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 ActIv￿leS Executlvesufflmary ObjeCt￿e 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 Ca￿r$, familie5, and friends. Dementla is caused by a set of complex neurodegenerative dlsorders. wlth Alzhelrnerf5 disease accountlng for approxlmately 60% of the ca5e5. To date there Is no way to prevent or even slow the progresslon of dernentla, a5 there Is stlll a malor 8ap In our bask under5tsndln8 of neurodegeneratlve dlsorders. The UK Dement12 Research Institute IUK DRI or In5tltutel is the bl8gest UK initiative supporting research to fill thls knowledge gap, created as part of the Prime Mini5terfs chollenge on dementlo 2020 and 5UPPOrted by Fts th￿e Founders. the Medical Research Council IMRCI, Alzhe5merf$ 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 prO￿d 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 TNsteesf0rthey￿rended 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 thrO￿8h 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 e01rep￿neUrIaI 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 Ir￿ll￿te 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 And￿8 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 snnovat￿e 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 0￿r 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 Ka￿0 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 a￿a, and prornote sYne￿Ie5 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 fjeatu￿d 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 prOact￿e 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 O￿l¢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 b￿adth of UK DRI research, initiating novel links, and fostering interdisciplinary, croSSte￿ re5PObulbllltles The Trustees are a150 Dlrert(brs of UK DRI Lrd forthe pUr￿se$ of Company lawl are ￿spOns￿le for preparln8 the Report of the Trustees and theflnanclal male￿nts In accordan￿ wilh appllc•ble l•ws and wullitlons. Cornpany law ¥egulre5 theTrustet5 to prepare financial $￿ter￿ntS for each financlal year. Under that theT￿ste*S 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 statew*ThtS 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 SU￿ble 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 Ire￿n￿ hwe bo•n fdkrwed, sub￿t0 •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 prepa￿d 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$. If. based on the work we have performed, we conclude that there Is a rnaterial misstaternent of this other Informatlon. we are requlred to report thatlact. We have nothlng to report In th15 regard. Oplnlon5 on other matter5 prescribed bythe Companle5 Act 2006 In ouroplnlon. based on thework undertaken in the course of the audit.. the Information glven In the Report of theTnJstees. which include5 the Directors. Report. and the Strateglc Report prepared forthe purposes of company law. fortheflnanclal year forwhlch thefinancial staiements I￿ prepared15 cons15tent with the financlal statements., and the Dlrectors. Report and the Strategic Report Included wlthln the Report ofthe Trustees have been prèpared In accordance Mth appllcable legal requlremènts. 12 UK DRI ITD Independent Audltorfs Report to the Membersof UK DRI Ltd l Net ¢urrwrt asl•ts 15,237.712 14,181,8Q3 Cr•dltoi$'. •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•t1￿*ttI￿￿ls 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•cond11￿10￿0IttP•ndltrJr•¢o nrtC•5hf*wlrom 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 cred￿01$ 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#01￿1h Ind ￿￿hequ1V￿1ntl sh at b•nk•nd In hand 18,294.203 22,125,783 An￿￿19 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 r￿son p•p$ 1810 27fvrrn portofthese Arsa￿lI1 st•ten￿nts 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 p￿parIng 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, dom1cl￿d, 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 rep￿sent 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. I￿orne 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$forihe yearended 31 Marth 2023 Icontinued Attountln8pollcles Itontlr￿ed) Debtorn Other debtors are recognlsed at the 5ettlemÈnt amount due. Accrued income 15 included at the bett estimate of the mounts iecelvable at the balance sheet date. Credita Creditor5 are rèctsgnised where the charlty has a present obllKdtk)n resultin8from a past event that wlll probablv result Sn the transfer of fund5 to a third party and the amount due to settle the obll8atlon Lan be measured or estirnèted rellabty. Credltors are normally recoBn15ed at thelrsettlement amount afterallowin8forany discounts due. Flrwnclal Instruments The charw only has financlal assets and flnanclal Ilabilitie5 of a klnd that ouallfy as a bast financial instrument. Basic flnanclal instrumentsare inltlally ￿CO8n1$ed attransaction valueand subsequently meaSU￿d 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 sIgn￿iCantdtrubt8bOutthe abilltyofthe Charityto contlnue s a golng concern. The Chariiws business èctl¥5tle5, to8ether wlth the fèctors Ilkely to affect Its future deVelopr￿n1, 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 r￿de1 of UK DRI Ltd Is such that research commltrnent5 are only made where ￿ has the fund5 to do so. All a9￿eMentS 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 f0￿c3st5 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 p￿pared 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 judge￿ntS 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 ondOs5umpt￿ns 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 Ilabil￿1es wlthln the next flnancial year. Crltlcoloreos ofjudgernent TheTrurtees donotconslderthat thereareanycrikncal a￿a$Of1￿dgernentapplIed 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 17 51at•m•nl of finand•l •rtlvltles As requI￿d 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: c￿￿table 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 mo*n•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