REGISTERED COMPANY NUMBER: 1176266 (England and Wales)
REGISTERED CHARITY NUMBER: 1176266
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 March 2025
for
Replacing Animal Research
Clayton & Brewill
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR
Replacing Animal Research
Contents of the Financial Statements for the year ended 31 March 2025
|
Page |
Page |
Page |
Report of the Trustees |
1 |
to |
3 |
Independent Examiner's Report |
|
4 |
|
Statement of Financial Activities |
|
5 |
|
Balance Sheet |
6 |
to |
7 |
Cash Flow Statement |
|
8 |
|
Notes to the Cash Flow Statement |
|
9 |
|
Notes to the Financial Statements |
10 |
to |
18 |
Detailed Statement of Financial Activities |
19 |
to |
20 |
Replacing Animal Research
Report of the Trustees for the year ended 31 March 2025
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended31March2025.The trustees
haveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
ThecharitableobjectivesofReplacingAnimalResearch,asstatedintheConstitutionofa Charitable
Incorporated Organisation adopted in December 2017, are:
Topromotethementalandmoralimprovementofmankindbyworkingtorelievesufferingandcruelty to
animalsparticularlywhensuchanimalsarebeingusedassubjectsformedicalbiological pharmaceutical
and other associated researches and in furtherance of this object but not otherwise the Trustees may:
1.Promoteorassistintheprovisionofresearchintoacceptablenewtechniquesandsubstitutesfor the
useofanimalsinsuchmedicalbiologicalpharmaceuticalandotherassociatedresearchesand the
publication and dissemination of the useful results of all such researches for the public benefit
2.Giveallpossibleencouragementadviceinformationandassistancetothoseengagedinthefield of
medicalbiologicalpharmaceuticalandassociatedresearchesinvolvingexperimentsonanimalssoas to
avoid unintentional cruelty and unnecessary suffering
3.Furtherhumaningenuitytowardsexpandingexistingtechniquesforreplacinganimalsin such
experimentation and towards discovering more reliable humane and ethical methods of experimentation
4.Provideawardsscholarshipsandprizesforthosediscoveringnewandimprovedtechniques as
alternatives to the use of animals in any medical biological pharmaceutical and associated researches
5.Arrange meetings conference seminars and discussions
6.Educate and advise public opinion
7.Toprovideorassistinprovidingappropriateequipmentandfinancialaidtoexistingand/or new
laboratories
8.Collectobtainandanalyseinformationinrelationtotheadvantagesofreplacinganimals in
experimentation by suitable substitutes
9.Stimulatetherevisionofmedicalandbiologicaleducationalcurriculaespeciallyinthefields of
physiologyandcognatesciencessothatfullregardispaidtoacceptableandefficientsubstitutes for
animalsinexperimentationandsothattheuseofsentientlivinganimalsinresearchandroutine testing
in medicine and biology is reduced as far as possible
10.OrganiseandestablishcharitablebranchesoftheCharitythroughouttheworldwhereverneed is
found to exist
11.Makecontributionstoothercharitableinstitutionsororganisationshavingobjectssimilartothose of
the Charity: or otherwise to assist such charitable institutions or organisations
12.Do all such other things as shall be necessary for the attainment of the above objects
Significant activities
Detailedinthepublishedimpactreportonthislink:https://Replacing Animal
Research.org.uk/who-we-are/impact-report/
STRATEGIC REPORT
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,aConstitutionofaCharitable Incorporated
Organisation
Page 1
Replacing Animal Research
Report of the Trustees for the year ended 31 March 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
ThemanagementoftheCIOistheresponsibilityofTheTrusteeswhoareelectedunderthetermsof the
constitution.Trusteesareelectedontherecommendationoffellowtrusteesandtheremustbeat least
four trustees at any one time.
Organisational structure
TheCIOisgovernedbyitsconstitution.TheTrusteesexerciseultimatecontroloverReplacing Animal
Research'sworkandactivitiesensuringitsfinancialandlegalresponsibilitiesareproperlyfulfilled. All
Trustees give their time voluntarily and receive no direct financial or other benefits from the CIO.
Induction and training of new trustees
Theinductionandtrainingoftrusteesisviewedasanongoingprocessandrelevanttraining opportunities
arebroughttotheattentionoftheboardasrequired.Newlyrecruitedtrusteesareofferedan induction
and training designed around their existing knowledge of Replacing Animal Research and their role.
Risk management
Thetrusteeshaveadutytoidentifyandreviewtheriskstowhichthecharityisexposedandto ensure
appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
1176266 (England and Wales)
Registered Charity number
1176266
Registered office
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR
Trustees
Dr A Petrie
P S Gill
Dr K Herrmann
Dr L Marshall
Mrs R Conway
Dr N Contessi Negrini (appointed 18.9.2024)
Ms M Zacharova (appointed 25.7.2024)
Dr A Rea (appointed 25.7.2024)
B Hyde (appointed 25.7.2024)
Independent Examiner
D Perry FCA
Clayton & Brewill
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR
Bankers
Barclays Bank plc
Nottingham High Street Branch
PO Box 18
Nottingham
NG1 6FF
Page 2
Replacing Animal Research
Report of the Trustees
for the year ended 31 March 2025
COMMENCEMENT OF ACTIVITIES
ThecharityCIOincorporatedonthe13thDecember2017andwasdormantfortheperiodto30th June
2019.
On30June2019,thetransferofallfundsandassociatedassetsheldbytheunincorporatedcharity, The
FundfortheReplacementofAnimalsinMedicalExperiments(FRAME)(Charitynumber:259464)to the
incorporatedcharity,TheFundfortheReplacementofAnimalsinMedicalExperiments(FRAME) ((Charity
Number: 1176266) occurred as part of the formal merger agreement between the two parties.
Asaresultofthismergeragreement,allcharitableactivesconnectedwiththecombined parties
commenced directly through the charity CIO from this date.
Onthe27thAugust2024thecharitynamewaschangedfromTheFundfortheReplacementof Animals
in Medical Experiments (FRAME) to Replacing Animal Research
Report of the trustees, incorporating 30/01/2026 a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:
.......................................................
B Hyde - Trustee
Page 3
Independent Examiner's Report to the Trustees of Replacing Animal Research
Independent examiner's report to the trustees of Replacing Animal Research ('the Company')
IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
31 March 2025.
Responsibilities and basis of report
Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)you are
responsibleforthepreparationoftheaccountsinaccordancewiththerequirementsoftheCompanies Act
2006 ('the 2006 Act').
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16 of
the2006Actandareeligibleforindependentexamination,Ireportinrespectofmyexaminationof your
charity'saccountsascarriedoutunderSection145oftheCharitiesAct2011('the2011Act').In carrying
outmyexaminationIhavefollowedtheDirectionsgivenbytheCharityCommissionunder Section
145(5) (b) of the 2011 Act.
Independent examiner's statement
Sinceyourcharity'sgrossincomeexceeded£250,000yourexaminermustbeamemberofalisted body.
IcanconfirmthatIamqualifiedtoundertaketheexaminationbecauseIamamemberoftheInstitute of
Chartered Accountants in England and Wales, which is one of the listed bodies.
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentionin 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)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
D Perry FCA
Clayton & Brewill Chartered Accountants Cawley House 149-155 Canal Street Nottingham Nottinghamshire NG1 7HR 30/01/2026 Date: .............................................
Page 4
Replacing Animal Research
Statement of Financial Activities for the year ended 31 March 2025
Unrestricted
funds
Notes
£
3
362,935
4
38,611
5
-
401,546
6
36,446
7
10,791
-
426,059
1,991
475,287
-
INCOME AND
ENDOWMENTS FROM
Donations and legacies
Other trading activities
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Untrestricted
Alternative Research
Management & Admin
Other
Total
Net gains on investments
NET
INCOME/(EXPENDITURE)
(73,741)
Transfers between funds
17
178,889
Net movement in funds
105,148
RECONCILIATION OF
FUNDS
Total funds brought forward
435,529
TOTAL FUNDS CARRIED
FORWARD
540,677 |
Restricted
funds
£
-
95,879
-
95,879
-
-
16,424
-
-
16,424
-
79,455
(79,455)
-
-
- |
Endowment
funds
£
-
-
24,786
24,786
-
-
-
6,874
-
6,874
2,838
20,750
(99,434)
(78,684)
851,805
773,121 |
2025
Total
funds
£
362,935
134,490
24,786
522,211
36,446
10,791
16,424
432,933
1,991
498,585
2,838
26,464
-
26,464
1,287,334
1,313,798 |
2024
Total
funds
£
83,768
152,972
30,222
266,962
26,957
26,077
24,668
383,211
2,052
462,965
63,484
(132,519)
-
(132,519)
1,419,853
1,287,334 |
|
|
|
|
|
The notes form part of these financial statements
Page 5
Replacing Animal Research
Balance Sheet 31 March 2025
Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
13
482
Investments
14
239,742
240,224
CURRENT ASSETS
Debtors
15
115,143
Cash at bank
266,761
381,904
CREDITORS
Amounts falling due within
one year
16
(81,451)
NET CURRENT ASSETS
300,453
TOTAL ASSETS LESS
CURRENT LIABILITIES
540,677
NET ASSETS
540,677
FUNDS
17
Unrestricted funds
Endowment funds
TOTAL FUNDS |
Restricted
funds
£
-
-
-
-
-
-
-
-
-
- |
Endowment
funds
£
-
773,121
773,121
-
-
-
-
-
773,121
773,121 |
2025
Total
funds
£
482
1,012,863
1,013,345
115,143
266,761
381,904
(81,451)
300,453
1,313,798
1,313,798
540,677
773,121
1,313,798 |
2024
Total
funds
£
2,473
1,091,547
1,094,020
129,227
139,118
268,345
(75,031)
193,314
1,287,334
1,287,334
435,529
851,805
1,287,334 |
|
|
|
|
|
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct 2006
for the year ended 31 March 2025.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsforthe year
ended 31 March 2025 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.
The 30/01/2026 financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
B Hyde - Trustee
The notes form part of these financial statements
continued...
Page 6
Replacing Animal Research
Balance Sheet - continued
31 March 2025
.............................................
M Zacharova - Trustee
The notes form part of these financial statements
Page 7
Replacing Animal Research
Cash Flow Statement for the year ended 31 March 2025
|
|
2025 |
2024 |
|
Notes |
£ |
£ |
Cash flows from operating activities |
|
|
|
Cash generated from operations |
1 |
(35,119) |
(332,879) |
Drawdown from endowment investments |
|
117,000 |
- |
Net cash provided by/(used in) operating activities |
|
81,881 |
(332,879) |
Cash flows from investing activities |
|
|
|
Purchase of tangible fixed assets |
|
- |
(345) |
Purchase of fixed asset investments |
|
(298,484) |
(267,554) |
Sale of fixed asset investments |
|
326,334 |
385,275 |
Net cash provided by investing activities |
|
27,850 |
117,376 |
Cash flows from financing activities |
|
|
|
Income attributable to endowment |
|
24,786 |
30,222 |
Expenditure attributable to endowment |
|
(6,874) |
(8,099) |
Net cash provided by financing activities |
|
17,912 |
22,123 |
|
|
|
|
Change in cash and cash |
|
|
|
equivalents in the reporting period |
|
127,643 |
(193,380) |
Cash and cash equivalents at the |
|
|
|
beginning of the reporting period |
|
139,118 |
332,498 |
Cash and cash equivalents at the |
|
|
|
end of the reporting period |
|
266,761 |
139,118 |
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 2025
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income/(expenditure) for the reporting period (as per
the Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gain on investments
Income attributable to endowment
Expenditure attributable to endowment
Decrease in debtors
Decrease in creditors
Net cash used in operations |
2025
£
26,464
1,991
(2,838)
(24,786)
6,874
14,084
(56,908)
(35,119) |
2024
£
(132,519)
2,052
(63,484)
(30,222)
8,099
8,621
(125,426)
(332,879) |
|
|
|
2. ANALYSIS OF CHANGES IN NET FUNDS
Net cash
Cash at bank
Total |
At 1.4.24
Cash flow
At 31.3.25
£
£
£
139,118
127,643
266,761
139,118
127,643
266,761
139,118
127,643
266,761 |
|
|
The notes form part of these financial statements
Page 9
Replacing Animal Research
Notes to the Financial Statements for the year ended 31 March 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'Accountingand Reporting
byCharities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheir accounts
inaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicof Ireland
(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancial Reporting
StandardapplicableintheUKandRepublicofIreland'andtheCompaniesAct2006.The financial
statementshavebeenpreparedunderthehistoricalcostconvention,withtheexception of
investments which are included at market value, as modified by the revaluation of certain assets.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetover its
estimated useful life.
Fixtures and fittings- 20% on reducing balance
Computer equipment- 33% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
Pension costs and other post-retirement benefits
Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayable to
thecharitablecompany'spensionschemearechargedtotheStatementofFinancialActivities 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 2025
2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
AlthoughtheCIOdoesgenerateincomefromtradingandinvestmentactivities,themajorityof its
incomeisfromdonationsandlegacies.Itisthereforereliantonthethecontinuedsupport of
donors.Thereisnoreasontosuggestthatthiswouldchangeinthefuture,butthevariable 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
32,987
Legacies
329,948
362,935
OTHER TRADING ACTIVITIES
Unrestricted
funds
£
Fundraising
37,235
Publications
-
Training school
1,376
38,611
INVESTMENT INCOME
Unrestricted
funds
£
Investment income
-
RAISING FUNDS
Raising donations and legacies
Unrestricted
funds
£
Travel and subsistence
7,435
Advertising
11,659
Subscriptions
6,250
Printing
1,526
Staff training and
development
9,576
36,446 |
Restricted
funds
£
-
-
-
Restricted
funds
£
-
95,879
-
95,879
Restricted
funds
£
-
Restricted
funds
£
-
-
-
-
-
- |
Endowment
funds
£
-
-
-
Endowment
funds
£
-
-
-
-
Endowment
funds
£
24,786
Endowment
funds
£
-
-
-
-
-
- |
2025
Total
funds
£
32,987
329,948
362,935
2025
Total
funds
£
37,235
95,879
1,376
134,490
2025
Total
funds
£
24,786
2025
Total
funds
£
7,435
11,659
6,250
1,526
9,576
36,446 |
2024
Total
funds
£
23,546
60,222 |
2024
Total
funds
£
23,546
60,222 |
|
|
|
|
83,768 |
|
|
|
|
|
2024
Total
funds
£
53,197
98,329
1,446 |
|
|
|
|
|
152,972 |
|
|
|
|
|
|
2024
Total
funds
£
30,222 |
|
|
|
|
|
2024
Total
funds
£
6,271
14,973
3,613
1,383
717 |
|
|
|
|
|
26,957 |
4. OTHER TRADING ACTIVITIES
5. INVESTMENT INCOME
6. RAISING FUNDS
continued...
Page 11
Replacing Animal Research
Notes to the Financial Statements - continued for the year ended 31 March 2025
7. CHARITABLE ACTIVITIES COSTS
7. |
CHARITABLE ACTIVITIES COSTS |
|
|
|
|
|
|
|
|
|
Grant |
|
|
|
|
|
|
funding of |
|
|
|
|
Direct |
|
activities |
|
|
|
|
Costs |
(see |
(see note |
|
|
|
|
note |
8) |
9) |
Totals |
|
|
|
£ |
|
£ |
£ |
|
|
Untestrict |
10,791 |
|
- |
10,791 |
|
|
Alternative Research |
|
- |
16,424 |
16,424 |
|
|
Management & Admin |
432,933 |
|
- |
432,933 |
|
|
|
443,724 |
|
16,424 |
460,148 |
|
8. |
DIRECT COSTS OF CHARITABLE ACTIVITIES |
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|
|
|
|
|
£ |
£ |
|
|
Staff costs |
|
|
376,337 |
351,531 |
|
|
Postage |
|
|
1,500 |
11 |
|
|
Stationery |
|
|
1,251 |
1,118 |
|
|
Sundries |
|
|
1,005 |
559 |
|
|
Subscriptions |
|
|
464 |
464 |
|
|
ICT maintenance |
|
|
2,586 |
3,977 |
|
|
Legal and professional fees |
|
|
30,823 |
15,456 |
|
|
Research and dissemination |
|
|
8,608 |
4,366 |
|
|
Telephone |
|
|
784 |
896 |
|
|
Insurance |
|
|
4,124 |
3,874 |
|
|
VAT |
|
|
7,847 |
7,776 |
|
|
Accountancy fees |
|
|
5,345 |
14,960 |
|
|
Independent examination fees |
|
|
3,050 |
4,300 |
|
|
|
|
|
443,724 |
409,288 |
|
9. |
GRANTS PAYABLE |
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|
|
|
|
|
£ |
£ |
|
|
Alternative Research |
|
|
16,424 |
24,668 |
|
|
|
|
|
£ |
£ |
|
|
|
|
|
2025 |
2024 |
|
|
The total grants paid to institutions in the year are: |
|
|
16,424 |
24,668 |
|
10. |
NET INCOME/(EXPENDITURE) |
|
|
|
|
|
|
Net income/(expenditure) is stated after charging/(crediting): |
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|
|
|
|
|
£ |
£ |
|
|
Depreciation - owned assets |
|
|
1,991 |
2,052 |
|
continued...
Page 12
Replacing Animal Research
Notes to the Financial Statements - continued for the year ended 31 March 2025
11. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2025nor for
the year ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses during the year (2024: £Nil).
12. STAFF COSTS
Wages and salaries
Social security costs
Other pension costs |
2025
£
326,088
27,757
22,492
376,337 |
2024
£
307,817
24,917
18,797 |
|
|
351,531 |
The average monthly number of employees during the year was as follows:
|
2025 |
2024 |
Charitable activities |
11 |
11 |
No employees received emoluments in excess of £60,000.
13.
TANGIBLE FIXED ASSETS
COST
At 1 April 2024 and 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024 |
Fixtures
and
Computer
fittings
equipment
£
£
328
34,792
-
32,647
-
1,991
-
34,638
328
154
328
2,145 |
Totals
£
35,120 |
|
|
32,647
1,991 |
|
|
34,638 |
|
|
482 |
|
|
2,473 |
14.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 April 2024
Additions
Disposals
Revaluations
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024 |
Listed
investments
£
1,091,547
298,484
(323,496)
(53,672)
1,012,863
1,012,863
1,091,547 |
|
|
continued...
Page 13
Replacing Animal Research
Notes to the Financial Statements - continued for the year ended 31 March 2025
14. FIXED ASSET INVESTMENTS - continued
There were no investment assets outside the UK.
Cost or valuation at 31 March 2025 is represented by:
Valuation in 2022
Valuation in 2023
Valuation in 2024
Valuation in 2025 |
Listed
investments
£
1,216,085
(85,779)
(38,759)
(78,684)
1,012,863 |
|
|
Fixedassetinvestmentsarerepresentedbyquotedinvestmentslistedonarecognised stock
exchange.
Market value at 31 March 2025 was £1,012,861 (2024: £1,091,546).
Historical cost at 31 March 2025 was £1,014,329 (2024: £1,071,743).
At31March2025thecharity'sfinancialassetswereheldandmanagedbyHSBC Premier
DiscretionaryManagement.ThefullvalueoftheportfoliomanagedbyHSBCis£1,027,813, which
includes a £14,952 cash balance.
15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
VAT
Prepayments and accrued income |
2025
£
101,700
3,424
10,019
115,143 |
2024
£
118,398
1,043
9,786 |
|
|
129,227 |
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
Trade creditors
Social security and other taxes
Other creditors |
2025
£
14,376
8,164
58,911
81,451 |
2024
£
64,680
8,135
2,216 |
|
|
75,031 |
continued...
Page 14
Replacing Animal Research
Notes to the Financial Statements - continued for the year ended 31 March 2025
17. MOVEMENT IN FUNDS
Net
movement
At 1.4.24
in funds
£
£
Unrestricted funds
General fund
397,422
(73,741)
Training School Fund
38,107
-
435,529
(73,741)
Restricted funds
Alternative Research Fund
(176,776)
(16,424)
ATLA Fund
114,258
95,879
Dogs Project Fund
20,299
-
Education Fund
(805)
-
PiLAS Fund
43,024
-
-
79,455
Endowment funds
Replacing Animal Research Bill Annett
Annual Lecture Fund
50,000
-
Replacing Animal Research
Endowment Fund
801,805
20,750
851,805
20,750
TOTAL FUNDS
1,287,334
26,464
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
401,546
(475,287)
Restricted funds
Alternative Research Fund
-
(16,424)
ATLA Fund
95,879
-
95,879
(16,424)
Endowment funds
Replacing Animal Research
Endowment Fund
24,786
(6,874)
TOTAL FUNDS
522,211
(498,585) |
|
Transfers
between
funds
£
183,234
(4,345)
178,889
16,424
(95,879)
-
-
-
(79,455)
-
(99,434)
(99,434)
-
Gains and
losses
£
-
-
-
-
2,838
2,838 |
At
31.3.25
£
506,915
33,762
540,677
(176,776)
114,258
20,299
(805)
43,024
-
50,000
723,121
773,121
1,313,798
Movement
in funds
£
(73,741)
(16,424)
95,879
79,455
20,750
26,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 15
Replacing Animal Research
Notes to the Financial Statements - continued for the year ended 31 March 2025
17. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
At 1.4.23
£
Unrestricted funds
General fund
433,009
Training School Fund
33,762
466,771
Restricted funds
Alternative Research Fund
(229,652)
ATLA Fund
229,652
Dogs Project Fund
20,299
Education Fund
(805)
PiLAS Fund
43,024
62,518
Endowment funds
Replacing Animal Research Bill Annett
Annual Lecture Fund
50,000
Replacing Animal Research
Endowment Fund
840,564
890,564
TOTAL FUNDS
1,419,853
Comparative net movement in funds, included in the above
Incoming
resources
£
Unrestricted funds
General fund
138,411
Restricted funds
Alternative Research Fund
-
ATLA Fund
98,329
98,329
Endowment funds
Replacing Animal Research
Endowment Fund
30,222
TOTAL FUNDS
266,962 |
|
Net
Transfers
movement
between
in funds
funds
£
£
(291,852)
256,265
-
4,345
(291,852)
260,610
(24,668)
77,544
98,329
(213,723)
-
-
-
-
-
-
73,661
(136,179)
-
-
85,672
(124,431)
85,672
(124,431)
(132,519)
-
are as follows:
Resources
Gains and
expended
losses
£
£
(430,198)
(65)
(24,668)
-
-
-
(24,668)
-
(8,099)
63,549
(462,965)
63,484 |
At
31.3.24
£
397,422
38,107
435,529
(176,776)
114,258
20,299
(805)
43,024
-
50,000
801,805
851,805
1,287,334
Movement
in funds
£
(291,852)
(24,668)
98,329
73,661
85,672
(132,519) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 16
Replacing Animal Research
Notes to the Financial Statements - continued for the year ended 31 March 2025
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 |
At 1.4.23
£
433,009
33,762
466,771
(229,652)
229,652
20,299
(805)
43,024
62,518
50,000
840,564
890,564
1,419,853 |
Net
movement
in funds
£
(365,593)
-
(365,593)
(41,092)
194,208
-
-
-
153,116
-
106,422
106,422
(106,055) |
Transfers
between
funds
£
439,499
-
439,499
93,968
(309,602)
-
-
-
(215,634)
-
(223,865)
(223,865)
- |
At
31.3.25
£
506,915
33,762
540,677
(176,776)
114,258
20,299
(805)
43,024
-
50,000
723,121
773,121
1,313,798 |
|
|
|
|
|
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:
Unrestricted funds
General fund
Restricted funds
Alternative Research Fund
ATLA Fund
Endowment funds
Replacing Animal Research
Endowment Fund
TOTAL FUNDS |
Incoming
resources
£
539,957
-
194,208
194,208
55,008
789,173 |
Resources
expended
£
(905,485)
(41,092)
-
(41,092)
(14,973)
(961,550) |
Gains and
losses
£
(65)
-
-
-
66,387
66,322 |
Movement
in funds
£
(365,593)
(41,092)
194,208
153,116
106,422
(106,055) |
|
|
|
|
|
Unrestricted Funds
The General fund covers the ordinary day-to-day expenditure of the charity.
TheGeneralfundisabletobenefitfromthetransferofinvestmentincomeearnedby the
Endowmentfundforanyyear,soaslongasthetransferofsuchincomedoesnotresultin the
Unrestrictedfundeithermakingasurplus,oralargersurplus,intheyearinwhichthetransfer is
made.
continued...
Page 17
Replacing Animal Research
Notes to the Financial Statements - continued for the year ended 31 March 2025
17. MOVEMENT IN FUNDS - continued
TheTrainingSchoolfundisaDesignatedfundforthecharitablepurposeofrunning training
coursesinfurtheranceofReplacingAnimalResearch'scharitableactivities.Any surpluses
generated are reinvested in future courses.
Restricted Funds
TheAlternativesResearchfundismadeupofdonationsgivenforthepurposeofsupporting the
scientific research work carried out or commissioned by Replacing Animal Research.
TheATLAfundismadeupofdonationsgivenforthepurposeofsupportingthepublication of
Replacing Animal Research's scientific journal Alternatives to Laboratory Animals.
TheDogsProjectfundismadeupofdonationsgivenforthepurposeofresearchintotheuse of
dogs in medical experiments.
ThePiLASfundexiststopromoteactivediscussionofdifferentperspectivesintheuse of
laboratory animals in medical experiments.
Endowment Funds
Duringtheyearended31March1989thecharityestablishedtheReplacingAnimal Research
EndowmentTrust.Theobjectiveofthisfundwastoenablethecharitytofinancelong term
researchexpenditurebyinvestmentincomefromtheEndowmentfund,ratherthanrelying largely
oncurrentyearincome.Partofthefund'scapitalhaspreviouslybeenusedtopurchaseRussel &
Burch House in order to reduce the charity's regular expenditure.
Sinceitscreation,theEndowmentfundhasbenefitted,periodically,fromthetransferof surplus
unrestrictedoperationsfundincome.Suchtransfershavebeenmadesolelyatthe trustees'
discretion who have retained the right to release these funds back to the General fund if required.
ThecharityhasappliedforandbeengrantedpermissionbytheCharityCommissiontoutilise the
Endowment fund to assist with the cash flow of the charity when required.
TheReplacingAnimalResearchBillAnnettAnnuallectureEndowmentFundconstitutes a
non-expendablefinancialreserve,theinterestonwhichisusedtocontributetowardsthe charity's
costofholdingtheBillAnnettLecture(formerlytheFRAMEAnnualLecture)heldforthefirst time
in September 1999.
18. CAPITAL COMMITMENTS
CAPITAL COMMITMENTS |
|
|
|
|
|
2025 |
|
2024 |
|
|
£ |
|
£ |
|
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 2025
INCOME AND ENDOWMENTS
Donations and legacies
Donations
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
Legal and professional fees
Research and dissemination
Telephone
Insurance
VAT
Accountancy fees
Independent examination fees
Grants to institutions
Other
Depreciation of tangible fixed assets
Total resources expended
Net income/(expenditure) before
gains and losses |
2025
£
32,987
329,948
362,935
37,235
95,879
1,376
134,490
24,786
522,211
7,435
11,659
6,250
1,526
9,576
36,446
326,088
27,757
22,492
1,500
1,251
1,005
464
2,586
30,823
8,608
784
4,124
7,847
5,345
3,050
16,424
460,148
1,991
498,585
23,626 |
2024
£
23,546
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
462,965
(196,003) |
|
|
|
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 2025
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net income/(expenditure) |
2025
£
2,838
26,464 |
2024
£
63,484
(132,519) |
|
|
|
This page does not form part of the statutory financial statements
Page 20