RACE AGAINST DEMENTIA ANNUAL REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Company Registrdtlon Number: 09973676 Charty Numbers: 1165S591 SC052594
RACE AGAINST DEMENTIA ANNUAL REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS PAGES Truslee5' and Directors, Annual Report and Stiategic Report 1108 Auditor's report 9t012 Consolidated Slalemenl of Financial Activities and Income and Expenditure Account 13 Consolidated Balance sheet 14 Charty Balance sheet Con501idaled Stslemenl of Cash Flows 16 Notes ID the financial statements 17to30
RACE AGAINST DEMENTIA TRUSTEES. AND DIRECTORS. ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees, who are aiso the Directors for the purpose of company law, present their report and the independently audited financHI statements of Race Against Dementia ("Ihe char or Yhe Charttable Companfl, for the year ended 31 December 2024. The comparative figures represent the year ended 31 December 2023 las restated). The financial statements compty wth the Charities Act 2011 and where applicabiè, the Charitiès Act 2022, the Companies Act 2006, the Charities and Trustee Investment IS¢otlandl Act 2005, the CharTties Accounts (Scotland) Regulations 2006, the Memorandum and Articl8s of Association. and Accounting and Reporting by Charfties- ststement of Recommended practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 I'charities SORP FRS 102"). the Financial Reporting Standard applicable in the Unf(ed Kingdom and Republic of Ireland IFRS 1021. PRIOR YEAR ADJUSTMENTS Please refer to Note 2 for details of the prior year adjustment. REFERENCE AND ADMINISTRATIVE DETAILS Race Against Dementia, Iregistèred Charity Number 1165559, SC052594 and Company Number 099736761 is based and administerec( in the United Kingdom. The regisl&rgd address is C9 Gfyme Court, Oxford offi Village, Langford Lane. Kidlington, Oxford OX5 1LQ. DIRECTORS. TRUSTEES AND SECRETARY The Directors and Trustees of the Charty who held Offi during the year and Continue to serve at the date of this report are.. Mr Mark McGr8gor Stewart Mr Paul Stewart Dame Vivièn Duffield, DBE Ms Linda Cooper Mrs Bridget Barker lappoinled 26 February 2024) Mr Jerèmy Courtenay-stamp hAr Christopher Bli%s Mr Raoul Jean-marc Huet Mr Khoi Tu Mr John Clark Mr Will Gritfiths (appointed 12 March 2024) mrdr¥nLFoUIII Ite.wonpJl 27 Fpb ,
RACE AGAINST DEMENT]A TRUSTEES. AND DIRECTORS, ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 S¢iontific advlsors Prof Siddharthan Chandran, Prof Philip Schgllens and Prof Tara Spires-Jonos lappoinled January 20241 BANKERS HSBC Bank Pl¢ 8 Canada Square London E14 5HQ SOUCITORS Maefarianes LLP 20 Cursilor Street London EC4A 1LT ACCOUNTANTS The MGroup C9 Glyme Court Oxford Offi¢9 Village Langford Lane Kidlington Oxford OX51LQ AUDITORS Xeinadin Audit Limited 8th Floor Becket House 36 Old Jewry Lgndon EC2R 8DD STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity is a private limited company registered in England & Wales incorporated on 27 January 2016 and govèrned by ils Memorandum and Articles of Association. The Charity was registered as a Charity with the Charity Commission for England and Wales on 12 February 2016 and with the Office of the Scottish Charity Regulator on S June 2023. The number Df Trustees sh811 be a minimum of three al any one time and shall not be subjert lo any maximum. New Trustee5 shall be appointed by ordinary resolution by the existing Trustees. The range of skills represented on the Truste& Board will be kept und&r rgview as the Charty develops over lime. The Trustees communicate regularty throughout the year to discuss and devebp the Charty's goals and strategy and lo review grant proposaLq and general grant ruSt8.
RACE AGAINST DEMENTIA TRUSTEES. AND DIRECTORS. ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Induction and Training As Dart of their trai
RACE AGAINST DEMENTIA TRUSTEES, AND DIRECTORS, ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Internal ¢ontrols The Trustees have overall responsibility for ensuring that the Charity has appropriat8 systems of inlemal controls. They are responsible for keeping proper accounting records which disclose wrf(h reasonable accuracy al any time the financial position of the Charity and enable them lo ensure that the financial statements follow best practice and all applicable law regulation and guidance. The Trustees are also responsible for the Charty safeguarding its assets and lor taking reasonable steps for the pievenlion and detection of fraud and other irregularities. In order lo oversee the day to day running of the Charty an Executive Committee was established. In 2024 the corntnittee comprised of four Trustees, Mark Stewart, Christopher Bliss, Linda Cooper and Bridget Barker, together with the Chief Executive Officer, Mrs Veronica Bamford-Deane, the Chief Operating Officer, Lydia Beaton, and the Chief Development Officer, Mrs Shiryn Millard-Hill. All other Trustees are wèlcome to attend meetings of the Executive Committee if they 5ts wish. In May 2020, the Trustees fofmally appointed two scientific Advisors, Professors Siddh8rthan Chandran and Philip Scheltens. and Prol Tara Spires-Jon8s in January 2024, highly respected dementia scientists who have been Informal advising the Charity. The Scientific Advisors work closely with the Executive Commrtlee on the strategy relating lo the funding of research and monitoring progress of researchèrs and projects. The system of internal controls is designed lo provide reasonable, bul not absolute, assurance against material misslalemenl orltsss. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The obje¢ts of tha Charity are Specrfical restricted to.. The pr&seNation and protection ol thè health of the public in particular by promoting or assisting in the promotion of research into the causal mechanisms of neurodegeneralive diseases with the aim of treating or preventing dementia and the dissemination of the resufts of such rèsearch., The protnolion of the relief and Irealrnenl of those suffering from dementia and related disorders and the provision of support both for such persons and those caring for them., and All other purposes that are for the publ benèfit and are excluswely charitable under the law of England and Wales. The Trustees havè a number of powers which are eletaid in th& Articles of Association and which may be exercised only in promoting the objects. Statement of Publi¢ Bgnefit As a granl-funder, the Chariws activities will provide public benefit lo the indwiduals and communities who are beneficiaries ol the Charitys funded projects. Thè Charity's publ benefit is not limrted wi(h reference lo geography, by the charging of fees or otherwise. The Trustees are aware of the Charity Commission guidance on Public Benefrt and confirm that they have complied with the duty in Section 4 of the Charities Act 2011 and where applicable, th? Charities Act 2022, to have due regard lo It. They consider the information which follows in this annual report, about the Charitls aims, activities and achievements in the areas of interest that the Charity supports dèmonslrales the benefit lo ils beneficiaries and through them lo the public, that arise from those aclNilies.
RACE AGAINST DEMENTIA TRUSTEES, AND DIRECTORS. ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Grant Making Poli¢ie5 Thè Trustees, grant making policy has been to g8ner3lly Consider making donations by way of direct funding and also by way of grants lo charf(able organisations recognised as such in their respectNe jurisdictions for projects that are excluswety charitable under English law. The Charity has sound grant arrangements in place so that rf( can property select appropriate grantees and impose prudent terms on grants, including, as appropriate. monitDring and evaluation of the way in which fund5 are applied by grantees. ACHIEVEMENT AND PERFORMANCE Charitable Activities Dired charitable expendtiure for 2024 totslled £3,694,32312023: £1,654.35n. Race Against Dementia funds and equips dynamic reseaher$ wh Formula 1-inspired mindset training and mentoring, to accelerate brèakthroughs in diagnosis, risk factors and treatments for dementia. Three new researchers joined the PTogramme through funded Fellowships in 2024.. Race Against Dementia funded one new UK Fèllow in partnership with Alzheimerfs Reseai¢h UK in 2024. DT Elise Milosevich, bssed al the Universty of OxfDrd. is exploring how strokes affect dementia rk and why some people develop dementia after SLrff8ring a stroke. Dr Pradeep Manuneedhi Cholan, from Macquarie Universty, was awardèd the Dementia Austrdia Research Foundation Fellowship. Pradeep is studying how gLrt bacteria influenee Akheimerfs progression to aKI eaty diagnosis and new Iieatmenls. A third Fellowship was awarded in the US lo Dr Audrey Low, who is based at Mayo Clinic, Rochester. Audrels research wll investigate whether the fluid build-up in spaces bebNeen blood £SelS in brain is also connected to the t0C proteins that are known to cause Alzheimerfs. Grants were also made to expand the work of existing Feltows at Cardiff University and a Fellowship at the UnNerstty of Cape T¢)wn. As well as the Fellowship prcxJramme, Rxe Against Dementia provides Ignitton Fund grants of up to £100,000 to help scientists quickly pursue new opportunitie5 and prevent promising ideas from being shelved. Three IgnTknon Fund grants wer8 made in 2024 to= Dr Gaynor Smith, Unwer5ty of Cardiff. Gaynorfs lab uses fruit flies lo study Akheirnerfs and is investigating the role of an under-studied gene callec( 'VVVVOX' in pOt&ntia1 prgtecling the brain from dementia. Dr Yazead Buhidma, UCL. The project studies how immune celis in the brain are affected in Fronlotemporal Lobar Degeneration, a form of dementia, and how viral infections may play a role in the disease. Dr David Koss, UnNersity of Dundee, who 15 Starting a researGh group lo study how damage lo our genes can lead to dementia, specificalty focusing on Dementia wrf£h Lewy Bodies. In 2024 Ra Against Dementia selècted the first cohort of Team5 projects. This programme identrfies high potential dementia research leaders and backs them to build a talented team of scientists to drwe forward research. Awards of £750,000 are to be made to support teams for five years, and the selection process lo find them began in 2023 and concluded in 2024. The process was spearheaded by Rosetrees, a UK private medical charty.
RACE AGAINST DEMENTIA TRUSTEES. AND DIRECTORS, ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE CONTINUED... Over 73 applications were received for the funding and a scientific panel selectèd the winning applications in May 2024. Due lo the eXptIOnal quality of applications, six teams were seleGled instead of the planned five. A commitment Df £4.2 tnillion was made lo fund these rèsearch teams over the next fivè years. The winning teams are from the Unpiersty of Oxford, Kings Colle London, the Francis Crrk Insti(Lrte. UnNersity of Ediriburgh, University of Cambridge and University College London and resèarch topics cover risk facloTS, detection and potential Irealmenls for different types ol dementia. Raee Against Dementia commrtted lo fund Dementia Researcher for five years and made one inslalment of the gift in 2024 totalling £25,000. As a SLJPPOrtive network for early career researchers, this plafform helps dementia researchers lo find fundin9, jobs and events. In earfy 2024, with Race Against Dementia's support, the 8io-Hermes Biomarker Data Challfrnge at Glasgow and Sl Andrews Universities was launched, awarding 40 researchers with access to thèir rich dementia dataset along with comprehensive support, including an in-house data manager, bioinformalician, and experienced academics. Traditionally, the potential of dementia data to accelerate research is limited lo specialized cenlres. The BioHermgs Data Challengè platfomi disrupts thi5 tradition by democralizing data sharing, beneff(ing all researchers, including those without data scienc? gxperience. All funded researchers are enrolled on the Race Against Dementia Training Programme. inspirèd by the pace and precision of Forrnula 1. They are enGouraged lo apply the mindset trails, founcl across teams in Formula 1, to their dementia research. As part of the programmè, every months, Race Against Dement13 hosts virtual online training sessions lo bring together the international cohort of researchers and offer inspiring talks and training Opportunrtl. A hi9hlight during 2024 was the session led by Alpine Racing's HR team, who drew on their experience within an F1 team lo guide researchers on building a wnning team. An important evont for the Training Programme is the annual research summit. At Silverslone race track, this annual event immersed 30 of the funded researchers in the fasl-pa¢ed world of Fomula 1. The week featured workshops from industry experts including former Ferrari slralegisl Ruth Buscombe Divey who shared how her role involved making quick decisions during races, a skill similar to handling the fas1-pa¢ed flow of data ID research. Luca Furbatto, Head of Engineering al Aston Martin, also shared insights Dn balancing multiple projects without restricting innovation and creativity. Researchers loured Aston Martin's slate-ol-lhe-art factory and Nick Fry, &x- CEO of Brawn GP, delivered an inspiring talk on crisis management and winning strategies for researchers lo apply in th&ir own work. Donations ce1ved in the yèar allowed Race Against Dementia to fund these research programmes.
RACE AGAINST DEMENTIA TRUSTEES. AND DIRECTORS. ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW The Statement of Financial Actwtiies on page 13 shows total inwming resources for the period of £2,997,498 12023.. £2,258,550) which consisted of reslricled and unreslri¢led donations and tax reclaimed through the Gift relief schème where applicable Resources expended totalled £3,874,771 12023= £1.941,5011 and includes charitable activities of £3,694,32312023= £1,654,35n and the costs of raising funds of £176,71012023.. £281,524} and costs of other trading actNities of £3,73812023.' £5,620). Governance costs totalled £97,422 {2023.. £63,108) and are included within charitsble actThitiies The b2[an of reseNes at 31 December 2024 is £2,314,51912023.. £3,211,657). The Trustees have Tesearch commthents of £689,032 whth are adequatety Covered by existing resources. This will cover pledged commitments to Teams, Ignition Fund projects, the international Fellowship programmes in Cape Town University and Mayo Clinic and the ongoing commitrnenl to UCL for the Dementia Researcher platform. The net assets of the Charity are regarded as free reserves and the funds al 31 December 2Q24 wll be retained to make grants in accordancè WEth the Charitys charitable object5. The ongoing worldwide issues are having an impact resulting in high energy costs and other cost inflating fractors have affected the global economy. Having consider8d the contingency plans in place and having reviewed updated cashflow forecasts, the Trustees consider the adoption of the going concern basis in preparing these financBI ststements continues lo be appropriate. RISK MANAGEMENT A risk assessment has been undertaken which comprises.. An annual rèview ofthe risks the Charity may fa. The 8Stablishment of syslerns and procedures lo mitigate those risks- and The implementation of procedures designed to minimise any potential impact on the Charity should those risks malerialise. This continuing pr9$$ wll identify risk area5 to which the Charity is vulnerable and highlight any necessary safeguards that will need to be put in place. No major risks were idenlrfied at the dale of these financial statemènts. The Trustees have signed fft and proper declarations in line wth HMRC guidance.
RACE AGAINST DEMENTIA TRVSTEES, AND DIRECTORS. ANNUAL REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 PLANS FOR THE FUTURE The Trustees do not propose lo deviate from the current Dbjeclives and activities of the Charity as detailed in Section 'ObjeclNes and Activities for Public Benefiv of this report but will further develop and refine their slralegies, policies and procedures in future. Specrfically.. In 2025, Race Against D&mentia will continue lo inspire the next generation of dementia resear¢h&rs. The charity will be focusing on fostering and delivering the Formula 1 menlalily to inspire speed and collaboration throughout dementia research. More specrficalty they will.. Continue to fund innovative and molNaled dementia researchers in the US, UK, Europe and Australia across the three core iesearch programmes. Deliver a uniquely curated and dynamie Race Against Dementia Researcher Training Programme influenced by the FormuLA 1 menlalty. Lead the effort lo integrate Artificial Intelligence into dementia research to accelerate and transform the search for a cure. This report wa5 approved by the trustees on.. 3010912025 Mr Christopher Bfiss Trustee
RACE AGAINST DEMENTIA AUDrroRS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 OPINION We have audited the financial statements of Ra Against Dementia Ithe'charilable Companll for the year ended 31 December 2024, which comprise the Statement of Financral Activity, Consolidated Balance Sheet, Balance Sheet, Cash Flow Statement and the notes to th8 financial statements, including a summary pf signiffcant accounting policies. The financial reporting framework that has been applied in their preparation is applicab12 law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, Iunited Kingdom Generalty Accepted Accounting Practice). In our opinion the financial statements.. give a true and fairview of the stste of Ihg Charitable Company's affairs as at 31 December 2024 and of it8 incoming resources and application for resources, including its incomè and expenditure for the yaar then ended., have been proper prepared in accordance with United Kingdom General Accepted Accounting Practice., and have been prepared in accordan wf(h the requirements of th& Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordan with International Standards on Audrting (UK) IISAS (UK)) and applicable law. Our responsibilities undèr thos2 Standards are further described in the Auditors. responsibilities for the audit of the financi21 slalements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in a¢¢ordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide 8 basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the Trustees, use of the going concern basi% of accounting in the preparation of the financial stalernents k% appropTiale. Based on the work we have performed, we have not identifiecl any materral UnrtaInlieS relating to events or conditions that, individualty or collectwety, may cast significant doubt on the charitable companys ability to continue as a going concem for a period of al least twelve months from when the financial ststements are authorised for issue. Our respon5ibiltties and the wponsibilf(ies of the Trustees with respect lo going concem are described in the relevant sections of this report. OTHER INFORMATION The othèr infomiation Comprises the information included in the Trustees Annual Report other than the finanGial ststements and ourAuditors' Report theretsn. The trustees are responsible for the other information contained wtihin the Trustees Annual Report. Our opinion on the financial st*èments does not cover the other inforniation and, except lo the extent otherwise explicitty stated in our report, we do not express any fomi of assurance conclusion Ihereon.
RACE AGAINST DEMENTIA AUDITORS. REPORT FOR THE YEAR ENDED 31 DECEM8ER2024 OTHER INFORMATION CONTINUED... Our responsibilty is trj read the other information and, in doing SD, consider whether the other information is materially inconsistent wfth the financial stalemenls, or our knowkdge obtained in the coursè of the audil, or otherwise appears to be mal&ri81ty mis51aled. If we idenlrfy such material inconstènCles or apparent material misslatemènls, we are required lo determine whether this gives rise to a material misslalemenl in the linancial slalements thèmselves. If, based on the work we hav& performed, we conclude that there is a material misslalemenl of this other information, we are required to report that fact. We have nothing to report in this regard. OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the cours& of the audit.. the informalitrn given in the Trusle&s' report lincorporaling the Directors, report) for the financial year for which the finan¢ial slalemenls are prepared is consislenl with the financial slatemenls," and the strategic report and the Directors, report have boen prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knoWIge and understanding of the Charitable Company and ils environmènt oblaingj in the course of the audit, we have not identified material misstatements in tho Directors, report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 rèquires us lo report to you if, in our opinion.. adequate accounting records have not beèn kept, Dr returns adequate ftrr our audf( have not been received from branches not visited by us". or the financial statements are not in agreement wth the accounting records and returns., or Certain disclosures of directors, remuneration specrfied by Saw are not made, or we have not received all the infom)alion and explanations we requirè for our audit., or the Trustees were not entitlèd lo pr?pare the financial statements in accordance with the small companies, regime and lake advantage of the Small cornpanies, exemption from the requirement to prgpare a Strategic report. RESPONSIBSLITIES OF TRUSTEES As explainec( more ful in the Trustees, respon5ibililies slalemenl sel out on page 2, the Trustees (who are also the Directors of the Charitable Company for the purposes of company lawl are responsible for the preparation of the financial statements and for b&ing satisfied that they give a true and fair view. and for such internal control as tha Trustees determine is necessary lo enable the preparation of financial slalèments that are free from material miss13tement, whether due lo fraud pr error. 10
RACE AGAINST DEMENTIA AUDITORS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 RESPONSIBIUTIES OF TRUSTEES CONTINUED... In preparing the financial statements, the TTuslees are responsible for assessing the charitable companvs ability lo continue as a going concem, disclosing, as applicable, matters related lo going concern and using the going concern basis of aGcounting unless the trustee5 either intend lo liquidate the Charitable Company or lo cease operations. or have no realistic ahernalive but lo do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCJAL STATEMENTS Our objectives are to obtain reasonable assuran about whether the financial statements as a whule are free from material misstalemenl, whether clue to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance but ts not a guarantee that an audit conducted in accordance wtih ISAS (UK) will always delect a material misstatement when it exists. Misslatemenls arise fiom fraud or error and are considered material rf, indThrirJually or in the aggregate, they could reasonabty be expected lo Influen the enoMiC clècisions of users taken on the basis of these financial slalements. Irregularf(ies, including fraud. are instances of nonCoMpliance wtth laws and regulations. We design prcKedures in line with our responsibilities, outlined above, to detect material misstatements in Tespecl of irregularities. including fraud. The extent to which our prc£edures arè capable of detecting irregutarities, including fraud is detail below.. Enquiry of management and those charged wth governan around actual and potential litigation and claims- Enquiry of management and those charged wth governance to idenlfy any instanceg of non-complian wth laws and regulations., Perforrning audit work over the ri%k of management override of CDntrols, including testing ofjournal anlries and other adjustments for appropriateness, evaluating the business rationale of sjgntficant transadtons outside the nomial course of business and reviewing accounting estimates for bias. The potgnlial effect of these laNS and regulations on the financial statements varies considèrabSy. Firstly, the Charitable Company is subject to laws and regulations that direct affect the finanGial statements including financial reporting legislation {including related cotnpanies legislalionl. distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial sta19ment items. Secondty, the Charthble Company is subject to many other laws and regulations where the consequence of noncornpliance could have a material effeet on amounts or disclosures in the financial statements, for Instan the imposition of fines or litigation or the loss of the Chartiable Company's license to operate. W& identrfied the following areas as those most likety to havg such an effecL. heatth and safety including data protection laws and employment law compliance for recognising the nature of the Charitable Companls a¢tNlties. Auditing standards limrt the required audit procedu$ Its identfy non-compliance with these laws ancl regu18tions to enquiry of the directors and other management and inspection of regulatory and legal CDrrespondencè, rf any. Therefo, rf a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
RACE AGAINST DEMENTIA AUDITORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS CONTINUED... Because of the inherent limrtalions of an audf(, there is a risk that we will not delecl all iiregularilies, including those leading lo a material mi5Stalement in the f1nancial slalemenls or non-compliance with regulation. This risk increases the mor& that Compliance with a law or regulation is removed from the events and transactions reflected in the financial slalemenls, as we will be less likely to becom& aware of instances of non-compliance. The risk is also greater regarding irregularities 0Urring due lo fraud rather than &rror, a5 fraud involves intentional concealment, forgery, collusion. omission or migrepresenlation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audrt and signrficanl audit findings, including any signfficanl defici$n¢ies in internal control that we idenlfy during our audit. A further description of our responsibilities for the audrt of the financial statements is located on the Financial Reporting Council's website al.. ww.frc.org.ukl?uditorsresponsibilities. This description forms part of our Audf(ors' Rep)rt. USE OF OUR REPORT This report is made solely to the Charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audrt work has be8n undertaken so that we might stsle lo the Charitable Companls members those matter5 we ar& required lo slate to them in an Auditor's Report and for no other purpose_ To the fullest extent permitted by law, we do not accept or assume iesponsibility lo anyone other than the Charitable Company and th& Charitable Company's members as a bpdy. for our audrt work, for this report, or for the opinions we have formed. Kieron Pearce FCCA (Senior Statutory Auditor) for and on behalf of Xeinadin Audit Limited Chartered AOuntants and Slatulory Auditors 8th Floor Becket House 36 Old Jewry London EC2R eDD Date.. 8oAoq/Is 12-
RACE AGAINST DEMENTIA CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 As restated Total 2023 Note5 Restricted Funds Unrestricted Fund$ Total 2024 INCOME Ineorne from donations and legacies Investments Other trading actNiti&8 871,051 2.079.615 46,340 492 2,950,666 46,340 492 2.220,736 34,832 2,982 Totsl income 871,051 2,126,447 2.997,498 2,258.550 EXPENDITURE Chartable activities Raising funds Expenditure on other trading activities Governance costs 530,567 3.066,334 176,710 3,738 97.422 3,596,901 176,710 3,738 97.422 1,591,249 281,524 S,620 63,108 Total expenditure 530,567 3,344,204 3,874,771 1,941,501 Loss on sale of invfystments 8.428 IDEFICITI I INCOME 340,484 11,217,757) 1877,2731 308,621 OTHER RECOGNISED LOSSES I GAINS Reali%ed Ios5 on foraign Currenry Disposal of RAD Commercial Limited 22,848 12,9831 22,848 (2,9831 20,688 NEf MOVEMENT IN FUNDS 340,484 11,237,622) 1897,1381 287,933 Reconciliation of funds Total funds brought forward 16 169,744 3,041,913 3,211.657 2,923,724 Total funds ¢arried forward 16 510,228 1,804.291 2,314.519 3,211,657 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure is derived from ntInuing actmlies. 13-
RACE AGAINST DEMENTIA CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024 A5 restated 2023 Notes 2024 FIXED ASSETS Tangible assets 25,181 2,113 CURRENT ASSETS Debtors Cash al bank and in hand 11 15 85,041 2.264,724 39,811 3,269,962 2,349,765 3,309,773 CREDITORS.. Amounts falling duè within one year 12 60.427 100,229 NET CURRENT ASSETS 2,289,338 3,209,544 NET ASSETS 2,314,519 3,211,657 FUNDS OF THE CHARITY: Unroslricted income funds Reslric19d income funds 16 16 1,804,291 510,228 3,041,913 169,744 2,314,51 g 3,211,657 Approved by the Iruslees on 3010912025 and signed and authorised for issue on their behalf by= Mr Christopher Bliss Trustee 14-
RACE AGAINST DEMENTIA BALANCE SHEET AS AT 310ECEMBER 2024 As restated 2023 Notes 2024 FIXED ASSETS Tangible assets Invgstments 25,181 2,113 100 10 25,181 2,213 CURRENT ASSETS Debtors Cash at bank and in hand 11 15 85,041 2,264.724 70,346 3,241,675 2,349,765 3,312,021 GREDITORS.. Amounts falling due within one year 12 60,427 99,939 NET CURRENT ASSETS 2.289,338 3,212,082 NET ASSETS 2,314,519 3,214,295 FUNDS OF THE CHARITY: Unrestricted income funds Restricted income funds 16 16 1,804,291 510,228 3,044,551 169,744 2,314.519 3,214,295 Approved by thè Iruslees on 30J0912025 and signed and authorised for issue on their behaw by.. Mr Christophgr Bliss Trustee 15-
RACE AGAINST DEMENTIA CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 As rgstated 2023 Notes 2024 Cash flows trom operating actlvltles Net Idefirytl l income for the reporting period la5 per the SOFA) 1897,1381 287,933 Depreciation Loss on sale of investments Equlisation DI investments Income from dividends Movements in working capital Ilncrèasel I decrease in debtors (Decrease) l increase in creditors 6,251 486 8,428 3.61 S 116,0331 145,2301 139,802} 8,39S 70,941 Net cash (used inl I provided by operating activities 178,7811 75,836 Cash flows from investlng actlvltl¢$ Purchase of fixed assets Purchase of sharès Dispos31 of shares Dividends receivgj 129,3191 12,5991 (1,000,000) 987,954 16,033 Net cash (used in} I provid&d by investing aclivrties (29,3191 1,388 Net Idecreasel I Increase in cash and cash equivalents 11.005,2381 365,157 Cash and Gash equivalgnts at the beginning of the year 1S 3,269,962 2,904,805 Cash and cash equivalents at thg ond of the year 15 2,264.724 3,269,962 16
RACE AGAINST DEMENTIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 GENERAL INFORMATION Race Against Dementia is a registered Charty and prtvate company limfted by guarantee incorporated in England and Wales. Its registered office and princip21 office is.. C9 Gtyme Court Oxford OfFice Vi113ge Langford Lane tQdlington Oxford OX5 1LQ The financial statements are presented in Sterling, which is the functional currency of the Chartiy. The financial statements are rounded to the nearest £1. The Charity has no share capital and in the event of winding-up each member i% limi(ed to £1. The Charity is a public benefit entity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of preparation of the financial statements These financial statements have been prepared in accordance WTth the Accounting and RepDrting by Charities.. Statement of Recommended Practice applicable lo charities preparing acGc>unts in accordance wtth the Financial Reporting Standard 102 Section 1A applicable in the UK and RepLiblic of Ireland {FRS 1021 leffectnie 1 January 2019)- ICharTties SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Irèland IFRS 1021, and the Companies Act 2006. Cash Flow Statement Race Against Dementia, as an indThiidual entty, meets the dfrffnTtion of a qualfying entity per FRS and ha5 taken advantage of the exemption available in paragraph 1.12 of FRS from presenting a company-oniy statement of cash flows. Thesè consolidated financial ststements include a consolidated statement of cash flows which include the cash flows of Raco Against Dementia. Going concem The Trustees consKler that there are no material uncertainties about the Charty's abilty lo continue as 8 going concem nDr any signrficant areas of uncertainty that affect the carrying value of assets held by the Charity. Ample reserves are held tr) meet the minimum funding obligations. The wholty owned subsidiary ofthe Charty, RAD Commercia] Limfted, Company r. 14445092, which was inwrporated in England and Wales, was di%solved on 3 September 2024. However, this has not affected the operations of the Charty. 17-
FiACE AGAINST DEMENTIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF ACCOUNTING POLICIES (continued. .) Basis of consolldation The consolidated financial statsmonls consolidates the results of the Charity and its wholly owned subsidiary undertaking, FIAD Commercial Limited, c)n a line-by-line basis. Accounting policies are applied consislenlly throughout thè Group. A separate Slalement ol Financial AclNits'es ISOFAI and income and expenditure account for the Charity has not been presented because the Charity has taken advantage of the exemption afforded by Companies Ad 2006, Section 408. Incomlng resoue5 Income is reCnISed when the Charty has entillemenl to the funds, any performanee conditions attached to the ilemlsl of income have been mel, it is probable that the income will be received and the amount can be measured reliably. Where income has related èxpendrture las with fundrasing or grant incomel, the income and related exp&nditure are reported gross in the Consolidal&d Statement of Financia Activities and Income and Expenditure Account. Investment income is derived from the dividend and interest recebvable from investrnenls and 15 accounted for in the period in which the Charity is entitled to rèceipt. Interest from deposit accounts are included as and when received only. In¢ome from donations is included within incoming resources when those arg rgcgivabl$, Qxcepl as follows.. When donors specfy that donations and grants given lo the Charity must be used in future accounting pèriods, the income is deferred until those periods., When donors impose conditions whh have to be fUilled before the Charity becomes entitled lo use such income, the inwme is deferred and not included in incoming resources until the pre-conditions for use have been mel., and When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount lo pre-condlcions regarding entf(lement, this income is included in incoming resources of restricted fund5 when receivable. Expenditure Ail expenditure 15 included on an acctuals basis and is recognised when there is a legal or constructive Dbligalion commilling the Trustees to the expenditure. Costs of charitable aclivrfcies are expenses directly incurred in achieving the objectives of the Charity. Which includes the provision of grants lo support reSeah programmes and the training of programmè researchers. The cost of raising funds is tho Oxpondituro incurrèd in supporting fundraising avents aimed lo increase donations. Govèrnance costs include those incurred in the govèrnance of the Charty and rts assets and are primarity associated with conslilutional and stslulory requirements. Irrecoverable VAT is charged as a cost against the actmty for which the expenditu was incurred. 18
RACE AGAINST DEMENTIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF AccoullNG POLICIES (continued...) Tangible fued assets Fixed assets are Carried at Cost less accumulated depreciation and accumulated impairm&nt losses. Deprlation has been provided at the foll0vng rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. offi è4uipment Plant and machinery straight line basis at 209h per annum Reducing balan basis at 20YD per annum On disposal, the drfference between the net disposal proceeds and the carying amount of the item sold is r2¢0gnised in the profit and loss account, and included within administratwe expenses. Investments Current asset investsnenls are stated at the lower of cost and net realisable value. Investments a a fDrnI of basic financial instrument and are initialty recognised at their transaction value 8nd Subsequent measured at their fair value as at the balance sheet dalè using the closing quoted maiket pri, except for the shares in the trading subsidiary which are carried at cost. The statement of financial activibes includes the net gains and losses arising on revalLrtion and disposals throughout the year. Financial instruments The Charty only entèrs into basic financial instruments transactions that resutt in the recognthon of financial assets and liabilities like trade and oth8r accounts receivable and payable, loans from banks and other third parbes, loans to related parties and investments in non-puttable ordinary shares, as detailed in investments. Financial assets are measured al cost and are assessed al the end of each reporting period for objectNe evidence of impairment. Where objective evidence Df impairment is found, an impairment loss is recognised in the statement of financial actNities. The impaimient loss for financial assets measured al cost is measured as the drfference beeen an asseys earying amount and the best estim*e, which is an approximation, of thè amount that the Charty would recewe for the asset rf il werE to be sold at the reporting date. Financial assets and liabilities are offset ancf the nel amount reporteLI in the balance shèet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or lo realrse the asset and setde the liabilty simutsneousty- Debtors Short term debtors are measured at transaction pri, less ary impairment. 19
RACE AGAINST DEMENTIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF ACCOUNTING POUCIES l¢ontinued...I Creditors Short term trade creditors are measured al the transaction price. Other financial liabilities, including bank Soans. are measured initially at lair valu8, net of transaction ¢05ts, and subs8quently al amortised eost. Provisions Provisions are recognised when the Charity has a legal or conslruclive obligation at the reporting date as a result of a p&sl event, it is probable that the Charity will be required lo settle the obligation and the amount of the Dbligalion can be rèliabty eslimaled. Provisions are recognised al the best estimate of the amount required to settle the obligation al the reporting dale. Status of funds The Charity holds bpth restred and unreslricled funds. Unrttstricted funds are those lor which Tru51ees have complete discretion for their use in pursuance of its objectives and thè day lo day operation of the Charity. Reslricled fund5 are funds which are lo be used in accordance with specffic reslriclions imposed by thg donors or which have been raised by the Charity for particular purpc)ses. Taxatlon Thè Charity is considered to pass the tests sel out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore il meets the definrtion of a charitable company for UK corporation lax purposes. Accordin9ly, the Charty Is potential exempt from laxalion in respect of income or capil31 gains received within categories covered by Chapter 3 Part 11 Df the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains 8re applied exclusivety to charitable purposes. Cash at bank and in hand Cash includes Cash in hand and deposits held al 11 with bank8. Defined contribution pension obllgatlon A delined contribution plan is a pension plan under which fixed contributions are paid into a pensK)n fund and the company has no legal Dr ¢onslruclive obligation ID pay further contributions èven if the fund does not hold Sufficient assets lo pay all employees the benefits relating lo employee service in the currènt and prior periods. ContribLrtions to dèfined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exed the contribution due for service, the excess is recognised as a prepayment. All pension cos15 are included in unrestricted expend(ture. -20-
RACE AGAINST DEMENTIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF ACCOUNTING POLICIES (continued...) Foreign currencies Transactions in foreign currencies are translated at the rate of exchange ruling at th& date of the transaction. onelary assets and liabilities denominated in foreign CUTrencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Exchange drffe¥ences are taken to net income in the statement of financial activities. RESTATEME OF COMPARATIVES The comparative figures have been reststèd to reclassify expenditure on a charitable actThity from restricted funds to UnreStrted funds. This adjuslmenl was required because the a¢tMty wa5 funded and the related expenses were borne dirèctly by the CharTiy. The reststemenl has no impad on the total funds reported. Comparative infomiation, as reststed, is presented in Note 17. CRrricAL ACCOUNTING ESTtMATES AND JUDGEMENTS The direoloTS have not made any key assumptions in determining critical accounting estimates and judgernents. -21
RACE AGAINST DEMENTIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INCOMING RESOURCES The incoming resource5 included in the Consolidated Statèment of Financial ActNiliÈs Intome and Expènditurè Account consist of the following sources of income.. As restated 2023 Total Restricted Funds Unrestricted Funds 2024 Total Income from donatlons and lègacies Voluntary Donations Fundraising event income Charity platform donations Website donations Gift Aid lax relief Legacies received Other income 871,051 1,463,740 183,946 208,971 54,382 93,679 92,654 2,243 2.334,791 163,946 208,971 54,382 93,679 92,654 2,243 1,953,320 13,500 128,125 75,417 49,534 871,051 2,079,615 2,950.$66 2,220.736 Income from invèstments Money market interest Dividend income 46,340 46,340 18,799 16,033 46,340 46,340 34,832 Income from other trading activities RAD Commercial Limited- Merchandise Sales 492 492 2,982 Total Income 871.051 2.126,447 2,997,498 2,258,550
RACE AGAINST DEMENTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 EXpENDVRE The resourees expended included in the Consolidated Statement of Financial Activtties and Income and Expenditure Account consist of the following Sour of expenditure.. A5 reststed 2023 Total Restricted Funds Unrestricted Funds 2024 Total Charttable activities- Grants awarded University of Edinburgh - Fellowships l Teams Alzheimer Centre, Amsterdam UMC- Fellowships University of Oxford- Teams University of Cape Town - International Fellowships Universty of Cambridge- International Fellowships UCL- Dementia Researcher online plattorm UCL- Parkinson'5 research Geneva Unwersty Hospitals Foundation- International Fèllowships Mayo Clinic- International Fellowships ALzheimels Research UK- Felk)wships R05etrees Trust- Teams University of CardrfF- PhD support Briti%h Council - Research partnership Fellowship Trdining Progtamme Ignition ftjnd Bii>Hemes dats projeGt- Scptbsh research 74,830 74,830 250,000 193.051 193,051 69,127 69.127 67,251 67,251 64,C69 67,080 25.000 67,080 25,000 50,0(X) 17,688 177,972 177,972 176,236 124,834 249,282 7,500 28,334 33,400 85,564 166,460 170,932 1,483,307 28.334 33,400 57,149 288,378 337,392 1,483,307 28,334 33,400 57,149 288,378 128,070 128,L170 Total grants payable 530,567 2,499,774 3,030,341 1,086,907 The headings above have been changed during the year ID refiect where the expenditure has been allocat lo more accuratety- Charitable activities- Support costs Staff costs INote n Scienlrfic Advisors Executive AdM50r fees 541,639 24,921 $41,639 24,921 372,769 16,961 114,612 Total support $ts 566.560 566,560 504,342 Total charÈtable actlviti'es 530,567 3.066.334 3.596,901 1,591,249 -23-
RACE AGAINST DEMENTIA NOTES TO THE FINANCIAL sTATEmErs FOR THE YEAR ENDED 31 DECEMBER 2024 EXPENDITURE l¢ontinued...I As restated 2023 Total Restrided Funds Unrestricted Funds 2024 Total Cost of raising funds Fundraising Website and marketing expenses Office costs Trave5 expenses Depreciation Bank charges 65,372 75,685 6,T89 21.750 6,251 863 65,372 75,685 6,789 21,750 6,251 214,344 56.385 3,697 4,177 486 2,435 Total cost of raising funds 176,710 176,710 281,524 Expendlture on other trading activities PAD Commercial Limited 3,738 3,738 5,620 Governance costs Accountancy fees Sundry expenses Trustees insurance Audit fee Consullaney fees Entertainment Bad debt write off 22,194 5,745 6,914 8,200 52,765 1,530 74 22,194 5,745 6.914 8,200 52,765 1,530 74 21,802 4,430 10,142 8,2txJ 18,534 Total governanc& costs 97,422 97.422 63,108 Total expenditure 530,567 3,344,204 3,874,771 1,941.501 EMPLOYEES The averag& number of persons employed by the Charity during the year was.. As restated 2023 2024 Average number of employees -24-
RACE AGAINST DEMENTIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STAFF COSTS As restated 2023 2024 staff costs durtng the year amounted to.. Gross sataries Social securtiy costs Pension contributions Payroll provider 482,176 47,034 9,009 3,420 332,688 33,409 5.287 1,385 541,639 372,769 No Iruslees12023- none) were reimbursed for travel. meeting and accommodation costs and gifts to @mployees. One employee {2023.' nonè) raceived emoluments lolalling ben £90,QIOO and £99,999. Retirement benefits are 3ruIng to this member of staff under a defined contribution pension scheme," contributions in 2024 lotalled £1.32112023.. £1,321). No employees12023- one) received emDlumÈnts lotalling btheen £80,000 and £89,999. Retirement benèfits are aGGtuing to these members of staff under a defined contribution pension scheme; CDntributions in 2024 totalled £Nil12023.. £1,321). One employee {2023: none) reNed emoluments lolalling between £70,000 and £79,999. Retirement benefrts are accruing to this member of staff under a defined conlribthion pension scheme., Contributions in 2024 totalled £1.32112023.. £NIL). One employee {2023'. one) recewed emoluments lotalling ben £60.000 and £69,999. Retirement benefits are accruing to this members of stsff under a defined contribLrtion pensDn scheme., contributions in 2024 totalled £660 (2023= £NILI- INCOME As restated 2023 2024 Net income is ststed after charging.. Dèpreciation Audf( fees Loss on sale of listed inveslments 6,251 8,200 8.200 8,428 -25-
RACE AGAINST DEMENTIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2024 TANGIBLE ASSETS Plant and Machinery Office equipment Consolidated and Charity Total Cost At 1 January 2024 2.599 2,599 Additions 23,355 5,964 29,319 At 31 December 2024 23.355 8,563 31,918 Accumulated depreciation Al 1 January 2024 486 Charge for year 4,671 1,580 6,251 Al 31 Deeember 2024 4,671 2,066 6,737 Net book value Al 1 January 2024 2,113 2,113 Al 31 December 2024 18.684 6,497 25,181 10 FIXED ASSET INVESTMENTS Investment in subsidiary Charlty Cost At 1 January 2024 100 Disposals (1001 At 31 December 2024 Net book value At 1 January 2024 100 Al 31 December 2024 The charitable company disposed ol ils wholty owned subsidiary, RAD Commercial Limrf(ed, Cc)mpany no. 14445092, which is incorporated in England and Wales, on 26 October 2022. The Trust acquired 100Dh of the nominal £100 Sharèholding of the company In 2022 and was dissolvèd on 3 September 2024. The registered office was C9 Glyme Court, Oxford Office Village, Langford Lane, Kidlington, Oxford, OX5 1 LQ. -26-
RACE AGAINST DEMENTIA NOTES TO THE FINANCIAL STATEMEbrrs FOR THE YEAR ENDED 31 DECEMBER 2024 11 DEBTORS Consolidated As restatad 2023 Charity As restated 2023 2024 2024 Tracle debtors Prepayrnents RAD Commercial Gift Aid tax relief 80,403 4,838 80,403 4,638 30.535 39,811 39.811 85,041 39,811 85,041 70,346 12 CREDITORS: amounts falling due WEthin one year Consolidated Charlty As restatgd 2023 2024 2023 2024 Trade credttors Ateountaney fees staff costs Audit fees Research funding Charity a0lSOr fee Other creditors 2,345 9,000 1,652 8,DOQ 33,400 5,857 173 210 24,502 12,373 14,800 33,400 14,574 370 2,345 9,000 1,652 8,000 33,400 5,857 173 24,502 12,373 14,800 33,400 14.574 290 60,427 100,229 60,427 99,939 13 RELATED PARTY TRANSACTIONS During the year ended 31 December 2024, three Trustees donated fuTrds totalling £2.75012023.' one- £25,000). 14 ANALYSIS OF NET ASSEfs BEfwEEN FUNDS Consolidated As reststed 2023 Totsl Restrictad Funds Unrestrirted Funds 2024 Total Tangti sle assets Debtors Cash at bank and in hand Creditors 25,181 85,041 1.754,496 (60,427} 25.181 85,041 2,264,724 160,4271 2.113 39,811 3,269,962 1100,2291 510,228 510,228 1,804,291 2,314,519 3,211,657 -27-
RACE AGAINST DEMENTIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14 ANALYSIS OF NET ASSETS BETWEEN FUNDS Icontinued...} Charity As restated 2023 Total Restricted Funds Unrestricted Funds 2024 Total Tangible assets Investments Debtors Cash at bank and in hand Creditors 25,181 25,181 2,113 100 70,346 3,241,675 199,9391 85,041 1,754,496 160,4271 85,041 2,264,724 160,4271 510,228 510,228 1,804,291 2.314,519 3,214,295 15 CASH AND CASH EQUIVALENTS Consolldatsd As re$tated 2023 Total Restricted Fund$ Unrestricted Fund$ 2024 Total HSBC Bank account- GBP account HSBC Bank account- USD account HSBC Bank accounl-AUD account HSBC Bank account- EUR account Cazenove Cash 745-1 HSBC Cash account- GBP account HSBC Bank account- RAD Commer¢ial GBP 510,228 566,244 88,827 89 28,976 1,070,335 25 1,076,472 88,827 89 28,976 1,070,33S 25 1,518,620 450,159 198 248,703 1,023,996 28,287 510,228 1.754,496 2,264.724 3,269,962 Charity A5 restatèd 2023 Total Restricted Fund$ Unrnstricted Funds 2024 Total HSBC Bank aDn1- GBP account HSBC Bank account- USD account HSBC Bank account- AUD account HSBC Bank account- EUR account Cazenove Cash 745-1 HSBC Cash account- GBP account 510,228 566,244 88,827 89 28,976 1,070,335 25 1,076.472 88,827 89 28,976 1,070,335 25 1.518,620 450,159 198 248,703 1.023,995 510,228 1,754.496 2,264,724 3,241,675 -28-
RACE AGAINST DEMENTIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEGEMBER 2024 16 hlOVEMENT IN FUNDS At1 January 2024 Incoming resources and gains Asat31 December 2024 Expenditure and losses Transfers Restricted funds Dementia Researcher platfom) Scottish research Akheimerfs Res8arch UK- Fellowships UnDiersty of Edinburgh- Team: University of Cambridge- International Fellowships UnNersty of Oxford - Teams 25,000 158,271 25.000 128,070 83,284 113,485 86,460 80,000 150,000 166,460 74,830 75,170 94,895 362,885 67,080 69,127 27,815 293,758 169,744 871.051 530,567 510,228 Unrestrfcted funds General fund$ 3,041,913 2,126.447 3,364,069 1.804,291 Totsl funds 3,211,657 2,997,498 3.894,636 2,314,519 Movement in funds Iprgvlous year) As restated At1 January 2023 As restated Asat31 December 2023 Incoming resourcès and gains Outgoing resources Transfers Restrlcted funds Dementia Researcher platfomi Scottish search Alzheimerfs Research UK- Fellowships UCL- Parkinson's research 25,000 189,998 25,000 143,286 50,000 250,000 83.284 431.897 80,000 17,769 425,437 17,769 86.460 646,895 266,055 743,206 169.744 untriCted funds General funds 2,526,111 1,992,495 1,476,693 3,041,913 Total funds 3.173,006 2,258,550 2,219,899 3,211,657 Restricted funds The restrict1 funds that the Charty receives aTe are detailed above. Where excess unused restricted funds fEmain, the Charty Mll contsct the donor to cDnfirm whether the ch2rty can transfer these excess fund5 to the unrestricted funds of the Charty to be used against general expendi(ure, or whether they require this to be repaid to the donor. -29-
RACE AGAINST DEMENTIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17 COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES As restatèd Total 2023 Restrlctgd Funds Unrestrlctsd Funds INCOME Income from donations and lo9acies Investments other trading actiwties 266,055 1,954,681 34,832 2,982 2,220,736 34,832 2,982 Totsl Income 266,055 1,992,495 2,258.550 EXPENDITURE Charitable activities Raising funds Other direct charitable &xpenditure Governance costs 743.206 848,043 281,524 5,620 63,108 1,591,249 281,524 5.620 63,108 Total oxpènditure 743,206 1,198.295 1,941,501 Loss on sale of investsnenls 8,428 8,428 NET IDEFICITI I INCOME 1477.151) 785,772 308,621 OTHER RECOGNISED GAINS Realised loss on fc)reign currency 20,688 20,688 NET MOVEMENT IN FUNDS 1477,1511 765,084 287,933 Reconciliation of funds Total funds brought fotward- as restatèd 646,895 2,276.829 2,923,724 Total funds carried forward- as restated 169,744 3.041,913 3,211,657 The slalemenl of financial acliv((ies includes all gains and k)sses recognised in the year. All income and expenditure derive from continuing activities. 30-