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2023-03-31-accounts

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Contents page

Foreword

2

3-14

Trustee’s report

Who we are 3 • What we did this year 4-8 • What’s next 9 • Financial review 10 • Governance 11-13 • Statement 14

15

Financial report

Administration

1

Foreword

This year the AMRC has continued to have a significant impact within the UK research sector and beyond, supporting our members to fund high quality research and deliver benefit to patients. I’m delighted to have taken on the role of Chair during this period and now to introduce this report on highlights from in 2022/2023. I’d also like to take this opportunity to acknowledge how many of these developments were led and championed by our previous Chair, Lord Sharkey, and to thank him for his tireless dedication to AMRC and the wider medical research charity sector during his seven years in the role.

AMRC aims to connect the support we provide across the whole research life cycle. This year our focus included supporting members in partnering with patients and the public in all areas and stages of research. Importantly, members supported our new position statement on involvement becoming a condition of membership and we published a spotlight report alongside expanded guidance on the subject. Supporting further progress in this area will remain a strategic priority for us.

Another highlight was securing further financial support for the sector through the Medical Research Charities Early Career Researchers Support Fund. An important enabler for this was our work championing the vital and varied roles charities play in the UK medical research system, including our spotlight reports, events and a new animation.

We were greatly saddened to share news of the death of our former CEO Aisling Burnand CBE in September. Her legacy is, and will remain, huge at AMRC and across the sector. There have been other challenges too, such as the continuing impact of the COVID-19 pandemic and the significant effect of the cost-of-living crisis. However, the hard work and enthusiasm of our members, supporters, Trustees and the AMRC staff have ensured that there are plenty of achievements to celebrate once again this year. I look forward to what 2023/2024 will bring.

.

Dr Louise Wood, Chair of the Executive Council

2

Trustees’ report: Who we are

The Association of Medical Research Charities (AMRC) is the national membership organisation of leading health and medical research charities. The company is limited by guarantee and is governed by its Articles of Association.

Our mission

The AMRC brings together and supports health and medical charities to produce high-quality research. We do this by influencing policy and research and highlighting the sector’s contribution to patient and public health.

Public benefit statement

The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit’.

We are a membership-driven organisation with over 90% of our income coming from membership subscriptions this financial year. Through supporting those in the charity sector with responsibility for allocating funds to medical and health research, we can help all charities maximise the use of their resources and make a greater impact for all their beneficiaries.

3

Trustees’ report: What we did this year

1. Championing the voice of our charities

----- Start of picture text -----
6
Reports and
infographics
published
30+
news pieces
generated
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4

2. Influencing the research funding landscape

----- Start of picture text -----
• We continued to work with the government to make the case for ongoing support
for the Medical Research Charities COVID Support Fund for Early-Career
Researchers (ECRs). The government announced a further £50 million in March
2023, which has supported…
…at 116 UK …funded by 88
1196 ECRs…
institutions… AMRC charities.
£million invested in
No. of ECRs supported
each UK region
in each UK region
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6 36 consultation AMRC and inquiry engagements with responses MPs and Peers

5

3. Fostering collaborations and partnerships

32 AMRC network meetings

6

4. Supporting clinical research for benefit

7

5. Delivering high quality support

----- Start of picture text -----
Equity,
Patient and diversity Monitoring
public Career Environmental and and Open
involvement development sustainability evaluating research
(PPI) inclusion impact
(EDI)
Research Use of Robust Setting
Bullying and harassment reproducibility and integrity animals in research processes for funding prioritiesresearch
decisions
----- End of picture text -----

• We launched a group called Exploring Impact, replacing our Researchfish User Group. The group is for anyone with an interest in exploring best practice on research impact and receiving practical impact takeaways.

• We attended workshops with UKRI and held a CEO roundtable event to discuss the development of a new concordat to demonstrate commitment to a net zero approach for research.

----- Start of picture text -----
16 162
blogs published Email campaign
on our website updates sent
10 72
Introductory charities advertised
members vacancies in our job
mailing
----- End of picture text -----

8

Trustees’ report: What next?

Over the next year we will prioritise…

9

Trustees’ report: Financial review

Results for the year

Income for the year totalled £1,145,923 (2022: £1,198,646). Income from continuing membership subscriptions and training was £1,093,383 (2022: £1,028,582) showing an increase of 6.3%.

After total expenditure of £1,066,421 (2022: £1,024,155) the year’s activities showed a surplus for the year of £79,502 (2022: £174,491) which, when accumulated with the funds brought forward from previous years, leaves the Association with total funds at the year-end of £866,885 (2022: £787,383).

All funds held at the year end are unrestricted (2022: all funds held were unrestricted). As at the year end, £248,216 (2022: £223,546) is designated for strategic ongoing projects.

The balance sheet as of 31 March 2023 includes a creditor for the agreed deficit reduction payments on the charity's defined benefit pension plan. The total creditor at the start of the year was £6,756. Following the latest actuarial valuation of the scheme, the total creditor at 31 March 2023 reduced to £4,306. For further details, see Note 18.

Reserves policy

AMRC must ensure its long-term sustainability, viability, and success, and in determining its reserves policy the trustees have taken into account the current economic conditions and the risks to key funding sources (in particular membership income). The trustees have also considered the organisation’s core financial responsibilities.

It was agreed that, excluding restricted expenditure, AMRC requires reserves of no less than three and no more than six months’ normal operating expenditure, to meet its operational needs and to enable reorganisation should key sources of revenue decline.

As of 31 March 2023, AMRC possessed general reserves (being total reserves less restricted and designated funds) totalled £618,669 representing approximately 6 months’ normal operating expenditure based on 2022/23 budget (31 March 2022: general reserves were £563,837). AMRC aimed for - and achieved - this high-end level to ensure that the delayed impact of the pandemic on our income in future years could be mitigated and our charitable activities protected.

As of 31 March 2023, the charity also held £248,216 in designated funds. More details of the use of designated funds are given in Note 11.

10

Trustees’ report: Governance

Structure

AMRC is a registered charity and a company limited by guarantee, not having share capital. The charity’s governing document is in the form of Articles of Association dated 23 September 2008 and amended by Special Resolution dated 6 December 2022.

AMRC is governed by an Executive Council, which meets formally at least four times each year and determines the overall strategic direction of the charity.

The trustees are responsible for planning and policymaking for AMRC and, accordingly, policy decisions are referred to the Executive Council for approval.

The day-to-day management of AMRC is entrusted to the Chief Executive and the senior leadership team, who have delegated authority from the Executive Council to administer the affairs of the charity.

The Chief Executive and senior leadership team are invited to the trustees’ meetings and provide them with regular reports on the work of AMRC.

Members

Full members are registered charities that fund medical and health research in the UK and meet all of AMRC’s criteria. Introductory members are registered charities that fund, or intend to fund, medical and health research in the UK as one of their principal activities and are actively working towards meeting the AMRC’s full membership criteria.

To preserve AMRC full membership as the hallmark of quality research funding, a membership-wide audit of peer review processes takes place every five years and was undertaken most recently in 2021/22.

AMRC’s membership criteria are described in our Standing Orders and kept under regular review by the Executive Council and were updated in 2021.

AMRC membership at the end of the year stood at 151. This included four new full members that joined during the year: PSC Support, Leeds Hospital Charity, The Institute for Cancer Vaccines and Immunotherapy and PCD Research. Eight new introductory members also joined: Headlines Craniofacial Support, Cardiomyopathy UK, Sarcoidosis UK, Royal Free Charity, Royal Brompton & Harefield Hospitals Charity, My Name’5 Doddie Foundation, Supporting Wounded Veterans and Ruth Strauss Foundation.

Supporters

Our supporters are organisations operating in the health and medical research ecosystem with an interest in the activities of AMRC and our members, and whose activities can be of real support and value to our members. These supporters play an important role in the AMRC network and their membership brings an opportunity to work more closely on areas of mutual benefit.

Our Articles of Association were amended at the AGM held in December 2019 to allow for one supporter member representative to be elected to the Executive Council.

11

Supporter members who are research funders will not attract the financial benefits to their research that follow from full AMRC membership – such as eligibility for the Charity Research Support Fund (CRSF) and AcoRD. In 2022/23 we welcomed Health Data Research UK and Medli.

Trustees

Nine members of the Executive Council are nominated or elected by AMRC members. One is nominated and elected by supporter members. These trustees may serve for a period of three years, with the option of re-election or nomination for a further three-year term. Nominating members are designated in the Standing Orders and may each appoint one nominated trustee who may be a trustee, officer, employee, or other representative of the nominating member.

Elected trustees are elected from amongst the categories (set out in the Standing Orders). All members of AMRC are entitled to nominate individuals as trustees, who may be eligible individuals from their own organisation or another member charity. Any person standing for election as an elected trustee must have their nomination approved by the Executive Council. If any post is contested, the elections take place shortly before the AGM. The Executive Council can from time to time establish guidelines in the Standing Orders to ensure that the composition of the Executive Council properly reflects the membership of the Association.

At the AGM in December 2022, Dr Louise Wood replaced Lord Sharkey as Chair. Daniel Pavin and Adam Cobham were appointed as Co-opted Trustees. Alyson Fox was reappointed as the Trustee nominated by the Wellcome.

Risk Review

AMRC maintains a risk register of the major operational and business risks and challenges it faces. The trustees confirm that controls are in place to mitigate the current major risks identified which are:

Risk
Category		 Risk Mitigation
Finance
/income		 Reduction in income
as a result of the
COVID19 pandemic
and cost--of-living
crisis impacting
donations to member
charities, together
with increased costs
as a result of inflation		 We are working with members to understand
impact of the crisis, annual data collection to
assess impact on research expenditure;
increase in membership subscription fees
capped at 3% in recognition of situation.
The Pandemic Impact Fund, created in
2021/22 provides some cover. Utility bills are
included within fixed service charge fee as part
of AMRC's new office lease.
People and
Culture		 Loss of key staff, resulting in
additional workload
pressures and loss of
institutional memory
We will focus on embedding and training new
staff. Small organisation makes career
progression and succession planning more
difficult. Salary benchmarking review in 2022,
benefits review underway. Increased focus on
training opportunities, continue talent
management approach for all staff, seek
opportunities for secondments etc. where
appropriate. Annual staff survey to gauge
situation and exit interviews.

12

Complaints

We have received no complaints.

Subscriptions

Under our Articles of Association and Standing Orders, the Executive Council can increase subscriptions in line with inflation.

The Executive Council approved a 3% rise in this year’s subscription rate. This is usually raised in line with RPI, but in 2022 this rate was incredibly high at over 11%, and it was agreed with Trustees that raising subscriptions by this amount would be neither fair or appropriate. From April 2022, AMRC moved to a subscription approach based on bands, rather than an individual percentage, with events now included in the subscription rate. The minimum last year was £485.

Our three largest members (also the largest medical research charities in the UK) – the Wellcome, Cancer Research UK and the British Heart Foundation – pay a fixed subscription which has been agreed for a three year period. To safeguard the independence of AMRC, not one member contributes more than 25% of our income.

Funding

Funding comes from members and supporters of the charity through their subscriptions and support of our events. We do not fundraise directly from the public and we have no third-party contracts for fundraising services. There is a ‘donate’ button on our website and occasional donations are made through this route. The charity is not registered with the Fundraising Regulator.

Pay and remuneration

AMRC has a process for setting the pay and remuneration for all staff, we

13

Trustees’ report: Statement

The trustees, who are also the directors of the Association of Medical Research Charities for the purposes of company law, are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company, for that period.

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

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

In so far as the trustees are aware:

Approved by the Executive Council on 13 July 2023, signed on their behalf by:

Louise Wood

Dr Louise Wood,

Chair of the Executive Council, Association of Medical Research Charities (AMRC) Charity no. 296772, Company no. 02107400

14

Independent auditor’s report to the members of the Association of Medical Research Charities

Opinion

We have audited the financial statements of Association of Medical Research Charities for the year ended 31 March 2023 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash flows and notes to the 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).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

In connection with our audit of the financial statements, 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. 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.

15

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the strategic report and the directors’ report).

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

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 14, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our 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 charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Charity Commission regulation, health and safety, data protection legislation and employment (including taxation) laws and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.

16

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’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. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Weaver (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditor London Date: EC4R 1AG 20 July 2023

17

Association of Medical Research Charities Statement of financial activities

(Incorporating the Income and Expenditure Account) For the year ending 31 March 2023

Note
INCOME
Income from:
Donations and legacies
2
Charitable activities:
Subscriptions and training
Other income
Investments: Bank interest
TOTAL INCOME
EXPENDITURE
Expenditure on:
Charitable Activities:
Policy
Research
Data analysis
Membership
TOTAL EXPENDITURE
3
Funds brought forward
11
Funds carried forward
11
Net income &
Net movement in funds		 Total
Total
Funds
Funds
2023
2022
£
£
1,553
1,135
1,093,383
1,028,582
47,399
168,814
3,588
115
1,145,923
1,198,646
403,292
445,014
138,892
149,613
124,962
86,694
399,275
342,834
1,066,421
1,024,155
79,502
174,491
787,383
612,892
866,885
787,383

All of the above results are derived from continuing activities.

All income and expenditure in the year and the previous year is unrestricted and there were no recognised gains and losses other than those stated above.

The annexed notes form part of these financial statements.

18

Association of Medical Research Charities Balance Sheet As at 31 March 2023

2023 2022
Note £ £ £ £
FIXED ASSETS
Tangible assets 8 3,323 16,831
3,323 16,831
CURRENT ASSETS
Debtors 9 60,856 1,108,306
Cash at bank and in hand 887,429 831,892
948,285 1,940,198
Creditors: amounts falling due
within one year 10 (82,879) (1,165,352)
NET CURRENT ASSETS 865,406 774,846
Creditors: amounts falling due
after more than one year:		 18 (1,844) (4,294)
NET ASSETS 866,885 787,383
FUNDS
Unrestricted funds
Designated funds 11 248,216 223,546
General fund 11 618,669 563,837
Total unrestricted funds 866,885 787,383
866,885 787,383

These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved, and authorised for issue, by the trustees on 13 July 2023 and signed on their behalf by:-

Louise Wood

LOUISE WOOD, Chair

Company registration no. 02107400

The annexed notes form part of these financial statements.

19

Association of Medical Research Charities Statement of Cash Flows For the year ending 31 March 2023

Cash provided by operating activities
Net movement in funds
Add back depreciation charge
Less interest income
Loss on disposal of fixed assets
Decrease / (increase) in debtors
(Decrease) in creditors
Net cash provided by
operating activities
Cash flows from investing activities
Interest income
Purchase of tangible fixed assets
Net cash provided by / (used in)
investing activities
Cash and cash equivalents at the
beginning of the year
Total cash and cash equivalents at
the end of the year
Increase in cash and cash
equivalents in the year
Analysis of changes in net debt
Cash at bank and in hand		 £
79,502
8,766
(3,588)
7,234
1,047,450
(1,084,923)
3,588
(2,492)
2023		 £
79,502
8,766
(3,588)
7,234
1,047,450
(1,084,923)
3,588
(2,492)
2023		 £
54,441
1,096
55,537
831,892
887,429
Balance at
1 April
2022
£
831,892
831,892		 £
£
174,491
10,624
(115)
-
(5,744)
(58,122)
121,134
115
(1,248)
(1,133)
120,001
711,891
831,892
2022
Balance at
31 March
Cash flows
2023
£
£
55,537
887,429
55,537
887,429

The annexed notes form part of these financial statements.

20

Notes to the financial statements For the year ending 31 March 2023

1. ACCOUNTING POLICIES

Statement of Compliance

These financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity is a public benefit entity for the purposes of FRS 102 and therefore has also prepared the financial statements in accordance with the Statement of Recommended Practice (second edition - October 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP) and the Charities Act 2011.

General Information

The charity is a private company limited by guarantee, incorporated in England and Wales (company number: 02107400) and a charity registered in England and Wales (charity number: 296772). The charity’s registered office address is: Churchill House, Third Floor, 35 Red Lion Square, London, WC1R 4SG.

Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. The trustees have reviewed our forecasts and concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Subscription income is recognised in the period for which the subscription relates to.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

21

1. ACCOUNTING POLICIES (continued)

Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's activities. These costs have been allocated between the direct activities of the charity on the basis of staff time.

Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Fixtures and fittings 3 years straight line IT equipment 3 years straight line Leasehold fit out 5 years straight line

22

1. ACCOUNTING POLICIES (continued)

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

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

Pensions

The charity provides a defined contribution pension scheme to current employees, the assets of which are held separately from those of the company in an independently administered fund with The Pensions Trust. Contributions are charged to expenditure as they fall due.

One member of staff is part of a defined benefit pension scheme which the charity previously provided. That scheme is also administered by the Pensions Trust. For further details see Note 18.

Employee benefits

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.

Significant judgements and sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the charity’s accounting policies. The key judgements that have been applied by management relate to depreciation rates.

23

2. DONATIONS AND LEGACIES

Donations Total
Total
Funds
Funds
2023
2022
£
£
1,553
1,135
1,553
1,135

3. EXPENDITURE

CURRENT YEAR

Charitable activities:
Policy
Research
Data analysis
Membership
PRIOR YEAR
Charitable activities:
Policy
Research
Data analysis
Membership		 Direct Staff
costs
£
319,307
104,988
72,755
275,484
772,534
Direct Staff
costs
£
342,161
99,975
71,530
282,193
795,859		 Direct
costs
£
21,231
2,527
23,154
14,553
61,465
Direct
costs
£
27,251
24,775
280
6,857
59,163		 Support
costs
£
62,754
31,377
29,053
109,238
232,422
Support
costs
£
75,602
24,863
14,884
53,784
169,133		 Total
2023
£
403,292
138,892
124,962
399,275
1,066,421
Total
2022
£
445,014
149,613
86,694
342,834
1,024,155

Details of support costs are given in Note 4.

4. SUPPORT COSTS

Governance costs:
Trustee meetings
Audit fee for the year
Other support costs
Staff
Premises
Legal and professional
Information technology
Other office expenses		 2023
2022
£
£
1,399
13
12,000
8,160
13,399
8,173
42,050
11,537
56,593
68,068
8,972
2,606
48,254
44,488
63,154
34,261
232,422
169,133

24

5. NET INCOME FOR THE YEAR

This is stated after charging:
Operating lease rentals: Premises
Depreciation
Auditor's remuneration: Audit Fees		 2023
£
34,633
8,766
12,000		 2022
£
43,688
10,624
8,160

6. EMPLOYEE AND KEY MANAGEMENT PERSONNEL

The key management personnel of the charity comprise the trustees (“Directors” for the purposes of the Companies Act) and Senior Management Team. The total amounts paid in respect of the key management personnel of the charity (including employer's National Insurance contributions and employer's pension contributions) were £381,373 (2022: £372,034). None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

The aggregate payroll costs were:
Wages and salaries
Social security costs
Employer pension contributions
TPT Pension plan- increase /(reduction) in liability (see Note 18)		 2023
£
658,439
73,118
40,965
12
772,534		 2022
£
693,875
75,552
42,909
(16,477)
795,859

The number of employees earning over £60,000 in the year (exclusive of employer's National Insurance contributions) were as follows:

Including employer pension contributions

£60,000 < £69,999
£70,000 < £79,999
£80,000 < £89,999
£100,000 < £109,999
£60,000 < £69,999
£70,000 < £79,999
£80,000 < £89,999
£90,000 < £99,999
Excluding employer pension contributions		 2023
No.
-
2
1
1
2023
No.
-
2
1
1		 2022
No.
2
1
1
-
2022
No.
2
2
-
-

Two Trustees were reimbursed expenses of £601 for travel and subsistence in the year (2022: None).

25

6. EMPLOYEE AND KEY MANAGEMENT PERSONNEL (continued)

The average monthly number of staff employed by the Association during the financial year amounted to:

2023 2022
No. No.
Policy 5.1 6.4
Research 2.0 2.3
Data analysis 1.4 1.4
Membership 5.0 5.1
13.5 15.2

7. TAXATION

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

8. TANGIBLE FIXED ASSETS

8. TANGIBLE FIXED ASSETS
Cost
At 1 April 2022
Additions in the year
Disposals in the year
At 31 March 2023
Accumulated depreciation
At 1 April 2022
Charge for the year
Disposals in the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
9. DEBTORS
Trade debtors
Other debtors
Prepayments
Accrued income		 Fixtures
and fittings
£
10,996
2,492
(10,996)
2,492
10,996
-
(10,996)
-
2,492
-		 IT
equipment
£
16,411
-
-
16,411
11,154
4,426
-
15,580
831
5,257		 Leasehold
fit out
£
28,936
-
(28,936)
-
17,362
4,340
(21,702)
-
-
11,574
2023
£
7,115
14,712
32,779
6,250
60,856		 Total
£
56,343
2,492
(39,932)
18,903
39,512
8,766
(32,698)
15,580
3,323
16,831
2022
£
1,049,065
-
52,725
6,516
1,108,306

26

10. CREDITORS: amounts falling due within one year
Trade creditors
Taxation and social security
Pension payable (see Note 18)
Other creditors
Accruals
Deferred income (see below)
Deferred income
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year:
Subscriptions invoiced in advance
Balance at the end of the year		 2023
£
24,196
18,680
7,073
-
32,930
-
82,879
2023
£
1,066,553
(1,066,553)
-
-		 2022
£
35,641
17,457
2,461
8,007
35,233
1,066,553
1,165,352
2022
£
1,005,085
(1,005,085)
1,066,553
1,066,553

11. STATEMENT OF FUNDS - CURRENT YEAR

Designated funds
1.
Strategic Projects
2.
IT Maintenance
and development
3.
Staffing and salary review
4.
Office fit out
5.
Pandemic impact fund
Total designated funds		 Balance at
1 April
2022
£
7,411
9,723
6,412
-
200,000
223,546		 Income
£
-
-
-
-
-
-		 Expenditure
£
-
-
(5,330)
-
-
(5,330)		 Balance at
31 March
Transfers
2023
£
£
-
7,411
10,000
19,723
5,000
6,082
15,000
15,000
-
200,000
30,000
248,216

Purposes of designated funds

  1. Strategic projects - representing funds set aside for strategic projects. The fund is expected to be spent in the next 3 to 5 years.

  2. IT Maintenance and development - representing funds set aside to ensure there is sufficient resource available for further IT investment. The fund is expected to be spent in the next 3 to 5 years.

  3. Staffing and salary review - representing funds set aside for benchmarking current salaries and benefits. The fund is expected to be spent in the new financial year.

  4. Office fit out - representing funds set aside to purchase furniture and undertake work to ensure the working environment is fit for purpose. The fund is expected to be spent in the next one to two years .

  5. Pandemic impact fund - representing funds set aside for to provide for unplanned impacts from the covid19 pandemic over the coming 2 to 3 years. This fund helps mitigates some of the risks posed to AMRC arising from the pandemic, by providing for identified funding over and above budgeted expenditure.

27

11. STATEMENT OF FUNDS - CURRENT YEAR (continued)

Balance at
1 April
2022
Income
£
£
General fund
563,837
1,145,923
Designated funds
223,546
-
Total unrestricted funds
787,383
1,145,923
Total funds
787,383
1,145,923
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
1 April
2021
Income
£
£
Designated funds
Strategic Projects
7,411
-
IT Maintenance
and development
9,723
-
Staffing and
salary review
6,412
-
Fundraising consultant
29,100
-
Pandemic impact fund
-
-
Total designated funds
52,646
-
PRIOR YEAR - SUMMARY OF FUNDS
Balance at
1 April
2021
Income
£
£
General fund
560,246
1,198,646
Designated funds
52,646
-
Total unrestricted funds
612,892
1,198,646
Total funds
612,892
1,198,646		 Expenditure
£
(1,061,091)
(5,330)
(1,066,421)
(1,066,421)
Expenditure
£
-
-
-
-
-
-
Expenditure
£
(1,024,155)
-
(1,024,155)
(1,024,155)		 Transfers
£
(30,000)
30,000
-
-
Transfers
£
-
-
-
(29,100)
200,000
170,900
Transfers
£
(170,900)
170,900
-
-		 Balance at
31 March
2023
£
618,669
248,216
866,885
866,885
Balance at
31 March
2022
£
7,411
9,723
6,412
-
200,000
223,546
Balance at
31 March
2022
£
563,837
223,546
787,383
787,383

12. STATEMENT OF FUNDS - PRIOR YEAR

28

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

CURRENT YEAR

Fixed assets
Net current assets
Creditors due after more than one year
PRIOR YEAR
Fixed assets
Net current assets
Creditors due after more than one year		 Designated
funds
£
-
248,216
-
248,216
Designated
funds
£
-
223,546
-
223,546		 General
fund
£
3,323
617,190
(1,844)
618,669
General
fund
£
16,831
551,300
(4,294)
563,837		 Total
funds
£
3,323
865,406
(1,844)
866,885
Total
funds
£
16,831
774,846
(4,294)
787,383

14. OPERATING LEASE COMMITMENTS

At the reporting end date the charity had the following future minimum lease payments under noncancellable operating leases which fall due as follows:

Less than 1 year
Between 1 and 5 years		 2023
Property
£
43,110
168,848
211,958		 2023
Equipment
£
4,597
3,781
8,378		 2022
2022
Property
Equipment
£
£
39,319
385
92,623
-
131,942
385

15. LEGAL STATUS

The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.

16. RELATED PARTY TRANSACTIONS

Due to the nature of the charity’s work, its trustees are often trustees or employees of member organisations. Member fees are always calculated in the ordinary course of business.

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

29

17. FUNDS HELD AS TRUSTEE

In the prior financial year ending 31 March 2022, the charity received funds on behalf of a separate charity, the Medical Research Council (MRC) for a project related to the members of AMRC. The project agreement was that AMRC administered the funds on behalf of MRC and the AMRC members. The funds held were not an asset of AMRC.

The agreement came to an end on 31 March 2022. With agreement of MRC, the remaining funds held at the end of the project of £20,727 were transferred to AMRC. The balance is included within 'other income' in the Statement of Financial Activities in the year to 31 March 2022.

The transactions during the prior year were as follows:
Brought forward
Received from MRC
Project costs
Balance transferred to AMRC at the end of the agreement (see above)
Balance (paid) on behalf of MRC carried forward		 2022
£
(34,434)
105,194
(50,033)
(20,727)
-

18. PENSION LIABILITY

TPT Retirement Solutions – The Growth Plan

The Association participates in the scheme, a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the Association to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-person standing arrangement'. Therefore the Association is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly)

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows:

30

18. PENSION LIABILITY (continued)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the Association has agreed to a deficit funding arrangement the Association recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

PRESENT VALUES OF PROVISION

Due within one year
Due after more than one year
Total present value of provision		 2023
2022
2021
£
£
£
2,462
2,462
7,871
1,844
4,294
23,234
4,306
6,756

31,105

RECONCILIATION OF OPENING AND CLOSING PROVISIONS

Provision at start of period
Unwinding of the discount factor (interest expense)
Deficit contribution paid
Remeasurements - impact of any change in assumptions
Remeasurements - amendments to the contribution schedule
Provision at end of period
INCOME AND EXPENDITURE IMPACT
Interest expense
Remeasurements – impact of any change in assumptions
Remeasurements – amendments to the contribution schedule
ASSUMPTIONS
31 March
2023
% per annum
Rate of discount
5.52
 2023
£
6,756
127
(2,462)
(115)
-
4,306
2023
£
127
(115)
-
31 March
2022
% per annum
2.35		 2022
£
31,105
179
(7,872)
(155)
(16,501)
6,756
2022
£
179
(155)
(16,501)
31 March
2021
% per annum
0.66

31

18. PENSION LIABILITY (continued)

DEFICIT CONTRIBUTIONS SCHEDULE

Year ending 31 March 31 March 31 March
2023 2022 2021
£ £ £
Year 1 2,462 2,462 7,871
Year 2 2,051 2,462 8,108
Year 3 - 2,051 8,351
Year 4 - - 7,168

The Association must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.

It is these contributions that have been used to derive the Association's balance sheet liability.

32

Administration

Trustees

1. Adam Cobham, Worldwide Cancer Research (from December 2022)

2. Alyson Fox , Wellcome (reappointed December 2022)

3. Ashley Bayston , The Lewy Body Society (from December 2020)

4. Cathy Yelf , Macular Society (reappointed from December 2020)

5. Daniel Pavin, Covington & Burling LLP (from December 2022)

6. Doug Brown , British Society of Immunology (from March 2020)

7. Elizabeth Robertson , Diabetes UK (from December 2020)

8. Henny Braund , Anthony Nolan (from December 2020)

9. Hilary Evans , Alzheimer’s Research UK (from December 2020)

10. Ian Walker , Cancer Research UK (reappointed from December 2020)

11. Jonathan Grant , Different Angles Ltd (reappointed from December 2020)

12. Kate Adcock , Muscular Dystrophy UK (from December 2020)

13. Louise Wood (Chair from December 2022)

14. Sonya Babu-Narayan , British Heart Foundation (from December 2020)

Senior Leadership Team

Advisors

Registration information

CEO

Nicola Perrin

Director of Membership Engagement Carol Bewick

Director of External Affairs Nisha Tailor

Director of Research Policy Dr Catriona Manville

Auditors

Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

Bankers

HSBC plc Holborn Circus 31 Holborn London EC1N 2HR

Legal advisors Russell Cooke 2 Putney Hill London SW15 6AB

Office

3[rd] Floor South Churchill House 35 Red Lion Square London WC1R 4SG

Charity number 296772

Company number 02107400

33