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|**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|
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||**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|
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|**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|
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|**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 **|
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|**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**|
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||**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)|
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