OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Drugscience Ltd

2024-06-30-accounts

COMPANY REGISTRATION NUMBER: 08032149

CHARITY REGISTRATION NUMBER: 1150449

Drugscience Ltd

Company Limited by Guarantee Unaudited Financial Statements 30 June 2024

BURGESS HODGSON LLP

Chartered accountants Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN

Drugscience Ltd

Company Limited by Guarantee

Financial Statements

Year ended 30 June 2024

Page
Trustees' annual report (incorporating the director's report) 1
Independent examiner's report to the trustees 14
Statement of financial activities (including income and
expenditure account) 15
Statement of financial position 16
Notes to the financial statements 17

Drugscience Ltd

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 30 June 2024

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 June 2024.

Reference and administrative details

Registered charity name Drugscience Ltd Charity registration number 1150449 Company registration number 08032149 Principal office and registered Camburgh House office 27 New Dover Road Canterbury Kent CT1 3DN United Kindgdom The trustees S P Macken D E Ashley-Cooper Prof I Crome (Resigned 1 December 2024) C G Hughes A D Knight (Resigned 1 April 2025) Prof D J Nutt J Smith

The trustees present their annual report together with the financial statements of Drugscience Ltd ('the charity') for the year ended 30 June 2024.

Company secretary

Independent examiner

S P Macken Burgess Hodgson LLP Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN

- 1 -

Drugscience Ltd

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 30 June 2024

Structure, governance and management

Constitution

The charity is constituted under a Memorandum of Association dated 16 April 2012 and amended by a Special Resolution dated 17 December 2012. It is a registered charity with its charity number being 1150449.

The charity is limited by guarantee and does not have share capital. All trustees are members of the charity and guarantee to contribute £1 in the event of winding up.

Appointment of trustees

The trustees have complete control of the charity in relation to the application of funds. Trustees are appointed in accordance with the charity's governing document. All decision making of Drugscience is made in accordance with the charity's Conflicts of Interest policy.

Trustees

The trustees who served during the year were: Prof Ilana B Crome (Chair) Mr C Hughes Mr A D Knight Ms S Macken Prof D Nutt Dr D Shaftesbury. Mr J Smith

Objectives and activities

Policies and objectives

The principal objectives of the charity are:

 To advance the education of the public in the harms of drug taking to help prevent and mitigate the suffering caused by drug harms and associated behaviours;

 To promote good health of the general public by providing advice tp the public and practitioners who are impacted by drug taking in anyway by providing advice to the public and practitioners; and

 To promote research for the benefit of the public, in the subject of drugs and drug taking and into its effects on the public and society in general, whether physical, medical, psychological or social.

Public benefit statement

The trustees have given due consideration the Charity Commission published guidance on the public benefit requirements. The charity constitutes a public benefit entity as defined by FRS 102.

- 2 -

Drugscience Ltd

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 30 June 2024

Achievements and performance

The charity has a vital role to play in society, providing the public in the UK and internationally with high quality, scientifically based information on drugs and evidence based comment and analysis of new research. The charity aims to inform the public understanding about drugs and promote effective policies and practice in the UK and at the international level.

The charity reviews and investigates the scientific evidence relating to drugs, free from political concerns. The charity provides accessible information on drugs to the public and professionals via direct communication, podcasts, educational resources, webinars, events and via its web-based information pages. The charity works in the UK and internationally and addresses issues surrounding drug harms and benefits; regulation and education; prevention, treatment and recovery.

We believe that:

 Everyone has the right to be able to access accurate information about the effects, harms and benefits of drugs.

Trustee meetings

The charity trustee meetings were held every two months throughout this period. The main issues discussed included:

- 3 -

Drugscience Ltd

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 30 June 2024

General

In the last period, the charity worked very hard to maintain its generated income, the staff team, the charity's research outputs, and its contributions to policy making and public communications. Unfortunately, several agreed contracts had not been fulfilled since 2020, meaning the charity is owed substantial amounts of money. Most of these debtors related to medical cannabis companies who suffered financially, with several going into administration, due to changes in the sector. The Board and interim CEO worked hard to collect all outstanding payments, and initiated debt collection, which has so far been partially successful. Debt collection (via Oriel).

Drug Science has incorporated a trading subsidiary, called Drug Science Trading Ltd. The purpose of the subsidiary is the provision of a consultancy service to commercial stakeholders in the areas of medical cannabis and psychedelic research. The subsidiary is a registered company wholly owned by Drug Science, donating 100% of its surplus to the charity. Due to the trading arm, revenue for the charity was generated via R&D Tax reclaims.

The charity is now leading three working groups: the Medical Cannabis Working Group (MCWG), the Medical Psychedelics Working Group (MPWG), and the Enhanced Harm Reduction Working Group (EHRWG).

All of this work is made possible through the great contributions made by expert member volunteers. We are grateful for the many hours members have worked on participating and presenting at the quarterly Drug Science symposia, writing public letters, commenting on consultations, reports and publishing relevant papers. Without this valuable contribution of time, energy and expertise the charity would not have been able to achieve so much. Throughout this period, the Drug Science Scientific Committee continued to meet every three months to discuss possible outputs from the charity and other interrelated issues that are relevant to the charity. General research outputs:

 Drug Science, Policy and Law (DSPL) journal - the journal has been going from strength to strength as a change in publishing group has improved turnover rates recently (All Publications are available open access: https:

 Our contribution to the Therapeutic Goods Administration rescheduling of MDMA and Psilocybin in Australia. David Nutt and the Drug Science team prepared in-depth report to support Mind Medicine Australia. This has now led to the re-scheduling of MDMA and psilocybin for PTSD and treatment resistant depression in Australia. This resulted in a peer reviewed publication in a high ranking scientific journal: https:

 Invited conferences include: We out here Festival St Giles (Dorset); and various medical cannabis and medical psychedelics conferences (please see below).

Medical Cannabis Working Group (MCWG)

The Medical Cannabis Working Group is a cross-sector collaboration that includes scientific experts, academics, practitioners, policy makers and leaders of patient advocacy groups alongside industry partners collectively aiming to improve and accelerate access of medical cannabis in the UK for all patients.

- 4 -

Drugscience Ltd

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 30 June 2024

Aim:

To improve and accelerate access of medical cannabis in the UK for all patients.

Objectives:

The Medical Cannabis Working Group is a collaboration that continues to prioritise an approach that includes:

These approaches are key in the implementation of an effective access programme in the UK that is most likely to have the best public health outcome.

It is clear that whilst there is great progress in access to medical cannabis being made worldwide, patients in the UK are being prevented from accessing potentially beneficial treatment, despite cannabis having been legally classified as a medicine since November 2018. Since then, only a handful of patients have received a prescription on the NHS, despite lobby and patient groups suggesting the number of patients currently using illicit cannabis for therapeutic purposes in the UK to be in the region of 1.4 million people.

We believe that a balance must be struck between the access demands of patients based on unmet need, the risk of a burgeoning illicit market in the context of restricted access, and the collection of data to monitor safety. Medical cannabis is already being made available in significant numbers in Europe and in other countries, whilst patients in the UK are being driven to the illicit cannabis market characterised by irregular products high in THC, or the CBD market currently governed as a novel food by the Food Standards Agency.

Research outputs of the MCWG:

 Publication of the health economics analysis on medical cannabis and chronic pain, together with the Cannabis Industry Council. Drug Science co-led the peer reviewed publication: https:

- 5 -

Drugscience Ltd

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 30 June 2024

 Athanasiou-Fragkouli A et al. Prescribed medicinal cannabis for the treatment of chronic pain comorbid with depression. https:

 Lynskey MT et al. Medicinal cannabis for treating PTSD and comorbid depression: Real world evidence from Project T21.https:

 Thurgur H et al. Feasibility of a cannabidiol-dominant cannabis-based medicinal product for the treatment of long COVID symptoms: A single-arm open-label feasibility trial. https:

 Lynskey MT, Schlag AK, Athanasiou-Fragkouli A, Badcock D, Nutt DJ. Characteristics of and three-month health outcomes for people seeking treatment with prescribed cannabis: Real World Evidence from Project Twenty 21. DSPL. https:

 O'Brien K, Belby J, Frans M, Lynskey M, et al. Preliminary Findings from Project Twenty21 Australia: an Observational Study of Patients: Prescribed Medicinal Cannabis for Chronic Pain, Anxiety, PTSD and Multiple Sclerosis. DSPL. https:

 Invited conferences include: Medicinal Cannabis Summit (Berlin); CT Cann Trials (London); Cannabis Europa (London), the Drug Science Patient Conference (London)

Project Twenty 21 (T21)

T21 is Europe's largest real-world data registry to document efficacy, safety, quality-adjusted life years, and patient reported outcomes in prescribed medical cannabis in the UK.

Through T21, eligible patients can access affordable medical cannabis treatment, monitored by Drug Science. The project aims to create the largest body of evidence for the effectiveness and tolerability of medical cannabis. The findings of T21 will provide evidence for NHS funding if the benefits of treatment with medicinal cannabis is proven to outweigh the potential risks.

The project has so far made a significant impact on the medical cannabis sector, putting Drug Science at the very forefront of research and health outcome data in the UK. Whilst last year, Drug Science negotiated new contracts with all but one of the legacy partners as well as agreed three new partnerships with Licensed producers (Ethypharm, Spectrum Canopy and Grow Pharma), unfortunately, substantial payments as per contractually agreed remain outstanding for Khiron, Bod and JMCC, reducing expected revenue for the charity.

Nevertheless, the project continued to be successful, now boasting more than 4,500 patients actively contributing to health outcome measure data across 11 clinics, with around 2,500 having completed at least one follow-up appointment. Over 50% of registered patients have a primary condition of Chronic Pain, with around 40% registered under a psychiatric primary condition. The average patient age is 41, with the majority of patients being male (64%).

The Australian arm of T21 (led by Releaf Group) continued for another year and completed in December 2023, with results having been published in the peer reviewed literatur

Medical Psychedelics Working Group (MPWG)

- 6 -

Drugscience Ltd

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 30 June 2024

The Medical Psychedelics Working Group is a cross-sector collaboration that includes scientific experts, academics, practitioners, policymakers, leaders of patient advocacy groups and industry representatives, collectively aiming to create a rational and enlightened approach to psychedelic research and clinical treatment.

Aim:

Objectives:

We believe that the future of psychedelic medicine is extremely promising, and there is potential for the widespread application of psychedelic drugs within public health models. After witnessing the legalisation of medical cannabis in 2018, we recognised a need to work collaboratively and proactively with interdisciplinary partners to ensure that psychedelic medicines are developed for widespread evidence based clinical application in the UK, EU and worldwide healthcare models.

Current regulations have created serious and considerable barriers to legitimate research associated with Schedule 1 regulations. While existing legislation does not preclude scientific research with these drugs, it does make studies considerably more difficult, time-consuming and costly.

With further research and a greater understanding amongst policy makers, academics, the media and the general public, there is a realistic prospect of regulatory approval for psychedelic medicines. We aim to ensure that medical psychedelics can be used safely in an ethical and economically sustainable manner and demonstrate a potential for lasting therapeutic benefit.

In 2020, we decided to establish the Medical Psychedelics Working Group to break down the barriers of 50 years of medical censorship by creating a rational and enlightened approach to psychedelic research and clinical treatment. The group explores innovation within the psychedelic space with a specific focus on how psychedelics can be integrated into primary and secondary healthcare. Our belief is that evidence-based science, data sharing, and strong partnerships are essential for the success of of psychedelic medicines.

Research outputs of the MPWG:

 Noorani T, Davis O, Dymock A, Langlitz N, Schlag AK, Dyck E. Editorial: psychedelic humanities. https:

 Neill, J., Schlag, A.K. et al. Risks and side effects associated with the use of psychedelics. In D. Nutt and Castle D. (eds.) "Psychedelics as Psychiatric Medicines" DOI: 10.1093/med/9780192863607.003.0010

- 7 -

Drugscience Ltd

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 30 June 2024

 McCrone et al. Cost-effectiveness of psilocybin-assisted therapy for severe depression: exploratory findings from a decision analytic model. https:

 Schlag, AK, Lynskey, M, Thurgur, H, Zafar, R, Nutt, D. et al. Psychedelic medicines: Real World Evidence, naturalistic studies and RCTs. Working paper.

 Schlag, AK, Thurgur, H, Ruffell, S et al. Reciprocity and sustainability in psychedelic medicines. Working paper.

 Invited conferences include: ICPR (Amsterdam); MAPS (Denver); Insight (Berlin); Psych Symposium (London); Breaking Convention (Exeter); Exeter Philosophy of Psychedelics Research Group.

Drug Science remain active lobbyists for parliamentary change both within the UK and globally. Key events over the past year include providing evidence to the Home Affairs Committee's inquiry into the UK's drugs policy for psilocybin rescheduling and the longstanding contribution of Prof David Nutt and Drug Science to the campaign for the Australian government (TGA) approval of MDMA and psilocybin for treatment-resistant mental health conditions.

The Psychedelic Access and Research European Alliance (PAREA) was officially launched in June 2022. This is a new initiative spearheaded by Drug Science to act as a stand-alone, membership-led organization focusing exclusively on the EU lobby and streamlining EU advocacy activities into psychedelic science. PAREA has been very busy since their launch including various policy meetings in the European Parliament, meetings with European Medicines Agency (EMA) Chief Medical Officer (CMO) and wide-reaching press articles.

We continue to collaborate with the Canadian charity TheraPsil who support Canadians in medical need access legal, psilocybin-assisted psychotherapy and psilocybin. TheraPsil's Project Solace aims to streamline access via the Special Access Programme for patients and providers and gather data on treatment outcomes. We aim to use the findings of this research to lobby UK regulators to make the same decision.

Enhanced Harm Reduction Working Group

The Enhanced Harm Reduction Working Group is a consortium of scientific experts, academics, policy makers, treatment providers and advocacy groups, working collaboratively to reduce the harms of intravenous drug use.

Aim:

 To develop the evidence base for reducing drug-related harm by piloting a Overdose Prevention Centre (OPC) in the UK.

Objectives:

- 8 -

Drugscience Ltd

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 30 June 2024

 The Enhanced Harm Reduction Working Group is a consortium of scientific experts, academics, policy makers, treatment providers and advocacy groups, working collaboratively to reduce the harms of intravenous drug use.

Areas of interest:

 Drug Checking - Colloquially known as 'pill testing', this practice has been seen at festivals but also in inner cities. This service is a way to reduce the harm from drug consumption by allowing users to find out the content and purity of substances that they intend to consume. This enables users to make safer choices: to avoid more dangerous substances, to use smaller quantities, and to avoid dangerous combinations.

 High-Tolerance Housing (HTH) - HTH models allow people who use drugs to consume their drugs within their home. This would usually breach a tenancy agreement, however, HTH models exist in places such as Canada to prevent people from being thrown out on the street following the consumption of a substance within the confines of their own home.

 Supervised Injection Facilities (SIFs) - now generally known as Overdose prevention centres (OPCs) - Drug Science will continue to advocate for OPCs in the UK and still intends on leading a research study into their efficacy if one is able to be opened without breaching the law.

 In 2023, most outputs have focused on the evaluating and establish a OPC in the UK. This took the form of a three-part series of reports looking into the qualitative and quantitative data and then evaluating existing evidence.

Treatment provider collaboration

We have onboarded several of the UK's leading drug service and treatment providers including:

- 9 -

Drugscience Ltd

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 30 June 2024

Part One - Quantitative Data:

 In Part One of this report, we describe the quantitative and geographic indicators. We estimate that there may be over 250 people in the UK town of Sandwell (where we chose to run this evaluation) who are in the population group that is most likely to benefit from an enhanced harm reduction service; people who inject drugs who are homeless or unstable housed.

 This report strongly suggests a need for a place where people can inject drugs out of the public gaze, in a hygienic and supervised environment. This would improve the quality of life of all the residents of Sandwell, whether they inject drugs or not. It would reduce the risks of drug-related death and help to meet the complex needs of a group of people who are highly vulnerable to multiple physical and mental health problems. It would also reduce concerns about litter and other problems related to to street-based injecting.

Part Two - Qualitative Data:

 In Part Two, we discuss the participatory consultation and research we have carried out with people who use drugs in Sandwell. Qualitative research is essential to understand a specific local context or problem from the perspective of the impacted community.

 We recruited and trained a team of volunteer peer researchers, who named themselves the Sandwell Community Outreach Resources Education, or SCORE, and worked with them to find out about patterns of street-based injecting and related needs in Sandwell. This environment provided an ethical space within which street-based drug use could be investigated, community mobilisation deployed, and models of enhanced harm reduction discussed.

Part Three - A Rapid Evidence Review:

 At the core of this review lies an exploration of Overdose Prevention Centres as community facilities designed to provide a safe, hygienic, non-judgmental environment for individuals to consume their own drugs. Operating under the primary principle that supervised drug consumption enhances safety and reduces the likelihood of fatal overdoses, this review highlights the evidence that OPCs are also able to facilitate a secondary function: to promote voluntary access to a range of social, health, welfare, and drug treatment services. The synthesized research also suggests that many of the feared unintended consequences such as increased crime and increased drug use do not occur in locations where OPCs are implemented. The range of OPC models explored in this review are typically characterized as being low-threshold services-free at the point of access with minimal demandsmaking them inclusive and accessible to often marginalised people who use drugs.

 As a concluding note, the review emphasizes the continual need for robust evaluations of OPCs to improve our understanding of how, why and for whom do such forms of enhanced harm reduction work.

Drug Science Policy and Law Journal

The Drug Science Journal continued to develop its scope of articles. The fully peer reviewed open access journal remains its policy of not charging for publication to allow wide dissemination of articles. Dr Anne Katrin Schlag is now editor of the journal, together with Dr Pallab Seth. Recent articles focus on cannabis, psychedelics, the opioid epidemic in the US and wider drug harms and drug policies. A

- 10 -

Drugscience Ltd

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 30 June 2024

full list of DSPL publications can be found here: www.drugscience.org.uk/drug-science-journal

The Drug Science Student Society Network (SSN)

The Drug Science Student Society Network is a student led group that aims to provide evidence-based education on all psychoactive substances. The group was founded in March 2020, since that time, Drug Science have established student groups at some of the UK's leading universities.

The network was relaunched as the SSN in summer 2022. It currently consists of over 20 student societies, with the majority based in the UK, and a social platform (Discord) with around 150 student members. Since the start of the academic year in September 2022, SSN events have been hosted at York, Cambridge, Barts, Leeds, Manchester, Belfast, Exeter and Bristol universities.

Key developments:

 We took the decision to change the format for the Student Psychedelic Conference this year, as the appetite for one large online event has diminished since previous Covid years. SSN Co-chair, Ben Clayden, stepped in to host a webinar on 'Psychedelics and Consciousness' with a high-profile panel of experts. This is the first example of our new offering for student members of the SSN, to curate their own online events and have them hosted and supported by Drug Science. This is a format we intend on on pushing in the next academic year, encouraging more students to take the reins and host their own discussions.

Formalised Sign-up Process:

SSN team

We have eleven core members that make up the SSN executive team. Their roles include treasurer, graphic designer, education officer, community lead, communications officer and more.

Student Psychedelic Conference

Every year the students host a psychedelic conference that is one of our most attended events each year. This takes place online and the fees associated are very low to encourage as many students as possible to attend.

Drug Science Community

The Drug Science community has continued to generate revenue over the past year. Unfortunately, Mags Houston, who previously focussed on community related tasks, resigned due to the charity's financial challenges, meaning time resources that can be spent on community building are severely

- 11 -

Drugscience Ltd

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 30 June 2024

limited at present. For the past few months, we have been working with a fundraising consultant to be more strategic about how we use our audience data and comms channels to increase donations. We have refreshed our Community webpage, online donation provider (Donorbox) and membership tiers to be clearer and more compelling.

Events

Due to financial challenges, the charity had to limit the organisation of events and focussed mainly on joining invited conferences instead.

Our Street Drugs Discussion online webinar series continues to see consistently high numbers of registrations, with a great number of high-level experts speaking about a broad variety of issues. Recent in-person events included: Prof David Nutt's book launch, 'Psychedelics' in June 2023, and the annual Drug Science House of Lords event in October 2023.

Podcast

In 2022, Drug Science released Season 4 of the Drug Science podcast. This was produced completely 'in house' and was downloaded 360,000 times in 2022. In early 2023, we started recording brand new episodes and released the first episode of Season 4 on March 1st 2023, releasing new episodes fortnightly for the next 12 months.

In 2023, Drug Science released Season 5 of the Drug Science podcast. Since March 2023, we have released a new episode of the show every fortnight and that consistency has paid off in audience retention.

We have monthly recurring listeners in 182 different countries, and over the past 12 months our listenership has stayed stable with little increase or decrease.

To ensure that we can be flexible with our episode recording schedule, we have enlisted two 'co-hosts' of the podcast - Dr Hannah Thurgur (Drug Science staff) and Professor Jo Neill (Chair of the Medical Psychedelics Working Group). All podcasts remain free to listen to and download here: https:

In June 2024, we had over 1.7 million downloads with a subscriber list of around 8,000-9,000.

- 12 -

Drugscience Ltd

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 30 June 2024

Financial review

Result for the vear

The results for the year are shown in the statement of the financial activities on page 15. During the year, the charity received donations and other income totalling of £704,900 (2023: £915,580). The cost of raising funds for the period (including allocàted support costs) totalled £153,428 (2023: £121,344). Expenditure on charitable activities of £414,854 (2023: £585,391) brought total expenditure for the year to £568,282 (2023: £706,735). The result for the year ended 30 June 2024 was a surplus of of £136,618 (surplus 2023: £208,845). The balance of the unrestricted reserves as at 30 June 2024 was £609,537 (2023: £497,847) and restricted reserves £337,866 (2023: £312,938).

Reserves policy

The level of reserves is monitored and reviewed by the trustees at least annually. The trustees believe that the charity should target to hold unrestricted financial reserves equivalent to a minimum of 2 year's core costs. This is estimated to be £160,000.

Plans for future periods

The priority for the charity continues to be to secure financial stability. Whilst the income generated through T21 has been helpful to support this aims and to further raise the profile of the charity, we are still working on developing funding avenues not dependent on a particular sector alone. The key aim for the foreseeable future is to fully develop financial sustainability, ensuring that its income is sufficient to allow the organisation to continue to meet its charitable objectives.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 30 April 2025 and signed on behalf of the board of trustees by:

Chair Trustee

- 13 -

Drugscience Ltd

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Drugscience Ltd

Year ended 30 June 2024

I report to the trustees on my examination of the financial statements of Drugscience Ltd ('the charity') for the year ended 30 June 2024.

Responsibilities and basis of report

As the trustees of the company (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 ('the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

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:

  1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

  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 accounts 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 accounts to be reached.

Burgess Hodgson LLP

Camburgh House 27 New Dover Road Canterbury Kent CT1 3DN

- 14 -

Drugscience Ltd

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 30 June 2024

2024 2023
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 5 43,521 358,097 401,618 516,106
Charitable activities 6 284,550 18,732 303,282 399,474
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Total income 328,071 376,829 704,900 915,580
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Expenditure
Expenditure on raising funds:
Costs of raising donations and
legacies 7 105,019 48,409 153,428 121,344
Expenditure on charitable activities 8,9 111,362 303,492 414,854 585,391
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Total expenditure 216,381 351,901 568,282 706,735
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Net income and net movement in funds 111,690 24,928 136,618 208,845
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Reconciliation of funds
Total funds brought forward 497,847 312,938 810,785 601,940
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Total funds carried forward 609,537 337,866 947,403 810,785
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 17 to 25 form part of these financial statements.

- 15 -

Drugscience Ltd

Company Limited by Guarantee

Statement of Financial Position

30 June 2024

2024 2023
Note £ £
Fixed assets
Investments 15 1 1
Current assets
Debtors 16 651,378 478,598
Cash at bank and in hand 505,224 466,778
ৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
1,156,602 945,376
Creditors: amounts falling due within one year 17 209,200 134,592
ৄৄৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Net current assets 947,402 810,784
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Total assets less current liabilities 947,403 810,785
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Net assets 947,403 810,785
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Funds of the charity
Restricted funds 337,866 312,938
Unrestricted funds 609,537 497,847
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Total charity funds 20 947,403 810,785
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶

For the year ending 30 June 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

Prof J Neill Trustee

The notes on pages 17 to 25 form part of these financial statements.

- 16 -

Drugscience Ltd

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 30 June 2024

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kindgdom.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.

- 17 -

Drugscience Ltd

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 30 June 2024

3. Accounting policies (continued)

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

- 18 -

Drugscience Ltd

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 30 June 2024

3. Accounting policies (continued)

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recover-able amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible re-versal at each reporting date.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

- 19 -

Drugscience Ltd

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 30 June 2024

3. Accounting policies (continued)

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Limited by guarantee

Every member of the company undertakes to contribute a sum not exceeding £1 to the assets of the company if it is wound up during his, her or its membership or within one year afterwards:

(a) for payment of the debts and liabilities of the company contracted before he, she or it ceased to be a member; (b) for the costs, charges and expenses of winding up; and(c) for the adjustment of the rights of the contributories among themselves.

5. Donations and legacies

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Donations
Donations 43,521 59,842 103,363
Grants
Grants receivable – 298,255 298,255
ৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
43,521 358,097 401,618
৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Donations
Donations 51,934 – 51,934
Grants
Grants receivable 118,741 345,431 464,172
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
170,675 345,431 516,106
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶

6. Charitable activities

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Non-profit income 274,717 (1,250) 273,467
Book royalties 4,982 – 4,982
Events 4,851 19,982 24,833
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
284,550 18,732 303,282
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶

- 20 -

Drugscience Ltd

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 30 June 2024

6. Charitable activities (continued)

Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Non-profit income 373,265 – 373,265
Book royalties 7,249 – 7,249
Events 18,960 – 18,960
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
399,474 – 399,474
৶৶৶৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶৶৶৶

7. Costs of raising donations and legacies

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Allocated support costs 101,991 41,572 143,563
Marketing 528 6,837 7,365
PR/Public income 2,500 – 2,500
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
105,019 48,409 153,428
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Allocated support costs 57,819 42,839 100,658
Marketing 5,547 6,924 12,471
PR/Public income 6,200 2,015 8,215
ৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
69,566 51,778 121,344
৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶

8. Expenditure on charitable activities by fund type

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Support costs 111,362 303,492 414,854
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Support costs 340,411 244,980 585,391
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Expenditure on charitable activities by activity type
Total funds Total fund
Support costs 2024 2023
£ £ £
Staff costs 225,319 225,319 570,818
Governance costs 189,535 189,535 14,573
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
414,854 414,854 585,391
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶

9. Expenditure on charitable activities by activity type

- 21 -

Drugscience Ltd

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 30 June 2024

10. Analysis of support costs

Charitable
activities Raising funds Total 2024 Total 2023
£ £ £ £
Staff costs 128,945 177,738 306,683 429,656
Communications and IT 24,483 47,851 72,334 262,506
Governance costs 189,535 – 189,535 14,573
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
342,963 225,589 568,552 706,735
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
11. Net income
Net income is stated after charging/(crediting):
2024 2023
£ £
Foreign exchange differences 9,007 –
৶৶৶৶৶৶৶ ৶৶৶৶
12. Independent examination fees
2024 2023
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 1,850 1,850
৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶
13. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024 2023
£ £
Wages and salaries 234,841 326,701
Social security costs 14,380 33,592
Employer contributions to pension plans 3,435 6,607
Other employee benefits 32,670 60,434
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
285,326 427,334
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
The average head count of employees during the year was 5 (2023: 7). The average number of
full-time equivalent employees during the year is analysed as follows:
2024 2023
No. No.
Number of staff 5 7
৶৶৶৶ ৶৶৶৶
The number of employees whose remuneration for the year fell within the following bands, were:
2024 2023
No. No.
£60,000 to £69,999 1 2
৶৶৶৶ ৶৶৶৶

- 22 -

Drugscience Ltd

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 30 June 2024

14. Trustee remuneration and expenses

No trustees received any emoluments or reimbursement of out of pocket expenses for their services as trustees during the year (2023: none).

15. Investments

Other
investments
£
Cost or valuation
At 1 July 2023 1
Additions –
ৄৄৄৄ
At 30 June 2024 1
৶৶৶৶
Impairment
At 1 July 2023 and 30 June 2024 –
৶৶৶৶
Carrying amount
At 30 June 2024 1
৶৶৶৶
At 30 June 2023 1
৶৶৶৶

All investments shown above are held at valuation.

16. Debtors

2024 2023
£ £
Trade debtors 151,672 180,889
Amounts owed by group undertakings 499,471 297,709
Other debtors 235 –
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
651,378 478,598
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
17. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 89,192 24,593
Accruals and deferred income 42,275 87,059
Corporation tax 73,542 –
Social security and other taxes 4,191 21,594
Other creditors – 1,346
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
209,200 134,592
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
18. Deferred income
2024 2023
£ £
At 1 July 2023 36,958 81,742
৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶

- 23 -

Drugscience Ltd

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 30 June 2024

19. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £3,435 (2023: £6,607).

20. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At
At 1 July 2023 Income Expenditure 30 June 2024
£ £ £ £
General funds 497,847 328,071 (216,381) 609,537
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
At
At 1 July 2022 Income Expenditure 30 June 2023
£ £ £ £
General funds 337,675 570,149 (409,977) 497,847
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Restricted funds
At
At 1 July 2023 Income Expenditure 30 June 2024
£ £ £ £
Twenty21 (a) 319,931 2,542 (169,049) 153,424
PAREA (b) 14,332 153,397 (118,958) 48,771
Long covid (c) (21,325) 16,325 5,000 –
MPWG (d) – 204,565 (68,894) 135,671
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
312,938 376,829 (351,901) 337,866
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
At
At 1 July 2022 Income Expenditure 30 June 2023
£ £ £ £
Twenty21 (a) 264,020 260,667 (204,756) 319,931
PAREA (b) – 84,764 (70,432) 14,332
Long covid (c) 245 – (21,570) (21,325)
MPWG (d) – – – –
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
264,265
৶৶৶৶৶৶৶৶৶		 345,431
৶৶৶৶৶৶৶৶৶		 (296,758)
৶৶৶৶৶৶৶৶৶		 312,938
৶৶৶৶৶৶৶৶৶

- 24 -

Drugscience Ltd

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 30 June 2024

21. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Investments – 1 1
Current assets 818,737 337,865 1,156,602
Creditors less than 1 year (209,200) – (209,200)
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄৄৄ
Net assets 609,537 337,866 947,403
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶৶৶
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Investments – 1 1
Current assets 557,439 387,938 945,377
Creditors less than 1 year (59,592) (75,000) (134,592)
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Net assets 497,847 312,939 810,786
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶

- 25 -