UK DRI Ltd IA Cornpany limlted by 8uarantee and not having a Share capitsll Annual Report and.Flnan¢Sal Statement5 Year Ended 31 March 2023 Company Reg15tratlon No.. 11045257
UK DRI LTD Flmnclal statements fortho y•arended 31 March 10 Page: Report of theTrustees Ilncorporatln8the Dlrector5' Repor( and Strateglc Report) Objective, FoundlnÉ Prlnclples and ActIvleS Executlvesufflmary ObjeCte Foundln8 Prlnclples Actlvltles Achlevernent5 and PerforEnancÈ IStrate8lc Reporrl Excellence Collaboratlon Translation Communicatlon Future Plans IStrate8lc Reportl The year ahead LonRer-temi plans Flnanclal Revlew IStrate8lc Repprtl In surnmary Ourfunds Our reserves pc41cy Our Investment wllcy OurStru£ture, 8overnance. and management Governlngdocument Trustees, appolntment and tralnlng Related partks Rlsk5 and uncertalnt1es Pub15c beneflt li Statermnt ofTru5tees Responslbllltles 12 Indepvndent Auditorfs Report tothe Member50f UK DRI Ltd 15 Statement of flnanclal actlvltle5 Incorporatlng Intome and eXpendItu account 16 Balance Sheet 17 Ca5hflow Statement 18 Note5formin8 part of thellnanclal 5taternents 28 Legal and admlnlstratFve detalls
UK DRI LTD Report ofihe Trustees for the year ended JI Matth 2023 rlncl le5 an ExeoAlve Sufflmary Dementla Is the bi8gest health chJllen8È of our century- currently frfty million patients worldwlde, projerted to triple bv 2050- with hu8e fTnancSal, emotional, and social impact on people with dementia IPWDI. thelr Car$, familie5, and friends. Dementla is caused by a set of complex neurodegenerative dlsorders. wlth Alzhelrnerf5 disease accountlng for approxlmately 60% of the ca5e5. To date there Is no way to prevent or even slow the progresslon of dernentla, a5 there Is stlll a malor 8ap In our bask under5tsndln8 of neurodegeneratlve dlsorders. The UK Dement12 Research Institute IUK DRI or In5tltutel is the bl8gest UK initiative supporting research to fill thls knowledge gap, created as part of the Prime Mini5terfs chollenge on dementlo 2020 and 5UPPOrted by Fts the Founders. the Medical Research Council IMRCI, Alzhe5merf$ 5oclety IAS) ènd AlzheimeI5 Research UK IARUKI. The UK DRI was formed as a result of a lolnt venture between the MRC, A5 and ARUK, whlch created UK DRI Ltd. The UK ORI Is funded by these three foundlng funders, vla uk DRI Ltd. and Its sclentlflc operatk)ns are conducted at seven dlscrete research centres with5n SSX unlverslt5es.' UCL, Imperlal, Kin8's, Cambridge, Cardiff, and Edlnburgh. An eighth 'vlrtual' centre- the UK DRI Data Science cent- was Set up In April 2023. The UK DRI Headquarters are based at ua and here the executlve ieam determlne and Implemènl the UK DRI Ltd approved research strate8y, UK DRI Ltd does not dlrectly employ any Staff, The UK DRI'S scientific and headquarters operatlons are conductèd by employees of the slx unlversltles who operate on behalf Of UK DRI Lid. The focus of Subsequent Inloimatlon In thls report 5s on the perforrnance and actlvtt5es ol the unlversf(les Included In the UK DRI. The Instltute has undergone a thorough ènd successful revkw of fts flrst qulnqueTrnium lQQ] and, In December 2022 Saw Its fundlng renewèd for the 2023-28 perlod wlth a total contrlbutlon of £150m. the MRC remalnln8 the ma5n core funder with further support from ARUK and A5. In •dditkJn to our core lundln& we are prOd to have attracted addltlonal luThdlng, Includln8 a malor£30m award from LlfeArc spe£lflcally dedlcated to translatltsnal research. ObJ•rtl¥e We undertake orl8lnal. ground-brèaklng research that will transform Ilves. We attract the brl8htest mlnds and 8lve thèm the best tèchnology and searCh tools. We work wlth each other, wlth people Ilvlng wlth demèntla and thelr famllles, wlth the wider sclentlflc communliy and wlth Industry to translate our flndln8s Into treatment5. We are renowned for the quality ol our sclence, our wllllngness to share data, Ideas and resources. and our unwaverlngcommltment to Stop dementla in Its trdcks. The In5tltute carrles out research relevant to dementia-causln8 neurode8ener3tl¥e d15eases, Includlng A12helmer' dlsease, P3rklnson'5 d15ea5e, frontotemporal dementla. motor neuron diseaselfrontoternporal dementla. Vascular dèmentla, and Huntln8ton's dlsea5e. For the 2023-28 gulnquennium, our vlslon Is founded on èlements: 111 'To define tht molectslaf ond cellulormechonlsms re5ponslblefor the eorly ¢ellulorphases of mojorneurodegenerurive di5eLy5es' Thls wlll lead to deeper In518ht into cellular and molecular mechan5srn5 underpinnlng neurode8eneratlve d15easÈs* yleldlng novel blomarker5 and drugtar8ets that will enable us to halt the dlsease process early on and provide the mean5 to Identlfy those at risk. 1111 To develop no¥el tools und monitoTrng systems to supportpotlents Ilvlnq wirh dementlo,. Th15 wlll dellver benefits to patients anil carer5 in the short-term and lead to more rDbu5t and sen51tlve rneasu that wlll revolutlonlse how clini¢al tria15 are performed. Foundlng Prlndples The UK DRI 15 based on four princlples that we belleve are keyto UK DRI'S succes5: Excdlollo.. kientific excellence Is the drlver of UK DRI'S success. Excellence Is embedded In everythin8 we do.. crubtment/tr31niTr8 of our staff, supportlng Innovatlve research, Investin8 in the besttechnologles, and Identifying strategic partners for collaboratbn. We use both internal and external peer review to evaluate excellence aThd monrtor our pro8re55 and to evaluate any new lThltlative taken. Ouv cornmitmentto equity. divetsity and incluslvlty (see KORI ED
UK DRI LTD Report ol the TNsteesf0rtheyrended 31 Mar¢h 2023 Ifontlnuedl iversit and inclus5vi statement eHn5 that we are mobillsingthe best talents from everywhere In society to provide opportvnlties to benefft from dlver5e thlnklng. Collaborotlon.. Dementla Is a rnultifaceted disordErand understanding what drives it requlres the expertise and perspective5 of a rnultidisciplinary team of researchers. We have attracted tslented researchers from diverse fields and b3ck8rounds. We are developing thelr understanding and involvement In dementla research by ernbedding them In a collaborativÈ working environment with we11*5tabllshed dementia reseaTcher5. offerlng opportunltles for Inforrnal networkiTh& recelving feedback, learnlng about. and discu55ln8 the latest developments in dernentla research. At the UK DRI we break down barrlers to enable interdlsclplln£ry collaboratlon throuBh our collaboratlve network5 known a5 ThEmes'. In addltion. we empower collaboratlon thrO8h our internal Awards pro8rarnme. Data land resourcel Sharing is key to our succes5. Our Informaflcs Steerlng Committee land its satelllte Workin8 Groupsl develop and champion the adoption of data/di8ilal policle5, mechanisms, and guidelines to enoble an open research culture part facllltated by our Research Collaboratlon Servlcesl. We create synergy for maxlmurn impact by collaboratlng with emternal partners across Ihe dementla landscape. We act as a catalyst In the national and Klobal dementla research communliy. We share data, ideas, talents. and resources, and open our workshops and symposla to the wlder scientlflc communlty. We reach out to clinical partners. Industry, and ihe government to work tO8ether to solve problems In the fleld. LLIoLloo: It Ss the mlsslon of the UK DRI to tronsform the Ilves ol Peop affected by dementla. As the number of people affected by dementla Is set to grow rapldty In the coming detède$ 5t has never been more ur8ent to translate our knowledge Into cllnlc31 value for peDple. The UK ORI translatlon strategy bullds upon the Institute'5 evolvlng sc5entlflc portfolio. We supwrt our researchers In becomln8 rnore e01repneUrIaI in thelr thlnkin8. Equalty Important are collaboratlons wlth NHS Trusts and Ca homes. We enga8e wlth external partners acr055 the dernentla research landscape to achleve our 5tratt8lc goals and In return we lend our expert15e to 5UPPOn thelr goals. n.. To achSeve our 8oals, Internal and external cornmunlcatlon afe both essentlal. Internal communlcatlons bulld a common understandln8 of our mission ènd enable our researcher5 to learn from one another, share ideas, and addres5 problems togeiher. External communications present the UK DRI to the outslde world, raisln& the proflle of the Institute amon85t researchers, Industry. policy rnakers and the general public across the UK and the wortd, exp1alnln8th• Importance of our work. what we do. progre55 made, and luiure needs. An Important aspect Is to keep research on dementla and neurodegeneratlve dlsord¢rs high on the polltlcal and socletal agenda and attuned to the needs of those afferted by dementla Attlvlfl•s Over the past year. the UK DRI ha5 tontinued to bulld rnomenturn In becomln8 a world-le?dlng Instltute In dementla research. At the core of the Instttute Is a strong sclentlflc vlslon lor how the UK DRI wlll unc¢)verthe most vèluable Inslghts Into the mechanlstlc drivers of neurode8eneratlon and translate that underst8ndlnB Into ways to prevènt, delay or mona8e dementla-cèusln8 dlsea5e5. Our foundlng prlnciples remaln the polnt of reference for our actlvltie5 and programmes. The 2022123 perlod has been very productlve wilh key Tecruitments, major publlcatlons, strengthenlng of collabor8tfve Inltiative5 and programme5, 5ub5tantial leveraged fuTrdln& slgnilicant developrnent ol strateglc partnershlps and remarkable success in the translatktnal space. In the next sertlon. we hl8hll8ht how prosress over the pastyear ha5 contrlbuted to our mi5510n. STRATEGIC REPORT Achl mems and Perlorm¥n Exc•ll•nc•. We have continued to attract top talent, further strengthenlng our research tapacity. This year. we have seen 5ignrficant changes In senlor leadership. Prol 8art De Strooper announced his intentlon to ttep own from his post as a natlonal Dlrectorship in November 2022. Prof Glles Hardinghèm (Centre Dlrector at UK DRI at Edlnbur8hl will be intertm Dlrector from I lune 2023 untll l October 2023 when 3 new perrnanent Dlrettor wlll take up the role- Prof Siddharthan Chandran. Prof 83rt De Strooperwlll remain a senior Group Leader at the UK DRI, based at UCL. We have also mède a new appolntment to the 5clence Strategy and Operations Board.. we recruited Prof MSna Ryten Ifrorn the UCL Great Ormond Street Instftute of Chlld Health) 05 the Centre Dlrector for UK DRI at CarDbridge. due to start In January 2024. Prof Ryten will take over from Prol David Rubin5Ztein. who was Interim Dlrector Since the departure of Prof GiDvanna Malluccl in March 2022.
UKDRILTD Report of theTwstee5 forthe yèarended 31 Maf¢h 1013 Icontlnuedl After Prof Caleb Webber was appDlnted UK DRI Dlrector of Inforrnatlcs In 2021. In Novembef 2022. we recfulted Dr Arnonlda Zadissa from The European Blolnformatics Irllte IÉMBL-EBII as an As50Clate Directorol Informatlcs. To8ether, they wlll develop and Implement an Instituttrwlde slrate8V to harne55 the powerof data resources and analysis too15 to better understand and trèat dementla. We also welcorned four new Group leaders IGLs1. Dr Kathryn Bowles from New York Unfver51ty and Dr Moota2 S3lmaTh from the University of Oxfordjolned our Edinburgh Centre. while Di And8 Serlo from the Francls Crlck Institute and Dr Safah Mèrzl, currently an Emer8ln8 Leader at the LIK ORI Imperfal Centre. are due to IDln our Kln¥s Centre. In 2021 we estsbllshed our Emer8ln8 Leaders programme, a developmental prD8ramme uniqueto the UK DRI. supportlng early career ieseaTchers to establlsh stron8 researth networks and build skills necessary for establlshlng thelr own research groups throu8h sponsorshlp and career mentoring. In Aprll 2022. Drjln Qlu IEdiThburghl becèmethe fourteenth UK DRI EmerBlThg Leader. Our Institute Is now a rnultld15clpllnary network of seven centres Iwlth an el8hth vlrtual centre. the UK DRI Data S¢len¢e CeDire. belng added In Aprll 20231 wlth 867 members las 0131 March 20231, coverin8 rllver5e aspects ol dernentia research such as neurolnflammatlon, DNA repaSr, bloen8lneerln& clrcadian bio108V. 8eneti£s, systems neuroscience, RNA bio108y, metabollc sclence5, and snnovate technologles for dementla ca. Wlthin the UK DRI HQTeam, a new Theme Mana8er and Sclence Manager were appointed to replace staff leavSng the Instltute. In addhlon. we recrulted a Trèn51ation Manager, Finante Manager, HQAdrnlni5trator, and HQ Coordlnator. brln8ln8 the team to a total of 29 members. UK DRI researchers publlshed 596 papers in 2022, a nurnber comparable to 2021. Our rèsearch outputs hl8hllBht key stren8th5 In sln8le cell 'ornlcs and Imagln8 approache5 to transform 0r understandlng of d15ease aeti0108Vi novel blomarkers for early dla8nosls and dlsease progress monltorln& and cuttiTh8-ed8e cell bio108V to dlssect the role ol non- neuronal cells In dementla and identlfy novel therapeutlc tar6ets. Our research quallty Is a150 reflected In the substantlal fundlTrg leveraged, wlth ouriotal external grant portfollo 5tsndln8 at E62.6m distrlbuted across our seven centre5. The excellence of our research 15 3150 reflected In our outstandlng publlcatlon record, wlth nlne UK DRI Group Leaders featured In the Cl•rlvate'" Hi8hly Clted Researcher 2022 Ilst IPTo15 8art De Strooper, Nlck Fox and John Hardy IUCLI, Prof David Rublnszteln ICarnbrid8el, Prof David Sharp ICR&TI, Pro15 Joseph Prlller Tara Spire5-Jones and Joanna Wardlaw and Dr Axel Monta8ne (Edlnburghll. In the 2022123 period our researchers received Important prestlglous prlze5 and honours.. Prof Sir John Hardy IUCLI was awarded a knlghthood In the 2022 Honour5 list, Prof Nlck Fox IUCLI was awarded the Eur(we8n Grand PrSx 2022 bythe French Alzhelmer Research A550clatlon, Prof Sarah Tabrizl IUCLI was awarded the 2022 MRC Mlllennlum Medal, Sophle Sanford ICarnbrld8el was awarded the Britlsh Neurosclence A550clation Publlc Enga8Ement Prlze 2022. and Dr Soyon Honi IUCLI was awarded the Alzhelrnerf$ Research UK Oavld Ha8ue Award for Early Career Investl8ator of the Year 2023. In addltion, Prof Ka0 Duff IUCLI and Prof Slddharthan Chandran (Edinburghl were elected to the Academy of Medical Sclences Fellowshlpt and Prof Bart De Strooper IUK DRI Dlrectorl was eletted to the US Natlonal Academy ol MedSclne. Coll•boratlon. We have promoted knowledge exchange and multidi5clplinary Eollaboratlons within the Instltute w+th the Cros5 Centre Postdoctoral Prograrnme Iflve awarded In 20221 and oyr PSlot Programrne5 lei8ht awarded 20231. We also launched the Grand Challenge5 pro¥ramme to fund cuttlng-ed8e reseafch whlch addres5e5 mèlor area5 of Interest across dernentla research. Proposa15 must be led by VK DRI GLS and cèn Include Emer8lng Leaders, Assoclate Members. and external re5eJrchers as seconthry appllcant5, The flrst round of èppllcaiion5 recelved nlne proposals, with two award5. made l-£1.7m eachl-. Early dlagnosls of AD in the precllnlcal phase.. Multidisciplinary. cross-specles 5tudle5 to understand thè ielatlonship between entorhlnal-hippocarnpal dysfunction and swtlal behaviour IPI.. Duff, UCLI. ènd Neyral Replay- A Novel Functional Circuit Biornorker OF Latent Aliheirnerfs D¢5ea5e IPI.. Busche. UCLI. In this period. we a150 appolnted two Assoclate Members and three Co-Investl8Otvrs. UK DRI cros5-centre Theffles a our prfmary mechanlsrn for drawing together researchers from across the Instltute to dlscvss and develop ground-breaklnE Ideas and cuttlng-edge technolo8ies. We ¢urrently have seven Themes.. Parkinsov's disease (launched in January 20221. Macro8lla Uanuary 20221. Neurolnllammatlon INovernber 20181, Vascular Ioctober 20191, Synapse and clrcultry Imay 20201, DNA repair IAu8USt 20201, and Inltirmatics Isepternber 20201. The collaboratlve nature of ourThemes also facllitste5 relationships between researcher5 and Stakeholders acr05S the UK. ThroughoLrt 2022123, ourThemati£ events have attracted over 2LN) non-UK DRI particlpants, intludlng from Dementlas Platfom VK
UKDRI LTD Report of theTIu¢ts10r the year ended 31 Morch 2023 Icontlnuedl IDPVKI. the 8rit15h Heart Found*5on IBHFI and over 20 different UK academic institutlons. In addltlon to formal thematlc actfvitles, we have also convened and 5UPPOrted Worklng Groups IWG51 in the context of the mouse models programme and, rnore retently. In the field ol Motor neuron diseaselfrontotemporal dementia IMND/FTDI research. The first rneeting of thls WG took place in September 2022 and brought together elght GLS acr055 the UK DRI Centres to explore how the UK DRI can build on research strengths and existlng capaclty and resources In thls aa, and prornote sYneIe5 acr05s1he Insiitute, to enhance humaTr Informed discovery research and strengthen translational research. Thls meetlng cataly5ed new collaboratlons Iwlth proposals submitted to the fEAre Trarsslational call, and Kev Questlons exerclse- see below) and 8uided a UK DRI 5trategl¢ approach to MND research. buildlng on our unlque strengths while 3150 enhincin8 and complementing the broader n3tional MND research landscape. We strlve to promote the adoptlon of CLrttSng&ge, tran5formatlve technolo8les enabllng Thovel way5 to understand neurodegeneratSon. Our core-funded platforms provlde UK DRI researchers accéss to state-of-the-art methodolo8ies aThd resources supported by speclallsed technlcal staff. In early 2023 we establlshed the Slngle Cell and Spatl?l Transcrlptomlcs Platform. The newly appolnted Platform Mana8erand Research Technlcian are currently setting up lox Genomic5 Single Cell and Nanostrlng Geomx spatlal tran5criptoml¢s technlques. wlth plans to expand the technologSes on offer as the platforrn develops. The p1aiform wlll be open to UK DRI cllents bythe start of 2024. to UCL ION by the Auturnn of 2024, and to external users il there15 Spare capacity. Our Blomarker factory IUCLI has already proven a hugely succe551ul Inltlatlve currently open to UK DRI and external users. 51nce rts Inauguratlon In 2021, the advanced pfoteomics platform In Dundee has takèn on 55 prolects from 3cros5 the In5tltute. Tr•nsl•tlon. Ensurlng that L)K DRI re5eaTch has slgnlfTcant patfjent 5mpact contlThues to be a tore vlslon of the UK DRI. In 2022123 thè UK DRI enloyed record levels of translational fundln8 throu8h the LifeArc translational partnershlp IE3(hn15 vear51. the MRC Impact acrelerator lan additional £236kl and ARUK rlng-fenced fundlnE1£5(X)Vvearl. Thls fund1Th8 enable5 US to 5UPPOrt our researchers through competltlve Internal translatlonal fundln8 ca115. In March 2023, we launched a lundlng call for £1-2m awards under the LifeArc Tran51atlonal Partnersh5p, whlch recelved 24 expressions of Interest coverlng the breadth of UK DRI research areas. Seven proposa15 were 5nvited lor a fvll application, wrth the outcome expetted by a4Jtumn 2023. In 2022 we made slx UK DRI translational award5 for prool-of-concept work, typlcally In the re8lon of £100.£300k Ilunded by MRC Impact Acceleratlon Account5 IIAAI and ARUKI. We have expanded our array of Industrlal strateBk partner5 wlth Sun Pharma Atfvanced Research Company ISPARCI and Ono Pharmaceutlca15, loln5ng exlstlng partners Elsal, Ell Lllly and Astex, wlth thè alm to provlde upio-£2m of addltlonal fundln8 Into UK DRI research from Industry. In 202212023, the UKDRI enjoyed major ach1evernènts In translatlonal aciivitles wlth a totsl of 22 Inventlon d15closu$, ten patents flled, and four patent5 Ilcen5ed dernonstratlng the LtK DRI'5 healthy early-staÉe translatlonal plpellne, Furthermore. In 2022 we hève a551sted In draftlng and negotiatlng 182 contr3ct5 spread acro55 the UK DRI wlth partlcular emphasls on UK DRI Ltd IHQ and Board contracts) and UCL a5 our laf8e5t centre. We have seen a partlcularly busyflrst quarter in 2023, wlth 71 contracts belng drafted, Our Innovatlon and buslness team ha5 estèbllshed produttive relatlon5hlps wlth tech transfer offlces at each centre Unlversit¥ and has now agreed on a template Materlal Transfer Agreement wlth our partner univer51tles, which will help streamlsne future agreernent5. Commun5c4t5on. Thls year we saw Increased medla coverage. wlth approxlmètely 3,9CK> medla mentlons, 5ncludln8 In mèlor natlonal media ouilets. Hl8hlS8hts ofi UK ORI research Included the identlflcatlon ol new risk Eenes for Aliheimerf5 dlsease IProf Julle Wllllams, UK DRI at Cardiffl, a new rnechani5m to avoid the build-up of mlslolded proteins (Dr Edward Avezov, UK DRI at Cambrldgel and the description of the new Huntlngton's disease sta8ln8 5y5tern fjeatud In S(lence Magazine and other 5PEciallst outlets (Prof Sarah Tabrlzi. UK ORI at UCLI. Followlng news of prornlsing Phase111 trfal dats from Alzhelmerfs drug LecaTremab, we took idvantsge ol the Increased spotliRht on the field, holdlng an external Specialist webinar In December 20221>3.SK vlews on YouTubel, and enga8lng In both prOacte and veactive metlia, 5ecurlng 800total mediè mentions, wlth at least 20 pleces of national prlnt coverage lin£ludln8the Telegraph, the Times, Evenlng Standard. Guardlan. Independent, BBC and morel and flve national broadcast interviews Ilncludlng 88C Radio 4 Today, Time5 Radigl with UK DRI researcher5. In 2022123. we expanded our presence across Westminster and Whftehall, includlng a number of mlrbl5ter Centre vlslts, and meetings wlth parllamentarlans. We contlnued to strengthen our relatlonships wlth the MRC, the Ol¢e of Life Sclences. and the Departrnent of Health and Social Care. for example, through our cuntiibutlon to the MNO Ministerial Roundtable dlscusslng a major strate8ic funding initiative in MND translational research. We produced three public-facing
UK DRI LTD Report ofthe Trusteeslorthe yearended 31 March 2023 Icontinuedl documents. two new brochures, "Rate to Cures. and rhe UK DRI at Five YeafS- and an origlnal report" Dlver51ty and dementia.. how is research bridgingthe health 8apP" whSch were well receNed by a ran8e Df stakeholders. Aftertwo year5 of virtual events, In November 2022. we held our flfth Connectome meetSng Ithird in per50nl, ourannual Instltute-wide research conference and retreat, brlnging together the UK DRI community (about 650 attendee51 forthree days of networklng and learThing about the badth of UK DRI research, initiating novel links, and fostering interdisciplinary, croSS<ent projerts. We have continued a serles of virtual and In-person events, Includln8 mnthlv Eady Career Researcher webinars, 5ymP05ia and ECR Theme meeting5, ECR rneetlng5 and clinlcal symposia wlth our Inteinatlonal CURE-ND Icatalysing a UThlted Response In Europe to Neurodegenerative Disea5e51 alllance partners, methodolo8y hi8hll8hts and translatlonal events, a5 well as hi8h-proflle webinars (IncldIng regardin8 Lecanernab mentloned above). We contlnue to work with our DlvÈrslty ThinkTank to addres5 the EOI Issues hlghll8hted by our 2021 staff survey. In partlclllar, the underrepresentation of black and ethnlc mlnorlty members of staff at the UK DRI and the underrepre5entatlon ol women In the senior leader5hlp p05ts. In 2022123, we partnered wlth In2sclence and In2research and the BNA Scholarshlps pro8ramme to provlde placernents lor studènts and tralnees from underrepresented groups to wlden dlversliy In STEM and neurosclence career5. Future Plans The year ahead In November 2022, Prof Bart De Strooperannounced hls Intent5on to step down from hls wst a5 In5tltute Dlrettor. Prof Glles Hardlngham Icentre Dlrector 3t UK DRI at Edlnburghl wa5 5ub5equently announ¢Èd 0$ Interlm Dlreclor. pendlng th appoinrment and commencernent In role of a new Instltute Dlrector. And In June 2023 it was announced thar Prof Slddharthan Chandran would take over as permanent Institute Dlrector in October 2023. Accordlngly. the future strategy forthe Instltute, Includin¥ The Future Plans, The year ahead and Longer-term plans, will be the responslbllliv of the new Instltute Director and thls is reflected below. Key elements of future plans are Ilkelyto Inclde the followln8'. The Director and Assoclate Olrector of Informatlcs IProf b WLbbLr and Dr Amonlda Z3dis5al wlll further develop the DRI Data Sclence and Informat$ 5trate8y, IncludlTh8the recrultrnent of speclallsed blolnformatlclans. traln5n8 Inltlatlves. and support to embed data sclence approaches In UK DRI research. Followln8 an a8reement wlth ARUK, we alm to recrubt a small team lemployed by ARUKI who wlll be based at UK DRI HQ and workSn8 to develop a fundraislng programme to further support UK DRI research. Research operatlon5 wlll contlnue wlth partnershlp development and fundln8 Inltlatlves such as Pllot Projects ProRramme. There wlll be a focus on collaboratlons. Cross<entre themes wlll play a plyotal role, and several therne actlvSties Imany wlth external partners, e.B41 DPVKI have already been planned, IncludlnB at least one Group Leader retreat and one ECR event per Theme. We wlll hold our 2023 Connectome lour annual InstUte-wlde research conference and retreat) In Octobef 2023, creating an excellent opportunity to share ideas and f05tercolSaboratloTh. Via our UK DRI data sclence partner5, we have en8a8ed wlth several key partner5 (Alan Turfng Institute and DEMON Networkl, data harmonlsatlon IDPUKI and UK-wlde health data resources IHDR UK). We are ctsntinulng to collaborate wlth the Network on thelolnt UK DRI-DEMON Network semlnar 5erles. The UK DRI will coniinue Its en8a8emenl wlth the Dementia UK Ecosystem la weblnar on rneaningful trl•l outcomes for World Alihelmerfs rnonth in September 20231 and CURE-NO partner5 ad develop addltlonal strategic partnerships to create synergy for rnaximuFD Irnpact. We will develop more tralnlng and career initiative5 In colloboration w5th renowned or8anlsations. Ovr communlcatior15 tearn will continue to vnrk towards building a strong public voice forthe UK DRI around the need lor contlnued 5UPPOrt for dementia research and weave our new Influencin8 messaglng Into our broader content. Tts improve ourvlslbllty, we wlll launch a new website (planned for early 20241. LonK•Trt•rm plins In the next QQ under the le3dershlp ol the new Institute Director, we vlill continue to develop v4hat will becorne the most productlve and efficient di5co¥ery 5cien£e dementla research institute in the world. open to collaboration5 at home and abToad.
UK DRI LTD eport oftheTrustees for the year tnded 31 Marth 2025 l¢ontlwedl Financlal Revlew Headline figures from our financlal Statements show.. Total income foi the year of É32.7m Iprevlous year£34.6rn1, of whlch f4.7m (prev5 year £10.3rn1 15 restiitted Total expenditure for the year of £31.7m (previous year E40.4ml, of which £3.9m Iprevious year £9.4ml Is restricted. The reductlon in overall expenditure is largely due to a hlgh numberol capltal Infrastructure award5 made in the previous year, providing speclallst equlpment to enable research for years to come, plus a hlgh number of new Industrial partnership5 that Started for the first time In 2021. In summary Charltable expendlture Is prSnclpally funded by the founders, the MRC, AS and ARUK. They revlewthe sclentillc perforrnance of the institute every five years and, If successful. rnake Indlcatlve fundlng award5 for the followln6 fiv• years. The first of these reVwS took place in 2022 and in late autumn made the followlng indicatlve awèrds.. MRC £131m over ffve years ARUK £12.5rn over five years AS £6.5m over fve years CO fundlng from Founders of £29.3m to be recelved durlngthe year comrnenting l Aprll 2023 Is included In accrued Incorne on the balance sheet. Research comrnltment5 included wlthln creditors on the balance Sheet Includes £31m for the bkJd8et for the yearfrom l Aprll 2023. url Total funds held at 31 March 2023 were £5.4m. Of thls amount, £2.8m Iprevlous year £2.2ml werè unrestrleted and represent the free reserve5 of the Charlty. Our reserves pollry The original reserves pollcy was based on the fact that grant commltment fundln8 Is recognlsed on an annual bas15 and Is not awarded until there Is certalnly In lundlng receable from the founders. Each year at the February Board rneetlngs, Trustee5 approve In prlnclple grant fundln8 for the followlng year from l April followln8 receipt ol a ProsaI from the UK ORI HQ Founders are then inv5ted to a8ree contributlons towards the bud8et. Followlng conflrmatlon of Income. research grants for the followlng year are awarded. Additional fundlThg may also be Sought which may then lead to furrher grant cornmltrnents. The Charlty has no employees and mlnlmal Infrastructure costs. By the nature of th15 fundlnK model, there Is no need for 518nificant reserve5. Therefore, the orl8lnal pollcy had been agreed that founders will rin8-lence exlstln8lund5n8 UP to £0.3m total. Thls was subsequenily Increased to £0.6rn In total reserves. Oue to uncertalnty over funding levels durlng the COVID-19 ero, re5eryE5 We significanily Increased to allow funds to be carrled over to fvture year5. However, due to the passlng of COV1D-19 and fouThdln8 funders athlsln8 thelr future five-yearfundln8 Intentions. on 15 November 2022 the Trustee5 agreed tts rev15e the reserves level back to the prtrCOVID-191evel of É0.6m. We are workln8towards duclng the level ol free reserves to £SOOk In the neit 2-3 year5 per the S-year forecast but do not want to release It all In one 80 In orderto avold peaks and troughs1Th fundlng levels whlch cannot be sustalned Sn latter years Our In¥tment poll(y The funding model provldes that the Charlty will always have surplu5 cash, equivalent to outstandln8 CurtI18bII1eS at any tlme. Cash 5urplu5es are placed on bank deposlt. fn tmÈn UK DRI Ltd Is a chaiitable company Ilmlted by Buaiantee and does not have a share cap5tal. In the event of the ch¥iltable Company beiTh8 wound up, each rnember ha5 guaranteed to contrlbute £1. The mernbers are the Trustses of the cornpany. A5 at 31 March 2023. there were ten Trustees. Currentty. the maxirnum number of Trustees lsthlrteen. The Director5 and TTUStees a Ilsted on page 28. UK DRI Ltd is a reRlstered charlty regulated by the Charlty Commisslon for England and Wales. The UK DRI wa5 formed as a SuIt ol a joint venture a8reeffnt IJVAI between the MRC. AS and ARUK whkh created UK DRI Ltd. However, thls JVAwas dl5501ved effective 31 Marth 2022.
UKDRI LTD Report ofthe Trustees forthe yearended 31 Marth 2023 l¢oDtlny•dl In its placels three bllaterèl agreements. one per funder. MRC has a Core Fndrt8 Agreement with UK (JRI Ltd whl£h sees ft retaln Its seat on the Board and It 38rees to fund at least £125m overlive years effertive l ApThl 2022. Thi5 level of fundln8 sees MRC deemed a core fundin8 Partner. ARUK has entered into è StTrteeic Alliance Agreement wlth UK DRI Ltd effectlve l Aprll 2022. Intendlng to fund a mlnlrnum of £12.5m overflve year5. At this level of fundlng ARUK are con51dered a stfate8lt partner and thereby retsiTh thèir seat on the Board. AS ha5 entered Into a 5trateglc Alllance Agreernent with UK DRI Ltd effective l April 2022. committingto fund £6.5m over five year5. At this level of fundin& they are considered a FuThding PartTher but do not retaln thelr seat on the Board. The UK DRI Is fvnded over a mlnlmum flve-year horizon by these three foundlng funders, vla UK DRI Ltd, and its sclentlflc operatlvns are conducted at dlscrete research centres wlthln slx unlversltle5'. UCL, Imperlal, Kln¢s, Cambrldge, Cardlff, and Edlnbur8h. Its headquarters are based at UCL and he the executivÈ team determlne 3nd Implernent the UK DRI L¢d appfoved research strate8y. UK DRI Ltd does not dSrectly ernploy any Staff. The UK DRI'S sclentillc and headquarters operations are conducted by employee5 of the si¥ unlversltles who operate on behalf ol UK DRI Ltd. AppToxlmètely 700 researchers, students and support staff are funded effher full or parttlrne by UK DRI Ltd. The focu5 of InforrnètSon presented eèrller in this report is ihe perfomance and actlvltles of the unlver51tle5 included In the UK DRI. The Core Fundlng A£ement IMRCI, Strèteglc Alllante reerentS IARUK and A51, Institute Agreernent5 and Terms and Condltlons of Fundlng Agreement 8overn the relatlonshlp between LIK DRI Ltd and the UK DRI and the h05t In5tltutlons. The executive team ar the UK Dementla Research Institute attend Board Meetin8S to update Trustees on the activitSes of the Instltute and to sÈek approprlate approv¥ls under the governante arran8ements. Governin¥ duMent The objects of UK DRI Ltd, as set out In the Artlcles of Assoclatlon, are to preserve and protect the heah of the publlc and to advance educatlon. Thls wlll be aEhleved by11 promotlng and undertak5n8 research Into neurode8eneratlve dlsorders land illnesses corstrlbutln8 to such d150rdersl, ènd assoclated factors, that 8fve rise to the dernentia and related conditlons IncludinB research thar elucldate$ the nature, cause. 5ympt0rn5, dla8nosi$, preventlon. treatnt and for care of the range of d150rders that give rf5e to the dementias and related conditlons.. and111 dèveloplng the outputs of such research to provlde increased accuracy and tlmeliThess of dlègnosls and Interyentlon5 that prove effectlve In treatln8 and improv5ng the care of people with dèmentia and whlch may ultlmately prevent èndlor cure dernentla and related condltlons. TruM••s' •ppolntm•nt •nd tr•lnlni 5ublett to beln8 a Member at the relevant tSme. each Core Fundln8 Partner IMRCI and Strateglc Fundin8 Partner IARLIKI shall be entltled to appoint, one person who Is wllllng to act a5 a Trustee. A Trustee $0 appolnted shall be a 'Founder Trustee- forthe purposes of the Artlcle5 01 As50clatlon. FounderTrustees can be removEIJ from Dfflce by written notlce from hi5/hÈr appolnter. The Trustees shall make appointments on such terms as they declde liTrcludln& wlthout limltatlon, the term of his or her ?ppolntmentl aThd wlll revlew each appointrnent at least every three years on a rotational bèsls. Independent Trustees can be removed If the malorSty of the Bcard resolve that he/she shall cease to be a Trustee. New Trustee5 are appolnted through a recruhment campalgn, dependln8 on the exPernce and key skllls needed. New Trustees are intervlewed by the Chalr along wtth other5 from the Board as needed and are fgrrnally approved at the UK DRI Ltd Board meetlng. On appolntment. newTru5tee5 are prDvided wlth a Trustee handbook and 8iven a fomal itbductlon. The Trustee handbook includes the Charity's Artlcles of Association, a5 well a5 key gDvErnance documentation. Tru5tee5 afE also gl¥en key 8uidance from the Charity Cornmission-CC3 The E55entlal Trustee. Oneoin£ tralnlng Is prov1ded forTrustees as levant throughout their term. Related partles As at the date of 51gnlng thls report MRC, ARUK and LlfeArc IReglstered charity number 10152431 are all related partie5. MRC have an aBreernent with VK DRI Ltd and they intend to fund £125rn over the five years startlng l April 2022. Furthemore. thSs a8reement provides for an MRC repSentatIVe havlng a seat on the UK DRI Ltd Board. ARUK have an agreemÈnt with UK DRI Ltd and they Intend to fund £12.5rn o¥erthefive years starring l April 2022. This a&ement also provldes fgr an ARLIK representative hèving a seat on the UK DRI Ltd Board
UK DRI LTD Ileport oftr• Tntst••J forth• year •Mled JI M•rth 2023 Icontlfiutd) LifeAr¢ have s18ned • tran51atlonol partnership agreet wh UK DRI Ltd effectfve ju 2022 whlch wlll provlde £30m of lunding overllve years In order to furtherthe translatlonal research of the Instirute. Thls wlll see a 5erles of grants made by algint Life ArcluK ORI Commlttee to the UK DRI Centre5. Whllst the a8reement does not provlde for LlfeArc h4vln8 an •utomatlc seat on the UK DRI Ltd Board, their current CEO and a separate Board memker are currently 8oard dlrectors of UK DRI Ltd The new agreement wlth AS ¢)e5 not provide lor a repretIten the Board and xtordln&ly they are ho lonier considered to be a related party. Further detsi15 of related partytransKtion5 In the year Included In Note 4 and 16. Rlsks •nd unc•rt•lntl•s UK DRI Itd Is a grani fundlrrfch4rlty no employees or Inlrirtnthire costs. fundlni model Is sh that 8rant cffjmltments •r• errtered Into when there Is certalnty of fundln8 frorn dcor5 belng recelved. The 8rant5 fund the work of UK DRI. A reg151er Is malntained of the prlnclpal risks and uncertalntle5 of the Institute which Is populated by the Exe£utlve Team of the UK Oementla Research Institute. The Institute Olrector, Chlef Operatlng Officer and FlnancÈ D1ctOr of UK DRI may be regulred io attend UK DRI Ltd 803rd Meetlngs. They r•8ul•rly update the Board at the meetln8 of rTMt$ In the rlsk register. Publlc b•n•fft The Trusiees h•¥e referred to the Kuldart contllned on the Chlrlty CommSn,$ 8ener•l ld•ACe on pU1t btnfft when revlewin8 ow and objectives and In plonThln8 future actNltles. ln partKular the Trustees consSder how planned actwities wlll contdbute tgtheaiffs and obJertNe5 tlw s. The pvbbk nefft$ th1Oh the world cl•u research we art •ble to lund. In 50 faf 45 e•th of theTrustees •re ware.. ther• Is no rnlevant audlt Inform•tlon ol whlth the Chirltsble cornpanV5 audltor15 uniw•re,' Ind they have taken all steps that they ou£ht to h4ve takén to make themselves aware ol any aud Informatlon and to estib115h th8t the audltor IJ awjre of that Informatlon, The report of the Trustees preparèd under the Charklts Act 2011. whlch also contaln5 all Snlormatbn requlred In Dlrectors. Report by the CompanSes Act 2. and ihe Incorp¢r•ted Strategic report prepafed ufider the Compan5es Act 2006. weie •pproved by the Board 0fTrtte$ on 24 july 2023 and 51gned on behaW of the Tntsie*5 bv Wllllam Rucker. Chalrm•n. io
UK DRI LTD st•l¢meb)t LrfTrU>te re5PObulbllltles The Trustees are a150 Dlrert(brs of UK DRI Lrd forthe pUrse$ of Company lawl are spOnsle for preparln8 the Report of the Trustees and theflnanclal malents In accordan wilh appllc•ble l•ws and wullitlons. Cornpany law ¥egulre5 theTrustet5 to prepare financial $terntS for each financlal year. Under that theTsteS have prepared the financkl statements in accordance wlth United Klngdom Accountlng Standards. c¢)mprlslng FRS102 he Fin•nt5al Reporting standard ipplicable in the UK and Republic (rf Irelan& and applKable law Iunited Klnldom Generally Acceffjed A¢countln8 Practlcel. Undertompany law the TnJ5tee5 must not approve the flnantial statewThtS unless they are sat15fled that they glve a true and falr view of the stare ol affalrs of ihe charitable cornpany and OF the Incomlng resources and appllcatlon of resources, in£ludln8 the Incom8 ind expen¢Jture for that perk)d. In prep•rlni those flnancial statement5, the Trustees are requlred to., • selttt SUble accountlng pollckns •nd then applythern conslstentty,. observe the method5 and prlrKlples In the Charitles Rp.. makeludgements and estlmates that are reasonab and prudent,. • state whetherthe stsndardsapplkab under FRS102 The Flnanclil R4portlno Stand•rd appllcable In the l)K¥nd Republk of Iren hwe bo•n fdkrwed, subt0 •ny mateflal d•p•rtur•s dlsclosed •nd expl•lned In th•fin•fjcl•l ststèments.. and preparethe Ilnanclal statements on the8olngconwn bo5ts Un$5 tt Is In•ppropfi•teto presume that th¢charlt•ble Company wlll contlnye In buslness. The Trustees are respon51ble for keeplng proper and a¢quate •ccountlng records th•t are suffic*nt to Show •nd expl•ln the tharitable ¢ompany's trinsoctions, dlsc105e wlth reasonable iccur•cy at any tlrne the flnanclal lsOn olthe charitable companyi ènd enable them to en5urethat the flnanclal statements comply wlth the Cornpanles Act 2006. Thev •re also responslble for sofe8uardln4 rhe assets of the char5table company and hence for takln8 reawnabl• steps for ihe preventlon and detectlon ol fraud and other Irre8ul•r4tles. The Trustees are spOnSIble lor the m41nten•nce and IAte8rity of the CDrpor•te and flnancial informatlon Included In the tharitable company'5 w•bsltt. Le8151atlon In the United Kln¥dorn 8overnlrw the preparation and dlssemlThation of fin•nclal
tstements may dlffer Irom lei151atlon In other judsdktlons. li
UK DRI LTD Independent Audftorf$ R¢pvrtio rhe Members of UK DRI Ltd Qplnlon We have audlted thèflnanclal statements of UK DRI Ltd Ithe'charltable compan) for the year ended 31 March 2023 which cornpri5È the 5tatÈment of Flnancial Activities incorporating an income and expenditurt accounL the 8alance Sheet, the Cash Flow Statement, and notes to the financial 5tatement5, includlng slBnlflcant accountlng pollcie5. The financial reportingfraTnework that has been applled In thelr preparatlon Is appllcable law and Unlted Kingdom Accounting Standards, including FR5 102 ffie Flnanclal ReportlnBStandard appllcable Sn the UK and RepuFJlic of Ire13nd- IUnitÈd Kingdom Generally Accepted Accountlng Practlcel. In ouropinlon the flnanclal statements: give a true and fair view of the state of thecharttable comp8nrfs aff31ry a5 at 31 March 2023 and of Its incomlng resources and appllcatlon of resources, Includlng its incorne and expendlture, for the year then enéed: have been properly prepared in accordance wlth Unbted KiThgdom Generally Accepted Accountlng Practlce.. and have been prepad In accordancewith the requlrements oftheCompaThles Act 2fyJ6. Basls for oplnlon We conducted our audlt In accordance wlth Internatlonal Standards on Audkln8 ILIKI11SA5 IUKII and appllcable law. Our responslbllltle5 under those standards are further de5crlbed in the Audltorf$ reskx)nslblllt5es for the audit ol the flnanclal statements sectlon of our report. We are independent of the chèrltsble company in accoTdan£e wlth the ethical requirements that are relevant to our auditof the flnanclal statements In the UK. Includlng the FRe5 Ethlcal Standard and we have fuKilled our other ethical responslbiif(les In accordance with these requlrements. We belleye that the audlt evldence we have obtalned Is 5ufflclent and approprlate to provlde a basls for our oplnloTh. Concluslons relatln8 to goln8 ¢on¢ern In aLtdkln8thèfinanclal statements, we have Concluded that the tru5tee5' use of thegolng concern basls of3ctountln8 In the prepafatlon of the flnancial statements15 approprfate. Based on the work we have pÈrformed, we have not Identlfled any materlal uncertalntles relatlng to events cr condltlons that, Indlv5dually or collectlvely, may cast 51gnlficant doubt on the charltable company's abllity to contlnue as a 8oln8 oncern for a perlod of at least twelve months from when the flnanclal statements I authodsed for155Ut. Our respon5ibilitles and the responslbllltles olthe trustees wlth respert to goln8¢oncern art dÈscrlbed In the relevant 5ectlons of thls report. Other Informatlon The other Inforrnallon compr15èS the Informat1 Included In the Annual Report other than the financlal statement5 and Dur audltor's report thereon. The trustee5 are re5pon5ible for the other Informatbn contained within theAnnual Report. Our oplThlon on the flnanclal Statements does not cover the other informatlon and, except to the extent othe¢wlse explicitly stated In our report. we do not express any fonr of assurance concluslon thereon. Our fesponslblllty15 to read the other Informatlon and, In dolng so. conslder whether the other Informatlon Is materlally Incon51stent wlth the financlal statements, orour knowledge obtalned In the course ol the audlt Dr othetV4ise appears to be materlally rnis5tateil. If we Identify such mater131 Inconslstencle5 or appèrent materlal m155tatement5, we are required to determlne whether this gives rlse to a materlal misstatement In the linanclal ststement5 them5elve$. If. based on the work we have performed, we conclude that there Is a rnaterial misstaternent of this other Informatlon. we are requlred to report thatlact. We have nothlng to report In th15 regard. Oplnlon5 on other matter5 prescribed bythe Companle5 Act 2006 In ouroplnlon. based on thework undertaken in the course of the audit.. the Information glven In the Report of theTnJstees. which include5 the Directors. Report. and the Strateglc Report prepared forthe purposes of company law. fortheflnanclal year forwhlch thefinancial staiements I prepared15 cons15tent with the financlal statements., and the Dlrectors. Report and the Strategic Report Included wlthln the Report ofthe Trustees have been prèpared In accordance Mth appllcable legal requlremènts. 12
UK DRI ITD Independent Audltorfs Report to the Membersof UK DRI Ltd l<ontlnuedl Matters on whlch we are required to report by exceptlon In the light of the knowledge and under5t3ndin8 of the charltable company and Its environmeDt obtsined in the course of the audlt, we have not Identled materlal m155tatements in the Directors. Report, or the Strategic Report included wlthln the Report of the Trustees. We have nothing to report in respett of the following matter5 where the Companles Att 2006 qUIreS u5 to report to you If, Sn our opinlon.. adequate acco(Jntln8 records have not been kept. or returns adequatefor our audlt have not been recelved from branches not Vls5ted by us.. or theflnanclal statements are not In agreement wlth the accountlng record5 and returns,. or certain dlsclosures of tnjstees, remuneration specifled by law are not made., or we have not recelved all the informatlon and explanatlons we requlrelor our audlt. Respon5ibilitles of tru5teÈs As explalned more fully In the Statement of Trustee5' responslbllltle5 set out on page 11, the trustees (who are also the directors of the charltable company for the purposes ol company lawl are responslblefor thè preparaiion of the flnanclal 5tatement5 and for belng satlsfied that they glve a true and falrvlew, and for such Internal control as the tru5tee5 determlne Is necessary to enèble the preparatlon of fSnanclal statement5 that are free from materlal m5sstatement. whether due to fraud or error. In preparlng the Iinanclal statements. the trustees are responslble lor assessSng the charltable companls abS1Styto eontlnue as a goln8 concern, dlsclosiTrg. as appllcab1e, matters lated io golng concern and uslngthe &olnR concern ba51s of accounting unle55 the trustees elther Intend to Ilquldate the charitable company or to cease operat10Th5, or have no reallstlc alternatlve but to do so. Audltor's responslbllltles IOT the audlt of the financlal statements Our oblectives are to obtsln reasonable assurance about whether the IinancLIl ststement5 a5 a whole are free from material misstatement, whether due ro frèud or error, and to Issue on auditorfs report that Includes our oplnlon. Reasonable assurance15 a hlgh level of assurance but Is not a guaranteethat an audlt conducted In accordance wlth ISAS IUKI wlll always detect a materlal mSsst?tement when It exlsts, Mlsstaiements can arlse from fraud or error and a consldered fflaterlal 11, Indbvldually or sn the a88re8ate. they could reasonably be expected to Influence the ttoftomlc declsSons of users taken on the basis of these f5nanclal statements. The extentto whlch the audit was consldered capable of detecting irre¢ularltl•s. Inclydlng fr¥ud IrreKul•rltles are Instances of non<ornpliance wilh laws and re8ulatlon5. The oblèctlves of our audlt are to obtaln sufflclent approprlate aUdt evldence regardlng compllance wlth law5 and re8ulatlons that have a dlrect effect on the deternilnatlon of materlal arnDUnts and dlsc105ures In the flnanclal statements, to perform audlt procedure5 to help Identlfy Instances of non-compll3nce wlth other laws and regul8tlons that rnay have a rnaterlal elfect on the financial statements, and to respond appropriaiely to Identlfied or suspected non-cornpllance wlth laws and regulatlons identrfied durlng the audlt. In relatlon to fraud, the objectlves of our audit are to Identify and assess the r15k of rnaterlal mlsstatement of the financlal statement5 due to Iraud, to obtaln sufflclent appropriate aud5t evldence regardlngthe a55e55ed rlsks of maierlal m15Statement due to fraud throu8h design5ng and Implementlng approprlate responses and to respond approprlately to fraud orsuspected fraud Idtntlfled dt4rlng ihe audR. H¢Mever, It Is the prfmary respon51bility of management, with the overs18ht of those charged with govemance. to ensure that the entitV'5 opefatlon5 are conducted In accordance wlth the provi510ll5 of lav4s anil re8ulatlon5 ènd forthe preventlon and detection of fraud. In Identlfylng and assesslng rlsks of material rnlsststernent In rèspect of irre8ular5tfjes. Includln8 fraud. the audlt engagement team.. obtalned an under5tandin8 of the nature of the sector, Includiri8the legal regulatory framework that the charltable company operates in and how the charitable company Is complying with the legal and £vIatory frawOrk,. Inqulred of rnaTha8ernent, and those charged with govemance. about theirown Identlflcatlon and a55essment of the rlsks of Irregularitie5, including any known actual. suspected. or alleged instances of fraud,. discussed matters about non-compllance with laws and regulations and howfraud mSght rxcur Includingassessment of how and where the financial statements may be susceptlble to fraud. 13
UKDRI LTD Independent Audttorfs R•port to the Members of UK txii Itd Icontlnu•dl As a result ofthese procedure5, we£on5idei thE mort si8nsflcant lawsand regulations that have a direct impact on the financial statemènts are FRS 102. Charitie5 SORP IFRS 1021, Companles Act 2(N)6, Charities Act 2011. the charltable company's governing document, tax leglslation and Charltie5 (Protectlon and Soc6al Investment) Act 2016. We performed audit pr(Kedures to detect non<orDpllances whlch may have a materlal Impaci on theflnanclal statement5 which Included revlewlng the financial statements Includln8 the Trustees. Report. rem3inin8 alert to any new or unusual transèctlons which may not bE In attordance wlth the governing docurnents, Inspectlng correspondence wlth local tsx authorlties and evaluating advice received from extemèl advisors. The audlt engagernent tearn Identtfied the rlsk of management overrlde of controls and the completenes5 of Intome as the areas where the financlal staternents were most susceptlble to rnaterlal rnisst3tement duè to fraud. Audit procedures perforrned included but were not Ilmhted to testln8 manual lournal entries and other adjustments. evaluatlng the buslne5S ratlonale in relation to any si8nifi£ant, unusual transartions and tran50Ctions ented Into outside the norrnal course of bu5ine55, and perfom)Ing tests of detall In relation to tompkneness ol Incor. A furtherdescriptlon of our spOnSIbl1115foTthe aud5tof the flfianclal ststements Is located on the Flnanclal Reportlng Councll's webslte at http'.//www.frc.or8.uk/audltorsrespon51bllltles. Thls descrlptlon forms part of euraudltorfs POrt. Use ol our report Thi5 rep)rt Is made solely to the charkable cornpany'5 members. as a bo(ty, In actordaneewlth Chapter 3 of Pèrt 16 of the Companles Act 2006. Our audlt work has been undertaken 50 that we might srate to the charitable company's members those Tnatters we are requlred to State to thern In an audltorfs repDrt and for no other purpose. To the fullest exteTht perniltted by lèw, we do not accept or assume Sponsibl11tYto anyone other than the charltable company and the tharitable tompanrfs members a5 a boo*, for our audlt work, lof thls report. orforthe oplnlons we have forrned. CLAIRE SUTHERLAND Isenbr Statutory Audltorl For and on behalf of RSM UK AUDIT LLP. Statutory Audltor Chartered Accountants Blenhelm House Newmarket Road Bury St Edrnunds Suffolk IP33 35B Date 31 July 2023 14
UKDRI LTD Statèment of fln•n¢lal artlvltles Incorporatingan incomt and empendlture occount forthe yeJrended 31 Mar¢h 2023 Yearend•d 31 Marth 2023 Totsl Year ended 31 March 2022 Total Unrestrlrted Funds Restricted Funds Incomefrom.. Grants and donètlons Investments 27.703,397 290,757 4,702,827 32,406.224 290,757 34,556,224 24.249 Total In¢om• 27,994,154 4,702,827 32M6.981 34,580,473 Exp•ndlture . (rible aCtleS 27,801,333 3,866.584 31,667.917 0,360,620 Net movwnentln fvndsbthiretransf• 192,821 836.243 1,029ffi4 15,780,1471 Transfers between funds 390,139 1390.1391 N•t mowm•rt In ldI 58L960 446.104 1,0291164 15.780,1471 R•con¢lll•tFon of fvnds.. Fund5 balance at l Aprll 2022 2.234,585 2,122,861 4,357A46 10,137,593 Funds Bal•nce¥t 31 M•rch 2013 2,817,545 2,568965 5,386.510 4,357,H6 15
UK DRI LTD BalObKe Sheet as at 31 Mah 2023 Charltynumber: 1179589 C¢Mnpany numb4r: 11045157 2022 Cuftenta5S• Debrors Cash Ot bank 35.684,714 18.294,203 35,230.395 22,125,783 53,978.917 57,356,178 Credltor5: •mountslillln8du•wfthln one y•¥ io 138,741,205) 143,174,369> Net ¢urrwrt asl•ts 15,237.712 14,181,8Q3 Cr•dltoi$'. •mountsl•lllwdue after morethjn oneye li 19,851,202) 19.824,3631 Tot•1 •ss•ts lesstot•l 114bllllles 5J86.510 4,357,446 Funds Restrictèd funds Unrestrlcted funds General funds 12 2,568,96S 2,122861 13 2.817.545 2,234,585 5,386.510 4,357.446 The linanclal statements on paBes IS to 27 were approved bytheTrustees and authorlsed for Issue on 24 July 2023 and aresl8ned on Its behalf by.. Wl Rucker Trustee The n¢xes on pages 18 to 27 form part of these flnanclal ststements 16
UK DRI LTD hfvw tht•ffi forthe p4rended31 Marth 11)23 Yearended 31 March 2022 31 Mwth Cash flowslroffl Op•r•t1ttIls Netcosh provlded by operatlng acti¥Rles I4.083.3} 15.312,4531 C•sh fltswfrom bn¥tstl•rtfvftI Investmeni Income 251.810 24,249 N•t uih provld•d by 5nvegtlnKKtlvttl•s 13,831,580) 15.288,2041 Ch•ni• In •nduih •qulv•l•nts In r•portlng perkyl C45h and cash equlvalent5 at the gInnIn8 of the reportlne peflod 13,831,580) 22,125,783 15.288,2041 27,413,987 Cmh and ¢Mh•Wtnknnts It th• end of tF• r•portSw p•rbod 18,294.203 22,125.783 R•cond11100IttP•ndltrJr•¢o nrtC•5hfwlrom op•r•t¥•¢ll¥l N•t pro•d by¢wrniir¥xttr•kk Nei movement In funds AdPArn•Thts Interest from Investments Increase In debtor5 IDecre•sellincrease cred01$ 1,029.064 15.780,1471 129).7571 1415.3721 14.406.325> 124.2491 17.784.581) 8,276.524 14,083,390) 15,312A531 ATh•1#011h Ind hequ1V1ntl sh at b•nk•nd In hand 18,294.203 22,125,783 An19 ol th•nqe5 In n•t fvnrk Openlnl net funds C•shllows of the eThtlty 22.125,783 13,831,580) 27,413,988 15,288,205 CknlnB net funds 18.294,203 22.125,783 The rson p•p$ 1810 27fvrrn portofthese ArsalI1 st•tennts 17
UK DIU LTD Notes fomilng part of thefinanc581 ststementsfor the yearended 31 Mar¢h 2025 A¢counYng pollcle5 Ba555 of accounting The financièl statements have been prepared In accordance wrth Acttruntinz Reportlng bychadtles.. 5tstement of Recommended Practice èpplicable to charrtles pparIng their account5 in accordance with the Financial Reportln8 standard appllcable In the UK and Republlc of Ireland IFR51021 Icharities SORPIFRS10211. the Flnanclal Rep)rtlng Standard applicable in the UK and Republlc of Ireland IFRS1021 and the Cornpènies Att 2006. UK DRI Ltd Is an Incorporated charlty, Ilrnlted by 8uarantee, dom1cld, and regISter In England and Wèles, whKh constltutes a Publ1£ Benefli entity as defined by FRS 102. The addre55 of it5 re8iStered office Is set out on pa8e 28. A55ets and liabilitie5 are initially recognised at cost or transactlon value unless otherwise stated in the ¥elevant a¢countSng lIcY notes. Monetsryamount5 In these financ131 stètementsare rouThded to the nearestwhole £1, expectwhere otherwlse stated. Fund 8c¢ounttnK The char1ty malntalns varlous types offunds as follows.. Restrlcted fund5 Restrkted funds repsent 8rants and (bnatlons recelved which are alkxated bythe donor for sFeclflc purposes. Unrestdrted fvnds General unrestrlcted funds represent unrestrlrted Income whlch 15 expendablè at the dlscretlon of the Trustees In the furtherance ol the object5 01 the Charity. Iorne All Income is reco8nlsed In the Statement ol Financial Actlvitles when the condltions for recelpt have been met and there Is reasonable probability of CeIpt. The followlng accountlng pollcle5 are applled to Income.. Gr•ms Ind doNtloN Oonatlons are reported 8ross and accounted for at the polnt when the Charlty15 eThtkled to the Income, therels probablllty of recelpt. and the rnonetary value can be measured wlth sufficlent rellabi51ty. Inv•stm•nt Inc¢)m* Investment Income Is accounted lor when recefvable. Tax recovèrnbl• ¥•lJtlng to Investment Income Is CCOUnt for in the same perlod as the related Income. Éxp•Thllture All expendlture Is actounted fof on an accruals basls, Charltable actfvltles represent eXpendItu Incurred In155ulng grant5 ta academlc Insifjtutlons for research purposes. Supp)rt costs are attributed to the expendtture classlfkatlons uslng a percentaBe Sed upon the dlrett expend¥ Ilocation. Researtheommltments Research comrnltments are accounted for a5 expendlture In the statement of Flnanclal Act5Yltles when there15 3 constructlve obllgatlon basedon a formal offerto the recipient. The presentvalue offvture cornmitments to research has been considered at a dlscount rateof 1.4%and the resuhlng potentlal d15countlng1s not cons5dered to be materrdl to the overall value of ihe commltmen¢ or to expendtture on a recurrent basls. 18
UK DRI LTD Notesfomilng part of thefinancial 5t•tement$forihe yearended 31 Marth 2023 Icontinued Attountln8pollcles Itontlred) Debtorn Other debtors are recognlsed at the 5ettlemÈnt amount due. Accrued income 15 included at the bett estimate of the mounts iecelvable at the balance sheet date. Credita Creditor5 are rèctsgnised where the charlty has a present obllKdtk)n resultin8from a past event that wlll probablv result Sn the transfer of fund5 to a third party and the amount due to settle the obll8atlon Lan be measured or estirnèted rellabty. Credltors are normally recoBn15ed at thelrsettlement amount afterallowin8forany discounts due. Flrwnclal Instruments The charw only has financlal assets and flnanclal Ilabilitie5 of a klnd that ouallfy as a bast financial instrument. Basic flnanclal instrumentsare inltlally CO8n1$ed attransaction valueand subsequently meaSUd at amortlsed costs uslng the effectlve Interest method. Goln8 concern The use of the 8oln8 concern basls ol accountln815 considered to be approprfate CauSe ther• are no materi81 uncertalntle5 relatedtoeventsorcondltlons that mayca5t sIgniCantdtrubt8bOutthe abilltyofthe Charityto contlnue s a golng concern. The Chariiws business èctl¥5tle5, to8ether wlth the fèctors Ilkely to affect Its future deVeloprn1, performance and PD5kion are set out In the Trustee5 Report and Incowporated Str8te8lc Report on paBe5 3 to 10. The Charlty currently has slgnificant Ilquld fesourceswhlch are In excess of all research cornrnltments whlch have been made. There art no borrowln8S. The financlal rde1 of UK DRI Ltd Is such that research commltrnent5 are only made where has the fund5 to do so. All a9eMentS wf(h universltles emplicltw state thls ¢lause. Notwtthstandlngth15 po5nt, the HaTeam at VK DRI work c105ely with the universRSes In plannlng for the rnediurn tèfm. Detalled cash Il¢)w f0c3st5 have been prepared for the perlod to l Aprll 2028 when the next Qulnquennlal Revlew IQQRI perlod beglns. The foreta5ts show that core research actlvltles èThd strateglc 8rants included In the Brant av4ards budget for the year ended 31 March 2024 at each Unfver51ty, can be malntalned based on the known level of ncome from the MRC and the two founder charlty partner5, The outtome of the flrst QQR exerc15e, pèrformèd In 2022, conflrmed that the three Fovndln8 Funders Intend to collectlvely fund £150m overthe five years commenclng l Aprll 2023. of which E29.35m has formally been agreed for the year commencln8 l April 2023. Abudget hasbeen ppared and approved for the year ended 31 March 2024 bosed PUfÈly on the conflmied level of fundin8. Glven the amount of fundlng already formally agreed ané the Indlcatlons of the Foundin8 Funders for the for subsequent year5, the Trustees are confldent that the Charlty 15 a goln8 con£ern, and ihat there are trl88er5 aThd safeguard5 whlch Can be deployed to ensure the future operatlon of the Charlty. If needed. Crltlc81 auourtt1 ost5matos and areas olludgemert Estimaies ènd judgentS are continually evaluated and are based on hi5torfcal experience and otherfactors, Includlngexpectatlons of future events that are belleved to be reasonable under the clrcumstsnces. Criticaloccountiryg estimJtes ondOs5umptns The Charity makes estimate5 and assumptlons concerTrln8the future. The resultlng accountlng estlmate5 and •ssumptions wlll, by definklon, 5eldorn èqual the lated actual results. There are not considered to be any estlmates or assurnptions that have a slgniflcant rlsk of causSng a materlal adlustmont to the Carrylng arrnunt5 01 assets and Ilabil1es wlthln the next flnancial year. Crltlcoloreos ofjudgernent TheTrurtees donotconslderthat thereareanycrikncal aa$Of1dgernentapplIed In the preparatlon of these finlnclal statements. 19
UK DRI LTD Not•sforniln8partof thefinanclal statements forth•y••r•nded 31 March 2023 Icontinuldl Net 5ncom• fOrthe¥r Netlncome forthe year Is stated aftercharglng.. Year ended 31 Mar<h 2025 Year ended 31 March 2022 Remuneration paid to external aLJd4tor'. Audit servKes-Audit - Other serYlce5 21.X 4,275 17,650 Inform•tlon re8•rdln8 employtts •nd Trusttts There were no ernployee5 durln8the year12022'. nill. Trustees are not rernuntrated. Trustee expenses relatln8to travel and 5ub515tence forone Trwtee amounted to £1,78712022'. oneTrustee amountln8to £2311 In theyear. In¢omefrom Br•ntsIdoMtI0nS Tot41 v•ir ended Il M•rch 1023 Totsl yearended 31 March 2022 Unr•strl¢t•d fvnds Re5trfrt•d fur rant Income Medlcal Research Councll A12hÈimerfs Research UK A12helmerfs S(Klety Other donatlons 25,550,374 2,OLKI,OL)J 1.893,443 soo.cwjo 1,300,000 L,009,384 27,445,817 1,500,000 1,300,000 1.162h07 28,508,999 2.500,(Kl I.300. 2,247,225 153.023 27.703.397 4,702.827 32,406,214 34.S56,224 Incomefmrn In¥•stm•nti Ye*r 4nd8d 31 Mar£h 2023 Year ended 31 March 2022 Bank deposlts 290.757 24,249 Expefidllureon ¢harltable idlvltle5 Total yur ended 31 Mah 2023 Total yearended 31 March 2022 Unr•strkt•d funth R•stdtt•d ful9 Dementla Resrth 27,801.333 3,866,584 31.667.917 40,360,620 20
UK DRI LTO Notesformlngpart oltheftnandal statem•nts forthe aTended 31 March 2025 Icontlnuedl Supportcosts Yearend4d al Marth 2023 Yearended 31 March 2022 Secretarlat Governance Finance IT & office c95ts 57AIIO 119.371 26,065 37,705 99.TrJO 71,719 3,432 23,7¢]0 240,141 197,851 All supporttosts have been allocated to charltable actlvltles for the year. Included wlthln the 8rant pald to UCL Ilncluded wY(hln the dernentla research spend In note 61 to cover DRI HQ costs a £873,901 relatlns to support costs for Flnance. HR. Corporate and offsce costs. Grant8fvk Year tndod 31 M•rth 2023 Year ended 31 March 2022 Comrnltments made to UKDRI In the prloryear New commltments made durlngthe yèar CDmrnitments no Iot)8er requlred 32.692,000 1,775,458 11364.6821 287,¢0 7,531,211 160,4421 Commltments conflrmed to Insthutlons In respect of yearlo 31 March a3,J02,776 36.277,769 Le55 unallocated brou8hr forward cornmltment mèdeto LIKDRI In prforyear New comrnltments made to UKDRI durln8 the yeaf Support costs 132,692,000) Yl,017,000 240,141 128,807,(A%I 32.692,0 197,851 Amountcharged tothe Statèmeni of Financlal ActlvRles 34667,917 40,360,620 All grant5 are pald to Instltutlons. An anatysls of 8rant-funded research by host Instltutlon wlth deta115 of 8rants awarded durlnB the year. formln8 part ol these audlted Nnanclal Statements, can be found below.. YMr•nded 31 M•r¢h 2023 Yearended 31 MaTch 2022 Unlver51ty of Cambrldge Cardiff Unlversity Dundee Unfver51ty Universlty of Edlnbur8h ImFer(al College London Kiny College London MRC Har*vell Unlverslty College London Other 2.505.201 3,099,302 315,780 3.750.238 7.142.629 2,520,089 101,423 12.303.356 1,264,758 3,4(X),926 3.838.027 94,388 5.438,182 9,222,771 3,042,841 15,545 9.981.200 1.243889 33,102,776 36.277,769 21
UK DRI LTD Nom lornilng port of theflnamlal statempntsforthp yrInd 31 Marth 2023 IntinlI Debtors Yearended 31 March 2023 Yearended 31 March 2022 Other debtors Accrued Income 6.334.J41 29,350,373 9,255.395 2S.975,( 35,684.714 35,230,395 10 Credltors.. amountslallln8 duewlthin 0•r Ye•rended 31 MBrch 2023 Year ended 31 March 2022 Accruals Other taxes and soclal securlty Research £ommltmentS 150.494 21,S95 38.569,116 123,620 2,888 43.047,861 38,741,205 43,174,369 11 Cr•dStor5.' •mounts lalllni due*ft•rmoreth•n on• y1 Ye•r •nd•d 31 March 202J Year ended 31 March 2022 Resèarch commltrnenis 9.851,202 9.824.363 A8ein8of lon8-term Ilabllltles 1-2years 2-Syears 9,685,244 165,9S8 9,438,985 385,378 R•con¢lllatlon ofr•wrd) comm5tments 8èlance brou8ht forward New research commitments entered Into durfTh8the year Research Commltments loryearto 31 March 2023 approved by Trustee5 Reversal of re5e•rch commltments approved byTru$tees In prevlousyear Amounts Spent In the peri¢)d SZA72,2Z4 33,102,776 31N17,000 132.692,0001 135079,6821 44.617,028 36,277,769 32.692.000 I28.807,)0) I31.7,573) 4B820.318 52,872,224 22
UK DRI LTD Noteslormlng partof thefinanclal stat•mntslorthe year¢nded 31 March 2023 Iwntinu•dl 12 Movement In and alloutlon of reslrkted fund5 Asaf 31 Marth 31 Marth 2022 IrKome EMpen&rture Tr•nsftrs Autifony ElsailDRI post4octoral scheme MRC- Capital World Class Labs 2021 Alzheimer's Assoclation Astex MRC- ImpactA¢celeratlon Account 2021 MRC- Rebranding MRC- Capltal World Cla55 Labs 21-22 MRC- Capital awards 21-22 Medlcal Research Councll World Class Labs 22-23 MedScal Research Council- Capltal awards 22-23 Alzhelrner's Research UK A12he1mer'sSoclety CURE-Ng Conference Fldellty Bermuda Foundatlon Laurence Geller 8,049 1279.6081 18,0491 580.125 300,517 14,8371 247.990 4,837 1237,1661 1140,6671 110,8241 1811 1282,7521 11.2241 81,027 57 1739.4691 1756,3811 1476.2821 11,3CK).0001 136.1961 281,333 1.242,000 19.403 140,585 L195,228 235.980 118,1791 9,094 I,121) 1481 739.469 1.013,000 500.(M)O 1,3(Kl,000 36,196 628.wo 97,198 256,619 23.718 628,000 24.298 172.9001 2,122,861 4.702.827 13.866,5841 1390,1391 2.$68,965 R•strktqd Fund Tr•nslers Thereare typIcaltwO reJson5 Iortr•nSrs between rethcted and unre5thctqd funds. Flr$ily, wherethere15 an Underspend on a grant prIded to a partner unlverslty, In th15 In5tan¢e wewould the funderfs perm15slon to transfèr any balanceto unrestrkted fvndlrw. Secondly. where a donor Is fundini a proportloTh of Ha¢o$ts. bye would transferthe relevant amount from restricted to unrestricted to offset the spÈtific yant awarded tocover all HQ costs. On 19 Aprll 2019 UK DRI Ltd eThtered Into an agreement Autifony Therapeutlcs Ltd and the UThiveishy of Edlnburih whlch Saw Autlfony providè £144,382 01 fundlni in exchange for UK DRI Ltd and Edlnbur8h conductln8 3 research project Investlqatlng the effect of rrKsdu14tlng a nov1 target on synèpse loss In models of pl&qve deposltlon and A beta-mediated tomklty. E15•VDRI posttht¢Y•l scheme Elsal has provlded fundlngforfour years from 2Q19 under the E15allDRI post.doctoral scheme to support new areo5 01 demeThtia re5eaich. Award letter5 wlll be1$5ued to h05t unlvorsitles for relevant ttrolecl5. MRC. c•1•1 awards Medlcal Re5ear¢h Coun¢ll has provSded fundln8 to enable iW•Td5 ta bE madeto three Separate caplt•l projects f¢ ho# 2helmer'5 Assodatl Alihelrner's A55OCiation IUSAI preTrAded a Erant Df Us$62,139 on 1818122 In order to hjnd 50% of an Adrnin A551stant. Thls role would provlde important 5UPPOrt forthe Neurolmmune Consortlum manager. whlch Is a project role PfÈviousIy funded by AlihÈlmerfs A5soclatlcn IU&4I. This new •ward runs frorn September 2012 to March 2026 Asiex On 26 May 2021. UK ORI Limited entered Into a Strateglc Rese•rch Collaboratlon A8reement with Astex wlthth• Intonti of Asiem fundlnE certain research proletts of their choosSn8. The first of the5Q sees £1.296,000 recelvable from Astex whlch will fund twothree-year projects.. one projert conducted by Dr VeronSque Mlron at Edinbur8h Centre ind another by Prof, Dovid Klenerman at the Cambrldge Centre, wlth 3 re51dual £421,666 ofl-senin8 UK DRI HQ'S dlre¢t Costs over three years. Medical Re5urth Coyn¢il- Imp•rtAcceler•tloTh A(court 2021 On 23 March 2022, UK DRI Llmlted receivÈd an award for £1,242.IY)O over three year5 from the MRC In response to an appllcation rnade under it5 Impact A£celeratlon Award stheme. UK DRI HQwil1 deploy these fundson specthc research projects over the nextthree year5 at its seven research centres. On 23 Marth 2023the award was Increased by a further rnount 01 £235.89D 23
UK DRI LTD NotesformlnKpart of theflnanclal statement5forth• y•ar ended 31 March 2023 luJinUed) li Mov•m•nt In and allocat5on of re5trlrt•d funds ItorrtSnuedl Medltal Research Counal- Rebrandir)x A5 • result ol MRC'S own iebrandSnE, reflectingthelr relatlonshlp wlth UKRI, they have rnadè £19,403 avallable for UK DRI to update Its branding at the sevÈn centres and HQln recognition that MRC. a foundlni fvnder of UK ORI. The funds were Used to updatt Sl8nage, plaques, etc. Althelmer'5 Researth UK Upon terrninatlan Df the Jolnt Venture Agreement on 31 Marth 2022, ARUK and UK DRI Limited entered into a 5trate8lc A115ance Agreement which provide5 £500,000 of lundingfor UK DRI Urnhed to use on translatlonal re5earth fundin8 sn the year ahead. The UK DRI HQtearn Intend to rnake £5,000 of awards vla their Tran51atiDnal Award scheme in financial vear 202312024. thelrner'5 So0•ty Upon termlnatlon ofthe Jolnt Venture A8feement on 31 March 2022. AS and UK DRI Umlted entered lTrto a Str)te8lc Alllance Agreement whi¢h provldes £1,300,000 of funding for UK DRI Limlted to use on two targeted areès of fundlng. Namely the Care Research & Technology Centre at Imperlal Colle8e London and the Blood-ba5ed 8lom3rktrs Platform at VCL Centre. Th15 fundln8wIII be deployed In lull 18alnst these two Inltlatlve5 In financlal year 202312024. CURE-NO Conlerenct Th15 furmllng relatestothe lThau8ural CURe-ND conference heid In London In wmmer 2022. CLIRE-NDor C8tèlysln8 Ljnlted Response sn Europe to Meurode8eneratlve DSsease5, 15 an alllance between the German Centerfor Neurcdegeneratlve Dlseases IDZNEI, the Parls Broln Instiiuie IICMI, Mlsslon Lucldity IMLI and the UK Oementla Reseèrch Instltute IUK DRII. Fldelity 8Emiud• Foundatlan Fldellty provlded a Irant ef E628,000 on 29 June 2022 to contrlbute to the runThln8ofthe new Sln8le Celllspatlol Tr*nstrlptomScs iesearch platform based at the UCL Centre. The award pro¥e5 lor e4ulpment, consumables and sequencln8 costs and run5 from Aulust 2022 tojuly 2024. LvJren(e G•ll•r In June 2022 Laurence Geller •8reed a prlvate donatlon of £48,599 as a ¢¢ntributlon restr4cted aialn5tthe MINDER project belnB run by ihe Care Research & Technclogy Centre at Imperlal College London. Thls prttjÈtt involves residents testlni wearable terhnolo8y In a care home owned by Mr GellEr. Subject to satlsfactory prozress, Mr Goller's intefitlon 1$ to rnoke i Mccnd And flnal contributlon of £48,599 In flnanclal year 2023124. Prftsryèar Asat 31 March 2021 As•t 31 Marrh 2022 Income Expendlturt Transfers Elsal/DRI post-doctoral scheme MRC- 2020 Capltal Awards Lllly- Post D(ts Lllly- Studentshlp5 Blo¥en Janssen A5tex MRC- Impact Accelefatlon Account 2021 MRC- Rebrandlng MRC- Cap5tal World cla lab5 21-22 MRC- Capltal award5 21-22 A12heimer's Research UK Alzheimer'5 Society I,Q30,861 215.739 517,396 1361,9471 188,7891 1215,7391 148,7811 179,9871 580.125 146B,6151 1169,6931 1456,1611 1164.9121 1874.0001 249,680 456,161 164,912 1,296,000 1.242.OC 19,403 2.239.596 2,833.0(M) 500,0(NJ 1.300.OC 1140,6671 281,533 1242,000 19,403 12,239,S961 12,833,4801 1500.0001 11,300,0001 1,763,996 10,300,752 19,368,404) 1573.4831 2.122.861 24
UK DRI LTD Note5formln8 part of th•ffinandal statements forthe yeor ended 31 Mar¢h 2023 l¢ontinuedl 12. Movement in and allocation of rosirkted fvrnls lcontinuedl El¥•l/DRI post-doctoral stheme E15ai h39 provided fundini for four yearsfrom 2019 underthe EisailDRI p05t-dortaral scheffle to support new areas ol dementla research, Award letter5 will be issued to host unlversities for relevant projert5. During the year ended 31 March 2022, E88.789 was transferred io unrestricted funds relectln8 the staff and overhead costs Incurred at UK DRI Hqin the year. MRC_ C•MI •w¥ds The MRC ha5 provlded )SJndlngto enable awards to be made to three separat• capltal proletts fer host uThlveisltles. lty. Post Doc5 UK DRI Llmited has recelved fundlng from Lilly under the'Re5earch Prograrnme for Novel Tar8et Identlflcation for Neurode&eneT4tlon'. This was used to fund Prof Caleb Webber at Cardiff UnlvEr51ty and Profs Adrlan Isaacs and Glampetro 5chlavo at UCLconductlni the following Tesearth project.. Identifv critlcal regu13tor5 of Tou release tynd r¢- uptske and determining rnodlfiew5 Of these processes actlng on key ph3rrnacok8lcal nodès. The Income recelvable Include5 contrlbutlon recelvable of £262,781 towards the dlrect cost5 of UK DRI HQ, Durlng the year ended 31 March 2Q22, £48,781 was transferred to unrestrlcted lund5 reflertln8 the staff and werhead costs incurred at UK ORI HQ In the year. uiw- stud•nt5hips UK DRI Llrnlted has recelved fundlng from Ulty under the'R•s••rth Pro8ramme for Novel Taet Identification for Neu¥odegeneratlon' a8feement. Thls was used to fund PhD student Naclye MJ8usall at the UK ORI at UCL Centre to undertake the three-year project.. Investl8atin8 the mechanlsms of actlon of the new risk gene Interferon-re5ponslve OA51 In Innote lrnrnune cells In the context of Alzhelrner's d15e35t ind COVIO-19. The Income recelvable Includes a contrlbutlon of £79,987 toward5 the dlrect costs ol VK ORI HQ UK DRI Ltd entered Intoan a8reernent wlth BIo8en MA Inc. on the l July 2021 whlch will see UK DRI Ltd reeÈive £456.161 of fundin8 in exchangefor procurlr$8 the following research prolect vi4 its UK DRI research centres.. UK DRI Larie-scalq Lonwtudlnal 1nvestl8atlon of Im•8ln8 and fluld-based blornarkers ol braln Injury. Thls research wlll be overseen on a day- to-day basls by Prol Henrlk Zetterbur8 at the Unlver51ty Colle8e London centre. Janssen On 4 June 202L UK DRI Ltd entered Into an alreement wlth J•n$sen Pharma¢¢utkals whlch provlded £164,912 to Ndu¢r the two-year research project tltled'V&lldallon of the complement pathway as target forTouopathles' whSch Is beln8 Carrled out by Prolessor Bart De Strooper. Astem On 26 May 2021, UK Oftl Ltd nterod Into a Strategic Research Collabaratiijn 4retrnÈnt wlth Astem Wtth the Intentlon of Astex fundlng certaln re5earth pr¢letts of their choosln8. The first two of these see5 £1,296.OOD recelvable from A5tex whlch wlll lund two three-year prolerts., one prolect condvcted by Df Veronlque Miron at the Edlnbur8h Centre and another by Prof Davld KleDerm•n Jt the Cambridge Centre, wlth a re51du?1 £421,666off-settini UK ORI HQ'S dlrect COSt5 over three years. MRC- lrnpxt AcerOtbon Ac¢oun12021 On 23 March 2022, UK DRI Itd reCeId aTh aw4rd for £1,242,000 overthree years from the MRC In responseto an 9pp11cèDrs made under It5 Impact Acceleratlon Award Scheme. UK DRI HQwlll deploy thÈse funds on specrflc research projects overthe next three years at Its seven research ¢entr•s. •AAC. Rebr•nthni A5 a result of MRC'5 own rebrandln8, reflectlThg thelr relatlonship wEth UKRI, theyhave made £19,403 avallable for UK DRI to update its brandln8 at the Seven Centres and HQ in reco8nltlon that MRC a foundlnz fvnder ol UK DRI. The5t funds wlll be used to update si¥nage, plaques. etc. AliheSmer's Researth UK Upon ternilnatlon of the Jdnt VentUTe Agreement on 31 March 2022, ARUK and UK DRI Ltd entered into a Strateglc Alliance 4reementwhich provhYe5 £500,fAIO of fundlng for UK DRI Ltd to Use on translational research funding In iheyear ahead. The UK DRI HQteam intend to make £5Cl),0 of award5 vla their Translational Award stheme In financlal year 2022123. Alzhelmer's society Upon terniSnatlon of thejointventure Agreement on 31 March 2022, AS and UK DRI Ltd entered intc a StratEiiC Alliance A8Teement which prowdes £1.300.000 of funding lor UK DRI Ltd to use On two targeted area5 of fvnding. Namely, the Care Reseorch and TechnolDBV cent at Imperlal College London and the 8lwd-based Blofflarkers Platform at the UCLCentre. Thls fundlTh8 wlll be deployed In full against these two Inltlatlves Inflnancial year 2022123. 25
UKDRI LTD Notes forniiw4 partof theflnanclal 5tatemertsforthe yearended 31 Maith Z023 Icontinuedl 13 Mov•m•ntsln unrestrlctedlw Asot JI March 2022 Asat 31 Marth 2023 Incom• Empendllum Tr•nsfer5 General fund 2,234.585 27,994,154 127.801.3331 390.139 I8175 Prlor perlod General fund 8.373,597 24.279,721 130.992,216 573,483 2.234,585 14 Anal1$ assets and Il•biiiil•s betw•en fvnds RertrScted Fur Gen•rnl nd Total Curmntws•ts Debtors Cash at bank Credltols Due w5thln oneyear Due In more than oThe year 27,692.631 16,581,854 7,992,083 1,712,349 35.684.714 18,294.203 132,134,076) 19,322,864) 16,607,1291 1528.3381 138,741,205) 19151.2021 2A17,545 1.568.965 5,386,510 Prtorperlod G•n•r•l Furrtl Funth Toul Current •SS•ts Debtors Cash at bank Credftors Duewlthln One year Due In more than oneyear 25,694,616 20.241.098 9,535,779 1.884.685 35,230.395 2Z,125,783 134,844,919) 18.856.210) 18.329,4501 1968.1531 143,1743691 19A24,3631 1234¥5 2.122161 4357846 15 T•x•tlon The Income of the Charlty Is exempt from corporate tax to the extent they are appl¢edto ltstharltable oblectlve5. 16 R•lated Partytransartlons Detalls of related part5e5 are included on pages 9 and 10. Informatlon on donatlons recelved from Mèdlcèl Research Council, Alzheimer's Research UK and Alzhelmee5 Soclety Is glven in note 4. Alzhelmer's Research UK provlded Bovemance and finance support 5ervlces to UK DRI Umlted untll 30 September 2022. ITh the yearto 31 March 2023. the fee charged forth15 SeN1 was £47,5. excludln8 VAT12022- £82,500). 26
UKDRI LTD Notesfomiln8 part of theflnancial 5t•t•mentsforthe yai ended 31 Mèrch 2013 l¢ontlnued> 17 51at•m•nl of finand•l •rtlvltles As requId underFRS 102,Ihefoll¢)wlngtable showsihesplitofcompawfve Informatlon between funds for the year ended 31 March 2022 Unrtttrfcted funds Restrlrted funds Toul Incom•lmm'. Grants and dornatlon5 Investments 24.255.472 24,249 10.300,752 34,S56,224 24,249 Total Incom• 24,279,721 10.300.752 34,580A73 Exp¢ndlture on: ctable actfvbtles 30,992,216 9.368,404 40J60,620 Net movement In lunds before transfers 16,712,495) 932,348 15.780,1471 Transfer between fvnds 573,483 1573,4831 Nrt mon•nt In funds 16,139,0121 3S8.865 15,780,1471 Reconclllatlon of fundi Funds balance at l Aprll 2022 ,373,597 1,763,996 10.137,593 Funds b•lance •t 31 March 2013 2,234,585 2.122,861 4,557A46 27
UK DRI LTD Legal and admln15tratlv• d•ta115 Trust IDlrect<)rsl Chalrman oiherTrustees WJ Ruckef R S Buckle- nornlnated by the Medical Research Councll F M Carragher- nomlnated by Alzhelmerfs Soclety (resigned l Aprll 20221 R Khan lappolnted 30JuThe 20231 5. Kohlhaas- nominated by Alzheimerfs Research UK lappolnted 19 July 20221 DrMGLee IAKMood J P Plsanl Prof. S E Radlord R Sh3rfSe lappolnted 30 June 20231 A J Shevas SSr D M Turnbull E L WhItcom lappolnted 8 March 20231 I Wllson- nomlnated by AlzheltrEes Research UK Iresl8n*d 19July 20221 Comp•nySetr•t•ry E E Chambers Iresl8ned 12 February 20231 E M Danlelewska lappolnted 14 February 20231 AddrMs-Premlses ind Portal 6M Floor Maple House 149Tottenharn Court Road London WIT 7NF L•ial Ststus The Company Ilmlted by guafantee, was formed on 2 Novernber 2017. Chorfty status was obtalned on 17 August 2019. It Is governed by Its Memoranduffl and Artlcle5 of Assoclatlon. R•8lrter•d Ch•rlty rnbor Il79589 Companynumber 11045257 Aythtors RSM UK Audrt LLP Blenheim House Newmarket Road 8ury St EdmLtnds Suffolk IP33 3SB Bankers Barclays Bank plc 15 8enet Street Cambrldge C82 3PZ 28