ALZHEIMER'S FOUNDATION for Research into Alzheimer's Disease
Company No: 03655393 Charity No: 1075535
ANNUAL REPORT and FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
Alzheimer's Foundation for Research into Alzheimer's Disease
Contents
For the year ended 31 March 2025
| Page | |
|---|---|
| Reference and Administration Details | 3 |
| Trustees' Report | 4 - 6 |
| Independent Auditor's Report | 7 - 11 |
| Statement of Financial Activities | 12 |
| Balance Sheet | 13 |
| Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 15 - 17 |
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Alzheimer's Foundation for Research into Alzheimer's Disease
Reference and Administration Details
For the year ended 31 March 2025
Address and Registered Office: 43-44 Crutched Friars London EC3N 2AE
Trustees and Directors: Alex Hyde-Smith Andrew Patrick Lynch (resigned 21 September 2025) Kate Lee (resigned 22 April 2025) Simon Benedict Morris (appointed 5 June 2024) Malte Gerhold (appointed 3 September 2025)
Secretary:
Gemma Bourne (resigned 16 May 2025) Roma Grant (appointed 4 June 2025)
Principal Bankers: Royal Bank of Scotland 62-63 Threadneedle Street London EC2R 8HP
Independent Auditor: BDO LLP 55 Baker Street London W1U 7EU
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Alzheimer's Foundation for Research into Alzheimer's Disease
Trustees' Report
For the year ended 31 March 2025
The Trustees (who are also the Directors of the Company for the purposes of company law) are pleased to present their annual Trustees’ Report together with the financial statements of the charity for the year ending 31 March 2025 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the Charities Statement of Recommended Practice (“Charities SORP”) (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland; FRS 102) issued in October 2019.
Aims and objectives of the charity
The principal activities of the Foundation are:
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to promote research leading to a cure for Alzheimer's disease and to publish the results of such research;
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the education of the public concerning the early detection, treatment and control of Alzheimer’s disease and the promotion of improved care for patients suffering from Alzheimer’s disease; and
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the promotion of such charitable objects concerned with medical research and therapeutic or palliative care as the trustees shall, in their absolute discretion determine.
The charity meets its aims and objectives by providing grants to organisations that fund and promote research.
Public benefit
The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. All members of the Board of Trustees give their time voluntarily and receive no benefits from the Charity.
Achievements and financial review
The charity's result for the year was net income of £122,450 (2024: £42,442). The improved result for the year was as a result of lower grant expenditure in the year ended 31 March 2025, pending cash receipts from legacies. No active fundraising is being undertaken, although legacies and donations continue to be accepted. Administrative support continues to be provided by Alzheimer's Society, the entity's controlling party.
Future developments
The trustees continue to make grants in accordance with the Foundation's charitable objectives.
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Alzheimer's Foundation for Research into Alzheimer's Disease
Trustees' Report (continued)
For the year ended 31 March 2025
Structure, governance and management
The Alzheimer's Foundation for Research into Alzheimer's Disease was incorporated on 23 October 1998 as a company limited by guarantee, registration No. 3655393 and registered as a charity on 17 May 1999, registration No. 1075535. It commenced its activities in November 1999 and is governed by the memorandum and Articles of Association. A resolution was passed in March 2003 to transfer the assets and undertaking of the Foundation to the Alzheimer's Society and to cease operating as a separate entity. As the ultimate parent, Alzheimer's Society is responsible for administration of the charity and provides the necessary staff resources.
Whilst The Alzheimer’s Foundation for research into Alzheimer's Disease has independent Trustees, Alzheimer’s Society has beneficial ownership and is therefore deemed to be the ultimate parent undertaking.
Trustees
The company's Articles of Association provide for Trustees, who are also directors for the purposes of the Companies Act 2006, to be appointed by the members of the company on recommendation of the existing trustees, who are able to appoint new trustees to fill a casual vacancy up to the next general meeting.
The Trustees of the charity during the year are listed on page 3 of this report.
All new trustees receive a formal induction by Alzheimer's Society.
Risk management and internal controls
In the view of the Trustees for the Foundation, the controls and procedures operated by Alzheimer’s Society, including the work performed by the Society’s internal auditors, are sufficient for the Foundation’s needs.
Reserves and reserves policy
At the 31 March 2025 the charity held unrestricted reserves of £305,327 (2024: £182,877). The Trustees have not set a reserves policy. Typically given low level of administrative costs, there is no need to retain large reserves and the trustees will use reserves to support further research projects into Alzheimer's Disease.
Grant making policy
Income that is received by The Alzheimer’s Foundation for research into Alzheimer's Disease (TAF) is passed on to Alzheimer’s Society (AS) and Alzheimer’s Research UK (ARUK). Each charity receives half of the available funds. The monies received are held as funds which are designated to form part of the funding for Alzheimer’s Brain Bank UK (ABBUK) to fund its Brains for Dementia Research programme (BDR).
Auditors
Pursuant to section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and BDO will therefore continue in office.
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Alzheimer's Foundation
for Research into Alzheimer's Disease
Trustees' Report (continued)
For the year ended 31 March 2025
Going concern
The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. No material uncertainties in relation to the ability of the charity to continue on a going concern basis have been identified by the Trustees. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006, Charities Act 2011, and the Charities (Accounts and Reports) Regulations 2008. They 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.
The Trustees' Report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
Approved and authorised for issue by the Board of Trustees on 15 December 2025 and signed on their behalf by:
….....................................
Dr Malte Gerhold, Trustee
43-44 Crutched Friars, London, EC3N 2AE
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Alzheimer's Foundation for Research into Alzheimer's Disease
Independent Auditor’s Report to the Members of Alzheimer’s Foundation for Research into Alzheimer’s Disease
For the year ended 31 March 2025
Opinion on the financial statements
In our opinion, the financial statements:
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give a true and fair view of the state of the Charitable Company’s affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Alzheimer’s Foundation for Research into Alzheimer’s Disease (“the Charitable Company”) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the 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 Financial Reporting Standard 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remain independent of the Charitable Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees’ 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 Trustees with respect to going concern are described in the relevant sections of this report.
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Alzheimer's Foundation for Research into Alzheimer's Disease
Independent Auditor’s Report to the Members of Alzheimer’s Foundation for Research into Alzheimer’s Disease (continued)
For the year ended 31 March 2025
Other information
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. 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 financial statements themselves. 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.
Other Companies Act 2006 reporting
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees’ Report, which includes the Directors’ Report prepared for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Directors’ Report, which are included in the Trustees’ Report, has been prepared in accordance with applicable legal requirements.
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 Strategic report or the Trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion;
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Directors’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
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Alzheimer's Foundation for Research into Alzheimer's Disease
Independent Auditor’s Report to the Members of Alzheimer’s Foundation for Research into Alzheimer’s Disease (continued)
For the year ended 31 March 2025
Responsibilities of Trustees
As explained more fully in the Statement of Trustees' responsibilities, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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
We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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:
Non-compliance with laws and regulations
Based on:
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Our understanding of the entity and the sector in which it operates;
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Discussion with management and those charged with governance; and
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Obtaining and understanding of the policies and procedures regarding compliance with laws and regulations;
we considered the significant laws and regulations to be Charities Act 2011, UK GAAP, and UK tax legislation.
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Alzheimer's Foundation for Research into Alzheimer's Disease
Independent Auditor’s Report to the Members of Alzheimer’s Foundation for Research into Alzheimer’s Disease (continued)
For the year ended 31 March 2025
Auditor’s responsibilities for the audit of the financial statements (continued)
The Charitable Company is also subject to laws and regulations where the consequence of noncompliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be data protection law.
Our procedures in respect of the above included:
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Review of minutes of meeting of those charged with governance for any instances of noncompliance with laws and regulations.
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Review of correspondence with regulatory and tax authorities for any instances of noncompliance with laws and regulations; and
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Review of financial statement disclosures and agreeing to supporting documentation.
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
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Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;
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Obtaining an understanding of the policies and procedures relating to:
oDetecting and responding to the risks of fraud; and -
Internal controls established to mitigate risks related to fraud.
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Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud;
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Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and
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Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Based on our risk assessment, we considered the areas most susceptible to fraud to be journals testing and legacy income.
Our procedures in respect of the above included:
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Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation;
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Assessing significant estimates made by management for bias, including assumptions used within accrued legacy income; and
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Incorporating unpredictability into our testing approach through amending the nature and extent of audit procedures.
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Alzheimer's Foundation for Research into Alzheimer's Disease
Independent Auditor’s Report to the Members of Alzheimer’s Foundation for Research into Alzheimer’s Disease (continued)
For the year ended 31 March 2025
Auditor’s responsibilities for the audit of the financial statements (continued)
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:
https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 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 and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
…...............................................
Fiona Condron (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor London, UK
19 December 2025
Date:….....................................
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
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Alzheimer's Foundation for Research into Alzheimer's Disease
Statement of Financial Activities
incorporating an income and expenditure account
For the year ended 31 March 2025
| Notes Income from: Donations Legacies Bank interest Total income Expenditure on: Charitable activities 2 Total expenditure Net income for the year Total unrestricted funds brought forward 6 Total of unrestricted funds carried forward |
2025 £ 4,835 167,169 530 172,534 (50,084) (50,084) 122,450 182,877 305,327 |
2024 £ 10,500 297,554 1,830 309,884 (267,442) (267,442) 42,442 140,435 182,877 |
|---|---|---|
All amounts relate to continuing activities.
The notes on pages 15 to 17 form part of these financial statements.
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Alzheimer's Foundation for Research into Alzheimer's Disease
Balance Sheet
For the year ended 31 March 2025
| Notes | 2025 | 2024 | |
|---|---|---|---|
| £ | £ | ||
| Current assets | |||
| Debtors and prepayments | 4 | 300,669 | 171,095 |
| Cash at bank and in hand | 14,658 | 128,838 | |
| Creditors: amounts falling due within one year | 5 | 315,327 (10,000) |
299,933 (117,056) |
| Net assets | 305,327 | 182,877 | |
| Unrestricted funds | 6 | 305,327 | 182,877 |
The financial statements of Alzheimer's Foundation for Research into Alzheimer's Disease have been prepared in accordance with the provision applicable to companies subject to the small companies' regime.
The notes on pages 15 to 17 form part of these financial statements.
The financial statements on pages 12 to 17 were approved and authorised for issue by the Board on 15 December 2025 and signed on its behalf by:
…..................................
Dr Malte Gerhold, Trustee
Company number 03655393 Charity number 1075535
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Alzheimer's Foundation for Research into Alzheimer's Disease
Statement of Cash Flows
For the year ended 31 March 2025
| Cash flows from operating activities: Net cash (used in)/provided by operating activities Change in cash and cash equivalents in reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Adjustments for: (Increase)/decrease) in stocks Increase in debtors (Decrease)/increase in creditors Net cash (used in)/provided by operating activities Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents Net income for the reporting period (as per the statement of financial activities) |
2025 £ (114,180) (114,180) 128,838 14,658 - (129,574) (107,056) (114,180) 14,658 14,658 122,450 |
2024 £ 117,579 117,579 11,259 128,838 - (35,919) 111,056 117,579 128,838 128,838 42,442 |
|---|---|---|
The notes on pages 15 to 17 form part of these financial statements.
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Alzheimer's Foundation for Research into Alzheimer's Disease
Notes to the Financial Statements
For the year ended 31 March 2025
Company Information
Alzheimer's Foundation for research into Alzheimer's Disease is a registered charity (charity number 1075535) and a company limited by guarantee and registered in England (company number 03655393; registered address 43-44 Crutched Friars London EC3N 2AE). It meets the definition of a public benefit entity under FRS 102.
1 Accounting Policies
Basis of Accounting
The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Companies Act 2006 and Charities SORP 2019 (FRS 102) applicable to charities preparing their accounts in accordance with the Financial Reporting standards applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice.
Going Concern
The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. No material uncertainties in relation to the ability of the charity to continue on a going concern basis have been identified by the trustees. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Income
Income received by way of donations is included in the Statement of Financial Activities when received by the charity. Bank interest is included on a receipts basis. Legacies are recognised in the statement of financial activities when there is probability and reliability of receipt, and the value can be accurately measured.
Expenditure
All expenses are accounted for on an accruals basis.
Grants to third parties for specific purposes are reflected in the accounts when an agreement is made to commit funds to the project although disbursement of the funds may be made in a subsequent accounting reference period. Other, non administrative expenditure, has been classified by reference to its function rather than type of expense so that all costs relating to a specific activity have been aggregated. The basis of allocation is reviewed regularly.
Funds
All funds carried forward in the current and prior years are unrestricted and are available for use by the Foundation within its charitable objects at the discretion of the Trustees.
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Alzheimer's Foundation for Research into Alzheimer's Disease
Notes to the Financial Statements (continued)
For the year ended 31 March 2025
| 2 Charitable activities 2025 £ Grant making 40,000 Associated support costs (note 3) 84 Governance costs (note 3) 10,000 50,084 3 Support costs and governance 2025 £ Support costs: Bank charges 84 Governance costs: Auditor's remuneration 10,000 4 Debtors and prepayments 2025 £ Legacies receivable 300,669 300,669 Grants were paid 50:50 to Alzheimer's Society and Alzheimer's Research UK and previous financial year. |
2024 £ 260,000 86 7,356 267,442 2024 £ 86 7,356 2024 £ 171,095 171,095 in the current |
|---|---|
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Alzheimer's Foundation for Research into Alzheimer's Disease
Notes to the Financial Statements (continued)
For the year ended 31 March 2025
| 5 Creditors: amounts falling due within one year Grant creditor - distribution of funds to ARUK Accrual - audit fee 6 Movement of funds Balance bought forward as at 1 April Net income for the year Balance carried forward as at 31 March |
2025 £ - 10,000 10,000 Unrestricted fund 2025 £ 182,877 122,450 305,327 |
2024 £ 110,000 7,056 117,056 Unrestricted fund 2024 £ 140,435 42,442 182,877 |
|---|---|---|
7 Related party transactions
No Trustees were renumerated and no Trustees were reimbursed expenses during the current or previous financial year.
Alzheimer's Society collected legacy income on behalf of The Alzheimer's Foundation for Research into Alzheimer's Disease, to the value of £38k (2024: £160k). During the year, £20k (2024: £130k) was granted by The Alzheimer's Foundation for Research into Alzheimer's Disease to Alzheimer's Society for research. As at 31 March 2025 The Alzheimer's Foundation for Research into Alzheimer's Disease owed Alzheimer's Society £nil (2024: £nil).
8 Ultimate parent undertaking
The ultimate parent undertaking is Alzheimer's Society, which is both a charity (No. 296645) and a company (No. 02115499) registered in England. Copies of its accounts are available from its registered office at 43-44 Crutched Friars, London EC3N 2AE.
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