2021-03-31-accounts

**Page: **
1	ReportoftheTrustees(incorporatingtheStrategicReport)
	•Whatwedo
	•Ourimpact:whatwedidin2020/21(StrategicReport)
	•Ourplansforthefuture(StrategicReport)
	• Financialreview(StrategicReport)
	•Ourstructure,governance andmanagement
8	StatementofTrustees'Responsibilities
9	IndependentAuditor'sReport
12	StatementofFinancialActivitiesincorporatingincomeandexpenditure account
13	BalanceSheet
14	CashflowStatement
15	Notesformingpartofthefinancialstatements
23	Legalandadministrative details

	**Note **			**Year ended **	Yearended
				31March	31March
		**Unrestricted **	**Restricted **	**2021 **	2020
		**Funds **	**Funds **	**Total **	Total
		£	£	£	£
**Income from: **
Donations	4	28,012,416	5,085,784	**33,098,200 **	32,174,834
Investments	5	(591)		**(591) **	25,444
**Total income **		28,011,825	5,085,784	**33,097,609 **	32,200,278
**Expenditure on: **
Charitableactivities	6	20,825,715	4,618,391	**25,444,106 **	30,576,206
Net movement in**funds before transfers **		7,186,110	467,393	**7,653,503 **	1,624,072
Transfersbetweenfunds		214,000	(214,000)
Netmovementinfunds		7,400,110	253,393	**7,653,503 **	1,624,072
**Reconciliation of funds: **
Fundsbalanceat1April2020		973,487	1,510,603	2,484,090	860,018
**Funds Balance at 31March 2021 **		8,373,597	1,763,996	**10,137,593 **	2,484,090

	**Notes **	**2021 **	2020
		£	£
**Current assets **
Debtors	9	27,445,813	29,128,687
Cashatbank		**27,413,988 **	17,506,046
		**54,859,801 **	46,634,733
**Creditors: amounts falling due within one year **	10	**(36,780,827} **	(36,306,772)
**Net current assets **		18,078,974	10,327,961
**Creditors:amounts falling due after more than one year **	11	**(7,941,381) **	(7,843,871)
**Total assets less total liabilities **		**10,137,593 **	2,484,090
**Funds **
Restricted funds	12	**1,763,996 **	1,510,603
Unrestrictedfunds
Generalfunds	13	**8,373,597 **	973,487
		**10,137,593 **	2,484,090

		Yearended	Yearended
		31March	31March
		2021	2020
			£
**Cash flows from operating activities **
Netcashprovidedbyoperatingactivities	a	**9,908,533 **	10,974,968
Cashflowfrominvestingactivities
Investmentincome		**(591) **	25,444
Changeincashandcashequivalentsinreporting period		**9,907,942 **	11,000,412
Cash andcash equivalentsatthebeginningofthereportingperiod		**17,506,046 **	6,505,634
**Cash and cash equivalents at the end of the reporting period **	b	**27,413,988 **	17,506,046
**Reconciliation of expenditure to net cashflow from operating activities **
a. **Net cash provided by operating activities **
Netmovementinfunds		**7,653,503 **	1,624,072
**Adjustments for: **
Interestfrominvestments		**591 **	(25,444)
Decrease/(increase)indebtors		**1,682,874 **	(10,163,308)
Increaseincreditors		**571,565 **	19,539,648
		**9,908,533 **	10,974,968
b. **Analysis of cash and cash equivalents **
Cash at bank and in**hand **		**27,413,988 **	17,506,046
c. **Analysis of changes in net funds **
Openingnet funds		**17,506,046 **	6,505,634
Cashflowsofthe entity		**9,907,942 **	11,000,412
Closingnetfunds		**27,413,988 **	17,506,046

2	**Net income for the year **
	Netincomefortheyearisstatedaftercharging:
		**Year ended **	Yearended
		**31 March 2021 **	31March2020
		£	£
	Auditservices	14,000	13,000
3	**Information regarding employees and Trustees **
	Therewerenoemployees duringtheyear(2020:nil).
	Trusteesarenotremunerated.Trustee expensesrelatingtotravelandsubsistence amountedto		£Nil(2020:£242)in
	theyear.
4	**Income from donations **

				**Total **	Total
		**Unrestricted **	**Restricted **	**year ended **	yearended
		**funds **	**funds **	**31March 2021 **	31March2020
		£	£	£	£
	Medical ResearchCouncil	24,999,295	3,467,991	**28,467,286 **	26,181,000
	Alzheimer'sResearchUK	2,000,000		**2,000,000 **	2,000,000
	Alzheimer'sSociety	1,000,000		**1,000,000 **	2,030,006
	Otherdonations	13,121	1,617,793	1,630,914	1,963,828
		28,012,416	5,085,784	**33,098,200 **	32,174,834
5	**Income from investments **
				**Year ended **	Yearended
				**31 March 2021 **	31March2020
				£	£
	Bankdeposits			**(591) **	25,444
6	**Expenditure on charitable activities **
				**Total **	Total
				**year ended **	Yearended
		**Unrestricted **	**Restricted **	**31 March **	31March
		**funds **	**funds **	**2021 **	2020
		£	£	£	£
	Dementiaresearch	20,825,715	4,618,391	**25,444,106 **	30,576,206

7	**Supportcosts **
		**Year ended **	Yearended
		**31 March **	31March
		**2021 **	2020
		£	£
	Secretariat(see note 16)	89,174	92,435
	Governance	49,728	32,836
		**138,902 **	125,271
	Allsupportcostshave beenallocatedtocharitableactivitiesfortheyear.
8	**Grant giving **

**Grant giving **
	**Year ended **	Yearended
	**31March **	31March
	**2021 **	2020
	£	£
CommitmentsmadebyUKDRILtdtoUKDRIintheprioryear	30,258,000	17,844,000
Newcommitmentsmadeduringtheyear	4,618,391	2,777,933
Commitmentsnolongerrequired	**(8,120,187) **	(2,584,998)
Commitmentsconfirmedtoinstitutionsinrespectofyearto 31March	**26,756,204 **	18,036,935
LessunallocatedbroughtforwardcommitmentmadetoUKDRIinthe prioryear	(30,258,000)	(17,844,000)
NewcommitmentsmadebyUKDRI LtdtoUKDRIduringtheyear	28,807,000	30,258,000
Supportcosts	**138,902 **	125,271
AmountchargedtotheStatementofFinancialActivities	**25,444,106 **	30,576,206
Allgrantsare paidtoinstitutions.Ananalysisofgrant-fundedresearchbyhostinstitutionwith		detailsofgrants
awarded duringtheyear,forming partof theseauditedfinancialstatements,canbefound below:

	**Year ended **	Yearended
	**31 March **	31March
	**2021 **	2020
	£	£
UniversityofCambridge	**2,598,349 **	2,522,083
CardiffUniversity	2,437,057	1,254,712
DundeeUniversity	**(160,558) **	1,015,365
UniversityofEdinburgh	3,442,950	1,420,941
ImperialCollegeLondon	**8,305,321 **	4,257,117
KingsCollegeLondon	**2,842,849 **	2,097,598
MRCHarwell	**111,043 **	324,000
UniversityCollegeLondon	**6,338,769 **	5,007,072
Other	840,424	135,047
	**26,756,204 **	18,036,935

9	**Debtors **
		**2021 **	2020
		£	£
	Otherdebtors	3,445,813	1,283,692
	Accruedincome	**24,000,000 **	27,844,995
		27,445,813	29,128,687
**10 **	**Creditors: amounts falling due within one year **
		**2021 **	2020
		£	£
	Accruals	**105,180 **	108,035
	Othertaxesandsocialsecurity		46,920
	Researchcommitments	**36,675,647 **	36,151,817
		36,780,827	36,306,772
**11 **	**Creditors: amounts falling due after more than one year **
		**2021 **	2020
		£	£
	Researchcommitments	**7,941,381 **	7,843,871
	Ageing oflong-termliabilities
	1-2years	**7,941,381 **	7,843,871
	**Reconciliation of research commitments **
	Balancebroughtforward	**43,995,688 **	24,535,395
	Newresearchcommitmentsenteredintoduringtheyearfordementiaresearch	**26,756,204 **	18,036,935
	Researchcommitmentsforyearto 31March2022approvedbyTrustees	**28,807,000 **	30,258,000
	Reversalofresearchcommitmentsapproved byTrusteesin previousperiod	**{30,258,000} **	(17,844,000}
	Amountsspentinthe period	**(24,683,864) **	(10,990,642)
		**44,617,028 **	43,995,688

**12 **	**Movement in and allocation of restricted funds **
		**As at **				**As at **
		**31March **				**31 March **
		**2020 **	**Income **	**Expenditure **	**Transfers **	**2021 **
		£	£	£		£
	DementiaDiscoveryAwardAgreement	234,600		(234,600)
	Eisai/DRIpost-doctoralscheme	1,275,268		{244,407)		**1,030,861 **
	MedicalResearchCouncil-CapitalAwards	735		215,004		**215,739 **
	MedicalResearchCouncil-CapitalWorld
	ClassLabs		913,991	{913,991)
	MedicalResearchCouncil-CapitalCR&T		2,554,000	(2,554,000)
	Alzheimer'sAssociation		417,793	{417,793)
	EliLilly		1,200,000	{468,604)	(214,000)	**517,396 **
		1,510,603	5,085,784	(4,618,391)	(214,000)	**1,763,996 **

**rior year **
	**As at **			**As at **
	**31March 2019 **	**Income **	**Expenditure **	**31March 2020 **
	£	£	£	£
DementiaDiscoveryAwardAgreement		469,200	(234,600)	234,600
Eisai/DRIpost-doctoralscheme		1,480,339	(205,071)	**1,275,268 **
MedicalResearchCouncil-CapitalAwards		2,339,000	(2,338,265)	**735 **
		4,288,539	(2,777,936)	**1,510,603 **

13	**Movements in unrestricted funds **
		**Asat **				**As at **
		31March				**31 March **
		2020	**Income **	**Expenditure **	**Transfers **	**2021 **
		£	£	£	£	£
	Generalfund	973,487	28,011,825	(20,825,715)	214,000	**8,373,597 **
	**Prior period **
	Generalfund	860,018	27,911,739	(27,798,270)		973,487
**14 **	**Analysis of assets and liabilities between funds **

		**Restricted **
	**General Fund **	**Funds **	**Total **
	£	£	£
**Current assets **
Debtors	24,000,000	3,445,813	**27,445,813 **
Cashatbank	25,425,634	1,988,354	**27,413,988 **
**Creditors **
Duewithin oneyear	(33,283,684)	(3,497,143)	(36,780,827)
Dueinmorethanoneyear	(7,768,353)	(173,028)	**(7,941,381) **
	**8,373,597 **	**1,763,996 **	10,137,593
**Prior period **
		**Restricted **
	**General Fund **	**Funds **	**Total **
	£	£	£
**Current assets **
Debtors	28,018,433	1,110,254	**29,128,687 **
Cashatbank	14,562,361	2,943,685	**17,506,046 **
**Creditors **
Duewithinoneyear	(33,763,436}	(2,543,336)	**(36,306,772) **
Duein morethanoneyear	(7,843,871)		**(7,843,871) **
	**973,487 **	**1,510,603 **	2,484,090

	**Unrestricted **	**Restricted **
	**funds **	**funds **	**Total **
	£	£	£
**Income from: **
Donations	27,886,295	4,288,539	**32,174,834 **
Investments	25,444		**25,444 **
**Total income **	27,911,739	4,288,539	**32,200,278 **
Expenditureon:
Charitableactivities	27,798,270	2,777,936	**30,576,206 **
Netmovementinfunds	113,469	1,510,603	**1,624,072 **
**Reconciliation of funds **
Fundsbalanceat1April2019	860,018		**860,018 **
**Funds balance at 31March 2020 **	973,487	1,510,603	2,484,090

Chairman	WJRucker
OtherTrustees	RSBuckle-nominatedbytheMedicalResearchCouncil
	FMCarragher-nominated byAlzheimer'sSociety
	DrMGLee
	IAKMoodie
	JPPisani
	ProfDameNJRothwell(resigned2September2020)
	DrC Routledge-nominated byAlzheimer'sResearchUK(resigned30June 2020)
	AJShevas
	Prof.SERadford(appointed3June2020)
	SirDMTurnbull(appointed3June2020)
	IWilson-nominated byAlzheimer'sResearchUK(appointed3June2020)