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)
mr￿d￿r¥￿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 r￿u￿St8.

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 eletai￿d 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 resea￿her$ w￿h 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 r￿k 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 t0￿C 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 eX￿ptIOnal 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 Coll￿e 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 pr￿9$$ 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 Un￿rtaInlieS 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 incons￿tènCles 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 knoWI￿ge 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
e￿noMiC clècisions of users taken on the basis of these financial slalements.
Irregularf(ies, including fraud. are instances of non￿CoMpliance 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 0￿Urring 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 A￿Ountants 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
Char￿table 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 resou￿e5
Income is reC￿nISed 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 wh￿h have to be fU￿illed 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 reSea￿h 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 Accou￿llNG POLICIES (continued...)
Tangible fued assets
Fixed assets are Carried at Cost less accumulated depreciation and accumulated impairm&nt losses.
Depr￿lation has been provided at the foll0v￿ng 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 be￿een 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 restr￿ed 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 ex￿ed 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 UnreStr￿ted 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
EXpEND￿VRE
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 sTATEmE￿rs
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 be￿￿n £90,QIOO and £99,999. Retirement benefits
are 3￿ruIng 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) re￿Ned 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 be￿￿n £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 a0￿lSOr 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 a￿D￿n1- 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
un￿triCted 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 restrict￿1 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-