on guidance on on public benefit. The Trustees The Trustees Trustees are confident that that RICE’s purpose and objectives are in accordance with the regulations on on public benefit. Our impact over the years Our pioneering memory clinic _ | RICE established one of the first memory clinic ae - services in the UK in 1987 —a service which has i aa peas ae i since been widely replicated and is now 4 4 a considered standard and best practice by the 4 v = = NHS. RICE now runs the NHS Memory Clinic in F 4 = = “ Bath and North East Somerset on behalf of the Ps Be Bath and North East Somerset, Swindon and es , 2 ‘ 1 Wiltshire Integrated Care Board through a suba contract with the HCRG Care Group. To date, ee-* - weadvised have assessed,many thousands diagnosed,of people treated with and a memory problems and their families. CEPanosSee es «ee SL aH https://pubmed.ncbi.nlm.nih.gov/29603405/ (last accessed 04/11/2022) : 12 https://chiefpd.blogs.bristol.ac.uk/about-the-trial/ (last accessed 04/11/2022) 3 https://pubmed.ncbi.nlm.nih.gov/19436724/ (last accessed 09/12/2020) , Ly https://www.england.nhs.uk/ourwork/clinical-policy/older-people/frailty/frailty-resources/ (last accessed 04/11/2022) 15https://www-ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/ageing/articles/livinglongerhowourpopulationischangingand whyitmatters/2018-08-13 (last accessed 04/11/2022) a enn ee aE ne a ae aa . RICE ; Annual Report and Financial Statements 2022 7

Public benefit Trustees have paid due regard to the the Charity Commissions’ guidance on Commissions’ guidance on guidance on on public benefit. The Trustees The Trustees Trustees are - confident that that RICE’s purpose and objectives are in accordance with the regulations on on public benefit.

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Where there is a concern about a person’s memory or thinking processes, they can be referred to our memory clinic by their GP or another health specialist or they can self-refer as a private patient. At the memory clinic, patients will undergo assessments and meet with our multi-disciplinary clinical team. Following the assessments, they may receive a diagnosis and treatment from our clinicians. Support and advice are also available to help a person with dementia and their loved ones deal with the news and impact of such a significant diagnosis and help and advice is also available for people where dementia does not seem to be the problem. :

In 2021 we had our first comprehensive inspection since registering with the Care Quality Commission. We were delighted to be rated as Outstanding overall.»The inspector said that RICE delivers “an exceptional, innovative service”. They were impressed that our patients were treated as experts in their own condition and were offered a rounded service of diagnosis, care and information, and research Opportunities all under one roof. RICE was applauded by the commission as being an exemplar service for dementia, with skilled leaders and staff, and a service that other organisations could learn from. Every year we ask our patients what they think about our memory clinic: O of respondents to our patient survey were very satisfied with how O they were listened to by our clinicians during their appointment, that everything discussed was understood, and that they had been offered choice and control concerning their care, Werating.are very proudof this high level of satisfaction with our memory clinic and the overall Outstanding which Over the years we have worked hard to provide high-quality services and to create an environment puts our patients’ needs first. Our purpose built centre in Bath 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 given the impairment in memory and thinking they may have and the increasing isolation they maybe 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 other local and accessible services which complement the care and treatment we provide and help people to live as well as they can with their diagnosis. Our support programmes are separately funded and have been supported by generous donations from trusts and foundations and members of the public. They include: e Carers courses — a four week or one day programme for people looking after relatives or friends with dementia which often results in improvements for carers. The programme provides information on simple coping strategies to help manage stress, reduce isolation, and address financial concerns as well as support available from a range of other services. Up to 25 carers can attend each course. Feedback from attendees is generally very positive and attendees have told us : that they find the programme makes a difference to them. e Cognitive stimulation therapy — a seven week programme for people with mild to moderate dementia that often results in improvements for the person with dementia. The programme aims 16 https://www.cqc.org.uk/location/1-686182980 (last accessed 04/1 1/2022) ee RICE Annual Report and Financial Statements 2022

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to stimulate memory in an interactive and engaging way. Attendees are taught activities and strategies to help their memory. Up to 10 people can attend each course. Feedback from attendees is generally very positive and attendees have told us that they find the programme makes a difference to them.

We work with other support services for people living with dementia and their carers to ensure that our patients and their families are aware of and can access other local services. This includes the local Alzheimer’s Society Dementia Support Workers, the Carers’ Centre Bath & North East Somerset, and Curo’s Independent Living Service. They often take part in our support programmes and attend our clinic to offer immediate information to patients and carers. This collaboration is beneficial for our patients and their carers and makesa difference to them:

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Our pioneering research

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 ill health in older age. As well as receiving treatment and support around their diagnosis, patients have a direct pathway to a range of research activities. Patients and their families have told us that being part ofa research project gives them more opportunities to socialise and to be better informed about their condition, how it is progressing, and how it 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 only 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. Additionally, by supporting and treating our patients and their families, RICE staff are rnore easily able to identify research projects that may benefit our patients mentally and socially and hopefully have a real impact on their health and the quality of their lives.

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

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but for all of us as we get older. It is this combination of research with diagnostic and support services that makes RICE unique and a remarkably impactful organisation. i

We are one of the oldest centres for finding treatment for people with Alzheimer’s disease and other types of dementia. For more than 37 years, RICE has made a significant contribution to global research into Alzheimer’s disease, dementias and other related conditions. Since 1985, we have undertaken trials of more than 50 potential drug treatments working with global pharmaceutical companies and other researchers. Of these, four are currently licensed in the UK for treatment of Alzheimer’s disease and all were evaluated from the very earliest clinical trials in their development by RICE. Our clinical trial research has looked at potential drug treatments for mild cognitive impairment, a condition that sometimes leads to dementia, vascular dementia and Parkinson’s disease. We have also carried out research with patients and healthy people that aims to increase knowledge about genetics and the hereditary aspects of dementia.

RICE has also been involved in large-scale collaborative research projects investigating non-drug treatments, such as better ways of assessing quality of life for people with dementia and how to improve the quality of life of people living with dementia and their carers. We have helped services to identify better ways of supporting those who have dementia. For example, we have been part of projects to develop a better understanding of the benefits of cognitive rehabilitation therapy and the factors which influence a person’s ability to live well with dementia. Through this work RICE has been able to contribute and collaborate with others to help further our collective understanding of what it’s like living with dementia and how we can support people to live fuller, happier and healthier lives.

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Collaborating with others - locally, nationally and internationally
waen Se ° ilies i, See =A key part of our work has included working with
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i - ; . eS ie current Research & Medical Director, Dr Tomas
a ee a Mie etiee = Welsh, has appointments at the University of
X Mae | Bristol where he is an Honorary Research Fellow -
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Specialist Interest Group. Dr Welsh has been invited to comment on the Scottish Intercollegiate Guideline
Network draft guidelines on dementia and is an associate editor at the Age and Ageing medical journal.
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We communicate and share our research findings not just with other clinicians and scientists but with the wider public too. Over the years our researchers have regularly presented at national and international academic and clinical conferences, written chapters for clinical books, and published articles in academic journals such as Age and Ageing, Aging & Mental Health, Alzheimer’s & Dementia, Cortex, Journal of _ Alzheimer’s Disease, International Journal of Geriatric Psychiatry, Journal of Psychopharmacology, Lancet, Lancet Neurology, Neuropsychologia, New England Journal of Medicine and the Proceedings of the National Academy of Science. In total RICE staff have authored or co-authored more than 200 publications.

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RICE Annual Report and Financial Statements 2022

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Our impact in 2022

In 2022, we have continued to lead and collaborate on essential research and services delivery toimprove the health of and find effective treatment for people impacted by dementia and other related conditions.

Our main objectives for the year were to:

We describe below the main activities undertaken to meet these objectives and the people we have worked with. All our charitable activities have focused on reducing the impact of health problems in older age and have been undertaken to further RICE’s purpose and for public benefit.

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

In 2022 there were 2,114 patient contacts with our memory clinic, of which 550 were patients being assessed for the first time and 1,564 were receiving either follow-up care or medication reviews. Based on data collected between January and December 2022 on 537 of our patients, 46% identified as male, 54% as female, 77.5% as white, 1.5% as Black, Asian or mixed ethnicity, and 21% declined to report their ethnicity. 7% of the 537 patients were in their 50s or 60s, 32% in their 70s and 61% were in their 80s or 90s.

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2022 in numbers
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We continued to see some of our patients remotely in 2022, making use of telephone and online consultation methods, but we also provided more face-to-face appointments following the relaxing of Covid-related safety requirements. Thanks to generous funding from the Contain Outbreak Management Fund from Bath & North East Somerset Council, we were able to fund much needed additional doctor capacity in 2022 to help ensure that our face-to-face appointments were run in a Covid-secure manner. We

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‘are also in the process of creating additional Covid-secure clinic rooms in our building to ensure that we can continue to operate safely into the future and meet demand for appointments.

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As a result of a generous donation from Bath Boules we were able to purchase new hearing assistive
technology kits to support our patients with hearing loss. This has been particularly beneficial during
ongoing Covid-related safety requirements where the use of face masks and shields during patient
assessments was making it difficult for our patients to complete the assessments to the best of their
abilities. Since purchasing the kits our clinical staff have been using them regularly and our patients have
reported that they have helped to improve their experience of our assessment and diagnosis process.
=} 3 Me AP In 2022, we ran several support programmes which were funded
ae ae by generous donations from the McClay Dementia Trust and The
Be James Tudor Foundation. We ran three cognitive stimulation
ee sai a therapy programmes which were attended by a total of 18
™~ y F 7 people. Attendees reported improvements in and a restoration of
ee fe , ee i 7) their confidence as a result of attending the programme. They
6 x, wl also greatly enjoyed and benefited from meeting and socialising
4d (ae "a 4,2 with others:
a q . e One attendee said: “[I] found the company very
| 2 supportive.”
ae ° Another said: “Having a group get together was great,
[especially-) help at all.” after coronavirus lockdown which| feel sure didn’t
e And another said: “.. group sessions have greatly helped to
get me out of myself and given me more confidence which has
been lost due to memory loss, visual problems and
lockdown.”
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We also ran two, one day programmes for carers which were attended by a total of 18 people.

We also trained our staff to deliver our Living with Dementia programme and we will be re-starting this programme again next year. We already have a full schedule of support programmes planned and funded for 2023, and we are also working on developing new forms of support to enhance what. we can offer to our patients and families. . pst

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

During the year over 100 of our patients were supported by our staff to take part in our clinical trials and other research projects. Based on data collected on these patients, 62% identified as male, 38% as female, and 100% as white. 94% resided in Bath and North East Somerset, 2% in Somerset, 1% in South Gloucestershire and 3% in Wiltshire. 8% of the 100 patients were in their 60s, 30% in their 70s, 52% were in their 80s and 10% were in their 90s. 45% of the patients had been diagnosed with Alzheimer’s disease, 25% with mild cognitive impairment, 18% with mixed dementia, 1% with vascular dementia and 11% with other.

RICE also has an active pool of 123 healthy volunteers whom we support to get involved in our research as well as other institutions’ research projects. In 2022, over 50 of them took part in one or more University of Bath projects which required healthy control subjects. This included the FASTBALL MCI project run by Dr George Stothart, which is developing a new method for the early detection of dementia by measuring how well people remember things they have seen before. And two projects run by PhD student Themis Papaioannou which are exploring whether virtual reality could be used as a method for cognitive training and rehabilitation in people with dementia and other cognitive impairments.

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In 2022, RICE was involved in seven clinical trials. The trials included the ongoing Biogen Embark trial, Evoke and Evoke plus trials, Julius Clinical trial, Graduate 2 and its successor Postgraduate, andthe new Janssen. Autonomy trial. At the end of 2022 we were also in the process of setting up three new trials with Biogen, AB Science and ImmunoBrain. '

» The Biogen Embark trial is investigating further the potential benefits of the drug aducanumab, following on from a research study carried out previously at RICE and other centres around the world. The Evoke and Evoke plus trials are looking at whether the drug Semaglutide, already licensed to treat Type 2 diabetes, is effective in treating memory loss in patients with mild Alzheimer’s disease and mild cognitive impairment. The Julius Clinical trial was investigating whether a drug, known as T-817MA, is safe to use in people living with Alzheimer’s disease and whether it may slow the progression of the disease. The Janssen Autonomy trial is exploring whether a new compound called JNJ-63733657 is safe and effective for treating early Alzheimer’s disease and mild dementia due to Alzheimer’s disease.

The Graduate 2 study was testing a drug, gantenerumab, to find out how it affects memory, cognition and : day-to-day functioning in people living with Alzheimer’s disease and whether it may slow the progression of the disease. After completing their treatment, patients entered the follow-up study called Postgraduate which is continuing to test the drug gantenerumab to understand the effects of its long-term use. In November 2022 we were disappointed to learn that gantenerumab had not achieved the results expected, and consequently the Postgraduate trial was terminated early along with an additional trial that was due to start investigating the impact of gantenerumab in healthy volunteers. This is disappointing, but we hope | that other drugs such as aducanumab and lecanemab, which are showing more positive signs than many compounds tested over the past 20 years, may offer new drug treatment options in the future. : In early 2023, we will be recruiting to three new trials. The Biogen Envision trial is being conducted to verify the clinical benefit of aducanumab as part of the approval process required for the US Food and Drug Administration. The trial will test the safety and effectiveness of the drug on patients with mild Alzheimer’s disease and mild cognitive impairment. The AB Science trial will look at the effect of the drug masitinib on - | patients with mild to moderate Alzheimer’s disease. The ImmunoBrain trial will explore whether escalating | doses of a drug known as IBC-Ab002, is safe and effective in people with early Alzheimer’s disease. In 2022 we we continued to collaborate with the the Royal United Hospitals on three ongoing Covid-19 trials. Trial | visits for for participants living in Bath took took place in the the RICE Centre and our staff worked with our staff worked with staff worked with worked with with hospital staff to to ! perform the follow-up follow-up visits. Covid continues to to be a major threat to threat to to the health of older older people and RICE is I proud to be involved be involved involved in these these trials which which are helping to to reduce the the risks of Covid and the wider impact of Covid and the wider impact Covid and the wider impact and the wider impact the wider impact wider impact impact it

In 2022 we we continued to collaborate with the the Royal United Hospitals on three ongoing Covid-19 trials. Trial visits for for participants living in Bath took took place in the the RICE Centre and our staff worked with our staff worked with staff worked with worked with with hospital staff to to perform the follow-up follow-up visits. Covid continues to to be a major threat to threat to to the health of older older people and RICE is proud to be involved be involved involved in these these trials which which are helping to to reduce the the risks of Covid and the wider impact of Covid and the wider impact Covid and the wider impact and the wider impact the wider impact wider impact impact it has had on older people. The trials included: Ensemble 2 which tested a new Covid-19 vaccine developed by the Janssen Pharmaceutical Companies of Johnson & Johnson, a trial run by Sanofi looking at the effectiveness of a new Covid-19 booster against different Covid-19 variants and a trial run by Moderna which compares their standard Covid-19 booster with an alternative booster that may be more effective against the Covid-19 Omicron variant.

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The AFRI study is trialling the use of air filters in care homes to reduce infection. SIPA-2 is looking at medicines management in people with sensory impairment in collaboration with the University of Strathclyde. As part of this project we provided advice on the development of an online educational course on medication management for people with sensory impairment. The RE-AIM study of.the PRIDE self-° management app (computer software application) led by Nottingham University, was looking at promoting activity and independence amongst patients with memory problems through an online app called PRIDE. The RCF exercise snacking project is being run with the University of Bath and is supporting patients not regularly engaging in recreational sports or structured exercise to get involved in small, short bursts of movement and activity to see what impact this has on their health.

The Top Hat project led by University College London and in collaboration with doctors at the Royal United Hospitals, is looking at whether ondansetron, an anti-sickness medication usually used for people having ‘ cancer treatment, can effectively treat visual hallucinations in people with Parkinson’s disease. The PrAISED2 therapy study which ran for several years concluded in 2022. The research explored 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 was very positive, with many reporting a renewed interest in activities previously enjoyed, for example dog walking, gardening, and leisure activities such as table tennis. The full project findings will be released in 2023, and it is hoped that they could provide guidance on better care options to help people live fuller, fitter lives and hopefully reduce their need for health and care services. The project has already, however, taught us a great deal about the delivery of physical interventions in people with cognitive impairment. The HIND blood pressure study looked at how well dementia patients were able to tolerate wearing a blood pressure cuff for 24 hours. This is important evidence to help clinicians to identify suitable medical investigation methods for our patients.

RICE participated for the first time in 2022 in the National Institute for Health Research Clinical Research Network’s Research Site Initiative scheme. The scheme supports organisations to establish and maintain their research capacity. In the first year of the scheme, RICE had to recruit to four research projects which met the scheme’s requirements. We’re pleased to have achieved this target and hope to participate in the scheme again in 2023.

We also embarked on an exciting new era with the start of a new RICE PhD fellowship. The studentship is partly funded from a generous donation from the Medlock Charitable Trust. This is a hugely exciting development for us, and the first year of the fellowship has progressed well. The PhD project being researched will examine the links between dementia and psychological distress, and for the first time this will be done using ‘Big Data’ from the Clinical Practice Research Datalink. The data set that will be used includes information from around 60 million people. The PhD project is strengthening our links with researchers at the University of Bath and helping to build our capacity for future research projects.

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

RICE continues to work collaboratively with a wide range of universities and international teams on our research programme. We are currently developing a new project with the local hospice, Dorothy House, other regional palliative care providers and the University of Bath, to look at managing distress in care home residents with dementia. We continue to work with specialist interest groups at the European Geriatric Medicine Society and have several collaborative papersin the process of being written.

RICE publishes and presents its research findings and shares the knowledge that we gain in our activities 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 2022, we published three peer-reviewed articles and 10 conference abstracts. We were invited to deliver three talks at national conferences. And, our staff continued to provide teaching

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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. Our website continued to grow in its impact and now attracts an average of 876 visits a month.

Our Patient Public Involvement group for our patients to discuss developing research on multimorbidity in people with dementia is involved in supporting and providing feedback on our RCF exercise snacking project. This valuable feedback informed the delivery of the project and the group is due to be involved in reviewing the next stage of the project in 2023.

Our future plans

We spent time in 2022 looking at internal improvements such as refreshing our purpose, vision and aims, reviewing and improving our internal processes and evaluating our costs. This work is key to ensuring RICE is fit for purpose and is able to develop more stable and sustainable foundations, from which we hope to grow and expand in future years.

As we look towards 2023, we know that income generation and stability will be key issues for RICE, as it will be for many organisations. As we collectively move on from the pandemic we are heading for more internationally economically challenging times, and we are already feeling the steep rise in costs as an organisation and asa team. We will, however, continue to lead and collaborate on essential research and services delivery to improve the health of and find effective treatment for people impacted by dementia and other related conditions.

In March 2023, we were delighted to hear that we’d secured three years of National Lottery funding. The grant from the Reaching Communities Fund, which is worth just over £325,000, will help to fund the development and growth of our psychological and social support options for people affected by dementia and their families. The expansion of our support will help to reduce isolation and confusion experienced by people diagnosed with dementia and their families, by offering a range of user-led activities to support people from their diagnosis through to longer-term support in the community. This is a very exciting development both for RICE and for the people we support, and we’ve already started the preliminary work needed to expand our support offer.

With the growing number of people in the UK impacted by dementia and other neurodegenerative conditions, it is vital that our research and services continue to evolve and develop. RICE will therefore continue in 2023 with our main objectives to:

We will also continue to focus on improvements to our internal processes and building stable and sustainable foundations from which we plan to grow and develop in future years.

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Financial review

In 2022 RICE ended the year with a deficit of £116,584 (2021 - surplus of £74,054), and with net assets of £1,911,853 (2021 - £2,028,437). The deficit can be broken down into a figure of £111,271 deficit on unrestricted funds (2021 - £115,834 surplus) and £5,313 deficit on restricted funds (2021 - £41,780 deficit). The deficit was planned for and is the result of our income still recovering following the pandemic and investments made in staffing to improve our capacity.

Net assets decreased to £1,911,853 from £2,028,437 due to the deficit. Fixed assets totalled £1,228,742 with most of that value being in our purpose built, specialist Centre for which a significant depreciation charge is made in the accounts every year. Net current assets decreased by £77,561 to £683,111 split between restricted funds of £105,937 and unrestricted funds of £577,174. £94,000 of these unrestricted funds has been designated by Trustees for specific research and educational activity and will be spent over the next three years. .

Total income in 2022 was £828,056 (2021 - £858,177). 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 fundraising. Overall, income from charitable activities increased by £83,061 to £604,505.

Total expenditure in 2022 increased by £160,517 to £944,640 from £784,123 in 2021. The main reason for the increased expenditure was investment in staffing to build our capacity again following measures taken during the pandemic, and the impact of the steep rise in costs effecting our expenditure. Staff costs represented 66.1% of total costs in 2022 (2021 - 67.2%). Overhead costs continued to be tightly controlled, although we did have some unavoidable repair costs to our roof in 2022,

2023 is likely to be another difficult year financially for RICE. With a continuing uncertain economic climate and further rises in costs likely, Trustees are currently anticipating and planning for another deficit year particularly as further investments are needed to increase our capacity further. This increase ‘in capacity should result in an increase in income so that our expenditure is covered in future years, and our target is that RICE will achieve a balanced financial position by 2025.

Fundraising

We are immensely grateful to everyone who generously donated to RICE. In 2022 we raised 27% of our income through fundraising. This represents a decrease in fundraising income of 11% from 2021 and is in part the result of no large legacy receipts in 2022. The amounts received from fundraising are presented in the accounts as donations and legacies, and fundraising activities.

In 2022, a large part of income raised came from generous grants from Trusts and Foundations, who chose to support projects such as our PhD Fellowship, work to reduce our memory clinic appointment — backlog, the purchasing of hearing assistive technology for our patients who have experienced hearing loss, and to fund the costs of updating our education resources and making them available online. We also received generous grants from Trusts and Foundations and donations from current supporters as a contribution towards our core costs.

RICE received two grants from Bath & North East Somerset Council during the year to assist with our memory clinic backlog and to provide support courses and psychological support for our patients and their carers. These funds were partially spent in 2022 and the remaining will be spent in 2023. The grants are gratefully received and will enable our patients to be more promptly diagnosed, treated and supported to manage and to live well with their diagnosis.

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RICE was also fortunate to receive gifts given in memory or in wills from supporters who had sadly
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In 2023 our fundraising activities and efforts will look at new ways of bringing in income with the ambition of increasing the income we have available to fund our charitable activities.

All our fundraising activities are carried out in-house by trained and experienced staff employed directly by RICE. Our Head of Fundraising and Communications oversees all our fundraising activity and is accountable to our Chief Executive Officer and the Board of Trustees. We monitor and support any volunteers who do fundraising on our behalf and provide them with guidance on GDPR and good fundraising practice. We do not engage any third-party professional or commercial fundraisers.

Reserves Trustees hold restricted reserves as required to meet RICE's funding agreements and commitments. Trustees review each year the range and the purposes of unrestricted reserves held alongside setting the operational budget for the year ahead. For 2023, Trustees agreed to 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. The range of unrestricted reserves was set at between £560,000 and £685,000. Setting a range is a helpful way to ensure enough |. unrestricted 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 it faces including a worst-case scenario should the economic climate become too detrimental. The range set has increased substantially in comparison to last year as a result of the large increase in costs caused by the wider economic challenges which RICE is having to manage.

At 31 December 2022, RICE had restricted funds of £1,330,344 and unrestricted reserves of £581,509 of which £483,174 is held for the purposes detailed above, £4,335 is tied up in fixed assets, and £94,000 has been designated by Trustees for specific research and educational activity and will be spent over the next three years. Unfortunately, due to the deficit in 2022 and our ongoing investment in our capacity to deliver our charitable activities, RICE has finished the year with less reserves than needed to meet the range agreed by Trustees. Significant work has been undertaken to review our reserves and financial position and we have plans in delivery and in development which aim to stabilise the level of reserves by 2025. a EEE

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Going Concern

RICE anticipates that our research programme, service delivery, and fundraising will bring in income needed to cover the majority of our operating costs for the next 12 months, and that there are enough reserves that can and will be used to support any shortfall in income. Having carefully assessed internal and external factors, the Trustees believe that RICE has adequate resources available to continue to Operate as a going concern for the foreseeable future.

Risk Management

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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 severity, identifies controls and actions to manage them 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 2022 measures were prioritised to mitigate those risks scored as high. The highest risks currently relate to financial challenges and uncertainties. Trustees have mitigated these as best as possible by focusing on improving the financial return from our clinical trials, by prioritising development of our private patient income and by focusing fundraising on those‘activities which are likely to bring in most income to cover core costs. If needed, Trustees will consider releasing some reserves to support the charity in its growth and development plans. These risks will continue to be monitored closely by : Trustees in 2023.

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 of the charity.

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Trustees

RICE is governed by a Board of Trustees who elect a Chair from amongst themselves. 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 our financial and legal obligations, and both manage and mitigate risk. The board meets four times a year. There is also a Remuneration Committee which usually meets oncea_ year and is chaired by the Chair of the board. All Trustees are involved in the committee which agrees any pay awards due and any changes to agreed pay and pension structures. 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 Articles allow for a minimum of six and a maximum of 12 Trustees. In 2022 there were six Trustees appointed to the board, however this fell to four by the end ofthe year following in-year resignations. There are three co-opted Trustees waiting to be formally appointed at the Trustees’ first meeting in 2023, as per RICE’s Articles. This will bring the number of Trustees appointed to the board up to seven. Trustees are normally able to serve, and be eligible for re-election, for consecutive periods not exceeding in aggregate 15 years from the date of their 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. ee Annual Report and FinancialRICE Statements 2022 :

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Prospective Trustees are identified through recommendation and/or personal introduction, and specifically for their knowledge in the areas of expertise sought at the time. They're invited to meet with the Chair and Chief Executive Officer 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 eligibility 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 ensure that any conflicts of interest are notified to the board as soon as practically possible and any related party transactions are disclosed as needed.

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 2023. Trustees receive regular 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 Chief Executive Officer. The Chief Executive Officer is assisted by the Research & Medical Director and a senior management team. The Chair of the Board of Trustees is responsible for the appraisal and performance management of the Chief Executive Officer.

Staff

During 2022, RICE directly employed 21 people. All our staff are recruited in line with the RICE recruitment policy 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.

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All our staff are based in our Centre located in Bath although some staff also regularly work from 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 few 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 People’s Unit of the Royal United Hospitals to share clinical learning and meet regularly with radiologists to discuss brain scans and imaging.

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 appropriately to 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 against NHS agenda for change salaries. Pay awards are agreed yearly by _[the][remuneration][committee][in][line][with][NHS][awards][and][subject][to][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 to match any NHS awards also made. These awards are also subject to funds being available.

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Our work would not be possible without the volunteers who support us and get involved in our activities: from patients volunteering in research projects, to volunteers helping to run research and getting involved in our clinics, to those volunteers supporting our fundraising efforts and helping to fundraise by running their own fundraising events. Their contributions are incredibly valuable to us, and we thank them all for the time and commitment they have given and continue to give us. In 2022, over 100 patients and their families volunteered to be part of a research project, two doctors volunteered in our memory clinic, and one student volunteer supported our research.

Related party transactions

The-only related party transactions in the year were with the Royal United Hospitals (RUH). Whilst the RUH and RICE work closely together due to our similar interests in improving the health of older people, the two organisations operate completely separately of each other. Two of RICE’s Trustees are employed by the RUH, but in their role as Trustees they act independently and only in RICE’s best interest. RICE and RUH also share a staff member who holds a joint employment contract with both parties, but in their role at RICE act independently and only in RICE’s best interest. In 2022, RICE paid £118,908 to RUH for costs related to the joint staff post, rent and services for our building, medical scans for our research patients, and other small medical, stationary and sundry items. RUH paid £23,489 to RICE for research trials and research project activities, medical students' tuition and for use of our : conference room facilities. A breakdown of these transactions is included in the notes to the accounts. Trustee’s responsibilities in relation to the financial statements Company law requires the the Trustees to prepare financial statements that give that give give a true and fair view view of the the state of affairs affairs of the the charity at the the end of the the financial year and and of its surplus or deficit deficit for the the financial year. In doing so the Trustees Trustees are required to: e Select suitable accounting policies and then apply them consistently e Make sound judgements and estimates that are reasonable and prudent e Prepare the financial statements on the going-concern basis unless it is inappropriate to presume that the charity will continue in business ; The Trustees Trustees are responsible for maintaining proper accounting records which which disclose with reasonable accuracy at any time time the financial position of the the charity and enables them them to ensure that the the financial ;

Trustee’s responsibilities in relation to the financial statements

Company law requires the the Trustees to prepare financial statements that give that give give a true and fair view view of the the state of affairs affairs of the the charity at the the end of the the financial year and and of its surplus or deficit deficit for the the financial year. In doing so the Trustees Trustees are required to:

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

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

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Independent Auditor’s Report to 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 2022 which comprise the Statement of financial activities, Balance Sheet, Cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their 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).

Basis for opinion

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 responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to 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 to provide a basis for our audit opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern. basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant 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 concern are described in the relevant sections of this report.

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 auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly 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 to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the

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financial statements or a material misstatement of the other information. If, based on the work we ' have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light 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 matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities Statement set out on page 20, 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 internal 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 going concern, disclosing, as applicable, matters related to going concern and using the going 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.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain 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 when 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 financial statements.

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

er RICE Annual Report and Financial Statements 2022

22

Sd tc

|

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 material misstatement of the financial 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 to 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.

Use of our report This report is made solely to the charitable company’s members, as a body, 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 do not 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

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:

2nd May 2023

ee

RICE . Annual Report and Financial Statements 2022

Statement of financial activities

for the year ended 31 December 2022

.

Unrestricted
Wet		 ;
Restricted funds		 Total funds
2022		 Total funds
2022		 Total funds
2021
Notes £ £ £ £
Income
Donations and legacies iL 39/523 - 39,523 240,669
Fundraising activities 2 67,301 116,798 .184,099 87,446
Investments
Royalties		 3
4		 339
(410)		 -
:		 339
(410)		 1,203
7,415
Charitable activities -
Research and clinical
activities		 : 5 515,145 89,360 604,505 521,444
a
Rn
ek
Total Income
.
621,898
206,158
828,056
858,177
a
aN rr
ee a
ee
Expenditure .
Raisingfunds 6 61,900 - 61,900 48,497
Charitable activities -
Research and clinical
6
671,269
211,471
- 882,740
735,626
activitiesSS
ee
Total Expenditure
:
733,169
211,471
944,640
:
784,123
Sa
ee
Ee oe ae eee
ee
wo
Net Income/Expenditure (411,271) (5,313) (116,584) 74,054
Transfers between funds in
the year : : 7
:
Netmovement in funds : (111,271) (5,313) (116,584) 74,054
_
Reconciliation offunds 5
Total funds at 1January2022
692,780
1,335,657
2,028,437
1,954,383
a
OES
kf Soe
Totalfunds at31 December2022
581,509
1,330,344
1,911,853
2,028,437
eae
EN
eeee
SO
ee
eB,oI
oye

The notes on pages 29 to 37 form part of these accounts.

eee

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RICE Annual Report and Financial Statements 2022

24

'

| |

[sheet] _[Balance]

at 31 December 2022

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |a|;|Total2022funds|Total20215:funds|>| |Note|.|£|£| |Fixed|assets| |Tangible|fixed|assets|-|property|10a|1,223,522|1,259,130| |Tangible|fixed|assets|- equipment|10a|808|2,455| |Intangible|fixed|assets|- website|10b|4,412|6,180| |1,228,742|1,267,765| |Current|assets| |Debtors|11|406,126|.|370,491| |Cash|at|bank|and|in|hand|363,433|437,060| |769,559|807,551| |ee|ee| |Amounts|falling|due within|one year|12|86,448|46,879| |Net|current|assets| |:|683,111|_|760,672| |1,911,853|2,028,437,| |i| |Unrestricted|funds — general|13/14|487,509|592,780| |Unrestricted|funds — designated|94,000|100,000| |Restricted|funds|13/14|;|1,330,344|1,335,657| |Total|funds|1,911,853|2,028,437| |Rest|le|Jl Tae|eee|Pn|ae|ee|Se|ee|ee|

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The Financial Statements and notes set out on pages 29 to 37 have been prepared in accordance with the special pyéVisions of Part 15 of the Companies Act 2006 relating to small companies and were approved by Trustees.Dr Mark Kingston,gnaeChair signed; on behalf of: theTrustees by: ‘

Company registered number: 2979617

Ee ‘ RICE Annual Report and Financial Statements 2022

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Cash flow statement

;

‘

for the year ended 31 December 2022

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Total|funds|Total|funds| |2022|2021| |Notes|£|£| |Statement|of Cash|Flows|ee| |Cash|flows|from|operating|activities:| |Net|cash|provided|by|(used|in)|operating|activities|See|below|(73,627).|(171,433)| |Cash|flows|from|investing|activities:|,| |Purchase|of equipment|and|building|10|-|oS| |Change|in|cash|and|cash|equivalents|in|year|(73,627)|(171,433)| |Cash|and|cash|equivalents|at|1 January|2022|437,060|608,493| |Serr|ec|Ase|Se|ee|ae|a|Nh|de|een|ASI|aE| |Cash|and|cash|equivalents|at 31|December|2022|363,433|437,060| |eeee a|nA|oA|ee| |Reconcile|net|income/(expenditure)|from|operating|activities|_-| |Net|income/(expenditure)|for year|SOFA|(116,584)|=|74,054| |Adjustments|for:| |Depreciation|and|amortisation|charges|10|39,023|39,160| |(Increase)/Decrease|in|debtors|ala|(35,635)|(222,987)| |Increase/(Decrease)|in|creditors|12|39,569|(61,660)| |faaactivitiesNet cash (usedna in)/providedee|A|ee byYA operatinggs|a|ee|a|ea de(73,627)|one(171,433) eee|

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. Analysis of changes in Net Debt

for the year ended 31 December 2022

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|||||| |---|---|---|---|---| |;| |1|January|31|December| |2022|Cash|flows|2022| |£|a8|8| |Cash|437,060|(73,627)|363,433| |Total|437,060|(73,627)|363,433|°|

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nner

RICE Annual Report and Financial Statements 2022

26

| | : | | | |

:

Accounting Policies

for the year ended 31 December 2022

RICE is a company limited 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 ruigh RICE anticipates that our research programme, service delivery, and fundraising will bring in income needed to cover the majority of our operating costs for the next 12 months, and that there are enough reserves that can and will be used to support any shortfall in income. Having carefully _ assessed internal and external factors, the Trustees believe that RICE has adequate resources available to continue to operate as a going concern for the foreseeable future.

b) Income

c) Expenditure

é

iEEE IEEE RICE Annual Report and Financial Statements 2022

27

:

d) Fixed assets and depreciation

;

e) Investments

:

f) Pension costs _ Pension costs are charged on the basis of amounts due for the year (see note 7).

:

g) Funds

Funds held by the charity are:

;

SEEee "RICE Annual Report and Financial Statements 2022

28

i

| | |

Notes to the Financial Statements

‘

for the year ended 31 December 2022

for the yearyear ended 31 December 2022 Unrestricted Unrestricted Restricted Total funds Total funds Total funds Total funds Total funds
funds funds 2022 2021 ;
£ £ £ £:
Donations 19,458 - 19,458 24,380
Gifts in memoriam 2,041 - 2,041 9,239 .
Corporate donations - - - 50
Legacies 18,024 - 18,024 207,000
39,523 - 39,523 240,669
Charitable trusts 55,620 116,798 172,418 83,727
Newsletter : 475 - 475 1,299
Otherfundraising 9,596 - 9,596 175
Other income 1,610 - 1,610 705
67,301 116,798 184,099 87,446
Bank interest 339 . 339 1,203
339
:
 Bere aieSsBe eyte 339 1,203
ee
Royalties a (410)
(410)		 Z
.
SS		 (410)
(410)		 7,415
7,415
Clinical trials 242,736 - 242,736 180,080
Research projects 7,410 13,506 20,916 75,710
Memory clinic 264,999 - 264,999 252,230
Government grant - Furlough - - - 722
Otherincome - 75,854 75,854 12,702
515,145 89,360 604,505 521,444

aY

RICE . Annual Report and Financial Statements 2022

é

29

Notes to the Financial Statements [continued]

:

.

;

Direct
staff
costs		 Alineated
staffcost		 Other
direct
costs		 General
support
costs		 Total 2022 Total 2021
£ £ £ £ £ E
6. Total resources expended
Fundraising costs 24,884 15,277 10,704 11,035 61,900 48,497
Charitable activities
Research and clinical activities 367,181 216,620 142,459 156,480 882,740 735,626
392,065 231,897 153,163 167,515 944,640 784,123

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Directexpenditure hasbeen allocated to the appropriate activity. Restricted depreciation Directexpenditure hasbeen allocated to the appropriate activity. Restricted depreciation Directexpenditure hasbeen allocated to the appropriate activity. Restricted depreciation Directexpenditure hasbeen allocated to the appropriate activity. Restricted depreciation Directexpenditure hasbeen allocated to the appropriate activity. Restricted depreciation is charged directly to directly to ‘
charitable activities. Indirect staffcosts and general support costs have been allocated to activities in accordance
with accounting policies note c). General support costs fortheyear
follows:		 year ended
:		 31 December2022 aremade up as
2022 2021 :
£ £
Recruitmentand training 3,849 2,877 E
Rent = 155569 14,966
Heatand light 9,286 6,076 :
Repairs and renewals : 33,673 14,870 ; ;
ITand website 2,990 1,959
Premises expenses 22,129 24,262
Equipment hire and maintenance
Cleaning		 2,201
14,459
.		 4,005
14,022
Printing, postage and stationery . 2,229 2,227
Telephone 2,047 2,065
Insurance . 35,255 28,291
Legal, professional and building fees 28 575
Subscriptions 2,282 2,269 .
Otheroverhead costs 3,078 2,640
Bank charges 271 230
IrrecoverableVAT * 10,311 7,841 ;
Depreciation (unrestricted assets) 2,358 1,576
Governance costs 5,500 4,500
Total
°		 167,515 136,251 : ‘

nesses

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RICE Annual Report and Financial Statements 2022 :

30

Notes to the Financial Statements [continued] 7. Trustees' remuneration and related parties

é

i

,

‘

i |

;

The Trustees neither received nor waived any remuneration or benefits during the year (2021 - £0). No expenses were reimbursed to the Trustees during the year (2021 - £0).

The only related party transactions in the yearwere with the Royal United transactions in the yearwere with the Royal United transactions in the yearwere with the Royal United Hospitals (RUH).
:
:		 (RUH).
:
:
These transactions can be broken down as follows:
2022 2021
|eet 3 £
Fundsfrom RICE to RUH
Stationary, medical supplies, and
Medical scans
:		 sundries 1,976
22,989		 1,862
11,028
Building: rentand services
Staff: joint post
Total		 . 29,497
64,446
118,908		 29,068
61,604
103,562		 ° -
2022 2021
: ie f
Funds from RUH to RICE
Research trials . 16,711 25,473
_ Research projects
Medical students’ tuition
Room hire		 , ae 4,293
875
1,610		 5,163
875
705
Clinical support
Total		 é -
23,489		 -
32,216
8. Staff costs
2022 2021
£ £
Wages and salaries 555,503 176,138
Employers’ national insurance ' 42,505 33,747
Pension costs 25,953 - 17,153
623,961 527,038

No employee received benefits in total of more than £60,000 in the year. Key management personnel include the Director, Chief Executive and Medical and Research Director. The costs of the key management personnel were as follows: |

|follows:|2022|||2021| |---|---|---|---| ||£||£| |Wages and salaries|90,078||83,794| |Employers’ national insurance|12,895||6,790| |Pension costs|8,893||11,550| ||111,866||102,134|

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The average number ofemployees, based on full-time equivalentsand analysed byfunction, was:
2022		 The average number ofemployees, based on full-time equivalentsand analysed byfunction, was:
2022		 2021
Research and clinical activities 11 10
3 2
Management and administration
14 12

EEE

p RICE Annual Report and Financial Statements 2022 : 31

Notes to the Financial Statements [continued] 9. Net movement in funds

‘ '

;

'

The net movement in funds is stated after charging

2022 2021
£ £
Depreciation and amortisation (unrestricted fund assets) 2,358 1,576
Depreciation (restricted fund assets, includingthe RICE Centre) 36,665 37,584
Auditors’ remuneration 5,500 4,500
Operating lease rentals - leasehold land and buildings 15,569 14,966
Operatingleaserentals-equipment 1,001 2,626
Leasehold
,
Premises		 Office
Research
vege
a
Equipment
Equipment		 Total
£ -£
£		 £
10a. Tangible fixed assets
Cost
At 1January 2022 :
1,723,425		 135,106
15,206		 1,873,737
Additions - -
-		 -
Disposals
-
(3,714)
-
ac
ES ee
re
ee
I
At 31 December 2022
1,723,425
131,392
15,206
a Ee
a ee
aeed
OLS
es		 (3,714)
A
elees
1,870,023
eIOCI
:
Depreciation
At 1January 2022 :
464,295		 135,106
12,751		 612,152
Charge foryear 35,608 -
1,647		 37,255
Disposals
-
(3 714)\—
-
(3,714)
ee Sa
ae
ac ee
ee gE
ea
ee gee
een AIA Sd)
At31 December 2022
499,903
131,392
14,398
645,693
a
Ysate I
a
ee he
ts Ghee te ech
ee eS eae
Net book value
a
SE A a
eS
Dee SRSe
ee
At 31 December 2022
;
1)283,522
-
808
1,224,330
TTONOeett&LSSGSSS
At 31 December2021
1,259,130
-
2,455
1,261,585
rea
FSee
ae8
aee
eeee
ee

As a result of RICE’s investment in relocating to a new site in 2008, there is a significant annual depreciation charge on property restricted assets that is included in the Statement of Financial Activities each year as resources expended on restricted funds. Additionally, in 2019, RICE completed its attic conversion work which resulted in additional depreciation charges on property restricted assets and which is being accounted for in the same Way as the existing property restricted asset. The total property depreciation charge amounted to £35,608 in the year ended 31 December 2022 (2021 - £35,608). The annual depreciation charge reduces the value of the restricted fund asset in the Balance Sheet as in note d) of the Accounting Policies.

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anne nee

SSS RICE ; Annual Report and Financial Statements 2022 : 32.

;

Notes to the Financial Statements [continued]

}

| |

Website Total £ £

10b. Intangible fixed assets

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Cost| |At|1 January|2022|7,064|7,064| |Additions|-|-| |At 31|December|2022|7,064|7,064| |Amortisation|aes| |At|1 January|2022|884|884|-| |Charge for year|1,768|1,768| |At|31|December|2021|2,652|2,652| |Net|book value| |o>|AAD|4,412| |At 31|December|2022| |At|31|December|2021|6,180|6,180| |RICE’s|new website was|amortised|as|an|asset from|July|2021|in|accordance with|note|d)|of the Accounting| |Policies.| |11.|Debtors — amounts|falling|due|within|one|year| |,|2022|2021| |P|.| |Research|grants|and|other trade|debtors|30,162|56,302| |Accrued|legacy income|215,876|274,892| |Other|debtors|and|accrued|income.|160,088|_|39,207| |406,126|370,491| |12.|Creditors|— amounts|falling|due|within|one|year| |;|2022|2021| |£|£| |TradeOther creditorscreditors|and|accruals|:|34,86821,945|16,77314,396|:| |TaxationFees|receivedand|nationalin|advanceinsuranceand|deferred|to|2023|:|28,3971,238|15,7102| |86,448|46,879|

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na RICE Annual Report and Financial Statements 2022 33

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;

} ; :

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Notes to the Financial Statements [continued]
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1January Incoming Resources Transfers 31 December
2022 Resources Expended 2022
£ £ £ if £
13a. Restricted funds
Revenue funds
Dementia PlusAppeal (DPAppeal) 3,025 . 94 - 2,931
PrAISED2 Project 30,000 9,213 39,213 - -
Medlock Charitable Trust - 25,000 25,000 - .
The Discworld Foundation - 75,000 25,000 - 50,000
Research Capacity Funding 4,293 4,293 8,586 - -
Support courses -various ~ 8,647 5,298 13,945 - -
Contain Outbreak Management Fund - 35,854 557 - 35,297
Memory clinic- backlog funds - 41,500 26,250 oa 15,250
Big LotteryCommunity Fund - 10,000 10,000 - -
Buildingworks - roofrepairs 26,020 - 26,020 - -
Capital funds
The RICE Centre - building ; 1,259,130 =, 35,608 - 17223,522
ECG Machine 2,901 - 442 - 2,459
Resus Trolley 516 : es: : 260
Defibrillator
©
1125
SS
ekSs
Total
7
1;335,657:
a		 -
500
SsSaeedSe
206,158
211,471
ee		 -
625
ee ot eeDSO
-
1,330,344
EeeS
ae

The purpose of each fund is as follows:

Revenue funds Dementia PlusAppeal (DP Appeal) PrAISED2 Project

Dementia PlusAppeal (DP Appeal) To fund the expansion of the research programme and the RICE Centre PrAISED2 Project Funds from University of Nottingham, Nottingham University Hospitals NHS Trust and National Institute for Health Research, to study activity, independence and stability in patients with early dementia and mild cognitive impairment Medlock Charitable Trust To fund the PhD Fellow post, Grant Writer post and development of a .Dementia Masterclass Conference The Discworld Foundation Split over three years, starting in 2022, to fund the development and expansion of the research programme Research Capacity Funding Funds from Royal United Hospitals to fund research staff costs, public Support patient involvement group activity and an exercise snacking project courses - various Funds from the McClay Dementia Trust and James Tudor Foundation to ‘support patients and carers through the provision of Cognitive Stimulation Therapy, Post Diagnostic Support and Carers Courses. Contain Outbreak Management Fund — Funds from Bath and North East Somerset Council to supportisolated individuals and families by providing support courses and psychological support Memory clinic - backlog funds Funds from The Harford Charitable Trust and Bath and North East Somerset Council to reduce the backlog of patients waiting to be seen in the memory clinic Big Lottery Community Fund To fund updating education resources and making them available online Building works - roof repairs Funds from The Screwfix Foundation, The Clark Foundation, Ray Harris Charitable Trust, Annett Charitable Trust, Elise Pilkington Charitable Trust, and individual donors, to fund urgent repairs to the RICE Centre roof

Annual Report and FinancialRICE Statements. 2022

34

| |

Notes to the Financial Statements [continued]

Capital funds The RICE Centre - building To fund the construction of the new RICE Centre (2008) and attic : conversion (2019) ECG Machine Funds from Medlock Charitable Trust and James Tudor Trust to purchase and maintain a new ECG machine at the RICE Centre Resus Trolley Funds from Novia Foundation to fund the purchase of a new Resus Trolley at the RICE Centre Defibrillator Funds from The Ray Harris Charitable Trust to fund the cost of anew emergency defibrillator at the RICE Centre

1January Incoming Resources Transfers 31 December
2021 Resources Expended 2021
£ £ ie £ 2
Revenue funds
Dementia PlusAppeal (DP Appeal) 45,000 - 41,975 - 3,025
PrAISED2 Project 19,920 69,747 59,667 = 30,000
Research Capacity Funding 11,206 4,293 11,206 - 4,293
Government grant -furlough
Supportcourses -various
Memoryclinic -backlogfunds		 -
a
-		 722
10,827
7,750		 722.
2,180
7,750		 -
ne
-		 -
8,647
~
Buildingworks -roofrepairs - 35,650 9j630° © - 26,020
.
Capital funds
The RICE Centre - building 1,294,738 = 35,608 - 1,259,130
ECG Machine 4,176 = 1,275 - 2,901
ResusTrolley 772 - 256 - 516
Defibrillator 3 1,625 - 500 - 1,125
Total 1,377,437 128,989 170,769 - 1,335,657

;

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RICE Annual Report and Financial Statements 2022

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35

:

; :

Notes to the Financial Statements [continued]

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Tangible|Fixed|Other|Net|Total|funds| |;|Assets|Assets|~|#3022| |:|£|£|2| |14.|Analysis|of|net|assets|between|funds| |Revenue|funds|:| |Dementia|PlusAppeal|(DP Appeal)|-|2,931|2,931| |TheContainDiscworldOutbreakFoundationManagement|Fund|-=|50,00035,297|35,29750,000|—| |Memory|clinic|- backlog funds|‘|-|15,250|15,250| |Capital|funds| |The|RICE|Centre|-|building|1,223)522|-|223,522| |ECG|Machine|-|2,459|*|2,459| |Resus|Trolley|260|-|260| |Defibrillator|625|-|625| |Total|restricted|funds|1,224,407|105,937|1,330,344| |HNEe|EE| |Unrestricted|funds|- general|;|4,335|483,174|487,509| |Unrestricted|funds|- designated|-|94,000|94,000| |Se|||>|Ee|ee|.| |Total|unrestricted|funds|4,335|577,174|581,509| |es|8|a|eee|2|oe|PESO|a,| |a| |Total|ee Se|ee|2| |funds|1,228,742|683,111|1,911,853| |ISS8S|=,|BESIURY|TRAE| |The|unrestricted|- designated|fund was|set|aside|by Trustees|in|2021 to fund|specific|research|and| |education|activity,|and|will|be spent|over the|next three|years.|

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15. Commitments under operating leases

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

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|||||||| |---|---|---|---|---|---|---| |Other|than|Land|and|Buildings|2022|2021| |:|if|£| |Due within|1 year|1,001|1,001| |Due within|2-5|years|3,002|4,003| |4,003|5,004| |Leasehold|Land|and|Buildings|2022|2021| |(99|year|lease|on|land)|£|£| |Due|within|1 year|14,968|14,966| |Due|within|2-5|years|59,872|59,864| |Due|after|5|years|.|1,197,446|1,212,246| |1,272,286|1,287,076|

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16. Pension scheme

'

RICE operates a defined contribution pension scheme for its employees and the assets are held and managed independently from the charity. The pension costs disclosed in Note 8 represent contributions payable for the year. At 31 December 2022, there were outstanding pension contributions of £0 (2021 — £241),

SS

RICE ‘eS Annual Report and Financial Statements 2022

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36

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:

:

Notes to the Financial Statements [continued]

  1. Comparative statement of financial activities for year ended 31 December 2021

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |;|Unrestricted|:|Total funds|Total|funds| |finde|Restricted|funds|2021|5020| |‘|Notes|£|£|£|£| |Income|3|,| |Donations|and|legacies|al|240,669|-|240,669|156,148| |Fundraising|activities|2|33)219|54,227|87,446|133,525| |Investments|ti)|1,203|-|1,203|1,262| |Royalties|4|7,415|~|7,415|-| |CharitableResearch|andactivitiesclinical-|es)|446,682|74,762|521,444|'|515,650| |activities| |DR|OS Sd|ee|ee| |Total|Income|729,188|128,989|858,177|806,585.| |YAN|etait|Rat) ee)|5|Sandee|an|eee ee| |eee|| |Expenditure|3|Pot| |Raising funds|6|48,497|-|48,497|65,354| |Charitable|activities|-| |Research|and|clinical|6|564,857|170,769|735,626|734,128| |activities| |eR|Cee|Ne|eee|ee|at|Eee|oer|EAE|SB|Re| |Total|Expenditure|613,354|170,769|735,626|799,473| |Se eee|ee ne|ee|ee|nee|eee|ee|eS|ee| |‘*|Net|Income/Expenditure|115,834|(41,780)|74,054|7,112| |Transfers|between|funds|in|:|a|:| |the|year| |Net movement|in|funds|115,834|(41,780)|74,054|7a| |Reconciliation|of funds| |Total|funds|at|1 January 2021|572,946|1,377,437|1,954,383|1,947,271| |Total funds|at 31|December|2021|692,780|1,335,657|2,028,437|1,954,383|

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18. Post balance sheet event

In March 2023, RICE received confirmation of a successful grant award from the National Lottery which will amount to just over £325,000 over the next three years. These funds will be accounted for in the 2023 accounts and future years inline with our accounting policies. This generous award will help to fund the development and growth of our psychological and social support options for people affected by dementia and their families.

:

RICE Annual Report and Financial Statements 2022

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