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2022-12-31-accounts

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Transforming Parkinson's, together

Trustees’ report and financial statements 31 December 2022

DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

Contents

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Chair and Chief Executive introductions 3
Trustees’ report 7
Transforming Parkinson's, together 8
Better support, everyday 9
Getting Parkinson's understood 11
Accelerating breakthroughs in research 11
Every Parkinson's journey 13
Fundraising in 2022 15
Where our income came from, where our money was spent 2022 18
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Our finances
Section 172 statement 23
Principal risks and uncertainties 27
Structure, governance and management 30
Statement of trustees’ responsibilities 40
Independent Auditor’s report 41
Financial statements 45
Reference and administration 68
Thank you 72
Our values 76
STRATEGIC REPORT
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A message from our Chair of Trustees

In the Parkinson’s community, we are lucky to have brilliant people. People with diverse experiences of the condition and a shared passion for improving life for everyone living with Parkinson’s today. David Allan, our trustee for Scotland who sadly died in October 2022, was one such person. I want to recognise everything that David did for the charity. Thank you to all our trustees for your energy and commitment. And thank you to everyone in our community – volunteers, members, supporters, fundraisers, campaigners, clinicians, researchers – for everything that you do.

In research, hundreds of you responded to our urgent call to get involved in Parkinson’s research and save five promising clinical trials that were at risk of shutting down. The Parkinson’s Virtual Biotech – our drug discovery and development programme driven by people with Parkinson's, not by profit – secured significant investment with a long term, multi-million dollar strategic partnership with the Parkinson’s Foundation. We haven’t found a cure yet, but we know that involving our community and collaborating with others gives us the best chance of reaching one faster.

Collaboration is also core to how we improve Parkinson’s services across the UK, supporting our growing network of NHS professionals to improve Parkinson’s care, and campaigning for long term, large scale change. In 2022, we got over 100 local NHS bodies – including all five health and social care trusts in Northern Ireland – to pledge support for our campaign for time critical medications, so that we can improve how people with Parkinson’s are treated in hospitals. We protected vital Parkinson’s nurse posts, and continued our successful initiative to fund the creation of new nurse posts on the condition that the NHS picks up the funding after two years. We’ll work with the NHS to fund new nurses and new therapist posts over the next 3 years so that even more people across the UK can access specialist, high quality treatment.

It’s not just NHS services that need improving. We heard your call to invest more in the local services we provide to strengthen and support local Parkinson’s groups and branches, and make it easier for more of you to access these.

We recognise we need to build up the communities of support that surround you when you have Parkinson’s, wherever you live and whatever your experience of the condition. In 2022 we invested in hiring more staff in our support services, and in expanding physical activity opportunities across the UK. And this is just the start, with significant new investment and programmes planned for 2023.

None of this would be possible without the commitment of our community. Everyone’s journey with Parkinson’s is unique, and when every individual contributes in their unique way, together we’re a force to be reckoned with. Running marathons, painting, writing, singing and caring. Increasing awareness and understanding. Running local support groups, branches and cafes. Stepping up to take part in pioneering research. Petitioning politicians. Sharing stories with friends, colleagues, or a global audience online, to give comfort to people going through similar experiences, and show others what living with Parkinson’s is really like.

This community inspires me and gives me energy every day. So let me end with a rallying call. We entered 2023 with a refreshed strategy, and renewed focus on our ambitious priorities. We want to see rapid improvements to services, and direct access to support, information and treatments that can help you live better with Parkinson’s, right now. And every one of us has a part to play, by taking an active role in how the charity continues to develop and deliver for our community.

Gary Shaughnessy CBE Chair of Board of Trustees

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In my role as Chief Executive, it’s my great privilege to spend time with Parkinson’s communities all around the UK: visiting our local branches, seeing research happening in the lab, and getting to take part in fantastic fundraising events, where I’m always amazed at the creativity and energy of our supporters.

Because of this, despite the difficulties our community experienced throughout 2022, from accessing healthcare to coping with the rising cost of living, two themes stand out for me: hope and control. Hope and control are what Parkinson’s can take away when you get a diagnosis. So it’s got to be our top priority to design services, pursue treatments and build support networks that help you feel in control of life with Parkinson’s again, and offer that hope and positivity.

All over the UK, I’ve seen this in action. You can’t join a walking football match – as I had great fun doing in Everton, Glasgow and Solihull – without feeling the infectious sense of joy and community it brings everyone who takes part. In Dundee, Oxford and Newcastle, I heard first hand from people with Parkinson’s about the groundbreaking research that is happening locally, and how much they value being involved in shaping and influencing it.

My job is to listen to our community and make sure that we’re delivering the biggest possible impact for every single person affected by Parkinson’s. In 2022, my first full year at the charity, this has been my priority. It’s been a fantastic learning journey, seeing the brilliant work that our volunteers, supporters, and staff are already delivering. I’ve also heard where we need to shift direction or increase investment in key areas.

As a result, we decided in 2022 to review our strategy. Our mission remains: we’re here to find a cure for Parkinson’s and improve life for everyone living with the condition. But we’ve refreshed our strategic priorities in order to deliver improvements even faster.

Given the challenges facing the health service right now, our first new priority is pushing the NHS to deliver the best care possible for our community. We’ve got a great track record in this area, but it’s time to supercharge our efforts. For example, we’re putting more money into funding posts for specialist Parkinson’s nurses, therapists and clinical academics, because we know that this is the way to secure sustained NHS investment in the essential support these professionals provide.

We also want to make it much easier for you to get the right support in the area where you live. The more I’ve met with people with Parkinson’s all around the UK, the clearer it is how the needs of different communities differ – as does the provision in each area. We are going to invest in significantly stepping up our offer in local communities, and we aim to reach many more people who don’t currently find it easy to access our services.

Of course, our ultimate goal remains to find a cure for Parkinson’s. In 2022 we secured strategic investments in the Parkinson’s Virtual Biotech that prove that this innovative approach to funding Parkinson’s research is working. Already this year, we’ve seen positive trial results for a new dyskinesia drug in a project that we selected and accelerated through this pioneering programme.

On top of this, our new strategic priority is to focus more on bringing you treatments, tech and devices that you need to feel in control of life with Parkinson’s right now. We’re investing in exciting new programmes to test out tech and devices that are already on the market, and expanding opportunities to manage your symptoms by getting active.

As I write, we are already turning these ambitions into new programmes of work. Our staff and supporters are doing a fantastic job, ramping up the pace and contributing new ideas to make sure we can really deliver. It’s inspiring to lead such a brilliant team that’s so committed to making tangible improvements for people with Parkinson’s across the UK.

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And I want to thank every single person who has welcomed me in your local branch, your community group, invited me to your events and taken time to meet with me individually. These meetings have had a profound effect on me. They’ve allowed me to experience and celebrate the incredible pride and positivity that characterises our community. In Norwich, I got to see a whole city get behind the fantastic Moveable Feast fundraising initiative. I was honoured to attend the 50th anniversary of our Cardiff branch, with such a powerful sense of support and care from the community – and some amazing singing too!

There have been too many memorable visits to mention them all. But it’s these experiences, and the contributions from each member of our brilliant community, that have shaped our new strategic direction and go right to the heart of what we’re here to do.

Caroline Rassell Chief Executive

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A tribute to David Allan, our trustee for Scotland

In 2022, one of our trustees, David Allan sadly died. David was diagnosed with Parkinson’s in 2011 and started volunteering with Parkinson’s UK two years later. He founded the Young Parkinson’s Cafe in the Forth Valley area, providing a space for people to come together for support, practical suggestions and fun.

David had a deep engagement with politics and was driven to change things for the better. He was a powerful advocate for people with Parkinson's.

He was appointed as trustee for Scotland in 2019, with a vision to bridge the gap between the people on the ground and the charity. He brought and shared incredible insights about the needs of the Parkinson’s community at large, but particularly what it means to live with Parkinson’s in Scotland.

David helped us to overcome many of the challenges and championed making the most of volunteers’ skills and people's experiences, including sharing his own, to raise awareness and understanding of the condition.

David is missed by everyone at the charity and in the Parkinson’s community.

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Trustees’ report

Objects and activities

The trustees of Parkinson’s UK (registered as the Parkinson’s Disease Society of the United Kingdom) (“the charity”) present their annual report for the year ended 31 December 2022 under the Charities Act 2011 and the Companies Act 2006 (the “2006 Act”). This includes the directors’ report and the strategic report under the 2006 Act, together with the audited financial statements for the year.

This report has been prepared in accordance with our governing document and the Statement of Recommended Practice (SORP 2019) “Accounting and Reporting by Charities”.

Our legal status and governance structure is explained in the “Structure, governance and management” section of this report on pages 30-39.

The activities we carry out to further our charitable objects (purposes) are for the public benefit. Our objects are set out here.

Our charitable objects and public benefit

We are the UK’s leading charity working with and on behalf of the 145,0001 people with Parkinson’s, and over a million people who love and support them. Our ambition is to improve life for everyone affected by Parkinson’s including stopping and slowing its progress and improving symptoms of the condition, and ultimately finding a cure. We are the largest European charitable funder of Parkinson’s research.

We also aim to understand the needs of the entire Parkinson’s community, provide support and services that meet those needs, increase independence and choice, and ensure everyone has access to high-quality health and social care.

The objects (purposes) of the charity

As set out in our Articles of Association, we exist:

The trustees confirm that they have taken account of the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives. They have also applied this to planning activities and strategy for the year ahead.

The board is driven by the charity’s objects when setting the strategic direction of the charity, and also in decision-making. When the board makes significant strategic or investment decisions, it considers the expected benefit to people with Parkinson’s and those who care for and support them. The board actively monitors the impact of the charity’s activities. The charity’s impact is set out in the strategic report and also on our website.

Notes

1 We are revisiting this population number in 2023

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DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A STRATEGIC REPORT

Transforming Parkinson’s, together

2022 brought new challenges to our Parkinson’s community. Alongside recovering from the coronavirus pandemic, people with Parkinson’s found it harder to access health and care services and were severely impacted by the worsening cost of living crisis.

We know that Parkinson’s doesn’t stop, but neither did the Parkinson’s community. As we set out in this report, together we continued to advance towards our strategic goals:

• Accelerating research breakthroughs

Below, we set out what we did in 2022 in each of these areas. After that, we describe what we’ve got planned for 2023.

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Better support, every day

Information and support services

Throughout 2022, we supported more people through our services to help everyone feel in control of life with Parkinson’s:

In 2022 we continued to develop Parkinson’s Connect, our new service allowing healthcare professionals to refer their patients directly to Parkinson’s UK and the whole network of support we can offer.

Parkinson’s Connect remained in its pilot stage during 2022, with six NHS sites referring 250 newly-diagnosed people and their loved ones to the support service, whilst we addressed some technical issues and replanned the development work.

Financial support to improve everyday life

As the cost of living crisis deepened, we listened to the Parkinson’s community and prioritised support and advice for those in financial need. We introduced a specialist adviser role and published information around fuel poverty.

Over the year, we awarded 116 financial assistance grants to people with Parkinson’s, and the people who love and care for them, totalling nearly £132,000 (almost £100,000 in 2021). Of these, £42,000 were emergency grants for supermarket vouchers, household necessities or prescription prepayment certificates to those in the most urgent need. Demand for emergency grants increased by 54% from 2021.

Working in local communities

Across England, Northern Ireland, Scotland and Wales, we worked with the Parkinson’s community to spot local priorities and respond to them.

In England, we ran 229 projects to support people with Parkinson’s. In Northern Ireland we secured funding from the Department of Health for a mental health programme for people living with Parkinson’s and carers. In Scotland we delivered three in-person reaching out information events and 23 online information and support sessions. In Wales we held the first Parkinson’s Community Cymru residential event in Llandudno.

Empowering people with Parkinson’s to

get active

Helping people with Parkinson’s to get and stay active was a priority in 2022. We published information about the importance of physical activity and how to get active – including workout videos, booklets, and an online course for staff working in the leisure industry. We partnered with Everyone Active gym network resulting in over 1,100 people with Parkinson’s, and more than 500 carers, signing up.

We awarded £134,000 in grants to local NHS Trusts and national governing bodies to offer a range of physical activity opportunities. In addition we have transferred c. £26,000 of grants to Parkinson’s UK groups.

Working with health and care professionals

We awarded three grants for Parkinson’s specialist nurses in 2022 – building on our legacy of funding almost two thirds of all Parkinson’s nurse posts across the UK. We opened the scheme to physio, occupational and speech and language therapist posts for the first time, approving funding for seven specialist posts.

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We carried out the 2022 UK Parkinson’s Audit, which assessed over 500 Parkinson’s services and the experience of nearly 7,000 people with Parkinson’s. The findings, published in March 2023, showed improvements in some areas but a lack of progress in others.

Our findings include:

We provided learning for health professionals, adding 15 new courses to our Learning Hub. More than 28,000 professionals accessed our learning offer (14% more than in 2021).

The Parkinson’s Excellence Network welcomed new directors in June 2022. The role of Clinical Director is now shared by Professor Camille Carroll and Professor Richard Walker. Dr Jonny Acheson took on the new role of Director of Engagement. We extend a huge thank you to our outgoing Clinical Director, Professor Donald Grosset, who remains involved as Clinical Lead for Service Improvement.

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Getting Parkinson’s understood

2022 saw us continue to raise awareness of the realities of living with Parkinson’s

We reacted quickly to two primetime TV moments featuring Parkinson’s ( The Suspect and Jeremy Paxman: Putting Up with Parkinson’s ) by developing our powerful TV advert “It Doesn’t Have Me”, featuring six people with Parkinson’s. Through the project, we promoted our helpline, and online information and support services. The advert reached over 5.1 million people, leading to an increase in people accessing our support and information services.

Increasing understanding and support

We produced a 12 episode mini-series DBS and Me with Jo Yaldren, who has Parkinson’s. The series followed her journey to deep brain stimulation (DBS) surgery showing the challenges that she faced, and the impact on her life. The video series was viewed almost 1 million times across our platforms.

We talked about Parkinson’s in the press and on TV, covering a range of issues from the benefits of exercise and the power of positivity, to parenting with Parkinson’s and diagnosis stories. Through our celebrity supporters, we received £75,000 pro bono advertising with cinema chain Pearl and Dean and Landsec, owners of the Piccadilly Lights, to show our work on some of the most iconic screens in the UK.

World Parkinson’s Day

We collaborated with an inspirational group of volunteers who led our shared World Parkinson’s Day. Over 300 people shared their story of Parkinson’s through hundreds of poems, and our community came together to ask landmarks to light up blue. Over 190 buildings took part across the UK, from Shetland to our London office.

Thanks to the generosity of Smart Outdoor, we also secured over 1,000 billboards and digital screens across the UK so that “Poems for Parkinson’s” were on display in major cities and towns in all four nations.

Our work was supported by over 40 MPs and peers on their social channels and relevant national organisations.

Influencing policy to improve lives

We worked with national and local governments across the UK to improve life for people with Parkinson’s, their friends and families, and carers. Together we influenced policy on key areas like benefits, cost of living support, medicine management for people with the condition in hospital and the UK government’s plan for the health and care workforce.

We launched our Can’t Wait campaign to put pressure on the UK government to grow the NHS workforce dedicated to the care of people with Parkinson’s in England.

We got over 100 hospital trusts and health boards across the UK to pledge to take action to improve medication management for people with Parkinson’s in their hospitals.

With other charities, we ensured the UK government increased benefits in line with inflation, meaning people with Parkinson’s would receive more money.

Accelerating breakthroughs in research

In 2022, we invested £8.7m (£6.1m in 2021) in Parkinson’s research. We did this to pursue what the Parkinson’s community most urgently needs from research: life-changing treatments to slow, stop or reverse Parkinson’s.

Collaborating to find new treatments

We announced investment into three new projects through the Parkinson’s Virtual Biotech, our drug discovery and development arm. We reached an agreement with US-based company Enterin Inc. to co-fund a clinical trial investigating the effectiveness of a treatment for Parkinson’s dementia. We formed a partnership with Australian biotech Pharmaxis to support a clinical trial of a new treatment that aims to slow or stop the onset of Parkinson’s by reducing brain inflammation. We have entered a multi-year agreement for £2.9m of which £850,000 was expended in 2022.

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We announced an exciting collaboration between Cure Parkinson’s, Van Andel Institute, The John Black Charitable Foundation and the Parkinson’s Virtual Biotech to plan a clinical trial of the cough medicine Ambroxol, aimed at slowing the progression of Parkinson’s.

Developing our understanding of Parkinson’s

We funded four new research projects to enhance our understanding of the causes of Parkinson’s and identify targets for new drugs. One project aims to better understand how astrocytes, the support cells in the brain, help maintain nerve cells and how this breaks down in Parkinson’s. In Parkinson’s, nerve cells start dying at the nerve endings or synapses. One project will investigate how dysfunction in the nerve cells’ waste disposal system affects the integrity of the synapses. Knowledge of why cognitive decline occurs in Parkinson’s is poor, but one research project aims to identify the key cellular mechanism that leads to cognitive decline in some people. A groundbreaking research project will investigate how alterations in a protein, called alpha-synuclein, in the gut could translate to the brain to potentially cause Parkinson’s.

In 2022, we funded research into non-drug based methods to improve the lives of people with Parkinson’s right now. That includes physical activity programmes to improve balance and prevent falls in Parkinson’s, and the design of a novel training programme so that more healthcare professionals can provide vital mental health support to people with Parkinson’s.

Community involvement

We supported the Parkinson’s community and researchers to work together to shape nearly 50 research projects. Partnerships like this help ensure that research is relevant and meaningful for the people taking part.

We promoted opportunities to take part in research through our web-based Take Part Hub, reaching more people than ever before.

Through our Race Equality in Research project, we worked to increase the representation of people from Black, Asian and Mixed heritage backgrounds in research. We held our first dedicated event in Hounslow, London, in partnership with Integrated Neurological Services, aimed at the South Asian community in the local area, with 60% of people meeting us for the first time.

Our Research Interest Groups, made up of people with Parkinson’s, their loved ones, researchers and healthcare professionals, organised over 20 events across the UK to help share research updates with their communities.

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Every Parkinson’s journey

Throughout 2022, we heard from people with Parkinson’s, their families, friends and carers, that life is more difficult. It’s becoming harder to get good health and care services, and many people’s symptoms have worsened. Time and again, we heard the call for rapid improvements to services. Direct access to support, information and treatments that can help people live better with Parkinson’s right now.

So we’re shifting our focus. We’re calling our new strategic direction for 2023 to 2026 “Every Parkinson’s journey”.

Over the next few years, we’ll focus on four areas where together we can make the biggest difference for people with Parkinson’s.

Getting you new treatments, faster

If you have Parkinson’s, you need treatments that can relieve symptoms right now and help you manage your condition:

How we’ll measure our impact:

Pushing for excellent health and care:

When you live with a complex condition like Parkinson’s, you need access to high quality local health and care services that meet your needs:

How we’ll measure our impact:

Building your community of support

Whether you or a loved one has Parkinson’s, with the right information and support, you can feel more in control of life with the condition:

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How we’ll measure our impact:

Becoming fit for the future

We’re retaining part of our previous strategy, Fit for the future, which describes how we’ll transform our culture and ways of working to deliver the biggest impact possible for people with Parkinson’s.

We’ll transform our membership offer and provide opportunities to volunteer and get involved in the charity. We’ll attract, develop and progress a diverse workforce and develop our peoples' leadership and management skills.

Following the sale of our headquarters building during 2022, we have continued to occupy the office under a three year lease. We have continued the development of the workplace strategy to reflect the potential for new ways of working and will take this into account in assessing the options for our new headquarters premises.

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Fundraising in 2022

Once again our wonderful supporters were there for people with Parkinson’s, raising vital funds, campaigning and volunteering. In 2022, 111,500 people came together (110,000 in 2021), including more than 38,000 members (37,000 in 2021). Fundraising by local groups increased to £2.6m (£1.8m in 2021).

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£40m
£30m
£20m
£10m
£0
2020 2021 2022
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Total gross income Income – Donations Income – Legacies Income – All other

In 2022 we raised an incredible £40m (£2m higher than 2021). We’re enormously grateful for the loyalty and kindness of our tremendous supporters.

Events:

It remained a challenging year, especially during the early months of 2022, but it was fantastic to see so many people return to face to face events. From Walk for Parkinson’s to the London Marathon, Great North Run and all the wonderful cycles, abseils, bake sales, skydives and many more, we’re incredibly grateful to the 8,413 people who took part and raised £5m (£4.8m in 2021).

Donations:

Whilst we saw tremendous loyalty from our regular givers, we received 12% fewer gifts from individual donors – including membership – across 2022. We received 183,000 gifts, totalling £5.7m (208,000 gifts in 2021, worth £5.9m). The drop in income was partly driven by a reduction in in-memory giving, which fell to £2.36m, compared to £2.43m in 2021.

The volume of online donations also reduced slightly, dropping to 16,365 (18,990 in 2021). But the donations we received were worth more, with income at £1.5m – a 7% increase on 2021 (£1.4m).

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Charitable trusts, foundations, major donors and commercial partnerships

We saw growth in 2022 as income from charitable trust, foundations, major donors and commercial partnerships increased to £6.1m (£5.6m in 2021).

We saw fantastic support from over 160 trusts and foundations. A gift of £853,000 ($1m) was made by the US non-profit Parkinson’s Foundation in support of our Parkinson’s Virtual Biotech drug discovery programme.

We also delivered various special events including our Big Comedy Shake Up gala dinner, the wonderful Me, My Brain and I exhibition and three takeovers of the Piccadilly Lights in London culminating in an auction at Christie’s, all raising vital funds and awareness of Parkinson’s. And, Shake with Laughter, our comedy event celebrated its 10 year anniversary with a sell out show in London raising over £10,000 for Parkinson’s research.

We also celebrated another 10 year anniversary, through our partnership with the National Garden Scheme, who provided their largest gift ever of £350,000. We continued our wonderful partnership with Next, launching collaborations with internationally renowned artist Alex Echo and designer Eleanor Bowmer.

And 2022 also saw donations of advertising space, worth nearly £400,000, from Smart Outdoor, Global Street Art, Landsec and Pearl and Dean, all of which helped our national marketing campaigns.

Legacies

Legacy income totalled £19.6m in 2022, 2% higher than 2021 (£19.2m). In 2022, we experienced a record high of 576 new legacy notifications (568 in 2021). We continue to be enormously grateful to all those people past and present who have included a gift in their will.

Engaging with our supporters

We engage regularly with our supporters to share opportunities for support, news about the charity, to thank and recognise everything they do, and to listen to their feedback and experiences. In 2022, we:

Feedback

We appreciate all views and feedback shared by our community, and work continually to make sure it's easy to give. We work hard to make sure all feedback gets an appropriate and timely response. Where themes emerge, we learn from feedback and actively improve. We heard feedback about donating online and a mix of navigational difficulties and requests for assistance with types of payment.

Our Supporter Care team treats all complaints seriously. We deal with most complaints immediately, and with all complaints we aim to resolve the complaint, or acknowledge receipt, within five working days. Our feedback and complaints procedure is available on our website.

In 2022

Our fundraising promise and your privacy

At Parkinson's UK, personal data and privacy is extremely important to us. If you support Parkinson's UK in any way, we promise to respect any personal data you share with us, keep it safe and not do anything you wouldn't reasonably expect with it.

Our work is entirely reliant on voluntary donations, which means we do have to ask for money. When we do, we always try to ask responsibly and respectfully.

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We will never:

We will always:

To read more about our fundraising promise and your privacy, please visit our website.

Participation in fundraising regulation and compliance with codes

How we monitor our fundraising activities undertaken by third parties

We work with a small number of third parties, including commercial organisations and professional fundraisers, to raise money. We closely monitor all these third parties, including by holding regular review meetings and providing training as applicable. That way, we can ensure they meet the same high standards as our own fundraisers and have codes of conduct in place to ensure this happens.

We have put measures in place to ensure personal information is kept safe and secure, and is not shared with anyone else for third parties’ own purposes.

We also sign contracts with third parties to ensure they only ever use supporter data on our behalf in accordance with our instructions. And we ask them to adhere to the same high levels of data security as we do, following the Data Protection Act.

In 2022, we continued to implement and uphold regulatory rules and compliance, and worked hard to develop the thousands of relationships we have with our supporters.

We’ve maintained our longstanding commitment to the Code of Fundraising Practice in all our fundraising, including when we work with third parties. We adhere to the principles of our fundraising promise and our “Your Privacy” statement. We’re aligned with the Fundraising Regulator and the Code of Fundraising Practice.

When we identify people who may be vulnerable, we take steps to protect them from fundraising requests. This includes stopping fundraising communications to them. Internally, our Board of Trustees oversees our fundraising. It ensures we comply with all the relevant rules and regulations, and that our fundraising upholds the highest standards.

We also carry out annual reviews of all our fundraising activity to ensure continued compliance with codes and regulations, and update our processes as needed. We are also a member of the Direct Marketing Association and adhere to their code of conduct.

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Where our income came from, where our money was spent 2022

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4.1%
28.1%
Income
£53.5m 36.7%
31.1%
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Legacies

Donations and membership Investments and other charitable income Other trading activities

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5.8%
11.6%
22.3%
Expenditure
£38.4m
35.6% 24.7%
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Raising funds

Accelerating research Better support, every day Transforming Parkinson’s together Getting Parkinson’s understood

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Our finances in 2022

Our consolidated financial statements for the year are shown on pages 45 to 66. A summary of the financial results for the year is set out below.

Income

In 2022, our income from legacies, donations, grants and other fundraising activities grew by £2m (excluding the £14m gain made on the sale of our headquarters). In line with a sector wide trend and despite economic challenges affecting asset prices we expect income from legacies to continue to grow over the next 18 months. The sale of the charity’s head office building completed on 1 April 2022.

At the same time, the charity entered into a three year lease of the building expiring on 31 March 2025, with the right to give at least six month’s notice expiring at any time after 30 September 2023.

We exceeded our expectations for the year, despite some coronavirus related challenges and the cost of living crisis affecting face-toface fundraising. Once more, this highlights the resilience of our fundraising. We’re once again grateful for the support from thousands of donors who contributed to a fantastic year.

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Income streams 2022 2021
Total fundraising income
£39.6m £37.6m
(legacies, donations, grants and other fundraising activities)
Legacies £19.6m £19.2m
Donations and membership £16.6m £16.1m
Grants and education £0.6m £0.6m
Other fundraising activities, including trading £2.2m £1.5m
Investments and other sources £0.6m £0.2m
Exceptional gain from sale of 215 Vauxhall Bridge Road £13.9m £nil
Total income £53.5m £37.6m
Income generated by local groups (included in income streams above) £2.8m £2.3m
Legacy pipeline at 31 December 2022 (legacies notified to the charity
£4.0m £3.4m
but not recorded as income in the 2022 accounts)
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Expenditure

Expenditure on charitable activities increased in 2022 as the charity bounced back from the coronavirus lockdowns that hampered 2020 and 2021.

In line with our strategy, we increased our total expenditure to £38m (£30m in 2021).

This meant that in 2022 we increased our spend on accelerating breakthroughs in research and Parkinson’s Virtual Biotech which we believe will have the most life-changing impact on the Parkinson’s community.

local support, information resources and volunteerled support programmes, as well as campaigns to raise awareness of the condition and its impact.

We invested more in raising future funds, to maintain growth in difficult fundraising conditions, because it’s vital we keep protecting, diversifying and expanding our income base. And while our investment in this area is more than we spent in the last couple of years, it is still subdued by the impact coronavirus had on our face-to-face fundraising activities over the year.

We continued to provide better support every day, by investing in health and social care professionals and our information and support services for the Parkinson’s community. This included our helpline,

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Expenditure 2022 2021
Total spend on charitable activities £29.8m £23.0m
Accelerating breakthroughs:
Research total1 £9.4m £6.5m
Including: Parkinson’s Virtual Biotech and drug £3.4m £1.8m
development programme
Better support, every day (information and support services) £13.7m £11.4m
Getting Parkinson's understood (opportunities to increase
£2.2m £2.1m
public understanding of Parkinson's)
Transforming Parkinson's, together (activities and support for
people with Parkinson’s run by our local groups and staff across £4.5m £3.0m
the UK)
Cost of raising funds
£8.6m £7.4m
(including trading, merchandising and investment management costs)
Total expenditure £38.4m £30.4m
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Notes

1 Research total includes £0.7m (2021: £0.4m) deficit in associate research companies. See note 4 on page 53.

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Reserves policy:

We invest funds in the growth of the charity, while retaining sufficient levels of available reserves, so we can continue our core activities in the event of a significant drop in income. This policy considers the risks associated with a number of areas. These include our different income streams, ongoing investment in delivering our strategy, the varying needs of local groups, and short and longer-term cash flow projections.

We adopt a liquidity-based approach as the most fitting way to hold and monitor the appropriate level of funds needed to manage our activities.

We’ve identified sufficient levels of available reserves as being six months of operating expenditure and 12-24 months worth of research grants. We have designated cash holdings set aside for our local groups and strategic investments which are excluded from the reserves policy calculation.

Given the current climate we are operating in, we recognise there could be circumstances where levels of reserves fall below this range although presently the charity is in a very good financial position. Our policy is that falling below the minimum level must not happen without a clear action plan to restore them.

In 2021 the Board of Trustees agreed to designate £14.7m of reserves for strategic investments to support achieving better outcomes for people with Parkinson’s. Of this money £2.3m had been spent by 31st December 2022.

After deducting our designated funds of £12.4m for strategic investments and £7.1m for local groups, the remaining reserves amounted to £32.2m, compared to £24.7m in 2021.

This is detailed in the following table:

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2022 2021
£’ms £’ms
Liquid funds:
Cash at bank 15.3 15.7
Investments 36.4 22.1
Total liquid funds 51.7 37.8
Less designated funds:
Our local groups (7.1) (7.2)
Strategic plan investment (12.4) (5.7)
Liquid reserves at 31 December 32.2 24.9
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Investment policy and returns:

During 2022, the investment objective for the longterm investment portfolio is to generate a total return of inflation (CPI) plus 2-3% per annum net of fees and over a five to seven year investment period. The precise Target Return agreed with the discretionary investment manager depends on market conditions, the distribution requirements of the charity, analysis of acceptable risk/return and advice from the appointed investment manager. It is to be reviewed on at least an annual basis by the Investment Committee. This allows the charity to aim to at least maintain the real value of the assets, over time, whilst making a contribution to the charity’s annual expenditure, when appropriate.

On 31 December 2022, the market value of the charity’s long-term investment portfolio was £36.4m, held within three investment portfolios. Of this, £23.7m was actively managed by JP Morgan, a further £10m in an asset liability matched bond holding (also with JP Morgan) and £2.7m placed in a fund managed by Troy Asset Management (the Trojan Ethical Fund).

During 2022, the investment portfolio delivered income of £438,000 (£154,000 in 2021) and a net loss of £3.0m (£2.2m gain in 2021). 2022 was an extremely challenging year for all asset classes with the impact of the war on Ukraine, cost of living crisis, and economic uncertainty.

Our Investment Committee is a formal committee of the board (as per our Articles of Association). Its purpose is to help the board properly discharge its responsibilities to monitor our investments in line with our policies, and legal and regulatory requirements.

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The committee is made up of trustees and independent members with the skills and expertise to monitor our investments. Specialist advisers manage the funds. In line with policy they, and any third party holding funds on our behalf, must be a UK-based institution with a strong credit rating.

The performance of our investments, and the credit ratings for the financial institutions holding our deposits, are reviewed regularly throughout the year.

Performance of the Segregated Discretionary Portfolio is measured against the charity’s return objective of CPI+2-3%, over a time horizon of five years, and against agreed composite index based and peer group benchmarks. The Trojan Ethical Fund’s performance is benchmarked against the consumer price index. The benchmark selected for the JP Morgan portfolio is:

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Asset class Benchmark Allocation %
Fixed income and cash Bloomberg Barclays Global Agg hdg GBP 30
Equity MSCI All Countries World after tax 55
Hedge funds HFRI FoF Diversified hdg GBP 7
Real estate and infrastructure FTSE EPRA/NAREIT GLOBAL TR 5
Hard assets Bloomberg Commodity 3
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The target for investment returns is to outperform these benchmarks. The board is satisfied that investments have been appropriately managed and monitored during the year, in line with our investment and treasury policy. Our investment and treasury management policy is reviewed annually to ensure it is still fit for purpose.

The board, therefore, continues to adopt the going concern basis of accounting in preparing the annual report.

Going concern

The board has reviewed our financial position and believes there are sufficient resources to manage any operational or financial risks. The board carried out and reviewed extensive work with respect to the impact of the cost of living crisis and geopolitical uncertainty on the charity. We have managed our finances prudently and sold the head office premises at 215 Vauxhall Bridge Road for above market price. As a result of this at the end of 2022, our financial position was stronger than at the beginning of the year. This puts us in an excellent position to navigate any uncertainty ahead.

Based on stress testing scenario planning for further disruption to our fundraising, we reasonably expect that we have adequate resources to continue operating for the foreseeable future and no material uncertainties have been identified.

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Section 172 statement

Parkinson’s UK is governed by its charitable objects, which set out the purpose of the charity. The consequences of all our decisions and activities are assessed by how they drive us towards achieving that long-term purpose, including by referring to our charity strategy (see page 8).

As a membership charity we are accountable to our members, people with Parkinson’s and the people in their lives, who support and engage with us. They challenge us to ensure the decisions we make as a charity, from the ground level to the board, are for their benefit. Our members often have multiple relationships with the charity and, in many cases, are also our beneficiaries, volunteers, donors, fundraisers, clients, trustees and staff. Our focus on the impact of our decisions on people with Parkinson’s means that the board aligns these to the charity’s objects and that they comply with the Charity Commission guidance on public benefit.

People with Parkinson’s, and the people who love and care for them, are at the heart of our work. We are a values-driven organisation and

our ‘people-first’ and ‘uniting’ values mean we are informed, shaped and powered by people with Parkinson's in all we do.

We work with the Parkinson’s community, scientists and supporters, fundraisers and families, carers and clinicians to improve the lives of everyone with Parkinson’s. The majority of our trustees either have Parkinson’s themselves or have a family member who does.

For decision making at board meetings, trustees are made aware of the extent of input from people affected by Parkinson’s into the item presented to offer trustees direct insight into the impact of the decision on the Parkinson’s community. Wider consultation mechanisms support us in fostering healthy relationships with stakeholders. Multiple networks exist across the charity to ensure effective and relevant stakeholder engagement, using different forms of involvement and participation as suits the circumstances.

Key stakeholder groups include the Research Support Network and the Excellence Network.

The table below shows the key board decisions made during 2022 and a summary of how the board has fulfilled its section 172 duties in taking these decisions. It is not an exhaustive list of decisions, but highlights the most significant areas of impact.

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Key Section 172 matters affected

Engagement, impact and long-term consequences

Significant decision/event: Adoption of Equality, Diversity and Inclusion Strategy

The impact of operations on the community, specifically people with Parkinson’s and the people who love and care for them.

The desirability of maintaining a reputation for high standards of business conduct.

The interests of employees.

The board approved the adoption of an Equality, Diversity and Inclusion (EDI) strategy, developed with considerable input from the People Committee.

The board considered the importance of having a clear EDI strategy and key deliverables in order to enable the charity to move forward in developing a change in culture that better serves the needs of the Parkinson’s community. Achieving these would link to the promise for the charity, led by the board and the CEO, to work collectively to address the needs of the whole Parkinson’s community and to embed EDI in everything the charity does and the values we hold as an organisation.

The impact of operations on the community, specifically people with Parkinson’s and the people who love and care for them.

The desirability of maintaining a reputation for high standards of business conduct.

The interests of employees.

The board also considered the focus of the strategy on three key areas:

The board took into account:

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Significant decision/event: Strategy refresh and new ambitions

The likely consequences of any decision in the long term.

The impact of operations on the community, specifically people with Parkinson’s and the people who love and care for them.

The interests of employees.

The board considered the effectiveness of the charity’s strategy for 2020 to 2024 on a number of occasions and in particular whether aspects of the strategy should be refreshed in light of the experience during coronavirus (COVID-19) and the postCOVID-19 environment. As a result of those deliberations, the board agreed during 2022 on the main elements of the refresh of the strategy and on the key areas on which the charity would focus, namely pushing for excellent health and care, building the community of support and getting new treatments faster. The board also agreed that engagement with the newly diagnosed in the community was a priority area.

The board considered:

Significant decision/event: Development of the Parkinson's Virtual Biotech Programme

The likely consequences of any decision in the long term.

The impact of operations on the community, specifically people with Parkinson’s and the people who love and care for them.

The desirability of maintaining a reputation for high standards of business conduct.

The need to foster business relationships with suppliers, customers and others.

The board of trustees took a number of decisions during 2022 relating to the development of the Parkinson's Virtual Biotech programme, including those relating to the following important projects.

Parkinson’s Foundation partnership

A key development was the partnership agreed with the US foundation Parkinson’s Foundation to provide a minimum of $1m a year over three years in support of the Parkinson's Virtual Biotech programme. The board took into account:

Collaboration with Cure Parkinson’s to fund clinical trial of Ambroxol

The board also approved the provision of funding of £1.1m to support a clinical trial for repurposing Ambroxol (a safe drug used in respiratory medicine) in the treatment of Parkinson’s. This project is a collaboration with Cure Parkinson’s and other funders. Among other aspects, the board took into account:

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Series A Funding for NRG Therapeutics Limited (NRG)

2022 also saw the board approve a Series A funding round in NRG under which third party investors provided additional funding of £14 million to NRG alongside further funding from the charity of £2 million. Alongside this, the group’s existing investments were converted into shares in NRG, giving the group an overall interest in the company of 26.5%. The NRG project had shown scientific progress and had attracted funding from the Michael J. Fox Foundation and from Innovate UK. The Series A funding round was the first example of a Parkinson's Virtual Biotech project attracting outside investor funding, in line with the original aims of the programme. Among other aspects, the board took into account the risk of the project moving away from a focus on Parkinson’s and the extent of the charity’s influence to prevent this from happening.

New trial for GDNF (Vivifi Biotech Limited)

The board reviewed the progress made in designing a new clinical trial for testing the effects of GDNF and whether sufficient progress had been made on the design of the trial and the drug delivery device to justify seeking funding partners to support the major investment needed for the new trial.

The board decided that sufficient progress had been made and to seek partners to finance the new trial. In making that decision, the board took into account the following, among other aspects:

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Principal risks and uncertainties

The Board of Trustees has overall responsibility for the risk management process. Together with the Executive Leadership team (ELT) they have performed a robust assessment of the principal and emerging risks facing the charity. The Audit and Risk Committee assists the board in monitoring the effectiveness of the risk management and internal control policies, procedures and systems.

The risk management framework incorporates both a top down approach to identify the charity’s principal risks and a bottom up approach to identify operational risks. Each principal risk is sponsored by a member of the ELT who drives progress through regular review, considering related emerging risk factors, current responses and further mitigating actions.

Key changes in our presentation of the principal risks from the 2021 Annual Report reflect a review and rationalisation of the most significant risks to the charity, changes to the external environment, a dynamic risk landscape and articulation of risks to give clearer transparency on themes and specific issues.

Below is a summary of our principal risks and the processes we have in place to manage them.

Our risk management methodology is aimed at identifying the principal risks that could:

Risk description:

Risk description: Measures: Compliance: Failure to comply • We have mandatory training and policies for employees with ethical and regulatory and volunteers. compliance standards leading • We have internal and external subject matter experts identify to reputational damage, risks, setting standards and providing advice and training. possible criminal and legal exposure for the charity or for individuals. Major external change/shocks: • We model the impact of a downturn in economic outlook on The impact of change in the our Reserves Policy. This ensures our financial position is key business assumptions sufficiently flexible and resilient. is either unplanned or • We have robust IT security systems that support data security, unforeseen and we are not disaster recovery and business continuity plans. agile enough to respond. This risk would include legislative changes, global trends and other external environment movements outside of our predictions. Change management: The • We carry out independent assurance on key change programmes. risk is that we fail to implement • We have introduced a project management and business transformational change and change framework. restrict the delivery of our strategy.

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Risk description: Measures:
Technology and cyber risk: • We regularly conduct penetration testing and vulnerability
Risks that our technology assessments using multiple independent specialists to ensure
and systems security are our systems are robust.
inadequate or fail to adapt
• We deliver staff training and awareness of our IT policies and
to changing business
commitment to data protection.
requirements and external
threats. The impact of these • We have invested in new security technology.
may adversely affect our
financial position and could
harm our reputation.
People risk: • We have a programme of learning and development for our
Failure to attract, retain and managers and staff.
develop our people means
• We carry out regular performance reviews and appraisals
failing to ensure we have the
of staff.
right skills in the right place at
the right time for our strategy. • We have a new diversity and inclusion policy and strategy
which includes targeted actions on improving diversity through
recruitment and how we attract and retain talent.
Meeting the needs of service • The Board of Trustees and ELT regularly assess the charity’s
users and supporters: strategy in the context of the wider operating environment to
Failure to meet our clients and assess whether changes to the outlook justify a reassessment
supporters evolving needs. of our strategic priorities.
• We continue to closely monitor the political outlook and any
potential changes in policies to ensure changes which may
impact the charity, or our service users, are identified and
addressed appropriately.
Reputational: • We maintain strong relationships with key stakeholders.
Failure to protect our
• We have business continuity plans in place.
reputation could negatively
impact the delivery of • We have insurance cover in place to cover key risks.
our strategy.
Subsidiary risk: • We have formal reporting channels from subsidiary boards.
Failure to manage the
• We have developed policies and procedures applicable
governance of our subsidiaries
to subsidiaries.
effectively could impact
negatively on the
charity’s strategy.
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How we allocate resources to maximise impact:

Our planning, budgeting and resource allocation takes place through a multi-stage process:

We continue to review our staffing to ensure we have the right organisation, capacity and capabilities to deliver our ambitious plans.

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Structure, governance and management

Legal status

Parkinson’s Disease Society of the United Kingdom was founded in 1969 by Mali Jenkins, whose sister had Parkinson’s. The Society rebranded in 2010 and, since then, we have operated under our trading name of Parkinson’s UK. Parkinson’s UK is an incorporated charity. This means that it is regulated as a charity by the Charity Commission (registered in England and Wales – no 258197) and the Office of the Scottish Regulator (registered in Scotland – no SC037554). Parkinson’s UK is also a company, limited by guarantee and registered at Companies House (registered in England and Wales – no 00948776).

Board of Trustees (meets a minimum of five times a year)

Our governing body – the Board of Trustees (the board) – is responsible for the overall governance and work of the charity. The board is responsible for ensuring that the charity meets its legal and regulatory obligations in the course of fulfilling its charitable purpose. It sets the charity’s vision, mission and values, and its long-term strategy. It approves the annual business plan as well as key organisational policies. It defines the charity’s risk appetite and monitors the strategic risk the charity faces, as well as the impact of the charity’s performance. Committees support the work of the board. The board delegates the day-to-day running of the charity to the chief executive. It is responsible for succession planning for trustees, for appointing the chief executive, and for approving the structure of the charity’s Executive Leadership Team. The Group includes subsidiary undertakings, the details of which are found on page 39.

Our trustees are volunteers, and are not remunerated for their work, but may claim reasonable expenses incurred through attending meetings or carrying out other duties.

The board consists of up to 16 trustees made up of seven elected trustees (four from England and one each from Northern Ireland, Scotland, and Wales), five appointed trustees, and no more than four co-opted trustees.

Details of our trustees (those currently in post and who served during 2022) are listed on page 69.

Trustee election and recruitment

Elected trustees are recruited from and elected by our members. Candidates must fulfil the eligibility criteria set out in our governing document and be nominated by two other members. Election is by ballot, and all members living in the electing country are eligible to vote. Appointed trustees may be recruited from within or outside the charity, and suitable candidates are identified by a thorough recruitment and selection process.

The board may also choose to co-opt up to four additional trustees. These places are generally used to meet an identified need or a specific skills gap, and we usually recruit candidates using the same process as for appointed trustees. In 2022 the board re-co-opted Annie McCallum as a trustee for a term of one year and approved her re-appointment as Chair of the People Committee.

The overall aim of trustee recruitment is to ensure there is a good mix of skills on the board and that we meet succession planning needs. Our People Committee, a committee of the board, manages the process for appointing trustees. The board makes the final decision, usually based on a recommendation of the committee for appointing or co-opting someone to the board.

Please see page 33 for further details of the work of our People Committee.

In seeking trustees for any role, whether appointed, co-opted or elected, we are committed to furthering equality, diversity and inclusion. By representing all groups within our community, we can increase the number of people with Parkinson’s who are accessing our services and getting involved in Parkinson’s research. In 2022, board forward planning for the 2023 trustee election process has reflected an invitation from the board for people from all walks of life, and all groups in the community, to consider the possibility of election to the charity’s board of trustees.

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This includes people with protected characteristics under the Equality Act 2010. We are committed to attract a wider range of expressions of interest and a more diverse pool of final candidates, enhancing opportunities for widening representation within the charity.

Elected and appointed trustees usually serve for a fixed term of four years. However, they may serve for an additional term if successfully re-elected or appointed.

Co-opted trustees serve for as long as their specialist knowledge or expertise is needed and is not otherwise available to the board. This is limited to a maximum term of one year and may only be renewed once. A co-opted trustee may stand for election or appointment at the end of their term or at any point during the term.

Trustees’ and committee members’ induction and development

We make sure our trustees are fully informed about their roles. The People Committee reviews the induction policy regularly on behalf of the board. We provide new trustees with a detailed induction that includes buddying with an existing trustee. On joining, our trustees and committee members receive detailed information and opportunities to build knowledge of the charity. These involve tailored induction sessions on a flexible basis according to individuals’ needs. During 2022, trustee and committee member induction was carried out through a mixture of remote and in person activities as best suited to individuals’ circumstances and choices. We continue to adapt our induction practices, learning from individuals’ feedback and surveys which tell us what is working and areas for development.

We keep in regular contact with our trustees and committee members through a fortnightly bulletin. We offer briefing sessions and publicise other charity-related events to enable our trustees and committee members to stay up to date and engaged with our work. Over the course of each year, we offer trustees and committee members other training opportunities to develop their skills and knowledge. In 2022, we shared training opportunities with trustees and committee members and signposts to Charity Commission briefings and new guidance; charity finance and risk management topics; National Cyber Security Centre training tools;

and video and media-based coverage about living with Parkinson’s and research-based progress with finding new treatments and cure.

Charity Governance Code statement

At Parkinson’s UK, we are committed to embedding the highest standards of governance within the organisation through regular cycles of review and improvement. The 2022 board evaluation review focused upon the evidence of assurance from the adoption of the Charity Governance Code framework. We will maintain an ongoing record of the evidenced sources of assurances against the Charity Governance Code, both at detailed good practice recommendation level and outcome level. This is so that improvement can be tracked continuously and reported to the board.

In 2023, as a consequence of its assessment against the Charity Governance Code framework, the board is committed to further consideration of its progress against Principle 6 Equality, diversity and inclusion, and Principle 7 openness and accountability. These principles pick up on the activities that enable trustees to communicate and consult openly with stakeholders, develop a culture of openness within the charity, and engage with members in order to build trust and confidence with stakeholders.

The board reviews its decision-making processes and the suitability and timeliness of information brought to the board in the course of its annual evaluation cycle. It keeps under review the existence and effectiveness of delegation, control and risk assessment, and management systems and processes.

Board and committee chairs build reflective dialogue with members of the board or the relevant committee into meetings throughout the year. This to ensure the board and committees work effectively to make informed decisions through teamwork, using the appropriate balance of people’s skills, experience, backgrounds and knowledge.

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The board and committees conduct annual evaluation processes and discussions, acting on the People Committee’s recommendations to the board on how best to approach internal evaluation processes. In 2022, a number of adjustments to the committee effectiveness exercise were recommended as an outcome of the annual evaluation processes, to harmonise, streamline and strengthen the overall annual board and committee evaluation system. We will be progressing agreed changes in 2023.

Committees of the Board of Trustees

The board delegates certain responsibilities and decision-making to a number of committees established to support the board’s work. Written terms of reference set out the role and remit of each committee. Details of any authority delegated to the committee are specified, as set out in our delegated authority policy.

The minutes of all committee meetings are available to the trustees. Each committee submits to the board a summary annual written account of the committee’s prior year achievements and activities, including the use of any delegated authority.

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Board of Trustees
Executive Audit and Risk Investment People
Committee Committee Committee Committee
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Audit and Risk Committee (meets at least three times a year)

The Audit and Risk Committee is responsible for assisting the board in ensuring we have effective internal control and risk management systems in place. The committee provides additional scrutiny to ensure we are operating within approved policies, and within the wider framework of charity and company law and associated regulations. At minimum, the committee’s membership is made up of the finance trustee, at least one other trustee, and no fewer than two non-trustee members. Membership in 2022 is shown on pages 69-70.

Audit and Risk Committee work in 2022:

of contract management; fundraising; GDPR compliance; HR risks; performance management; programme assurance for major change programmes; the scheme of delegation; and key financial controls including key financial controls at local group level.

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Executive Committee (meets as required)

The Executive Committee’s responsibilities include acting on behalf of the board on any urgent matter, and reviewing and approving serious incident reports for submission to the Charity Commission. It is made up of honorary officers of the board, namely the chair, vice-chair and the finance trustee.

Investment Committee (meets at least three times a year)

The Investment Committee is responsible for helping the board ensure the charity has an appropriate investment policy, as well as carrying out effective investment and treasury management policies and procedures. It advises the board on the implications of changes to its investment policy, helps it operate within policies and procedures relevant to investments and reserves, and advises on relevant property matters. The committee is also responsible for making any emergency decisions about the charity’s investments, as outlined in agreed procedures.

At minimum, the committee’s membership is made up of the chair, the finance trustee, at least one other trustee and no fewer than two nontrustee members. Membership in 2022 is shown on pages 69-70.

Work in 2022 included:

People Committee (meets at least four times a year)

The People Committee is responsible for advising the board on the charity’s people strategy and policies (staff and volunteers). It reviews the chief executive’s and senior leadership team’s remuneration, development and succession, and the staff remuneration policy.

At minimum the committee’s membership comprises at least two trustees in addition to the committee chair, and at least three independent committee members. Membership in 2022 is shown on pages 69-70.

It also advises on the succession, election and recruitment requirements for the board and its committees, and oversees any election and recruitment activity. It ensures the board has the full range of skills and expertise it needs to operate effectively.

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It also sees that development mechanisms are in place for the board and committees regarding induction, appraisal and evaluation.

Work in 2022 included:

Research advisory groups

We have two key advisory groups that advise the senior leadership team and, through them, the board on research matters. Both the Research Strategy Board and the Drug Discovery Advisory Panel are advisory bodies only.

They are not committees of the board and do not make recommendations to the board.

Research Strategy Board

Our Research Strategy Board is made up of respected leaders, selected to bring in-depth expertise from the scientific, clinical and drug development fields. It includes the perspectives of people with Parkinson’s, essential to our research strategy’s success. It advises the board, through the chief executive, on our research strategy, in particular on high-level priorities, emerging opportunities and new initiatives. This board does not provide recommendations on individual smaller projects (this advice is provided by more specialised advisory panels).

Drug Discovery Advisory Panel

The panel is made up of external, independent experts drawn from relevant disciplines, most with some industry experience. The panel helps us review, select, shape and monitor our Parkinson's Virtual Biotech projects, providing strategic insight.

Research Grants Panels –

College of Experts

Our aim is to fund cutting edge science through our grant schemes and to assess grant applications. We seek independent peer reviewers primarily from our College of Experts. The college is made up of around 120 leading experts, from the UK and abroad, from a wide range of disciplines (from genetics to brain imaging) which normally reflect the research areas covered in our grant applications. For grant applications covering highly specialised research areas, we seek additional peer reviewers from outside the college. For grant applications, which have been shortlisted for panel review, the College of Experts members who have performed the grant reviews are drawn together to form the grants assessment panel, which also has extensive representation of people with Parkinson’s. The grants assessment panel makes recommendations on which research grants to fund to the chief executive and the board.

Local governance

Our local groups fall under the governance and constitution of the charity. They’re not autonomous or separate legal entities. However, the board delegates certain responsibilities to their lead volunteers and committees using rules

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and guidelines.

Local groups

Our network of branches and support groups, collectively referred to as local groups, is essential in delivering our strategy locally for people with Parkinson’s. During 2022, we had 317 local groups: 159 branches and 53 sub groups (support branches to extend their reach), 148 support groups and 10 activity groups across the UK and Channel Islands. These provide activities, mutual support and friendship to people with Parkinson’s and the people who love and care for them. Local groups of volunteers also carry out invaluable campaigning and fundraising for us, as well as supporting our work at a local level.

Management

The board delegates operational planning and day-to-day management of the charity to the chief executive, supported by our Executive Leadership team and staff. This authority is delegated within approved limits, in accordance with our delegated authority policy and scheme of delegation. The board oversees the chief executive’s performance through reports and briefings. They, and the senior leadership team, present these at board meetings and as part of the planning and budgeting process. The chair of the board carries out the chief executive’s formal appraisal annually, on behalf of the board. The chair can involve another trustee in this appraisal work should they wish. The board approves proposals regarding the salary and benefits of the chief executive and executive leadership team.

Staff and volunteers

Staff and volunteers played a key role in developing our strategy and are kept updated on the progress of its delivery through a monthly all-staff briefing, Staff Central (our employee intranet site) and Blueprint (our weekly email newsletter to staff).

Our staff-elected employee consultation group, Staff Alliance, supported and encouraged information sharing, enabling staff to contribute to actions and plans throughout the year. A reelection process was carried out in 2022 and members will remain in place for two years.

In 2022 we held eight all volunteer calls. Themes included Volunteer Awards and volunteering

in the press. 969 volunteers attended the calls, with an average 94% reporting feeling better connected to the charity as a result. Additionally, there were 863 views of the recordings.

We aim to be an organisation where our people are engaged, motivated and inspired by their contribution to deliver our organisational and people strategies. That way, we can continue to be there for the Parkinson’s community. We strive to listen to our staff and volunteers and create a sense of belonging. Through our recruitment, supervision, and learning and development processes, we supported our staff and volunteers to be the best they could in 2022. Over the past year, we’ve concentrated our efforts into creating a learning and development management program (EVOLVE) that will be a requirement for all managers within the charity to complete.

We want to ensure the organisation is fit for the future, and equipped to help continue to improve the lives of people with Parkinson’s and the people who love and care for them. In 2023, we’ll monitor:

Equality, diversity and inclusion

Parkinson’s UK is committed to becoming a more equal, diverse and inclusive organisation. We believe this commitment is key to delivering our strategy, and our organisational mission to be there for the whole Parkinson’s community. The challenges faced by the Parkinson’s community in this regard include:

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We’ve developed an Equality, Diversity and Inclusion (EDI) strategy that will be communicated in early 2023 to our community. This strategy identifies the challenges we face to ensure we can continue to serve, involve and represent our community. The priorities of the strategy are expressed through three pillars:

In 2022, we made progress in a number of key areas including:

In 2022, we continued to make a number of changes to our internal processes to be more inclusive and encourage diversity:

We still have a lot of work to do around diversity and inclusion. A key priority for 2023 will be turning the Equality, Diversity and Inclusion strategy into operational plans. We do not condone or tolerate any form of discrimination in our recruitment or employment practices.

Staff remuneration

We pay a fair and appropriate salary to attract and retain the best people with the right management and leadership experience. As part of our commitment to openness, we disclose information about senior staff salaries in our accounts and on our website.

All salaries, including that of the Executive Leadership team, are evaluated using an external benchmarking tool, Cendex. This uses industry wide sector-comparison information based on

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charities of a similar size, impact and income. Our policy is to pay at the median level of the organisation’s recommended scales. Using the benchmarking data received, the chief executive and Executive Leadership team’s salaries are determined by the board, on the recommendation of the People Committee. Responsibility for all other salaries is delegated to our chief executive.

Senior leadership and other senior salaries:

The earnings of the Executive Leadership team and other senior staff above £60,000 are disclosed in the financial statements at note 9 on page 58.

Ethnicity pay gap

In April 2022, we reported our average ethnicity pay gap at £1,806, with staff from minority ethnic backgrounds earning an average of 4.6% less than white colleagues.

This is calculated slightly differently to the gender pay gap. It’s the variance between the average salary of all white employees, and of employees from other minority ethnic groups. The average salary for white colleagues was £38,905 and the average salary for staff from other minority ethnic groups was £37,099.

----- Start of picture text -----
Mean pay gap (5 April 2022)
100%
£3.45
Gap
75%
Rate
50% £24.01 £20.56 per
hour
25%
0%
Men Women
Median pay gap (5 April 2022)
100% £2.72
Gap
75%
Rate
per
50% £21.77 £19.05 hour
25%
0%
Men Women
----- End of picture text -----

Gender pay gap

Our gender pay gap at April 2022:

The gap decreased compared to 2021, owing to the fact we appointed a female chief executive. In addition, 80% of all leadership appointments were female.

You can find information about our gender pay gap and the measures we’re taking to address it on our website.

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DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

Streamlined energy and carbon reporting

This statement highlights the charity’s energy use in 2022 and notable actions to reduce the impact of our activities on the environment.

The following table highlights the energy we consumed in terms of carbon dioxide between 2021 and 2022. Greenhouse gas reporting conversion factors for various streams of CO2 production, as provided by the GOV.UK website (2021 and 2022 respectively) were used to calculate these figures.

conversion factors for various streams of
CO2 production,
as provided by the GOV.UK website (2021
and 2022 respectively) were used to calculate
these fgures.		 conversion factors for various streams of
CO2 production,
as provided by the GOV.UK website (2021
and 2022 respectively) were used to calculate
these fgures.		 Gas Business
travel
(including
mileage
and public
transport)		 Electricity
Energy consumed (kWh) 2022 0 NA 177,583
2021 0 NA 171,844
Government emissions
conversion factor		 2022 0.18254
(Scope 1)		 Various
(Scope 2)		 0.19338
(Scope 2)
2021 0.18387
(Scope 1)		 Various
(Scope 3)		 0.21016
(Scope 2)
Emissions (tonnes of CO2) 2022 0 79 34
2021 0 6 36
Performance indicator
 2022 430 430 430
(staff numbers) 2021 409 409 409
Emissions ratio (tonnes of
 2022 0 0.18 0.08
CO2/ staff member) 2021 0 0.01 0.09

Methodology

Our travel management company provides emissions data for the combustion of fuel for transport purposes based on the service date of transactions. It includes emissions related to overnight stays in hotels. Emissions from employee-owned vehicles are calculated using the expense claim forms from staff. Emissions data is then extrapolated using an average mileage emission rate of 0.28kg of carbon dioxide per mile driven. Our supplier reports our electricity usage based on real-time meter readings.

Actions taken to reduce our impact on the environment in 2022:

We held a virtual Annual General Meeting for the second time, and had a mixture of virtual and in person meetings with charity members, stakeholders, members and charity trustees.

This meant the carbon impact of journeys to and from meetings and the office was reduced:

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Payment practices

The regulations under s.3 of the Small Business, Enterprise and Employment Act 2015 oblige the charity to report on a half-yearly basis its payment practices, policies and performance. The information is reported to the Audit and Risk Committee on each occasion and made publicly available as it is published through an online service provided by the government.

Trading subsidiary companies

Parkinson’s UK Sales Limited:

The charity owns the entire share capital of Parkinson’s UK Sales Limited, a company limited by shares and registered at Companies House (registered in England and Wales as 01575175).

The company’s activities include the trading element of fundraising events and sale of daily living aids, Christmas cards, stationery and general gift items.

The company donates all its profits to the charity. Its results are shown below, in note 4a to the financial statements on page 51.

The company had a satisfactory performance in 2022, generating a profit of £20,000 (before Gift Aid) for the charity. This was £143,000 less than 2021. Income from challenge events continued to recover after cancellations of events in recent years, but trading income was lower because we discontinued our membership of Cards for Good Causes. The ongoing high inflation and cost of living was reflected in higher cost of sales, further reducing the overall profit.

In 2022, the company generated a loss of £1.5m (£178,000 loss in 2021) in line with our plans. The company now owns £3.7m in investments following the conversion to shares of our loans and additional funding to NRG Therapeutics.

Vivifi Biotech Limited:

Parkinson’s Research Ventures Limited owns the entire share capital of Vivifi Biotech Limited – a company limited by shares and registered at Companies House (registered in England and Wales as 13132805).

The company made a loss in 2022 of £320,000 (£220,000 loss in 2021).

The company was established in order to develop a potential new trial of Glial Cell-Line Derived Neurotrophic Factor (GDNF). The purpose of the trial would be to investigate further whether this naturally occurring protein can regenerate dying brain cells in people with Parkinson’s and reverse their condition. During 2022, the company continued to investigate the feasibility of a new clinical trial, including the design of the potential trial, the arrangements for the manufacture of the GDNF product and the design of the delivery device. The outcome of the studies carried out by the company was that a new trial would potentially be viable but would require significant funding. With the approval of the charity's board (see pages 24-26 for the section 172 statement) the company began seeking third party investors to provide the necessary funding.

Parkinson’s Research Ventures Limited:

The charity owns the entire share capital of Parkinson’s Research Ventures Limited – a company limited by shares and registered at Companies House (registered in England and Wales as 11228595).

The company’s activities include the commercial aspects of forming partnerships to fund research into better treatments and a cure for Parkinson’s.

Any profits made by the company will be donated to the charity. Its full results are shown in note 4b to the financial statements on page 51.

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DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

Statement of trustees’ responsibilities

Trustees’ responsibilities

The trustees are responsible for preparing the strategic report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the group and charity financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and charity and of the surplus or deficit of the group and charity for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the group and charity’s transactions and disclose with reasonable accuracy at any time the financial position of the group and charity and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution.

They are also responsible for safeguarding the assets of the company charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial statements are published on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the trustees. The trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein.

Trustees’ Statement as to the Disclosure of Information to Auditors:

So far as each of the trustees at the time this report is approved are aware:

a) there is no relevant audit information of which the auditors are unaware; and

b) they have taken the steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

The Trustees’ Report including the Strategic Report was approved by the Board of Trustees and authorised for issue on 26 July 2023.

Gary Shaughnessy CBE Chair of Board of Trustees

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Independent auditor’s report to the trustees and members of Parkinson’s UK Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of Parkinson’s UK (“the Parent Charitable Company”) and its subsidiaries (“the Group”) for the year ended 31 December 2022 which comprise the consolidated statement of financial activities, the consolidated and charity balance sheets, the consolidated cash flow statement and notes to the consolidated financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Group and the Parent Charitable Company in accordance with the ethical requirements 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.

Conclusions related 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 Group and the Parent Charitable Company's ability to continue as a going concern for a period of at least 12 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 trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 audit or otherwise appears to be materially misstated.

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If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Other Companies Act 2006 reporting

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

In the light of the knowledge and understanding of the Group and the Parent Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatement in the strategic report or the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, 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 determines 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 Group’s and the Parent 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 Group or the Parent 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

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the acts and relevant regulations made or having effect thereunder.

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.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our

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responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Group and the sector in which it operates we identified that the principal laws and regulations that directly affect the financial statements to be the Companies Act 2006 and the relevant charities’ acts in the UK. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

In addition, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigations. We identified the following areas as those most likely to have such an effect: employment law, data protection and health and safety legislation. Auditing standards limit the required audit procedures to identify noncompliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence if any.

We assessed the susceptibility of the financial statements to material misstatement, including fraud.

Audit procedures performed by the engagement team included:

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls and income recognition.

Our procedures in respect of the above included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

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DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:

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, and to the Charitable Company’s trustees, as a body, in accordance with the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the Charitable Company’s members and trustees 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, the Charitable Company’s members as a body and the Charitable Company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Jill Halford

Senior Statutory Auditor

01 September 2023 For and on behalf of BDO LLP, Statutory Auditor London, UK

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

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Financial statements Consolidated statement of financial activities

(incorporating an income and expenditure account) for the year ended 31 December 2022 (company no. 00948776)

Group Group 2022 Group Group 2021
Unrestricted Restricted Group Unrestricted Restricted Group
Notes funds funds total funds funds funds total funds
Income from: £’000 £’000 £’000 £’000 £’000 £’000
Donations and legacies 28,794 7,459 36,253 27,704 7,610 35,314
Charitable activities 13 582 595 133 419 552
Other trading activities 1,963 219 2,182 1,461 76 1,537
Investments 503 71 574 172 7 179
Other income sources:
Proft on disposal of freehold premises 13,850 0 13,850 0 0 0
Other income 13 0 13 10 0 10
Total income 3 45,136 8,331 53,467 29,480 8,112 37,592
Expenditure on:
Raising funds 8,051 1 8,052 6,942 0 6,942
Trading and merchandising 336 1 337 340 0 340
Investment management costs 193 0 193 118 0 118
Raising funds 7 8,580 2 8,582 7,400 0 7,400
Net incoming resources available for charitable application 36,556 8,329 44,885 22,080 8,112 30,192
Charitable activities
Accelerating research 1,956 6,735 8,691 425 5,692 6,117
Better support, every day 12,392 1,272 13,664 7,216 4,158 11,374
Getting Parkinson's understood 2,150 78 2,228 2,015 116 2,131
Transforming Parkinson's together 3,993 466 4,459 2,583 380 2,963
Share of defcit from associates 746 0 746 383 0 383
Total expenditure on charitable activities 7 21,237 8,551 29,788 12,622 10,346 22,968
Total expenditure 7 29,817 8,553 38,370 20,022 10,346 30,368
Net (loss) / gain on investments 11 (6,191) 0 (6,191) 5,453 0 5,453
Net (loss) / gain on revaluation of convertible loans 12 (221) 0 (221) 221 0 221
Net income/(expenditure) 8,907 (222) 8,685 15,132 (2,234) 12,898
Transfers between funds 17 0 0 0 0 0 0
Net movement in funds 8,907 (222) 8,685 15,132 (2,234) 12,898
Fund balances brought forward at 1 January 17 49,763 2,134 51,897 34,631 4,368 38,999
Fund balances carried forward at 31 December 17 58,670 1,912 60,582 49,763 2,134 51,897

All incoming resources and resources expended derive from continuing activities. The consolidated statement of financial activities include all gains and losses recognised in the year.

The surplus determined under the Companies Act 2006 (Net income - Net gains on investments) is £15,097,000 (2021: £7,222,000).

Included within the group results are income of £53,253,000 (2021: £37,286,000), expenditure of £35,446,000 (2021: £29,442,000), and net movement in funds of £11,597,000 (2021: £13,297,000) resulting from the activities of the parent charity.

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DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

Consolidated and charity balance sheets

as at 31 December 2022 (company no. 00948776)

2022 2021 2022 2021
Notes Group Group Charity Charity
£'000 £'000 £'000 £'000
Fixed assets
Intangible 10 1,346 1,134 1,346 1,134
Tangible 10 658 2,371 658 2,371
Investments and equity shares 11 36,593 25,442 36,365 25,258
Investments in subsidiaries and associates 11 2,436 68 25 93
Total fxed assets 41,033 29,015 38,394 28,856
Current assets
Stock 45 36 0 0
Debtors - amounts falling due within one year 12 20,769 19,214 21,095 19,541
Current asset investments 4,961 4,961 4,961 4,961
Cash at bank and in hand:
- UK programmes 5,790 6,194 5,209 5,589
- Localgroups 4,546 4,598 4,546 4,598
Total current assets 36,111 35,003 35,811 34,689
Creditors
Amounts fallingdue within oneyear 14 (13,294) (8,378) (12,069) (8,060)
Net current assets 22,817 26,625 23,742 26,629
Total assets less current liabilities 63,850 55,640 62,136 55,485
Debtors
Amounts fallingdue after more than oneyear 12 0 1,721 9,023 6,272
Creditors
Amounts fallingdue after more than oneyear 15 (3,268) (5,464) (3,268) (5,464)
Net assets 60,582 51,897 67,891 56,293
Funds
Unrestricted funds 39,524 27,214 43,353 31,610
Designated funds 19,466 12,986 19,466 12,986
Revaluation reserve (320) 9,563 3,160 9,563
Restricted funds 1,912 2,134 1,912 2,134
Total funds 17 60,582 51,897 67,891 56,293
Notes:
Funds
UK programmes 53,153 44,293 60,462 48,689
Localgroups 5 7,429 7,604 7,429 7,604
Total funds 17 60,582 51,897 67,891 56,293

The financial statements were approved by the Board of Trustees and signed on its behalf by:

Gary Shaughnessy CBE Katrina Green
Chair of Board of Trustees Trustee
01092023 01092023

The accompanying notes form an integral part of these financial statements.

01092023

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Consolidated cash flow statement

for the year ended 31 December 2022 (company no. 00948776)

2022 2021
Notes Total funds Total funds
£’000 £’000
Cash fow from operating activities:
Net cashprovided by operating activities (a) 5,164 5,756
Cash fow from investing activities:
Dividends and interest from investments 574 179
Proceeds from sale of tangible fxed assets 15,511 0
Purchase of intangible and tangible fxed assets (878) (1,224)
Dividends retained within portfolio (509) (160)
Proceeds from sale of investments 0 17,468
Transfer to current assets 0 (1,900)
Withdrawals 193 170
Purchase of investments (20,525) (17,684)
Net cash used in investing activities (5,634) (3,151)
Change in cash and cash equivalents in the reporting period (470) 2,605
Cash and cash equivalents at the beginning of the reporting period 15,753 13,148
Change in cash and cash equivalents due to exchange rate movements 13 0
Cash and cash equivalents at the end of the reporting period (b) 15,296 15,753
Notes:
(a) Net income for the reporting period (as per statement of fnancial activities) 8,684 12,897
Adjustments for:
Depreciation & Amortisation charges 717 647
Share of defcit / (surplus) from associates 1,133 (47)
Losses / (gains) on investments 6,190 (5,453)
Dividends and interest from investments (574) (179)
Proft on the sale of fxed assets (13,850) 0
Purchase of current investments 0 1,900
(Decrease) / increase in cash at bank and in hand due to foreign (13) 0
exchange revaluation
(Increase) in stock (9) (7)
Decrease / (increase) in debtors 166 (3,784)
Increase /(decrease)in creditors 2,720 (218)
Net cash provided by operating activities 5,164 5,756
(b) Analysis of cash and cash equivalents
Cash in hand 10,335 10,792
Notice deposits(less than 3 months) 4,961 4,961
Total cash and cash equivalents 15,296 15,753
At 1 Jan Cash Other At 31 Dec
2022 fows changes 2022
£’000 £’000 £’000 £’000
(c) Analysis of changes in net debt
Cash at bank and in hand 10,792 (457) 0 10,335
Current asset investments 4,961 0 0 4,961
Total changes in net debt 15,753 (457) 0 15,296

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DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

Notes to the consolidated financial statements

for the year ended 31 December 2022

1. Charity information

Parkinson's Disease Society of the United Kingdom (known as Parkinson's UK) is a private company limited by guarantee (registered number 00948776), which is a public benefit entity and registered as a charity in England and Wales (Charity number 258197), and Scotland (SC037554), and domiciled in the UK. The address of the registered office is 215 Vauxhall Bridge Road, London SW1V 1EJ.

2. Accounting policies

Basis of accounting

The financial statements have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with FRS102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011, the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006, and UK Generally Accepted Practice as it applies from October 2019. The charity has taken the exemption from presenting its unconsolidated SOFA under section 408 of Companies Act 2006. Parkinson's UK meets the definition of a public benefit entity under FRS102. The financial statements have been prepared under historical cost convention with the exception of investments which are reported at market value.

Basis of consolidation

The financial statements of Parkinson's UK (including its branches and support groups), and trading subsidiaries, Parkinson's UK Sales Limited (registered number 1575175), Parkinson's Research Ventures Limited (registered number 11228595) and Vivifi Biotech Limited (registered number 13132805) are consolidated, on a line by line basis, to produce the Group financial statements. The consolidated entity is referred to as “the Group”.

Going concern

The Board of Trustees has reviewed Parkinson’s UK's financial position and believes that there are sufficient resources to manage any operational or financial risks. Income has continued to recover following the effects of COVID-19. The impact of high inflation levels and the cost of living crisis on the charity's ability to generate funds has not been as adverse as predicted. In conjunction with the Board, the management team managed our cost base prudently in 2022 combined with our income holding up well despite the macro economic challenges, the charity expects to maintain a high level of reserves at the top end of its operating range. The charity has built up its liquid reserves in recent years and there are currently sufficient reserves to manage the charity through any current uncertainty and to provide support the trading subsidiaries of the group set out in the relevant funding agreements.

The Board has reveiwed cashflow projections covering several future years and it is considered there is a reasonable expectation that the organisation has adequate resources to continue in operational existence for at least 18 months from the date of signing of these accounts.

The Board is satisfied that there are no material uncetainities and therefore continues to adopt the going concern basis of accounting in preparing the accounts.

Local groups

Local groups are required to operate under the charity's financial rules and to present unaudited accounts to their members at respective annual general meetings and submit an annual financial return to the charity's finance department. The income, expenditure and assets of local groups are set out in detail in note 5 and are included in the charity's results. Larger value returns are subject to an independent examination process.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, which are described in note 18, trustees are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects the current and future periods.

The management team have undertaken extensive reviews assessing estimates made in the 2022 accounts, particularly around legacy income to provide some additional assurance that there are not likely to be any material changes which could affect the 2023 accounts. Therefore in the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

Funds

Unrestricted funds are funds which are expendable at the discretion of the trustees in furtherance of the charity's objectives and include those funds set aside for programmes of work via the use of designated funds.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each of the charity's funds is further explained in note 17.

Income

All income is included in the statement of financial activities when the charity is legally entitled to the income, the amount can be measured with reasonable accuracy and its receipt is probable. When income is received in advance of providing goods or services, it is deferred until Parkinson's UK becomes entitled to the income.

Legacy income is recognised when three criteria are met. Entitlement is established, receipt of the income is probable and it can be reliably measured.

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Given the uncertainty which remains on legacy income until final estate accounts are received, a reduction is applied to legacy accruals. The reduction is calculated based on the expectation of estate management fees and any other uncertainties. The reduction is assessed on a case by case basis, but on average the amount of the reduction is equivalent to approximately 5% depending on the circumstances of the legacy. Residuary legacies with a life interest are only valued where legal title has passed to the Charity.

Grants

Grant income from central and local government (whether grant or contract income) is detailed in note 21. For relevant grants, income is accounted for as the charity earns the right to consideration by its performance. Where the grant is received in advance of performance, its recognition is deferred and included in creditors. Where entitlement occurs before the grant is received, it is accrued in debtors. Grants received for a specific purpose are accounted for as restricted funds.

Resources expended

Expenditure has been classified by reference to specific activity categories: all direct costs relating to a specific activity have been aggregated; costs of raising funds include all direct fundraising expenses and an apportionment of support costs. All direct expenditure in furtherance of the charity's objects, together with an apportionment of support costs, is included under the charitable activities heading. The bases of allocation of support costs are reviewed regularly and are explained in detail in note 7(b). When redundancy costs arise, they are charged in the period in which the charity becomes committed to incurring the costs and allocated on the same basis as other expenditure. Grants to third parties for specific activities are charged in the accounts when an award is approved by the relevant award panel, or when performance related grants' conditions are met, although disbursement of the funds may be made in subsequent accounting periods and communicated to the recipient.

Financial instruments

Financial assets and financial liabilities are recognised when the Group becomes party to the contractual provision of the instrument. The Group had basic and complex financial instruments at the start of 2022, the former of which are initially measured at transaction values and subsequently measured at their settlement value. Basic financial assets compromise cash at bank and in hand, short term deposits and the group debtors excluding prepayments.

Complex financial instruments include convertible loans and warrants for shares. In 2021 the Group issued a further convertible loan contract with a third party biotech company and this complex financial asset was measured at fair value at the balance sheet date using two key assumptions to value the assets which are the valuation

used in the Series A funding round completed in June 2022 and a credit risk discount rate of 15%. The charity also had warrants for shares in the third party biotech company which were also held at fair value. The key assumptions for the valuation of the warrants for shares (in 2021 accounts) used the Series A funding valuation as a pricing benchmark, consideration for the capital structure of the company and other parameters such as the expiry date of the warrants, the exercise price, the risk-free rate between the valuation date and expiry date, the asset price (or equity price) at the valuation date, the stock dividend, and the asset (or equity) volatility. Following the series A funding round in June 2022, the charity group now only has basic financial instruments. Financial liabilities comprise the Group's short and long term creditors excluding deferred income.

Cash at bank and in hand is held to meet short-term cash commitments as they fall due and includes all cash equivalents held in the form of short term deposits.

Trade and other debtors are recognised when amounts are due to the Group. Creditors and provisions are recognised when the Group has a legal obligation to transfer funds as a result of past events that can be reliably measured or estimated and will probably result in transfer of funds. No discounting has been applied to these basic financial instruments on the basis that the periods over which amounts will be settled are such that any discounting would be immaterial.

Investments, including bonds and cash held as part of the investment portfolio and convertible loans with third parties, are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. Investments in subsidiary undertakings is held at cost less impairment.

Leasing

Operating lease rentals are charged to the statement of financial activities over the period of the lease on a straight line basis.

Tangible fixed assets and depreciation

Tangible fixed assets are included at cost and are stated net of depreciation and any provision for impairment. Assets below the value of £2,000 are not capitalised except for computer equipment.

Depreciation is provided to write off the cost of tangible fixed assets over their useful economic lives on a straight line basis and it is charged across all activities as part of support costs. The annual rates used are:


line basis and it is charged across all activities
support costs. The annual rates used are:
as part of
Freehold buildings (sold on 1 April 2022) 2.0%
Freehold improvements
Offce equipment and fxtures		 15.0%
15.0%
Computer hardware 33.3%

Intangible fixed assets

IT software and website development costs have been capitalised within intangible assets as they can be identified with specific projects anticipated to produce future benefits. Once brought into use, they are amortised on a straight line basis over the anticipated life of the benefits arising from the completed project. Currently the rate of amortisation is 33.3% per year and it is charged across all activities as part of support costs.

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DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

Fixed asset investments

Stock exchange listed investments are stated at market value. Net realised and unrealised gains and losses in the year are included in the statement of financial activities. Cash deposits not expected to be utilised within 12 months are included in fixed asset investments and are stated at cost. The investment in the trading subsidiaries of £25,000 for Parkinson's UK Sales Limited and £1 for Parkinson's Research Ventures Limited are also stated at cost as are the equity investments in Keapstone Therapeutics Limited and Endlyz Therapeutics for Parkinson's Virtual Biotech programmes. The initial £60,000 investment in Digital Health Assistant Limited has been written off via a provision as the company is being wound up. Following the NRG Therapeutics series A funding round in June 2022, the charity group now owns shares equivalent to 26.5% of the company. This investment is held by Parkinson's ResearchVentures Limited.

Stock

Stock comprises goods for resale and is valued at the lower of cost and net realisable value.

Current asset investments

Current asset investments are cash deposits which are expected to be utilised within twelve months and are stated at cost.

Taxation

Parkinson's UK is a registered charity and is exempt from taxation on its income and gains to the extent that they are applied to its charitable purposes. The charity's subsidiaries, Parkinson's UK Sales Limited, Parkinson's Research Ventures

Limited, have not incurred tax charges in the period due to their policies of paying their taxable profits to the charity under Gift Aid. Vivifi Biotech Limited has not incurred tax charges on the basis of recording an operating loss for the period. Under a group VAT registration members of the group are eligible to recover VAT charged on expenditure based on the taxable supplies of income it supports.

Pensions

Prior to 1 February 2014, employees had the option to participate in a defined contribution arrangement in which the charity matched, on a two to one basis, employee contributions of up to 5% of salary into employees' own personal pension plans. In line with the requirements of The Pensions Regulator and in accordance with the required staging date of 1 February 2014, the charity implemented a new pension auto-enrolment defined contribution scheme. As a result, from 1 February 2014, for new employees, employee contributions of up to 3% are matched by the charity on a two to one basis.

Foreign exchange

Foreign currency grant commitments and payments are recorded at the exchange rate at the time of transactions. Foreign currency outstanding commitments are translated into sterling at the exchange rate at the balance sheet date except where a forward contract has been put in place to fix the exchange rate for future payments. In these cases the commitments are translated into sterling based on the exchange rates agreed in the forward contracts. Foreign exchange gains are recognised as other income and foreign exchange losses are recognised in the consolidated statement of financial activities within the relevant charitable activity expenditure for the period in which they are incurred.

3. Income from

3. Income from
Group Group 2022 Group Group 2021
Unrestricted Restricted Group Total Unrestricted Restricted Group Total
Notes £’000 £’000 £’000 £’000 £’000 £’000
a) Income from donations and legacies
Legacies 13 16,611 3,030 19,641 17,232 1,987 19,219
Donations and membership 12,183 4,429 16,612 10,472 5,623 16,095
28,794 7,459 36,253 27,704 7,610 35,314
b) Income from charitable activities
Grants 21 11 582 593 113 419 532
Education and trainingevents 2 0 2 20 0 20
13 582 595 133 419 552
c) Income from other trading activities
Trading and merchandising 442 0 442 563 0 563
Other fundraising 1,521 219 1,740 898 76 974
1,963 219 2,182 1,461 76 1,537
d) Income from investments
Interest on deposits held by
- UK programmes 48 10 58 7 7 14
- Local groups 7 0 7 5 0 5
Income from investments 11
- Managed funds 448 61 509 160 0 160
503 71 574 172 7 179
e) Income from other sources
Disposal of 215 Vauxhall Bridge Road 13,850 0 13,850 0 0 0
Other income 13 0 13 10 0 10
13,863 0 13,863 10 0 10
Total income 45,136 8,331 53,467 29,480 8,112 37,592

50

4. Trading activities of subsidiaries and associates

a) Parkinson’s UK Sales Limited

The charity owns the entire share capital of Parkinson's UK Sales Limited, incorporated in England and Wales with its registered office being 215 Vauxhall Bridge Road, London, SW1V 1EJ. This company is responsible for the generation of income through various commercial activities for the financial benefit of the charity.

Summarised financial results for 2022 and the position of Parkinson's UK Sales Limited at 31 December 2022, before consolidation, were:

Profit and loss account

Proft and loss account
2022 2021
£'000 £'000
Total income including interest receivable 569 662
Total expenditure (549) (499)
20 163
Turnover 567 662
Cost of sales (455) (413)
Gross proft 112 249
Interest receivable 2 0
Operating proft 114 249
Administrative expenses (94) (86)
Net proft for the year before Gift Aid donation to the charity 20 163
Gift Aid donation to the charity (20) (163)
Netproft for theyear 0 0
Balance sheet
Current assets 587 706
Creditors - amounts fallingdue within oneyear (562) (681)
Net current assets 25 25
Net assets 25 25
Share capital 25 25
Proft and loss account 0 0
Shareholders’ funds 25 25

b) Parkinson’s Research Ventures Limited

The charity owns the entire share capital of Parkinson's Research Ventures Limited, incorporated in England and Wales with its registered office being 215 Vauxhall Bridge Road, London, SW1V 1EJ. This company is responsible for the generation of income through commercial research activities for the financial benefit of the charity and furtherance of the search for improved treatments and a cure for Parkinson's.

Summarised financial results for 2022 and the position of Parkinson's Research Ventures Limited at 31 December 2022, before consolidation, were:

Profit and loss account

2022 2021
£’000 £’000
Total income including interest receivable and gain on 73 260
revaluation of investments
Total expenditure (1,380) (438)
(1,307) (178)

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DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

2022 2021
£'000 £'000
Turnover 39 36
Cost of sales (1,059) (316)
Gross loss (1,020) (280)
Interest receivable 14 2
(Loss) / gain on revaluation of convertible loans (221) 221
Gain on revaluation of investments 20 0
Operating loss (1,207) (57)
Administrative expenses (122) (58)
Interestpayable (199) (63)
Net loss for theyear (1,528) (178)
Balance sheet
Fixed asset investments 3,729 184
Current assets 57 7
Creditors: amounts fallingdue within oneyear (1,039) (101)
Net current assets 2,747 90
Debtors: amounts falling due after more than one year 573 2,007
Creditors: amounts fallingdue after more than oneyear (9,023) (6,272)
Net liabilities (5,703) (4,175)
Share capital 0 0
Proft and loss account (5,703) (4,175)
Shareholders’ defcit (5,703) (4,175)

The Shareholders' deficit as at 31 December 2022 does not present a concern to the board of trustees and directors of Parkinson's Research Ventures Limited as the company is backed by an unsecured loan facility from the charity. The board of trustees and directors are satisfied that the activities in which the company is invested will yield financial returns in the long term to the charity.

c) Vivifi Biotech Limited

Parkinson's Research Ventures Limited owns the entire share capital of Vivifi Biotech Limited, incorporated in England and Wales with its registered office being 215 Vauxhall Bridge Road, London, SW1V 1EJ. This company is responsible for the generation of income through commercial research activities for the financial benefit of the charity.

Summarised financial results for 2022 and the position of Vivifi Biotech Limited at 31 December 2022, before consolidation, were:

Profit and loss account

2022 2021
£'000 £'000
Total income including interest receivable 0 0
Total expenditure (320) (220)
(320) (220)
Turnover 0 0
Cost of sales (188) (178)
Gross loss (188) (178)
Interest receivable 0 0
Operating loss (188) (178)
Administrative expenses (119) (40)
Interestpayable (13) (2)
Net loss for theyear (320) (220)

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Balance Sheet

Balance Sheet
2022 2021
£'000 £'000
Current assets 70 121
Creditors: amounts fallingdue within oneyear (37) (54)
Net current assets 33 67
Creditors: amounts fallingdue after oneyear (573) (287)
Net liabilities (540) (220)
Share capital 0 0
Proft and loss account (540) (220)
Shareholders' defcit (540) (220)

The Shareholders' deficit as at 31 December 2022 does not present a concern to the board of trustees and directors of Vivifi Biotech Limited as the company is backed by an unsecured loan facility from Parkinson's Research Ventures Limited. The board of trustees and directors are satisfied that the activities the company is invested in will have the potential to deliver success in the long term.

d) Associates
Parkinson’s UK Share of Share of
Holding investment (defcit) 2022 (defcit) 2021
Associate Principal activity Class of share % £’000 £’000 £’000
Research and
Keapstone Therapeutics Limited, experimental
The Innovation Centre, 217 Portobello,
Broomhall, Sheffeld, S1 4DP		 development on
biotechnology		 Ordinary 40 0.4 (5) (22)
Research and
NRG Therapeutics Limited, experimental
102 Queen Ediths Way, development on Ordinary and
Cambridge, CB1 8PP biotechnology preference 26.5 3,501 (673) (360)
Software
Digital Health Assistant Limited,
2nd Floor 24-26 Lever Street,		 development for
the beneft of the
wider Parkinson’s		 One ffth of voting
Manchester, M1 1DW community rights on the board 22 0 (68) 0
Aggregate capital and reserves 2022 2021
£'000 £'000
Keapstone Therapeutics (104) (91)
NRG Therapeutics Limited 6,054 (1,176)
Digital Health Assistant Limited 0 310
5,950 (957)

In 2017 Parkinson's UK agreed a partnership with a biotech company called Keapstone Therapeutics Ltd. Parkinson's UK has one director on the board since January 2021 but retains the right to appoint a second director. The charity has a 40% shareholding. A loss of £13,625 was reported in 2022, of which £5,450 is attributable to Parkinson's UK. The loss is in excess of Parkinson's UK equity holding. Parkinson's UK will record profits in future years once the unrealised losses have been recognised.

In 2019 Parkinson's UK agreed a partnership with a biotech company called NRG Therapeutics Ltd. Parkinson's UK had a warrant option to purchase 67% of the share capital of NRG Therapeutics Ltd which it could exercise based on a number of exit events. The warrant was exercised on 30th June 2022 by Parkinson's Research Ventures Ltd along with convertible loans of £1.5m. The loans were converted into equity on 30th June 2022 and the equity investment is included in note 11 with the Parkinson's Research Ventures Limited company. The company now has a 26.5% stake in NRG Therapeutics Limited.

In August 2019, Parkinson's UK agreed a partnership with Digital Health Assistant Limited. Parkinson's UK has one director on the board and holds 22% of the voting rights. The directors of Digital Health Assistant agreed to dissolve the company (which has not happened at the balance sheet date) and a provision for the write off has been included in the statement of financial activities.

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DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

5. Financial returns of local groups

The charity carries out a number of its charitable activities through a nationwide network of local groups, which raise income sufficient to fund their activities and, in most cases, also contribute to the funding of UK programmes. The charity's local groups produce independently examined accounts or finance returns annually. All local groups submitted financial information for 2022, with five exceptions (2021: ten) for whom last reported balances are included. The impact of these omitted groups is not considered material to the results of the charity.

Income and expenditure Notes 2022 2021
£'000 £'000
Total income (a) 2,822 2,250
Total expenditure (b) (2,555) (1,354)
Net movement in funds 267 896
Application of net funds raised by local groups:
Transfers to UK programmes for:
Accelerating research (327) (241)
Better support, every day
- Local activity (34) (132)
- Service improvement and education (38) (58)
- Information and support (12) (35)
General and other activities (82) (69)
Other net transfers 51 6
Total net resources transferred (442) (529)
Net movement in funds retained by local groups after transfers (175) 367
Fund balances brought forward at 1 January 7,604 7,237
Fund balances carried forward at 31 December 7,429 7,604
Balance sheet
Debtors 368 430
Cash held centrally for local groups 2,525 2,610
Cash at bank and in hand 4,546 4,598
7,439 7,638
Creditors due within oneyear (10) (34)
Net assets 7,429 7,604
Notes:
(a) Income from:
Legacies 267 461
Donations and membership 1,197 1,055
Activities for generating funds (events etc.) 1,310 678
Investment income 7 5
Incomingresources from charitable activities -grants 41 51
Total income 2,822 2,250
(b) Expenditure on:
Raisingfunds 58 27
Charitable activities
Better support, every day 2,464 1,302
Localgroupcommittee costs 33 25
2,497 1,327
Total expenditure 2,555 1,354

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6. Net outgoing resources for the year is stated after charging:

2022 2021
£'000 £'000
Fees payable to Group's auditors:
Statutory audit 127 72
Assurance services other than audit 31 20
158 92
Depreciation and amortisation 717 647
Operating lease rentals 429 11
Proft on sale of tangible fxed assets 13,850 0

7. Total resources expended

Group Direct Support Total 2022
Grants costs costs
£'000 £'000 £'000 £'000
a) Expenditure on:
Raising funds
Cost of fundraising activities 0 6,262 1,790 8,052
Trading and merchandising 0 337 0 337
Investment management costs 0 193 0 193
Total costs of raising funds 0 6,792 1,790 8,582
Charitable activities
Accelerating research 6,218 2,033 440 8,691
Better support, every day 1,205 9,067 3,392 13,664
Getting Parkinson's understood 0 1,678 550 2,228
Transforming Parkinson's together 0 3,995 464 4,459
Share of defcit from associates 0 746 0 746
Total expenditure on charitable activities 7,423 17,519 4,846 29,788
Total resources expended 7,423 24,311 6,636 38,370
Human 2022
IT Facilities Resources Finance **Governance ** Management Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000
b) Support costs apportioned:
Cost of raising funds 850 392 261 131 152
4		 1,790
Accelerating research 171 105 53 49 57
5		 440
Better support, every day 1,823 335 561 292 340
41		 3,392
Getting Parkinson's understood 256 130 79 39 45
1		 550
TransformingParkinson's together 222 71 68 47 55
1		 464
3,322 1,033 1,022 558 649
52		 6,636

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DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

Group – prior year Direct costs Support Total
Grants costs 2021
£’000 £’000 £’000 £’000
a) Expenditure on:
Raising funds
Cost of fundraising activities 0
5,428		 1,514 6,942
Trading and merchandising 0
340		 0 340
Investment management costs 0
118		 0 118
Total costs of raisingfunds 0
5,886		 1,514 7,400
Charitable activities
Accelerating research 3,980
1,696		 441 6,117
Better support, every day 474
7,936		 2,964 11,374
Getting Parkinson's understood 0
1,705		 426 2,131
Transforming Parkinson's together 0
2,609		 354 2,963
Share of defcit from associates 0
383		 0 383
Total expenditure on charitable activities 4,454
14,329		 4,185 22,968
Total resources expended 4,454
20,215		 5,699 30,368
Human 2021
IT Facilities Resources Finance Governance Management Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000
b) Support costs apportioned:
Cost of raising funds 670 214 254 190 137 49 1,514
Accelerating research 133 58 51 89 64 46 441
Better support, every day 1,393 237 526 412 296 100 2,964
Getting Parkinson's understood 185 66 69 53 38 15 426
TransformingParkinson's together 156 34 59 54 39 12 354
2,537 609 959 798 574 222 5,699

Allocation of support costs

Directly attributable support costs are allocated as appropriate. Governance costs include the cost of dedicated staff, internal and external audit, the costs of annual local group meetings and the charity's AGM and direct costs incurred by the board of trustees and its committees and are allocated per distinct budgetary activity.

Remaining support costs are allocated as follows: IT, Facilities and Human Resources - per employee, Finance - according to budgetary activity, and Management - per £ of expenditure. The committee cost of local groups, totalling £33,000, are included under the Management heading (2021: £24,000).

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8. Amounts committed for grants

Research Health Physical Financial Group and Group and
and care activity assistance charity total charity total
2022 2021
£’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 January 10,252 1,211 0 4 11,467 11,792
Awarded 6,218 1,037 134 132 7,521 4,550
Unused grants reversed 0 (98) 0 0 (98) (96)
Payments (4,902) (371) (134) (117) (5,524) (4,779)
Balance at 31 December 11,568 1,779 0 19 13,366 11,467
Estimated to be disbursed:
- Within one year 9,401 721 0 19 10,141 6,432
- After more than oneyear 2,167 1,058 0 0 3,225 5,035
11,568 1,779 0 19 13,366 11,467

All grants were awarded to institutions except Financial assistance grants which were for individuals and Physical activity grants which were awarded to community organisations.

In 2022 all grants were awared to UK institutions except for the funding for Critical Path Institute which is based in the US, Pharmaxis Ltd which is based in Australia and Medgenesis TherapeutiX Inc which is based in Canada. In 2021 all grants were awarded to UK institutions, except for Medgenesis TherapeutiX Inc which is based in Canada. Health and Care grants includes Nurse Pump Priming Grants, AHP Pump Priming Grants, Fellowships and Excellence Network Project Grants. There were no currency exchange movements in any grants during 2022 (2021: none). The basis of allocation of support costs is described in note 7. It is not appropriate to split support costs between grant making and direct service provision as our support functions work across our direct service provision and our grant making activities.

Grants awarded to institutions: 2022 2022 2021 2021
No. of awards £’000 No. of awards £’000
Research grants
University College London 7 1,848 3 490
Project Galaxy (multiple partners) 1 973 1 162
Pharmaxis Ltd 1 850 0 0
Newcastle University 3 489 1 64
Cardiff University 1 325 0 0
King's College London 1 315 0 0
Imperial College London 1 282 1 283
Critical Path Institute 1 258 0 0
University of Leicester 1 198 0 0
Oxford Parkinson's Disease Centre 2 183 2 477
University of Cambridge 1 156 1 290
University of Oxford 1 150 0 0
Northumbria University 1 102 0 0
University of Plymouth 1 37 1 190
Medgenesis TherapeutiX Inc 1 31 1 33
University of Sheffeld 1 21 1 1,200
Queen Mary College, University of London 0 0 1 311
University of Glasgow 0 0 1 240
City University London 0 0 1 200
Othergrants less than £100,000 0 0 1 40
Total research grants 25 6,218 16 3,980
Health and care grants
Bradford Teaching Hospitals NHS Foundation Trust 1 194 0 0
South Eastern Health & Social Care Trust 1 122 0 0
Gateshead Health NHS Foundation Trust 1 121 0 0
NHS Manchester Foundation Trust 1 113 0 0
Calderdale and Huddersfeld NHS Foundation Trust 1 113 0 0
University Hospitals of Derby and Burton NHS Foundation Trust 1 108 0 0
North Tees and Hartlepool NHS Foundation Trust 1 102 0 0
Southport and Ormskirk Hospital NHS Trust 1 59 1 51
North Cumbria Integrated Care NHS Foundation Trust 0 0 2 382
Othergrants less than £50,000 5 105 40 40
Total health and caregrants 13 1,037 43 473

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DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

9. Employees, trustees and volunteers

9. Employees, trustees and volunteers
2022 2021
£'000 £'000
a) Employee costs:
Salaries 15,009 13,904
National Insurance contributions 1,640 1,430
Pension contributions 1,001 939
17,650 16,273

During the year Parkinson's UK has made termination payments to 13 employees (2021: 4 employees) totalling to £141,257 (2021: £61,703). Of these payments nil (2021: nil) was outstanding at the year end.

This amount included £10,272 (2021: £nil) of redundancy payments made to 4 employees (2021: nil employees), payment in lieu of notice to 13 employees (2021: 3 employees) of £99,853 (2021: £3,423) and settlement payment to 3 employees (2021: 2 employees) of £31,132 (2021: £58,270). The settlement payments in 2022, as well as payments in 2021, were within the context of a legal settlement agreement in each case.

b) Average number of full-time equivalent staff during year: No. No.
Raising funds 97 96
Accelerating research 20 20
Better support every day 208 198
Getting Parkinson's understood 29 26
TransformingParkinson's 26 22
380 362

The average number of staff employed during the year was 428 (2021: 409); it consists of 286 (2021: 268) full time employees and 142 (2021: 141) part time employees.

Employee costs are charged to activities either as part of direct cost when staff perform duties directly linked to the activity, or as support costs. Support staff are allocated to charitable activities on the same basis as support costs (as detailed in note 7). When cost of employment is allowed to be charged to a specific restricted fund, this cost will also include pension costs.

No. No.
c) The number of employees whose emoluments (including remuneration and benefts
in kind and excluding pension contributions) amounted to more than £60,000 was:
Band £60,001 to £70,000 10 8
Band £70,001 to £80,000 4 2
Band £80,001 to £90,000 2 3
Band £90,001 to £100,000 1 3
Band £100,001 to £110,000 2 1
Band £120,001 to £130,000 1 1
Band £130,001 to £140,000 2 0

Contributions of £117,984 (2021: £96,590) were made for the provision of defined contribution benefits for 22 (2021: 18) employees earning over £60,000.

The key management personnel of the charity comprise the senior leadership team listed in the annual report on page 71 and eight associate directors.

Total remuneration for the key management personnel during the year amounted to £1,674,761 (2021: £1,519,226).

d) Trustees

No trustees received remuneration for their services in either 2022 or 2021. A trustees' indemnity policy was purchased at a cost of £8,930 (2021: £9,727).

Trustee expenses were £10,010, of which £530 was reimbursed for travel and subsistence to 6 trustees (2021: £2,992 expenses for 3 trustees).

e) Volunteers

The charity has 3,538 active volunteers, the majority of whom have a personal connection to the condition either having it themselves or a close relative or friend. Our volunteers put their wealth of skills and experience to support people affected by Parkinson’s throughout the UK, and drive forward the charity’s key activities of awareness raising, fundraising, research and campaigning.

58

10. Tangible and intangible fixed assets

Freehold Freehold Offce
Group and charity land and
building		 improvements equipment
and fxtures		 Computer
hardware
Total tangible
assets		 Intangible
assets		 Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Cost
At 1 January 2022 2,700 906 106 542
4,254		 2,673 6,927
Additions 0 65 0 186
251		 628 879
Disposals (2,700) 0 0 0
(2,700)		 (6) (2,706)
At 31 December 2022 0 971 106 728
1,805		 3,295 5,100
Accumulated depreciation
At 1 January 2022 1,037 469 87 290
1,883		 1,539 3,422
Charge for the year 0 138 9 154
301		 416 717
Disposals (1,037) 0 0 0
(1,037)		 (6) (1,043)
At 31 December 2022 0 607 96 444
1,147		 1,949 3,096
Net book values
Brought forward at 1 January2022 1,663 437 19 252
2,371		 1,134 3,505
Carried forward at 31 December 2022 0 364 10 284
658		 1,346 2,004

11. Fixed asset investments

Funds held Other Share of net Investment
in managed Equity Financial assets in in Trading
portfolios shares Cash Instruments Associates subsidiaries Total Total
Group 2022 2022 2022 2022 2022 2022 2022 2021
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Valuation at 1 January 22,072 184 0 3,186 68 0 25,510
19,804
Share of (defcit) / surplus in associates 0 0 0 0 (1,133) 0 (1,133) 47
Acquisitions at cost 17,000 24 0 0 3,501 0 20,525 17,684
Disposals at proceeds of sale 0 0 0 0 0 0 0 (17,468)
Transfers between asset classes 509 0 (509) 0 0 0 0 0
Net transfers to current assets 0 0 0 0 0 0 0 0
Income received 0 0 509 0 0 0 509 160
Withdrawals (191) 0 0 0 0 0 (191) (170)
Net(loss)/gain on revaluation (3,025) 20 0 (3,186) 0 0 (6,191) 5,453
Valuation at 31 December 36,365 228 0 0 2,436 0 39,029 25,510
Funds held Equity Cash Other Share of net Investment Total Total
in managed shares Financial assets in in Trading
portfolios Instruments Associates subsidiaries
Charity 2022 2022 2022 2022 2022 2022 2022 2021
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Valuation at 1 January 22,072 0 0 3,186 68 25 25,351 19,829
Share of (defcit) / surplus in associates 0 0 0 0 (68) 0 (68) 47
Acquisitions at cost 17,000 0 0 0 0 0 17,000 17,500
Disposals at proceeds of sale 0 0 0 0 0 0 0 (17,468)
Transfers between asset classes 509 0 (509) 0 0 0 0 0
Net transfers to current assets 0 0 0 0 0 0 0 0
Income received 0 0 509 0 0 0 509 160
Withdrawals (191) 0 0 0 0 0 (191) (170)
Net(loss)/gain on revaluation (3,025) 0 0 (3,186) 0 0 (6,211) 5,453
Valuation at 31 December 36,365 0 0 0 0 25 36,390 25,351

Funds in managed portfolios are held with UK-based institutions. Equity shares are held with a US based biotech company to develop treatments for Parkinson's and other related conditions. The revaluation loss on Other Financial Instruments relates to the exercise of the warrant in NRG Therapeutics, which had been revalued in 2021. The warrant was converted to shares in NRG that have been valued at cost in 2022.

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DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

Group Group Charity Charity
2022 2021 2022 2021
£'000 £'000 £'000 £'000
The historical cost of marketable securities and deposits at 31 December was: 36,913 15,879 33,205 15,695
12. Debtors
Group Group Charity Charity
2022 2021 2022 2021
£'000 £'000 £'000 £'000
Debtors - amounts falling due within one year
Legacies (note 13) 17,920 17,414 17,920 17,414
Amounts due from Parkinson’s UK Sales Ltd 0 0 413 518
Tax recoverable on donations and other incoming resources 423 396 423 396
Other debtors 377 498 401 458
Prepayments and accrued income 2,049 906 1,938 755
20,769 19,214 21,095 19,541
Debtors - amounts falling due after more than one year
Amounts due from Parkinson's Research Ventures Limited 0 0 9,023 6,272
Convertible loan 0 1,721 0 0
0 1,721 9,023 6,272
Total 20,769 20,935 30,118 25,813

The amount of £393,000 (2021: £355,000) due from Parkinson's UK Sales Limited (excluding gift aid contribution) is treated as a concessionary loan and this is not interest bearing. The amount of £9,023,000 (2021: £6,272,000) due from Parkinson's Research Ventures Limited is treated as an unsecured intercompany loan and bears interest at 1% above the UK Bank of England base rate as per the loan facility agreement between the two entities. The convertible loans debtor represented funding provided by Parkinson's Research Ventures Limited to NRG Therapeutics Ltd. It was a non-basic financial instrument and valued at fair value. The loss in the 2022 accounts is £221,000 following the conversion to equity in June 2022 (2021: £221,000 gain on revaluation).

13. Amounts accrued for legacies

13. Amounts accrued for legacies
Group and
Group and
charity charity
2022 2021
£'000 £'000
Balance at 1 January 17,414
13,867
Entitlements 19,641
19,219
Receipts (19,135) (15,672)
Balance at 31 December 17,920
17,414

At 31 December 2022, legacies which had been notified but not recognised as incoming resources in the Statement of Financial Activities had an estimated value of £4,006,627 (2021: £3,417,499) which had not been accrued.

14. Creditors – amounts falling due within one 14. Creditors – amounts falling due within one 14. Creditors – amounts falling due within one year
Group Group Charity Charity
2022 2021 2022 2021
Notes £'000 £'000 £'000 £'000
Amounts committed to grants 8 10,141
6,432		 10,141 6,432
Trade creditors 731
440		 707 378
Tax and social security 438
395		 438 395
Accruals 1,687
718		 549 541
Deferred income 97
113		 73 76
Other creditors 200
280		 161 238
13,294
8,378		 12,069 8,060

Deferred income in 2021 consisted principally of statutory grant funding for several projects, received in advance, of which £73,000 was deferred at 31 December 2021. That income was recognised in 2022, and £76,000 of grants receved in advance was similarly deferred at the end of 2022.

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15. Creditors – amounts falling due after more than one year

Group Group Charity Charity
2022 2021 2022 2021
Notes £’000 £’000 £’000 £’000
Amounts committed to grants 8 3,225 5,035 3,225 5,035
Provision for defcit in Associates 4 43 429 43 429
3,268 5,464 3,268 5,464

16. Financial instruments

16. Financial instruments
Group Group
2022 2021
At 31 December 2022 the Group held: £’000 £’000
Financial assets at amortised cost 34,735 33,908
Financial liabilities at amortised cost 16,027 13,334
Financial assets at fair value through income or expenditure 36,365 25,258
Gains/
The Group's income, expense, gains and losses in
respect of these fnancial instruments were:		 Income
2022		 Expenses
2022		 (losses)
2022		 Income
2021		 Expenses
2021		 Gains
2021
£'000 £'000 £'000 £'000 £'000 £'000
Financial assets at amortised cost 65 0 0 20 0 0
Financial liabilities at amortised cost 0 0 13 0 0 0
Financial assets at fair value through income or expenditure 509 747 (6,411) 160 383 5,674

17. Statement of funds

Group

17. Statement of funds
Group
Balance
Balance at at 31
1 January Total
Total		 Net gains on
December
Notes 2022 income expenditure Transfers investments 2022
Unrestricted funds: £’000 £’000 £’000 £’000 £’000 £’000
General funds
Tangible and intangible fxed assets 3,505 0
0		 (1,500) 0
2,005
Other funds 33,272 42,615
(25,230)		 (7,046) (6,412) 37,199
Totalgeneral funds 36,777 42,615
(25,230)		 (8,546) (6,412) 39,204
Designated funds:
Strategic plan investments 5,712 0
(2,327)		 8,988 0
12,373
Localgroups 7,274 2,521
(2,260)		 (442) 0
7,093
Total designated funds 12,986 2,521
(4,587)		 8,546 0
19,466
Total unrestricted funds 49,763 45,136
(29,817)		 0 (6,412) 58,670
Restricted funds:
Accelerating research
Research projects (a) 1,093 4,441
(4,662)		 0 0
872
Research: The Allan Willett Discovery Fund for Virtual Biotech (b) 136 2,101
(2,073)		 0 0
164
Better support, every day
Information and support (c) 291 338
(545)		 0 0
84
Parkinson's Connect (d) 129 286
(386)		 0 0
29
Brakes Connect fund (e) 150 3
146		 0 0
299
Geographical (f) 5 776
(654)		 0 0
127
Local groups (g) 330 302
(295)		 0 0
337
Resources and education (h) 0 34
(34)		 0 0
0
Service Improvement (i) 0 50
(50)		 0 0
0
Total restricted funds 2,134 8,331
(8,553)		 0 0
1,912
Total funds 51,897 53,467
(38,370)		 0 (6,412) 60,582

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DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

Group - prior year

Grou - rior ear
p p y Balance
Balance at at 31
1 January Total
Total		 Net gains on
December
Notes 2021 income expenditure Transfers investments 2021
Unrestricted funds: £’000 £’000 £’000 £’000 £’000 £’000
General funds
Tangible and intangible fxed assets 2,928 0
0		 577 0
3,505
Other funds 24,774 27,395
(18,812)		 (5,759) 5,674
33,272
Totalgeneral funds 27,702 27,395
(18,812)		 (5,182) 5,674
36,777
Designated funds:
Strategic plan investments 0 0 0 5,712 0
5,712
Localgroups 6,929 2,085 (1,210) (530) 0
7,274
Total designated funds 6,929 2,085 (1,210) 5,182 0
12,986
Total unrestricted funds 34,631 29,480 (20,022) 0 5,674
49,763
Restricted funds:
Accelerating Research
Research projects (a) 1,332 3,880 (4,119) 0 0
1,093
Research: The Allan Willett Discovery Fund for Virtual Biotech (b) 367 1,342 (1,573) 0 0
136
Better Support, every day
Information and support (c) 1,140 440 (1,289) 0 0
291
Parkinson’s Connect (d) 957 226 (1,054) 0 0
129
Brakes Connect fund (e) 0 843 (693) 0 0
150
Geographical (f) 264 854 (1,113) 0 0 5
Local groups (g) 308 165 (143) 0 0 330
Resources and education (h) 0 78 (78) 0 0 0
Service Improvement (i) 0 284 (284) 0 0 0
Total restricted funds 4,368 8,112 (10,346) 0 0 2,134
Total funds 38,999 37,592 (30,368) 0 5,674 51,897

Restricted funds

(a) Research projects funds are used to meet the direct costs of the charity's medical research projects.

(b) The Allan Willett Discovery Fund is to meet the costs of the Parkinson's Virtual Biotech programme.

(c) Information and support funds are used to provide country-wide support for people affected by Parkinson's including the helpline.

(d) The Parkinson's Connect fund is to support the charity’s new personalised support service for people with Parkinson’s

(e) The Frank and Evelyn Brake Connect Fund was set up in 2021 to support the rollout of Parkinson's Connect and the transformation

of the information and support services.

(f) Geographically restricted funds are used to fund local services for people affected by Parkinson's in specific countries or regions in the UK.

(g) Local groups funds are held by volunteer led local groups and are primarily used to provide friendship and support at a local level.

(h) Resources and education funds are used to meet the cost of creating information resources for people affected by Parkinson's and to provide resources and ongoing professional development for health care professionals.

(i) Service improvement funds are used to meet the costs of the charity's nurse development and service improvement grants.

.

Transfers

The charity reviewed its reserves policy in 2022 and decided to maintain a liquidity based approach. Within the policy, local groups activities are held as designated funds so that they are excluded from our reserves calculation, as are other designated funds set aside by the Board of Trustees. Following careful management of the charity's finances, the Board of Trustees approved at its meeting in December 2022 the release of the remaining £9m of reserves to fund further investment in our strategic plan for 2023-26.

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Analysis of net assets between funds:
Group Unrestricted funds Restricted funds Total funds Unrestricted funds Restricted funds Total funds
2022 2022 2022 2021 2021 2021
£’000 £’000 £’000 £’000 £’000 £’000
Intangible assets 1,346 0 1,346 1,134 0 1,134
Tangible fxed assets 658 0 658 2,371 0 2,371
Investments 39,029 0 39,029 25,510 0 25,510
Current assets 27,519 8,591 36,110 28,727 6,275 35,002
Long term debtors 0 0 0 1,721 0 1,721
Liabilities (9,883) (6,679) (16,562) (9,700) (4,141) (13,841)
Net assets 58,669 1,912 60,581 49,763 2,134 51,897
Charity Unrestricted funds Restricted funds Total funds Unrestricted funds Restricted funds Total funds
2022 2022 2022 2021 2021 2021
£’000 £’000 £’000 £’000 £’000 £’000
Intangible assets 1,346 0 1,346 1,134 0 1,134
Tangible fxed assets 658 0 658 2,371 0 2,371
Investments 36,390 0 36,390 25,351 0 25,351
Current assets 27,220 8,591 35,811 28,414 6,275 34,689
Long term debtors 9,023 0 9,023 6,272 0 6,272
Liabilities (8,658) (6,679) (15,337) (9,383) (4,141) (13,524)
Net assets 65,979 1,912 67,891 54,159 2,134 56,293

18. Accounting estimates and judgments

In preparing the financial statements, the trustees are required to make estimates, judgements and assumptions. The most important areas where the judgements affect the financial statements and could impact the results of reported operations are listed below.

Grants commitments

Parkinson's UK makes grant commitments and recognises the expenditure in the year when the commitment is made. Most of the commitments become payable within two to three years. Judgement is exercised when subsequent payments are released upon receipt of a report showing satisfactory progress being made against agreed outcome. Outstanding amounts are not discounted on the basis that the periods over which amounts will be settled are such that any discounting would be immaterial.

Cost allocation

Costs not attributable to a single activity are allocated or apportioned to activities on a basis consistent with identified drivers for that cost category. As stated in note 7(b), cost drivers may be head count, cost centre or floor space and a judgement is made in applying these cost drivers to the cost categories.

Legacy income

Following the completion of analysis on probate notifications over a five year period ended September 2019, a prudent estimation of legacy income due is now achievable using probate information instead of the old estimation methodology of, the earlier of final estate accounts or cash received. Whilst there is inherent uncertainty in the valuation of estates based on probate values, the analysis indicated that the income received by the charity was 9% higher than the estimate from the probate notification. This provides some assurance that the estimate is an accurate reflection of the certainty of receiving the income in the form of cash in subsequent accounting periods.

Complex financial instruments

The charity group had two complex financial instruments at the balance sheet date in 2021. Both were linked to the partnership with NRG Therapeutics Limited. One was an option to purchase shares (a warrant) and secondly, convertible loans issued to NRG Therapeutics Limited. Both of these instruments were measured at market value at the balance sheet date in accordance with the relevant accounting standards using valuation techniques appropriate for each financial instrument. These assumptions are detailed in Note 2 on page 48. During 2022, the warrant was exercised and the convertible loans converted. The group now has a share holding of 26.5% of NRG Therapeutics. The group had no complex financial instruments at 31 December 2022.

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DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

19. Related and connected party transactions

In accordance with FRS102 section 33, the charity discloses the following related party transactions:

, y py Outstanding
balance at
31 December
Related Party Amount 2022
£’000 £’000
Katherine Crawford Settlement agreement upon departure Member of Key 51
0
from the charity (left Sep 2022) Management Personnel

Related Party

During 2022, research or service improvement grants as summarised below were awarded to projects involving a member of the charity's Grant Assessment College of Experts (COE) and Excellence Network Project Grants Funding Panel (ENP) in the capacity as research professional or other related party:

Grants Outstanding
awarded balance at
during 31 December
Related Party Organisation Relationship 2022 2022
Grant lead applicants:
Professor Stephen Gentleman Imperial College Member of COE 282 305
Professor Sonia Gandhi Institute of Neurology, UCL Member of COE 281 281
Professor Maria Grazia Spillantini University of Cambridge Member of COE 241 241
Dr Rachael Lawson Newcastle University Member of COE 193 228
Professor Michele Hu University of Oxford (OPDC) Member of COE 163 213
Dr Charmaine Lang University of Oxford Member of COE 150 150
Professor Camille Carroll University of Plymouth Member of COE, ENP 37 54
Professor Heather Mortiboys University of Sheffeld Member of COE 21 829
Professor Richard Wade-Martins University of Oxford (OPDC) Member of COE 20 1
Dr Julie Jones Robert Gordon Univesity Member of COE 2 2
Grant co-applicants:
Professor Richard Walker North Tyneside General Hospital Member of ENP 309 893
Professor Paola Piccini Imperial College London Member of COE 282 305
Professor Richard Reynolds Imperial College London Member of COE 282 305
Dr William Young University of Exeter Member of COE 198 198
Dr Alison Yarnall Newcastle University Member of COE 170 737
Professor Camille Carroll University of Plymouth Member of COE 170 737
Professor Thomas Foltynie University College London Member of COE 170 737
Professor Richard Wade-Martins University of Oxford Member of COE 150 150
Dr Rosie Morris Newcastle University Member of COE 102 102
Dr Christopher Kobylecki The University of Manchester Member of COE 37 54
Professor Oliver Bandmann University of Sheffeld Member of COE 37 54
Dr Laura Parkkinen University of Oxford (OPDC) Member of COE 20 1
Professor Caleb Webber University of Cardiff Member of COE 20 1
Professor Michele Hu University of Oxford Member of COE 20 1
Professor Stephanie Cragg University of Oxford (OPDC) Member of COE 20 1

The above individuals did not participate in the decisions to award these grants to their respective organisations.

Donations from Trustees

During 2022 the charity received donations totalling £784 (2021: £42,589) from Trustees of the charity.

2022 2022 Balance 2021 2021 Balance
Net income owed to Net income owed to
to charity charity at 31 to charity charity at 31
Transactions within the group December December
£’000 £’000 £’000 £’000
Transaction between Parkinson’s UK and Parkinson’s UK Sales Limited 89 413 232 518
Transaction between Parkinson’s UK and Parkinson’s Research Ventures Limited 307 9,023 166 6,272

All transactions above resulted from transfers between members of the group relating to the operational activities of the trading subsidiaries including administration fees of £76,000 (Parkinson's UK Sales Limited) and £54,000 (Parkinson's Research Ventures Limited) charged by the charity, interest due to the charity on the secured loan to Parkinson's Reserach Ventures Limited of £199,000 and transfer of profits of £20,000 from Parkinson's UK Sales Limited to the charity under the gift aid scheme, offset by purchases of merchandise by the charity. In 2021 the amounts were administrations fees of £72,000 (Parkinson's UK Sales Limited) and £51,000 (Parkinson's Research Ventures Limited), interest of £63,000 (Parkinson's Research Ventures Limited) and transfer of profits of £163,000 (Parkinson's UK Sales Limited).

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20. Operating lease commitments

As at 31 December 2022 the charity had annual operating lease commitments as set out below:

2022 2022 2021 2021
Land and Land and
Buildings Other Buildings Other
£’000 £’000 £’000 £’000
Operating leases payments due:
within one year 581 7 3 13
within two to fveyears 725 2 0 5
1,306 9 3 18

21. Grants received

In accordance with agreements entered into with grantors the charity acknowledges the receipt of the following grants included within the net grant income of £593,000 (2021: £532,000) in the Statement of Financial Activities.

2022 2022
Grantor Activity £’000 £’000
Sport England and The National Lottery Physical Activity and Exercise programme 175 107
Medical Research Council - UKRI emergency grant 2021-22 Medical Research Council 137 0
The National Lottery Community Fund - Digital Fund Parkinson’s Connect 60 0
The National Lottery Community Fund Scotland Parkinson’s Active 44 43
Scottish Government OCS Specifc research project 38 0
Scottish Government - Neurological Framework Parkinson’s Connect Scotland 29 11
The National Lottery Community Fund Wales Parkinson’s Community Cymru 28 0
Northern Ireland Department of Health Mental Health Parkinson’s Minds Matter 23 0
Fund/the Community Foundation
Welsh Government Voluntary Services Emergency Fund: Local Advisers in Wales 9 47
Association of Jersey Charities Jersey Branch - Activities for Local Group members 8 0
Sport England - Kent County Council Canterbury Branch - “Gentle Gym” exercise class 5 0
Sport England - Tackling Inequalities Walking group equipment 5 0
Pembrokeshire County Council Pembrokeshire Branch - Carers Grant 5 6
States of Jersey Jersey Branch - Activities for Local Group members 5 0
Department for Work and Pensions Access to work/Kickstart scheme 4 26
Sport England - Bolton Metropolitan Borough Council Bolton Branch - Nordic Walking activity 4 0
Sport England - North Yorkshire Sport Harrogate Branch - Parkinson’s Boxing Project 3 2
Woking Borough Council Woking and Weybridge Branch - Hydrotherapy sessions 2 0
Barnsley Metropolitan Borough Council Barnsley Branch - Exercise Classes 2 0
The National Lottery Community Fund Bassetlaw Branch - Outings 1 0
Exmouth Town Council East Devon Support Group - Activities for Local Group members 1 0
Sidmouth Town Council East Devon Support Group - Activities for Local Group members 1 0
The National Lottery Community Fund - Digital Fund Parkinson's Connect 0 180
HM Revenue & Customs Coronavirus Job Retention Scheme 0 63
London Borough of Waltham Forest Waltham Forest Branch - Local group activity 0 8
The National Lottery Community Fund Barnsley Branch - Respite care 0 8
Hampshire County Council Basingstoke Branch - “Get going again” funding 0 4
Cwm Taf Morgannwg University Health Board Local advisers in Wales 0 3
Essex County Council Chelmsford Branch - Encourage physical activity 0 3
Crewe Town Council Crewe Branch - Local group activity 0 3
Sport England Wakefeld Support Group - Nordic Walking Group 0 2
Mid Sussex County Council Crawley and East Grinstead Branch - Website Development 0 2
South Kesteven District Council Grantham Branch - Dance with Parkinson’s 0 1
Brighton & Hove City Council Brighton and Hove Branch - Support during Covid 0 1
East Herts Council Bishops Stortford Support Group - Local group activity 0 1
Worth Parish Council Crawley and East Grinstead Branch - Haven Garden Project 0 1
Othergrants under £1,000 4 10
Total grants 593 532

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DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

22. Contingent liability

At the year end the Group had four outstanding performance related research funding commitments that were not fully included in the balance sheet as the related payments are possible but subject to satisfactory review. The costs are recognised in the statement of financial activities when performance criteria are met. The grants are listed below:


when performance criteria are met. The grants are listed
below:
Timescale Amount not
for remaining Total recognised at 31
Name of institution and grant title Nature of contingency commitment award December 2022
years £’000 £’000
Imperial College London - Parkinson’s UK-MS Society Performance related grant 2023-2024 1,535 291
Tissue Bank
University of Oxford - Understanding Parkinson’s Performance related grant 2023-2026 733 454
Progression (UPP)
University of Cambridge - Alpha-synuclein spreading Performance related grant 2023-2026 241 85
from gut to brain in new transgenic models
Pharmaxia Limited - Multicentre clinical trial Performance related funding 2023-2025 2,900 2,050

At the year end the charity also has a 40% equity stake in Keapstone Therapeutics Limited. The shares cost £400, however the charity’s share of the company’s loss in 2022 was greater than £400. The value of the charity's equity in the financial statements is £0 and the cumulative unrealised loss at the end of 2022 is £91,000 (2021: £104,000).

23. Contingent assets

At the year end the charity had eight research programmes where it has a contractual right to a percentage of any commercialism of any foreground intellectual property generated. These programmes are still at the early stages of development and at 31 December 2022 it is too early to measure the valuation of any intellectual property generated to this point. The income is recognised in the statement of financial activities when the assets meet income recognition criteria.

24. Post balance sheet events

There are no post balance sheet events to be reported.

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PIlllKINS()N'S' The NHSl$ bn doctors. ther￿￿$￿ and ParkSn8on's Nurs W• ￿n￿wIlt forur parkinsons.org.uk y¥ CANT WAIT CSKN'TWAIT CANY WAIT IT CAN'T WblT 11 Q4N'T WA CANT WAIT CAN'T WAIT CANY WIIIT CAN'T w￿lT

DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

Reference and administration

Charity details

Parkinson’s UK

(registered as the Parkinson’s Disease Society of the United Kingdom)

215 Vauxhall Bridge Road London SW1V 1EJ

parkinsons.org.uk

A company limited by guarantee and registered in England and Wales (00948776)

A charity registered in England and Wales (258197)

A charity registered in Scotland (SC037554)

Patron

Solicitors

Withers LLP 16 Old Bailey London EC4M 7EG

Investment managers

JP Morgan Bank S.E. 60 Victoria Embankment London EC4Y 0JP Troy Asset Management Limited 33 Davies Street London W1K 4BP

HRH The Duchess of Gloucester GCVO

President

Jane Asher

Professional advisers

Auditors (external)

BDO LLP 55 Baker Street Marylebone London W1U 7EU

Auditors (internal)

Beever and Struthers The College of Law 15 Bunhill Row London EC1Y 8LP

Bankers

Barclays 1 Churchill Place London E14 5HP Royal Bank of Scotland 97 New Bond Street London W1S 1EU

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Board of Trustees and committees

----- Start of picture text -----
Composition of Board of Trustees 2022
Committee membership
Name Type Nation Executive Audit and Risk Investment People
Committee Committee Committee Committee
(EC) (ARC) (IC) (PC)
Gary Shaughnessy (Chair) A • •
Matthew Durdy (Chair) A •
Northern
Kyle Alexander E •
Ireland
David Allan (Died October 2022) E Scotland
Samantha Aylieff E England •
Sally Bromley E England •
Jane Burston E England •
Andrew Cavey A
Elaine Evans (Safeguarding trustee) E Wales •
Katrina Green (Finance trustee and ARC Chair) A • • •
Annie McCallum (PC Chair) C •
Peter Miller (Director Vivifi Biotech Ltd) [1] E England •
Paresh Thakrar (Director PUK Sales Ltd) A
----- End of picture text -----

Notes

1 Peter Miller resigned as a Director of Vivifi Biotech Ltd in January 2023

Key

A - Appointed trustee

E - Elected trustee

C - Co-opted trustee

2 Brian Carson was elected to the board as interim Scotland Trustee in January 2023

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DocuSign Envelope ID: 3B227E42-345D-4781-939D-DD8F41BE375A

----- Start of picture text -----
Independent members of board committees 2022
Audit and Risk Investment People
Committee Committee Committee
Alla Bashenko • •
Rachel Beagles (IC Chair) • [4]
Jonathan Bennett •
Jonathan Blackhurst •
Lesley de Jager •
Bridget Flint • [1]
Jo Keller • [2]
Deborah Richards • [3]
Gilbert Rizk (IC Chair) • [5]
Merrick Styles •
----- End of picture text -----

Notes

Key

1 to October 2022 A - Appointed trustee

2 from February 2022

3 to October 2022

E - Elected trustee

C - Co-opted trustee

4 to February 2023

5 from February 2023

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Senior leadership team

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Thank you

Although it’s not possible to thank every single person or organisation who has supported us, we’d like to give particular thanks to:

Our Patron

HRH The Duchess of Gloucester GCVO

Our President

Jane Asher

Our members

The size of our membership gives us a strong position to influence decision-makers. Thank you to everyone who joined Parkinson’s UK or renewed their membership in 2022.

Our staff and volunteers

Our staff and volunteers are highly skilled people who are passionate about their work. Their tremendous effort across the year means that Parkinson’s UK has made huge progress on all fronts.

Charitable trusts, foundations and statutory organisations

We continue to value the generosity of all the grant makers that support Parkinson’s UK. Our special thanks go to the following for making a particular contribution to our work in 2022:

Companies and other organisations

The contribution of our corporate supporters remains vital to our success. We would like to thank them for their support in 2022:

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Those who remembered Parkinson’s UK in their will

Once again, legacies were extremely important to our charity with the gifts we received representing more than half our income. We are enormously grateful to all those people who remember Parkinson’s UK with a gift in their will allowing the charity to continue its investment in research and support for people with Parkinson’s.

Individual supporters

Our thanks also go to the philanthropists who made a special contribution to our work in 2022, as well as all those who wish to remain anonymous:

Fundraisers

Thank you to the groups and individuals supporting local fundraising across the UK.

The Parkinson's Virtual Biotech fundraising board

Big Comedy Shake Up committee

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High-profile supporters

Thanks to the supporters below for helping to raise our profile and awareness of Parkinson’s this year:

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GOFI F()11 IT! M12403b

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Our values

People-first

We’re a strong movement for change, informed, shaped and powered by people affected by Parkinson’s. We value and support each other.

Uniting

We're people with Parkinson's, scientists and supporters, fundraisers and families, carers and clinicians. We're working, side by side, to improve the lives of everyone affected by Parkinson's.

Pioneering

We innovate across everything we do. Creative, courageous and with pioneering spirit, we strive to continually improve.

Driven

We live and breathe our purpose. We set clear goals and strive to deliver the greatest impact for everyone affected by Parkinson’s.

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Your mum, son or friend. Anyone can get Parkinson’s, young or old. Every hour, two more people are diagnosed.

Parkinson’s is what happens when the brain cells that make dopamine start to die. There are over 40 symptoms, from tremor and pain to anxiety. Some are treatable, but the drugs can have serious side effects. It gets worse over time and there’s no cure. Yet.

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But we know we’re close to major breakthroughs. By funding the right research into the most promising treatments, we get closer to a cure every day.

Until then, we're here for everyone affected by Parkinson’s. Fighting for fair treatment and better services. Making everyone see its real impact.

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People with Parkinson’s, scientists and supporters, fundraisers and families, carers and clinicians, all working side by side. Impatient for change, we’re taking a stand, speaking out, chipping in, and playing our part.

Our ethical framework

We’re determined to work consistently in the best interests of people affected byParkinson’s and demonstrate openness and integrity in all our practices and decision-making.

We're firmly committed to protecting the dignity, privacy and safety of everyone who gets in touch with the charity.

We think carefully about the health, social and environmental impact of our activities, partnerships, investments and funding, and how these reflect our mission to improvequality of life for people affected. Our ethical framework, and the policies that underpin it, are aligned with our core values.

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We are Parkinson’s UK. Powered by people. Funded by you. Improving life for everyone affected by Parkinson’s. Together we’ll find a cure.

0808 800 0303 Free confidential helpline Monday to Friday 9am to 6pm, Saturday 10am to 2pm (interpreting available) NGT relay 18001 0808 800 0303 (for textphone users only) hello@parkinsons.org.uk parkinsons.org.uk

Parkinson’s UK, 215 Vauxhall Bridge Road, London SW1V 1EJ

Parkinson’s UK is the operating name of the Parkinson’s Disease Society of the United Kingdom. A charity registered in England and Wales (258197) and in Scotland (SC037554). © Parkinson’s UK 08/23 (CS3960)