Charity registration number 1098109 (England and Wales) Company registration number 04757596
RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Professor B Wagner Professor S Ahmed-Kristensen Mr H Cameron Dr A Haitz Dr J Klein Professor F Lettice Dr D Probert Dr V B Lynch Dr D Baxter
Charity number (England and Wales) 1098109 Company number 04757596 Registered office The Foundation Herons Way Chester Business Park Chester Cheshire CH4 9GB
Independent examiner
Xeinadin North West Limited The Foundation Herons Way Chester Business Park Chester Cheshire CH4 9GB
RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MAY 2025
The Trustees present their annual report and financial statements for the year ended 31 May 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
Objectives and activities
The charity's objects continued to be to support education and research in the field of R&D Management (and research technology and innovation management).
Its charitable aims are to advance the state of the art in this field. The benefits of improvements in R&D Management include the clearer strategic direction and allocation of resources, increased efficiency and effectiveness, improved environmental performance, corporate social responsibility, technological advances and economic and social well-being.
RADMA supports students in the field of R&D Management through doctoral funding, research grants, conference attendance grants and a contribution towards the doctoral colloquium held each year in association with the annual R&D Management Conference. Doctoral funding is RADMA's flagship programme and in 2024 we made four doctoral studies awards. Cumulatively since the programme started in 2009, we have committed total of £2,091,827 which has funded 73 PhDs (56 completed and 17 in progress).
Public benefit
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Grant making policy
The Trustees make grants only where they further the charity’s objects of advancing education and research in research and development management. Applications or proposals are assessed collectively by the Trustees to ensure funds are used effectively, fairly, and for charitable purposes. Recipients are required to report on outcomes to demonstrate that grants have been used as intended.
Achievements and performance
Significant activities and achievements against objectives
Financial review
Income from the journal was £162,916 (2024: £178,498), investment income £64,941 (2024: £115,348), conference income £4,210 (2024: £nil) and bank interest £831 (2024: £14,157) in total amounting to £232,898 (2024: £308,003). Expenditure was £222,465 (2024: £194,531), including grants £166,037 (2024: £125,271). As a result there is an operating surplus of £10,433 (2024: surplus £113,472).
There has been a net gain of £108,701 (2024: gain £36,573) on investment disposals and valuations leaving a net increase in funds for the year of £119,134 (2024: increase £150,045).
Reserves policy
The charity maintains a conservative reserves policy. Unrestricted reserves held at 31 May 2025 were £2,147,573 (2024: £2,028,439) which the trustees consider adequate. Strategic planning has been undertaken which assists in determining the direction of future expenditure levels.
Investment policy
The trustees pursue an investment strategy to maximise income at minimum risk. Investment income for the year was £65,772 (2024: £129,505). At 31 May 2025 the market value of investments was £2,061,373 (2024: £1,904,481).
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RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
Major risks
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The trustees maintain a system of internal controls to provide reasonable but not absolute assurance against material misstatement or loss. They include extensive discussion of ongoing and potential opportunities approved by the trustees. Payments for all expenses and invoices are approved by the trustees. No commitments will be made which are dependent on future year's income.
Review of all systems, procedures and activities, including insurances is ongoing. There are no employees and a relatively small number of transactions. It is considered that the systems and procedures already in place are adequate for their purpose.
Factors likely to affect future financial performance
RADMA regularly reviews each activity to ensure that it is effective and to identify that scope for any improvements. It also considers new initiatives.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust, and constitutes a company limited by guarantee, as defined by the Companies Act 2006, and further governed by its Memorandum and Articles of Association.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Professor B Wagner
Professor S Ahmed-Kristensen
Mr H Cameron Dr A Haitz Dr J Klein Professor F Lettice Dr R F Mitchell (Resigned 24 September 2025) Dr D Probert Dr V B Lynch Dr D Baxter
Recruitment and appointment of trustees
RADMA is run by its trustees. The policy for recruitment and appointment of trustees is to identify individuals in the field of R&D Management and/or with experience that can help the charity in its activities and achieving its objectives. Trustees serve for three years after which they may put themselves forward for further terms of three years. Following the 2024 AGM there were ten trustees; following the 2025 AGM there were twelve trustees.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute an amount not exceeding £10 in the event of a winding up.
At meetings held three times a year, trustees agree the broad strategy and areas of activity to be undertaken, including grant making, the journal, the conference, dissemination, investments, reserves, and risk management policies and performance. The administration of grants and the processing and handling of applications is delegated to the chairman and secretary. Grant applications are assessed mainly by trustees though in the case of doctoral funding, additional academic assessors are also involved.
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RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
The trustees' report was approved by the Board of Trustees.
Dr J Klein Trustee
26 September 2025
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RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
I report to the Trustees on my examination of the financial statements of Research and Development Management Association (RADMA) (the Charity) for the year ended 31 May 2025.
Responsibilities and basis of report
As the Trustees of the Charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Charity as required by section 386 of the Companies Act 2006.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Stephanie Baker BA(Hons) ACA
Xeinadin North West Limited
The Foundation Herons Way Chester Business Park Chester Cheshire CH4 9GB 26 September 2025
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RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Charitable activities | 2 | 167,126 | 178,498 |
| Other income | 3 | 65,772 | 129,505 |
| Total income | 232,898 | 308,003 | |
| Expenditure on: | |||
| Charitable activities | 4 | 222,465 | 194,531 |
| Total expenditure | 222,465 | 194,531 | |
| Net gains/(losses) on investments | 8 | 108,701 | 36,573 |
| Net income and movement in funds | 119,134 | 150,045 | |
| Reconciliation of funds: | |||
| Fund balances at 1 June 2024 | 2,028,439 | 1,878,394 | |
| Fund balances at 31 May 2025 | 2,147,573 | 2,028,439 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act.
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RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
BALANCE SHEET
AS AT 31 MAY 2025
| Notes Fixed assets Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 12 Net assets The funds of the Charity Unrestricted funds 13 |
2025 £ £ 2,061,373 195,498 44,319 239,817 (122,507) 117,310 2,178,683 (31,110) 2,147,573 2,147,573 2,147,573 |
2024 £ £ 1,904,481 - 252,631 252,631 (89,977) 162,654 2,067,135 (38,696) 2,028,439 2,028,439 2,028,439 |
|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 May 2025.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 26 September 2025
Dr J Klein
Trustee
Company registration number 04757596 (England and Wales)
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RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1 Accounting policies
Charity information
Research and Development Management Association (RADMA) is a private company limited by guarantee incorporated in England and Wales. The registered office is The Foundation, Herons Way, Chester Business Park, Chester, Cheshire, CH4 9GB.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Grants offered subject to conditions which are anticipated to be met at the year end date are accrued as expenditure in the year. Expenditure is stated net of VAT where it can be recovered. Long term commitment in respect of PhD grants awarded by RADMA are recognised where the performance agreement runs across multiple periods, usually over 3 years.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance and governance costs. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with complying with legal and constitutional requirements.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
- 1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
2 Income from charitable activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Education and research | ||
| Income from journal | 162,916 | 178,498 |
| Conference income | 4,210 | - |
| 167,126 | 178,498 |
3 Other income
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Investment income | 64,941 | 115,348 |
| Deposit account interest | 831 | 14,157 |
| 65,772 | 129,505 |
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RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
4 Expenditure on charitable activities
| Education | Education | ||
|---|---|---|---|
| and | and | ||
| research | research | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Direct costs | |||
| R & D Management conference | 516 | 15,064 | |
| R & D Management journal (including editors fees) | 15,925 | 15,970 | |
| Practitioner outreach and R&D Today website | 17,735 | 19,644 | |
| Reviewer Honoraria | 2,750 | 2,000 | |
| PhD grants and other support grants | 166,037 | 125,271 | |
| 202,963 | 177,949 | ||
| Share of support and governance costs (see note 5) | |||
| Support | 1,569 | 1,638 | |
| Governance | 17,933 | 14,944 | |
| 222,465 | 194,531 | ||
| Analysis by fund | |||
| Unrestricted funds | 222,465 | 194,531 | |
| 5 | Support costs allocated to activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Support costs | 1,569 | 1,638 | |
| Governance costs | 17,933 | 14,944 | |
| 19,502 | 16,582 | ||
| Analysed between: | |||
| Education and research | 19,502 | 16,582 | |
| 2025 | 2024 | ||
| Governance costs comprise: | £ | £ | |
| Independent Examination | 2,195 | 2,113 | |
| Secretarial Expenses | 10,810 | 9,900 | |
| Trustees Expenses and Meeting Costs | 4,709 | 2,722 | |
| Trustees Indemnity Insurance | 219 | 209 | |
| 17,933 | 14,944 |
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RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
6 Trustees
Trustees received remuneration or benefits from the Charity during the year, in the form of reimbursed expenses against receipts or mileage claims, included in trustees expenses and meetings costs £4,709 (2024: £2,722) and R&D Management conference expenses £516 (2024: £15,064).
7 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
8 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | 116,199 | 41,133 |
| Sale of investments | (7,498) | (4,560) |
| 108,701 | 36,573 |
9 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 June 2024 | 1,904,481 |
| Additions | 170,591 |
| Valuation changes | 116,198 |
| Disposals | (129,897) |
| At 31 May 2025 | 2,061,373 |
| Carrying amount | |
| At 31 May 2025 | 2,061,373 |
| At 31 May 2024 | 1,904,481 |
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RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
| 10 Debtors Amounts falling due within one year: Trade debtors 11 Creditors: amounts falling due within one year Other taxation and social security Trade creditors Other creditors 12 Creditors: amounts falling due after more than one year Other creditors |
2025 £ 195,498 2025 £ 30,287 6,856 85,364 122,507 2025 £ 31,110 |
2024 £ - |
|---|---|---|
| 2024 £ 32,450 8,332 49,195 |
||
| 89,977 | ||
| 2024 £ 38,696 |
13 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| General funds Previous year: General funds |
At 1 June 2024 Incoming resources Resources expended Gains and losses £ £ £ £ 2,028,439 232,898 (222,465) 108,701 At 1 June 2023 Incoming resources Resources expended Gains and losses £ £ £ £ 1,878,394 308,003 (194,531) 36,573 |
At 31 May 2025 £ 2,147,573 |
|---|---|---|
| At 31 May 2024 £ 2,028,439 |
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RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
14 Analysis of net assets between funds
| Unrestricted | |
|---|---|
| funds | |
| 2025 | |
| £ | |
| At 31 May 2025: | |
| Investments | 2,061,373 |
| Current assets/(liabilities) | 117,310 |
| Long term liabilities | (31,110) |
| 2,147,573 | |
| Unrestricted | |
| funds | |
| 2024 | |
| £ | |
| At 31 May 2024: | |
| Investments | 1,904,481 |
| Current assets/(liabilities) | 162,654 |
| Long term liabilities | (38,696) |
| 2,028,439 |
15 Related party transactions
There were four related party transactions during the year, Valerie Lynch is a director in AND Technology Research for bookkeeping services totalling £640 paid in the year (2024 - none).
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