```
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`**
`Unt`r`estrict`ed
`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
```
```
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```
## **`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
```
```
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```
## **`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
```