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2023-03-31-accounts

Alzheimer's Research UK

(A company limited by guarantee and not having a share capital) Annual Report and Financial Statements

Year Ended

31 March 2023

ALZHEIMER’S RESEARCH UK

Trustees report and annual accounts for the year ended 31 March 2023

Contents

p.3 Introduction from our Chair and Chief Executive

p.4 President’s foreword

p.6 Report of the Trustees

p.6 Our vision

p.6 Research impact in 2022/23

p.9 Sharing vital research discoveries

p.10 Accelerating progress towards new treatments

p.14 Working towards an early and accurate diagnosis for all

p.15 Understanding dementia risk, to help prevent people developing the condition

p.17 Building stronger support to drive us closer to a cure

p.20 Amplifying our voice to influence action and instigate change

p.23 Striving for organisational excellence in everything we do

p.25 Strategic Report - Financial Review

p.28 Section 172 statement

p.29 Our structure, governance and management

p.32 UK greenhouse emissions and energy use – Carbon and energy reporting

p.33 Statement of Trustees’ responsibilities

p.34 Independent Auditor’s Report

p.38 Consolidated statement of financial activities

p.39 Charity statement of financial activities

p.40 Consolidated balance sheet

p.41 Charity balance sheet

p.43 Charity cash flow statement

p.44 Notes forming part of the financial statements

p.68 Legal and administrative details

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INTRODUCTION From our Chair and Chief Executive.

The last financial year was a real landmark for our cause, with breakthrough drugs sparking worldwide excitement for a future free from dementia.

It was also a momentous year for Alzheimer’s Research UK, as the incredible backing of our supporters helped grow our income to over £50 million for the first time. Helping us achieve this milestone were 20,000 new donors, and we now have 68,000 people making monthly donations.

During this year, our Chief Executive, Hilary Evans, was also appointed Co-Chair of the government's Dementia Mission – set up in honour of the late Dame Barbara Windsor who did so much to support our cause. The Mission, styled on the successful COVID-19 vaccine Taskforce, will grow the UK’s ability to translate scientific discoveries into new treatments, and future-proof the nation’s clinical research infrastructure. Part of Hilary’s role will be ensuring that the voices of people affected by dementia are heard.

Thanks to the astonishing support we’ve received this year, and achievements of all of those working towards a cure, we couldn’t be more excited about the next chapter for dementia research.

Michael Cooper, Chair

It was a truly historic year for dementia research. News that lecanemab, a drug for early Alzheimer’s, could slow the disease’s progression, marked the beginning of a new era – one in which dementia is set to become a treatable condition.

With recent news of a second drug, donanemab, also proving successful in trials, these momentous advances have brought hope to millions of people, while also accelerating our efforts towards a cure. But this is just the start.

The imminent arrival of drugs like these also present significant challenges. Perhaps most importantly, we need to make sure the NHS is set up to deliver these treatments – should they be granted a license in the UK – to the people who desperately need them.

As such, ensuring our healthcare system is fully prepared for revolutionary dementia treatments is a priority for me, both in my role as Chief Executive of Alzheimer's Research UK, and as Co-Chair of the Dementia Mission.

It was also a milestone year for us as a charity. With a new dawn for dementia research, we’re clearer than ever about our mission, which is to find a cure for dementia. The recent launch of our new brand, For A Cure, and our new 10-year strategy, marks a new age for the charity, and focuses us clearly on the path to a cure. We’re incredibly grateful to everyone standing with us to help achieve this.

I sincerely hope you take pleasure in reading about the charity’s recent accomplishments – all made possible by your invaluable support.

Hilary Evans, Chief Executive

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PRESIDENT’S FOREWORD From the Rt Hon David Cameron

If nothing changes, one in two of us will be directly affected by dementia – either by caring for someone with the condition, developing it ourselves, or both.

At Alzheimer’s Research UK we simply cannot accept this. Instead, we exist for a cure. I strongly believe we’ve never been closer to making it possible.

As the greatest health challenge we face, we know too well the devastating impact dementia has on society, and the prevalence is sadly only expected to rise. This places a huge burden on our healthcare system and economy, costing the UK £25bn a year. Unless challenged, this number is set to almost double to £47bn by 2050.

While we recognise the scale of the task ahead, dementia research has made phenomenal progress during the last year. For the first time, we are seeing drugs that tackle both the symptoms and underlying causes of Alzheimer’s disease . These scientific breakthroughs have opened the door to a new era for dementia research, and enabled Alzheimer’s Research UK to take bold steps forward in pursuit of our mission to find a cure – something we were proud to amplify through our new ‘For a Cure’ brand positioning, which launched in May.

Treatments like lecanemab and donanemab bring us closer to a cure than ever before. There are now over 187 trials underway testing potential treatments for Alzheimer’s disease, and many more looking at treatments for the other diseases that cause dementia. What’s more, we are seeing promising advances in the field of diagnosis , primarily through simple blood tests, meaning we have a real chance of giving treatments earlier, when they can have the maximum impact.

This is all hugely positive. But we’re not there yet. We are working to overcome the urgent hurdles we face to prepare the NHS to make treatments available should UK regulators deem them safe and effective.

As we work to overcome these challenges, expanding the charity’s reach and forging new partnerships has been a significant focus for me as President this year. For example, our philanthropic trip to Singapore and Malaysia last autumn fostered support from new audiences, helping to raise the charity’s profile overseas. I look forward to continuing to position Alzheimer’s Research UK as a leader and convener in the dementia space , growing our influence further and shaping conversations, both here and abroad, to keep dementia firmly on the global agenda.

I’ve also enjoyed continuing to work with members of our Pioneers’ Circle, our most generous donor recognition programme – and through fundraising more broadly, I’m proud to have worked with our brilliant supporters and the team at Alzheimer’s Research UK to help raise over £20m for research since taking on the role of President six years ago.

I would like to take this opportunity to extend my heartfelt gratitude to all our supporters and everyone at Alzheimer's Research UK, whose ambition and dedication helped us to achieve a record-breaking financial year in 2022/23, with a total income of £50m.

As we reflect on the many accomplishments of the past year, I am filled with pride and anticipation. The strides we have made demonstrate the power of collaboration and the potential for transformative change.

Undoubtedly, we are at a tipping point; with the strongest sense yet that a cure is within reach. But we must maintain momentum – whether it be through funding, research itself, or ensuring dementia remains a national and international priority – to make this a reality.

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Huge thanks for standing with us. Your support is more important than ever.

The Rt Hon David Cameron

President

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OUR VISION A world free from the fear, harm and heartbreak of dementia.

Almost one million people are living with dementia today. Tragically, not one of them will survive. Alzheimer’s Research UK exists to change this. As the UK’s leading dementia research charity, we’re working to revolutionise the way we treat, diagnose and prevent dementia. But we will not stop there. With your support, we will keep going until every person is free from the heartbreak of dementia. We exist for a cure.

The following areas of focus are driven by our new 10-year strategy. This sets a clear path towards a cure, and defines the changes we want to see for people impacted by dementia.

Accelerating progress towards new treatments

We’re investing in the best research, powering forward-thinking scientists and joining forces with world-class organisations. We’re helping to pave the way for new treatments and building on our role as an advocate for everyone affected, so emerging treatments reach the people who desperately need them. Find out more on page 10.

Working towards an early and accurate diagnosis for all

The earlier we can detect signs of dementia, the better. We’re bringing forwards the point of diagnosis by working with the government and funding technology to detect warning signs sooner than we can today. Find out how on page 14.

Understanding dementia risk, to help prevent people developing the condition

We’re developing our understanding of dementia risk factors, while empowering people to take steps to protect their brain health and reduce their risk of developing the condition. Read all about it on page 15.

Building stronger support to drive us closer to a cure

We cannot achieve our vision of a world free from the fear, harm and heartbreak of dementia alone. The magnificent fundraising and awareness-raising efforts from ordinary people, groups, and our partners organisations, are essential to the progression of our research. We’re continuing to champion their efforts while building new, meaningful relationships. Find out more on page 17.

Amplifying our voice to influence action and instigate change

We recognise the power of our platform. By sharing real stories, educating the public, and raising our profile, we’re building a lasting brand that inspires action. See how on page 20.

Striving for organisational excellence in everything we do

Here at Alzheimer’s Research UK, we’re building on our culture, improving ways of working, and prioritising equity, diversity, and inclusion. Read more on page 23.

OUR RESEARCH IMPACT

Our research spend:

We’ve now invested more than £210m in over 1,180 projects since we funded our first grant in 1998. Dementia research is more collaborative than ever, with an average of seven co-authors contributing to each publication.

Year Amount Year Amount Year Amount
1999/00 £2,314,120 2007/08 £4,119,865 2015/16 £13,245,045
2000/01 £826,603 2008/09 £4,031,580 2016/17 £13,466,300
2001/02 £2,267,615 2009/10 £4,669,623 2017/18 £13,101,644
2002/03 £2,094,904 2010/11 £4,891,942 2018/19 £19,796,240
2003/04 £2,750,153 2011/12 £5,489,562 2019/20 £21,093,023
2004/05 £3,674,495 2012/13 £6,619,000 2020/21 £16,449,448
2005/06 £3,822,241 2013/14 £7,465,124 2021/22 £23,549,381
2006/07 £3,654,055 2014/15 £7,949,223 2022/23 £23,001,923

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Discoveries funded and co-funded by Alzheimer’s Research UK.

We’ve funded over 560 researchers who, in turn, have collaborated with over 18,000 peers participating in these discoveries. What’s more, studies we’ve funded or co-funded have produced over 4,500 published papers, sharing vital discoveries globally.

GLOBAL DEMENTIA RESEARCH Dementia researchers working globally.

There are more than 136,000 active dementia researchers worldwide and 224 trials assessing potential new treatments for dementia. Additionally, our researchers, including 13,000 in the UK, have collaborated with institutions in 91 countries.

Figures from previous years might look slightly different than we reported last year. That’s because the technology we use is constantly improving to deliver accurate results. Historic numbers are being restated.

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CLINICAL TRIALS IN PROGRESS

Stepping into a new era where new drugs are on the horizon.

Around the world, there are now over 187 trials testing 141 drugs for the treatment of Alzheimer’s disease, the leading cause of dementia, with some drugs being tested in multiple trials . Notable drugs being evaluated include lecanemab and donanemab, demonstrating the importance of these trials in the journey toward a cure.

Of these experimental drugs, 119 aim to slow down the progression of Alzheimer’s, not just treat its symptoms like currently licensed medications.

The remaining 24 are designed to tackle the symptoms of Alzheimer’s - 14 by improving memory and thinking, and 10 by targeting psychiatric and behavioural symptoms.

There’s also welcome progress against other forms of dementia. For example, 25 drugs are currently undergoing testing in 40 trials for treating dementia with Lewy Bodies (DLB).

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SHARING VITAL RESEARCH DISCOVERIES

In 2022/23, Alzheimer’s Research UK-funded scientists published 543 scientific papers. Each one revealed an important new discovery, and deepening the research community’s understanding of the diseases that cause dementia. Here are just a few of our highlights:

Being physically active throughout life reduces risk of cognitive decline .

An important study co-funded by Alzheimer’s Research UK found that being consistently physically active throughout life is linked with better cognitive function in later life. These findings, which have the potential to influence future health policies, were the latest to come from the groundbreaking ‘Insight 46’ project. The project involves monitoring the health of a large group of people, all born in the same week in March 1946, to explore how various factors in their early and midlife have affected their brain health in their 80s and beyond.

HIV drug could help protect against build-up of dementia-related proteins.

Our immune system helps to clear out proteins, that build up in the brain, such as tau and huntingtin. But for people living with dementia, this system goes wrong, causing a build-up of these proteins to affect brain function. This year, our researchers at the University of Cambridge discovered that, in mice, an HIV drug could help switch on the immune system and clear these proteins. These findings could lay the groundwork for trials to study whether using HIV drugs could help treat dementia.

A deeper understanding of the effects of brain injuries.

In January 2023, our scientists published research comparing the physical effects of a brain injury with the impact of late-stage Alzheimer’s disease. The team used MRI scans to examine structures in the brain, identifying key differences in the damage caused by each condition. These results could help clinicians better distinguish between the cause of symptoms like memory loss, meaning they could offer more tailored and better-informed treatment options.

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STRATEGIC REPORT ACCOMPLISHMENTS AND RESULTS

Thanks to our incredible supporters, we achieved extraordinary progress in 2022/23. We reached the £50m milestone, enabling us to invest £23m into pioneering research, and a further £5.9m into our other charitable activities, such as influencing government and running our information services.

Recent breakthroughs in dementia research – such as the arrival of the first drugs that can slow Alzheimer’s disease - demonstrate the crucial significance of your support in our search for a cure.

We’re truly grateful to everyone who supported Alzheimer's Research UK during the year, and your continued support will help build on this momentum towards a world without dementia.

NEW HOPE AS ALZHEIMER’S DRUGS SHOW POSITIVE RESULTS IN PHASE III TRIALS

In the last year, we’ve seen two new drugs for Alzheimer’s show success in clinical trials:

On 30 November 2022, the pharmaceutical company Eisai announced that its drug, lecanemab, showed small but clear benefits for people with early Alzheimer’s in a rigorous, well-conducted phase III trial. This was the first time a drug had been shown to slow down patients’ decline in memory and their ability to carry out day-to-day activities. On 3 May 2023, just six months later, donanemab, made by Eli Lilly and Company, became the second drug to show positive results by slowing memory and thinking decline in a phase III trial.

Although the effects are modest, with the potential for some significant side effects, this nonetheless heralds a new era – the outlook for people with dementia is finally changing . Regulators now need to assess these drugs before they can become available in the UK.

At Alzheimer's Research UK, we’ve called for this to be done as a priority, so that people with dementia aren’t left waiting unnecessarily.

ACCELERATING PROGRESS TOWARDS NEW TREATMENTS

Almost one million people in the UK are living with dementia. And with no treatments yet available in the UK to slow, stop, or prevent the devastation it causes, there are no survivors. But as the arrival of drugs like lecanemab shows, this is about to change.

Did you know since the charity was established in 1992, our scientists have made more than 4,500 discoveries in dementia research?

Our flagship research programmes are accelerating progress towards new treatments.

As a charity, we embrace collaboration. We know we can’t work in silos to achieve our goals. Today, our UK-wide Research Network brings together nearly 3,000 dementia researchers to share ideas, collaborate, and progress our search for a cure. And we’re uniting with like-minded organisations and funding pioneering research initiatives, like these…

The Alzheimer's Research UK Drug Discovery Alliance (DDA) is a collaborative initiative between three institutes in Cambridge, London and Oxford. The DDA brings together academic researchers and the pharmaceutical industry to accelerate research to develop drugs, taking us closer to a cure.

What sets the DDA apart is its commitment to increase the variety of potential new drugs being developed, which will be essential to build on the success of drugs like lecanemab and donanemab. Both these drugs work by clearing build-up of a protein called amyloid in the brain. But to truly change lives, we will need drugs that target other disease mechanisms too.

Our continued funding has enabled the DDA to build on 35 active projects, six of which have reached the important stage of having compounds being tested in animal models. This is a necessary step which examines side effects and provides stronger evidence on the effectiveness of potential new drugs. This year, DDA scientists added seven new drug targets to the list of projects they’re working on.

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Another collaboration connecting university researchers with the pharmaceutical industry is the Dementia Consortium . This offers vital funding, unparalleled access to cutting-edge technology, and invaluable guidance from dedicated drug discovery experts.

Throughout the year, we sustained our commitment to three ongoing Dementia Consortium research initiatives in the UK, investing more than £3.6m in total.

One of these active projects explores newly discovered proteins or molecules associated with the mechanisms that cause damage to the brain, specifically as 'drug targets,' in the case of Amyotrophic Lateral Sclerosis, a fatal neurodegenerative disease. Scientists believe that new drugs designed to interact with these molecules might hold potential for addressing Alzheimer's disease.

For the past eight years, Alzheimer’s Research UK has invested in the Dementia Discovery Fund (DDF) , providing early-stage venture capital investments to accelerate the development of innovative treatments.

In 2022/23, we committed an additional £5m to the DDF. It currently supports 19 UK and US biotech companies focused on dementia treatments. One notable initiative is Cerevance, a pharmaceutical company dedicated to developing treatments for brain disorders. 2022 saw three drugs in trials, one for Parkinson’s disease, one for symptoms of schizophrenia, and one for Amyotrophic Lateral Sclerosis.

We are also proud to be a founding funder and strategic partner of the UK Dementia Research Institute (UKDRI). Made up of a central hub linked to six centres across the UK, this institute brings together government and charity funding to attract talented researchers to work on crucial dementia research, and ultimately change the outlook for people with dementia.

Some of last year’s highlights at the Institute include:

  1. Establishing a partnership with medical research charity, LifeArc. Funding will accelerate the development of new diagnostic tests, treatments, and devices based on research discoveries, aiming to identify and treat neurodegenerative diseases that lead to dementia.

  2. UK DRI joined the UK Health Data Research Alliance, an independent alliance of leading healthcare and research organisations united to establish best practice for the ethical use of UK health data for research at scale. 3. Investing £1.7m in the UK DRI Grand Challenge to find a better way to diagnose the early stages of Alzheimer's disease. The team at UCL will use advanced techniques like machine learning and magnetoencephalography (MEG) - a non-invasive test to measure magnetic fields produced by your brain’s electrical currents - to detect changes in the brain's circuitry that develop before memory problems become apparent.

Funding world-class scientists to identify and share transformative research ideas

Race Against Dementia (RAD) was founded by Formula 1 World Champion, Sir Jackie Stewart OBE, after his wife of 59 years, Helen, was diagnosed with frontotemporal dementia. The charity works to fund breakthroughs in dementia research by applying the principles and expertise that have spurred incredible innovation in Formula 1. This year, RAD has again partnered with Alzheimer’s Research UK to identify early-career scientists with the most transformational research ideas.

This year the charity granted fellowships to two outstanding early career scientists:

- Dr Jake Brooks is exploring the impact of tiny metal particles found in toxic air pollution on brain health, by using a one-of-a-kind nanoparticle microscope at the Luxembourg Institute of Science and Technology. He will test the theory that these particles can enter the brain through the nerves involved in smell and cause damage to neurons, which can in turn increase the risk of dementia.

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ALZHEIMER’S RESEARCH UK

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Our annual Research Conference in Aberdeen spanned three days, connecting over 500 researchers, with 128 of those participating online. Highlights included expert-led sessions on inclusivity and research culture, presentations on the innovative approaches to clinical trials, and debates on the different models to studying diseases that cause dementia.

Prior to the conference, as part of our commitment to nurturing the next generation of dementia scientists, our Early Careers Day provided a platform for new researchers to share their work. Several awards were presented during the day, including:

We’re helping ensure new treatments reach those who need them most sooner

This year has seen a challenging political environment, including changes in Prime Minister, NHS pressures and economic uncertainty. Despite this, we've worked hard to ensure people with dementia are not overlooked and have kept our cause high on the political agenda.

To ensure people living in the UK get timely access to new treatments as they become available, we have continued to urge the government to tackle the chronic underinvestment in the UK’s dementia services. If this goes unaddressed, clinicians estimate that a new treatment approved today would only reach 2% of people eligible for it, and only 1 in 3 services would be able to deliver it within a year.

We’ve had some significant successes. This year, following years of campaigning together with our colleagues and supporters, the government made good on its promise to establish a Dementia Mission. In March, our Chief Executive, Hilary Evans, was appointed its Co-Chair, along with Prof Nadeem Sarwar from leading pharmaceutical company, Eisai. The Mission offers a real opportunity to accelerate the development of treatments in the UK, and Hilary’s appointment means we have the chance to put the needs of people living with dementia at the Mission’s heart.

The Mission, along with positive clinical trial results and drug approvals, means it’s an exciting time for dementia research. However, we know there will be major barriers facing any medicine if UK regulators do judge emerging treatments, such as lecanemab, to be safe and effective. A key priority for our influencing work is ensuring that the health care system proactively prepares for the advent of new therapies, including addressing challenges around the way the value of new dementia medicines is assessed by the National Institute for Health and Care Excellence (NICE).

As well as The Mission, we’re empowering MPs within all parties to become advocates for dementia research by building their understanding of dementia, as they play a significant role in amplifying our message and paving the way for new treatments.

This year, 60 MPs from across the main parties became Dementia Research Champions working with us to create more political pressure for action by speaking for us in debates, asking questions in the House of Commons and writing articles in the media. This work wouldn’t be possible without our supporters who have been tireless in contacting MPs and government on our behalf to demonstrate the strength of feeling about tackling the harm caused by dementia.

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We’re building our role as an advocate for everyone affected by dementia, ensuring new treatments are fit for purpose

Dementia is the leading cause of death for UK women, and has been for more than a decade. This year, we launched a report highlighting the Impact of Dementia on Women. The report demonstrated:

Our recommendations for change call for government, policymakers, and other stakeholders to recognise and prioritise dementia as a significant issue for women’s health, and to address inequalities in healthcare and research.

At Alzheimer’s Research UK, we are taking our own steps to improve the diversity of researchers working in dementia. This includes trialling new ways of reviewing research grant proposals, with anonymised applications limiting the possibility of bias among reviewers, introducing narrative CVs and setting up career development groups for Early Career Researchers.

And we’re not doing it alone. Our supporters are playing their part in helping us shape a better force for change. One of the ways we’re doing that is through our newly formed Policy Insight & Experience Panel.

In January, a dynamic mix of twenty-five volunteers were brought together from across the country, all of whom have been personally affected by dementia. Their experiences, ideas and opinions are now guiding the way we influence government policy, ensuring that the issues which matter most to people affected by dementia are being tackled.

Working alongside our existing network of UK Campaigners, the panel strengthens and amplifies our charity’s voice, ensuring that dementia remains high on the political agenda. Since March, the panel has added to our ‘Tipping Point: The Future of Dementia’ policy paper, which will be launched next autumn, which will help to shape manifestos ahead of the next General Election.

“I want Alzheimer’s confined to history”

Michael McCabe’s wife Susan was diagnosed with Alzheimer’s disease in 2020, when she was 65 years old. Her dementia has progressed quite rapidly since then.

Michael is caring for his wife at home and started fundraising to support our work as he and his family are passionate about supporting research.

Putting his best foot forward, keen runner Michael, who turns 70 this year, completed 100 parkruns and donated sponsorship money to the charity. He also match-funded the donations, raising more than £6,000.

“Dementia is tough. It has completely changed both Susan's and my life from our expectations of early retirement. Alzheimer's is incredibly hard and I’m now caring for her full-time.

That’s why I’m supporting Alzheimer’s Research UK as we need more investment in research if we are going to find better treatments and eventually a cure. I want Alzheimer’s confined to history.”

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WORKING TOWARDS AN EARLY AND ACCURATE DIAGNOSIS FOR ALL

We want to ensure that every person in the UK with dementia can receive an early and accurate diagnosis. This is crucial for people to be able to take part in research, access the right care and receive treatment.

We’re funding research that will bring forward the point of diagnosis

New treatments for diseases like Alzheimer’s will have the best chance of success if given at the earliest stage of disease, when we can make the greatest difference to people’s lives.

Our Early Detection of Neurodegenerative Diseases initiative (EDoN) has continued to focus on innovative ways to detect the early signs of dementia – years before we can today.

Last year, EDoN recruited over 200 volunteers from across the globe to participate in the research. Alongside this data collection, EDoN researchers built and tested several machine learning models using existing data from the UK Biobank and the US-based National Alzheimer’s Coordinating Center.

Machine learning is a type of artificial intelligence (AI) that allows computers to learn and make predictions or decisions without being directly programmed to do so. It works by analysing patterns in data and using this knowledge to make predictions, which become more accurate as more data is analysed. Questions EDoN’s machine learning models are designed to answer include:

As well as developing new AI systems, another focus this year has been on understanding public and clinical perspectives on early detection. For this, several rounds of focus groups were conducted. Results from speaking with members of the public show a clear appetite for early detection and a preference for any digital assessments to include advice from a medical professional. The result from consulting clinicians clearly highlighted that any methods used in a clinical assessment must be accurate, cost effective and fit within existing clinical pathways.

Progress across the early detection field for Alzheimer’s disease and other neurodegenerative diseases is moving quickly. For example, the capabilities and accessibility of blood-based tests are continuing to improve. Early detection will remain a key focus for Alzheimer’s Research UK to ensure people receive early and accurate diagnosis.

In March 2023, EDoN began a strategic review to assess progress, align with emerging research developments, and prepare for the next phase of Alzheimer’s Research UK’s early detection work. The review recommended that the EDoN programme should look at maximising the value of the data collected by sharing it with the wider research community and collaborate with other major initiatives in the early detection space going forward. Data collection from existing cohorts will continue until the pilot phase is complete, and EDoN will share its research for other organisations to use and learn from. The focus for Alzheimer’s Research UK going forward will be to continue to support research in digital and fluidic biomarkers for the early detection of dementia causing diseases.

Empowering researchers to work collaboratively for accurate and faster dementia diagnosis

We’re pleased to have helped researchers at the University of Oxford develop their skills in engaging with key decision makers to support their emerging Brain Health Clinic . This clinic offers a more specific and timely diagnosis particularly for people at the earliest stages of developing dementia and seeks to offer opportunities to participate in research. The benefits of this type of clinic could be broader, such as supporting the delivery of new treatments, so we have initiated a coalition project to support the development of more Brain Health Clinics across the UK.

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Going the extra mile (or seven!) for a cure

Jordan Adams has inherited a rare faulty gene that means he will develop the form of dementia his mum, Geraldine, died from. But despite knowing dementia will be part of his future, he is determined to maintain a positive mindset and describes it as a ‘licence to live’. That has led him to share his story to raise awareness and take on running challenges to raise funds for research.

In 2022 he truly went the extra mile in support of Alzheimer’s Research UK, completing a challenge to run seven marathons in seven days, culminating in the London Marathon.

He said “When I was tested and found out I carry the gene for frontotemporal dementia, it was an incredibly tough thing to hear, but also there was a massive sense of relief. Not knowing was a burden I couldn’t live with.

The progress being made in dementia research gives me hope that in the future there will be new treatments available for me and I won’t have the same experience as my mom.”

UNDERSTANDING DEMENTIA RISK, TO HELP PREVENT PEOPLE DEVELOPING THE CONDITION

Dementia is caused by physical brain diseases with complex causes. While age is the biggest risk factor for many forms of dementia, our genetics and our lifestyle also play a role. Unravelling these risk factors helps us develop new strategies to help people reduce their risk of the condition.

We launched the Think Brain Health Check-in to help people better understand their brain health behaviours

Dementia is not an inevitable part of ageing. In fact, research suggests that up to 40% of cases are linked to factors we can influence, such as our diet and the things we do to challenge our brains. Our Think Brain Health campaign launched in 2021 as a celebration of everything our incredible brains do for us, and a guide to the everyday things we can do to protect them in return.

In January 2022, following a YouGov survey revealing that only 2% of Brits are doing everything they can to look after their brain health, we launched the Think Brain Health Check-in to empower people to change this. Taking about 10-minutes to complete, this simple digital tool helps users understand different risk factors, revealing their brain healthy strengths and areas for improvement.

The public response to the launch was phenomenal, thanks in part to significant media interest including coverage from BBC News, Sky News, The Mail Online and Channel 5’s The Jeremy Vine Show.

Nearly 200,000 people completed the Check-in during the two months following its launch, accessing personalised feedback on their brain healthy habits.

We were delighted that 80% of those who shared feedback reported taking action to better look after their brain health as a result of the campaign, with brain health ‘pledges’ ranging from learning a new language to booking a hearing test and walking every day. We also saw over 5,000 people following our link to the RNID (Royal National Institute for Deaf People) website for a hearing check. This shows that people are not only eager to understand what’s putting them at risk of dementia, but they are also willing to act on it – and in some cases, immediately.

“I am proud to support the Think Brain Health campaign.”

Elaine’s mum, Jeannette, was diagnosed with Alzheimer’s and sadly passed away in 2020. Elaine has been dedicated to raising awareness and funds for dementia research ever since, completing the Guatemala trek, the London Landmarks half marathon and helping to promote our Think Brain Health Check-in.

“After mum was diagnosed with Alzheimer’s, it was heart-breaking to learn that, at the time, there were no treatments that could slow the development of the disease.

I know it was never my mum’s fault that she got dementia, but knowing there are some steps you can take to reduce your risk of dementia makes me feel hopeful for my future.

That’s why I’m determined to do what I can to look after my own brain health. Running is my passion – fitness really helps me love my heart and what’s good for the heart is good for the brain!

the Think Brain Health campaign.”

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We began our work to drive understanding of dementia and ways to reduce risk in underserved groups

We launched the Dementia Community Champions pilot project to raise awareness and disseminate information about dementia within South Asian communities.

This community has been identified as having an increased risk of developing dementia. It’s not fully understood why, but certain cultural and social factors, as well as a higher risk of other health conditions like heart disease and stroke may play a role. As well as delays in seeking and receiving a dementia diagnosis, people from South Asian backgrounds are under-represented in medical research studies.

To tackle this, we recruited and trained fifteen new ‘Champions’ in the Leicester area as part of this pilot project on the following topics:

Following this training, Champions have already hosted some amazing events, discussions and workshops about dementia, with hundreds of attendees from ages 50 to 93.

We’re gaining support to reduce societal risk factors by collaborating with influential organisations

We are concentrating on improving brain health by targeting three dementia risk factors that need national, rather than individual, action.

First, we’re raising awareness of the link between air pollution and dementia risk and the need to improve air quality. To do this, we’re working in partnership with a range of health and environment charities to ensure dementia is part of the conversation, including the Healthy Air Coalition and Global Action Plan.

Another lesser-known risk factor is hearing loss, with recent evidence indicating that addressing mid-life hearing loss might reduce dementia cases by 9%. To better understand the link, this year we teamed up with the Royal National Institute for Deaf People, who will use data from thousands of volunteers across the US, UK and Europe collected over up to 17 years. This project aims to determine if dementia is directly caused by hearing loss, if dementia is an indirect consequence of social isolation caused by hearing problems, or if there are other biological factors increasing risk. It’ll also explore if hearing aids can lower dementia risk.

We also announced a collaboration with the Medical Research Council and others, to fund a groundbreaking UK Traumatic Brain Injury (TBI) Platform . The platform will help better understand – and, eventually, predict – which brain injuries might later lead to dementia. It is made up of a data hub of information about brain injuries from people across the UK, and a biomarker resource of biological samples that can help study the effects of brain injuries. These tools will help better understand links between brain injury and dementia, and identify people at risk, allowing early action to prevent it.

The new TBI platform extends investigations beyond sports, exploring traumatic brain injuries in a wider range of circumstances and populations. It will reflect the diversity of the UK, ensuring that underrepresented populations – including children, prisoners, homeless people, victims of intimate partner violence, and military personnel – are included in research efforts. In doing so, it contributes to our ambition of developing more inclusive prevention plans.

Exploring diverse influences on the brain to identify warning signs of cognitive decline

We continued to invest in the Brains for Dementia Research (BDR) initiative, an important program established in 2007 in partnership with Alzheimer’s Society. BDR combines the collection of post mortem brain tissue samples with data regularly taken throughout donor’s lives, genetic information, blood samples, and stem cells. Studying brain tissue from people who have died with dementia helps scientists understand the processes that underlie diseases like Alzheimer’s.

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In the past year alone, the use of BDR samples and data has resulted in 35 new discoveries being published. Notably, among these studies are three investigations specifically using blood samples, and an additional study harnessing the potential of stem cells, in order to understand what it is that drives disease progression in dementia. These advancements highlight the immense value and ongoing impact BDR has in pushing dementia research forward.

BUILDING STRONGER SUPPORT TO DRIVE US CLOSER TO A CURE

We rely on our amazing supporters to fund the research that will lead us to a cure. In fact, we receive 96% of our income from partner organisations and thousands of people from all walks of life who share our vision.

Expanding and broadening our revenue streams to fund more research

Our work is supported by over 68,000 people who make monthly donations , with more than 20,000 generous donors joining us in the last 12 months. These consistent contributions, ranging from large to small, account for 15% of all voluntary donations and provide a stable foundation of support during any unexpected hardship, such as the pandemic.

Gifts in Wills fund one in three of our research projects, and we are deeply touched by the remarkable individuals who chose to leave a gift in their Will or donate in memory of their loved ones this year. We were privileged to receive gifts from 361 people, totalling over £20m. We’ve also had 490 people inform us that they have included Alzheimer’s Research UK in their Will, demonstrating their commitment to our cause.

The interest in supporting dementia research through legacy gifts was, again, extraordinary. Nearly 1,800 people sought more information on how they can support our work through a gift in their Will. And over 12,000 people requested our ’Planning for the future’ pack, providing invaluable guidance on Will writing, Lasting Powers of Attorney, inheritance tax planning, and care payment.

We are constantly amazed and grateful for the incredible efforts of individuals, schools, clubs, and fundraising groups across the UK who go above and beyond to back our cause. This year, our wonderful supporters held events raised an impressive total of over £1.6m. We saw all sorts of creative fundraising, including:

The highly anticipated London Marathon made its return to the capital on Sunday 2 October. A team of 386 dedicated supporters took part, raising more than £850,000 and generated media coverage seen by an estimated 660m people in the space of a week, boosting our brand profile.

We achieved significant milestones in 2022/23 by leveraging online platforms and exploring new ways to reach our supporters.

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Understanding, valuing, and inspiring our supporters

We have continued to build on relationships with fundraisers, philanthropists, charitable trusts and foundations, whose unwavering support has been a great source of encouragement to the charity and our researchers.

Through the Pioneers’ Circle, we continue to bring together, and recognise, a group of incredibly generous and dedicated individuals, charitable trusts, and companies. Since the Pioneers’ Circle launched in 2018, the group has grown substantially to 28 members, which is in no small part thanks to current members’ inspiring their networks to support our work.

We are so grateful to all of the individual donors and charitable foundations that supported our work during the year.

Susan Hampshire, dedicated supporter of the charity, has now raised an incredible £1m in memory of her late husband, Sir Eddie Kulukundis.

The Lyndal Tree Foundation’s ongoing investment into our research – with a particular focus on investigating the role of metabolism in frontotemporal dementia (FTD) – now spans over 14 years, playing a significant role in the progression of our research.

The Joseph and Lillian Sully Foundation made a significant gift to Alzheimer’s Research UK, enabling us to fund one of our two new Race Against Dementia (RAD) Research Fellows. See page 11 for more information on RAD.

We would also like to extend our gratitude to the Q Charitable Trust for continuing with their transformational pledge to fund strategic areas of our work, including the Chemistry team at our UCL Drug Discovery Institute .

With dementia being one of the top 10 leading causes of death globally, overseas fundraising provides an opportunity for Alzheimer’s Research UK to explore international philanthropic opportunities, helping to accelerate progress towards a cure.

In October 2022, our President, David Cameron, visited Singapore and Malaysia to engage audiences about the work of Alzheimer’s Research UK. During the visit, we met with some of Asia’s top philanthropists, including Tan Sri Vincent Tan, who is founder of prestigious group, Berjaya Corporation of Malaysia, and owner of the luxury supercar dealership, HR Owen Ltd. Following the meeting, we were delighted to receive a generous donation from HR Owen Ltd.

Finally, to shine a spotlight on some of the charity’s most dedicated fundraisers and supporters, we launched our inaugural Supporter Awards in 2022.

There were 44 nominees shortlisted in eight categories with winners for each category selected by an Alzheimer’s Research UK judging panel. Nominees and winners represented the breadth of different ways people support us each year.

A ninth category, Outstanding Commitment, recognised six incredible individuals who have supported dementia research in a myriad of ways.

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“It has been a great privilege to celebrate the incredible lengths our supporters go to in order to raise awareness and vital funds for dementia research. Without our supporters we would not be able to make the progress we are making in dementia research.” – Hilary Evans, Chief Executive, Alzheimer’s Research UK.

We’re expanding our reach and building meaningful relationships

Our corporate partners have played a crucial role in supporting our mission and driving impactful initiatives. Here are some outstanding collaborations and achievements from last year:

Now in our sixth year of the partnership, Dyson staff (otherwise known as Dyson People) took part in the annual Tour de Dyson cycle challenge, the Eliud Kipchoge Marathon challenge and the Winter Solstice running challenge to boost their fundraising. Capitalising on their technology expertise, we tasked 11 engineers with designing and creating a public engagement activity for us to use at events, with one concept being made into a prototype next year.

The Mercedes-AMG PETRONAS Formula One Team took part in skydives, marathons, sailing, and wing-walking challenges, bringing the total raised to over £100,000 during our two-and-a-half-year partnership. The Team also donated signed automobilia which raised over £52,000 at auctions and raffles.

Our longstanding partner, The Perfume Shop, raised £280,000 and reached the phenomenal total of £1m for dementia research since 2014. To celebrate both organisations turning 30, TPS staff (otherwise known as TPS People) seized every opportunity to raise funds, from in-store ribbon sales to HQ challenges.

We collaborated with Convex at The Lord Mayor’s Show to create an eye-catching 40ft float to highlight the importance of our cause. As well as attracting attention on the streets of London, the float achieved national TV coverage on BBC 1, with broadcaster and celebrity supporter of Alzheimer’s Research UK, Katie Derham at the forefront.

And we had a blast at The Classic at Silverstone for one last time, helping turn this motor-loving community orange. As well as making an important impact on festivalgoers, we raised £11,536 in 2022, adding to a total of £72,276 over the course of our four-year partnership. On top of this, regular direct debit commitments made at these events have secured us further income of £70,000 over the next five years.

Iceland Foods and Alzheimer’s Research UK receive recognition for Think Brain Health activity during World Alzheimer’s Month:

In September 2022, our Think Brain Health advice landed on Iceland Foods shop shelves across the UK. Iceland Foods added our brain health tips to their packaging, shared healthy recipes from chef and celebrity supporter, Candice Brown, and offered every member of staff our Think Brain Health e-learning course. The campaign was Highly Commended at the Business Charity Awards in March 2023.

Walking for a Cure - A Journey of Love and Hope

Having been childhood sweethearts and married for over 50 years, David was devastated to lose his wife Susan to Alzheimer’s disease in 2021.

“I desperately want to see a cure for this terrible condition which affects so many people and families, like mine, but this won’t be achieved without investment in research. That’s why, I am doing everything I can to raise awareness and funds for Alzheimer’s Research UK. Tremendous progress is being made in the labs and I know these discoveries will ensure life-changing treatments become a reality.”

Alongside raising awareness by giving talks in his local community, and raising money through long distance treks, David has shown his commitment to finding a cure, by including a gift in his Will to Alzheimer’s Research UK.

“My hope is that in the future, no one will experience the heartbreak that Susan, my family, and our friends have.”

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AMPLIFYING OUR VOICE TO INFLUENCE ACTION AND INSTIGATE CHANGE

By improving understanding, educating the public about their risk, and collaborating with researchers, government, funders and people living with dementia, we’re building awareness and encouraging support.

We’re raising our profile as the UK’s expert voice for dementia research

As a leading commentator on dementia and research progress, our voice was heard in 11,200 items of news coverage during the year (up 25% on 2021/22), with the potential to reach 673.9 million people through newspapers, TV and radio and a further 15.1 billion people online.

Here are just a few of the stories to attract significant media attention:

Alzheimer’s drug, lecanemab, hailed as a momentous breakthrough for dementia research

In November 2022 the dementia drug, lecanemab had been hailed as a momentous breakthrough for dementia research. The full clinical data results from the lecanemab trial were presented at the Clinical Trial Alzheimer’s Disease (CTAD) conference, held in San Francisco. Our spokespeople appeared on national media outlets including BBC Breakfast, BBC Radio 4, Sky News, The Times, LBC, and The Guardian. Between 29 November and 6 December, coverage mentioning Alzheimer’s Research UK reached 649m people.

“Many people with Alzheimer’s and their families will be following this story with interest and we know it may prompt mixed emotions. There is still some way to go before lecanemab might reach patients in the UK. This period of uncertainty, while we wait for the UK regulator to conduct its own review, may be difficult for individuals with Alzheimer’s and their loved ones.”

Lecanemab gives the research community great confidence that we will, one day, be able to deliver a range of treatments that tackle different aspects of Alzheimer’s, as well as other diseases that cause dementia. Researchers worldwide, including those funded by Alzheimer’s Research UK, are working hard to bring these forward. There are now more than 140 experimental drugs in clinical testing today, and we firmly believe that significant advances in dementia treatments will prevail over the next decade. This will help to ensure people living with this devastating condition have a range of effective treatment options to choose from.” - Hilary Evans, Chief Executive at Alzheimer’s Research UK

Alzheimer’s Research UK wins support from new Prime Ministers to proceed with Dementia Mission

Following the resignation of Boris Johnson and a series of new faces at Downing Street, we publicly called on Liz Truss and Rishi Sunak to uphold the Government’s commitment to the Dame Barbara Windsor Dementia Mission. More than 50,000 supporters helped us campaign for this initiative, which will boost the UK’s ability to turn scientific discoveries into new dementia treatments. Alzheimer’s Research UK Ambassador and husband of the late Dame Barbara Windsor, Scott Mitchell, appeared on The Piers Morgan Show and ITV’s Lorraine to raise concerns that the Mission was “at risk” after it was announced that plans had been paused. Two weeks later, and in his first month as Prime Minister, Rishi Sunak recommitted to delivering the Mission.

And in March, the Government appointed Hilary Evans, our Chief Executive, as Co-Chair of the Mission. Hilary’s appointment and vision for the Mission attracted the attention of national journalists, including a front-page story with The Guardian, and an exclusive with The Observer. It also attracted the attention of 200 local online outlets, and Hilary was interviewed by LBC radio on their lunchtime show.

We successfully launched our new Think Brain Health Check-in tool

In January we launched a new 10-minute tool to help everyone explore the different factors that can shape their brain health and the small steps they can take to look after it. The story was covered by hundreds of news outlets with our spokespeople featuring on national publications such as BBC News, BBC radio, Sky News, and The Daily Mail. Prof Jonathan Schott, our Chief Medical Officer, told the BBC it would "provide a practical and easy means to allow people to take action to reduce their risk of dementia".

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Charity Film Awards win

You may remember Ray and his daughter, Mariel’s story that we shared in last year’s report. We were delighted to see this powerful supporter-led film recognised at the Charity Film Awards with two silver awards in Spring 2023. The film, which is part of our Connections film series, featured Mariel and her parents Kiron and Ray. Ray is living with young-onset Alzheimer’s disease and is cared for at home by his wife Kiron, with the support of their daughters.

The Connections series features supporters and family members living with dementia, highlighting the ways in which the condition affects people’s connections with their loved ones and the wider world. The film, which was filmed in-house, came second in the longform film (£20m plus income) category and the People’s Choice (£20m plus) category.

We’re raising understanding and busting dementia myths

News of breakthrough drugs like lecanemab meant many curious people turned to us for more information. Our Information Services team saw an unprecedented level of contact, handling 4,688 enquiries last year (up 25% on 2021/2022) through the Dementia Research Infoline, with more people than ever wanting to find out how to get a diagnosis, explore available treatment options, and how to take part in research.

This year we sent out nearly 100,000 copies of health information and had 30,000 electronic downloads. Our most popular leaflets include ‘What is Alzheimer’s disease?’, ‘All about dementia’, and ‘What is vascular dementia?’. Plus, over half a million people have accessed information about dementia through our website.

Join Dementia Research (JDR) - a partnership between ourselves, the National Institute for Healthcare and Research, Alzheimer’s Society and Alzheimer’s Scotland - allows the public to register their interest in taking part in important dementia studies. With new treatments in the pipeline, our combined efforts led JDR to see its most successful year to date with over 10,000 new volunteers registered to the service, totalling at 70,000 since the service first launched in 2015.

Over the year, more than 19,000 people have watched our online Lab Notes events on YouTube. Lab Notes is a series of engaging, accessible, and easy to digest sessions putting a spotlight on dementia and the research we’re funding. Topics covered during the year ranged from ‘How can we detect dementia earlier?’ and ‘Head injury and dementia – what is the link?’ to ‘Understanding hearing loss and dementia risk’. No previous knowledge of dementia is required and questions to our researchers are encouraged in live Q&A sessions.

Here’s what some of our Lab Notes attendees had to say...

“I learned a great deal, and feel I understand much better the positive steps I can take to reduce the likelihood or delay the onset of dementia.”

“This was my first lab notes event. I thought it was very informative and a great resource for people with dementia, carers and professionals.”

“Reassuring to know that research is leading to greater understanding of the causes and progress of the disease and the general guidelines for healthy living may help avoid dementia.”

Our unique public engagement grant scheme, the Inspire Fund, continued to support underserved audiences and communities. We helped to fund 10 projects, totalling over £150,000, including:

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health, and how people with dementia can live well.

Media & Communications volunteers continue to share their personal experience of dementia, illustrating the need for more groundbreaking research into better diagnoses, new treatments and ultimately for a cure. Over 100 volunteers contributed to 75 projects, including landmark drug announcements such as the phase III trial results for lecanemab. They also contributed to other areas of our work, such as our policy reports and focus groups to inform what we do next.

We’re building a new brand to inspire action

With promising new drugs opening the door to new possibilities, a new era for dementia research marks a new era for the charity. Last year, we developed of a new brand positioning, paving the way for our move from ‘Make Breakthroughs Possible’ to ‘ For A Cure ’ in May 2023.

This new brand sees us being bolder than ever before, calling for action and attracting attention. This gives us a better platform to inspire support for our cause in a way we have never explored before, so we can deliver better ways to treat, diagnose and prevent dementia sooner.

We hope our new brand will motivate millions of people to make a stand for a cure. This bigger army of supporters will ultimately help us achieve our vision of a world free from the fear, harm, and heartbreak of dementia.

Work on our new brand was also accompanied by work on a new 10-year Organisational Strategy, which launched in the following (2023/24) financial year.

“We are proud to be doing our bit to support dementia research”

Alison’s husband Frank was diagnosed with Alzheimer’s disease in 2020. The couple share their story to raise awareness and Alison has supported the development of the charity’s rebrand: Towards a Cure.

“My husband Frank survived prostate cancer, and it felt like a miracle – one only possible thanks to sustained investment in cancer research. But sadly, when a diagnosis of Alzheimer’s disease shortly followed, there was no such miracle in sight. His diagnosis of Alzheimer’s felt completely different. There was a sense of abandonment. You are given the diagnosis and then that’s it, there’s very little that can be done for you.

“It has been very difficult to see a once articulate, confident, outgoing and sociable man become afraid, confused, embarrassed and dependant on me in such a short period of time. For me and Frank, and all people in our situation, we need to see every avenue explored to find effective treatments and one day a cure.

“We are proud to be doing our bit to support dementia research, through sharing our story to raise awareness and volunteering for studies. Frank is on a drug trial and I’ve taken part in studies as a healthy volunteer through Join Dementia Research.

“I’m delighted to have given my views in the development of Alzheimer’s Research UK’s new brand, Towards a Cure. While sadly progress will be too late for Frank, I am full of hope and optimism that people diagnosed with dementia will in the future have more options to live longer, better lives.”

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STRIVING FOR ORGANISATIONAL EXCELLENCE IN EVERYTHING WE DO

We’re committed to being the best we can be for everyone affected by dementia. By striving for excellence in everything we do, we can put life-changing treatments in the hands of those who need them as quickly as possible.

Launched in October 2022, our five-year research strategy prioritised dementia research on three fronts: treatment, diagnosis, and prevention to make a difference to people’s lives. The strategy emphasises the need for collaboration, involvement of those affected by dementia, and leveraging the organisation's resources and partnerships to accelerate progress in dementia research.

The strategy was written and developed in collaboration with people affected by dementia, and our Scientific Advisory Board. This board of advisors works to ensure that donations we receive support high-quality research that delivers the most progress towards reducing the impact of dementia.

We’re striving for excellence, evolving our culture and recognising our employees

Our employees are critical to our success and are pivotal in enabling us to achieve our ambitions. We strive to be recognised as an organisation that cares about doing things right, that values its people and understands the importance of a truly engaged workforce.

One of the ways in which we achieve this is through the Best Companies b-Heard survey which enables us to seek and listen to staff feedback and identify opportunities for improvement.

We were thrilled to find out we had improved our engagement levels from ‘Outstanding’ to ‘World Class’. In addition to this incredible result, we also achieved a place on the following lists:

Not only that, our Merchandise and Fulfilment Team were shortlisted in the Top 10 Large Company category. They received a special award for ‘Giving Something Back’ on their incredible work to reduce the environmental impact of our promotional materials.

We’re committed to making dementia research and treatments accessible to all

Equity, Diversity and Inclusion (EDI) is central to our vision of a world free from the fear, harm and heartbreak of dementia.

Although dementia affects people from every walk of life, we know that some groups within our society are more heavily impacted by the condition, either being at greater risk of the diseases that cause dementia, or more likely to experience poorer health outcomes as a result of them.

As the UK’s leading dementia research charity, we're making sure our funding and workforce are inclusive and strive to ensure that everyone can benefit from research progress. To do this, we are working to engage and connect meaningfully with communities all over the UK, offering valuable health information and opportunities to take part in our work.

Some of the ways we have focused on EDI in the last year include:

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Empowering community involvement for impactful change

All applications for research grants go through a rigorous review process. To make sure studies that include human volunteers are feasible, reasonable, and well-thought out for people living with dementia, we invite lay reviewers to assess relevant applications. This year, ten Lay Reviewer volunteers were involved in our Grant Review Board meetings, carefully scrutinising five of the grants submitted.

More than 60 volunteers supported 62 different reviews of our health information. Their 60 hours of contribution provided over 200 comments towards eight different booklets being reviewed. Key contributions included helping translate our ‘All about dementia’ booklet into Welsh and helping shape an upcoming website restructure for our ‘Activities of Daily Living’ pages.

Over 100 volunteers supported us at key events, including the RHS Hampton Court Palace Garden Festival, ‘Science in The Shops’ events in Brighton & Aberdeen, ‘Our Wonderful Brain’ event in Newcastle, and our very own Explorer Hike event in the Peak District.

Over 200 cheer squad volunteers provided more than 700 hours of volunteering time across fourteen sporting events, lifting the spirits of our participants and spurring on our runners, cyclists, and hikers towards raising over £3.4m.

“The Alzheimer’s Research UK cheer points really kept me going - I tried to take a bit of their energy to drive me on! Thank you to everyone who stood for hours to cheer us all on.” - London Marathon 2022 runner.

“The amount of support around the course was unbelievable. It filled my heart with happiness” - Steph, 2023 Cambridge Half Marathon runner.

“It is incredible to work with such a talented group of individuals who volunteer their time to help steer and shape dementia research and work so tirelessly to ensure that the money raised - thanks to our determined supporters - is allocated to the best quality research.” - Alzheimer’s Research UK staff member.

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FINANCIAL REVIEW

Headline figures from our Financial Statements show:

In summary

Despite the pressures of the cost-of-living crisis, Alzheimer’s Research UK was able to deliver a record-breaking financial performance, with total group income reaching £50.0m (2021/22: £42.2m). This has allowed the charity to commit £28.9m (2021/22: £28.6m) to our charitable activities, the highest of any financial year to date.

Due to the volatility around our investment portfolio performance and its impact on Alzheimer’s Research UK’s working capital and reserves, we adopted a prudent approach to expenditure throughout the financial year to ensure the impact to Alzheimer’s Research UK’s financial performance was minimised. However, we were fortunate to receive some significant unexpected income in the latter part of the financial year, along with a slower than anticipated spend on Research activities. This mismatch in income growth versus research spend resulted in Alzheimer’s Research UK delivering a stronger financial performance and consequently stronger balance sheet than forecast. It is however anticipated that research expenditure will grow significantly in the forthcoming financial year of 2023/24.

This performance could not have been possible without our kind and generous supporters, and the fantastic efforts of employees who share our vision.

Our income

Total income for the 12 month period was £50.0m (2021/22: £42.2m), of which income from donations was £47.0m (2021/22: £39.2m), including gifts in Wills which contributed £20.7m (2021/22: £10.3m). Investment income contributed £1.1m (2021/22: £1.0m). Income under the Coronavirus Job Retention scheme ceased (2021/22: £0.1m) as the scheme ended in the previous financial year.

Our expenditure

Alzheimer’s Research UK was able to commit £28.9m (2021/22: £28.6m) towards charitable activities, of which £23.0m (2021/22: £23.6m) was invested in research. For information regarding the timing of material amounts of committed expenditure, please refer to ‘Our reserves policy’ below.

The cost of raising funds increased to £13.8m this financial year (2021/22: £12.9m) as fundraising activity was increased to drive future income from donations.

Our investments

The group investment portfolio decreased in value throughout the year, due primarily to the financial crisis experienced throughout the UK. In addition, £3m was removed from the portfolio in the year to cover net cash outflows in the financial year.

Our funds

Total funds held by the group at the reporting date were £19.8m (2021/22: £15.8m). Of this £1.7m (2021/22: £2.9m) was held in restricted funds. Unrestricted funds have a balance of £18.1m (2021/22: £12.9m), of which £12.2m (2021/22: £7.5m) is considered to be free reserves; and £4.5m (2021/22: £5m) has been set aside in designated funds. The Trustees took the decision to create two designated funds during previous financial years, following the positive financial performance to date. One of the designated funds (Sport in Dementia) was released against commitments made during the year to 31 March 2023. The remaining designated fund (Early Diagnosis and Detection) is expected to be committed within 12 to 24 months of the current financial year end. Details on the purpose of this designated fund are disclosed in note 16 to the accounts.

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Our reserves policy

Our reserves policy is guided by the way in which research commitments are recognised as liabilities in our financial statements.

Generally, research expenditure is recognised once the grant has been offered to the applicant, at which point a commitment is deemed to exist. Drug Discovery Alliance commitments are recognised at the point that satisfactory progress has been achieved, following a detailed scientific review performed by the Alzheimer’s Research UK Drug Discovery Alliance Advisory Group and communicated to the facility. Research expenditure is generally recognised before the corresponding income is received. This makes it difficult for Alzheimer’s Research UK to maintain a pre-determined level of general reserves.

The Trustees are mindful of the relatively long-term nature of grant liabilities, the often significant delays between recognising research commitments in the accounts and making payments to recipients, and the considerable diversity of Alzheimer’s Research UK’s fundraising activities and asset portfolio when setting the reserves policy. Consequently, the level of the general fund is not an appropriate measure of the financial position and stability of the organisation. The Trustees therefore give careful consideration to the charity’s liquidity before entering into new financial obligations.

In order to provide flexibility to respond to charitable expenditure requirements, but without putting the charity financially at risk, the reserves policy is that the charity should maintain cash and readily realisable assets sufficient to fund between 12 and 24 months’ outstanding grants plus six months total operating costs. At 31 March 2023 our liquidity was sufficient to cover defined operating costs plus 18 months (31 March 2022: 16 months) of outstanding grants.

Our investment policy

As set out by its constitution, Alzheimer’s Research UK has complete discretion to invest money which is not immediately required for expenditure. The performance of the investments, which are prudently managed by Quilter Cheviot, is overseen by the Investment Sub Committee which reports to the Board of Trustees. The objective of our investment activity is to ensure that capital investments provide long-term gains that are significantly more than returns from holding cash, while generating income to be used towards our charitable objectives. There are no specific targets for returns, but the investments are managed using a risk averse investment approach which assumes a portfolio split of approximately 60% Bonds and Gilts to 40% Equities.

The return on our investments over the period covered by this report has exceeded market returns on comparable investments. It is the ethical policy of Alzheimer’s Research UK specifically to exclude investments in the tobacco industry.

Over recent years the Group’s Reserves policy has provided comfort in the Group’s ability to continue as a going concern.

In response to the COVID-19 global pandemic, the management team adopted stringent financial processes to help ensure that the Group was safeguarded as much as possible from any negative impacts of the pandemic. These included:

Having come out the other side of the pandemic, the Group has continued to adopt these stringent processes and has adopted them as best practice to help ensure that the Group and Charity are able to continue as a going concern.

As part of the Trustees’ review of going concern, draft budgets have been prepared for the financial years to 31 March 2024 and 31 March 2025. These budgets have been used to assess the expected balance sheet position for 31 March 2025. The expected balance sheet position looks positive, with liquid resources sufficient to cover all outstanding liabilities as they fall due.

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The group currently has significant liquid resources which are equivalent to the research commitments which have been made and are payable over the next five years. It is the purpose of the group to raise as much money as possible for purposes of funding research. Future commitments will be made in accordance with income levels at that time, keeping in mind the requirements of the reserves policy.

The Trustees are confident that the Group is a going concern, and that there are triggers and safeguards which can be deployed to ensure the future operation of the Group, if needed.

Risks and uncertainties

Regular monitoring and reporting of potential risks through our risk register allows them to be properly managed and mitigated, with procedures in place to respond in the event of a major risk occurring. The risk register is formally reviewed and assessed every quarter and is reviewed at Audit & Risk Committee meetings three times a year and by the Board of Trustees annually. Employees are empowered to draw attention to any concerns or incidents to assist the Charity in managing risks promptly and appropriately.

The key strategic risks facing the Charity are:

Risks Mitigations
Unable to fund and
deliver effective
current and future
research
We plan, implement, and actively manage and review key initiatives from the
research strategy and fund new research through response mode funding
and strategic initiatives. This ensures that the research we fund delivers to
time and target.
We continue to scope and develop key strategic partnerships, and develop
effective ways of working, inc. engagement with the research community.
We have robust financial reporting and budgetary management.
Unable to engage
and empower the
public understanding
of dementia		 We continue to pressure government on its commitment to doubling
dementia research funding and to influence the direction of investment.
We continue to develop our brain health offering to engage supporters and
the public, and we will scope and develop a more action-oriented brand
positioning.
A decrease in our
power to grow on our
successes and
generate income		 Our fundraising strategy drives steady income growth and maximises
contribution on charitable activities across a diverse range of income
streams.
We have robust financial reporting and budgetary management.
Inability to embrace
technology, and
other means to take
and create
opportunities to
advance our
objectives		 We continue ongoing landscape monitoring, intelligence gathering, and we
ensure we have the right supporter systems, technologies, and platforms to
enable future growth and deliver an improved supporter experience.
We retain focus on personal growth, learning and development.
Alzheimer’s Research
UK fails to comply
with numerous laws
and regulations that
impact our work		 We continue with good governance, with impact and compliance embedded
within ARUK.
Continued monitoring of an assurance framework that demonstrates
Alzheimer’s Research UK’s compliance to statutory, regulatory and internal
processes and procedures.

27

ALZHEIMER’S RESEARCH UK

Report of the Trustees for the year ended 31 March 2023 (continued)

_______________

Risks Mitigations
Failure of leadership,
governance or
culture
We will implement our agreed 10-year strategy.
We have ongoing focus on maintaining high levels of employee
engagement with particular focus on personal growth.
We review our recruitment and selection process to ensure it represents
good practice which enables Alzheimer’s Research UK to attract a more
diverse pool of applicants.
We embed equality, diversity and inclusion in our work, and are developing
social value and sustainability reporting.
ARUK's reputation
adversely affected
over the longer term		 We will ensure appropriate governance, oversight and audits are in place
with trusted partners. Additional data management resource is being
brought in.
We have appropriate policies and procedures in place to ensure working
with appropriate individuals who share our objectives, and to ensure teams
meet legal obligations, and to capture and monitor complaints.
We have a proactive stakeholder engagement strategy.

Section 172 statement

Under the Companies Act 2006, Trustees have the duty to promote the success of Alzheimer’s Research UK ‘for the benefit of its members as a whole’. The following examples demonstrate how Trustees have considered this duty in their decision making, in regard to:

(a) the likely consequences of any decision in the long term

The Board of Trustees is responsible for setting the Charity’s strategic direction. All major decisions likely to impact the Charity in the long term are discussed at Board meetings (held five times a year) and by the relevant sub-committees on Audit and Risk, Investment, Nominations and Governance and Legacy. To help guide long-term projects, the Board receives regular updates from the Executive Team.

Trustees recognise that its employees are what sets Alzheimer’s Research UK apart. Without their talent and dedication, we would not be able to achieve our vision. Therefore maintaining our culture and employee wellbeing is fundamental to continued success.

With Trustees’ support, our focus has been on developing our cross-organisational Equity, Diversity and Inclusion strategy, so everyone can benefit from research progress. To do this, we’re engaging and connecting with communities all over the UK, sharing health information and providing opportunities to take part in our work. See page 23 for more information on actions taken this year.

Trustees receive a summary of the annual Employee Engagement Survey highlighting strengths and opportunities for improvement as well as an update on progress in addressing these areas at each Board meeting.

Trustees are proud that Alzheimer’s Research UK has improved its recognition from ‘Outstanding’ to ‘World Class’ levels of employee engagement and its place in the ‘UK’s 100 best large companies to work for’. See page 23 for more information on these survey results.

28

ALZHEIMER’S RESEARCH UK

Report of the Trustees for the year ended 31 March 2023 (continued)

_______________

Trustees appreciate that effective working relationships with a wide range of stakeholders, including researchers, government, funders and people living with the condition, are essential in achieving our mission.

With the backing of Trustees, a crucial component of our engagement with stakeholders has been facilitating MPs' empowerment to champion our efforts. Including working with MPs to build understanding of dementia, the importance of dementia research, and generate political pressure in parliament.

The Trustees take the environmental impact of the charity seriously. See the carbon and energy reporting section on page 32 for further information on energy efficiency measures implemented during the year. In addition, Trustees are proud that our Merchandise and Fulfilment Team received a special award for ‘Giving Something Back’ on their incredible work to reduce the environmental impact of our promotional materials.

As we rely on the generosity of supporters to fund our research projects, maintaining a reputation for the highest standards of business conduct is of utmost importance to Trustees.

Through ‘Our promise to you’, we commit to making the best use of every donation, to keeping our supporters informed about our work and to treating their information with respect. More information on our approach to fundraising can be found on page 31.

Trustees receive updates from the Executive Team on any matters that could pose a reputational risk including mitigating action being taken.

Our structure, governance and management

Alzheimer’s Research UK is a charitable company limited by guarantee and does not have a share capital. In the event of the charitable company being wound up, each member has guaranteed to contribute £1. As at 31 March 2023, there were 10 Trustees. Currently, the maximum number of Trustees is 20. The Directors and Trustees are listed on page 68.

We are a registered charity regulated by the Charity Commission for England and Wales and by the Office of the Scottish Charity Regulator (OSCR).

The Executive Team reports to Trustees on income, expenditure and activities throughout the year and in writing ahead of each Trustee meeting (five times a year), as well as through regular discussion with the Chair of the Trustees. Governance costs are modest in comparison to the total income for the year, at 1.1% (2021/22: 1.0%), and reflect the close link between employees and Trustees, who work with the volunteer Strategic Advisory Board (SAB), Grant Review Board (GRB) and other advisory groups to select grant applications, funding as many of the strongest as possible, as well as reviewing the progress of key research initiatives.

Legal and Administrative details are set out on pages 68 to 69 of this report.

29

ALZHEIMER’S RESEARCH UK

Report of the Trustees for the year ended 31 March 2023 (continued)

_______________

Governing document

The objects of the charity, as set out in the Articles of Association, are to preserve and protect the health of the public. This is undertaken by endorsing or assisting the promotion of research into the causal mechanisms of neurodegenerative diseases, with the aim of treating or preventing Alzheimer’s disease, dementia and other conditions having a similar or related cause and to disseminate the results of such research, and to advance the education of the public into the symptoms, causes and treatment of dementia and other conditions having a similar or related cause.

Trustees’ appointment and training

New Trustees are appointed through a recruitment campaign, depending on the experience and key skills needed. New Trustees are interviewed by the Chair, along with Trustees who sit on the Nominations and Governance Committee, and are formally approved at the Alzheimer’s Research UK Board meeting. Trustees are appointed for an initial term of one year.

Thereafter, a Trustee may be elected by the Trustees for up to three subsequent terms of up to three years, provided that no person may serve as a Trustee for more than ten years. Trustees may require a Trustee to retire at any time by unanimous agreement (save for up to two dissenters). In view of the regular Trustee meetings, the Trustees have agreed to dispense with a formal Annual General Meeting as permitted by the Companies Act. On appointment, new Trustees are provided with a Trustee handbook and given a formal induction with senior staff at Alzheimer’s Research UK’s offices.

The Trustee handbook includes the Charity’s Articles of Association, as well as key governance documentation. Trustees are also given key guidance and resources from the Charity Commission including The Essential Trustee, as well as the Charity Governance Code. Ongoing training is provided for Trustees as relevant throughout their term. The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. The public benefits from our work through the advances made as a result of our world-class research and through our educational materials, website and campaigning to improve awareness and understanding of dementia.

Related parties

Alzheimer’s Research Trading Limited (company number: 03880026) is a wholly-owned trading subsidiary of Alzheimer’s Research UK; it commenced trading on 1 September 2011. The primary purpose of the subsidiary company during 2022/23 was to sell gifts and merchandise through an online shop and to Gift Aid any profits directly to the Charity.

Alzheimer’s Brain Bank UK is a registered charity (number 1114578) and a company limited by guarantee (number 5762960) and has no share capital. It has two members, Alzheimer’s Research UK and Alzheimer’s Society (registered charity number 296645). The main objectives of Alzheimer’s Brain Bank UK are to protect and promote the health of the public. This is undertaken by establishing, promoting and maintaining banks of brain tissue for research into the causes, prevention, treatment and cure of Alzheimer’s disease and associated neurodegenerative diseases through the Brains for Dementia Research programme, which launched in 2007. Since its launch, more than 1,000 people have generously donated their brains through the scheme and over 51,000 tissue samples have been sent out to dementia researchers across the world.

30

ALZHEIMER’S RESEARCH UK

Report of the Trustees for the year ended 31 March 2023 (continued)

_______________

The UK Dementia Research Institute (UK DRI Ltd - Company No. 11045257, Charity No. 1179589) was a joint £290m investment by founding funders the Medical Research Council, Alzheimer’s Society and Alzheimer’s Research UK. On 31 March 2022 the original Joint Venture Agreement between the Medical Research Council, Alzheimer’s Society and Alzheimer’s Research UK was dissolved. On cessation of the Joint Venture Agreement, Alzheimer’s Research UK became a Strategic Partner of the UK DRI Ltd and has pledged to support the institute with at least £12.5m over a five-year period.

The UK DRI breaks new ground by bringing together world-leading expertise in biomedical, care and translational dementia research in a national institute. The institute will grow to be made up of more than 750 scientists carrying out a rich, varied and integrated programme of research. The institute carries out research relevant to all forms of dementia, including Alzheimer’s disease, Parkinson’s disease, frontotemporal dementia, vascular dementia and Huntington’s disease.

Remuneration

To achieve our ambitions as the UK’s leading dementia research charity, we strive to attract the best people with the right skills, knowledge and experience to steer our work. Across the Charity, remuneration levels are set in accordance with the responsibilities of the role, with annual salary reviews taking into account individual performance over the past year. Salaries are benchmarked using survey data from the charitable sector. All salary increases are calibrated across the Charity and approved by the Nominations and Governance Committee. We do not have a bonus scheme in place and Trustees are not remunerated.

Our Grant Review Board (GRB) and Clinical Trials Advisory Panel (CTAP) are distinguished groups of some of the world’s leading dementia research experts who review grant applications before making recommendations for funding to our Trustees. All GRB and CTAP members carry out their roles on a voluntary basis, as do our external expert reviewers, Clinical Policy Advisory Panel and Policy Involvement Panel members, Ambassadors, Trustees and our President.

Our approach to fundraising

Our Fundraising team works carefully with third parties who are experts in telephone and face-to-face fundraising, and who feel as passionately about accelerating progress to a cure as we do. Working with agencies allows us to raise vital funds in the most cost-effective way, and we closely manage the work they do on our behalf.

Through our Supporter Charter, we commit to making the best use of every donation we receive, to keep our supporters informed about our work and to treat their information with respect.

In 2022/23 our fundraising appeals, including direct mail, telephone calls, face-to-face conversations and online/social media advertisements, had a reach of 50m people, with our fundraising activity generating 150 complaints during the same period.

Over the past year we have worked with DTV Optimise, who provide telephone fundraising for us, Appco UK, who carry out door-to-door and private site fundraising on our behalf, and private site fundraisers REAL Fundraising. Alzheimer’s Research UK is a member of the Fundraising Regulator, and we carefully select the agencies we work with, only choosing partners who meet the standards we and the regulator expect, and who have clear policies in place to protect vulnerable people. We closely manage the work these agencies carry out on our behalf, ensuring that fundraisers are trained by charity staff at the start of campaigns, with refresher training delivered where a campaign runs for more than three months.

We take very seriously the quality and compliance of our fundraisers, monitoring activity consistently at set frequencies. For telephone campaigns, calls are regularly reviewed to ensure best practice, and monthly visits (where possible) to agency premises are used to provide real-time feedback. Callers may ask for a donation no more than three times during a call, in line with best practice. Door-to-door fundraisers representing the Charity do not operate in ‘no cold calling zones’, and do not approach houses obviously occupied by vulnerable individuals or displaying ‘no cold caller’ signs.

31

ALZHEIMER’S RESEARCH UK

Report of the Trustees for the year ended 31 March 2023 (continued)

_______________

Our Vulnerable Persons policies exist to ensure that Alzheimer’s Research UK employees, and any fundraisers who work on our behalf, are alert to the signs that a person may not have the capacity to make an informed decision about donating. If a fundraiser identifies that they may be communicating with a vulnerable person, a donation will not be requested.

UK greenhouse emissions and energy use - Carbon and energy reporting

The Trustees take the impact of greenhouse gas emissions on the environment very seriously. The office is located on Granta Park, which is green energy site. The following energy efficiency measures have been implemented to help reduce the impact:

The UK greenhouse emissions and energy use of the group for the year have been calculated as follows:

Greenhouse Greenhouse
Energy gas emissions Energy gas emissions
consumed (kg CO2e) consumed (kg CO2e)
Scope
Energy		 2022-23 2022-23 2021-22 2021-22
Scope 2
Purchase of electricity for
the Group’s own use		 51,708 kWh 9,999 57,005 kWh 12,104
Scope 3
Consumption of transport
fuel: business travel - land		 8,259 litres 27,263 4,811 litres 15,956
Total emissions 37,262 28,060
Intensity ratio: total energy emissions per employee
(kg CO2e) - based on 228 employees at the year end 163.43 136.88
(2022: 205)

Emissions have been calculated with reference to the 2020 HM Government Environmental Reporting Guidelines and GHG Reporting Protocol - Corporate Standard and using the 2022 UK Government’s Conversion Factors for Company Reporting. Data has been drawn from supplier invoices for electricity consumption; and from personal claims for business mileage for the consumption of transport fuel.

Business relationships

For information on business relationships, please refer to the Section 172 statement on pages 28 and 29.

In so far as each of the Trustees are aware:

• There is no relevant audit information of which the charitable company’s auditor is unaware; and

The Report of the Trustees prepared under the Charities Act 2011, which also contains all information required in a Directors’ report by the Companies Act 2006, and the incorporated Strategic Report prepared under the Companies Act 2006, were approved by the Board of Trustees on 27 October 2023 and signed on behalf of the Trustees by

32

ALZHEIMER’S RESEARCH UK

Statement of Trustees’ responsibilities

______________

The Trustees (who are also Directors of Alzheimer’s Research UK for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable laws and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and applicable law (United Kingdom Generally Accepted Accounting Practice). 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 charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and group for that period. In preparing those financial statements, the Trustees are required to:

• ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ have been followed, subject to any material departures disclosed and explained in the financial statements; and

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the charitable company will continue in business.

The Trustees are responsible for keeping proper and adequate accounting records that are sufficient to show and explain the charitable company’s and group’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and the group, and enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included in the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

33

ALZHEIMER’S RESEARCH UK

Independent Auditors Report to the Trustees and Members of Alzheimer’s Research UK

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS OF ALZHEIMER’S RESEARCH UK

Opinion

We have audited the financial statements of Alzheimer’s Research UK (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2023 which comprise the Consolidated and Charity Statements of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated and Charity Cash Flow Statements and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We have been appointed auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

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

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 group’s or parent 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.

34

ALZHEIMER’S RESEARCH UK

Independent Auditors Report to the Trustees and Members of Alzheimer’s Research UK

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 course of 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 this gives rise to 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report or the strategic report, included within the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out on page 33 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 group’s and parent 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 group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise

35

ALZHEIMER’S RESEARCH UK

Independent Auditors Report to the Trustees and Members of Alzheimer’s Research UK

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.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the

financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, Charities and Trustee Investment (Scotland) Act 2005, the parent charitable company’s governing document and tax legislation. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents.

The group audit engagement team identified the risk of management override of controls and the completeness of income as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates, reviewing after-date bank statements, considering the absence of co-funding contributions by reference to Collaboration agreements, reviewing minutes for the mention of unrecognised grants, donations or legacies, and the consideration of grant agreements in place.

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

36

ALZHEIMER’S RESEARCH UK

Independent Auditors Report to the Trustees and Members of Alzheimer’s Research UK

Use of our report

This report is made exclusively to the members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the members and the charitable company’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, its members as a body, and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

RSM UK Audit LLP

LARAGH JEANROY (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Blenheim House Newmarket Road Bury Saint Edmunds IP33 3SB

Date 2 November 2023

RSM UK AUDIT LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

37

ALZHEIMER’S RESEARCH UK

Consolidated statement of financial activities incorporating an income and expenditure account for the year ended 31 March 2023

Note
Income from:
Donations and legacies
4
Charitable activities
Other trading & income generating
activities
Investments
5
Other income
2
Net income in joint venture operations
10
Total income
Expenditure on:
Raising funds
Charitable activities
6
Net expenditure in joint venture
operations
10
Total expenditure
Net realised gains/(losses) on
investments
10
Unrealised gains/(losses) on investments
10
Total net gains/(losses) on investments
Net income/(expenditure) before
transfers
Transfers between funds
Net movement in funds
Reconciliation of funds:
Funds balance at 1 April
Funds balance at 31 March
15, 16		 Unrestricted
Funds
£
40,940,080
168,743
354,681
1,122,692
-
-
42,586,196
13,756,292
25,291,455
-
39,047,747
(327,256)
(3,114,308)

(3,441,564)
96,885
5,033,880
5,130,765
12,900,277
18,031,042		 Restricted
Funds
£
6,041,347
1,379,280
-
-
-
7,200
7,427,827
-
3,587,645
-
3,587,645
-
-
-
3,840,182
(5,033,880)
(1,193,698)
2,920,633
1,726,935		 Year ended
31 March
2023
Total
£
46,981,427
1,548,023
354,681
1,122,692
-
7,200
50,014,023
13,756,292
28,879,100
-
42,635,392
(327,256)
(3,114,308)

(3,441,564)

3,937,067
-
3,937,067
15,820,910
19,757,977		 Year ended
31 March
2022
Total
£
(note 23)
39,176,936
1,610,645
319,196
995,057
63,117
21,953

42,186,904
12,909,525
28,611,918
3,379,198

44,900,641

126,790
587,200

713,990

(1,999,747)

-

(1,999,747)

17,820,657

15,820,910

38

ALZHEIMER’S RESEARCH UK

Charity statement of financial activities incorporating an income and expenditure account for the year ended 31 March 2023

Note
Income from:
Donations and legacies
4
Charitable activities
Other trading & income generating activitie
Investments
5
Other income
2
Total income
Expenditure on:
Raising funds
Charitable activities
6
Total expenditure
Net realised gains/(losses) on investments
10
Unrealised gains/(losses) on investments
10
Total net gains/(losses) on investments
Net income/(expenditure) before transfer
Transfers between funds
Net movement in funds
Reconciliation of funds:
Funds balance at 1 April
Funds balance at 31 March
15, 16		 Unrestricted
Funds
£
41,001,897
168,742
209,951
1,122,692
-
42,503,282
13,715,455
25,290,987
39,006,442
(327,256)
(3,114,308)
(3,441,564)
55,276
5,033,880
5,089,156
12,856,710
17,945,866		 Restricted
Funds
£
6,041,347
1,379,280
-
-
-
7,420,627
-
3,587,645
3,587,645
-
-
-
3,832,982
(5,033,880)
(1,200,898)
2,779,980
1,579,082		 Year ended
31 March
2023
Total
£
47,043,244
1,548,022
209,951
1,122,692
-
49,923,909
13,715,455
28,878,632
42,594,087
(327,256)
(3,114,308)
(3,441,564)
3,888,258
-

3,888,258
15,636,690
19,524,948		 Year ended
31 March
2022
Total
£
(note 23)
39,308,654
1,610,645
230,063
995,057
63,117
42,207,536
12,883,182
28,610,944
41,494,126
126,790
587,200
713,990
1,427,400
-

1,427,400
14,209,290
15,636,690

39

ALZHEIMER’S RESEARCH UK

Consolidated balance sheet as at 31 March 2023

31
Note
Fixed assets
Tangible assets
9a
Intangible assets
9b
Investments
10
Current assets
Stocks
11
Assets held for sale
11
Debtors
12
Investments
10
Cash at bank and in hand
Creditors: amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
14
Total assets less total liabilities
Funds
Restricted funds
15
Unrestricted funds
General funds
16
Designated funds
16		 March 2023
31 March 2022
£
£
411,805
330,029
891,067
21,374
16,248,418
14,494,971

17,551,290
14,846,374

881
5,155
342,510
264,698
14,829,563
7,637,772
19,912,396
26,728,874
4,124,729
1,626,203

39,210,079
36,262,702

(30,072,424)
(30,267,813)

9,137,655
5,994,889

26,688,945
20,841,263

(6,930,968)
(5,020,353)

19,757,977
15,820,910

1,726,935
2,920,633
13,531,042
7,900,277
4,500,000
5,000,000

19,757,977
15,820,910

The financial statements on pages 38 to 69 were approved and authorised for issue by the Board of Trustees on 27 October 2023.

N Antill Trustee

Michael Cooper Trustee

The notes on pages 44 to 69 form part of these financial statements.

40

ALZHEIMER’S RESEARCH UK

Charity balance sheet as at 31 March 2023

Charity number: SC042474 Company number: 03681291

31 March 2023 31 March 2022
Note £ £
Fixed assets
Tangible assets 9a 411,805 330,029
Intangible assets 9b 891,067 21,374
Investments 10 16,120,565 14,374,318
17,423,437 14,725,721
Current assets
Assets held for sale 11 342,510 264,698
Debtors 12 14,881,392 7,662,858
Investments 10 19,912,396 26,728,874
Cash at bank and in hand 3,955,691 1,531,434
39,091,989 36,187,864
Creditors: amounts falling due within one year 13 (30,059,510) (30,256,542)
Net current assets 9,032,479 5,931,322
Total assets less current liabilities 26,455,916 20,657,043
Creditors: amounts falling due after more than one year 14 (6,930,968) (5,020,353)
Total assets less total liabilities 19,524,948 15,636,690
Funds
Restricted funds 15 1,579,082 2,779,980
Unrestricted funds
General funds 16 13,445,866 7,856,710
Designated funds 16 4,500,000 5,000,000
19,524,948 15,636,690

The financial statements on pages 38 to 69 were approved and authorised for issue by the Board of Trustees on 27 October 2023.

N Antill Trustee

Michael Cooper Trustee

The notes on pages 44 to 69 form part of these financial statements.

41

ALZHEIMER’S RESEARCH UK

Consolidated cash flow statement for the year ended 31 March 2023

Year ended Year ended
31 March 2023 31 March 2022
£ £
Cash flows from operating activities
Net cash provided by/(used in) operating activities a 1,128,953 (3,515,451)
Cash flow from investing activities
Investment income 1,159,515 942,703
Purchase of property, plant and equipment (296,576) (181,722)
Purchase of intangible fixed assets (890,300) -
Proceeds from sale of tangible fixed assets 1,375 695
Proceeds from sales of investments 9,922,601 5,747,995
Purchase of investments (8,527,042) (4,628,673)
Net cash provided by/(used in) investing activities 1,369,573 1,880,998
Change in cash and cash equivalents in reporting period 2,498,526 (1,634,453)
Cash and cash equivalents at the beginning of the reporting period 1,626,203 3,260,656
Cash and cash equivalents at the end of the reporting period b 4,124,729 1,626,203
Reconciliation of expenditure to net cash flow from operating 2023 2022
activities £ £
a. Net cash provided by operating activities
Net movement in funds 3,937,067 (1,999,747)
Adjustments for:
Depreciation and amortisation charges 235,407 231,186
(Profit)/loss on disposal of fixed assets (1,375) (695)
(Gains)/losses on investments 3,441,564 (713,990)
Dividends and interest from investments (1,122,692) (995,057)
(Increase)/decrease in stocks 4,274 1,554
(Increase)/decrease in assets held for sale (77,812) (264,698)
(Increase)/decrease in debtors (7,228,615) (2,637,295)
Increase/(decrease) in creditors 1,715,226 (531,557)
Share of (profit)/loss from joint venture investment (7,200) 3,357,245
(Gains)/losses on programme related investments 233,109 37,603
1,128,953 (3,515,451)
b. Analysis of cash and cash equivalents
Cash at bank and in hand 4,124,729 1,626,203
At 1 April Cash flows At 31 March
2022 2023
Analysis of changes in net funds £ £ £
Cash 1,626,203 2,498,526 4,124,729

42

ALZHEIMER’S RESEARCH UK

Charity cash flow statement for the year ended 31 March 2023

Cashflows from operating activities
Net cash provided by/(used in) by operating activities
a
Cash flow from investing activities
Investment income
Purchase of property, plant and equipment
Purchase of intangibles
Proceeds from sale of tangible fixed assets
Proceeds from sales of investments
Purchase of investments
Net cash provided by/(used in) investing 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
b
Reconciliation of expenditure to net cash flow from operating
activities
a. Net cash provided by operating activities
Net movement in funds
Adjustments for:
Depreciation and amortisation charges
(Profit)/loss on disposal of fixed assets
(Gains)/losses on investments
Dividends and interest from investments
(Increase)/decrease in assets held for sale
(Increase)/decrease in debtors
Increase/(decrease) in creditors
(Gains)/losses on programme related investments
b. Analysis of cash and cash equivalents
Cash at bank and in hand
At 1 April
2022
Analysis of changes in net funds
£
Cash
1,531,434		 Year ended
31 March
2023
£
1,054,684
1,159,515
(296,576)
(890,300)
1,375
9,922,601
(8,527,042)
1,369,573
2,424,257
1,531,434
3,955,691
2023
£
3,888,258
235,407
(1,375)
3,441,564
(1,122,692)
(77,812)
(7,255,358)
1,713,583
233,109
1,054,684
3,955,691
Cash flows
£
2,424,257		 Year ended
31 March
2022
£
(3,383,496)
942,703
(181,722)
-
695
5,747,995
(4,628,673)
1,880,998
(1,502,498)
3,033,932
1,531,434
2022
£
1,427,400
231,186
(695)
(713,990)
(995,057)
(264,698)
(2,566,736)
(538,509)
37,603

(3,383,496)

1,531,434
At 31 March
2023
£
3,955,691

43

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023

1. Accounting policies

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) - (Charities SORP(FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

Alzheimer's Research UK is a company limited by guarantee (registered number 03681291) and is a public benefit entity as defined by FRS 102, registered as a charity in England and Wales (charity number 1077089) and Scotland (SC042474) and domiciled in the UK. The address of its registered office is set out on page 69.

Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes. Monetary amounts in these financial statements are rounded to the next whole £1 except where otherwise indicated and these financial statements are presented in sterling, which is also the functional currency of the Group and Charity.

Going concern

The use of the going concern basis of accounting is considered to be appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the Group or Charity to continue as a going concern.

The Group’s and Charity’s business activities, together with the factors likely to affect their future development, performance and position are set out in the Trustees Report and incorporated Strategic Report on pages 6 to 32.

Over recent years the Group’s Reserves policy has provided comfort in the Group’s ability to continue as a going concern.

The investment portfolio is made up of a mixture of gilts, bonds, and equity investments, with an emphasis towards UK corporate bonds and gilts, which are deemed to be less risky in an uncertain environment. The robust Investment Policy, together with the prudent approach to how the investments are managed, help to ensure that the Group and Charity are protected as much as possible from any significant downturns in the financial markets.

Careful cash management processes ensure the best use of cash resources, ensuring that all liabilities can be met as they fall due for payment. In addition, there are no borrowings and there is no current requirement to raise additional funds through future borrowing.

Monthly reforecasting and budgetary management processes ensure that the annual financial outturn is monitored and reviewed regularly, as well as cash flow forecasting to ensure the Group and Charity does not overcommit itself. In addition, projections are produced for the next five years which together with availability of detailed financial information informs an assessment of the level of research commitments which can be made.

As part of the Trustees’ review of going concern, draft budgets have been prepared for the financial years to 31 March 2024 and 31 March 2025. These budgets have been used to assess the expected balance sheet position for 31 March 2025. The expected balance sheet position looks positive, with liquid resources sufficient to cover all outstanding liabilities as they fall due.

The group currently has significant liquid resources which are equivalent to the research commitments which have been made and are payable over the next five years. It is the purpose of the group to raise as much money as possible for purposes of funding research. Future commitments will be made in accordance with income levels at that time, keeping in mind the requirements of the reserves policy.

The Trustees are confident that the Group is a going concern, and that there are triggers and safeguards which can be deployed to ensure the future operation of the Group, if needed.

Fund accounting

The Charity maintains various types of funds as follows:

Restricted funds

Restricted funds represent grants, donations and legacies received which are allocated by the donor for specific purposes.

44

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

Unrestricted funds

General unrestricted funds represent unrestricted income which is expendable at the discretion of the Trustees in the furtherance of the objects of the Charity. This also includes designated funds which represent amounts that have been set aside for specific purposes at the discretion of the Trustees.

Fund transfers

Transfers between restricted and unrestricted funds represent restricted income received where expenditure has already been provided for.

Basis of consolidation

The financial statements comprise the assets, liabilities and funds, and the Statement of Financial Activities of Alzheimer’s Research UK and its subsidiary. The financial statements also include the Charity’s share of the income and expenditure from joint ventures in the consolidated Statement of Financial Activities and its share of the net assets is included in the consolidated Balance Sheet.

Income

All income is recognised in the Statement of Financial Activities when the conditions for receipt have been met and there is reasonable probability of receipt. Where a claim for repayment of income tax has or will be made, such income is grossed up for the tax recoverable. The following accounting policies are applied to income:

Donated services and goods

Services donated to the Charity are recognised as income in the year when received at the equivalent of open market value.

Assets given in kind for conversion into cash and subsequent application by the Charity are recognised as income in the accounting period when receivable. They are valued on receipt at the estimated net realisable value, being the estimated selling price less costs to sell, with the estimated net realisable value being recognised as income on receipt of the assets. Any surplus or loss made on subsequent sale is recognised in the Statement of Financial Activities when the asset is sold.

Donations

Donations and all other receipts from fundraising are reported gross and the related fundraising costs are reported in expenditure on raising funds. Donations are accounted for at the point when the Charity is entitled to the income, there is probability of receipt, and the monetary value can be measured with sufficient reliability.

Government grants

Income from government grants is presented within other income. Government grants are recognised at the fair value of the funds received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Investment income

Investment income is accounted for when receivable. Tax recoverable relating to investment income is accounted for in the same period as the related income.

Legacies

Legacies are included in the Statement of Financial Activities when the Charity is legally entitled to the distribution and the amount can be determined with accuracy and it is probable that the legacy will be received. Reversionary interests involving a life tenant are not recognised.

Expenditure

All expenditure is accounted for on an accruals basis. The costs of raising funds represent expenditure incurred in general fundraising activities.

Charitable activities represent expenditure incurred in issuing grants to academic institutions for research purposes, providing information about dementia and advocating for dementia research.

Support costs are attributed to the costs of raising funds and charitable activities using a percentage based upon the direct expenditure allocation.

Research commitments

Research commitments are accounted for as expenditure in the Statement of Financial Activities when there is a constructive obligation based on a formal offer to the recipient. Where the promise of financial support is not

45

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

binding on the Trustees, such intentions may be accounted for by a transfer to a designated fund. The present value of future commitments to research has been considered at a discount rate of 2.6% (2022: 2.3%) and the resulting potential discounting is not considered to be material to the overall value of the commitment, or to the net movement in funds on a recurrent basis and therefore the impact has not been reflected in these financial statements. Grants where there are annual reviews or other milestones upon which future funding is conditional are not recognised as a liability until all conditions are met. These nonbinding grant commitments are disclosed in note 13.

Tangible fixed assets

Tangible fixed assets costing more than £500 are capitalised and included at cost.

Depreciation is provided to write off the cost of all assets over their expected useful lives as follows:

Fixtures and office equipment - 20% to 33% straight line Leasehold improvements - over the period of the lease

Intangible fixed assets

Intangible fixed assets costing more than £500 are capitalised and included at cost.

Amortisation is provided to write off the cost of all assets over their expected useful lives as follows: Computer software - 20% to 33% straight line

The amortisation charge is included within support costs and allocated on the basis of expenditure incurred.

Investments

Investments in the investment portfolio are stated at market value, using quoted bid price. Realised and unrealised gains and losses are shown separately in the appropriate section of the Statement of Financial Activities. The composition of investments is reviewed annually and split between fixed and current depending upon the nature of the investment category, and any intentions to realise within 12 months from the reporting date.

The investment in the subsidiary is included in the balance sheet at cost, less any provision for impairment in value. The investments in the joint ventures are accounted for under the gross equity method.

The programme related investment is included in the balance sheet at fair value based on the balance sheet of the fund invested in with gains taken as an increase to income from charitable activities and losses taken as an increase to expenditure on charitable activities.

Stocks and assets held for sale

Stocks are items purchased for sale and are included at the lower of cost and net realisable value.

Assets held for sale are items which have been gifted to the charity and which are held for subsequent sale and are included at the lower of cost and net realisable value.

Pensions

The Charity operates a defined contribution pension scheme for its employees. Obligations for contributions to the defined contribution pension scheme are charged to the Statement of Financial Activities in the year in which they become payable.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.

Creditors

Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

46

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

Financial Instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as a basic financial instrument. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised costs using the effective interest method, apart from listed investments and the programme related investments, which are held at fair value, derived as noted within the investments accounting policy. Further details of financial instruments measured at fair value are shown in note 24.

Leases

The annual rental of all operating leases is charged to the Statement of Financial Activities on a straight-line basis over the lease term. Rent free periods and other incentives received for entering into an operating lease are accounted for as a reduction to the expense and are recognised on a straight-line basis over the lease term.

Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are not considered to be any estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Accrued legacy income

There is inherent uncertainty in the probate valuation of estates due to the nature of underlying assets and liabilities, the time that may lapse between probate and closure, and other contingencies that attend the estate.

Cases are reviewed on a case-by-case basis and the following valuation technique is applied to ascertain the value of the estate to be included in accrued legacy income:

Estate accounts received 100%
Assets and Liabilities accounts received 86.4%
Solicitor’s letter received 15%

Each year the measurement uncertainty factor is calculated and reviewed to ensure it continues to be supported by actual realisation rates.

Critical areas of judgement

The Trustees do not consider that there are any critical areas of judgement applied in the preparation of these financial statements.

47

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

2. Net income/(expenditure) for the year

Net income/(expenditure) for the year
Year ended Year ended
Group and Charity 31 March 31 March
2023 2022
Net income/expenditure for the year is stated after charging: £ £
Income from government grants - Coronavirus job retention scheme - 63,117
Audit services - Charity and group audit services 34,450 29,950
- Trading subsidiary audit services 2,750 2,500
- Tax compliance services 3,825 3,825
Depreciation of tangible fixed assets 214,800 196,341
Amortisation of intangible fixed assets 20,607 34,845
(Profit)/loss on disposal of fixed assets (1,375) (695)
Payments under operating leases - land and buildings 411,746 411,746
Payments under operating leases - plant and machinery 23,691 23,462

3. Information regarding employees and trustees

Information regarding employees and trustees
Year ended Year ended
31 March 31 March
2023 2022
Group and Charity Number Number
Charitable activities 78 65
Fundraising 115 112
Support services 35 28
228 205
£ £
Salaries 9,310,459 7,789,750
National insurance 1,071,594 847,223
Other pension costs 455,652 391,978
10,837,705 9,028,951
The number of employees whose emoluments have exceeded £60,000 in the year were:
Number Number
£60,001 - £70,000 11 15
£70,001 - £80,000 8 1
£80,001 - £90,000 2 4
£90,001 - £100,000 3 1
£100,001 - £110,000 2 -
£110,001 - £120,000 1 1
£130,001 - £140,000 - -
£140,001 - £150,000 - 1
£170,001 - £180,000 1 -
£180,001 - £190,000 - 1

All of the above individuals are members of the defined contribution pension scheme. Trustees are not remunerated nor reimbursed for their expenses.

The total employment costs of the key management personnel, which is comprised of the Chief Executive, Executive Director of Finance and Operations and Executive Director of Research were £481,350 (2022: £528,700 including the Chief Medical Officer and the Deputy CEO and Executive Director of Fundraising & Communications).

48

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

3. Information regarding employees and trustees (continued)

During the year, £nil (2022: £72,632) was paid in respect of termination payments, of which £nil (2022: £72,632) was contractual. No funding was received in respect of these payments.

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund. Contributions payable by the Charity charged to expenditure amounted to £455,652 (2022: £391,978). Included within creditors at the year-end is £nil (2022: £nil) of outstanding pension contributions.

4. Donations and legacies

Unrestricted
funds
Group
£
Charitable trusts
1,398,207
Legacy income
20,010,441
Other donations
19,358,691
Donated services
172,741
40,940,080
Charity
£
Charitable trusts
1,398,207
Legacy income
20,010,441
Other donations
19,420,508
Donated services
172,741
41,001,897		 Restricted
funds
£
3,150,248
661,751
2,229,348
-
6,041,347
£
3,150,248
661,751
2,229,348
-
6,041,347		 Total
Year ended
31 March
2023
£
4,548,455
20,672,192
21,588,039
172,741
46,981,427

£
4,548,455
20,672,192
21,649,856
172,741
47,043,244		 Total
Year ended
31 March
2022
£
6,929,762
10,269,951
21,902,447
74,776
39,176,936
£
6,929,762
10,269,951
22,034,165
74,776
39,308,654

Details of the use of volunteers within the charity can be found in the Trustees’ Report on page 22.

5. Investment income

Investment income
Year ended Year ended
31 March 31 March
2023 2022
Group and Charity £ £
Bank deposits 61,653 4,210
Dividend income 1,060,929 990,551
Other interest 110 296
1,122,692 995,057

49

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

6.
Expenditure on charitable activities

Group
Dementia research
Information and advocacy

Charity
Dementia research
Information and advocacy
7.
Support costs
Raising
Funds
Group
£
Human resources
279,890
Premises
204,708
Finance
305,680
Corporate
189,351
IT & office costs
262,513
Depreciation & amortisation
73,031
Governance
182,661
1,497,834
Charity
£
Human resources
279,340
Premises
204,305
Finance
305,079
Corporate
188,979
IT & office costs
261,997
Depreciation & amortisation
72,887
Governance
180,681
1,493,268		 Unrestricted
funds
£
19,518,515
5,772,940
25,291,455
Unrestricted
funds
£
19,518,142
5,772,845
25,290,987
Research

£
468,031
342,311
511,157
316,631
438,972
122,123
305,444

2,504,669
£
468,469
342,631
511,635
316,929
439,383
122,237
303,012

2,504,296		 Restricted
funds
£
3,483,408
104,237
3,587,645
Restricted
funds
£
3,483,408
104,237
3,587,645
Information
& Advocacy
£
119,586
87,463
130,605
80,902
112,161
31,203
78,043

639,963
£
119,698
87,545
130,727
80,978
112,266
31,233
77,422

639,869		 Total
2023
£
23,001,923
5,877,177
28,879,100
Total
2023
£
23,001,550
5,877,082
28,878,632
Year ended
31 March
2023
£
867,507
634,482
947,442
586,884
813,646
226,357
566,148

4,642,466
£
867,507
634,481
947,441
586,886
813,646
226,357
561,115

4,637,433		 Total
2022
£
23,550,185
5,061,733
28,611,918
Total
2022
£
23,549,381
5,061,563
28,610,944
Year ended
31 March
2022
£
679,462
566,462
621,394
377,388
720,354
221,973
425,359

3,612,392
£
679,463
566,463
621,394
377,388
720,353
221,973
421,689

3,608,723

Support costs have been allocated on the basis of direct expenditure incurred.

50

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

8. Grant giving

Group
New research commitments entered into during the year for dementia
Release of provisions no longer required
Support costs allocated to grant giving
Grant giving charged to the Statement of Financial Activities
Other research costs
Support costs allocated to Dementia research
Dementia research charged to the Statement of Financial Activities
Charity
New research commitments entered into during the year for dementia
Release of provisions no longer required
Support costs allocated to grant giving
Grant giving charged to the Statement of Financial Activities
Other research costs
Support costs allocated to Dementia research
Dementia research charged to the Statement of Financial Activities		 Year ended
31 March
2023
£
18,938,334
(848,994)
2,210,433
20,299,773
2,407,914
294,236

23,001,923
Year ended
31 March
2023
£
18,938,334
(848,994)
2,210,104
20,299,444
2,407,914
294,192

23,001,550		 Year ended
31 March
2022
£
20,878,695
(972,184)
1,896,982
21,803,493
1,593,989
151,899

23,549,381
Year ended
31 March
2022
£
20,878,695
(972,184)
1,896,097
21,802,608
1,595,596
151,981

23,550,185

All group and charity grants are paid to institutions. An analysis of grant-funded research by host institution with details of the grants awarded during the period, forming part of these audited financial statements, can be found below:

can be found below:
Total Total
Year ended Year ended
31 March 31 March
2023 2022
£ £
Alzheimer’s Brain Bank UK 561,208 -
Aston University - 173,980
AZ Discovery Ltd 42,000 42,000
Boston University 5,763 270,408
Bournemouth University - 116,000
Britain Israel Research and Academic Exchange 300,000 -
Cardiff University 390,419 593,999
Carol Routledge 15,000 -
Charles River Discovery Research Services UK 721 344,759
Crawford Works 20,000 15,000
De Montfort University 15,179 -
DH Healthcare 74,497 48,000
Subtotal
1,424,787		 1,604,146

51

ALZHEIMER’S RESEARCH UK

N otes forming part of the financial statements for the year ended 31 March 2023 (continued)

8.
Grant giving (continued)
Brought forward
Edith Cowan University
Evotec UK (Ltd)
Health Data research UK
Health Policy Partnership
Imperial College London
John Hampden Surgery
Keele University
King’s College Hospital
King's College London
Medical Research Council
National Physical Laboratory
Newcastle University
Northumbria University
Other Consultancy
Queen's University Belfast
Reeval Limited
Sans Serif Consulting
The University of Manchester
The Alan Turing Institute
UK DRI Limited
UKRI Medical Research Council
University College London
University Hospitals Southampton NHS Foundation Trust
University of Aberdeen
University of Bath
University of Bradford
University of Bristol
University of Cambridge
University of Camerino
University of Dundee
University of Edinburgh
University of Exeter
University of Lancaster
University of Manchester
University of Nottingham
University of Oxford
University of Portsmouth
University of Reading
University of Sheffield
University of Southampton
University of St Andrews
University of Strathclyde
University of Sussex
University of Sydney
University of Warwick		 1,424,787
-
24,228
25,000
5,083
140,935
-
29,984
230,130
1,009,262
500,000
70,000
850,057
-
-
-
52,100
-
-
295,000
2,500,000
-
3,590,279
214,320
-
-
-
139,841
2,007,035
-
526,695
259,974
390,595
349,228
69,591
10,000
3,532,663
-
-
-
158,074
69,379
-
10,000
-
454,094

18,938,334
 1,604,146
649,340
277,238
-
87,179
4,000
15,840
-
-
626,289
-
70,000
304,900
49,178
87,000
63,000
-
31,002
107,000
-
2,500,000
250,000
4,355,686
-
47,531
49,905
49,951
23,595
4,310,308
49,995
458,582
47,995
246,251
-
-
49,939
2,779,825
5,000
153,222
305,535
-
-
49,772
10,000
659,622
499,869
20,878,695

52

ALZHEIMER’S RESEARCH UK

N otes forming part of the financial statements for the year ended 31 March 2023 (continued)

9a.
Tangible fixed assets
Leasehold
improvements
Group and Charity
£
Cost
At 1 April 2022
1,246,019
Additions
-
Disposals
-
At 31 March 2023
1,246,019
Depreciation
At 1 April 2022
1,099,503
Charge for the year
94,932
Disposals
-
At 31 March 2023
1,194,435
Net book value
At 31 March 2023
51,584
At 31 March 2022
146,516		 Fixtures
& office
equipment
£
583,763
296,576
(125,123)
755,216
400,250
119,868
(125,123)
394,995
360,221
183,513		 Total
£
1,829,782
296,576
(125,123)
2,001,235
1,499,753
214,800
(125,123)
1,589,430
411,805
330,029

All tangible fixed assets are held for charitable purposes.

9b.
Intangible fixed assets
Group and Charity
Cost
At 1 April 2022
Additions
At 31 March 2023
Amortisation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Computer
software
£
251,278
890,300
1,141,578
229,904
20,607
250,511
891,067
21,374

53

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

10. Investments

Market value
1 April
Additions
Disposals
Realised and unrealised
investment
gains/(losses)
Movement in cash
reserves
Market value at 31
March
Group
Charity
Cost at 31 March		 Investment
portfolio
Programme
related
investment
£
£
39,821,450
1,261,742
8,018,626
508,416
(7,453,062)
-
(3,441,564)
(233,108)
(2,469,539)
-
34,475,911
1,537,050
34,475,911
1,537,050
34,475,911
1,537,050
33,384,500
2,095,119		 Shares in
subsidiary
£
20,000
-
-
-
-
20,000
-
20,000
20,000		 Share in
Joint
ventures
£
140,653
-
-
7,200
-
147,853
147,853
-
147,853		 Total
Year ended
31 March
2023
£
41,243,845
8,527,042
(7,453,062)
(3,667,472)
(2,469,539)
36,180,814
36,160,814
36,032,961
35,647,472		 Total
Year ended
31 March
2022
£
45,044,025
4,628,673
(5,038,069)
698,340
(4,089,124)

41,243,845
41,223,845
41,103,192
37,363,087

Shares held under the heading investment portfolio and the programme related investment are recognised at their fair value, other investments are valued at cost.

Composition of investment portfolio
UK Corporate bonds
Overseas Corporate bonds
UK Gilts
Cash deposits
UK alternative investments
UK equity investments
Non-UK equity investments
Presentation of investments
Fixed asset investments
Current investments		 Year ended
31 March
2023
Group
£
16,248,418
19,912,396

36,160,814		 Year ended
31 March
2023
Charity
£
16,120,565
19,912,396
36,032,961		 Year ended
31 March
2023
Year ended
31 March
2022
£
£
7,999,630
7,519,877
1,050,875
1,374,223
5,513,010
4,198,476
823,729
3,293,281
6,350,187
8,610,391
5,158,823
6,208,092
7,579,657
8,617,110

34,475,911
39,821,450
Year ended
31 March
2022
Year ended
31 March
2022
Group
Charity
£
£
14,494,971
14,374,318
26,728,874
26,728,874
41,223,845
41,103,192

54

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

10. Investments (continued)

Programme related investments

The Dementia Discovery Fund ('DDF' or 'the Fund') was launched in October 2015 and is managed by SV Health Managers LLP (Registered in England OC308829). The goal of the DDF is finding innovative drugs with the potential to cure, or providing a disease modifying treatment, for dementia or its symptoms by 2025.

Alzheimer's Research UK committed a 4.69% share of the investment. Original partners in the Fund were Biogen New Ventures Inc., Eli Lilly and Company Limited, Glaxo Group Limited, Johnson & Johnson - JJDC, Inc., Pfizer Limited, Takeda Ventures Inc. and The Secretary of State for Health, with a total original partnership commitment of £70,227,465.

Joint venture investment

Alzheimer’s Brain Bank (ABBUK) is a company limited by guarantee (number 5762960) and a registered charity (number 1114578). It has two members, Alzheimer’s Research UK and Alzheimer’s Society. The main objectives of the Charity are to protect and promote the health of the public, in particular by establishing, promoting and maintaining banks of brain tissue for research into the cause, prevention, treatment and cure of Alzheimer’s disease and associate neurodegenerative diseases and disorders. The Charity owns a 50% share in ABBUK. This joint venture is accounted for in accordance with FRS 102 and the Charities SORP under the gross equity method.

ABBUK ABBUK
31st March 31st March
2023 2022
Share in joint ventures £ £
Net assets 147,854 140,654
Current assets 931,933 808,029
Current liabilities (784,079) (667,376)
Long term liabilities - -
Share of Income 625,783 95,946
Share of charitable expenditure (618,583) (73,993)
Share of net result 7,200 21,953

55

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

10. Investments (continued)

Subsidiary company

Alzheimer’s Research Trading Limited, registered company number 03880026, is a wholly owned subsidiary of Alzheimer’s Research UK whose taxable profits are donated to its parent. The registered address of the Company is the same as the charity. The trading company receives income from the sale of merchandise, registration fees and sponsorship, with each sale helping to support our cause.

Year ended Year ended
31 March 31 March
2023 2022
£ £
Income 167,561 105,119
Expenditure (63,390) (45,052)
Profit for the year 104,171 60,067
Fixed assets - -
Net current assets/(liabilities) 105,921 63,568
Financed by: 105,921 63,568
Ordinary share capital 20,000 20,000
Shareholder’s funds 85,921 43,568
11. Stocks and assets held for sale 105,921 63,568
Year ended Year ended
31 March 31 March
2023 2022
Group £ £
Stocks - Merchandise and products 881 5,155
Group and Charity
Assets held for sale - donated assets
At 1 April 264,698 -
Additions (at value) - 264,698
Disposals (24,375) -
Valuation adjustment 102,187 -
At 31 March 342,510 264,698

The assets held for sale relate to a number of paintings which were donated to the charity during the 2021-22.

56

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

12.
Debtors
Group
Trade debtors
Other debtors
Charities Aid Foundation
Accrued income and prepayments
Charity
Trade debtors
Other debtors
Amounts due from group undertakings
Charities Aid Foundation
Accrued income and prepayments
13.
Creditors: amounts falling due within one year
Group
Trade creditors
Accruals
Other taxes and social security
Other creditors
Research commitments
Charity
Trade creditors
Accruals
Other taxes and social security
Other creditors
Research commitments		 Year ended
31 March
2023
£
-
1,569,592
17,832
13,242,139

14,829,563
Year ended
31 March
2023
£
-
1,548,561
74,428
17,832
13,240,571

14,881,392
Year ended
31 March
2023
£
1,389,756
1,407,359
380,351
468,973
26,425,985

30,072,424
Year ended
31 March
2023
£
1,389,465
1,402,559
372,528
468,973
26,425,985

30,059,510		 Year ended
31 March
2022
£
6,547
896,777
3,511
6,730,937
7,637,772
Year ended
31 March
2022
£
6,547
897,878
23,985
3,511
6,730,937
7,662,858
Year ended
31 March
2022
£
1,615,923
1,458,976
250,958
52,538
26,889,418

30,267,813
Year ended
31 March
2022
£
1,615,668
1,454,796
244,122
52,538
26,889,418

30,256,542

As at the balance sheet date, the Charity has entered into agreements with 3 universities with regard to the Drug Discovery Institutes, to provide maximum funding of £30 million over a period of 5 years. The full £30 million has been committed to date. The on-going commitment will be part of an independent, thorough systematic review, and future funding levels will be recommitted on an annual basis. These have not been included in the financial

57

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

13. Creditors: amounts falling due within one year (continued)

statements as they are not considered to meet the accounting framework definition of a liability. Commitments in the coming years will be funded out of future grants, donations and legacies.

As at the balance sheet date, the Charity is a Strategic Partner of the UK DRI and has pledged to support the DRI with at least £12.5M over a five-year period. The ongoing commitment will be part of a thorough systematic review, and future funding levels will be recommitted on an annual basis. These have not been included in the financial statements as they are not considered to meet the accounting framework definition of a liability. Commitments in the coming years will be funded out of future grants, donations and legacies.

14. Creditors: amounts falling due after more than one year

Group and Charity
Research commitments
Rent accrual
Other creditors
Ageing of long-term liabilities
1 - 2 years
2 - 3 years
3 - 4 years
4 - 5 years
5 years or more
Reconciliation of research commitments
Balance brought forward
New commitments entered into
Commitments no longer required
Amounts spent in the period		 Year ended
31 March
2023
£
6,930,968
-
-

6,930,968
Year ended
31 March
2023
£
3,529,290
1,937,873
1,123,689
294,305
45,811

6,930,968
Year ended
31 March
2023
£
31,748,526
18,938,334
(848,994)
(16,480,913)

33,356,953		 Year ended
31 March
2022
£
4,859,108
3,259
157,986

5,020,353
Year ended
31 March
2022
£
2,847,215
1,346,050
545,908
281,180
-

5,020,353
Year ended
31 March
2022
£
31,203,538
20,878,695
(972,184)
(19,361,523)

31,748,526

58

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

15. Movement in and allocation of restricted funds – Group and Charity

Description
Research
Brain Bank
Clinical Research Fellowship
Dementia Consortium
Drug Discovery Institutes
EDoN
Equipment
Interdisciplinary Research
Grants
Network Centre
Other
PhD
Pilot Projects
Programme Grants
Race Against Dementia
Research Fellowship Grants
Senior Research Fellowship
UK DRI Limited
Non-research
Investigator of the Year Award
BAME - Community Project
Community Engagement
Projects
Conference prize giving
Dementia Attitudes Monitor
Inspire Fund
Lived Experience of Dementia
Charity restricted funds
Joint venture investments
Group restricted funds		 As at
31 March
2022
£
-
-
136,820
-
2,226,819
-
-
-
-
359,576
-
-
18,404
-
-
-
-
23,987
-
500
-
-
13,874
2,779,980
140,653
2,920,633		 Income
£
55,851
319,033
393,329
1,435,920
1,661,404
43,902
3,957
88,642
439,515
74,016
138,556
350,670
777,113
758,045
843,141
2,533
25,000
-
-
-
13,874
10,000
(13,874)
7,420,627
7,200
7,427,827		 Expenditur
e
£
(55,000)
-
(295,651)
(55,000)
(1,620,079)
-
-
7,473
(153,639)
(177,184)
-
(174,135)
(749,612)
(245,777)
(23,516)
-
(11,288)
-
(23,987)
(250)
-
(10,000)
-
(3,587,645)
-
(3,587,645)		 Transfers
£
(851)
(319,033)
-
(1,380,920)
(1,202,729)
(43,902)
(3,957)
(96,115)
(271,628)
(37,766)
(138,556)
(176,535)
-
(512,268)
(819,501)
(2,533)
(13,712)
(23,987)
23,987
-
(13,874)
-
-
(5,033,880)
-
(5,033,880)		 As at
31 March
2023
£
-
-
234,498
-
1,065,415
-
-
-
14,248
218,642
-
-
45,905
-
124
-
-
-
-
250
-
-
-

1,579,082
147,853

1,726,935

Restricted funding

Research - The majority of the restricted income received is to fund scientific research into dementia which may be through providing funding for a PhD student, a pilot project, a programme grant or any other method of scientific research.

Joint venture investments – The restricted fund represents the investment in joint ventures as detailed in note 10.

59

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

15. Movement in and allocation of restricted funds – Group and Charity (continued)

Non research - Restricted income is also received to fund other charitable activities. This may include funding for running the Dementia Research Infoline, producing a leaflet, developing the website or any other method of providing information or advocating.

Restricted fund transfers

The transfer from the restricted fund to the unrestricted fund represents income received during the year which carries donor imposed conditions to be expended upon specific projects. The cost of these projects has been recognised through the Statement of Financial Activities in a prior period when the commitment was originally made and therefore when the income is received it is transferred to the unrestricted fund to follow the treatment of the expenditure when it was recognised.

Funds with restricted balances at the balance sheet date:

Dementia Consortium

The Dementia Consortium brings together 10 charitable and pharmaceutical industry partners (Alzheimer’s Research UK, LifeArc, AbbVie, Astex, Lilly, Eisai, Johnson & Johnson Innovation, Evotec, MSD and Takeda) to fund research projects that will accelerate development of therapies for dementia.

EDoN

Income received to fund research through the Early Diagnosis of Neurodegeneration initiative, our ambitious initiative that will collect, share and analyse clinical and digital health data to detect diseases like Alzheimer’s.

Race Against Dementia

Income raised since 2018/19 to fund individual fellowships for £500,000 each. As at 31 March 2023, £2,743,983 had been committed and the remaining fund is expected to be committed by 31 March 2024.

Conference prize giving

Income raised in previous years of £2,250 has been restricted to fund a prize of £250 per year for the most effective presentation at the Alzheimer’s Research UK annual conference. Due to the cancellation of recent face to face conferences as a result of COVID-19, the expected expenditure for recent years has been carried forward to future conferences.

60

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

15. Movement in and allocation of restricted funds – Group and Charity (continued)

Prior year

Description
Research
Adept
Brain Bank
Clinical Research Fellowship
Dementia Consortium
Drug Discovery Institutes
EDoN
Interdisciplinary Research
Grants
Network Accelerate Scheme
Network Centre
Other
PhD
Pilot Projects
Programme Grants
Race Against Dementia
Research Fellowship Grants
Tau Consortium
Senior Research Fellowship
UK DRI Limited
Non-research
Investigator of the Year Award
BAME - Community project
Research Conference
Conference prize giving
Dementia Attitudes Monitor
Health Info Print & Production
Dementia Research Infoline
Inspire Fund
Lived Experience of Dementia
Charity restricted funds
Joint venture investments
Group restricted funds		 As at
31 March
2021
£
-
-
-
363,135
-
1,809,554
-
-
-
-
-
-
-
512,775
-
-
-
-
-
23,987
-
1,000
50,000
23,004
-
10,000
15,028
2,808,483
3,497,898
6,306,381		 Income
£
87,524
60,000
292,509
619,145
2,939,981
1,966,693
93,220
96
77,325
224,842
517,147
127,297
945,908
1,500,000
495,781
145,678
758,999
9,357
25,000
-
5,064
-
-
1,000
5,000
20,100
-
10,917,666

21,953

10,939,619		 Expenditur
e
£
(15,110)
(60,000)
(179,762)
(782,891)
(72,213)
(1,397,966)
(27,500)
-
(59,706)
(2,000)
(1,500)
(62,995)
-
(1,994,371)
-
(145,678)
-
-
(11,288)
-
(5,064)
(500)
(50,000)
(24,004)
(5,000)
(30,100)
(1,154)
(4,928,802)

(3,379,198)

(8,308,000)		 Transfers
£
(72,414)
-
(112,747)
(62,569)
(2,867,768)
(151,462)
(65,720)
(96)
(17,619)
(222,842)
(156,071)
(64,302)
(945,908)
-
(495,781)
-
(758,999)
(9,357)
(13,712)
-
-
-
-
-
-
-
-
(6,017,367)

-

(6,017,367)		 As at
31 March
2022
£
-
-
-
136,820
-
2,226,819
-
-
-
-
359,576
-
-
18,404
-
-
-
-
-
23,987
-
500
-
-
-
-
13,874

2,779,980
140,653

2,920,633

61

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

16. Movements in unrestricted funds
Group
General fund
Designated funds:
Early Diagnosis and
Detection
Sport and Dementia
Group unrestricted funds
Charity
General fund
Designated funds:
Early Diagnosis and
Detection
Sport and Dementia
Charity unrestricted funds
Prior year
Group
General fund
Designated funds:
Early Diagnosis and
Detection
Sport and Dementia
Group unrestricted funds
Charity
General fund
Designated funds:
Early Diagnosis and
Detection
Sport and Dementia
Charity unrestricted funds		 Balance at
31 March
2022
£
7,900,277
4,500,000
500,000

12,900,277
7,856,710
4,500,000
500,000
12,856,710
Balance at
31 March
2021
£
6,514,276
4,500,000
500,000
11,514,276
6,400,807
4,500,000
500,000
11,400,807		 Income
£
42,586,196
-
-
42,586,196
42,503,282
-
-
42,503,282
Income
£
31,247,285
-
-
31,247,285
31,289,870
-
-
31,289,870		 Expenditure,
Gains &
Losses
£
(41,989,311)
-
(500,000)
(42,489,311)
(41,948,006)
-
(500,000)
(42,448,006)
Expenditure,
Gains &
Losses
£
(35,878,651)
-
-
(35,878,651)
(35,851,334)
-
-
(35,851,334)		 Transfers
£
5,033,880
-
-
5,033,880
5,033,880
-
-
5,033,880
Transfers
£
6,017,367
-
-
6,017,367
6,017,367
-
~~-~~
6,017,367		 Balance at
31 March
2023
£
13,531,042
4,500,000
-
18,031,042
13,445,866
4,500,000
-
17,945,866
Balance at
31 March
2022
£
7,900,277
4,500,000
500,000
12,900,277
7,856,710
4,500,000
500,000
12,856,710

62

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

16. Movements in unrestricted funds (continued)

The transfer from the restricted fund to the unrestricted fund represents income received during the year which carried donor imposed conditions to be expended upon specific projects. The cost of these projects has been recognised through the Statement of Financial Activities in a prior period when the commitment was originally made and therefore when the income is received it is transferred to the unrestricted fund to follow the treatment of the expenditure when it was recognised.

Refer to page 26 in the Trustees Report where the reserves position is considered in more detail.

Early Diagnosis and Detection

A key focus for Alzheimer’s Research UK is the early detection of dementia-causing diseases, partly funded through our ambitious EDoN initiative. As a result of the strong financial performance in recent years, we have been able to set aside £4.5m into a designated fund, reflecting the progress made and our desire to further invest in this important activity. The designated fund is expected to be fully spent by 31 March 2027.

Sport and Dementia

With a number of high-profile studies published in recent years, there is growing concern that concussive and sub-concussive injuries incurred while playing sports may increase an individual’s risk of developing dementia. This is a complex area to study and there is more research required to understand the costs and benefits of sport and links to dementia risk. As a result of the strong financial performance in recent years, we previously set aside £500k into a designated fund to further develop our understanding of the risks and benefits of sport. The designated fund has now been released to offset spend made in the financial year ended 31 March 2023.

63

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

17. Analysis of assets and liabilities between funds

Designated
General
Funds
Funds
£
£
Group
Fixed assets
Tangible fixed assets
-
411,805
Intangible fixed assets
-
891,067
Investments
4,500,000
11,600,565
Current assets
Stocks
-
881
Debtors
-
14,829,563
Current asset investments
-
18,333,314
Cash at bank and in hand
-
4,124,729
Assets held for sale
-
342,510
Creditors
Due within one year
-
(30,072,424)
Due in more than one year
-
(6,930,968)
Group
4,500,000
13,531,042
Charity: allocated on the same
basis as the group figures
4,500,000
13,445,866
Prior Year
Designated
General
Funds
Funds
£
£
Group
Fixed assets
Tangible fixed assets
-
330,029
Intangible fixed assets
-
21,374
Investments
5,000,000
9,354,318
Current assets
Stocks
-
5,155
Debtors
-
7,637,772
Current asset investments
-
23,948,894
Cash at bank and in hand
-
1,626,203
Assets held for sale
-
264,698
Creditors
Due within one year
-
(30,267,813)
Due in more than one year
-
(5,020,353)
Group
5,000,000
7,900,277
Charity: allocated on the same
basis as the group figures
5,000,000
7,856,710		 Restricted
Funds
Total
£
£
-
411,805
-
891,067
147,853
16,248,418
-
881
-
14,829,563
1,579,082
19,912,396
-
4,124,729
-
342,510
-
(30,072,424)
-
(6,930,968)

1,726,935
19,757,977
1,579,082
19,524,948
Restricted
Funds
Total
£
£
-
330,029
-
21,374
140,653
14,494,971
-
5,155
-
7,637,772
2,779,980
26,728,874
-
1,626,203
-
264,698
-
(30,267,813)
-
(5,020,353)

2,920,633
15,820,910

2,779,980
15,636,690

64

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

18. Taxation

The income and gains of the Charity are exempt from corporation tax to the extent they are applied to its charitable objectives.

19. Commitments under operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

Other
Within one year
Between one and five years
After five years
Land and buildings
Within one year
Between one and five years		 2023
£
23,631
37,417
-
61,048

205,873
-
205,873		 2022
£
23,631
61,048
-
84,679
411,746
205,873
617,619

20. Related party transactions

A management fee of £22,831 (2022: £15,986) and a gift aid donation of £61,817 (2022: £131,718) was received from Alzheimer’s Research Trading Limited during the year. Alzheimer’s Research Trading Limited is a trading subsidiary of Alzheimer’s Research UK. At the year-end a balance of £74,427 (2022: £23,985) was due to Alzheimer’s Research UK from the subsidiary.

During the year, £561,208 was committed (2022: £160,971 written off) in respect of the Brains for Dementia Research project (Alzheimer’s Brain Bank UK). £561,208 (2022: £64,529) was paid and at the year-end there is a commitment to the project of £nil (2022: £nil). Alzheimer’s Brain Bank UK is a Joint Venture between Alzheimer’s Research UK and Alzheimer’s Society.

Total donations made during the year by Trustees were £86,080 (2022: £151,068), and sales totalling £nil (2022: £nil) were made to Trustees.

21. Contingent liability

The Charity is a member of a VAT group with Alzheimer’s Research Trading Limited, all members have joint and several liabilities. At 31 March 2023, the amounts owed to the VAT group by Alzheimer’s Research Trading Limited totalled £7,823 (2022: £7,936).

22. Capital commitments

As at 31 March 2023 the charity had a capital commitment authorised but not provided for in the financial statements of £210k (2022: £1.1m) for intangible fixed assets.

65

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

23. Consolidated and Charity Statements of Financial Activities

As required under FRS102, the following tables show the split of comparative information between funds for the period ended 31 March 2022 for Group and Charity:

Group
Income from:
Donations and legacies
Charitable activities
Other trading & income generating activities
Investments
Other income
Net income in joint venture operations
Total income
Expenditure on:
Raising funds
Charitable activities
Net expenditure in joint venture
operations
Total expenditure
Net realised gains/(losses) on investments
Unrealised gains/(losses) on investments
Total net gains/(losses) on investments
Net income/(expenditure) before
transfers
Transfers between funds
Net movement in funds
Reconciliation of funds:
Funds balance at 1 April
Funds balance at 31 March		 Unrestricted
Funds
£
29,732,633
137,282
319,196
995,057
63,117
-
31,247,285
12,909,525
23,683,116
-
36,592,641
126,790
587,200
713,990
(4,631,366)
6,017,367
1,386,001
11,514,276
12,900,277		 Restricted
Funds
£
9,444,303
1,473,363
-
-
-
21,953
10,939,619
-
4,928,802
3,379,198
8,308,000
-
-
-
2,631,619
(6,017,367)
(3,385,748)
6,306,381
2,920,633		 Year ended
31 March
2022
Total
£
39,176,936
1,610,645
319,196
995,057
63,117
21,953
42,186,904
12,909,525
28,611,918
3,379,198
44,900,641
126,790
587,200
713,990

(1,999,747)
-
(1,999,747)
17,820,657
15,820,910

66

ALZHEIMER’S RESEARCH UK

Notes forming part of the financial statements for the year ended 31 March 2023 (continued)

23. Consolidated and Charity Statements of Financial Activities (continued)

Charity
Income from:
Donations and legacies
Charitable activities
Other trading & income generating activities
Investments
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net realised gains/(losses) on investments
Unrealised gains/(losses) on investments
Total net gains/(losses) on investments
Net income/(expenditure) before transfers
Transfers between funds
Net movement in funds
Reconciliation of funds:
Funds balance at 1 April
Funds balance at 31 March		 Unrestricted
Funds
£
29,864,351
137,282
230,063
995,057
63,117
31,289,870
12,883,182
23,682,142
36,565,324
126,790
587,200
713,990
(4,561,464)
6,017,367
1,455,903
11,400,807
12,856,710		 Restricted
Funds
£
9,444,303
1,473,363
-
-
-
10,917,666
-
4,928,802
4,928,802
-
-
-
5,988,864
(6,017,367)
(28,503)
2,808,483
2,779,980		 2022
Charity
Total
£
39,308,654
1,610,645
230,063
995,057
63,117
42,207,536
12,883,182
28,610,944

41,494,126

126,790
587,200

713,990

1,427,400
-
1,427,400

14,209,290

15,636,690

24. Financial instruments

The carrying amount of financial instruments measured at fair value through income and expenditure at 31 March were:

Year ended Year ended Year ended Year ended
31 March 31 March 31 March 31 March
2023 2023 2022 2022
Group Charity Group Charity
£ £ £ £
Financial assets
Instruments measured at fair value through
Statement of Financial Activity		 35,337,085 35,189,231 37,930,579 37,789,925

67

ALZHEIMER’S RESEARCH UK

Legal and administrative details

Trustees (Directors and Members)

Chairman Michael Cooper (appointed 12 June 2023) Michael Cooper (appointed 12 June 2023)
Kathryn Swann (appointed 1 February 2023, resigned 3 May 2023)
David Mayhew CBE (resigned 31 January 2023)
Other Trustees Nicholas Antill Dr Rupert Evenett
Christopher Carter Caroline van den Brul MBE
Shirley Cramer CBE Dr Ruth McKernan CBE FMedSci
Amanda Farnsworth Prof Rob Howard
Company Secretary Philip Dunn
President The Rt Hon David Cameron
Executive Team Hilary Evans, Chief Executive
Philip Dunn, Executive Director of Finance and Operations
Chief Medical Officer Prof Jonathan Schott
Strategic Advisory Board Prof James Rowe
Chair
Grant Review Board
Prof Katie Lunnon (Chair) Prof Louise Serpell
Dr Alexander Gerhard Dr Paresh Malhotra
Dr Cheryl Hawkes Dr Yu Ye
Prof David Brooks Prof Patrick Lewis
Prof David Llewellyn Dr Petroula Proitsi
Prof Delphine Boche Dr Afia Ali
Dr Emma Kidd Dr Selina Wray
Dr Janet Brownlees Prof Jessica Teeling
Prof Jody Mason Dr Wendy Noble
Prof Tammaryn Lashley Dr Jon Brown

Alzheimer’s Research UK Drug Discovery Alliance Advisory Group

Prof John Atack (Chair) Dr Karl Gibson Dr Jina Swartz Dr Jill Richardson Dr Caroline Benn Dr John Kemp Dr Gregory O’Sullivan Dr Richard Mead

Clinical Policy Advisory Panel

Dr Charlotte Allan Dr Hilary Archer Dr Bob Barber Dr Daniel Blackburn Dr Liz Coulthard Prof Chris Fox Prof Nick Fox Dr Neil Graham Prof Rob Howard Prof David Llewellyn

Dr Ian Maidment Prof Simon Mead Dr Cath Mummery Prof Peter Passmore Dr Ross Paterson Prof Jonathan Schott Dr Ash Venkataraman Dr Seb Walsh Dr Emma Wolverson

68

ALZHEIMER’S RESEARCH UK

Legal and administrative details (continued)

Address

3 Riverside, Granta Park, Cambridge, CB21 6AD

Legal Status

The Charity was formed as a trust under a Trust Deed dated 4 August 1992 and became a company limited by guarantee on 10 December 1998. It is governed by its Memorandum and Articles of Association.

Registered Charity number

1077089

Office of the Scottish Charity Regulator number

SC042474

Company number

03681291

Auditors

RSM UK Audit LLP, Blenheim House, Newmarket Road, Bury St Edmunds, Suffolk, IP33 3SB

Bankers

Lloyds TSB Bank plc, Business Service Centre, Castle Park, Cambridge, CB3 0AR Bank of Scotland, 600 George Road, Edinburgh, EX11 3XP Barclays Bank plc, 9 - 11 St Andrew’s Street, Cambridge, CB2 3AX

Solicitors

Withers LLP, 20 Old Bailey, London, EC4M 7AN Taylor Vinters, Merlin Place, Milton Road, Cambridge, CB4 0DP

Investment Advisor

Quilter Cheviot, Senator House, 85 Queen Victoria Street, London, EC4V 4AB

Thank you

None of our work would be possible without the support of thousands of people across the UK and further afield. We would like to say a huge thank you to everyone who chose to support us in 2022/23. Your donations, however large or small, are taking us further towards our vision of a world free from the fear, harm and heartbreak of dementia.

69