2021-03-31-accounts

p7.StrategicReport- Ourimpactin2020/21
p8.We'refundingresearchthatwilltransformlives

**Risk **	Management strategy
**Cybersecurity **	Alzheimer'sResearchUKconstantlymonitors cybersecurity,implementing
Cybercrimeisnowawell-established	necessarysecuritymeasurestoensurearobustdefenceofournetworks.
globalriskandislikelyto remainsofor
theforeseeablefuture.
**Changingregulatorylandscape **	Ouremployeescloselymonitorthe regulatorylandscape,including
ChangesinGovernmentregulatory	guidancefromand requirementssetbytheFundraisingRegulator,the
requirementsand/orinCharitySector	CharityGovernanceCode,changestotheCodeofFundraisingPractice,and
regulationand governance.	changesto dataprotectionandhealth&safetylaws,toensurefull
	compliancewithallregulatoryandlegislativechangesaffecting ourwork.
**Financial fraud **	Wehaverobustpoliciesandproceduresinplacetoprotectagainstinternal
FraudintheCharitySectormirrorsthatof	orexternalfraud,includingstrictrulesontheauthorisation ofbank
therestoftheUK.	paymentsandtransfers.
**Adverse market conditions **	Weremainalert tothepotential impactonourworkifadversemarket
Adversemarketconditionscausing	conditionsleadtoafallinthe valueofourinvestmentportfolio.Tomanage
potential investmentlosses,reductionsin	thisrisk,we employtheservicesofaqualifiedinvestmentbrokerto
income,inabilitytocarry outplanned	managethisportfolio,withthisworkcarefullyoverseen bytheInvestment
activityandinabilitytoimpacton	SubCommittee.Ourportfolioisdeemedaslowrisk.
governmentpolicy.
	Additionally,weremainagileinourabilitytodealwithadversemarket
	conditionswithregardstopotentialreductionsinincome,reducedability
	tocarryoutplannedactivitiesandtoimpacton governmentpolicy.Careful
	monitoring ofincomeandexpenditure,togetherwithdetailed budgeting
	andreforecastingprocessesandarobustreservespolicyhaveenabledus
	tomanagetheimpactofCOVID-19throughout2020/21andhave
	demonstratedourabilitytoadjustandreactwherenecessarytoensure
	thecharitycancontinueto operatethroughdifficultcircumstances.

		**Greenhouse gas **
Scope Energy	**Energyconsumed **	**emissions (kg CO2e) **
Scope2 Purchase ofelectricityfortheGroup'sown use	64,126kWh	14,950
Scope3 Consumptionoftransport fuel:businesstravel-land	147litres	469
Totalemissions		15,419
Intensity ratio:totalenergy emissionsperemployee(kgCO2e)-based at theyearend	on205 employees	75.21

				**Year ended **	**Year ended **
				**31 March **	**31March **
	**Note **	**Unrestricted **	**Restricted **	**2021 **	**2020 **
		**Funds **	**Funds **	**Total **	**Total **
		£	£	£	£
**Income from: **					_(note 23} _
Donationsandlegacies	4	26,152,279	7,677,187	**33,829,466 **	**37,979,783 **
Charitableactivities		65,051	411,864	476,915	**989,753 **
Othertrading&incomegeneratingactivities		389,949	3,085	**393,034 **	**454,029 **
Investments	5	901,839		**901,839 **	868,844
Otherincome	2	1,083,752		**1,083,752 **
Netincomeinjointventure operations			2,559,723	**2,559,723 **	534,056
**Total income **		28,592,870	10,651,859	**39,244,729 **	**40,826,465 **
**Expenditure on: **
Raisingfunds		9,903,459		**9,903,459 **	**13,898,126 **
Charitableactivities	6	17,028,817	4,305,558	**21,334,375 **	**25,872,641 **
**Total expenditure **		26,932,276	4,305,558	31,237,834	**39,770,767 **
Netrealisedgains/(losses)oninvestments	10	173,623		**173,623 **	**184,279 **
Unrealised gains/(losses)oninvestments	10	2,555,398		**2,555,398 **	**(1,512,439) **
**Total net gains/(losses) on investments **		2,729,021		**2,729,021 **	**(1,328,160) **
**Net income/(expenditure) before transfers **		4,389,615	6,346,301	**10,735,916 **	**(272,462) **
Transfersbetweenfunds		2,634,420	(2,634,420)
**Net movement in funds **		7,024,035	3,711,881	10,735,916	**(272,462) **
**Reconciliation of funds: **
Fundsbalanceat1April		4,490,241	2,594,500	**7,084,741 **	**7,357,203 **
**Funds balanceat 31 March **	15,16	11,514,276	6,306,381	**17,820,657 **	**7,084,741 **

				**Year ended **	**Year ended **
				**31 March **	**31 March **
	**Note **	**Unrestricted **	**Restricted **	**2021 **	**2020 **
		**Funds **	Funds	**Total **	**Total **
		£	£	£	£
**Income from: **					_(note 23) _
Donationsandlegacies	4	26,396,712	7,677,187	34,073,899	**38,020,591 **
Charitableactivities		65,051	411,864	**476,915 **	989,753
Othertrading &incomegeneratingactivities		218,527	3,085	**221,612 **	**182,124 **
Investments	5	901,839		**901,839 **	**868,844 **
Otherincome	2	1,083,752		**1,083,752 **
**Total income **		28,665,881	8,092,136	36,758,017	**40,061,312 **
**Expenditure on: **
Raisingfunds		9,862,954		**9,862,954 **	**13,871,763 **
Charitableactivities	6	17,029,619	4,305,558	21,335,177	**25,871,532 **
**Total expenditure **		26,892,573	4,305,558	**31,198,131 **	**39,743,295 **
Netrealisedgains/(losses)oninvestments	10	173,623		173,623	**184,279 **
Unrealised gains/(losses)oninvestments	10	2,555,398		**2,555,398 **	**(1,512,439) **
**Total net gains/(losses) on investments **		2,729,021		**2,729,021 **	**(1,328,160) **
**Net income/(expenditure) before transfers **		4,502,329	3,786,578	**8,288,907 **	**(1,010,143) **
Transfersbetweenfunds		2,634,420	(2,634,420)
Net movement in**funds **		7,136,749	1,152,158	8,288,907	**(1,010,143) **
**Reconciliation of funds: **
Fundsbalanceat1April		4,264,058	1,656,325	**5,920,383 **	**6,930,526 **
Funds balance at 31 March	15,16	11,400,807	2,808,483	**14,209,290 **	**5,920,383 **

		**31 March 2021 **	**31March 2020 **
	Note	£	£
**Fixed assets **
Tangibleassets	9a	**344,648 **	**529,803 **
Intangibleassets	9b	**56,219 **	**91,475 **
Investments	10	**18,530,560 **	12,878,973
		**18,931,427 **	**13,500,251 **
**Current assets **
Stocks	11	**6,709 **	**16,195 **
Debtors	12	4,948,123	**8,313,092 **
Investments	10	**26,493,465 **	16,766,314
Cashatbankandin hand		**3,260,656 **	6,056,017
		34,708,953	**31,151,618 **
Creditors: amounts fallingdue**within one year **	13	**(31,350,829) **	(30,448,608)
Netcurrent**assets **		**3,358,124 **	**703,010 **
**Total assets less current liabilities **		**22,289,551 **	**14,203,261 **
Creditors: amounts falling due after more than one**year **	14	(4,468,894)	(7,118,520)
**Total assets less total liabilities **		**17,820,657 **	**7,084,741 **
Funds
Restrictedfunds	15	**6,306,381 **	2,594,500
Unrestrictedfunds
Generalfunds	16	**6,514,276 **	**4,490,241 **
Designatedfunds	16	**5,000,000 **
		17,820,657	**7,084,741 **

		**31 March 2021 **	**31March 2020 **
	Note	£	£
**Fixed assets **
Tangibleassets	9a	**344,648 **	**529,803 **
Intangibleassets	9b	56,219	**91,475 **
Investments	10	**15,052,662 **	**11,960,798 **
		**15,453,529 **	**12,582,076 **
**Current assets **
Debtors	12	**5,043,768 **	**8,395,982 **
Investments	10	**26,493,465 **	**16,766,314 **
Cashatbankandin hand		**3,033,932 **	**5,716,236 **
		**34,571,165 **	**30,878,532 **
**Creditors: amounts falling due within one year **	13	(31,346,510)	**(30,421,705) **
**Net current assets **		**3,224,655 **	**456,827 **
Totalassetsless currentliabilities		18,678,184	**13,038,903 **
**Creditors: amounts falling due after more than one year **	14	**(4,468,894) **	(7,118,520)
**Total assets less total liabilities **		**14,209,290 **	**5,920,383 **
Funds
Restrictedfunds	15	2,808,483	**1,656,325 **
Unrestrictedfunds
Generalfunds	16	**6,400,807 **	4,264,058
Designatedfunds	16	**5,000,000 **
		**14,209,290 **	**5,920,383 **

		**Year ended **	**Year ended **
		**31March 2021 **	**31March 2020 **
		£	£
**Cash flows from operating activities **
Netcashprovidedby/(usedin)operatingactivities	a	6,579,483	**3,882,825 **
**Cash flow from investingactivities **
Investmentincome		**888,401 **	868,844
Purchase ofproperty,plantandequipment		(12,272)	**(111,935) **
Purchaseofintangiblefixedassets		**(7,572) **	**(91,638) **
Proceedsfromsaleoftangiblefixedassets		**4,658 **	**1,767 **
Proceedsfromsalesofinvestments		**2,700,717 **	**4,000,033 **
Purchase ofinvestments		**(12,948,776) **	**(4,868,240) **
**Net cash provided by/(used in) investing activities **		**(9,374,844) **	**(201,169) **
**Change in cash and cash equivalents in reportingperiod **		(2,795,361)	**3,681,656 **
Cashandcashequivalentsatthebeginningof thereporting period		6,056,017	**2,374,361 **
**Cash and cash equivalents at the end of thereporting period **	b	**3,260,656 **	6,056,017
**Reconciliation of expenditure to net cash flow from operating **
**activities **		**2021 **	**2020 **
		£	£
**a. Net cash provided by operating activities **
Netmovementinfunds		**10,735,916 **	**(272,462) **
**Adjustments for: **
Depreciationandamortisationcharges		**239,338 **	**246,002 **
(Profit)/lossondisposaloffixedassets		(3,740)	**3,022 **
(Gains)/lossesoninvestments		(2,729,021)	1,328,160
Dividendsandinterestfrominvestments		**(901,839) **	**(868,844) **
(lncrease)/decreaseinstocks		9,486	**(7,725) **
(lncrease)/decreaseindebtors		3,364,969	**(1,217,243) **
lncrease/(decrease)increditors		**(1,733,968) **	**5,183,670 **
Share of(profit)/lossfromjointventureinvestment		(2,559,723)	**(534,056) **
(Gains)/lossesonprogrammerelatedinvestments		**158,065 **	**22,301 **
		6,579,483	**3,882,825 **
**b. Analysis of cash and cash equivalents **
Cashatbankandinhand		**3,260,656 **	6,056,017
	**At 1 April2020 **	**Cash flows **	**At 31March2021 **
	£	£	£
**Analysis of changes in net funds **
Cash	6,056,017	(2,795,361)	**3,260,656 **

			Yearended	Yearended
			31March2021	31March 2020
			£	£
**Cashflows fromoperating activities **
Netcashprovidedby/(usedin)by operatingactivities		a	6,692,540	3,552,039
**Cash flow from investingactivities **
Investmentincome			888,401	868,844
Purchase ofproperty,plantandequipment			(12,272)	(111,935)
Purchase ofintangibles			(7,572)	(91,638)
Proceedsfromsaleoftangiblefixedassets			4,658	1,767
Proceedsfromsalesofinvestments			2,700,717	4,000,033
Purchase ofinvestments			(12,948,776)	(4,868,240)
**Net cash provided by/(used in) investing activities **			(9,374,844)	(201,169)
**Change in cash and cash equivalents in reportingperiod **			(2,682,304)	3,350,870
Cashandcashequivalentsatthebeginningofthe reporting period			5,716,236	2,365,366
**Cash and cash equivalents at the end of the reporting period **		b	3,033,932	5,716,236
**Reconciliation of expenditure to net cash flow from operating **	**activities **		2021	2020
			£	£
**a. Net cash provided by operating activities **
Netmovementinfunds			8,288,907	(1,010,143)
**Adjustments for: **
Depreciationandamortisationcharges			239,338	246,002
Lossondisposaloffixedassets			(3,740)	3,022
(Gains)/lossesoninvestments			(2,729,021)	1,328,160
Dividendsandinterestfrominvestments			(901,839)	(868,844)
(lncrease)/decreaseindebtors			3,352,214	(1,323,728)
lncrease/(decrease)increditors			(1,711,384)	5,155,269
(Gains)/losseson programme relatedinvestments			158,065	22,301
			6,692,540	3,552,039
**b. Analysis of cash and cash equivalents **
Cashatbankandin hand			3,033,932	5,716,236
	**At 1 April **	**2020 **	Cashflows	At31March2021
		£	£	£
**Analysis of changes in net funds **
Cash	5,716,236		(2,682,304)	3,033,932

2.	Net income/(expenditure) for theyear	Net income/(expenditure) for theyear
			**Yearended **		Yearended
	**Group and Charity **		**31 March **		31March
				**2021 **	2020
	Netincome/expenditurefortheyearisstatedaftercharging:			£	£
	Incomefromgovernmentgrants-Coronavirusjobretentionscheme		**1,083,752 **
	Auditservices -Charityand groupauditservices			**27,750 **	23,520
	-Trading	subsidiaryauditservices		**2,250 **	2,200
	-Taxcomplianceservices			**3,525 **	3,290
	Depreciationoftangiblefixedassets		**196,510 **		203,639
	Amortisation ofintangible	fixedassets		**42,828 **	42,363
	(Profit)/lossondisposalof	fixedassets		(3,742)	3,022
	Paymentsunderoperating	leases-landandbuildings	**411,746 **		411,746
	Paymentsunderoperating	leases-plantandmachinery		23,019	21,853
3.	**Information regarding employees and trustees **
			**Year **	**ended **	Yearended
			31	**March **	31March
				**2021 **	2020
	**Groupand Charity **		**Number **		Number
	Charitableactivities			**62 **	55
	Fundraising			**115 **	104
	Supportservices			**28 **	32
				**205 **	191
				£	£
	Salaries		**7,543,912 **		7,026,558
	National insurance		**820,552 **		752,209
	Otherpensioncosts		**378,224 **		346,338
			**8,742,688 **		8,125,105
	Thenumber ofemployees	whoseemolumentshaveexceeded£60,000intheyearwere:
			**Number **		Number
	£60,001-£70,000			9	10
	£70,001-£80,000			2	1
	£80,001-£90,000			5	3
	£90,001-£100,000			2	1
	£100,001-£110,000				1
	£130,001-£140,000			1	2

			**Total **	Total
			**Year ended **	Yearended
	**Unrestricted **	**Restricted **	**31 March **	31March
	**funds **	**funds **	**2021 **	2020
**Group **	£	£	£	£
Charitabletrusts	986,529	2,448,008	**3,434,537 **	4,942,792
Legacyincome	9,354,843	1,821,011	**11,175,854 **	12,983,608
Otherdonations	15,771,778	3,408,168	**19,179,946 **	19,416,770
Donatedservices	39,129		39,129	636,613
	26,152,279	7,677,187	**33,829,466 **	37,979,783
**Charity **	£	£	£	£
Charitabletrusts	986,529	2,448,008	**3,434,537 **	4,942,792
Legacyincome	9,354,843	1,821,011	**11,175,854 **	12,983,608
Otherdonations	16,016,211	3,408,168	**19,424,379 **	19,457,578
Donatedservices	39,129		**39,129 **	636,613
	26,396,712	7,677,187	**34,073,899 **	38,020,591

	**Year ended **	Yearended
	**31 March **	31March
	**2021 **	2020
**Group and Charity **	£	£
Bankdeposits	**12,547 **	8,122
Dividendincome	**889,292 **	860,722
	**901,839 **	868,844

**Expenditure on charitable activities **
	**Unrestricted **	**Restricted **	**Total **	Total
	**funds **	**funds **	**2021 **	2020
**Group **	£	£	£	£
Dementiaresearch	13,176,649	4,157,530	**17,334,179 **	21,093,023
Information andadvocacy	3,852,168	148,028	**4,000,196 **	4,779,618
	17,028,817	4,305,558	**21,334,375 **	25,872,641

**6. **	Expenditure on charitable activities (continued)	Expenditure on charitable activities (continued)
			**Unrestricted **	**Restricted **	**Total **	Total
			**funds **	**funds **	**2021 **	2020
	**Charity **		£	£	£	£
	Dementiaresearch		13,177,301	4,157,530	**17,334,831 **	21,092,118
	Informationandadvocacy		3,852,318	148,028	**4,000,346 **	4,779,414
			17,029,619	4,305,558	21,335,177	25,871,532
**7. **	**Support costs **
					**Vear ended **	Yearended
				Information &	**31 March **	31March
		**Raising Funds **	**Research **	**Advocacy **	**2021 **	2020
	**Group **	£	£	£	£	£
	Humanresources	159,841	279,772	64,563	**504,176 **	810,638
	Premises	205,004	358,821	82,805	**646,630 **	601,411
	Finance	175,662	307,463	70,953	**554,078 **	303,625
	Corporate	151,141	264,545	61,049	**476,735 **	492,517
	IT&officecosts	246,586	431,603	99,601	**777,790 **	705,835
	Depreciation&amortisation	74,692	130,735	30,170	**235,597 **	249,023
	Governance	179,274	313,785	72,412	565,471	513,016
		1,192,200	2,086,724	481,553	3,760,477	3,676,065
	**Charity **	£	£	£	£	£
	Humanresources	159,389	280,138	64,648	**504,175 **	810,638
	Premises	204,425	359,291	82,914	646,630	601,411
	Finance	175,166	307,866	71,046	554,078	303,625
	Corporate	150,715	264,892	61,128	**476,735 **	492,517
	IT&officecosts	245,890	432,169	99,731	**777,790 **	705,835
	Depreciation&amortisation	74,481	130,906	30,210	**235,597 **	249,023
	Governance	177,583	312,114	72,026	**561,723 **	508,930
		1,187,649	2,087,376	481,703	**3,756,728 **	3,671,979

	**Year ended **	Yearended
	**31 March **	31March
	**2021 **	2020
Group	£	£
Newresearchcommitmentsenteredintoduringthe yearfordementiaresearch	**14,832,436 **	18,433,936
Release ofprovisionsnolongerrequired	**(794,781) **	(462,517)
Supportcostsallocatedto grantgiving	**1,921,154 **	1,830,299
GrantgivingchargedtotheStatementofFinancialActivities	**15,958,809 **	19,801,718
Otherresearchcosts	**1,209,800 **	1,171,948
SupportcostsallocatedtoDementiaresearch	**165,570 **	119,357
DementiaresearchchargedtotheStatementofFinancialActivities	17,334,179	21,093,023

**Grant giving (continued) **
	**Year ended **	Yearended
	31March	31March
	**2021 **	2020
**Charity **	£	£
Newresearchcommitmentsenteredinto duringtheyearfordementiaresearch	**14,832,436 **	18,433,936
Releaseofprovisionsnolongerrequired	(794,781)	(462,517)
Supportcostsallocatedtograntgiving	**1,921,754 **	1,829,449
GrantgivingchargedtotheStatementofFinancialActivities	15,959,409	19,800,868
Otherresearchcosts	1,209,800	1,171,948
SupportcostsallocatedtoDementiaresearch	**165,622 **	119,302
DementiaresearchchargedtotheStatementofFinancialActivities	**17,334,831 **	21,092,118

	**Total **	Total
	**Year ended **	Yearended
	31March	31March
	**2021 **	2020
	£	£
Alzheimer'sBrainBankUK	**472,554 **	20,000
AptuitUK	**391,593 **
AstonUniversity	**29,000 **
BostonUniversity	271,034
CardiffUniversity	222,913	150,007
CaseWesternReserveUniversity	**12,470 **	114,083
CharlesRiverDiscoveryResearchServicesUK	**347,037 **
CrawfordWorks	20,000	10,000
DeMontfortUniversity	**45,282 **	125,345
DHHealthcare	12,000	50,000
ImperialCollegeLondon	**153,251 **	3,060,501
InstitutPasteur		80,000
King'sCollegeLondon	**181,006 **	1,096,451
MedicalResearchCouncil	**79,561 **	2,738
NewcastleUniversity	**721,451 **	210,119
NewYorkUniversitySchoolofMedicine	25,000
OtherConsultancy	15,000
PsychiatryConsortium		27,931
Queen'sUniversityBelfast	14,000	28,000
**RNID **	**90,250 **
SansSerifConsulting	**62,004 **
TheAlanTuringInstitute	**495,000 **	10,000
TheFloreyInstitute ofNeuroscienceandMentalHealthCareers	**4,921 **
TheWellcomeTrust		299,000
UKDRI Limited	**2,000,000 **	2,000,000
UniversityCollegeLondon	2,741,478	2,414,483
UniversityofAberdeen		1,800
University ofBath	**4,920 **
UniversityofBirmingham		58,000
Subtotal	**8,411,725 **	9,758,458

**8. **	**Grant giving (continued) **
	Broughtforward	**8,411,725 **	9,758,458
	UniversityofBristol	**220,070 **	789,504
	UniversityofCambridge	**2,229,292 **	2,325,430
	UniversityofDundee	**41,750 **	135,602
	UniversityofEdinburgh		549,182
	UniversityofExeter	**251,733 **	359,874
	UniversityofExeterMedialSchool		29,734
	UniversityofGlasgow	**12,500 **
	UniversityofManchester	**52,187 **	102,281
	UniversityofMinnesota	**2,196 **	35,142
	UniversityofNotreDame	**5,581 **
	UniversityofOxford	**3,440,882 **	2,618,310
	UniversityofPortsmouth	26,750
	University ofReading	34,250	146,484
	UniversityofSheffield	14,500	1,033,904
	UniversityofSouthampton	**27,907 **	259,929
	UniversityofStAndrews		50,000
	VIBCenterforMolecularNeurology	**12,500 **
	YorkHealthEconomicsConsortium	48,613
	YorkUniversity		240,102
		**14,832,436 **	18,433,936

**9a. **	**Tangible fixed assets **
			**Fixtures **
		**Leasehold **	**&office **
		**improvements **	**equipment **	**Total **
	**Group and Charity **	£	£	£
	**Cost **
	At1April2020	1,246,019	460,721	1,706,740
	Additions		12,272	12,272
	Disposals		{17,975)	(17,975)
	**At 31March 2021 **	1,246,019	455,018	**1,701,037 **
	**Depreciation **
	At1April2020	909,641	267,296	1,176,937
	Chargefortheyear	94,932	101,578	196,510
	Disposals		(17,058)	(17,058)
	**At 31 March2021 **	1,004,573	351,816	**1,356,389 **
	**Net book value **
	At 31 March 2021	**241,446 **	**103,202 **	**344,648 **
	At31March2020	336,378	193,425	529,803

**9b. **	**Intangible fixed assets **
		**Computer **
		**software **
	**Group and Charity **	£
	**Cost **
	At1April2020	243,706
	Additions	7,572
	**At 31 March 2021 **	2Sl,278
	**Amortisation **
	At1April2020	152,231
	Chargeforthe year	42,828
	**At 31 March 2021 **	**195,059 **
	**Net book value **
	**At 31 March 2021 **	56,219
	At31March2020	**91,475 **

**Investments **
					**Total **	Total
		**Programme **		**Share in **	**Year ended **	Yearended
	**Investment **	**related **	**Shares in **	**Joint **	**31March **	31March
	portfolio	**investment **	**subsidiary **	**venture **	**2021 **	2020
	£	£	£	£	£	£
Marketvalue
1April	27,569,973	1,137,139	20,000	938,175	**29,665,287 **	29,613,485
Additions	12,647,152	301,624			**12,948,776 **	4,868,240
Disposals	(2,700,717)				(2,700,717)	(4,000,033)
Realisedand unrealised
investmentgains/(losses)	2,729,021	(158,065)		2,559,723	**5,130,679 **	(816,405)
Market value at 31 March	40,245,429	1,280,698	20,000	3,497,898	**45,044,025 **	29,665,287
Group	40,245,429	1,280,698		3,497,898	**45,024,025 **	29,645,287
Charity	40,245,429	1,280,698	20,000		**41,546,127 **	28,727,112
**Cost at 31 March **	36,588,611	1,568,056	20,000	3,497,898	**41,674,565 **	28,790,012

**10. **	**Investments (continued) **
	Composition of investment portfolio			**Year ended **	Yearended
				**31March **	31March
				**2021 **	2020
				£	£
	UKCorporate bonds			**8,049,663 **	8,603,273
	OverseasCorporate bonds			**1,475,561 **	1,111,894
	UKGilts			**4,226,740 **	3,791,140
	Cash deposits			**7,382,391 **	2,166,499
	UKalternativeinvestments			**6,948,031 **	4,569,312
	UKequityinvestments			**5,086,043 **	3,581,780
	Non-UKequityinvestments			**7,077,000 **	3,746,075
				40,245,429	27,569,973
	**Presentation of investments **	**Year ended **	**Year ended **	Yearended	Yearended
		**31 March **	**31 March **	31March	31March
		**2021 **	**2021 **	2020	2020
		Group	**Charity **	Group	Charity
		£	£	£	£
	Fixedassetinvestments	**18,530,560 **	**15,052,662 **	12,878,973	11,960,798
	Currentinvestments	**26,493,465 **	**26,493,465 **	16,766,314	16,766,314
		**45,024,025 **	**41,546,127 **	29,645,287	28,727,112

		**Year ended **	Yearended
		**31March **	31March
		**2021 **	2020
		£	£
	Income	**195,013 **	297,060
	Expenditure	**(65,045) **	(54,377)
	Profitforthe year	**129,968 **	242,683
	Fixedassets	**1,750 **	3,500
	Netcurrentassets/(liabilities)	**133,468 **	246,183
		135,218	249,683
	Financed by:
	Ordinarysharecapital	**20,000 **	20,000
	Shareholder'sfunds	115,218	229,683
		**135,218 **	249,683
11.	**Stocks **
		**Year ended **	Yearended
		**31March **	31March
		**2021 **	2020
	Group	£	£
	Merchandiseand products	**6,709 **	16,195

**12. **	**Debtors **
		**Year ended **	Yearended
		**31March **	31March
		**2021 **	2020
	**Group **	£	£
	Tradedebtors	**67,256 **	81,770
	Otherdebtors	**287,979 **	1,080,836
	CharitiesAidFoundation	66,472	4,131
	Accruedincomeand prepayments	**4,526,416 **	7,146,355
		**4,948,123 **	8,313,092
		**Year ended **	Yearended
		**31 March **	31March
		**2021 **	2020
	**Charity **	£	£
	Trade debtors	**67,256 **	81,770
	Otherdebtors	**287,979 **	1,084,804
	Amountsduefromgroupundertakings	**95,645 **	79,892
	CharitiesAidFoundation	66,472	4,131
	Accruedincomeandprepayments	4,526,416	7,145,385
		**5,043,768 **	8,395,982
**13. **	**Creditors:amounts falling due within one year **
		**Year ended **	Yearended
		**31 March **	31March
		**2021 **	2020
	**Group **	£	£
	Tradecreditors	**3,365,559 **	4,314,043
	Accruals	837,477	364,799
	Othertaxesandsocialsecurity	**172,062 **	216,824
	Othercreditors	98,138	240,078
	Researchcommitments	**26,877,593 **	25,312,864
		**31,350,829 **	30,448,608
		**Year ended **	Yearended
		**31 March **	31March
		**2021 **	2020
	**Charity **	£	£
	Tradecreditors	3,365,559	4,313,579
	Accruals	**833,158 **	338,360
	Othertaxesandsocialsecurity	**172,062 **	216,824
	Othercreditors	98,138	240,078
	Researchcommitments	**26,877,593 **	25,312,864
		31,346,510	30,421,705

**Creditors: amounts fallingdue after morethan one year **
	**Year ended **	Yearended
	**31 March **	31March
	**2021 **	2020
**Group and Charity **	£	£
Researchcommitments	**4,325,945 **	6,997,591
Rentaccrual	**11,640 **	16,296
Othercreditors	**131,309 **	104,633
	4,468,894	7,118,520
	**Year ended **	Yearended
	**31March **	31March
	**2021 **	2020
**Ageingof long-term liabilities **	£	£
1-2years	**2,942,487 **	4,081,197
2-3years	**1,343,905 **	2,127,312
3-4years	**182,502 **	773,242
4-5years		136,769
	4,468,894	7,118,520
	**Year ended **	Yearended
	**31 March **	31March
	**2021 **	2020
**Reconciliation of research commitments **	£	£
Balancebroughtforward	**32,310,455 **	30,286,474
Newcommitmentsenteredinto	**14,832,436 **	18,433,936
Commitmentsnolongerrequired	**(794,781) **	(462,517)
Amountsspentintheperiod	**(15,144,572) **	(15,947,438)
	**31,203,538 **	32,310,455

	Asat				**As at **
	31March				**31March **
	2020	**Income **	**Expenditure **	**Transfers **	**2021 **
	£	£	£	£	£
**Description **
_Research _
Adept		85,686	(85,686)
BrainBank		300		(300)
ClinicalResearchFellowship		193,206		(193,206)
DementiaConsortium	684,966	344,738	(666,569)		**363,135 **
DrugDiscoveryInstitutes		2,440,552	(2,121,048)	(319,504)
EDoN	115,000	2,602,481	(907,927)		**1,809,554 **
Equipment		10,000		{10,000)
InterdisciplinaryResearchGrants		216,466		(216,466)
NetworkAccelerateScheme		691		(691)
NetworkCentre		140,881	(38,300)	(102,581)
NetworkSupportGrant		301		(301)
Other		75,858		(75,858)
PhD		102,334		(102,334)
PilotProjects		52,783		(52,783)
ProgrammeGrants		889,986		{889,986}
Race AgainstDementia	512,775				**512,775 **
ResearchFellowshipGrants		698,363	(405,391)	(292,972)
SeniorResearchFellowship		126,100		(126,100)
UKDRILimited		251,338		(251,338)
_Non-research _
Investigatorof theYearAward	25,850		(25,850)
BAME-Community project	23,987				**23,987 **
ResearchConference	210,000	(190,868)	(19,132)
Conference prize giving	1,000				**1,000 **
DementiaAttitudesMonitor	24,919	25,081			50,000
HealthInfoPrint&Production		34,418	(11,414)		**23,004 **
DementiaResearchlnfoline	9,095		(9,095)
InspireFund		10,000			**10,000 **
EuropeanResearchGrant	33,705	(18,559)	(15,146)
LivedExperienceofDementia	15,028				15,028
**Charity restricted funds **	1,656,325	**8,092,136 **	**(4,305,558) **	**(2,634,420) **	**2,808,483 **
Jointventureinvestments	938,175	2,559,723			**3,497,898 **
**Group restricted funds **	2,594,500	**10,651,859 **	(4,305,558)	**(2,634,420) **	**6,306,381 **

	Asat				**Asat **
	31March				**31March **
	2019	**Income **	**Expenditure **	**Transfers **	**2020 **
	£	£	£	£	£
**Description **
_Research _
BrainBank		145,020	(145,020)
ClinicalResearchFellowship		14,000		(14,000)
DementiaConsortium	474,141	898,118	(687,293)		**684,966 **
DrugDiscoveryInstitutes		1,815,468		(1,815,468)
EDoN		125,000	(10,000)		**115,000 **
InterdisciplinaryResearchGrants		84,400	(21,400)	(63,000)
NetworkAccelerateScheme		90,690		(90,690)
NetworkCentre		104,268	(95,218)	(9,050)
NetworkSupportGrant		658		(658)
Other		11,338	(2,000)	(9,338)
PhD	88,848	105,082	(32,654)	(161,276)
PilotProjects	3,479	30,485	(3,479)	(30,485)
ProgrammeGrants		954,899	(309,035)	(645,864)
RaceAgainstDementia	2,000,000	12,027	(1,499,252)		**512,775 **
ResearchFellowshipGrants		17,927		(17,927)
SeniorResearchFellowship		128,597	(15,000)	(113,597)
TauConsortium		321,495	(321,495)
UKDRILimited		1,547,913	(1,547,913)
_Non-research _
InvestigatoroftheYearAward	10,850	15,000			**25,850 **
BAME-Community project	63,554		(39,567)		**23,987 **
ResearchConference		210,000			**210,000 **
Conference prize giving	1,000				**1,000 **
DementiaAttitudesMonitor		24,919			**24,919 **
DementiaResearchlnfoline		115,000	(105,905)		**9,095 **
InspireFund		55,000	(55,000)
EuropeanResearchGrant	53,482		(19,777)		**33,705 **
LivedExperience ofDementia		24,000	(8,972)		**15,028 **
Taskforce		10,000	(10,000)
**Charity restricted funds **	2,695,354	**6,861,304 **	**(4,928,980) **	(2,971,353)	**1,656,325 **
Jointventureinvestments	404,119	534,056			**938,175 **
**Grouprestricted funds **	3,099,473	**7,395,360 **	**(4,928,980) **	(2,971,353)	**2,594,500 **

	**Balanceat **		**Expenditure, **		**Balance at **
	**31March **		Gains &		**31 March **
	**2020 **	**Income **	**Losses **	**Transfers **	**2021 **
**Group **	£	£	£	£	£
Generalfund	**4,490,241 **	28,592,870	(24,203,255)	(2,365,580)	6,514,276
Designatedfunds:
EarlyDiagnosisandDetection				4,500,000	**4,500,000 **
SportandDementia				500,000	**500,000 **
**Groupunrestricted funds **	**4,490,241 **	28,592,870	(24,203,255)	2,634,420	11,514,276
**Charity **
Generalfund	4,264,058	28,665,881	(24,163,552)	(2,365,580)	**6,400,807 **
Designatedfunds:
EarlyDiagnosisandDetection				4,500,000	**4,500,000 **
SportandDementia				500,000	**500,000 **
**Charity unrestricted funds **	**4,264,058 **	28,665,881	(24,163,552)	2,634,420	**11,400,807 **
**Prior year **	**Balanceat **		**Expenditure, **		**Balance at **
	**31March **		**Gains& **		**31March **
	**2019 **	**Income **	**Losses **	**Transfers **	**2020 **
Group	£	£	£	£	£
Generalfund	(1,331,151)	33,431,105	(36,169,947)	8,560,234	**4,490,241 **
Designatedfunds:
DRIreserve	5,588,881			(5,588,881)
**Groupunrestricted funds **	4,257,730	33,431,105	(36,169,947)	2,971,353	**4,490,241 **
**Charity **
Generalfund	(1,353,709)	33,200,008	(36,142,475)	8,560,234	**4,264,058 **
Designatedfunds:
DRIreserve	5,588,881			(5,588,881)
**Charity unrestricted funds **	4,235,172	33,200,008	(36,142,475)	2,971,353	4,264,058

**17. **	**Analysis of assets and liabilities between funds **
		**Designated **	**General **	**Restricted **
		**Funds **	**Funds **	**Funds **	**Total **
		£	£	£	£
	**Group **
	**Fixed assets **
	Tangiblefixedassets		344,648		**344,648 **
	Intangiblefixedassets		56,219		56,219
	Investments	5,000,000	10,032,662	3,497,898	**18,530,560 **
	**Current assets **
	Stocks		6,709		**6,709 **
	Debtors		4,948,123		4,948,123
	Currentassetinvestments		23,684,982	2,808,483	**26,493,465 **
	Cashatbankandinhand		3,260,656		**3,260,656 **
	**Creditors **
	Duewithinoneyear		(31,350,829)		(31,350,829)
	Dueinmorethanoneyear		(4,468,894)		**(4,468,894) **
	Group	5,000,000	6,514,276	**6,306,381 **	17,820,657
	Charity:allocatedonthesame
	basisasthe groupfigures	**5,000,000 **	**6,400,807 **	**2,808,483 **	**14,209,290 **
	**Prior Year **	**Designated **	**General **	**Restricted **
		**Funds **	**Funds **	**Funds **	**Total **
		£	£	£	£
	**Group **
	**Fixed assets **
	Tangiblefixedassets		529,803		**529,803 **
	Intangiblefixedassets		91,475		**91,475 **
	Investments		11,940,798	938,175	12,878,973
	**Current assets **
	Stocks		16,195		**16,195 **
	Debtors		8,313,092		**8,313,092 **
	Currentassetinvestments		16,766,314		**16,766,314 **
	Cashatbankandinhand		4,399,692	1,656,325	6,056,017
	**Creditors **
	Duewithinoneyear		(30,448,608)		**(30,448,608) **
	Dueinmorethan one year		(7,118,520)		**(7,118,520) **
	**Group **		**4,490,241 **	**2,594,500 **	**7,084,741 **
	Charity:allocatedonthesame
	basisasthe groupfigures		**4,264,058 **	**1,656,325 **	**5,920,383 **

	**2021 **	2020
	£	£
**Other **
Within one year	**22,746 **	**22,746 **
Betweenoneandfiveyears	**81,505 **	**90,983 **
Afterfiveyears		13,268
	**104,251 **	**126,997 **
**Land and buildings **
Within one year	**411,746 **	**411,746 **
Betweenoneandfiveyears	**617,620 **	**1,029,366 **
	**1,029,366 **	**1,441,112 **

			**2020 **
	**Unrestricted **	**Restricted **	**Consolidated **
	**Funds **	**Funds **	**Total **
Group	£	£	£
**Income from: **
Donationsandlegacies	32,016,597	5,963,186	**37,979,783 **
Charitableactivities	91,635	898,118	**989,753 **
Othertrading&incomegeneratingactivities	454,029		454,029
Investments	868,844		868,844
Netincomeinjointventure operations		534,056	534,056
**Total income **	33,431,105	7,395,360	**40,826,465 **
**Expenditure on: **
Raisingfunds	13,898,126		**13,898,126 **
Charitableactivities	20,943,661	4,928,980	**25,872,641 **
**Total expenditure **	34,841,787	4,928,980	39,770,767
Netrealised gains/(losses)oninvestments	184,279		184,279
Unrealisedgains/(losses)oninvestments	(1,512,439)		**(1,512,439) **
**Total net gains/(losses) on investments **	(1,328,160)		**(1,328,160) **
**Net income/(expenditure) beforetransfers **	(2,738,842)	2,466,380	**(272,462) **
Transfersbetweenfunds	2,971,353	(2,971,353)
**Net movement in funds **	232,511	(504,973)	**(272,462) **
**Reconciliation of funds: **
Fundsbalanceat1April	4,257,730	3,099,473	7,357,203
**Funds balance at 31 March **	4,490,241	2,594,500	**7,084,741 **
Donationsandlegacies

			2020
	**Un restricted **	**Restricted **	**Charity **
	**Funds **	**Funds **	**Total **
**Charity **	£	£	£
**Income from: **
Donationsandlegacies	32,057,405	5,963,186	**38,020,591 **
Charitableactivities	91,635	898,118	**989,753 **
Othertrading&incomegeneratingactivities	182,124		**182,124 **
Investments	868,844		**868,844 **
**Total income **	33,200,008	6,861,304	**40,061,312 **
**Expenditure on: **
Raisingfunds	13,871,763		**13,871,763 **
Charitableactivities	20,942,552	4,928,980	**25,871,532 **
**Total expenditure **	34,814,315	4,928,980	**39,743,295 **
Netrealisedgains/(losses)oninvestments	184,279		**184,279 **
Unrealisedgains/(losses)oninvestments	(1,512,439)		**(1,512,439) **
**Total net gains/(losses) on investments **	(1,328,160)		**(1,328,160) **
**Net income/(expenditure) before transfers **	(2,942,467)	1,932,324	**(1,010,143) **
Transfersbetweenfunds	2,971,353	(2,971,353)
**Net movement in funds **	28,886	(1,039,029)	(1,010,143)
**Reconciliation of funds: **
Fundsbalanceat1April	4,235,172	2,695,354	6,930,526
**Funds balance at 31 March **	4,264,058	1,656,325	**5,920,383 **

	**Year ended **	**Year ended **	Yearended	Yearended
	**31 March **	**31 March **	31March	31March
	**2021 **	**2021 **	2020	2020
	**Group **	**Charity **	Group	Charity
	£	£	£	£
**Financial assets **
Instrumentsmeasuredatfairvaluethrough StatementofFinancialActivity	**37,641,635 **	**34,143,737 **	27,478,789	26,540,614

Chairman	DLMayhewCBE
OtherTrustees	NAntill	DrREvenett
	cCarter	CVanDenBruiMBE
	SCramerCBE	DrRMcKernanCBEFMedSci
	MCooper	ProfRJHoward
	GDennison
CompanySecretary	PDunn
President	TheRtHonDavidCameron
ExecutiveTeam	HilaryEvans,ChiefExecutive
	IanWilson,DeputyChiefExecutiveandExecutiveDirectorofFundraisingand
	Communications
	PhilipDunn,ExecutiveDirector	ofFinance andOperations
ChiefMedicalOfficer	ProfJonathanSchott

**Grant Review Board **
ProfKatieLunnon[Chair]	ProfLouiseSerpell
DrAlexanderGerhard	DrPareshMalhotra
DrCherylHawkes	ProfPatriciaSalinas
ProfDavidBrooks	ProfPatrickLewis
ProfDavidLlewellyn	DrRiccardoMarioni
ProfDelphineBoche	DrSandrineWillaime-Morawek
DrEmma**Kidd **	DrSelinaWray
DrJanetBrownlees	ProfStephenWharton
ProfJodyMason	ProfTiagoOuteiro
ProfJohn-PaulTaylor	DrWendyNoble
DrJonBrown	ProfSimonMead(steppeddownJune2021)
**Clinical Trials AdvisoryPanel **
ProfJohnO'Brien [Chair]	DrPeterWatson
ProfNickFox	ProfKarlHerholz
ProfChrisFrost	ProfDavidRubinsztein
DrVincenzoLibri	DrShahidZaman
ProfColinMasters	ProfJaneArmitage
ProfPeterPassmore	ProfNicolaLautenschlager
ProfCraigRitchie	DrlracemaLeroi