REGX5TERED COMPANY NUMBER: 1176266 (England •nd Wales)
REGISTERED CHARrrY NUMBER: 1176266
lor th• Ywr Efid•d 31 Man* 2024
Repl•clng Anlm•l R••Mrch
aayton & 8re¥vlll
artered Accountsnts
Cawley House
149-155 Canal Str•et
Nottingham
N¢)ttinghamshlre
NGI 7HR
**Replacing Animal Research**
## **Contents of the Financial Statements for the year ended 31 March 2024**
||**Page**|**Page**|
|---|---|---|
|**Report of the Trustees**|**1**|**to4**|
|**Independent Examiner's Report**||**5**|
|**Statement of Financial Activities**||**6**|
|**Balance Sheet**||**7**|
|**Cash Flow Statement**||**8**|
|**Notes to the Cash Flow Statement**||**9**|
|**Notes to the Financial Statements**|**10**|**to18**|
|**Detailed Statement of Financial Activities**|**19**|**to20**|
R•pl•clng AnlmalR•s•arth
R•port of th• Tru*t•
for th• •nd•d 31 Mavch 2024
The trurtees who are also dlrectors of the tharity for the purpos•s of the Companles Act 2006, Psent
thelr report wlth the flnanclal staternents of the charlty for the year ended 31 Marth 2024. The trustees
have adopted the provlslons of ACCOUnn9 and Report6ng by charte5.. Statement of Recommended
Prartlce appll¢able to tharitles preparing their •ccounts In accordance th the Finandal Reportlng
Standard applicable in the UK and Republk of Irdand (FRS 102) (offective l nUary 2019).
OBJECTIVES AND Arnvlflfs
ObJ•ctlve* •nd alms
The chadtable objectlves of Replxlng Anlmal Research, as stated In the Constitutlon of a Charltable
Incorporated Organlsation adopted In December 2017, are..
To promote the mental and moral Improvement of rnanklnd by worklng to relteve sufferlng and crudty to
nima15 particularty when such anima15 are beln9 used as subjects for meolcal blolo9lcal pharmaceufjcal
and other assoclated researches and in fUrthernn of th1$ object but not otherwise the Trustees may:
•) Promote or a551st In the provislon of research Into acceptsble new techniques and subsulutes for
the use of anlmals In suth me(Ilcal bSologlcal pharnMceutScol and other assodated researches and
the publlcatlon and dlssemlnatr.on of the useful results of all such researche5 for the publlc beneflt
b) Glve oll p)sslble erb¢ouragement advfice Infomiatlon and asslstsnce to those engaged In the fleld
of medlcal blologlcèl pharmaceutlcal and assoclated researches Involvlng experfments on anlmals
so as to avold nInttIonal cruelty and unnecessary suffering
c) Further human ifi9enulty towards eMpJndln9 existing technlques for rePd9 anlmals In such
experlmentath)n and towants dlscoverfn9 more rellable humane and ethlcal methods ol
experlmentatlon
d) Provide awards sch¢larshlps and prlzes for those dlscoverln9 new and Improved technlques as
Itematives to the use of animals In any medlcal blologlcal phornixeutlcal and a5Cloted
researches
e) Arrange meetlng5 conference 5emln•r5 •nd discusslo
Eduute and Jdvlse publlc oplni¢n
g) To provldfj or asslst In provldlng apprnprlate equlpment and flnandal ald to exlstlng andlor new
lobornlorles
h) Collect obt*ln 4nd analyse inforniatlon In rel•tb)n to the ad¥tageS of repljdng wlmals In
experlmentatlon by sultable sUbltuteS
l) Stlmulate the rev151on of medical and bk)loglcal •(all0n01 TriCulo e5peclally In the fields or
physlology and co9nate sclences so that fvll regard Is pa6d to JccÈptable and efflclent substltutes
for anlmals In experfmentatlon and so that the use of sentlent Ilvlng anlma15 In research and
routlne testlng In medlclne and blology Is reduced as lar as W)sslble
J) Organise and establish charitable branthes of the Charlty throu9hout the wtyld wherever neod 18
found to exlst
k) Make contdbutlons to other thartsbbè In#ltutlms or ¢>ryanlsatlons fvavlng objects slmllar to those
of the Charlty.. or otherwlse to jssist suth charitable Insytutions or oryanlsatyons
l) Do all suth other thlngs as shall be ft¢ry for the •tt•lnm•nt of the above objects
Sl9nMont •cdvltl••
Detalled In the wbllshfjd Imp•rt rwrt on thls Ilnk:
srRATEGZC REPORT
srRVCTURE, GOVER14ANce AND MA14AGEMeKr
Gov•rnln9 docum•nt
The charlty Is controlled by Its govemlng d¢xument. a G$tItutIon ol a Charltable Incorporat•d
Oryanlsatlon.
The management of the CIO is the respon51bllty of The Trustee5 who are elected under the term5 of the
nstitutlon. Trustees are elected Os pjrt of •nnuJl trustse recrultment program and there must be ot
lejst four trustees at any one time.
1*ganlMtlonal structyrn
The CIO Is governed by Its con5tnutlon. The Trustees exerclse ultimate control over Repladng Anlm
Research's work ond octivltles ensurlng Its finandjl and legal responsobllltles are propedy hjffiiied. All
Trustees glve thelr fime voluntartly and receive no dlrect fin)ndal or other beneflts from the Cfo.
Page I
Replacing AnlmalResearth
Inductlon and tralning of new trustees
The inducuon and tralnlng of trustees is viewed as an ongoing process and relevant trainlng opportunrties
ao brought to the attention of the board as requiTrd. Newly CrUIted trustees are offered an inductlon
and training designed around thelr exi5knng knowledge of Replaong Anirnal Research and their mle.
Page 2
Replaclng Anlm•lRu•arth
Report of the TruFtoes
for th• year ended 31 March 2024
srRucfuR4 GOVERNANCE AND fvIANAGEMENT
Rlsk managam•nt
The trwstees have a duty to Identify and revlew the rtsks to whlch the charlty is exp¢)sed and to ensure
approprlate controls are place to provlde re¢isonable a55urance against fraud and error.
REFERENCE AND ADMZNISfRATIVE DEfAZLS
Reglst•r¢d Company numb4r
1176266 (England and Wales)
Regl*tered Charltynumb•r
1176266
Règlsternd offlc•
Cawley House
149-155 Canal Strert
Nottlngham
Nottlnghamshlre
NGI 7HR
Trusts••
Dr C Treasure (reslgned 31.12.2023)
DrA Petrie
Dr L Gllmour (relgned 19.4.2023)
S Carbone Ireslgned 19.4.2023}
P 5 Glll
Dr K Herrnmnn
Dr L Marshall (appolnted 19.4.2023)
Mrs R Conway (appolnted 21.7.2023)
Dr N Contessl NegrlnS (appolnted 18,9.2024)
Ms M Zachartsva (appolnted 25.7.2024)
Dr A Rea (appointed 25.7.2024)
B Hyde (appolnted 25.7.2024)
indep•nd•nt Examln•r
N F South
Clayton & 8rewlll
Chartered Accountsnts
Cawley House
149-155 Canal Street
Nottlngham
Nottlnghamshlre
NGI 7HR
Sollcltorj
Actons Solldtors
20 Regents Street
Nottlngham
NGI 5BQ
BJnk•Ys
Barclay5 Bank plc
Nottingham Hlgh Street Brarbdj
PO Box 18
Nottingham
NGI 6FF
Page 3
lor th• yw end•d 31 Marrh 2024
COMMENCEMENf OF AcrIvrrIES
The charfty CIO ina)rporated on the 13th December 2017 W was donTWrt for the period to 30th June
2019.
On 30 June 2019, the transfer of all fiJnds and a550ciated assets hetd by the unlncorporated chaAty. The
Fund fvr the Repla¢ement of Anlmèts in Medical Experlrnents {FRAJ4IE) (Charty number: 259464) to the
Incorporated charfty, The Fund for the Replacement of Anlma15 in Medlcal Experwnents (FRAME} {{Charlty
Number.. 1176266) occur as part of the fNrnal meryer agreemwtt between two m*s.
As a result of thls meryer agreement, 311 charitablè attfves connected wlth the cornblned partle5
commenced dlrÈtt5y through the chartty CIO from th1$ date.
On the 27th August 2024 the chanty naff* was changed from The Fund for the Replment of Anlm)ls In
M&llcal Experlments (FRE) to Replau"ng Anlmèl Research.
Report of the trustees,
the company dlrertors. on..
a strèt
approved by order of the of trustees,
. and slgned on the board's behalfby:
e - Trustee
Paje 4
## **Independent Examiner's Report to the Trustees of Replacing Animal Research**
## **Independent examiner's report to the trustees of Replacing Animal Research ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
N F South
Clayton & Brewill Chartered Accountants Cawley House 149-155 Canal Street Nottingham Nottinghamshire **NG1** 7HR Date: _**•.• .?.k f:. . �"o/} t! .Z5**_
Page 5
## **Replacing Animal Research**
## **Statement of Financial Activities for the year ended 31 March 2024**
|**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
Other trading activities
Investment income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Untestrlct
Alternative Research
Management & Admin
Other
**Total**
Net gains/(losses) on
investments
**NET**
**INCOME/ ( EXPENDITURE)**
**Transfers between funds**
**Net movement in funds**
**RECONCILIATION OF**
**FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRI ED**
**FORWARD**|Unrestricted
Restricted
Endowment
funds
funds
funds
Notes
£
£
£
3
83,768
4
54,643
98,329
5
30,222
138,411
98,329
30,222
6
26,957
7
26,077
24,668
375,112
8,099
2,052
2024
2023
Total
Total
funds
funds
£
£
83,768
257,659
152,972
149,818
30,222
25,186
266,962
432,663
26,957
31,280
26,077
24,668
229,432
383,211
362,515
2,052
1,937|
|---|---|
||430,198
24,668
8,099
462,965
625,164|
||(65)
63,549
63,484
(69,971 )|
||(291,852 )
73,661
85,672
17
260,610
(136,179)
(124,431 )
(132,519 )
(262,472 )|
||(31,242)
(62,518)
(38,759)
466,771
62,518
890,564
435,529
851,805
(132,519)
(262,472)
1,419,853
1,682,325
1,287,334
1,419,853|
The notes form part of these financial statements
Page 6
## **Replacing Animal Research**
## **Balance Sheet 31 March 2024**
|**FIXED ASSETS**
Tangible assets
Investments
**CURRENT ASSETS**
Debtors
Cash at bank
**CREDIORS**
Amounts falling due within
one year
**NE CURRENT ASSETS**
**TOTAL ASSETS LESS**
**CURRENT LIABILIIES**
**NET ASSETS**
**FUNDS**
Unrestricted fnds
Restriced fnds
Endowment funds
**TOTAL FUNDS**|Unrestricted
Restricted
Endowment
funds
funds
funds
Notes
£
£
£
13
2,473
14
239,742
851,805|Unrestricted
Restricted
Endowment
funds
funds
funds
Notes
£
£
£
13
2,473
14
239,742
851,805|2024
2023
Total
Total
funds
funds
_E_
_E_
2,473
4,180
1,091,547
1,130,306|
|---|---|---|---|
||242,215
15
129,227
139,118|851,805|1,094,020
1,134,486
129,227
137,848
139,118
332,498|
||268,345
16
(75,031)||268,345
470,346
(75,031 )
(184,979 )|
||193,314||193,314
285,367|
||435,529
435,529
17|851,805|1,287,334
1,419,853|
|||851,805|1,287,334
1,419,853
435,529
466,771
62,518
851,805
890,564|
||||1,287,334
1,419,853|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
- The trustees acknowledge their responsibilities for
- ([a] ) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b} preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
Tl).e. fi'ar-fcial statement�e approved by �he Board_ of Trustees and author"1sed for issue on .. ��1 ....... ;f.'�.z::> ........... and were signed on its behalf by: I **·** _IJ:,_ f ·tt. ; "' .. l ' . 1 .................................. . A Petr(e - Trustee
The notes form part of these financial statements
Page 7
## **Replacing Animal Research**
## **Cash Flow Statement for the year ended 31 March 2024**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Net cash provided by investing activities
**Cash flows from financing activities**
Income attributable to endowment
Expenditure attributable to endowment
Net cash provided by financing activities
**Change In cash and cash**
**equivalents in the reporing period**
**Cash and cash equivalents at the**
**beginning of the reporing period**
**Cash and cash equivalents at the**
**end of the reporing period**|2024
£
(332,879 )|2023
£
(173,962)|
|---|---|---|
||(332,879 )
(345)
(267,554)
385,275
117,376
30,222
(8,099)
22,123
(193,380 )
332,498
139,118|(173,962)|
|||(477,574)
488,488|
|||10,914|
|||25,186
(8,591)|
|||16,595|
|||(146,453)
478,951|
|||332,498|
The notes form part of these financial statements
Page 8
## **Replacing Animal Research**
## **Notes to the Cash Flow Statement for the year ended 31 March 2024**
## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**ACTIVITIES**|||
|---|---|---|
||2 02 4|2 02 3|
||f|£|
|**Net expenditure for the reporing period (as per the**|||
|**Statement of Financial Activities)**|(132,519 )|(2 62 ,472)|
|**Adjustments for:**|||
|Depreciation charges|2 ,052|1,937|
|(Gain)/losses on investments|(63,484)|69,971|
|Income attributable to endowment|(30,2 2 2 )|(25,186 )|
|Expenditure attributable to endowment|8,099|8,591|
|Decrease/(increase) in debtors|8,62 1|(2 4,357)|
|(Decrease)/increase in creditors|(12 5,42 6 )|57,554|
|**Net cash used in operations**|(332,879)|(173,962 )|
## **2. ANALYSIS OF CHANGES IN NET FUNDS**
|**ANALYSIS OF CHANGES IN NET FUNDS**||
|---|---|
|**Net cash**
Cash at bank
**Total**|At 1.4.2 3
Cash flow
At 31.3.24
**£**
332,498
**£**
**£**
(193,380)
139,118|
||332,498
{193,380)
139,118|
||332,498
(193,380 )
139,118|
The notes form part of these financial statements
Page 9
## **Replacing Animal Research**
## **Notes to the Financ::ial Statements for the year ended 31 March 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financ::ial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write _**off**_ each asset over its estimated useful life.
- Fixtures and fittings 20% on reducing balance Computer equipment - 33% oncost
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund Is included in the notes to the financial statements.
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued ...
Page 10
## **Replacing Animal Research**
## **Notes to the Financial Statements - continued for the year ended 31 March 2024**
## **2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY**
Although the CIO does generate Income from trading and investment activities, the majority of its income is from donations and legacies. It is therefore reliant on the the continued support of donors. There is no reason to suggest that this would change in the future, but the variable nature of donations will have an impact of the level of future activities that the CIO is able to carry out.
## **3. DONATIONS AND LEGACIES**
|Unrestricted
funds
**£**
Donations
17,173
Gif aid
6,373
Legacies
60,222
83,768
**4.**
**OTHER TRADING ACTIVITIES**
Unrestricted
funds
**£**
Fundraising
53,197
Publications
Training school
1,446
54,643
**s.**
**INVESTMENT INCOME**
Unrestricted
funds
**£**
Investment income
**6.**
**RAISING FUNDS**
**Raising donations and legacies**
Unrestricted
funds
**£**
Travel and subsistence
6,271
Advertising
14,973
Subscriptions
3,613
Printing
1,383
Staf training and
development
717
26,957|Restricted
funds
**£**
Restricted
funds
**£**
98,329
98,329
Restricted
funds
**£**
Restricted
funds
**£**|2024
Endowment
Total
funds
funds
**£**
**£**
17,173
.6,373
60,222
83,768
2024
Endowment
Total
funds
funds
**£**
**£**
53,197
98,329
1,446
152,972
2024
Endowment
Total
funds
funds
**£**
_E_
30,222
30,222
2024
Endowment
Total
funds
funds
**£**
_E_
6,271
14,973
3,613
1,383
717
26,957|2023
Total
funds
**£**
30,855
3,445
223,359|
|---|---|---|---|
||||257,659|
||||2023
Total
funds
**£**
31,802
115,394
2,622
149,818
2023
Total
funds
**£**
25,186
2023
Total
funds
**£**
2,513
23,988
2,596
715
1,468
31,280|
|||||
continued ...
Page 11
## **Replacing Animal Research**
## **Notes to the Financial Statements - continued for the year ended 31 March 2024**
## **7. CHARITABLE ACTIVITIES COSTS**
|Untestrict
Alternative Research
Management & Admin
**8.**
**DIRECT COSTS OF CHARITABLE ACTIVITIES**
Staf costs
Postage
Stationery
Sundries
Subscriptions
IC maintenance
Training School consultancy
Legal and professional fees
Research and dissemination
Telephone
Insurance
VAT
Accountancy fees
Independent examination fees
**9.**
**GRANTS PAYABLE**
Alternative Research
The total grants paid to institutions in the year are:
**10.**
**NET INCOME/(EXPENDITURE)**
Direct
Costs (see
note 8)
**£**
26,077
383,211
409,288
Net income/(expenditure) is stated afer charging/(crediting):
Depreciation - owned assets|Grant
funding of
activities
(see note
9)
£
24,668
24,668
2024
f
351,531
11
1,118
559
464
3,977
15,456
4,366
896
3,874
7,776
14,960
4,300
409,288
2024
**£**
24,668
**£**
**2024**
24,668
2024
f
2,052
Totals
**£**
26,077
24,668
383,211
433,956
2023
f
298,754
341
561
1,112
860
3,384
15,300
10,148
2,876
572
3,498
6,489
15,862
4,300
364,057
2023
f
227,890
£
**2023**
227,890
2023
f
1,937|
|---|---|
continued ...
Page 12
## **Replacing Animal Research**
## **Notes to the Financial Statements - continued for the year ended 31 March 2024**
## **11. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **Trustees'expenses**
There were no trustees' expenses during the year (2023: £Nil).
## **12. STAFF COSTS**
|2024
Wages and salaries
307,817
Social security costs
24,917
Other pension costs
18,797
351,531|2023
£
251,660
26,427
20,667|
|---|---|
||298,754|
The average monthly number of employees during the year was as follows:
||2024|2023|
|---|---|---|
|Charitable activities|11|10|
No employees received emoluments in excess of £60,000.
## **13. TANGIBLE FIXED ASSETS**
|**COST**
At 1 April 2023
Additions
At 31 March 2024
**DEPRECIATION**
At 1 April 2023
Charge for year
At 31 March 2024
**NET BOOK VALUE**
At 31 March 2024
At 31 March 2023|Fixtures
and
fittings
**£**
328
328
328
328|Computer
equipment
34,447
345
34,792
30,595
2,052
32,647
2,145
3,852|Totals
**£**
34,775
345
35,120|
|---|---|---|---|
||||30,595
2,052
32,647
2,473
4,180|
continued ...
Page 13
## **Replacing Animal Research**
## **Notes to the Financial Statements - continued for the year ended 31 March 2024**
## **14. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 April 2023
Additions
Disposals
Revaluations
At 31 March 2024
**NET BOOK VALUE**
At 31 March 2024
At 31 March 2023|Listed
investments
£
1,130,306
267,554
(321,791)
15,478
1,091,547
1,091,547
1,130,306|
|---|---|
There were no investment assets outside the UK.
Cost or valuation at 31 March 2024 is represented by:
|||Listed|
|---|---|---|
|||investments|
|||£|
|Valuation in|2022|1,216,085|
|Valuation in|2023|(85,779)|
|Valuation in|2024|(38,759)|
|||1,091,547|
Fixed asset investments are represented by quoted investments listed on a recognised stock exchange.
Market value at 31 March 2024 was £1,091,546 (2023: £1,118,770).
Historical cost at 31 March 2024 was £1,071,743 (2023: £1,194,466).
At 31 March 2024 the charity's financial assets were held and managed by HSBC Premier Discretionary Management. The full value of the portfolio managed by HSBC is £1,124,063, which includes a £32,518 cash balance.
## **15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade debtors
VAT
Prepayments and accrued income|2024
£
118,398
1,043
9,786
129,227
2023
£
16,909
1,148
119,791
137,848|
|---|---|
continued ...
Page 14
## **Replacing Animal Research**
## **Notes to the Financial Statements - continued for the year ended 31 March 2024**
## **16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income|2024
2023
£
**£**
64,680
64,170
8,135
7,958
2,216
2,851
110,000|
|---|---|
||75,031
184,979|
## **17. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
Training School Fund
**Restricted funds**
Alternative Research Fund
ATL Fund
Dogs Project Fund
Education Fund
PiLAS Fund
**Endowment funds**
Replacing Animal Research Bill Annett
Annual Lecture Fund
Replacing Animal Research
Endowment Fund
**TOTAL FUNDS**|Net
Transfers
movement
between
At
At 1.4.23
in funds
funds
31.3.24
**£**
£
**£**
**£**
433,009
(291,852)
256,265
397,422
33,762
4,345
38,107
466,771
(291,852)
260,610
435,529
(229,652)
(24,668)
77,544
(176,776)
229,652
98,329
(213,723)
114,258
20,299
20,299
(805)
(805)
43,024
43,024|
|---|---|
||62,518
73,661
(136,179)
50,000
50,000
840,564
85,672
{124,431 )
801,805|
||890,564
85,672
(124,431 )
851,805|
||1,419,853
(132,519 )
1,287,334|
Net movement in funds, included in the above are as follows:
|Incoming
resources
**£**
**Unrestricted funds**
General fund
138,411
**Restricted funds**
Alternative Research Fund
ATL Fund
98,329
98,329
**Endowment funds**
Replacing Animal Research
Endowment Fund
30,222
**TOTAL FUNDS**
266,962|Resources
Gains and
Movement
expended
losses
in funds
**£**
**£**
**£**
(430,198)
(65)
(291,852)
{24,668)
{24,668)
98,329|
|---|---|
||(24,668)
73,661
(8,099)
63,549
85,672
(462,965)
63,484
(132,519)|
continued ...
Page 15
**Replacing Animal Research**
## **Notes to the Financial Statements - continued for the year ended 31 March 2024**
## **17. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
Training School Fund
**Restricted funds**
Alternative Research Fund
ATLA Fund
Dogs Project Fund
Education Fund
PiLS Fund
**Endowment funds**
Replacing Animal Research Bill Annett
Annual Lecture Fund
Replacing Animal Research
Endowment Fund
**TOTAL FUNDS**|Net
Transfers
movement
between
At
At 1.4.22
in funds
funds
31.3.23
£
£
£
£
672,220
(62,656)
(176,555)
433,009
33,762
33,762|
|---|---|
||705,982
(62,656 )
(176,555)
466,771
(248,779)
(229,431)
248,558
(229,652)
114,259
115,393
229,652
20,299
20,299
(805)
(805)
43,024
43,024|
||(72,002)
(114,038)
248,558
62,518
50,000
50,000
998,345
(85,778 )
(72,003 )
840,564|
||1,048,345
(85,778)
(72,003)
890,564
1,682,325
{262,472)
1,419,853|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Alternative Research Fund
ATL Fund
**Endowment funds**
Replacing Animal Research
Endowment Fund
**TOTAL FUNDS**|Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
292,083
(387,141)
32,402
(62,656)
1
(229,432)
(229,431 )
115,393
115,393
115,394
(229,432)
(114,038)
25,186
{8,591)
(102,373)
(85,778)
432,663
(625,164 )
(69,971 )
(262,472 )|
|---|---|
continued ...
Page 16
**Replacing Animal Research**
## **Notes to the Financial Statements - continued for the year ended 31 March 2024**
## **17. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
Training School Fund
**Restricted funds**
Alternative Research Fund
ATLA Fund
Dogs Project Fund
Education Fund
PiLAS Fund
**Endowment funds**
Replacing Animal Research Bill Annett
Annual Lecture Fund
Replacing Animal Research
Endowment Fund
**TOTAL FUNDS**|Net
Transfers
movement
between
At
At 1.4.22
in funds
funds
31.3.24
£
£
£
£
672,220
(354,508)
79,710
397,422
33,762
4,345
38,107|
|---|---|
||705,982
(354,508)
84,055
435,529
(248,779)
(254,099)
326,102
(176,776 )
114,259
213,722
(213,723)
114,258
20,299
20,299
(805)
(805)
43,024
43,024|
||(72,002)
(40,377)
112,379
50,000
50,000
998,345
(106)
(196,434 )
801,805|
||1,048,345
(106)
(196,434)
851,805|
||1,682,325
(394,991 )
1,287,334|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
430,494
(817,339)
**Restricted funds**
Alternative Research Fund
1
(254,100 )
ATLA Fund
213,722
213,723
(25 4,100 )
**Endowment funds**
Replacing Animal Research
Endowment Fund
55,408
(16,6 90 )
**TOTAL FUNDS**
699,625
(1,088,129 )|Resources
expended
£
(817,339)
(254,100 )|Gains and
Movement
losses
in funds
£
£
32,337
(35 4,508)
(254,099)
213,722|
|---|---|---|
|||(40,377)
(38,824)
(106)|
|||(6,487)
(394,991 )|
## **Unrestricted Funds**
The General fund covers the ordinary day-to-day expenditure of the charity.
The General fund is able to benefit from the transfer of investment income earned by the Endowment fund for any year, so as long as the transfer of such income does not result in the Unrestricted fund either making a surplus, or a larger surplus, in the year in which the transfer is made.
continued ...
Page 17
## **Replacing Animal Research**
## **Notes to the Financial Statements - continued for the year ended 31 March 2024**
## **17. MOVEMENT IN FUNDS -continued**
The Training School fund is a Designated fund for the charitable purpose of running training courses in furtherance of Replacing Animal Research's charitable activities. Any surpluses generated are reinvested _**in**_ future courses.
## **Restricted Funds**
The Alternatives Research fund is made up of donations given for the purpose of supporting the scientific research work carried out or commissioned by Replacing Animal Research.
The ATLA fund is made up of donations given for the purpose of supporting the publication of Replacing Animal Research's scientific journal Alternatives to Laboratory Animals.
The Dogs Project fund is made up of donations given for the purpose of research into the use of dogs in medical experiments.
The PiLAS fund exists to promote active discussion of different perspectives in the use of laboratory animals in medical experiments.
## **Endowment Funds**
During the year ended 31 March 1989 the charity established the Replacing Animal Research Endowment Trust. The objective of this fund was to enable the charity to finance long term research expenditure by investment income from the Endowment fund, rather than relying largely on current year income. Part of the fund's capital has previously been used to purchase Russel & Burch House in order to reduce the charity's regular expenditure.
Since its creation, the Endowment fund has benefitted, periodically, from the transfer of surplus unrestricted operations fund income. Such transfers have been made solely at the trustees' discretion who have retained the right to release these funds back to the General fund _**if**_ required.
The charity has applied for and been granted permission by the Charity Commission to utilise the Endowment fund to assist with the cash flow of the charity when required.
The Replacing Animal Research Bill Annett Annual lecture Endowment Fund constitutes a non expendable financial reserve, the interest on which is used to contribute towards the charity's cost of holding the Bill Annett Lecture (formerly the FRAME Annual Lecture) held for the first time in September 1999.
## **18. CAPITAL COMMITMENTS**
|**CAPITAL COMMITMENTS**|||
|---|---|---|
||2024|2023|
||£|£|
|Contracted but not provided for in the financial statements|||
## **19. RELATED PARTY DISCLOSURES**
During the year, the trustees declared that they had no potential conflicts of interest.
Page 18
## **Replacing Animal Research**
## **Detailed Statement of Financial Activities for the year ended 31 March 2024**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Gift aid
Legacies
**Other trading activities**
Fundraising
Publications
Training school
**Investment income**
Investment income
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Travel and subsistence
Advertising
Subscriptions
Printing
Staff training and development
**Charitable activities**
Wages
Social security
Pensions
Postage
Stationery
Sundries
Subscriptions
ICT maintenance
Training School consultancy
Legal and professional fees
Research and dissemination
Telephone
Insurance
VAT
Accountancy fees
Independent examination fees
Grants to institutions
**Other**
Depreciation of tangible fixed assets|2024
£
17,173
6,373
60,222
83,768
53,197
98,329
1,446
152,972
30,222
266,962
6,271
14,973
3,613
1,383
717
26,957
307,817
24,917
18,797
11
1,118
559
464
3,977
15,456
4,366
896
3,874
7,776
14,960
4,300
24,668
433,956
2,052|2023
£
30,855
3,445
223,359
257,659
31,802
115,394
2,622
149,818
25,186
432,663
2,513
23,988
2,596
715
1,468
31,280
251,660
26,427
20,667
341
561
1,112
860
3,384
15,300
10,148
2,876
572
3,498
6,489
15,862
4,300
227,890
591,947
1,937|
|---|---|---|
This page does not form part of the statutory financial statements
Page 19
## **Replacing Animal Research**
## **Detailed Statement of Financial Activities for the year ended 31 March 2024**
|**Detailed Statement of Financial Acivities**
**for the year ended 31 March 2024**|||
|---|---|---|
|Total resources expended
**Net expenditure before gains and**
**losses**
**Realised recognised gains and losses**
Realised galns/(losses) on fixed asset
investments
**Net expenditure**|2024
_E_|2023
**£**|
||462,965
(196,003 )
63,484
(132,519 )|625,164|
|||(192,501 )
(69,971 )
(262,472 )|
This page does not form part of the statutory financial statements
Page 20