Annual Report # Financial Statements 2025 ALZHEIMER'S RESEARCH UK FOR A CURE INNING TO CURE DAENTIA. CONTENTS 04 Introduction from our Chief Executive and Chair 06 Trustees' report 07 Our vision 08 Financial overview 12 Sharing vital research 14 20 21 Achievements and results Strategic report Accelerating progress TOWEROS ROWEROS MORE Working towards an early and accurate diagnosis for all Understanding dementia risk to help prevent people developing the condition 24 Building stronger support to drive us closer to a cure 30 Amplifying our voice to influence action and instigate change 35 Striving for organisational excellence in everything we do 37 Financial review 42 Section 172 statement 43 Our structure, governance and management 47 UK greenhouse emissions and enerov use 48 Trustees' responsibilities statement 49 Independent Auditor's Report 54 Consolidated statement of TINARCIR REVTIOC 55 Charity statement of financial activities 56 Consolidated balance sheet 57 Charity balance sheet 58 Consolidated cash flow statement 59 Charity cash flow statement 60 Notes forming part of the financial statements 86 Legal and administrative Totale FOREWORD It has been an honour to return to the role of President at Alzheimer's Research UK. Like many, I've seen the devastating impact of this cruel condition up close. I lost my wonderful mum to Alzheimer's earlier this year. But this has only strengthened my belief that, together, we must change the outlook for all those affected by dementia and speed up progress towards a cure. Ten years ago, as Prime Minister, vital in unlocking this further, around dementia, and I set out an ambition: that by enabling more people to take fundamentally transform lives. 2025, we would see the arrival of part in research and encouraging In the next 10 years, the future disease-modifying treatments for the next wave of treatments. for dementia can be radically dementia. Many doubted it could We are stepping into a new era, different - a world where be done. But science has proven one in which a diagnosis no treatments are available on the what determination, collaboration longer feels like a closed door, NHS, accessed by cheaper, less and investment in research can but a key to getting support invasive diagnostics. Fewer achieve. The approval of the and intervention. And through people will develop dementia, first treatments that can slow that door disease-modifying thanks to now anproaches that the progression of Alzheimer's treatments are within reach. help more people look after disease brought hope to millions We now need further action to their brain health and reduce and showed what is possible. ensure these treatments can be their risk. The impact of sustained and accessed by everyone who It is a bold and positive vision - growing investment in dementia needs them. and one that is achievable with research is apparent today. There The UK is expertly placed to lead continued commitment, research are more than 130 potential new this effort, as host to treatments for Alzheimer's being world-leading science and and funding. This comes with my utmost tested in clinical trials. Multiple research initiatives, such as the thanks for vour incredible studies of new innovations UK Dementia Research Institute support. I am so inspired by to transform how dementia is (UK DRI). And Alzheimer's the progress we're making. diagnosed are also underway. Research UK has a vital role and excited by the future that offering the potential of easier; to play in unlocking further faster and more accurate progress. The charity remains diagnosis. focused on revolutionising These parallel advancements the way dementia is treated, in treatment and diagnosis diagnosed and prevented. We are investino in pioneerino sooner people are diagnosed. the sooner they can access potentially life-changing treatments. And innovation to increase the efficiency and capacity of clinical trials will be research initiatives. including The Rt Hon the Lord Cameron President the UK DRI; improving access to clinical trials; and bringing together researchers, clinicians. and global partners to address the outstanding challenges 03 OUR CHIEF EXECUTIVE We are entering a time where treating dementia is no longer a distant vision, but a reality. This year has been one of real momentum. The turning point for dementia research is here. And now, it's no longer a question of if, but how we deliver life-changing treatments to people who need them, at the earliest point. With dementia still the UK'S biggest killer, our mission to accelerate progress towards a cure is more urgent than ever. We're keeping the pressure on decision makers to pilot licensed drugs, invest in diagnostics, and prepare the health system for the next breakthroughs in the pipeline. With a new government in place. I have been proud to play my part in representing the voice of dementia research as Co-Chair of the Dame Barbara Windsor Goals Programme, urging leaders to keep dementia high on the political agenda. I've also held discussions with Ministers and global experts to help unlock vital investment in early detection, like the Blood Biomarker Challenge, which will revolutionise the way dementia is diagnosed. As ever, our research progress is powered by our collaborative research initiatives, like the Drug Discovery Alliance, which turned 10 this year and brought over E30m in funding in the last year. Through this, we're continuing to embed and grow cutting-edge research and working with influential partners to fast-track new treatments. That spirit of collaboration extends beyond the lab. Thanks to the astonishing commitment of our supporters, we raised over 560m for the first time in our history. Helping us get there were more than 250,000 people supporting us, 86,000 of those donating monthly. Our corporate partnerships are helping us reach new audiences, drive 04 important conversations and raise vital funds for a cure. This year brought stand out moments from brands like Cadbury, who released a powerful film 'Memory. And our latest partnership with Omaze, which was fronted by actor and charity Ambassador, Brian Cox CBE, using his voice to cut through TE 050 But progress is not without setbacks. While the licensing of the first-ever Alzheimer's drugs marked A anomar momentin the UK, their recent rejection for use on the NHS leaves thousands without access to potentially life-changing treatments. Together we must, and will, do more to change the outlook for people living with dementia now and in the future. I want to sincerely thank all our supporters and colleagues for standine with us. could not be prouder of the work we do together to end the fear, harm, and heartbreak of dementia. Hilary Evans-Neaten. Hilary Evans-Newton Chief Executive OUR CHAIR It is a privilege to join as Chair of the Board this year, and to share my reflections and ambitions with you. Dementia has been overlooked for too long, and it was for this reason I felt compelled to join Airhoimer's Rosearch W's important mission Nearly all of us know someone impacted by the condition, yet investment and progress in research has not kept pace with other major health challenges. I see an opportunity to help change that - and this will be my central focus as Chair of the Board. This is a defining time for dementia research. The scientific community is making extraordinary strides, and Alzheimer's Research UK remains at the forefront of accelerating that progress, having invested over £30m in pioneering research in the last financial vear. Our strategy is clear. We need earlier and more accurate diagnosis; a laser sharp focus on the development of new treatments and a health system ready to deliver them; as well as a continued focus on preventing cases through modifiable risk factors. If we achieve our stratedy. the world will look very different for people living with dementia in 10 years" time - and that is our primary focus in all we do. I am confident that together, we will continue to make exciting progress in the years to come, to accelerate progress towards our mission. I'm honoured to be leading Alzheimer's Research UK's Board and we remain committed to delivering on Alzheimer's Research UK's vision. Gavin Patterson 05 TRUSTEES' REPORT OUR VISION A world free from the fear, harm and heartbreak of dementia. Dementia is the UK's biggest killer. Here at Alzheimer's Research UK we cannot and will not accept that. We exist for a cure and to achieve this, we're revolutionising the way dementia is diagnosed, treated and ultimately prevented. Together, we can stop dementia and change lives. Accelerating progress towards Understanding dementia risk, to help have treatments prevent people developing the condition We're speeding up progress towards a cure We're expanding our understanding by backing the best research, supporting of domontia rick factore and throuch cutting-edge science and joining forces with tools, partnerships and communities, world-class organisations. We're helping to we're empowering people from diverse find new treatments and pave the way for communities in the UK to protect their these to reach evervone with dementia in brain health and reduce their risk. the UK. Read all about it on page 21 Find out more on page 14 Building stronger support to drive us Working towards an early and accurate clocor to a curo diagnosis for all Dementia research needs all of us. If Everyone with dementia deserves a timely we're to find a cure we need to be bod. and accurate diagnosis. Were working ambitious and willino to make waves. with to bring diagnosis forward by partnering hundrode of individuals communitios and with key decision-makers and investing corporate partners standing with us. we in technology that can identify early will chande lives warning signs. Read about it on page 24 Read all about it on page 20 Amplifying our voice to influence action and instigate change Through real stories, awareness raising, and policy campaigning, we're speaking up to see quicker progress for people living with dementia. Find out more on page 30 Striving for organisational excellence in evervthing we do We're building our skills, strenathening our culture and putting equity, diversity, and inclusion at the heart of our work to be the best we can be. Read about it on page 35 07 08 FINANCIAL OVERVIEW Overall the group's financial performance was the strongest of any financial year to date, with a total income of £61.9M (2023/24: £56.9M) Our commitment to charitable activities was £39.2M (2023/24: £34.6M) We invested £30.8M (2023/24: £27.3m) in pioneering research Our finances Total income 2024/25 • Other donations E31.009M • Legacy income E21.672M • Charitable trusts E7.256M • Investment income E1.393M • Other trading & income generating activities E297K • Charitable activities E255K • Net income in joint venture operations E60K • Donated services EBK Our research spend £268M in 1,374 projects since we funded our first grant in 1998 Total spend 2024/25 • Dementia research E31M • Raising funds E18M • Information & advocacy EBM • Net income in joint venture operations EO Research funding 2014-45 Financial vear To read our full financial review, turn to page 37 09 OUR RESEARCH IMPACT Publications funded and co-funded by Alzheimer's Research UK: In 2024/25, research funded by Alzheimer's Research UK resulted in more than 530 scientific publications. Since we began, that's a total of 6,200 publications, involving over 24,000 scientists. • Network Centres • University Labs In total, we've supported around 3,200 researchers who have pollabarstod with inctiutine in 104 paustrioe at 46 institutions in 28 different locations across the UK. We've helped to double the size of the dementia research community in the UK between 2015 and 2025 - from approximately 5,000 active researchers to over 10,000 today. 10 Dementia researchers in the UK 2015-25 10,000 8,000 6.000 4,000 > 033 We've helped to double the size of the dementia research community in the UK between 2015 and 2025 - from approximately 5,000 active researchers to over 10,000 today. pue "wey Jo subIs JalBao Damous anssao poold 400 0 21 94 15 2042880308 003 8L 300L3 DO CLOU CUU GI 3.20.0 H0-06652109202 039424-6-45549 do som somep one. 0304+ M04 ACCELERATING PROGRESS TOWARDS NEW TREATMENTS After decades of research, the first effective treatments that slow Alzheimer's have arrived. It's a huge step forward. But their effects are modest, and they only help a small number of people diagnosed in the early stages. Right now, they're not available on the NHS. We're working to change that by accelerating the development of treatments for all types of dementia, supporting the NHS to deliver them, and calling for improved access for all who need them. Putting our supporters' voices at the heart of complex decisions on now domontis drude At Alzheimer's Research UK, we ensure that alongside clinical evidence, the experiences of people living with, caring for, or treatino dementia inform decisions bythe National Institute tor Health and Care Excellence (NICE). Over the past year, we've worked to highlight dementia's full impact and the potential benefits of drugs like lecanemab and donanemab. Supporters shared their experiences at committee meetinos, includino Larry, who Is living with early Alzheimer's, and his wife Rita. Their personal experience underscored the urgency of access to new treatments and nichlichted whw decisions must consider real people's experience Our flagship research programmes are accelerating progress The Drug Discovery Institutes at the Universities of Cambridge, Oxford, and University College London, that make up our Drug Discovery Alliance (DDA) continue to be a cornerstone of our work to turn academic research into potential new treatments for dementia. In 2024/25. the DDA reached ten years since its foundation and we carried out a major five-year review of its progress to shape plans for the future. Feedback from a panel of dementia experts and volunteers with lived experience of dementia will help to guide its next phase and explore a broad range of targets. 14 For the past 10 years, Alzheimer's Research UK has also supported the Dementia Discovery Fund (DDF), a fund set up to provide early-stage funding to accelerate the development of new treatments. Currently, it supports 20 UK and US biotech companies that are working on new ways to treat the diseases that cause dementia. So far, the DDF has raised over £385m and their portfolio is expected to grow by two to three new investments each year. One of these is TRIMTECH Therapeutics, a biotechnology company developing new drug candidates that work by clearing from the brain the harmful proteins that cause dementia. Thanks to the DDF and other funders, TRIMTECH raised E24m in 2025 to develop their drug candidates further. We're building powerful partnerships to speed up the search for treatments Last year, we launched a new research partnerships function to unlock high-impact collaborations. One of the partnerships helping us to deliver discoveries in dementia research is with Our Future Health UK. This programme aims to collect health information from up to three million people by 2027. With over one million participants already, this growing resource will give researchers access to diverse and high-quality health data and could be a game changer for how we understand the diseases that cause dementia. THE DRUG DISCOVERY ALLIANCE... SUPPORTS 44 RESEARCH PROJECTS works with 79 partners across 13 COUNTRIES brought in over €30M FUNDING in 2024/25 We're building a strong research community to identify and share transformative research ideas This vear the charity granted over E700,000 in fellowships to three exceptional early career scientists at University College London. Newcastle University, and Oxford University. By funding these fellowships. we support researchers at a pivotal stage in their careers, heloino them drive vital advancoc in domontia rocoarch and movo us closer to a cure. 16 Our annual Research Conference reached new heights in 2025, with over 600 attendees, the largest tumout yet. Held in Birmingham in February, researchers came together to learn and share the latest findings in dementia research. With a goal to inform and inspire, key topics from a quality line-up of speakers included the impact of a healthy lifestyle on preventing dementia, new disease-modifying treatments, and FOR A CURE We're working with the new government to champion dementia research In the lead-up to the general election, we launched our bold Vote for a Cure campaign - a rallying cry to make dementia research a political priority. We shared our Dementia Research Manifesto with all major parties, calling for urgent action on early diagnosis, access to new treatments, and long-term investment in research. Our campaign mobilised nearl 8.000 passionate supporters to contact their local candidates. and in December, more than 100 MPS attended our standout event in Parliament. HEAR FROM OUR CONFERENCE ATTENDEES "Really good plenary speakers, best bit of the conference!" "Great for networking and learning about all aspects of dementia research." With over 90 MPs already signed up as Dementia Research Champions, we're seizing the opportunity to push for transformative change, ensuring no one living with dementia is left behind. Our Chief Executive, Hilary Evans-Newton, has continued to play a key role in shaping the UKs approach to dementia research. As co-chair of the Dame Barbara Windsor Goals Programme for nearly two years, Hilary is helping to ensure that research remains a national prionty. She's led efforts to strengthen collaboration between government and the research sector, including chairing a roundtable with Life Sciences Minister Lord Patrick Vallance at the World Dementia Council Summit. At the summit in March. the Government announced a E2m investment in a bolt-on study of digital cognitive tests, building on progress we've driven through the Blood Biomarker Challenge and supporting better NHS diagnosis. "This is a great event to bring together researchers to talk about their work and hopefully make connections in order to facilitate more ideas and collaborations." Our policy and public affairs work is also openino doors at the nonest levels We've had direct engagement with Health Secretary The Rt Hon Wes Streeting and Minister Stephen Kinnock, keeping dementia firmly on the political agenda and maintaining momentum in the search for a cure. 17 LARRY IS ONE OF THE FIRST PEOPLE TO BENEFIT FROM THE FIRST DRUGS TO SLOW ALZHEIMER'S. Larry Woelk has been taking part in a clinical trial for the Alzheimer's drug lecanemab since 2020, an opportunity that he and his wife, Rita, have called a gift. Tha rotired business ayocutive and his wife, Rita, first noticed Larry's memory problems in 2016. An MRI in 2018 confirmed the diagnosis of mild coonitive impairment. Not long after, Larry enrolled in a clinical trial and began receiving an infusion of lecanemab every two weeks. At the start of the trial, he didn't know if he was receiving the drug or a placebo, but when the initial phase ended, he learned he had been on the real drud. Larry and Rita both believe the drug. which clears the protein amyloid from the brain, has helped to slow the progression of his symptoms. And, thankfully, he has not had any side-effects. "Everyone tends to become more forgetful with age. But my memory had slipped a little bit more than normal," said Larry. "Since taking lecanemab, it hasn't declined any further. I take memory tests every six months and those really haven't changed in the time I've been on the trial." Rita added: "We feel fortunate that Larry's diagnosis came so early and got us on this journey at a time when he could be helped. We hope that now there are treatments that are proven to slow down this disease, it will bring Alzheimer's out of the shadows. We hope it will encourage people when they first notice a problem to seek help and get a diagnosis." The Woelks have shared their story widely to highlight the real impact of getting an early diagnosis, the exciting progress of emerging treatments, and the need for these to reach people through the NHS. Rita says "The sooner we get to a cure the better. The more drug trials that are run. the more people who partake, the faster we will get there." Lecanemab and donanemab are exciting steps forward. But they are just the start and not enough to stop diseases like Alzheimer's or other causes of dementia. Alzheimer's Research UK is driving Torwaro progress Dy invesung in research to revolutionise the way dementia is prevented, diagnosed, treated, and eventually, cured. To find out more or to register your interest in taking part in research studies, visit: alzres.uk/register AFTER HIS DIAGNOSIS, MARK IS DETERMINED TO MAKE THE MOST OF EVERY SINGLE DAY. Mark Ellis was diagnosed with young onset Alzheimer's at just 53, after first noticing symptoms at the age of 50. The diagnosis came as a huge shock to him and his family. But, instead of letting it define their future, Mark and his wife, Emma, have decided to make every day count. Currently, around 70,800 people are living with young onset dementia, yet there are still misconceptions about the condition. The Ellises are passionate about raising awareness of the need for dementia research. Mark said: "Alzheimer's isn't fair. I've got a fire in my belly to make a difference because so much is still unknown about domontia " After he received his diagnosis. Mark started compiling a bucket list. From exploring the world on cruise ships. walking his drandchildren to school on thoir trot Cau to ronowinG his woodime vows with Emma, Mark is making memories with and for his family. "I wish things were different, but we're trying to live life to the full and make memories together" Emma told us. He is also using his time to take part in crucial rocearch procrammes "| fool proud to be involved in dementia research because I know it's going to benefit people in the future. Research is the only way we're going to stop dementia." Emma added: "A cure for dementia would mean that all of Mark's efforts and someone's life. That would be an incredible legacy." ACCURATE DIAGNOSIS FOR ALL Around one in three people with dementia are living without a formal diagnosis. An early and accurate diagnosis is essential to access the right care, plan for the future, and benefit from new treatments as they become available. We believe that everyone with dementia has the right to an early diagnosis and we're working to make that a reality. We're funding research that will revolutionise dementia diagnosis Compared to what is available today. blood tests have the potential to offer a much taster, cheaper and accurate way to diagnose the diseases that cause dementia, like Alzheimer's. But more research is needed betore thev can be used in the NHS. That's where our Blood Biomarker Challenge comes in. We're now over a vear into a five-vear programmo fundino two flagchin rocparch studies in partnership with Alzheimer's Society, the National Institute for Health sad Coro Dogoorch Cotoe Vonturoe and People's Postcode Lottery: 1. The Read-OUT Team Led by the University of Oxford, experts have begun recruiting thousands of volunteers to study a range of blood biomarkers, or early 'warning signs' of the diseases that cause different types of dementia at different stages. 2. The ADAPT Team Researchers at University College London havo mado maior stridoc by chowing that one of the most promising blood tests for AZheimers. lookind at a protein called ntau217 in the blood worke woll in an NHS lab. Since the launch of the Blood Biomarker Challenge, the response has been extraordinary. Over 5,000 people signed wo tor updates. our intormation services team handled more than 300 enquiries. and the story was picked up in over 300 media outlets. Now the two studies are underway, the noxt sten jeto collarttho relevant ovidence needed for the NHS to adopt these blood tests within the next five years. A clinical trial began in July 2025 to see how well the test performs in the NHS to present to regulatory bodies such as the Department of Health Health and Care Excellence. 20 UNDERSTANDING DEMENTIA RISK, TO HELP PREVENT PEOPLE DEVELOPING THE CONDITION Dementia is not an inevitable part of ageing. While there is no sure-fire way to prevent dementia, there are things within our control that can reduce our risk. By deepening our understanding of dementia and sharing ways people can take action, we will reduce the number of people who go on to develop the condition. 21 We're uncovering more ways to reduce dementia risk In July 2024, The Lancet, one of the world's most prestigious medical journals, reported two new modifiable risk factors for dementia, bringing the total to 14. A report The Lancet Commission on Dementia Prevention, Intervention, and Care' co-funded by Alzheimer's Research UK, estimates that if we address these 14 risk factors, it could prevent or delay nearly half (45%) of dementia cases globally. The two new factors are: O1. Uncorrected vision loss We're learning more about how looking after your eyesight can help protect your brain. Research suggests inat untreated eye conditions like cataracts or diabetic eye disease may raise the risk of dementia, possibly due to links with intammation and blood vessel damade. 02. High cholesterol Cholesterol is a fatty substance found in the blood. High levels of 'bad' cholesterol in midlife have been linked to a higher risk of dementia later on. It can increase stroke risk and may be tied to brain changes seen in Alzheimer's. But high cholesterol is symptomless, so regular checks at your GP or pharmacy in your 40s onwards are a smart move. "This research shows us that there are things within our control that we can do to reduce our dementia risk. It gives us hope that there are so many opportunities for us to take simple everyday actions and protect our brain health for the future. Samantha Benham-Hermetz Executive Director of Policy and Communications at Alzheimer's Research UK Doind our best to soread the message about revention. we reached more than 930m people in 2024/25. Our spokespeople called on the government for action on prevention and were featured across major outlets including BBC Breakfast, The Guardian, The Mail on Sunday, and the Sunday Times. 22 THINK BRAIN HEALTH CHECK-IN COMPLETIONS 500,000+ since its launch in 2023 260,000+ between spring 2024 and spring 2025 We're helping people take action to better understand their brain health behaviours Our Think Brain Health campaign helps people to understand the simple steps they can take to help protect their brain health and potentially reduce their risk of developing dementia. The Think Brain Health Check-in is a free digital tool designed to help people explore their brain healthy habits and discover practical and personalised tips for improvement, like staying socially connected, drinking less, or keeping mentally active. In the last year, we've shared insights into where the public needs the most support and are using them to shape our prevention work. JOHN WEST SKINLESS & BONELESS MACKEREL FILLETS IN TOMATO SAUCE JOHN WEST I BONELESS SARDINES I SUNFLOWER OIL 95.g To help promote brain health and the need for a cure for dementia, our partner and leading seafood brand, John West, shared our Think Brain Health campaign on 13m tinned products across UK supermarkets. 115 g We now know that: Two in three people need more help keeping mentally stimulated. • Most people (90%) have at least one area where they could improve brain health. While there's no cure yet, taking steps to look after brain health can delay or prevent some cases of dementia. Tools like the Check-in are a key part of our prevention strategy, empowering people to take control of their brain health now to help protect them in later life. 23 RESEARCH US BRE BUILDING STRONGER SUPPORT TO DRIVE US CLOSER TO A CURE Our research is made possible by the generosity of our supporters. Incredibly, 97% of our funding comes from donations from people and organisations in every corner of the UK who stand with us for a cure. We're expanding and broadening our Regular Giving Over 86,000 people support our work through monthly donations, and in the past year alone, around 25,000 new donors joined us. These ongoing contributions, varying in size, account for 17% of all voluntary donations, proving that every donation. big or small. matters. Gifts in Wills Thanks to the generosity of those who choose to support us through their Will, one in three of our research projects is made possible. In 2024-25, 307 people left a gift in their Will, contributing over £21m, and 917 people promised to include a donation in their Will. 24 Regional fundraising Online fundraising Across the UK, individuals, schools, We continued to build meaningful clubs, businesses and tundraising groups connecuons with une streaming community. embraced our wavemaker spirit - diving into developing lasting relationships and bold, creative, and at times, truly courageous expanding our collaborations. A handful fundraising challenges. Together, they raised include: an impressive E3.9m for a cure (a 28% TheRunningManZ, supported us for the increase on 2023/24). fourth year in a row by holding a 16-hour Ateam otten colleacues trom Ist live gaming stream in memory of his dad, Call Gas in Sheffield climbed Mount Albert. The event raised £83k, bringing Kilimanjaro in October raising £29,368. his total to over E250k. Once again, golf clubs have shown us • We received over £7,500 in crypto tremendous support. Phil Leonard chose currency donations and we remain to support us during his Captaincy year the only UK dementia charity to be at Wentworth Golf Club and in June, actively receiving donations from the Harleyford Golf Club organised a golf crypto community. day. Both partnerships raised over Over 14,000 people registered for one £120,000 each. of our five Facebook challenges, raising In December, Julie Lennon brought the over £800k through running, walking festive spirit to Holy Trinity Church in or knitting. London with a Hope for a Cure carol Sporting events concert. The event raised over £24,000 and featured heartfelt readings from In the last financial year, sporting events contributed S3.8m. that's over 6% of our Scott Mitchell, Dame Mary Berry DBE, Angela Rippon CBE, and Baroness total income. More than 8.000 dedicated Benjamin OM, DBE, DL. supporters swam, walked, ran, or cycled for a cure. Award-winning crime writer from Newcastle, Trevor Wood, marked the In every step, lies a story. Our flagship Walk launch of his new book The Silent Killer. Eard curo auont roturnod fors cocond about a senior policeman in the early year in 2024, with 2,700 people walking stages of dementia, with an inspiring side by side across six events and raising an fundraising challenge. Walking 80 outstanding £284k. So far, the two events miles throughout the North East. Trevor have funded over 3,500 hours of research. stopped at six bookshops and raised over E6,000 "When I work, I sit at the computer and look at images of brains for my research, so my favourite part of Walk For A Cure has been meeting and talking to people who are living with and are affected by dementia. There is a real sense of community." Dr Helen Beaumont Dementia Researcher 25 Philanthropy and Trusts We've continued to deepen our relationships with philanthropists, charitable trusts, and foundations, whose support is driving us closer to a cure. The Pioneers' Circle is an alliance of our most visionary supporters - those who have each given over £500,000 to support our mission. Since its founding in 2018, this influential group has grown at a remarkable pace and over the past year, we have welcomed four new members. We are thankful to all our members, but especially grateful to Sir Mike Gooley, founder of Trailfinders and The Mike Gooley Trailfinders Charity, who this year donated a transformational €2m gift. At a time when research is making significant strides, this support allows us to go further, faster - powering innovative science and bringing hope to people affected by dementia. "I have the honour of leading the Pioneers' Circle, and it brings me great pleasure to welcome the group together twice a year to share updates from the field and speak about the encouraging progress we are seeing. Members are united by a shared determination that, together, we can change the future and cure this devastating condition." The Rt Hon Lord Cameron President of Alzheimer's Research UK 26 ALZHEIMER'S RESEARCH UK THE PERFUME SHOP 10 YEARS THANK Y £1 '' Corporate partnerships Our partnerships are instrumental in helping us to speed up progress towards a cure by raising vital funds and awareness through impactful, change-making campaigns. Highlights include: We celebrated 10 strong years of partnership and £1.6m raised with The Perfume Shop. Ambassador and husband of the late Dame Barbara Windsor, Scott Mitchell, visited their annual conference to speak about his personal experience and the importance of their fundraising efforts. We were thrilled to partner with Omaze for a third time, raising an extraordinary £3.9m through the Scotland House Draw to speed up the development of dementia treatments through the Omaze Drug Discovery team. Capturing our wavemaker spirit, actor and Ambassador, Brian Cox CBE, lent his support in a bold advert that captivated new audiences across social media to drive urgency to our cause. Omaze's total contribution to help end the heartbreak of dementia now stands at E8m. • As we entered our second year in partnership with Cadbury. we were proud to support the launch of their powerful advert 'Memory. The heartwarming film tells the story of a father living with dementia, who never forgets his love for his daughter, despite not always recognising her. "The latest prize draw in Scotland was unlike anything we have ever done before. Together, we raised vital funds and reached vast audiences with the urgent message that dementia research needs all of us." Hilary Evans-Newton Chief Executive at Alzheimer's Research UK THE PERFUME SHOP omaze Casbury A LEGACY IN THEIR NAME Among his many achiovements Moul James wac al keen artist. This line drawing is of Liandaff Cathedral, Cardiff, where Nevil and Jill met as bell ringers. When Nick James lost both of his parents to dementia, he saw first-hand the toll the condition takes. In their memory, he's chosen to leave a gift in his Will to Alzheimer's Research UK, hoping to help bring about a future free from the heartbreak his family experienced. Nick's parents, Nevil and Jill James, were pillars of their community in Llandaff. They met in 1952 as bell ringers in Llandaff Cathedral, where Nevil was the Tower Captain and Jill was the Secretary. After marrying there in 1958, they built a happy life together and raised two sons, David and Nick. They were both dedicated volunteers, supporting many local heritage and church groups for decades. In 2004, Nevil was awarded an MBE for services to local history. but Nick and David know it was really in recognition of both parents' efforts. In later life, dementia took a heavy toll. Jill was diagnosed with Alzheimer's in 2012 and this caused personality changes meaning 28 she spent her final years in a secure specialist ward. Nevil visited her twice a day, every day, despite feeling "increasingly stresseo and neanoroken by what was happening to her." After Jill passed away in 2018, Nevil began to show symptoms of dementia. He was later diagnosed with mixed Alzheimer's and vascular dementia. Like Jill, dementia changed his amiable personality: experiencing hallucinations and sometimes becoming violent. Nick and David did their best, but the stress of caring for his dad contributed to Nick taking early retirement. Nevil died from dementia in November 2023. Now Nick has chosen to leave a gift in his Will to Alzheimer's Research UK to respect the memory of his parents and to help make sure that other people and their families can be spared the effects of this awful condition. "WE'VE GOT A GREAT OPPORTUNITY TO MAKE A DIFFERENCE AND TO CHANGE LIVES." Jordan and Cian Adams are facing a huge challenge. Both brothers inherited a rare faulty gene that means they will develop frontotemporal dementia in their 40s. They lost their mum, Geraldine, to the same condition in 2016 when she was just 52. Now, known as the FTD Brothers, Jordan and Cian are doing everything they can to change what the future holds for generations to come. They aim to put a stop to the devastation dementia causes. "When my mum was claonoscolt was neanoreakino teltake we lost a little bit of her every day," said Jordan. "It's incredibly tough that Cian and I face the same fate, but raising funds and awareness gives us purpose. It helps turn something painful into something powerful." The brothers have shown remarkable determination to be part of the mission to find a cure. Across the year, they raised over €250,000 for dementia research through extreme running challenges, including running the length of Britain in 31 days. And their aim is to raise Eim for research in their lifetimes. They are known as The FTD Brothers on social media and have built a large following through their viral videos about their powerful story. In March 2025, Jordan and Cian also supported our partnership with Omaze for the Million Pound House Draw Scotland Jordan cat down for a candid conversation about his experience with fellow Ambassador and actor Brian Cox, CBE, helping to raise awareness to audiences we couldn't reach alone. Jordan said "Our family knows first-hand how devastating dementia can be; it changes everything. But with greater investment, increased awareness, and stronger support, we have a real opportunity to end the heartbreak of dementia by funding the research that could lead to a cure." The brothers' efforts have not gone unnoticed. Last year, they both received a 'Points of Light" award from the Prime Minister. recognising outstanding individual volunteers who are making a difference to their community. If you have been impacted by this story, visit our website to find more information about wavs vou can held. 29 E100 could help us fund clinical trials, the onal step to getting NEW TREATMENTS to peop living with dementia. TIPPING POINT: OUR MANIFESTO FOR THE FUTURE OF DEMENTIA AMPLIFYING OUR VOICE TO INFLUENCE ACTION AND INSTIGATE CHANGE We're collaborating with researchers, government, funders, and people living with dementia to raise awareness and drive support by increasing understanding about dementia and the need for research. Influencing the future of the NHS In October 2024, the government launched the development of a new ten-year Health Plan for England, initiating the Change NHS national conversation to shape the future of health and care. We actively contributed to this process by providing expert insights from our team and, importantly, amplifying the voices of our supporters. We have ensured that the perspectives of people affected by dementia are represented. Their experiences and priorities have helped inform our input, highlighting the urgent need for a health system equipped to deliver innovative dementia diagnosis, and treatments in the years ahead. We released a powerful film to encourage continued support While new Alzheimer's treatments offer hope, we have a long way to go before everyone with dementia can access the life changing treatments they need. To confront the devastating 30 120 different institutions STOPPING AT NOTHING OVER TWO WEEKS, THE FILM... MADE 24M+ impressions REACHED 5.4M+ adults in the UK GAINED 6M+ views on you tube 1.0005 Of researchers reality of dementia and spread the message that research needs all of us, we launched a powerful film *Together. For A Cure. Now. Voiced by actor Stephen Graham, the film also features our researchers and supporters with lived experience to urge people to stand together for a cure. Alastair Stewart shares dementia experience in film A year after TV Presenter Alastair Stewart revealed his vascular dementia diagnosis, we released a moving film exploring how dementia has changed daily life for him and his wife, Sally. The film challenges misconceptions and calls for urgency around the need for a cure. It struck a chord with the public, earning over 100,000 views and securing a nomination at the Smiley Charity Film Awards. "Alzheimer's Research UK is a cause that's very close to my family. It's so hard to watch someone you love slowly disappear before your very eyes. Dementia is one of the greatest health challenges of our time, and I'm proud to have lent my voice to this film to not only highlight the devastating nature of the condition, but also thank Alzheimer's Research UK for their tireless work at the forefront of drug discovery." Stephen Graham Actor and supporter of Alzheimer's Research UK 31 We're raising our profile as the UK's expert voice for dementia research Our expertise as the leading charitable funder of dementia research in Europe means we are well placed to provide information about dementia and dementia research along with expert insight and analweis in tho modia Through our cookoenconlo ambaccadore and Media and Communications Volunteers we shine a spotlight on the challenges facing people with dementia and their families - and the hope that research can offer as we make progress towards a cure. As a leading voice on dementia and dementia research, we were seen in over 13,500 news stories, reaching a gross audience of 56bn people across mobile, desktop, print, and broadcast. This growth reflects increasing interest in dementia as it affects more and more families across the UK, and the emerging progress that we're making with new treatments within our reach. Here are some of the biggest stories from the year: • We saw the first Alzheimer's drug, lecanemab, licensed for use in Great Britain In August, the UK's Medicines and Healthcare products Regulatory Agency (MHRA) licensed the drug for people in the early stages of Alzheimer's. However, the National Institute of 32 Health and Care Excellence (NICE) provisionally denied access to lecanemab through the NHS. Our spokespeople were heard in nearly 800 pieces of coverage, including five newspaper front pages. Shortly after, in October, a second Alzheimer's drug, donanemab, received the same decision. Dementia remained the UK's leading cause of death Two in five people still don't realise that dementia can cause death. We used national media and Parliamentary engagement to challenge this misconception, highlight the devastating reality of dementia, and call on government to act. Actress Pauline Quirke shared her dementia diagnosis We are deeply grateful to Pauline and her family for sharing such personal news of ner diagnosis, helping to raise awareness and understanding of dementia. News about the Birds of a Feather star's diagnosis and her support for the charity was featured in 665 news pieces, reaching over 44m in print and 3bn readers online. Two new risk factors for dementia revealed The Lancet Commission established two new health and lifestyle risk factors - uncorrected vision loss and high cholesterol, taking the total number of risk factors from 12 to 14. Our spokespeople calling for government action were seen in over 240 news outlets including BBC News, The Guardian, Financial Times, CNN, The Sun, Daily Mail, and The Times. The Telegraph shone a light on dementia as part of their Christmas Appeal Over the course of two months, 21 stories were published online and in print about the charity including interviews with our researchers, supporters, ambassadors and celebrities. The appeal raised £140,000 including £25,000 from Chaucer Group. 7,249 enquiries were handled by our Dementia Research Infoline. 200,000 dementia information booklets were delivered, 25% more than the previous year. We're busting dementia myths and meeting the public's growing need for dementia information Our Dementia Research Infoline answers questions about dementia, research, and how to take part in studies. This year, this service had its busiest yet, responding to more queries than ever and providing free and accessible information on dementia, treatments, and risk factors in multiple languages, empowering people to understand their risk, seek a diagnosis, and take part in research studies Join Dementia Research, a collaboration between Alzheimer's Research UK. the National Institute for Healthcare and Research. Alzheimer's Society, and Alzheimer Scotland, had its most successful year yet. Nearly 20,000 new volunteers signed up for vital research studies (over 60% increase compared to 2023/2024), a quarter of them living with dementia. We are driving understanding of dementia in underserved groups Our Dementia Community Champions project aims to grow understanding of dementia and risk reduction in underserved groups, starting in South Asian communities in Leicester, Nottingham, and Derby. The initiative empowers volunteers from 800,000 web visitors viewed our dementia information pages. "I've seen a difference, people will raise health issues rather than hide things away." Dementia Community Champion The Dementia Community Champions project involved: 36 volunteers 22 events 1,880+ attendees 2,785+ health information booklets 18 sign-ups to Join Dementia Research these communities with the knowledge they need to share vital dementia information where access to health education and research is mied. In zUzo the procramme will expand into Black African and Black Caribbean communities in East London. Our flagship public engagement grant scheme, the Inspire Fund, continues to champion brain health awareness in underserved audiences and communities. In 2024 we awarded over £100,000 to support 10 projects - six smaller scale projects and four follow-on projects, including: The Sussex Brain Bus team is planning a roadshow of local community events to run interactive workshops about brain health and dementia research. • Abbey's Brain Health Challenge will see people in Camden take part in activities 34 for their brain health. From interactive workshops on nutrition and fitness to creative writing and museum visits. Black Health Forum in Bradford is running a series of creative interdeneratonal workshoos mound brain health information and discussions with creative activities, leading to an exhibition planned for Black Historv Month in October. We're building our role as an advocate for everyone affected by dementia Over the last vear, we've been strengthening our Lived Experience Involvement Group, brinoind together volunteer and consultino roles of 85 members contributing to 17 activities. One notable activity was a nationwide survey. designed with their input to better ALZHEIMER'S FOR RESEARCIUK understand what it's really like to get a dementia diagnosis. Over 500 people shared their stories, helping us to campaign for better diagnostic support. In February 2025, two volunteers with lived experience were invited to actively participate in the Research Grants Review Har cortho tre timo vountooie nauo helped to decide which research we fund, sharing their views and making sure the voices of people affected first-hand aro board WE ARE WAVEMAKERS leading a movement for change by challenging the status quo and provoking action. OUR MISSION is to accelerate progress towards a cure. OUR VISION is a world free from the fear, harm and heartbreak of dementia. STRIVING FOR ORGANISATIONAL EXCELLENCE IN EVERYTHING WE DO We're committed to being the best we can be to help change the lives of everyone impacted by dementia. Nearly 40 volunteers with lived experience gave up their time to help us make decisions on what research to fund. Our volunteers empower community involvement for impactful change Helping us achieve our mission were over 600 generous volunteers who joined us at 25 key events in the last vear. These volunteers play a crucial role in raising awareness of dementia and attracting wider audiences to support our mission. All research grant applications go through a rigorous review process. To make sure studies involving volunteers are feasible and considerate of people living with dementia, we invite lav reviewers with lived experience to assess relevant applications. Highlights include: 290+ cheer squad volunteers who spur on every runner, cyclist, rower, and hiker from the sidelines. 38 health information reviewers contributing 60+ hours towards eight different information booklet reviews. 75 speakers presented engaging talks within their local communities. 35 ALZHEIMER RESEARC 36 Our peer review process saw over 192 applications assessed during two Grant Review Board meetings, with over 20 members We're striving for excellence and evolving our culture Our managers play an important role in enabling us to achieve our vision of a world where people are free from the fear, harm and heartbreak of dementia. That's why. in spring 2025, we launched our Management Development Programme. This programme has been carefully designed to support the delivery of our charitable objectives by empowering our managers with the tools and skills they needto develop their management style. By continuing to develop our skills, knowledge and experience, we will build a positive and inclusive working performance at an individual, team and organisational level. Our Equity, Diversity and Inclusion broorammo glave a boyrolo in chanino ou culture and helps us to reach new audiences as we work together for a cure. This year, we've produced great initiatives, clubs, and accessible content to be proud of. This includes: The launch of our new recruitment platform, enabling us to attract a strong, diverse pool of applicants to work at Alzheimer's Research UK. Alzheimer's Research UK is committed to giving full and fair consideration to applications for employment made by disabled persons, to the continuance of employment and appropriate training and career development for people who are or who become disabled during employment. Released our first ever braille edition of Cure Magazine, improving accessibility for supporters with sight loss, driving meaningful impact and reflecting our values. Our annual Research Conference was planned and delivered inclusively to ensure that we consider the needs of all people affected by dementia in our work. Recognising strong progress in embedding equity, diversity, and inclusion across the organisation as we achieved a silver Inclusion Standard accreditation. This external benchmarking highlights our solid foundation and offers valuable insights for future growth. Inclusive Employers Standard Silver "Overall. this is one of the best submissions we have seen by an organisation at this stage of their journey." Inclusive Employers' Standard Pro FINANCIAL REVIEW 37 38 In summary Alzheimer's Research UK was able to deliver yet another record-breaking income reaching £61.9m (2023/24: €56.9m). This, together with the strong financial performance of 2024/25, has allowed the charity to commit €39.2m (2023/24: £34.6m) to our charitable activities aimed at finding a cure, the highest of any financial year TO CATE 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 £61.9m (2023/24: £56.9m), of which income from donations was €59.9m (2023/24: £53.9m), including Gifts in Wills which contributed £21.7m (2023/24: £12.4m). Investment income contributed £1.4m 12023/24: 21.3ml. Our expenditure Alzheimer's Research UK was able to commit £39.2m (2023/24: E34.6m) towards charitable activities, of which £30.8m (2023/24: £27.3m) was invested in research. Apolications for research orants are taken through a stringent process of review by the Scientific Advisory Board (SAB), Grant Review Board (GRB) and other advisory groups, to determine which projects are best aligned to finding a cure for Alzheimer's and dementia. Grants are awarded annually and progress is reviewed in line with contract conditions. Refer to pages 43 and 46 for more information on the role of the various advisory groups. The cost of raising funds has increased to £18.3m this financial year (2023/24: £15.1m) as fundraising activity was increased to drive future income from donations. Our investments The group investment portfolio increased in value throughout the year, due to normal movement in market actvity. Net movement in funds The net movement in funds for the 12-month period was £4.7m (2023/24: E8.6m). The net result for the year was largely due to the great work of our fundraisers increasing donations and legacies beyond expectation, which future years towards our charitable activities. Our funds Total funds held by the group at the reporting date were E35.5m (2023/24: E30.7m]. Of this E10.8m (2023/24: E10.3m) was held in restricted funds. Unrestricted funds has a balance of £24.7m (2023/24: £20.4m), of which £17.8m (2023/24: E18.5m) is concidorod +- ho froo rocoroe and E5m (2023/24: Enil) has been set aside in designated funds. The Trustees took the decision to designate funds in the year for developing and testing new treatments through strategic research programmes and initiatives. Further details on the purpose of the designated fund are disclosed in note 16 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 issued to the applicant, at which point a commitment is deemed to exist. Other strategic partnership commitments are recognised at the point that satisfactory progress has been achieved, following detailed scientific reviews. Research expenditure is generally recognised before the corresponding income is received. Due to the lack of direct relationship between income and research expenditure It is dificult to maintain a pre-determined levels of general reserves. The Trustees are mindful of the relatively lono-term nature of orant labilities. 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 apropriate 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 requires the charity assets sufficient to fund between 12 and 24 months' outstanding grants plus six months total operating costs. At 31 March 2025 our liquidity was sufficient to cover defined operating costs plus 17 months (31 March 2024: 15 months) of outstanding grants. Our investment policy As set out by its constitution, Alzheimer's Roçoarch UK has comnlato discrotion 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 porono spit of aproximately 60% Bonds and Gilts to 40% Equities. The return on our investments over the period covered by this report has exceded market returns on comparable investments. Investments in programme related investment are made on a case Dy case basis, giving consideration to the aims and objectives of the funds. Further information regarding programme related investments can be found on page 15 and in note 10. It is the ethical policy of Alzheimer's Research UK specifically to exclude investments in the toDacco industry. Going Concern Over recent vears the group's reserves policy has provided comfort in the group's ability to continue as a going concern. The management team carry out stringent finance processes to help ensure that the group is safeguarded as much as possible from any negative impacts of changes in the external environment. These include: Regular reforecasting and budget managomont with omnhacic on reviewing the annual financial outturn Careful cash manadement to ensure the best use of cash resources, ensuring all liabilities could be met as they fell due for payment 39 Longer term cash flow forecasting Emphasis on finding alternative ways to work and to generate the next £1 of income As pan ontne irustees review or going concern, draft budgets have been prepared for the financial years to 31 March 2026 and 31 March 2027. These budgets have been HSL ASSOCS exaeen aanre SiePT position for 31 March 2027. The expected balance sheet position is positive, with liquid resources suncient to cover all outstandıng labilities as they fall due. The group currently has significant liquid resources which are equivalent to the research commitments wich nave Deen made and are pavable 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 will remain so for a period of at least 12 months from the date of sionino the financial statements and that there are triggers and safeguards which can be deploved to ensure the future operation of the group, if needed. SEARCH UK Risks & mitigations 01. Alzheimer's Research UK's research programmes fail to deliver impact. • Strategy focused on outcomes for dementa community and pudilo involvement built into research funding decisions. •Expanded Strategy & Impact team tracks progress and drives evaluation. • Targeted follow-up and engagement with major funders to maximise translation. 02. Research misconduct or mismanagement as a result of poor research governance. • The Association of Medical Research Charities (AMRC) peer review audit improvements strengthen governance. • All funding decisions go through robust peer review with conflict management. • Research contracts and safeguarding policies in place, including bullying/harassment. • Annual project reviews with escalation process tor emeroing issues. 03. NHS is not prepared for new treatments, due to lack of infrastructure, people and technology. • CEO co-chairs Dementia Goals Programme to influence NHS readiness. • Policy and Campaigns promote early diagnosis and treatment access. 04. Dementia is not a national health priority. • We continue to monitor the ongoing landscape. Our CEO chairs Government's Dementia Goals Programme. • Policy work targets both government ano oppositon. • Advocacy ensures dementia remains central in nealn planning. 05. People do not engage with and take action on dementia prevention measures. • Think Brain Health programme promotes risk reduction behaviours. • Public messaging based on the latest evidence. • Campaigns encorage early lifestyle changes. 06. We are unable to generate enough contribution through our fundraising activities to effectively deliver our research and wider charitable activities. • Long-term income strategy to 2033 in operation. • Broad income base with performance indicators and sector benchmarking. . Fundraising and Marketing Evolution programme created to drive innovation. • Strong budget management ensures efficient use of funds. 07. The community living with dementia are notaware or us as a cary. Campaigns and advertising build brand awareness. • Ongoing tracking of brand perception ane teach. • Targeted messaging for people affected by dementia. • Community-focused engagement channels. 08. Alzheimer's Research UK's reputation is adversely affected over the longer term. Crisis Communications and Incident Management Plans in place. • Organisational culture regularly monitored and supported. • Clear conduct expectations for all who work with us. • Strengthening of IT infrastructure to safeguard public trust. 09. Alzheimer's Research UK does not meet its Environmental, Social or Governance commitments. • Development and implementation of EDI strategy. 10. Alzheimer's Research UK does not embrace available technology to support our goals and enablers. • Digital, Data and Technology transformation plan in place to drive impreuod diciticstion seroee Alzheimer's Research UK. 11. Alzheimer's Research UK experience a Cyber Security Breach (e.g., Ransomware Attack, Data Exfiltration). • Board led oversight with Industry approved accreditation in place. • Various Preventative and Detective Controls in place with regular employee training undertaken. 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 illustrate how Trustees have taken this duty into account in their decision making, regarding: a. the likely consequences of any decision in the long term The Board of Trustees sets the charity's overall strategic direction. Key decisions with long-term implications are reviewed at Board meetings, which take place five times a year, as well as through dedicated sub-committees covering Audit and Risk, Investment, Nominations and Governance, and Legacy. To stay on track with all long-term initiatives, the Board receives regular updates from the Executive Team. b. the interests of the charitable company's employees The Trustees recognise that Alzheimer's Research UK's employees are what sets the charitv apart. Without their talent and dedication. we would not be able to achieve our vision. Investing in our culture and maintaining our employees' wellbeing is therefore crucial to With the Board's support, we continued to implement and expand our cross-organisational Equity, Diversity and Inclusion strategy - ensuring our work represents everyone affected by dementia and supports a diverse and inclusive culture for our people. See page 36 for more on this year's actions. The Trustees are proud that Alzheimer's Research UK was again awarded a Best Companies 3-star accreditation, recognised as the nation's second best charity organisation, as well as the tenth best company in the East of England and the country's 18th best large company to work for out of 100. The results are based on an extensive emplovee survey. considerine vanous tactors such as leadership, collaboration, and opportunities for personal growth. c. the need to foster the charitable company's business relationships with suppliers, customers and others 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 vision. 42 With the backing of Trustees, a key part of our stakeholder engagement has involved empowering MPs to champion our work - collaborating with them to build understanding of dementia, highlight the importance of research, and drive political momentum in Parliament d. the impact of the charitable company's operations on the community and the environment Alzheimer's Research UK is the UK's leading dementia research charity, striving for a cure, by revolutionising the way dementia is treated, diagnosed and prevented. Trustees are regularly updated on funded research, collaborative efforts to accelerate scientific progress and our efforts to challenge the way people think about dementia. These reports, together with updates on how funds are raised help Trustees ensure the charity runs efficiently and effectively in service of the community. The charity's environmental impact is of great importance to the Trustees. For more information, see the carbon and energy reporting section on page 47 on energy efficiency measures implemented during the year. reporten tribe compray business conduct Upholding the highest standards of business conduct is of great importance to Trustees. Through 'Our promise to you", we pledge to use every donation responsibly, keep our supporters informed about our work and handle their information with care. More information on our approach to fundraising can be found on page 46. Trustees are regularly updated on any potential reputational risks and the steps being taken to address them by the Executive Team. f. the need to act fairly between members of the charitable company Every Trustee (member of the company) has equal voting rights. See page 48 for the full Statement of Trustees' responsibilities. 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 2025, there were 12 Trustees. Currentlv, the maximum number of Trustees is 20. The Directors and Trustees are listed on page 86. 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 throudhout the vear and in writing ahead of each Trustee meeting (five times a year, as well as through regular discussion with the Chairman of the Trustees. Governance costs are modest in comparison to the total income for the vear, at 1.4% (2023/24: 1.1%), and reflect the close link between employees and Trustees, who work with the Scientific Advisory Board (SAB), Grant Review Board (GRB) and other advisory groups to select grant applications, funding as many of the ALZHEN RESEARC - DESEARCH strongest as possible, as well as reviewing the progress of key research initiatives. Legal and Administrative details are set out on pages 86 to 87 of this report. Gender Pay Gap Our gender pay report helps us to understand and monitor any difference in average earnings between our female and male employees. This is the second year we have published our report, and we are pleased to see that the gap has reduced. Over the last few years, we have taken positive steps to ensure our employees are treated fairly and equitably in all aspects of their employment. As of 5 April 2025, our gender pay gap was: Mean gender pay gap-3.7%. Median gender pay gap -1.0%. We recognise that our gender pay gap data changes throughout the year when we recruit new emplovees, through promotions, leavers and any other pay element affecting an employee's salary. We will continue to review our gender pay gap and are committed to ensuring equal opportunities and equal treatment for all employees. 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 treatino or preventino 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 nawa asmar or eated 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 or one vear. 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 throuchout their term. The Trustees have referred to the guidance YOU CAN DO THIS! 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 thev 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 or 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 2024/25 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 05762960) 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 (BDR) 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. Damunaration 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 vear. Salaries are benchmarked using survey data from the charitable sector. All salary increases are calibrated across the charity and approved by the Nominations and 45 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, AmDassadors Trustees and our Vice Presidents. 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 2024/25 our fundraising appeals, including direct mail, telephone calls, face-to-face conversations and online/social media advertisements. had a reach of 52m people. with our fundraising activity generating just 146 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 trequencies. For telepnone campaions, calls are regularly reviewed to ensure best practice, and monthly visits (where possible) to agency premises are used to provide real-time teedback. 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. Our Vulnerable Persons policies exist to ensure that Alzheimer's Research UK emplovees. 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 a green energy site. The following • Increased use of shared online files energy efficiency measures have been to reduce the need to print papers. implemented to help reduce the impact: • Continued rollout of employees Continued use of Microsoft Teams to working from home, reducing traffic enable virtual meetings to take place. to and from the office. is located on Granta Park, which is The UK greenhouse emissions and energy use of the group for the year have been calculated as follows: Energy Greenhouse gas Scope Energy consumed emissions Energy consumed (ka CO2e) 2024-25 Greenhouse gas emissions (kg CO2e) 2023-24 Scope 2 Scope 3 Purchase of electricity for the charity's own use Consumption of transport fuel: business travel - land 53,072 kWh 10,989 57.551 kWh 11,917 11974 trac 36,074 9.444 litres Total emissions 47,063 42,355 Intensity ratio: total energy emissions per employee (kg CO2e) - based on 269 employees at the year end (2024: 244) 171 06 173 50 Emissions have been calculated with reference to the 2020 HM Government Environmental Reporting Guidelines and GHG Reporting Protocol - Corporate Standard and using the 2024 UK Government's Conversion Factors for Company Reporting. Data has been drawn from supplier invoices for electricity consumption and 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 42 and 44. 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 Drepared under the Companies Act 2006. were approved by the Board of Trustees on 25 September 2025 and signed on behalf of the Trustees by Gavin Patterson. Gavin Patterson Chair 47 Trustees' Responsibilities Statement The Trustees (who are also directors of AlZheimer's Research UK tor the purposes of company lawi are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees statements in accordance with United Kingdom Generally Accepted Accounting 48 Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard Under company law the Trustees must not approve the financial statements unless they are sausned inat iney give a true and tair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, of the charitable company and group for that period. In preparing these financial statements, the rustees are required to. select suitable accounting policies and then apply them consistently; • observe the methods and principles set out in the Charities SORP (FRS 102); make judgments and accounting OCTIMATOE ThAT ArO rOAcOnABO and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company and group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financia statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirm that: so far as each Trustee is aware, there is no relevant audit information of which the charitable company's auditor is unaware; and the Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the chantable company's auditor is aware of that information. The Trustees are responsible for the maintenance and integrity of the corporate charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. RESEANT MER'S CHUK ALZHEIMER'S RESEAT HUK EURE ER'S I HUK ALZHEIMER'S RESEARCH UK EUR ALZHEIME RESEARCH R'S UK EUR FOR A CURE OF STOPPING DEMENT CHANCE HEIMER'S EARCH UK INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES AND MEMBERS Opinion including Financial Reporting Standard 102; We have audited the financial statements The Financial Reporting Standard applicable of Alzheimer's Research UK (the "parent in the UK and Republic of Ireland charitable company') and its subsidiary (the (United Kingdom Generally Accepted 'group") for the year ended 31 March 2025, Accounting Practice). which comprise the Consolidated Statement In our opinion, the financial statements: of Financial Activities, Charity Statement of give a true and fair view of the state Financial Activities. Consolidated Balance of the group's and parent charitable sheet, Charity Balance Sheet, Consolidated company's affairs as at 31 March 2025 Cash Flow Statement, Charity Cash Flow and of the group's and the parent Statement and Notes to the Financial charitable company's incoming resources Statements, including a Summary of Significant Accounting Policies. The financial and application of resources including, the group's and the parent income and reporting framework that has been applied expenditure for the vear then ended; in their preparation is apolicable law and United Kingdom Accounting Standards, • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Statement of Recommended Practice: Accounting and Reporting by Charities, 2019 Edition; and have been prepared in accordance with the requirements of the Companies Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 ías amendedi. 49 LS S.SO U GOUM LUO OLBI3S W ete y deg e om e se ewe lasuoo buch esp anulu0o o1 Aloe AE JUL QASSA om SUBLEUS URO BUB 0 tape OnL om IPE oUL10 6- OLLE OUE.0 HOM QUIC DSEE LOUCQOU SOU S UOWo.8 BSU8u BEL HO BO GIU0 NONE SELSCES CISS O DOS OLDTE QE cn c s OS poloed ane emho out do posed - 03 000 1 94+ +84+ op 840 0724 dv ve c be d vénez v qvv ove wa3U0D bulob ese SOULE CULL DCUUOSOUJOUBHL GJE UD SEULS- EUULE aILM dOuEDE no lo al d lel aa LES ISOSSI USIS O SLALOIEIS 'samua eunol bunsan Due bulluao] - 55 H°N 19K SEMANAS SOPSIC 988 498 98819'8 86l+6E7 ĐLES59'D LIS 195 VE L6LE60 SI Z00'EL8'95 195'8621 606'ZSL 189'ZL6'8 TELO LOP ESSOE 2152991 215299 +91662 (116'921) 0969525 80E'ZZ8'19 GEL'691 284492 $26'600 09 papa e LSIZ29'01 SESSION 806 99฿ (E0'EL'E) E9E'650'9 E9€ 6509 (8LZ'SW) ZE9't50'01 29C2652 85.26802 t09 9elt EBO ELD'E L2528L t91662 (u6921) SLO9CE 880 SOLEE 6055628 156LB815 187651 6E2'69L 090'028 ZVE'SS6'6P SPUnE 91S1 spunt buIsieN 069902905 O ELS SELL TCHE 26296967 BLT 50895 E 69C2Z151 VEI'SL8'9S 195'862| 490852 50369859 papua sead 803985 E OS SEC 859 68C7 859'6ECD (4692) SLO92 E97 GOSZS 456 6P619 Z19'09 EE8'96Z 284t52 46069 BIOL papua Jead PE CUCO. E9E 650'9 E9E 650'9 996 666'6 21909 (842L) ZE9'+5001 965500 EBO ENTE 550 66L t91667 (6920) 520'92 16660619 E18' Z651 EE8'96Z 090'02E 58Z 068'52 915L 3282908 0012033012860 63 66141 0 e e O SAPUCCA- SEMANAS CONSOLIDATED BALANCE SHEET as at 31 March 2025 Note Fixed assets Tangible assets Intangible assets Investments Current accotc Stocke desp's had forsale Debtors nuestments Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 20419911 19444 2281 248225 Funds Restricted funds Unrestricted funds - General funds - Designated funds 31 March 326,617 1,521,077 TARTES 253,313 30,170,147 25,449,885 3,567,297 59,449,958 (33,722,618) 25,727,340 48,818,075 (13,331,827) 35,486,248 10,830144 19,656,104 5,000,000 2E 106 200 56 31 March 2074 199,138 1,696,570 17,671,908 4056361R 334,672 27,644,887 21,382,252 2,290,395 51,656,968 (32,779,970) 18,876,998 38,444,614 (7.698,024) 30,746,590 10.302,624 20,443,966 3070C COn The financial statements on pages 54 to 85 were approved and authorised for issue by the Board of Trustees on 25 September 2025. - Path Dr David Spruce Trustee Gavin Patterson Chair The notes on pages 60 to 85 form part ofthoco financial etatomonte Charily number. SC042474 Company number: 368129 CHARITY BALANCE SHEET as at 31 March 2025 Fixed assets Tangible assets Intangible assets Investments Current assets Assets held for sale Debtors Investments PUEL PUC 4069 + 43c. Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year Total assets less total liabilities Eundic Restricted funds Unrestricted funds. - Desionated funds Note 31 March 2025 326,617 1,521,077 21,055,054 22,902,748 3602- 30,297,389 25,449,885 2901124 59301739 (33,637,733) 25.643,998 48,546,746 (13,331,827) 26-41019 10.622157 40609769 5.000,000 35,214,919 34 Marca 2024 199,138 1,696,570 17,544,533 19,440,241 334,672 27736,719 21.382,252 2119,660 457220 (32,763,113) 18.810,190 38,250,431 (7,698,024) 20 CC7 AnT 10 CE 940 909075g 30,552,407 The financial statements on pages 54 to 85 were approved and authorsed tor issue by the Board of Trustees on 25 September 2025. - Path Dr David Spruce Trustee Gavin Patterson Chair The notes on pages 60 to 85 form part ofthoco francial ctatomonte 57 CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 March 2025 Cash flows from operating activities Net cash provided byiused inj operating activities Cash flow from investing activities Investment income Purchase of property, plant and equipment Purchase of intangible fixed assets Proceeds from sale of tangible fixed assets Proceeds from sales of investments Purchase of investments Net cash provided by/(used in) investing activities Chancoin rach and rach alanto in ranarline sariad Cash and cash equivalents at the beginning of Year ended 31 Mar 2025 TAOR ELE 1.341.509 (308,961) 1,710 1,507,473 (8.803,484) (6,221,753) 1,276,902 2 290,395 2024 (622,716) 1,303,992 5551 (864,014) 1,560 2,220,312 (3.869,953) (1.211,618) (1,834,334) 4124.729 the reporting period Cash and cash equivalents at the end of the reporting period 3,567,297 2,290,395 58 Reconciliation of expenditure to net cash how trom operating activities a. Net cash provided by operating actiities Net income/(expenditure) for the reporting period Adjustments for: Depreciation and amortisation charges (Profity/loss on disposal of fixed assets (Gains)/losses on investments Dividends and interest from investments (Increasel/decrease in stocks 952144194 24222- 22691298 0252-97 Incroacal/dorroaco in dobtare Share of (profit/loss from joint venture investment caincuncops on ororramme reaten invactments b. Analysis of cash and cash equivalents Cash at bank and in hand Analysis of changes in net funds Park At 1 April 2024 2,290,395 ZART 4,739,658 356975 (1,710) 4301.264 H3RTSSI (4,554) 81,359 (2,529,630) 6,576,451 (60,612) 19,121 THOR 6ES 3,567,297 Cash flows 1,276,902 8,573,040 (1,560) (1,394,198) (1,298,551) (3,881) 7,838 (10,405,192) 3,474,602 478 150.015 2,290,395 At 31 March 2025 3,567,297 Charity number: SC042474 Company number: 368129 CHARITY CASH FLOW STATEMENT for the year ended 31 March 2025 fear ended 31 March 2025 Year ended 31 March Cash flows from operating activities Net cash provided byffused in operating activities Cash flow from investing activities Investment income Purchase of property, plant and equipment Purchase of intangible fixed assets 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 7393727 15-1505 =0H 96I 1,710 1,507,473 (8,803,484) (6,221,753) 1161 494 2119,660 (624,413) (3,515) (864,014) 1,560 2,220,312 (3.869,953) (1,211,618) 11,836,031 3955,691 7N0 CEn Reconciliation of expenditure to net cash flow from operating activities a. Net cash provided by operating actities Net income/(expenditure) for the reporting period Adjustments for: Depreciation and amortisation charges (Proftiloss on disnocal of fyed assate (Gainslesses on investments Dividends and interact from investments. (Increasel/decrease in assets held for sale (Increasel/decrease in debtors Increase/(decrease) in creditors (Gainsy/losses on programme related investments b. Analysis of cash and cash equivalents Cash at bank and in hand 2024 Analysis of changes in net funds Cash 2119,660 4,662,512 356,975 (1,710) (301,264) (1,377,139) 81,359 (2,565,040) 6,508,423 19121 7.383,237 3,281,144 Cash flows 1,161,484 8611S8h 274,693 (1,560) (1,394,198) (1,298,551) 7,838 (10,445,195) 3,470,659 150.015 (624.413) 2,119,660 0+ 24 Marah 2025 3,281,144 Charity number 340424/4 Compan umber. 368129 59 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 Reportino Standard apolicable 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 87. 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 ctatoments are presented in sterlino. 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 horsues thoro sre no motorial uncoraintice related to events or conditions that may cast significant doubt over the ability of the group or charity to continue as a going concern. 60 100 THIS IS THE BEGINNING OF THE END FOR DEMENTIA. 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 47. Over recent years the group's reserves policy has provided comfort in the group's ability to continue as a coina 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 loce rickeyin an uncodain onwironmont Tha 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. Reforecasting and budgetary management DUBUL CHULE OLLICUL 03U0 3033030.U 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 ears 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 2026 and 31 March 2027. These budgets, together with the following significant assumptions: • all creditors except for research grant commitments at 31 March 2025 are fully paid up in the following financial year; • research grant commitments will be paid in line with the grant contracts, subject to a proportion of slippage falling into the following year (calculated from past performance); no material change is expected in the debtor balance at 31 March 2025 except for accrued income; and inflow of cash from accrued income will be received in line with the payment profiles set out in the contracts have been used to assess the expected balance sheet position for 31 March 2027. The expected balance sheet position is positive, with liquid resources sufficient to cover all outstanding liabilities as they fall due. A series of scenarios, sensitivities and stress tests have been applied to the expected balance sheet position at 31 March 2027, including reductions in projected income, the removal of investment income, reductions and changes to the payment profile of the research grant commitments. As part of the going concern review, significant potential safeguards have been identified which provide comfort that there are sufficient safeguards available to ensure the future financial viability ot ine organisation. 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 0u, 406440000 Bu SAY O-CLAUDE BE keeping in mind the requirements of the reserves policy. The Trustees are confident that the group is a goind concern with no material uncertainties. 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. Unrestricted funds General unrestricted funds represent unrestricted income which is expendable 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. 61 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 once less costs to sell, with the estimateo 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 62 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. Probable means that it is more likely than not that the economic benefits associated with the legacy will flow to the charity, ie. there is sufficient certainty of receipt. 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 tundraising actvities. Charitable activities represent expenditure incurred in issuing grants to academic institutions for research purposes, providino 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 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 3.0% (2024: 3.3%) 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 non-binding grant commitments are disclosed in note 13. Tangible fixed assets Tangible fixed assets costing more than E500 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 - 10% 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 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 emplovees. Obligations for contributions to the defined contribution pension scheme are charged to the Statement of Financial Activities in the vear in which they become payable. RES MER CH HELP FIND DEMENTIA- HEIME RCH 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 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. 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 tair value. derived as noted within the investments accounting policy. Further details of financial instruments measured at fair value are shown in note 23. 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 tactors, including expectations outure 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 2 vear rolling weighted average 3 year rolling Assets and Liabilities accounte recalued Solicitor's letter received 0% (not deemed probable or likely) 15 Tor the year ended 31 March 202 Where a three-year rolling weighted average calculation is applied it is calculated using the conversion rates of amounts received against estimated values included in the prior year closing accrual. Each year the measurement uncertainty factor is calculated and reviewed to ensure it continues to be supported by actual TOASATTTATOE 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. 65 2. NET INCOME/(EXPENDITURE) FOR THE YEAR Year ended Year ended 3reh 2025 31 March 202d Group and Charity Net income/expenditure for the year is stated after charging: Income from government grants - Medical Research Charity Support Fund Audit services • Charity and Group audit services: current year • Charity and Group audit services: prior year • Trading subsidiary audit services * Tax compliance services Depreciation of tangible fixed assets Amortisation of intangible fixed assets (Profiti/loss on disposal of fixed assets Payments under operating leases - land and buildings Payments under operating leases - plant and machinery 60,730 10,500 5,675 401403 176 492 (1,710) 493,948 18,443 174528 55,000 3,071 10,000 6.175 716193 ER E17 (1,560) 431,936 24,188 3. INFORMATION REGARDING EMPLOYEES AND TRUSTEES Group and Charity Charitable activities Fundraising Support services Year ended 31 March 2025 Number 97 129 Year ended 31 March 2024 Number 128 244 salaries National insurance Other pensions costs 11,349,864 1,265,098 556,047 13,171,009 10,192,885 1,122,582 505,579 11.821,046 Number of employees whose emoluments have exceeded $60 000 in the year were: Number Number £60,001-£70,000 £70,001 - £80,000 £80,001 - 290,000 £90,001-£100,000 £100.001 - E110,000 £110,001 - E120,000 9120.001 - 9130,000 £130,001 - E140,000 S180.001-S190,000 £190,001 - E200,000 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, Executive Director of Research and Partnerships, Executive Director of Policy and Communications and Executive Director of Fundraising and Marketing were E804.051(2024: £718,094). 66 or the year ended 31 March 202 3. INFORMATION REGARDING EMPLOYEES AND TRUSTEES continued During the year, 127789(2024: Enil) was paid in respect of termination payments, of which £127789 (2024: Enil) was contractual, and Enil (2024: £3,215) was paid in respect of redundancy payments. 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 and charged to expenditure, based on the allocation of staff salaries across the charity's activities and all allocated as unrestricted, amounted to £556,047 (2024: £505,579). Included within creditors at the year-end is 691,106 (2024: Enil) of outstanding pension contributions. 4. DONATIONS AND LEGACIES Unrestricted Restricted Total year pread 21 Harch 7075 Total year andad 21 March 707A Group Charitable trusts Logacy income Other donations Donated services 3,949,476 20.655,230 25,277,968 7,611 49,890,285 3,306,067 1.016,995 5,731,570 10,054,632 7,255,543 21.672.225 31.009,538 7,611 59.944917 13,088,210 12.371982 28,397,053 11,960 53,869,205 Charity Charitable trusts Legacy income Other donations Donated services 3,949,476 20,655,230 25.343.025 7611 49.955.342 3,306,067 1,016.995 5.731,570 7.255.543 21.672.225 31,074,595 7241 10.054.632 13.088.210 12,371,982 28.500.479 11,960 53.972,631 Details of the use of volunteers within the charity can be found in the Trustees' Report on page 35. 5. INVESTMENT INCOME 31 March 2025 YARE PREPE 31 March 2024 Group and Charity Bank deposits Dividend income ter interest 205,520 1183,681 3,612 4397913 1,108,977 1,277 1.798.551 6. EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restricted 2025 Total TUneS TUNGE Group Dementia 75013779 67E5132 20T6R CH Information & 204 3201 8,401,937 2544145 39,170,848 Charity Damantia rasparch Information & advocacy 5,765,133 8106,336 33.105,088 294,230 8.400.566 2024 Total 97951992 7,313,162 34,568,045 7311,781 34,561,517 67 7. SUPPORT COSTS Raising funds Research Group Human resources Premises Finance Corporate IT & office costs Donroriaton & amortication Cowomanca Charity Human resources Premises Financa Corporate IT & office costs Depreciation & amortisation Governance 477,663 257,470 264,064 292,848 113,832 277.401 2,092,314 477,022 257,125 263,710 292,455 408,486 113,679 272,726 2,085,203 801.433 431,989 443055 491,347 686,288 190,990 465478 3,510,528 801,937 432,261 443,331 491,656 686.719 191,110 458,489 3,505,503 218,982 118,035 121,058 134254 187,521 52,186 125,198 957,234 Current recte boud bood allerated gothe bacie af direet evsondituro inpurren Information u advocacy Total year ended 31 March 2025 218,845 117,962 120,982 134,170 187,402 52.153 127,093 958,607 Total year ended 31 March 2024 1,497,941 807,421 828,099 918,365 1,282,726 356,975 869,922 6,561,449 1128,675 685,359 868,948 716,071 1,011,983 97771 632,371 1,497,941 807,421 828,099 918.365 1,282,726 20C C7C 856,413 6,547,940 1,128,675 685.359 868,947 716,071 277171 619,660 5,307,866 68 8. GRANT GIVING Group New research commitments entered into during the year for dementia research 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 Domontia rocoarch chardoo to tho Statomont of Financial Octivitog Charity New research commitments entered into during the year for dementia research 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 31 March 2025 484010- (3,183,530) 3,270,974 28,669,282 4RE0.075 239,554 30768.911 28,581,838 (3,183,530) 3,266,292 40 AARO 1.860,074 239,211 30,763,885 Year anded 31 March 2024 92181929 (532,040) 2,715,630 25,364.824 1,687,704 202,355 77754.9-3 23,181,234 (532,040) 2,710,841 25.360.035 1.687703 201.998 27,249,736 RESEARCE B LL 80195 000'1 000 Z 550638 99602 56069 000'9H 825ZE6 b 098275 tZS E899 00005 VEO P9I Q00'E LE215 095'65l Ses'oolt 816 SIS OIS'29L 000'06 DE'SZ6'E 8087L St952 ES9'VEZ 9 691'60₺ LE papua JeBA LE papua Jean 0000052 000 0E 966'69 945'osz 000'02 895'62E 58206t 0SZ'0D 2I5'19 106'69 000'09 0000052 000 OL 88969 000% 0C00E LE SOC FLE F88 616'69 976(149 161'91 83922Z 689'69 000'S 06268) 150AL SHN 5,00/009 15 S15 DOCUMEN USUE UOBEDOSS OL 9A. TANGIBLE FIXED ASSETS Group and Charity Cost At 1 April 2024 darnitions Disposals At 31 March 2025 Depreciation At 1 April 2024 Charge for the year Disposals At 31 March 2025 Leasehold improvements Fixtures & Net book value at 31 March 2025 1746 C0 1,246.019 19-50 1,246,019 616,548 308,961 (43,792) 881,717 181.482 (43,7921 555,100 326,617 100130 All tangible fixed assets are held for charitable purposes. 72 Total 4806HT 308.961 (43,792) 2,127.736 4882400 181.482 (43,792) 1,801,119 326,617 400 430 9B. INTANGIBLE FIXED ASSETS Group and Charity Cost At 1 April 2024 Additions 2424 MineeR O0OIE @mortication At 1 April 2024 Charge for the year At 31 March 2025 Net book value at 31 March 2025 Net book value at 31 March 2024 Computer software 2,005,592 2.005,592 309.022 175,493 484.515 1,521,077 1,696,570 Intangible fixed assets include the charity donor CRM database which was developed over a period of two years and implemented in December 2023. The carving value of the CRM at 31 March 2025 is S1.521.077 (31 March 2024: 1.696.570) and it is expected to be fully amortised over the next 9 years (104 months). 10. INVESTMENTS Investment portiollo Programme re Bea investment Shares in subsidiary Share in joint venture Total year ended STArCHERS Total year ended Market va Le Additions Disposals Realised and unrealised investment 36,937,743 8,117,359 (4.074,022) 299,164 1,969,042 686,125 20,000 147,375 (19,121) 60,612 39,074,160 8,803,484 (4.074,022) 340,655 36,180,814 3,869,953 (3,323,179) 1,243,705 Movement in cash reserves 2,568,649 2,568,649 1,102,867 43,848,893 2,636,046 20,000 207,987 46,712.926 39,074,160 Group 43.848,893 2.636,046 207,987 46,692,926 39.054,160 Charity 43.848,893 2,636.046 20OOU 46,504,939 38.926.785 Cost at 31 March 40,653,975 3,363,251 20,000 207,987 44,245,213 36,462,516 Shares held under the heading investment portfolio and the programme related investment are recognised at their fair value, other investments are valued at cost. Year ended Year ended 31 March 2025 31 March 2024 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 Cumont inuecimonte 7TAE GON 1,072.203 6,739,298 1,926,596 4,780,884 5,421,913 6969 CCA 36,937,743 Year ended 31 March 2025 Charity E 21,055,054 25.449.885 46.504,939 Year ended 31 March 2024 Group E 17,671,908 21.382.252 29.054,160 Year ended 31 March 2024 Charity E 17,544,533 21382,252 38.926,785 Circh incolnere incline €20,956,730 (31 March 2024: E19.455.656) of listed investments. 73 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 innovatve drugs ww ine potenual to cure, or providing a cisease modifying treatment, for dementia or its symptoms. Joint venture investment Alzheimer's Brain Bank UK (ABBUK) is a company limited by guarantee (company number 05762960) and a registered charity (number 1145/8l. It nastwo mempers, AlZneimers kesearcn UK ano 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 CAlcO Droyenion loaimertano cire ctA znemers disoaso anni 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. Subsidiary company Alzheimer's Research Trading Limited, registered company number 03880026, is a wholly owned subsidiary of Alzheimer's Research UK whoco tavablo profite aro donatod to ite naront Tho ronictoror address of the Company is the same as the charity. The trading company receives income from the sale of merchandise, registration tees and soonsorship, with each sale nelpino to suppont our cause. 74 ABBUK share in ioint ventures Net assets Current assets Current liabilities Long term liabilities Share of Income Share of charitable expenditure Share of adjustment to prior year result Share of net result SUBSIDIARY COMPANY Income Expenditure Profit for the vear Fixed assets Net current assets/ (liabilities) Ci AreA TOPE 207,987 949,112 (741,125) 549,003 (488,391) 60,612 31 March 2024 945,748 (798,373) 568,665 (578,787) 9,644 (478) Yoar andad 21 March 2025 173,122 (73,307) 99,815 101,566 Vaar anded 21 March 2024 126,231 (61,175) 65.056 66.807 Financed by: Ordinary share capital Shareholder's funds 101.566 20,000 81,566 101,566 66.807 20,000 46,807 66,807 Notes forming port of the financial statemonts for the yoar ondod 31 March 202 11. STOCKS AND ASSETS HELD FOR SALE Year ended Year ended 31 March 2025 31 March 2024 Group Stocks - Merchandise and products 9,316 4,762 Group and Charity Assets held for sale - donated assets At 1 April Qootons TEt va UeI Disposals Valuation adjustment At 31 March 334,672 (71,659) (9,700) 253,313 342,510 (34,075) 26,237 334,672 The assets held for sale relate to a number of paintings which were donated to the charity during 2021-22. 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group Trade creditors ferruaic Char tawoc aod aorial carurit Other creditors Research commitments Year ended Year ended 31 March 2025 31 March 2024 3,050,863 1,670,558 384,518 149,823 28.466.856 7372268 4,446,517 1957.425 300,026 9,210 26,066.792 32779,970 12. DEBTORS Group Trade debtors Uther caniors Charties Did Foundatior Year ended Year ended 31 March 2025 31 March 2024 4,347 2.723,612 109,404 111,728 6.401,158 3,970 Accrued income and prepayments 27,332,784 30.170.147 21,128,031 27,644,887 Charity Trade debtors Other debtors Amounts due from group undertakings Charities Aid Foundation Accrued income and prepayments 4,347 2,684,958 165,921 109,404 27,332,759 30,297,389 111,728 6.376,780 116,453 3,970 21,127,788 27.736.719 At 31 March 2025, £6,274,807 (31 March 2024: £7,670,681) of the debtors balance (group and charity) was recoverable in more than one year. Year ended Year ended 31 March 2025 31 March 2024 Charity Trade creditors Accruals cithortovoe sod corial corlintr Other creditors Raçoarch commitmante 3,050,863 1,658.665 362,414 98,935 28,466,856 33 637723 4,444,653 1947750 300.026 3,892 26.066.792 32763113 75 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR continued 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 E12.5M over a five-year period. The ongoing commitment will be part of a thorough systematic review, and future funding levels will be recommitted on 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 Ageing of long-term liabilities 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years 5 years or more Bacone liation of rocoarch commitmant Ralanca braunht forwardi Now commitments entered intr Commitmente no lanner ronuired Amounts spent in the period Year ended 31 March 2025 Year ended 31 March 2024 13,042,583 990201 12.224.837 7,339,397 3,998,118 1.685.957 12321037 33596 401 28,581,838 (3,183,530) (17,425,270) 41,509,439 7,469,609 228,415 769R 07A 4.207.050 2,230,825 911.786 348.363 7.698,024 33.356,953 23,181,234 (532,040) (22,469,746) 33,536,401 76 15. MOVEMENT IN AND ALLOCATION OF RESTRICTED FUNDS - GROUP AND CHARITY Description Research Brain Bank Blood Biomarker Challenge Clinical cacparch Palaurenin Dements Consortium Drug Discovery Institutes Interdisciplinary Research Grants Network Centre Other PhD Pilot Projects Programme Grants Race Against Dementia Resparch Fellowship Grants Senior Research Fellowship UK DRi Limited Non-research ARUK Conference Investigator of the Year Award Community Engagement Projects Conference prize giving Hosith Information Drint god Dradurtinn Infeline Charity restricted funds As at 31 March 2024 6,462,741 3,100,000 152,644 14,138 218.642 45,905 3.234 124 25,000 132 821 10155.249 Joint venture investments Group restricted funds 147,375 10.302,624 Income Expenditure 20,000 625.712 (14,094) 5.255.134 240 330.272 1,017,372 235,602 220,113 771.543 339,439 320,395 638,574 10,036 3.889 25,000 110.000 3,250 2,000 24877 9.939.354 60,612 9,999,966 (1,524,923) (1,044,702) (129,000) (70,000) (23,897) (500) (337,392) ТРА ДОМІ (1,847) (3,889) (25,000) TEA HER (2,500) (2,000) (22 645) (6,059,363) (6,059,363) Transfers As at 31 March 2025 (20,000) (125,712) (138,550) (240) (1.272) (122,447) (211,705) (219,613) (771.543) (255,872) (448,727) (10,036) (3.413,083) (3.413,083) 4ST SA 2,555,298 1,500,000 200,000 839,063 218,642 47,952 3.357 433930 25.000 106.153 48 4040 207987 10.830,144 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 clinical research fellowship, 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. 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 durine the vear 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 trostmont oftha avnondituro whor it was recognised. Funds with restricted balances at the balance sheet date: Blood Biomarker Challenge The Blood Biomarker Challenge represents income received from the People's Postcode Lottery, the National Institute for Health and Social Care, Gates ventures and Alzheimer's Society. together with additional funding to be provided by Alzheimer's Research UK, earmarked for projects to assess the use of blood biomarkers in real clinical settings, understand how these can be used in the real world for the diagnosis of Alzheimer's Disease and generate the evidence required for their use in the NHS within 5 years. Race Against Dementia Income raised since 2018/19 to fund individual fellowships for £500,000 each. As at 31 March 2025, 63,081,375 had been committed and the remaining fund is expected to be committed by 31 March 2026. Investigator of the Year Award Funding received to provide an annual award to early career researchers who have made significant contributions to biomedical research, to support the awardee's research on dementia. Community Engagement Projects Funding received to train volunteer Dementia Community Champions from South Asian backgrounds to deliver events in their local communities to raise awareness of dementia and dementia research. Conference prize giving Funding received to pay for prizes awarded atthe Alzheimer's Rosearch UK annual research conference. 31 March 202 15. MOVEMENT IN AND ALLOCATION OF RESTRICTED FUNDS - GROUP AND CHARITY continued Prior year As at 31 March 2023 Description Research Brain Bank Blood Biomarker Challenge Clinical Research Fellowship Dementia Consortium Drug Discovery Institutes EDoN Interdisciplinary Research Grants Network Centres Other PhDs Pilot Projects Procramme Grante Race Against Dementia Research Fellowship Grants Senior Research Fellowship UK DRI Limited Non-research ARUK Conference Investigator of the Year Award Community Engagement Projects Conference prize giving Health Information Print and Dramation| Inchiro Sind Charity restricted funds Sinint montire inuecimente 1,065,415 14,248 218,642 45,905 124 « 67000* +76 030 Income 138,000 6,936,346 3,212,563 47,314 6.471,070 73,664 240 30,355 148,693 195,188 38.319 219,184 989,333 834,229 6,179 5,404 50.000 150,000 25.000 Expenditure 19.591.081 19.591.081 (138,000) (1,539,020) (129,168) (3,600,000) (36,462) (119,638) (125,000) (393,922) (5,404) (11,2881 (16,518) (250) (25,000) (17,204) VEGE OTA (478) (6157352) Transfers 1.003415 (112,563) (1,102,617) (240) (30,355) (29,165) (195,188) (38,319) (94,184) (986,099) (440,307) (6,179) (13.712) (661) (2,796) As at 31 6,462,741 3.100,000 152,644 14,138 218,642 45,905 2929 124 25,000 429071 10466 910 147,375 10.302.624 WON'T A CURE. ALZHEIMER' RESEARCH UR RESEARCH TE CURE 19 16. MOVEMENTS IN UNRESTRICTED FUNDS Group Conora fund Designated funds: Developing and testing new treatments Group unrestricted funds Charity General fund Decorated tunES Developing and testing new treatments Charity unrestricted funds Prior year Balance at 31 March 202d 20,443,966 20 44306E 20,397,158 20,397,158 Balance at 31 March 2023 Group General fund Designated funds: Early Diagnosis and Detection Group unrestricted funds 15,946,615 4,500,000 20.446.615 Charity General fund Designated funds: Early Diagnosis and Detection Charity unrestricted funds 15,861,439 4,500,000 20 361439฿ Income Expenditure, cains ane losses 51,949,991 151150936 E10He 001 (51,150,936) 51,887,954 (51,105,433) 51,887,954 (51,105,433) Income Expenditure, gains and 37284,053 (4214742) 37284,053 142144742) 37,281,921 (42,104.242) 27281921 1421042421 80 Transfers (1,586,917) 5,000,000 3,413,083 (1,586,917) 5.000,000 3.413.083 Transfers 9358.040 (4,500,000) 4.858.040 9358.040 (4,500,000) 4858 040 Balance at 31 March 2025 191656.104 5,000,000 3A 656104 19.592.762 5,000,000 24.592.762 Balance at 31 March 2024 20.143,906 20.443.966 90 307100 20 297158 The transfer from the restricted fund to the unrestricted fund represents income received ourne the year which carried donor imposed conditions to be expended upon specific projects. The cost of these projects nas 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 39 in the Trustees' report where the reserves position is considered in more detail. Developing and testing new treatments Alzheimer's Research UK is committed to developing and testing new treatments throuch stratecic research programmes and initiatives. These programmes are in the early stages of development, but following strong financial performance in recent vears. the Trustees have set aside E5m into a designated fund, reflecting the desire to further invest in this important activity. The designated fund is expected to be fully spent by 31 March 2031. nded 31 March 202 Early Diagnosis and Detection A key focus for Alzheimer's Research UK was the early detection of dementia-causing diseases, partly funded through our ambitious EDoN initiative. As a result of the strong financial performance in previous years, we previously set aside £4.5m into a designated fund, reflecting the progress made and our desire to further invest in this important activity. 17. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS Designated funds General funds Restricted funds Total Group Fixed assets Tangible fixed assets Intangible fixed assets Inuestmente 1,521,077 21,035,054 207.987 1,521,077 21,243,041 Current assets Stocks Debtors Current accat inuecimento Cash at bank and in hand deeete hold for cola E 000 0E 9.316 30170147 9.827.728 3,567,297 253,313 10677157 9,316 30,170,147 25,449,885 26AT-0T 253,313 Creditors Due within one vear Due in more than one year Group Charity: allocated on the same basis as the group (33,722,618) (13,331,827) 19,656,104 10,830,144 (33,722,618) (13,331,827) 35,486,248 6 000 Ano 19.592.762 10.622157 35,214,919 However, following recent breakthroughs in potential new treatments for Alzheimer's disease, Alzheimer's Research UK refocussed its attention to build on the momentum of these breakthroughs to ensure Inal tunner progress can be made and inat pauents can star to benen from these treatments. As a result, the early diagnosis and detection designated fund was released in the financial year ending 31 March 2024, partly to offset spend made in that and previous years, and partly to fund our important work on treatments and diagnosis. Prior year TUNES General funds funds Group Fixed assets Tangible fixed assets Intangible fixed assets Investments 143153 1.696.570 17.524.533 147,375 Current assets Stocks Debtors Current accet investmante Cach at bank andin hand Assets held for sale 4,762 27644.887 11,227,003 +70020g 334,672 10,155,249 Creditors Due within one year Due in more than one year Group Chanti allorated an the same basis as the group figures (32,779,970) (7,698,024) 20.443 966 10 302.624 20.397158 10.155,249 Total 199,138 1,696,570 17,671,908 4,762 STELART 21,382,252 2,290,395 334,672 (32,779,970) 30746.590 30,552.407 81 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 Land and buildings Within one year Between one and five years 2025 18.443 47,644 66,087 502,145 1,255,362 1.757.507 2024 23.631 13,785 37,416 502,145 1,757,507 2,259,652 82 20. RELATED PARTY TRANSACTIONS A management fee of £27,804 (2024: £20,674) and a gift aid donation of £65,056 (2024: £103,426) 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 E165,921 (2024: E116,453) was due to Alzheimer's Research UK from the subsidiary. During the year, £394,511 was committed (2024: £926,796) in respect of the Brains for Dementia Research project (Alzheimer's Brain Bank UK). E472,939 (2024: E359,078) was paid and at the year-end there is a balance due to the project of E489,290 (2024: £567,718). In addition, a management fee of £25,000 (2024: £25,000) was charged to Alzheimer's Brain Bank, and at the year end there is a balance outstanding of £6,250 (2024: E6,250). 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 £26,380 (2024: £114,130), and sales totalling £236 (2024: Enil) were made to Trustees. 21. CAPITAL COMMITMENTS As at 31 March 2025 the charity had a capital commitment authorised but not provided for in the financial statements of Enil (2024: Enil) for tangible and intangible fixed assets. 22. 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 2024 for group and charity: Group Unrestricted Restricted Tunes 2024 Group total income from: Donations and legacies Charitable activities Other trading & income generating activities Invactmants 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 3355 BU 151,965 258.467 1798551 37,284,053 28,411,171 43,538,940 (834,119) 2,228,317 1304400 (4,860,689) 4.858.040 12,649) 20.446,615 30 110 000 16294155 1,296,946 19,591,081 6.156.874 478 13.433,729 (4,858,040) 8,575,689 1,726,935 10 302 624 55.869.205 1,448,911 258.467 4.798 651 56,875,134 45977760 34,568,045 47B 1060E30O (834,119) 2,228,317 4901400 8,573.040 8573.040 22,173,550 30.746.590 83 22. CONSOLIDATED AND CHARITY STATEMENTS OF FINANCIAL ACTIVITIES continued Charity Income from: Donations and legacies Charitable activities Other trading & income generating activities investmens Total income Unrestricted funds Raising funds Charitable activities Total expenditure 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 23. FINANCIAL INSTUMENTS Restricted funds 35,678,496 151,965 1,298,551 37.281,921 15,093,797 28,404,643 43,498,440 (834119) 2,228,317 1.394.198 (4.822,321) 4,858,040 35,719 20,361,439 20397158 2024 Charity total 18,294,135 1,296,946 19,591,081 6,156,874 6,156,874 13,434,207 (4,858,040) 8.576.167 1,579,082 101GC 310 53,972,631 1,448,911 152,909 1,298,551 56.873.002 15,093,797 34,561,517 49,655,314 (834,119) 2228,317 1.394.198 8,611,886 8,611,886 21,940,521 30.552.407 The carvind amount of financial instruments measured at fair value throuch income and expenditure at 31 March were Year ended 31 March 2025 Year ended 31 March 2025 Year ended 31 March 2024 Group Charity Financial assets Instruments measured at fair value through Statement of Financial Activities 42199.782 41,991,795 37127,565 Notes forming part of the financial statements for the year ended 31 March 202 ALZHEIMER'S RESEARCH UN FOR SOMEONE 1 LOVE, AFFECTED BY DEMENTIA THANK YOU Our work simply wouldn't be possible without the support of thousands of people across the UK and beyond. We're incredibly grateful to everyone who chose to stand with us in 2024/25. Every single donation helps bring us closer to a cure for people living with dementia. Verandad & lish 979a Charity 36.980190 84 85 OUR LEGAL AND ADMINISTRATIVE DETAILS Trustees (Directors and Members) Chair Gavin Patterson Appointed 1 January 2025 Other Trustees Adrian Lovett Dr Catherine Elliott Giles Dennison Amanda Farnsworth Dr Ruth McKernan, CBE FMedSci Clive Gringras Dr Jeremy Chataway Kulchetan Sanga Appointed 1 January 2025 Hilary Jeffrey Appointed 1 January 2025 Dr David Spruce Appointed 1 January 2025 Nicholas Antill Resigned 12 February 2025 Caroline van den Brul, MBE Resigned 4 March 2025 Divya Chadha Manek, OBE Michael Cooper Resigned 12 February 2025 Shirley Cramer Resigned 3 July 2024 Rupert Evenett Resigned 3 July 2024 Company Secretary Philip Dunn President The Rt Hon David Cameron Re-appointed 9 March 2025 Executive Team Hilary Evans-Newton, Chief Executive Emma Whitcombe, Deputy Chier executive and Executive Director of Fundraising and Marketing Philip Dunn, Executive Director of Finance and Operations Susan Kohlhaas. Executive Director of Research and Partnerships Samantha Benham-Hermetz, Suoritiuo Droetar ai Policy Communications and Involvement Chief Medical Officer Prof Jonathan Schott Scientific Advisory Board Chair Prof James Rowe Grant Review Board Dr Axel Montagne Dr Ross Dunne Prof Patrick Lewis Dr Agnes Nishimura Dr Scott Miners Prof Selina Wray Prof Bernadette McGuinness Dr Timothy Rittman Prof Louise Serpell Dr Chris Henstridge Dr Vasanta Subramanian Or lanet Rrownlope Dr Catherine Lawrence Prof William Stewart Prof Colin Smith Prof Katie Lunnon Prof Tammaryn Lashley Dr Enrico Glaab Dr Cheryl Hawkes Dr Yu Ye Dr Fatemeh Geranmayeh Prof Emma Kidd Prof Afia Ali Prof Paul Morgan Dr Jon Brown Prof Jessica Teeling 86 Alzheimer's Research UK Drug Discovery Alliance Advisory Group Prof John Atack (Chair) Dr Gregory O'Sullivan Dr Jina Swartz Dr Karl Gibson Dr Caroline Benn Dr Richard Mead R'S RE! Address 3 Riverside, Granta Park, Cambridge, CB21 GAD. 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 SC047474 ALLA RES Company Number 03681291 Auditors Grant Thornton UK LLP. 8 Finsbury Circus, London ECOM 7EA Bankers Lloyds TSB Bank plc, Business Service Centre, Castle Park, Cambridge, CB3 OAR. Bank of Scotland, 600 George Road, Edinburgh, EX11 3XP Barclavs Bank olc. 9 - 11 St Andrew's Street. Cambridge, CB2 BAX Solicitors Withers LLP. 20 Old Bailey, London, EC4M 7AN Mishcon de Reya, Merlin Place, Milton Road, Cambridge, CB4 ODP Investment Advisor Quilter Cheviot Senator House, 85 Queen Victoria Street, London, EC4V 4AB 87 ALZHEIMERSRESEARCHUK.ORG Alzheimer's Research UK + is the ks leading dementia research charity. FR Registered with FUNDRAISING REGULATOR 3 Riverside, Granta Park, Cambridge, CB21 GAD. 0300 111 5333, enquiries@alzheimersresearchuk.org ALZHEIMER'S FOR A RESEARCH UK CURE Registered charity numbers: 1077089 and SC042474