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|p7.StrategicReport-<br>Ourimpactin2020/21|
|---|
|p8.We'refundingresearchthatwilltransformlives|





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|**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.|



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



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|||||**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)|<br>(111,935)|
|Purchase ofintangibles|||(7,572)|<br>(91,638)|
|Proceedsfromsaleoftangiblefixedassets|||4,658|1,767|
|Proceedsfromsalesofinvestments|||2,700,717|4,000,033|
|Purchase ofinvestments|||(12,948,776)|<br>(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)|<br>3,022|
|(Gains)/lossesoninvestments|||(2,729,021)|<br>1,328,160|
|Dividendsandinterestfrominvestments|||(901,839)|<br>(868,844)|
|(lncrease)/decreaseindebtors|||3,352,214|(1,323,728)|
|lncrease/(decrease)increditors|||(1,711,384)|<br>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|





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|**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<br>-Charityand groupauditservices|||**27,750 **|23,520|
||-Trading|<br>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<br>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|





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