2024-03-31-accounts

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UK DRI Ltd

(A Company limited by guarantee and not having a share capital)

Annual Report and Financial Statements

Year Ended

31 March 2024

Company Registration No: 11045257

UK DRI LTD

Financial statements for the year ended 31 March 2024

Report of the Trustees for the year ended 31 March 2024

Objective, Founding Principles and Activities

Executive Summary

Dementia is the biggest health challenge of our century – currently fifty million patients worldwide, projected to triple by 2050 – with huge financial, emotional, and social impact on people with dementia (PwD), their carers, families, and friends. Dementia is caused by a set of complex neurodegenerative disorders, with Alzheimer’s disease accounting for approximately 60% of the cases. We are at an exciting time in dementia research – the field is at a ‘tipping point’ and poised to move from description to prediction, pre-emptive intervention and targeted disease-modifying therapy. With more treatments on the horizon, remarkable progress on the biomarker front, the advanced ‘omics revolution and the potential of AI/ML applications, the next decade will see a radical change in our ability to identify and treat those at risk.

The UK Dementia Research Institute (UK DRI or Institute) is the biggest UK initiative supporting research to fill this knowledge gap, created as part of the Prime Minister’s challenge on dementia 2020 and supported by its three Founders, the Medical Research Council (MRC), Alzheimer’s Society (AS) and Alzheimer’s Research UK (ARUK).

The UK DRI was formed as a result of a joint venture between the MRC, AS and ARUK, which created UK DRI Ltd. The UK DRI is funded by these three founding funders, via UK DRI Ltd, and its scientific operations are conducted at seven discrete research centres within six universities: UCL, Imperial, King's, Cambridge, Cardiff, and Edinburgh. An eighth ‘virtual’ centre – the UK DRI BHF Centre for Vascular Dementia Research (CVDR) started in June 2024 in partnership with the British Heart foundation. The UK DRI Central Team are based at UCL and here the executive team determine and implement the UK DRI Ltd approved research strategy. UK DRI Ltd does not currently directly employ any staff. The UK DRl's scientific and Central Team operations are conducted by employees of the six universities who operate on behalf of UK DRI Ltd. The focus of subsequent information in this report is on the performance and activities of the universities included in the UK DRI.

The Institute has undergone a thorough and successful review of its first quinquennium (QQ) and, in December 2022 saw its funding renewed for the 2023-28 period with a total contribution of £150m, the MRC remaining the main core funder with further support from ARUK and AS. In addition to our core funding, we are proud to have attracted additional funding, including a major £30m award from LifeArc specifically dedicated to translational research.

Objective

We undertake original, ground-breaking research that will transform lives. We attract the brightest minds and give them the best technology and research tools. We work with each other, with people living with dementia and their families, with the wider scientific community, government, charities and with industry to translate our findings into treatments. We are renowned for the quality of our science, our willingness to share data, ideas and resources, and our unwavering commitment to stop dementia in its tracks.

The Institute carries out research relevant to dementia-causing neurodegenerative diseases, including Alzheimer's disease, Parkinson's disease, motor neuron disease/frontotemporal dementia, vascular dementia, and Huntington's disease.

For the current funding period (starting April 2023), our vision is founded on two elements:

(i) To define the molecular and cellular mechanisms responsible for the early cellular phases of major neurodegenerative diseases’. This will lead to deeper insight into cellular and molecular mechanisms underpinning neurodegenerative diseases, yielding novel biomarkers and drug targets that will enable us to halt the disease process early on and provide the means to identify those at risk.

(ii) To develop novel tools and monitoring systems to support patients living with dementia’. This will deliver benefits to patients and carers in the short-term and lead to more robust and sensitive measures that will revolutionise how clinical trials are performed.

UK DRI LTD

Report of the Trustees for the year ended 31 March 2024 (continued)

Founding Principles

The UK DRI is based on four principles that we believe are key to UK DRI’s success:

Excellence : Scientific excellence is the driver of UK DRI's success. Excellence is embedded in everything we do: recruitment/training of our staff, supporting innovative research, investing in the best technologies, and identifying strategic partners for collaboration. We use both internal and external peer review to evaluate excellence and monitor our progress and to evaluate any new initiative taken. Our commitment to equity, diversity and inclusivity (see UKDRI EDI equity, diversity and inclusivity statement) means that we are mobilising the best talents from everywhere in society to provide opportunities to benefit from diverse thinking.

Collaboration : Dementia is a multifaceted disorder and understanding what drives it requires the expertise and perspectives of a multidisciplinary team of researchers. We have attracted talented researchers from diverse fields and backgrounds. We are developing their understanding and involvement in dementia research by embedding them in a collaborative working environment with well-established dementia researchers, offering opportunities for informal networking, receiving feedback, learning about, and discussing the latest developments in dementia research. At the UK DRI we break down barriers to enable interdisciplinary collaboration through our collaborative networks known as ‘Themes’. In addition, we empower collaboration through our internal Awards programme. Data (and resource) sharing is key to our success. Our Informatics Steering Committee (and its satellite Working Groups) develop and champion the adoption of data/digital policies, mechanisms, and guidelines to enable an open research culture (in part facilitated by our Research Collaboration Services). We create synergy for maximum impact by collaborating with external partners across the dementia landscape. We act as a catalyst in the national and global dementia research community. We share data, ideas, talents, and resources, and open our workshops and symposia to the wider scientific community. We reach out to clinical partners, industry, and the government to work together to solve problems in the field.

Translation : It is the mission of the UK DRI to transform the lives of people affected by dementia. As the number of people affected by dementia is set to grow rapidly in the coming decades it has never been more urgent to translate our knowledge into clinical value for people. The UK DRI translation strategy builds upon the Institute’s evolving scientific portfolio. We support our researchers in becoming more entrepreneurial in their thinking. Equally important are collaborations with NHS Trusts and care homes. We engage with external partners across the dementia research landscape to achieve our strategic goals and in return we lend our expertise to support their goals.

Communication : To achieve our goals, internal and external communication are both essential. Internal communications build a common understanding of our mission and enable our researchers to learn from one another, share ideas, and address problems together. External communications present the UK DRI to the outside world, raising the profile of the Institute amongst researchers, industry, policy makers and the general public across the UK and the world, explaining the importance of our work, what we do, progress made, and future needs. An important aspect is to keep research on dementia and neurodegenerative disorders high on the political and societal agenda and attuned to the needs of those affected by dementia.

Activities

Over the past year, the UK DRI has continued to build momentum in becoming a world-leading institute in dementia research. At the core of the institute is a strong scientific vision for how the UK DRI will uncover the most valuable insights into the mechanistic drivers of neurodegeneration and translate that understanding into ways to prevent, delay, treat and manage dementia-causing diseases.

The 2023/24 period has been very productive with key recruitments, major publications, strengthening of collaborative initiatives and programmes, substantial leveraged funding, significant development of national and international strategic partnerships and remarkable success in the translational space. In the next section, we highlight how progress over the past year has contributed to our mission.

UK DRI LTD

Report of the Trustees for the year ended 31 March 2024 (continued)

STRATEGIC REPORT

Achievements and Performance

Excellence. We have continued to attract top talent, further strengthening our research capacity.

Our Institute is now a multidisciplinary network of seven Centres (with an eighth virtual centre, the BHF-UK DRI Centre for Vascular Dementia Research (CVDR) officially starting in June 2024) with 970 members (as of 31 March 2024), covering diverse aspects of dementia research such as neuroinflammation, DNA repair, bioengineering, circadian biology, genetics, systems neuroscience, RNA biology, metabolic sciences, and innovative technologies for dementia care.

This year has witnessed significant changes in senior leadership. Prof Siddharthan Chandran assumed his role as National Director and CEO in October 2023, succeeding Prof Giles Hardingham’s interim directorship (June-September 2023), who was appointed upon the founding Director Prof Bart De Strooper stepping down. Among the Centre Directorships, Prof Mina Ryten took up her Directorship of the Cambridge Centre in January 2024, and Prof David Atwell was recruited as Director of the newly established BHF-UK CVDR. Prof. Prof Paul Matthews stepped down as Imperial Centre Director to take the Directorship of the Rosalind Franklin Institute. The interim Imperial Centre Director is Prof William Wisden, while the recruitment of a new Director is ongoing. Prof Julie Williams will step down as Cardiff Centre Director in July 2024, with Prof. Paul Morgan serving as interim Director.

The number of Group Leaders (GLs) currently stands at 63. In the past year, we welcomed seven new Group Leaders to six of our Centres: Philip Hasel (Edinburgh), Sarah Marzi and Andrea Serio (King's), Thomas Massey (Cardiff), Cynthia Sandor (Imperial), Gregory Scott (Care Research and Technology). There are ongoing plans to recruit one core-funded GL at Cambridge, new Centre Directors at Imperial and Cardiff, and four new core-funded GLs for the new BHF-UK DRI CVDR.

Our Emerging Leaders (ELs) currently stand at 12, with four new appointments in 2023: Emma Clayton (King’s), Joanna Jackson (Imperial), Sophie Morse (Imperial) and Phil Weston (UCL). In the same period, six former ELs moved to more senior positions.

The Central Team now comprises 24 staff members. The Chief Operating Officer, Adrian Ivinson, stepped down in November 2023. The Director of Scientific Affairs, Dr Giovanna Lalli, stepped down to take a post as Director of Strategy at LifeArc, with Dr Joanna Latimer, currently Head of Neuroscience and Mental Health at the Medical Research Council, joining the Central Team as Chief Science Officer in August 2024. The Director of Business and Innovation, Dr Kay Penicud, stepped down in February 2024 to become Vice President, Head of Research Partnerships at Apollo Therapeutics, with Roisin NicAmhlaoibh, currently VP of Business Development at Ground Truth Labs, joining the Central Team as Chief Innovation and Business Officer in September 2024. Other new recruits include Dr Ruby Wallis (Themes Manager) and Dr Bradley Roberts (Science Review Manager, replacing Dr Aoife Kiely). Recruitment is ongoing for four new posts: two in the science team and two in the communications team.

During the reporting period, UK DRI members published 486 original research articles and 53 reviews, nine articles and three reviews rank in the top 1% by citations for field and publication year. Our research outputs highlight key strengths in single cell ‘omics and imaging approaches to transform our understanding of disease aetiology, novel biomarkers for early diagnosis and disease progress monitoring, cutting-edge cell biology to dissect the role of non-neuronal cells in dementia and identify novel therapeutic targets, the use of population health studies and big data resources to predict the risk of dementia-related diseases, and promising pathways to innovative treatments for dementia.

The sustained excellence of our research is also reflected in our outstanding publication record, with seven UK DRI Group Leaders were featured in the Clarivate™ Highly Cited Researcher 2023 list: Prof Bart De Strooper (UCL), Prof Paul Elliott (Imperial), Prof John Hardy (UCL), Dr Axel Montagne (Edinburgh), Prof Joseph Priller (Edinburgh), Prof David Rubinsztein (Cambridge) and Prof Joanna Wardlaw (Edinburgh). Several UK DRI researchers received prestigious awards and prizes in 2023/24: Prof Sarah Tabrizi (UCL) received the 2023 Arvid Carlsson Award, Prof Joanna Wardlaw (Edinburgh) was awarded the 2024 Biochemical Society Award for sustained excellence, Prof Sir John Hardy (UCL) was elected as a Foreign Member of the Chinese Academy of Sciences (CAS), Prof David Rubinsztein (Cambridge) received the 2024 Movement Disorders Research Award by the American Academy of Neurology, and Prof Sir David Klenerman (Cambridge) was awarded the 2024 Novo Nordisk Prize.

Our research quality is also reflected in the substantial funding leveraged, with the total amount of external funding awarded in 2023/24 standing at over £49m distributed across our seven centres. Important examples include a UKRI Future Leaders Fellowship to Dr Cynthia Sandor (Cardiff/Imperial), a Wellcome Discovery award to Prof Jernej Ule (King’s), and a Moondance award to the Cardiff Centre.

UK DRI LTD

Report of the Trustees for the year ended 31 March 2024 (continued)

Working as a National Institute

Intramural Funding

We have promoted knowledge exchange and multidisciplinary collaborations through a suite of intramural funding schemes, with a range of scopes, scales and eligibility criteria to cater for our community’s needs.

In 2023/24 we introduced the ‘Key Questions’ funding stream to support cross-centre multidisciplinary teams in pursuing bold and ambitious research. This initiative promotes innovative approaches to important questions in the dementia and neurodegeneration space that the UK DRI is uniquely well positioned to address. We encouraged ‘high-risk’ applications with a ‘high-risk/high-gain’ approach, that would not normally be suitable for external funding. The funding programme is run in two stages, and for Stage I (£150,000/2 months), we received 24 applications, eight of which were funded in April 2024. These awards support proof-of-principle data collection to facilitate de-risked applications for external funding. Awardees will provide updates after nine months, and those with sufficient progress will be invited to apply for Stage II funding (max award £1m). We anticipate funding one or two applications in Stage II.

Other intramural awards in this period include: Six pilot awards (max: £50,000/12 months) to support ECRs in pursuing independent research programmes and pilot data for external funding applications; Seven translational awards (max £150,000/24 months, supported by MRC Impact Accelerator Award and ARUK) to bridge the gap between basic science and external investment in translation); Eight Proteomics Awards (max: £10,000/12 months) to support massspectrometry proteomics at the UK DRI Proteomics Platform at the University of Dundee; One Mouse Models for Dementia Research Award (£48,000/12 months) to support the generation of a novel genome-edited mouse line.

For 2024/25, we have introduced Thematic funding to support each Theme with up to £100,000 over 12 months to support collaborative high-risk, potentially high-reward proof-of-concept studies (with a “fail-fast” approach) that would not otherwise be funded through external funding opportunities and/or key infrastructure which will promote themerelated scientific discovery.

Cross-Centre Themes

UK DRI cross-centre Themes are our primary mechanism for drawing together researchers from across the Institute to discuss and develop ground-breaking ideas around shared areas of interest. We currently have six Themes: Parkinson’s disease (launched in January 2022), Macroglia (January 2022), Neuroimmune Interactions (November 2018), Vascular (October 2019), Synapse (May 2020), DNA repair (August 2020). The collaborative nature of our Themes also facilitates interactions between researchers, strategic partners, funders and other relevant stakeholders across the UK on areas of shared interest, with the most tangible output being the BHF-UKDRI CVDR largely arising from the groundwork developed by the Vascular Thematic activities. Throughout 2023/24, our Thematic events have attracted over 230 non-UK DRI participants, including from Parkinson’s UK, Dementias Platform UK (DPUK), the British Hearth Foundation (BHF), Epilepsy Research UK and over 30 different UK academic institutions. Other key successes of our Thematic activities include: a BHF special project grant of £0.8m over 3 years (PI: Caleb Webber) under the Vascular theme, uniting researchers from UK DRI and DPUK; a position paper summarizing discussions from the March 2022 UK DRI-DPUK Vascular models workshop; The Neuroimmune Interactions theme secured funding from the UK DRI Mouse Models for Dementia Research Programme to develop mouse lines for targeting microglial/macrophage states.

A new Theme on MND has been formed in April 2024 with plans to be open and work together with the UK MND stakeholder community (researchers across the whole of the UK, patients, charities and funders) to generate much needed patient benefit.

Platforms

We strive to promote the adoption of cutting-edge, transformative technologies enabling novel ways to understand neurodegeneration. Our three core-funded platforms provide UK DRI researchers access to state-of-the-art methodologies and resources supported by specialised technical staff. The Single Cell and Spatial Transcriptomics Platform (UCL) was established in 2023 and launched in January 2024 offers spatial transcriptomics techniques, nuclei purification, library preparation, and bioinformatics support. It has five ongoing projects, with data from two included in grant applications. The Biomarker Factory (UCL, established in early 2022) employs robust cutting-edge techniques to measure neurodegeneration biomarkers in fluid clinical and preclinical samples. In 2023/24, there were 24 publications and 10 grant application which included data generated by the Biomarker factory. The Mass Spectrometry-based Proteomics Platform (University of Dundee) provides advanced mass spectrometry analysis. In 2023/24, it completed 74 projects, contributing to three publications and four grant applications.

UK DRI LTD

Report of the Trustees for the year ended 31 March 2024 (continued)

Translation

Ensuring the UK DRI’s research has significant patient impact continues to be a part of our core vision. In 2023/24, we continued to progress our Translational Strategy, particularly focusing on nurturing relationships with key partners and stakeholders and securing resources to incubate translational projects arising from the UK DRI portfolio. We awarded a record £16.1m (whole life value) via internal translational funding programmes to support DRI researchers developing new therapeutic and diagnostic approaches. These included seven substantive awards (>£1m) under our £30m (over five years) LifeArc partnership, and seven translational awards for early-stage translational support for ECRs and ELs (see intramural funding). We are now seeing the successes of the incubation model supported by our UK DRI translational funding, as previously funded projects have attracted large scale funding and investment. This includes the formation of UK DRI’s fourth spin out company (currently in stealth-mode), arising from collaborative research supported by UK DRI translation awards to the UCL and Cambridge centres.

On the industry partnerships front, our focus has been on maintaining relationships with key partners to lay the groundwork for new larger-scale collaborations. Throughout the year we promoted and facilitated high-level workshops and roundtable discussions between our scientific community and industrial partners to exchange ideas and explore future research avenues.

Other achievements in translational activities include 18 invention disclosures, seven patents filed, and four patents licensed, and 197 contracts drafted and negotiated.

Communication

This year we led on three major press releases securing 2,100 media mentions, including in major national media outlets. Highlights on UK DRI research included that smart watch data can help predict Parkinson’s years before diagnosis (Sandor, Cardiff/Imperial), the role of necroptosis in neuronal loss in AD (De Strooper, UCL), the first in-human trial of a noninvasive brain stimulation treatment for AD (Grossman, Imperial).

In November 2023 we held our sixth annual connectome meeting in Brighton, which hosted 632 attendees, featuring branding initiatives, new Director’s presentations, ‘Recognition Prizes’, and promoted networks such as Technologists, Pride, and Communications.

We have continued a series of virtual and in-person events, including a series of Group Leader and ECR Thematic events, Translational events, an international ECR and a symposium at the BNA Festival workshop with our international CURE-ND (Catalysing a United Response in Europe to Neurodegenerative Diseases) alliance partners. We also hosted networking events at international conferences including AAIC (Amsterdam, July 2023, in partnership with ARUK and DPUK) and AD/PD (Lisbon, March 2024) attended by representatives of the international dementia research and policy communities.

To raise the profile of the UK DRI, showcase our science and build our reputation, we engaged numerous policymakers and held multiple Centre visits. Highlights included meetings with Labour front bench members Wes Streeting MP and Chi Onwurah MP, a dinner hosted by our Chair of the Board (William Rucker) with keynote speakers George Freeman MP and Dame Kate Bingham, and active participation in various policy groups. Our Public Affairs Manager led a "Discovery Decade" webinar, organised briefings with LifeArc and dementia charities, and contributed to a forthcoming cross-sector Dementia Manifesto. Additionally, we briefed MPs and Peers on key developments, such as the Phase III results of donanemab and contributed to policy consultations for the UKRI's Pioneer programme and the DHSC's Major Conditions Strategy.

The Communications team supports Equity, Diversity, and Inclusion (EDI) activities across the Institute. In 2023, we assisted with the Pride Network (stand at Connectome and spotlight article for LGBTQ+ Stem Day), supported the 'Women in Neuroscience' initiative at the Alzheimer’s Research UK conference, and produced spotlight articles on women in research.

UK DRI LTD

Report of the Trustees for the year ended 31 March 2024 (continued)

Future Plans

The year ahead

We will establish and set up our new BHF-UK DRI Centre for Vascular Dementia Research, by recruiting four new Group Leaders.
We will continue to develop plans to set up a new UK DRI Parkinson’s Centre and explore partnerships with potential co-funders.
We will make significant contributions and consolidate our leadership in translational research. This includes leading on the initial stage of the ‘Dementia Trials Accelerator, enabling the Dame Barbara Windsor Dementia Mission’, This initiative will position the UK as a prime destination for late-stage clinical trials in dementia by overcoming barriers identified by the pharmaceutical industry.
Our Intramural funding programmes will continue to catalyse interdisciplinary work across the institute. We will continue to support interdisciplinary work between our researchers and leverage our internal funding to work as a ‘single institute’ and promote bold and ambitious research through our Stage II key questions funding.
Themes will play an increasingly pivotal role in the Institute’s second phase. A dedicated thematic funding pot was launched in April 2024 to catalyse further collaboration, advance scientific research leveraging each theme's unique strengths, and support early career researcher (ECR) development. Planned thematic events include a Group Leader retreat and ECR events, many co-hosted or co-sponsored with key stakeholders such as Epilepsy UK, Parkinson’s UK, and Aligning Science Against Parkinson’s.
The newly launched MND Theme will catalyse internal collaboration, and act as a convenor to the wider UK MND scientific and patient community.
We will hold our 7[th] Connectome (our annual Institute-wide research conference and retreat) in Harrogate in November 2024, creating an excellent opportunity to share ideas and foster collaboration.
The UK DRI will continue its engagement with the international dementia ecosystem. We will hold international events with our CURE-ND partners, launch a joint fellowship in data science with NIH-Centre for Alzheimer-Related Diseases, host a meeting on induced pluripotent stem cells in dementia co-sponsored by the Chan-Zuckerberg Initiative (CZI), and explore further synergies with CZI.
We will implement a revised ECR strategy to enhance career development opportunities, increase capacity in key areas and ultimately develop a diverse ECR workforce in dementia research. The implementation and delivery of this strategy will be governed by a newly appointed oversight committee.
Our communications team will continue to work towards building a strong public voice for the UK DRI around the need for continued support for dementia research and weave our new influencing messaging into our broader content. To improve our visibility, we will launch a new website.

• Longer-term plans

Over the coming years, under the leadership of the new Institute Director, we will continue to develop what we aim to become the most productive and efficient discovery science research institute in the world, open to collaborations at home and abroad.

UK DRI LTD

Report of the Trustees for the year ended 31 March 2024 (continued)

Financial Review

Headline figures from our financial statements show:

Total income for the year of £39.6m (previous year £32.7m), of which £13.6m (previous year £4.7m) is restricted.
Total expenditure for the year of £43.3m (previous year £31.7m), of which £15.1m (previous year £3.9m) is restricted. The increase in overall expenditure is largely due to an increase in awards funded by LifeArc, plus a number of new industrial partnerships including SPARC and Ono.

In summary

Charitable expenditure is principally funded by the founders, the MRC, AS and ARUK. They review the scientific performance of the institute every five years and, if successful, make indicative funding awards for the following five years. The first of these reviews took place in 2022 resulting in the following indicative awards effective 1[st] April 2023:

MRC £131m over five years
ARUK £12.5m over five years
AS £6.5m over five years

Core funding from Founders of £26.7m to be received during the year commencing 1 April 2024 is included in accrued income on the balance sheet. Research commitments included within creditors on the balance sheet includes £30.8m for the budget for the year from 1 April 2024.

Our funds

Total funds held at 31 March 2024 were £1.7m. Of this amount, £1.2m (previous year £2.8m) were unrestricted and represent the free reserves of the Charity.

Our reserves policy

The original reserves policy was based on the fact that grant commitment funding is recognised on an annual basis and is not awarded until there is certainly in funding receivable from the founders. Each year at the February Board meeting, Trustees approve in principle grant funding for the following year from 1 April following receipt of a proposal from the UK DRI HQ. Founders are then invited to agree contributions towards the budget. Following confirmation of income, research grants for the following year are awarded. Additional funding may also be sought which may then lead to further grant commitments.

The Charity has no employees and minimal infrastructure costs. By the nature of this funding model, there is no need for significant reserves. Therefore, the original policy had been agreed that £0.3m of unrestricted founder funding would be used as reserves. This was subsequently increased to £0.6m in total reserves and this is now the policy.

The finance team maintain a rolling five year forecast of income and expenditure and have a plan for the level of Reserves to be in line with the policy by March 2025. Furthermore, should the proposed TUPE transfer proceed in August 2024, the Audit and Risk sub-committee will review the Reserves policy in October 2024 in light of this change.

Our investment policy

The funding model provides that the Charity will always have surplus cash, equivalent to outstanding current liabilities at any time. Cash surpluses are placed on bank deposit.

Our structure, governance, and management

UK DRI Ltd is a charitable company limited by guarantee and does not have a share capital. In the event of the charitable company being wound up, each member has guaranteed to contribute £10. The members are the Trustees of the company. As at 31 March 2024, there were ten Trustees. Currently, the maximum number of Trustees is thirteen. The Directors and Trustees are listed on page 31. UK DRI Ltd is a registered charity regulated by the Charity Commission for England and Wales.

The UK DRI was formed as a result of a joint venture agreement (JVA) between the MRC, AS and ARUK which created UK DRI Ltd. However, this JVA was dissolved effective 31 March 2022.

UK DRI LTD

Report of the Trustees for the year ended 31 March 2024 (continued)

In its place is three bilateral agreements, one per funder. MRC has a Core Funding Agreement with UK DRI Ltd which sees it retain its seat on the Board and it agrees to fund at least £125m over five years effective 1 April 2022. This level of funding sees MRC deemed a core funding partner.

ARUK has entered into a Strategic Alliance Agreement with UK DRI Ltd effective 1 April 2022, intending to fund a minimum of £12.5m over five years. At this level of funding ARUK are considered a strategic partner and thereby retain their seat on the Board.

AS has entered into a Strategic Alliance Agreement with UK DRI Ltd effective 1 April 2022, committing to fund £6.5m over five years. At this level of funding, they are considered a Funding Partner but do not retain their seat on the Board.

The UK DRI is funded over a minimum five-year horizon by these three founding funders, via UK DRI Ltd, and its scientific operations are conducted at discrete research Centres within six universities: UCL, Imperial, King’s, Cambridge, Cardiff, and Edinburgh.

Its Headquarters are based at UCL and here the executive team determine and implement the UK DRI Ltd approved research strategy. UK DRI Ltd does not directly employ any staff. However, in May 2024 formal consultations were entered into with a view to the Headquarters staff TUPE transferring from the employment of UCL to UK DRI Ltd. The outcome of this may well result in UK DRI Ltd employing staff effective August 2024.

The UK DRI’s scientific operations are, and will continue to be, conducted by employees of the six universities who operate on behalf of UK DRI Ltd via grant funding. Approximately 900 researchers, students and support staff are funded either full or part time by UK DRI Ltd or by external funding generated by DRI scientists. The focus of information presented earlier in this report is the performance and activities of the universities included in the UK DRI.

The Core Funding Agreement (MRC), Strategic Alliance Agreements (ARUK and AS), Institute Agreements and Terms and Conditions of Funding Agreement govern the relationship between UK DRI Ltd and the UK DRI and the host institutions. The executive team at the UK Dementia Research Institute attend Board Meetings to update Trustees on the activities of the Institute and to seek appropriate approvals under the governance arrangements.

Governing document

The objects of UK DRI Ltd, as set out in the Articles of Association, are to preserve and protect the health of the public and to advance education. This will be achieved by i) promoting and undertaking research into neurodegenerative disorders (and illnesses contributing to such disorders), and associated factors, that give rise to the dementia and related conditions including research that elucidates the nature, cause, symptoms, diagnosis, prevention, treatment and for care of the range of disorders that give rise to the dementias and related conditions; and ii) developing the outputs of such research to provide increased accuracy and timeliness of diagnosis and interventions that prove effective in treating and improving the care of people with dementia and which may ultimately prevent and/or cure dementia and related conditions.

Trustees’ appointment and training

Subject to being a Member at the relevant time, each Core Funding Partner (MRC) and Strategic Funding Partners funding £2.5m or more per year (ARUK) shall be entitled to appoint, one person who is willing to act as a Trustee. A Trustee so appointed shall be a “Founder Trustee” for the purposes of the Articles of Association. Founder Trustees can be removed from office by written notice from his/her appointer.

The Trustees shall make appointments on such terms as they decide (including, without limitation, the term of his or her appointment) and will review each appointment at least every three years on a rotational basis. Independent Trustees can be removed if the majority of the Board resolve that he/she shall cease to be a Trustee.

New Trustees are appointed through a recruitment campaign, depending on the experience and key skills needed. New Trustees are interviewed by the Chair along with others from the Board as needed and are formally approved at the UK DRI Ltd Board meeting.

On appointment, new Trustees are provided with a Trustee handbook and given a formal induction. The Trustee handbook includes the Charity’s Articles of Association, as well as key governance documentation. Trustees are also given key guidance from the Charity Commission – CC3 The Essential Trustee. Ongoing training is provided for Trustees as relevant throughout their term.

UK DRI LTD

Report of the Trustees for the year ended 31 March 2024 (continued)

Related parties

As at the date of signing this report MRC, ARUK and LifeArc (Registered charity number 1015243) are all related parties.

MRC have an agreement with UK DRI Ltd and they intend to fund £125m over the five years starting 1 April 2022. Furthermore, this agreement provides for an MRC representative having a seat on the UK DRI Ltd Board.

ARUK have an agreement with UK DRI Ltd and they intend to fund £12.5m over the five years starting 1 April 2022. This agreement also provides for an ARUK representative having a seat on the UK DRI Ltd Board

LifeArc have signed a translational partnership agreement with UK DRI Ltd effective July 2022 which will provide £30m of funding over five years in order to further the translational research of the Institute. This will see a series of grants made by a joint Life Arc/UK DRI Committee to the UK DRI Centres. Whilst the agreement does not provide for LifeArc having an automatic seat on the UK DRI Ltd Board, their recently former CEO and a separate Board member are currently Board directors of UK DRI Ltd.

The new agreement with AS does not provide for a representative on the Board and accordingly they are no longer considered to be a related party.

Further details of related party transactions in the year are included in Note 4 and 16.

Risks and uncertainties

UK DRI Ltd is a grant funding charity with no employees or infrastructure costs. The funding model is such that grant commitments are only entered into when there is certainty of funding from donors being received.

The grants fund the work of UK DRI. A register is maintained of the principal risks and uncertainties of the Institute which is populated by the Executive Team of the UK Dementia Research Institute. The Institute Director/CEO, Chief Scientific Officer and Chief Finance Officer of UK DRI may be required to attend UK DRI Ltd Board Meetings. They regularly update the Board at the meeting of movements in the risk register.

Public benefit

The Trustees have referred to the guidance contained on the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning future activities. In particular the Trustees consider how planned activities will contribute to the aims and objectives they have set. The general public ultimately benefits through the world class research we are able to fund.

In so far as each of the Trustees are aware:

there is no relevant audit information of which the charitable company’s auditor is unaware; and
they have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The report of the Trustees prepared under the Charities Act 2011, which also contains all information required in a Directors’ Report by the Companies Act 2006, and the incorporated Strategic report prepared under the Companies Act 2006, were approved by the Board of Trustees on 10 July 2024 and signed on behalf of the Trustees by William Rucker, Chairman.

wj rucker

William Rucker, Chairman.

UK DRI LTD Statement of Trustees’ responsibilities

The Trustees (who are also Directors of UK DRI Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable laws and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure for that period. In preparing those financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether the standards applicable under FRS102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping proper and adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included in the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

UK DRI LTD

Independent Auditor’s Report to the Members of UK DRI Ltd

Opinion

We have audited the financial statements of UK DRI Ltd (the ‘charitable company’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities incorporating an income and expenditure account, the Balance Sheet, the Cash Flow Statement, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company’s affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Report of the Trustees, which includes the Directors’ Report, and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors’ Report and the Strategic Report included within the Report of the Trustees have been prepared in accordance with applicable legal requirements.

UK DRI LTD Independent Auditor’s Report to the Members of UK DRI Ltd (continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report, or the Strategic Report included within the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 12, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

obtained an understanding of the nature of the sector, including the legal and regulatory framework that the charitable company operates in and how the charitable company is complying with the legal and regulatory framework;
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected, or alleged instances of fraud;
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

Independent Auditor’s Report to the Members of UK DRI Ltd (continued)

UK DRI LTD

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the charitable company’s governing document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to any new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from external advisors.

The audit engagement team identified the risk of management override of controls and the completeness of income as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of business, and performing tests of detail in relation to completeness of income.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Claire Sutherland

CLAIRE SUTHERLAND (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Blenheim House Newmarket Road Bury St Edmunds Suffolk IP33 3SB

Date 31 July 2024

UK DRI LTD

Statement of financial activities incorporating an income and expenditure account for the year ended 31 March 2024

Note Unrestricted Funds £ Income from: Grants and donations 4 25,264,072 Charitable activities 5 - Investments 6 706,150 Total income 25,970,222 Expenditure on: Charitable activities 7 28,168,319 Net movement in funds before transfers (2,198,097) Transfers between funds 550,356 Net movement in funds (1,647,741) Reconciliation of funds: Funds balance at 1 April 2023 2,817,545 Funds Balance at 31 March 2024 1,169,804	Restricted Funds £ 11,359,219 2,278,313 - 13,637,532 15,144,626 (1,507,094) (550,356) (2,057,450) 2,568,965 511,515	Year ended 31 March 2024 Total Year ended 31 March 2023 Total £ £ 36,623,291 32,406,224 2,278,313 - 706,150 290,757 39,607,754 32,696,981 43,312,945 31,667,917 (3,705,191) 1,029,064 - - (3,705,191) 1,029,064 5,386,510 4,357,446 1,681,319 5,386,510

UK DRI LTD

Balance Sheet as at 31 March 2024

Charity number: 1179589 Company number: 11045257

Notes Current assets Debtors 10 Cash at bank Creditors: amounts falling due within one year 11 Net current assets Creditors: amounts falling due after more than one year 12 Total assets less total liabilities Funds Restricted funds 13 Unrestricted funds General funds 14	2024 2023 £ £ 37,890,632 35,684,714 17,869,517 18,294,203 55,760,149 53,978,917 (42,409,803) (38,741,205) 13,350,346 15,237,712 (11,669,027) (9,851,202) 1,681,319 5,386,510 511,515 2,568,965 1,169,804 2,817,545 1,681,319 5,386,510

The financial statements on pages 16 to 30 were approved by the Trustees and authorised for issue on 10 July 2024 and are signed on its behalf by:

wj rucker

W J Rucker Trustee

The notes on pages 19 to 30 form part of these financial statements

UK DRI LTD

Cashflow statement for the year ended 31 March 2024

Cash flows from operating activities Net cash provided by operating activities a Cash flow from investing activities Investment income Net cash provided by investing activities Change in cash and cash equivalents in reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period b Reconciliation of expenditure to net cashflow from operating activities a. Net cash provided by operating activities Net movement in funds Adjustments for: Interest from investments Increase in debtors (Decrease)/increase in creditors b. Analysis of cash and cash equivalents Cash at bank and in hand c. Analysis of changes in net funds Opening net funds Cashflows of the entity Closing net funds	Year ended 31 March 2024 (1,102,836) 677,930 677,930 (424,686) 18,294,203 17,869,517 (3,705,191) (706,150) (2,177,698) 5,486,423 (1,102,616) 17,869,517 18,294,203 (424,686) 17,869,517	Year ended 31 March 2023 £ (4,083,390) 251,810 (3,831,580) (3,831,580) 22,125,783 18,294,203 1,029,064 (290,757) (415,372) (4,406,325) (4,083,390) 18,294,203 22,125,783 (3,831,580) 18,294,203

The notes on pages 19 to 30 form part of these financial statements

UK DRI LTD

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

1 Accounting policies

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) – (Charities SORP(FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

UK DRI Ltd is an incorporated charity, limited by guarantee, domiciled, and registered in England and Wales, which constitutes a Public Benefit entity as defined by FRS 102. The address of its registered office is set out on page 31. Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Monetary amounts in these financial statements are rounded to the nearest whole £1, expect where otherwise stated.

Fund accounting

The charity maintains various types of funds as follows:

Restricted funds

Restricted funds represent grants and donations received which are allocated by the donor for specific purposes.

Unrestricted funds

General unrestricted funds represent unrestricted income which is expendable at the discretion of the Trustees in the furtherance of the objects of the Charity.

Income

All income is recognised in the Statement of Financial Activities when the conditions for receipt have been met and there is reasonable probability of receipt. The following accounting policies are applied to income:

Grants and donations

Donations are reported gross and accounted for at the point when the Charity is entitled to the income, there is probability of receipt, and the monetary value can be measured with sufficient reliability.

Charitable activities

Charitable activities relate to income received from pharmaceutical companies and relate to exchange contracts (the provision of scientific services). 100% of the funding is accounted for upon recognition of the related research commitment apart from the surplus that the charity retains to off-set its own costs. This surplus (i.e. the difference between total funding and the value granted to the university) is recognised on a straight-line basis across the length of the agreement as this is considered to best reflect how the income is earned.

Investment income

Investment income is accounted for when receivable. Tax recoverable relating to investment income is accounted for in the same period as the related income.

Expenditure

All expenditure is accounted for on an accruals basis.

Charitable activities represent expenditure incurred in issuing grants to academic institutions for research purposes.

Support costs are attributed to the expenditure classifications using a percentage based upon the direct expenditure allocation.

Research commitments

Research commitments are accounted for as expenditure in the Statement of Financial Activities when there is a constructive obligation based on a formal offer to the recipient. The present value of future commitments to research has been considered at a discount rate of 1.4% and the resulting potential discounting is not considered to be material to the overall value of the commitment, or to expenditure on a recurrent basis.

UK DRI LTD

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

1. Accounting policies (continued)

Debtors

Other debtors are recognised at the settlement amount due. Accrued income is included at the best estimate of the amounts receivable at the balance sheet date.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as a basic financial instrument. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised costs using the effective interest method.

Going concern

The use of the going concern basis of accounting is considered to be appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the Charity to continue as a going concern.

The Charity’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Trustees Report and incorporated Strategic Report on pages 3 to 11. The Charity currently has significant liquid resources which are in excess of all research commitments which have been made. There are no borrowings.

The financial model of UK DRI Ltd is such that research commitments are only made where it has the funds to do so. All agreements with universities explicitly state this clause. Notwithstanding this point, the HQ Team at UK DRI work closely with the universities in planning for the medium term.

Detailed cash flow forecasts have been prepared for the period to 1 April 2028 when the next Quinquennial Review (QQR) period begins. The forecasts show that core research activities and strategic grants included in the grant awards budget for the year ended 31 March 2025 at each University, can be maintained based on the known level of income from the MRC and the two founder charity partners.

The outcome of the first QQR exercise, performed in 2022, confirmed that the three Founding Funders intend to collectively fund £150m over the five years commencing 1 April 2023, of which £30.8m has formally been agreed for the year commencing 1 April 2024. A budget has been prepared and approved for the year ended 31 March 2025 based purely on the confirmed level of funding.

Given the amount of funding already formally agreed and the indications of the Founding Funders for the for subsequent years, the Trustees are confident that the Charity is a going concern, and that there are triggers and safeguards which can be deployed to ensure the future operation of the Charity, if needed.

Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are not considered to be any estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Critical areas of judgement

The Trustees do not consider that there are any critical areas of judgement applied in the preparation of these financial statements.

UK DRI LTD

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

2 Net income for the year

Net income for the year is stated after charging:

Net income for the year Net income for the year is stated after charging:
	Year ended	Year ended
	31 March 2024	31 March 2023
Remuneration paid to external auditor:	£	£
Audit services - Audit	23,375	21,500
- Other services	4,700	4,275

3 Information regarding employees and Trustees

There were no employees during the year (2023: nil).

Trustees are not remunerated. Trustee expenses relating to travel and subsistence amounted to £691 (2023: £1,787) in the year.

4 Income from grants and donations

Unrestricted
funds
Grant income
£
Medical Research Council
22,875,002
Alzheimer’s Research UK
2,000,000
Alzheimer’s Society
-
Other donations
389,070
25,264,072
Income from charitable activities
Unrestricted
funds
£
Eli Lilly
-
Sun Pharma Advanced Research
Company Limited (SPARC)
-
Ono Pharmaceutical Co. Ltd
-
Nimbis Salacia Inc.
-
-
Income from investments
Bank deposits
Expenditure on charitable activities
Unrestricted
funds
£
Dementia Research
28,168,319

Restricted
funds
Total
year ended
31 March 2024
Total
year ended
31 March 2023
£
£
£
2,393,641
25,268,643
27,443,817
500,000
2,500,000
2,500,000
1,300,000
1,300,000
1,300,000
7,165,578
7,554,648
1,162,407

11,359,219
36,623,291
32,406,224

Restricted
funds
Total
year ended
31 March 2024
Total
year ended
31 March 2023
£
£
£
616,543
616,543
-
566,564
566,564
-
1,046,400
1,046,400
-
48,806
48,806
-

2,278,313
2,278,313
-

Year ended
31 March 2024
Year ended
31 March 2023
£
£
706,150
290,757
Restricted
funds
Total
year ended
31 March 2024
Total
year ended
31 March 2023
£
£
£
15,144,626
43,312,945
31,667,917

5 Income from charitable activities

6 Income from investments

7 Expenditure on charitable activities

UK DRI LTD

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

8 Support costs

upport costs
	Year ended	Year ended
	31 March 2024	31 March 2023
	£	£
Secretariat	-	57,000
Governance	111,888	119,371
Finance	33,831	26,065
IT & office costs	46,956	37,705
	192,675	240,141

Included within the grant paid to UCL (included within the dementia research spend in note 6) to cover DRI HQ costs are £898,195 (2023: £873,901) relating to support costs for Finance, HR, corporate and office costs.

9 Grant giving

	Year ended	Year ended
	31 March 2024	31 March 2023
	£	£
Commitments made to UKDRI in the prior year	31,017,000	32,692,000
New commitments made during the year	13,254,549	1,775,458
Commitments no longer required	(932,278)	(1,364,682)
Commitments confirmed to institutions in respect of year to 31 March	43,339,271	33,102,776
Less unallocated brought forward commitment made to UKDRI in prior year	(31,017,000)	(32,692,000)
New commitments made to UKDRI during the year	30,798,000	31,017,000
Support costs	192,675	240,141
Amount charged to the Statement of Financial Activities	43,312,946	31,667,917

All grants are paid to institutions. An analysis of grant-funded research by host institution with details of grants awarded during the year, forming part of these audited financial statements, can be found below:

	Year ended	Year ended
	31 March 2024	31 March 2023
	£	£
University of Cambridge	3,878,496	2,505,201
Cardiff University	4,554,628	3,099,302
Dundee University	314,390	315,780
University of Edinburgh	5,962,835	3,750,238
Imperial College London	8,158,841	7,142,629
Kings College London	3,678,246	2,520,089
MRC Harwell	195,064	201,423
University College London	15,263,708	12,303,356
Other	1,333,009	1,264,758
	43,339,271	33,102,776

UK DRI LTD

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

10	Debtors
		Year ended	Year ended
	31	March 2024	31 March 2023
		£	£
	Other debtors	11,142,655	6,334,341
	Accrued income	26,747,977	29,350,373
		37,890,632	35,684,714
	Other debtors include £3,744,310 due after more than 1 year (2023: £1,134,442).
11	Creditors: amounts falling due within one year
		Year ended	Year ended
	31	March 2024	31 March 2023
		£	£
	Accruals	65,502	150,494
	Other taxes and social security	21,596	21,595
	Research commitments	42,322,705	38,569,116
		42,409,803	38,741,205
12	Creditors: amounts falling due after more than one year
		Year ended	Year ended
	31	March 2024	31 March 2023
		£	£
	Research commitments	11,669,027	9,851,202
	Ageing of long-term liabilities
	1 – 2 years	11,362,978	9,685,244
	2 – 3 years	306,049	165,958
	Reconciliation of research commitments
	Balance brought forward	48,420,318	52,872,224
	New research commitments entered into during the year for dementia
	research	43,339,271	33,102,776
	Research commitments for year to 31 March 2025 approved by Trustees	30,798,000	31,017,000
	Reversal of research commitments approved by Trustees in previous period	(31,017,000)	(32,692,000)
	Amounts spent in the period	(37,548,857)	(35,879,682)
		53,991,732	48,420,318

UK DRI LTD

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

13 Movement in and allocation of restricted funds

As at 31 March 2023 £ Eisai - UK DRI post-doctoral scheme 300,517 Alzheimer's Association - Eli Lilly - UK DRI post-doctoral scheme - Eli Lilly - UK DRI Collaboration - Astex 140,585 Medical Research Council - Impact Acceleration Account 1,195,228 Medical Research Council - Capital awards 22-23 256,619 Medical Research Council - World Class Labs 23-24 - Medical Research Council - Dementia Trials Accelerator - Medical Research Council - Health Collaboration with Helmholtz Association - Alzheimer's Research UK 23,718 Alzheimer's Society - Fidelity Bermuda Foundation 628,000 Sir Laurence Geller 24,298 Life Arc - Life Arc - Project Manager - Sun Pharma Advanced Research Company Limited (SPARC) - Ono Pharmaceutical Co. Ltd - Nimbus Salacia Inc. - 2,568,965	Income Expenditure £ £ - (206,619) (126,993) (6,759) 485,099 (359,225) 131,444 (131,444) - - - (1,195,228) - (256,619) 495,641 (451,390) 1,500,000 (1,477,000) 398,000 - 500,000 (523,718) 1,300,000 (1,300,000) - (628,000) - (24,298) 7,197,210 (7,179,010) 95,361 (95,361) 566,564 (459,376) 1,046,400 (801,773) 48,806 (48,806) 13,637,532 (15,144,626)	Transfers £ (12,809) 133,752 (125,874) - (140,585) - - (44,251) - - - - - - (8,774) - (107,188) (244,627) - (550,356)	As at 31 March 2024 £ 81,089 - - - - - - - 23,000 398,000 - - - - 9,426 - - - - 511,515

Restricted Fund Transfers

There are typically two reasons for transfers between restricted and unrestricted funds. Firstly, where there is an underspend on a grant provided to a partner university. In this instance we would ask the funder's permission to transfer any balance to unrestricted funding. Secondly, where a donor is funding a proportion of HQ costs, we would transfer the relevant amount from restricted to unrestricted to offset the specific grant awarded to cover all HQ costs.

Eisai - UK DRI post-doctoral scheme

Eisai has provided funding for four years from 2019 under the Eisai/DRI post -doctoral scheme to support new areas of dementia research. Award letters were issued to host universities for relevant projects. The transfer of £12,809 reflects an underspend, which has been transferred back to unrestricted funds in line with funder agreements.

Alzheimer's Association

Alzheimer’s Association reduced their original award to UK DRI Ltd for the Neuroimmune Consortium Manager position (by £126,993), as the manager left the UK DRI and was not replaced.

Eli Lilly - UK DRI post-doctoral scheme

Eli Lilly has provided 1-year costed extensions to two of the existing post-doctoral projects (for Professor Adrian Isaacs and Professor Giampietro Schiavo at UCL), totaling £485,099. Amendments to the master research collaboration agreement with Eli Lilly were signed on 18 September 2023 and 25 September 2023. Supplement letters were issued to the host university for the relevant projects. A residual £102,923 was to off-set costs incurred by UK DRI HQ, and there was an underspend of £22,951 which has been transferred back to unrestricted funds in line with funder agreements.

Eli Lilly - UK DRI Collaboration

Eli Lilly provided funding of £196,876 for a new 16-month collaborative research project to be undertaken by Prof Henrik Zetterberg at UCL. Amendment to the master research collaboration agreement with Eli Lilly was signed 19 January 2024. £131,444 of the income has been recognised within year. An award letter was issued to the host university for the relevant project. A residual £65,432 of income is due to be recognised in 24/25 and will off-set costs incurred by UK DRI HQ.

UK DRI LTD

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

13 Movement in and allocation of restricted funds (continued)

Astex

On 26 May 2021, UK DRI Limited entered into a Strategic Research Collaboration Agreement with Astex with the intention of Astex funding certain research projects of their choosing. The first of these sees £1,296,000 receivable from Astex which will fund two three-year projects: one project conducted by Dr Veronique Miron at Edinburgh Centre and another by Prof. David Klenerman at the Cambridge Centre, with a residual £421,666 off-setting UK DRI HQ's direct costs over three years.

Medical Research Council - Impact Acceleration Account

On 23 March 2022, UK DRI Limited received an award for £1,242,000 over three years from the MRC in response to an application made under its Impact Acceleration Award scheme. UK DRI HQ will deploy these funds on specific research projects over the next three years at its seven research centres. On 23 March 2023 the award was increased by a further amount of £235,890.

Medical Research Council - Capital awards 22-23

Medical Research Council has provided funding to enable awards to be made to three separate capital projects for host universities.

Medical Research Council - World Class Labs 23-24

Medical Research Council has provided funding of £495,641 to enable capital awards to be issued to all the UK DRI Centres for capital purchases within 23/24. Some of the funding was transferred as was spent on capital within the Informatics Programme awarded to UCL. The grant award letter from the MRC is dated 12 October 2023.

Medical Research Council - Dementia Trials Accelerator

Medical Research Council has provided funding of £1,500,000 for phase 1 of a large Dementia Trials Accelerator project, part of the Dame Barbara Windsor Dementia Mission. The award letter from the MRC is dated 7 March 2024. Award letters were issued to the host university (UCL) where project work will be taking place. Some of the funding will be spent by the HQ team on activities and HQ staff salaries supporting the large-scale project.

Medical Research Council - Health Collaboration with Helmholtz Association

Medical Research Council has provided funding of £398,000 for 1-year of collaborative work with DZNE, in response to an application made under their Health Collaboration with Helmholtz Association scheme. The award letter from the MRC is dated 13 March 2024. Award letters will be issued to host universities for relevant projects.

Alzheimer's Research UK

Upon termination of the Joint Venture Agreement on 31 March 2022, ARUK and UK DRI Limited entered into a Strategic Alliance Agreement which provides £500,000 of funding for UK DRI Limited to use on translational research funding in the year ahead. The UK DRI HQ team intend to make £500,000 of awards via their Translational Award scheme in financial year 2024/25.

Alzheimer's Society

Upon termination of the Joint Venture Agreement on 31 March 2022, AS and UK DRI Limited entered into a Strategic Alliance Agreement which provides £1,300,000 of funding for UK DRI Limited to use on two targeted areas of funding. Namely the Care Research & Technology Centre at Imperial College London and the Blood-based Biomarkers Platform at UCL Centre. This funding will be deployed in full against these two initiatives in financial year 2024/25.

Fidelity Bermuda Foundation

Fidelity provided a grant of £628,000 on 29 June 2022 to contribute to the running of the new Single Cell/Spatial Transcriptomics research platform based at the UCL Centre. The award provides for equipment, consumables and sequencing costs and runs from August 2022 to July 2024.

Sir Laurence Geller

In June 2022 Sir Laurence Geller agreed a private donation of £48,599 as a contribution restricted against the MINDER project being run by the Care Research & Technology Centre at Imperial College London. This project involves residents testing wearable technology in a care home owned by Sir Laurence. The final part of this funding has been awarded to Imperial College London.

UK DRI LTD

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

13 Movement in and allocation of restricted funds (continued)

Life Arc

On 29 July 2022, UK DRI Ltd entered into a Translation Partnership Agreement with LifeArc with the intention of LifeArc funding certain research projects of their choosing. LifeArc has provided funding of £7,197,210 for first milestones for seven research projects under the Translational Partnership Agreement Project funding was awarded to UK DRI Ltd via seven signed project schedules. Project funding was then awarded to Professor Siddharthan Chandran at Edinburgh, Professor Paul Morgan at Cardiff, Professor Paul Matthews at Imperial, Dr Marc-David Ruepp at King’s, Professor David Sharp at Imperial, Professor David Klenerman at Cambridge and Professor Adrian Isaacs at UCL. Award letters were issued to the host universities for the relevant projects. £8,773 of costs for one of the projects was transferred as incurred by the HQ team, a further £9,426 of costs for the same project is due to be incurred by the HQ team in 24/25.

Life Arc - Project Manager

LifeArc provided funding for up to £525,000 for a Project Manager within the Headquarters team at UCL to manage the UK DRI – LifeArc Translational Partnership for the duration of the partnership. The funding agreement letter was signed 31 December 2023. Costs incurred for the Project Manager up until 31 March 2024 were £95,361 and this value is therefore the recognised income and expenditure within year.

Sun Pharma Advanced Research Company Limited (SPARC)

Sun Pharma Advanced Research Company Limited (SPARC) provided funding of £780,939 for one three-year research project, to be carried out by Dr Natalie Connor-Robson at Cardiff. The master research collaboration with SPARC was signed 8 June 2022. The project schedule for the funded project was signed 8 September 2023. £566,564 of the income has been recognised within year. An award letter was issued to the host university for the relevant project. A residual £321,563 is to off-set costs incurred by UK DRI HQ over the three years, of which £107,188 has been recognised within year, with the remaining £214,376 due to be recognised split across 24/25 and 25/26.

Ono Pharmaceutical Co. Ltd

Ono Pharmaceutical Co. Ltd provided funding of £1,291,027 for two two-year research projects to be carried out by Dr Gabriel Balmus at Cambridge, and Professor Tara Spires-Jones and Dr Claire Durrant at Edinburgh. The strategic research collaboration with Ono was signed 18 November 2022. The project schedules for the funded projects were signed 20 September 2023 and 6 December 2023. £1,046,400 of the income has been recognised within year. Award letters were issued to the host universities for the relevant projects. A residual £489,254 is to off-set costs incurred by UK DRI HQ over the two years, of which £244,627 has been recognised within year, with the remaining £244,627 due to be recognised in 24/25.

Nimbus Salacia Inc.

Nimbus Salacia Inc. provided funding of £48,806 for one 17-month research project to be carried out by Professor Paul Matthews at Imperial College London. The Partnership Agreement with Nimbus was signed 30th October 2023. The project schedule for the funded project was signed 7 December 2023. An award letter was issued to the host university for the relevant project.

UK DRI LTD

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

13 Movement in and allocation of restricted funds (continued)

Prior year Autifony Eisai/DRI post-doctoral scheme MRC - Capital World Class Labs 2021 Alzheimer's Association Astex MRC - Impact Acceleration Account 2021 MRC - Rebranding MRC – Capital World Class Labs 21-22 MRC - Capital awards 21-22 Medical Research Council - World Class Labs 22-23 Medical Research Council - Capital awards 22-23 Alzheimer's Research UK Alzheimer's Society CURE-ND Conference Fidelity Bermuda Foundation Sir Laurence Geller	As at 31 March 2022 £ - 580,125 - - 281,333 1,242,000 19,403 - - - - - - - - - 2,122,861	Income Expenditure £ £ - 8,049 - (279,608) (4,837) - 247,990 (10,824) - (81) 235,980 (282,752) - (1,224) (90,121) 81,027 (48) 57 739,469 (739,469) 1,013,000 (756,381) 500,000 (476,282) 1,300,000 (1,300,000) 36,196 (36,196) 628,000 - 97,198 (72,900) 4,702,827 (3,866,584)	Transfers £ (8,049) - 4,837 (237,166) (140,667) - (18,179) 9,094 (9) - - - - - - (390,139)	As at 31 March 2023 £ - 300,517 - - 140,585 1,195,228 - - - - 256,619 23,718 - - 628,000 24,298 2,568,965

Eisai/DRI post-doctoral scheme

Eisai has provided funding for four years from 2019 under the Eisai/DRI post -doctoral scheme to support new areas of dementia research. Award letters will be issued to host universities for relevant projects.

Medical Research Council - Capital awards

Medical Research Council has provided funding to enable awards to be made to three separate capital projects for host universities.

Alzheimer's Association

Alzheimer’s Association (USA) provided a grant of US$62,139 on 18/8/22 in order to fund 50% of an Admin Assistant. This role would provide important support for the Neuroimmune Consortium manager, which is a project role previously funded by Alzheimer’s Association (USA). This new award runs from September 2022 to March 2026

Astex

Medical Research Council - Impact Acceleration Account 2021

Medical Research Council - Rebranding

As a result of MRC's own rebranding, reflecting their relationship with UKRI, they have made £19,403 available for UK DRI to update its branding at the seven centres and HQ in recognition that MRC, a founding funder of UK DRI. The funds were used to update signage, plaques, etc.

UK DRI LTD

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

13 Movement in and allocation of restricted funds (continued)

Alzheimer's Research UK

Alzheimer's Society

CURE-ND Conference

This funding relates to the inaugural CURE-ND conference held in London in summer 2022. CURE-ND or Catalysing a United Response in Europe to Neurodegenerative Diseases, is an alliance between the German Center for Neurodegenerative Diseases (DZNE), the Paris Brain Institute (ICM), Mission Lucidity (ML) and the UK Dementia Research Institute (UK DRI).

Fidelity Bermuda Foundation

Sir Laurence Geller

In June 2022 Sir Laurence Geller agreed a private donation of £48,599 as a contribution restricted against the MINDER project being run by the Care Research & Technology Centre at Imperial College London. This project involves residents testing wearable technology in a care home owned by Sir Laurence. Subject to satisfactory progress, Sir Geller’s intention is to make a second and final contribution of £48,599 in financial year 2023/24.

14 Movements in unrestricted funds

Movements in unrestricted funds
		As at				As at
	31	March				31 March
		2023	Income	Expenditure	Transfers	2024
		£	£	£	£	£
General fund	2,817,545		25,970,222	(28,168,319)	550,356	1,169,804
Prior period
General fund	2,234,585		27,994,154	(27,801,333)	390,139	2,817,545
Analysis of assets and liabilities between funds
				Restricted
			General Fund		Funds	Total
			£		£	£
Current assets
Debtors			25,007,062	12,883,570		37,890,632
Cash at bank			15,112,940	2,756,577		17,869,517
Creditors
Due within one year			(31,391,854)	(11,017,949)		(42,409,803)
Due in more than one year			(7,558,344)	(4,110,683)		(11,669,027)
			1,169,804	511,515		1,681,319

15 Analysis of assets and liabilities between funds

UK DRI LTD

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

15 Analysis of assets and liabilities between funds (continued)

General Fund Prior period £ Current assets Debtors 27,692,631 Cash at bank 16,581,854 Creditors Due within one year (32,134,076) Due in more than one year (9,322,864) 2,817,545	Restricted Funds Total £ £ 7,992,083 35,684,714 1,712,349 18,294,203 (6,607,129) (38,741,205) (528,338) (9,851,202) 2,568,965 5,386,510

16 Taxation

The income of the Charity is exempt from corporate tax to the extent they are applied to its charitable objectives.

17 Related Party transactions

Details of related parties are included on pages 10 and 11. Information on donations received from Medical Research Council, Alzheimer's Research UK and Alzheimer's Society is given in note 4. Debtors include amounts due from Medical Research Council of £25,187,000 (2023; £29,630,842), from Alzheimer’s Research UK of £2,500,000 (2023: £2,500,000), and from Alzheimer’s Society of £1,300,000 (2023: £1,300,000). Alzheimer's Research UK provided governance and finance support services to UK DRI Limited until 30 September 2022. In the year to 31 March 2024, the fee charged for this service was £nil (2023 £47,500). Income recognized from LifeArc totalled £7,292,571 (restricted) (2023: nil). LifeArc supplied technology transfer services to UK DRI Ltd up until 19 November 2023. In the year to 31 March 2024 the fees charged for these services totalled £41,009, excluding VAT. At the yearend, a balance of £6,881,035 was due from LifeArc.

UK DRI LTD

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

18 Statement of financial activities

As required under FRS 102, the following table shows the split of comparative information between funds for the year ended 31 March 2023

Unrestricted funds £ Income from: Donations 27,703,397 Investments 290,757 Total income 27,994,154 Expenditure on: Charitable activities 27,801,333 Net movement in funds before transfers 192,821 Transfer between funds 390,139 Net movement in funds 582,960 Reconciliation of funds Funds balance at 1 April 2022 2,234,585 Funds balance at 31 March 2023 2,817,545	Restricted funds £ 4,702,827 - 4,702,827 3,866,584 836,243 (390,139) 446,104 2,122,861 2,568,965	Total £ 32,406,224 290,757
		32,696,981
		31,667,917
		1,029,064
		-
		1,029,064
		4,357,446
		5,386,510

19 Comparative period

The figures for the previous period are from 1 April 2022 to 31 March 2023.

UK DRI LTD

Legal and administrative details

Trustees (Directors)

Chairman W J Rucker Other Trustees R S Buckle (nominated by the Medical Research Council) R Khan (appointed 30 June 2023) S L Kohlhaas (nominated by Alzheimer’s Research UK) M G Lee I A K Moodie J P Pisani S E Radford R Shafie (appointed 30 June 2023) A J Shevas (resigned 17 October 2023) D M Turnbull E L Whitcombe (resigned 29 November 2023)

Company Secretary

E M Danielewska

Address – Premises and Postal

6[th] Floor Maple House 149 Tottenham Court Road London W1T 7NF

Legal Status

The Company limited by guarantee, was formed on 2 November 2017. Charity status was obtained on 17 August 2019. It is governed by its Memorandum and Articles of Association.

Registered Charity number

1179589

Company number

11045257

Auditors

RSM UK Audit LLP Blenheim House Newmarket Road Bury St Edmunds Suffolk IP33 3SB

Bankers

Barclays Bank plc 15 Benet Street Cambridge CB2 3PZ

UK DRI Ltd

Financial statements for the year ended 31 March 2024

Contents

Page:

Report of the Trustees for the year ended 31 March 2024

Objective, Founding Principles and Activities

Executive Summary

Objective

Report of the Trustees for the year ended 31 March 2024 (continued)

Founding Principles

Activities

Report of the Trustees for the year ended 31 March 2024 (continued)

STRATEGIC REPORT

Achievements and Performance

Report of the Trustees for the year ended 31 March 2024 (continued)

Working as a National Institute

Intramural Funding

Cross-Centre Themes

Platforms

Report of the Trustees for the year ended 31 March 2024 (continued)

Translation

Communication

Report of the Trustees for the year ended 31 March 2024 (continued)

Future Plans

The year ahead

• Longer-term plans

Report of the Trustees for the year ended 31 March 2024 (continued)

Financial Review

In summary

Our funds

Our reserves policy

Our investment policy

Our structure, governance, and management

Report of the Trustees for the year ended 31 March 2024 (continued)

Governing document

Trustees’ appointment and training

Report of the Trustees for the year ended 31 March 2024 (continued)

Related parties

Risks and uncertainties

Public benefit

wj rucker

UK DRI LTD

Independent Auditor’s Report to the Members of UK DRI Ltd

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

The extent to which the audit was considered capable of detecting irregularities, including fraud

UK DRI LTD

Use of our report

Claire Sutherland

UK DRI LTD

UK DRI LTD

Balance Sheet as at 31 March 2024

Charity number: 1179589 Company number: 11045257

wj rucker

UK DRI LTD

Cashflow statement for the year ended 31 March 2024

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

1 Accounting policies

Basis of accounting

Fund accounting

Restricted funds

Unrestricted funds

Income

Grants and donations

Charitable activities

Investment income

Expenditure

Research commitments

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

1. Accounting policies (continued)

Debtors

Creditors

Financial Instruments