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2024-03-31-accounts

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Contents page

Foreword

Trustee’s report

Auditor’s report

Financial report

Administration

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3-15

3 4 5-9 10 11 12-14 15

16-18

19-32

19 20 21 22-32

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1

Foreword

I am pleased to present the AMRC’s Annual Report for 2023/24, which highlights the significant progress we’ve made in supporting our members to fund high quality research and deliver benefits to patients.

For the third year running, AMRC secured government funding for members’ early career researchers. This is welcome recognition of charities’ vital role in nurturing research careers and will be crucial to aiding the sector through the cost-of-living crisis. £45 million was awarded to 89 charities for 1,106 researchers across the country.

Ahead of the general election, we developed a manifesto providing a framework for the next government to accelerate access to innovation, improve health outcomes for everyone, reduce the burden on the NHS, and cement the UK’s position as a world-leader in R&D.

Increasingly, our members are delivering on their objectives by partnering with other charities, government funding bodies and industry. We connected more than 400 people at our Festival of Partnerships in a series of seven events exploring how to best to partner and showcasing impactful charity partnerships. Tips captured from the festival on how to set up, sustain, and evaluate the success of partnerships were published in an online resource.

We know the importance placed by our members and their supporters on the AMRC’s “quality standard” for membership. Our updated Principles of Expert Review published this year are designed to reflect best practice and support charities in innovative and proportionate approaches to funding decisions.

I am proud of what our board and team have accomplished and am grateful to them for consistently anticipating and responding to the needs of our members. Huge thanks are due to Ian Walker, Cathy Yelf and Ashley Bayston who finished their terms as Trustees for their invaluable input and helping us navigate some of the most challenging times in this organisation’s 37-year history.

Over the coming year we shall continue to work hard to drive positive change for the sector, for example by supporting our members to enhance research culture, engage patients and public in research and respond to the challenge of environmental sustainability. Development of our new five-year strategy will enable us to explore how we can better support and connect our members.

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.

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Trustees’ report: Our impact
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INFLUENCE

We secured £45 million in government funding to support 1,106 charity-funded early career researchers

We represented charities on over 50 boards, committees, and working groups.

We submitted responses to 8 stakeholder inquiries and consultations that will impact the sector

CONNECT

We held seven Festival of Partnerships events attended by over 400 people

We published 15 members’ partnership case studies in several blogs and reports

We ran 19 network meetings where members shared learning

SUPPORT

We posted new guidance on three key topics on our website

We offered five training events for our members

We advertised 217 member vacancies in our job mailing

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Trustees’ report: What we did this year

1. Championing the voice of our charities

Advocating for the sector:

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2. Influencing the research funding landscape

We continued to liaise with government, securing a further £45 million to support charity-funded early career researchers. This was announced in the Chancellor’s Spring Budget 2024 speech. The funding will provide support for...

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…at
1,106 …funded by
107
early career 89
UK institutions…
researchers… AMRC charities.
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We welcomed the government’s response to Sir Paul Nurse’s Independent Review of the Research, Development and Innovation Organisational Landscape, which focuses on encouraging different types of philanthropic investment whilst recognising the existing £2 billion in charity support for UK research per year. We fed into the review and will work with the government and others in the sector on next steps.

We advocated for increasing philanthropic research investment in meetings with the Government Office for Investment, the Department for Science, Innovation and Technology (DSIT) and the Department for Culture, Media and Sport.

We welcomed the final report of the Independent Review of Research Bureaucracy, which recognises the contribution of charities to reduce administrative burden. As a member of the review’s Funders Forum, we fed into the report and review and continue to work with our charities to help them play their part in reducing unnecessary burden.

Our intellectual property guidance was mentioned in the Independent Review of University Spin-out Companies. We continue to work with other funders and universities to reduce delays in the launch of spin-out companies.

We continued to advocate for the UK’s association to the Horizon Europe EU research and innovation programme and welcomed the news that the UK would rejoin Horizon Europe. We joined the Horizon Europe Participation Systems Group and held a webinar with the Academy of Medical Sciences, where 80 attendees were given an overview on how to secure Horizon Europe funding as well as advice for taking part in European collaborations.

We organised three meetings of the DSIT charity forum, bringing together government representatives and AMRC member charities. At the meetings, the forum discussed levelling-up, financial sustainability, and the research landscape.

We joined the Campaign for Science and Engineering and other leading voices in the UK research sector in a statement outlining our united position on the importance of strong government support for R&D.

We joined Ensuring Value in Research, which brings together member organisations from around the world to develop new approaches to increase the value of health-related research.

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3. Fostering collaborations and partnerships

We held a Festival of Partnerships to showcase examples of best practice, share advice for overcoming barriers to partnering, and provide opportunities to connect and collaborate. We ran seven events attended by over 400 people, including our Summer Social, Ask an Expert, Collaborate with Biotech, and Charity Co-Lab, which featured a panel discussion with Science Minister George Freeman. There was a high level of engagement throughout the festival

We developed a spotlight report which highlighted seven case studies from members and key sector statistics on partnerships.

We published eight blogs from members exploring the partnerships they are or have been involved in, and a blog summarising our Ask and Expert event.

We created two videos on partnerships featuring attendees of the festival speaking about the benefits of partnering for charities and what makes charities such good partners.

We ran six network meetings including COMMSunity, PAWG, Research Directors, and Research Managers where charity staff explored aspects of collaboration relevant to their roles.

We published a Top Tips for Partnering report which highlights advice shared by our members, supporters and others during the festival.

We announced Epilepsy Research Institute UK as winner of our inaugural Aisling Burnand Award 2023 for best short video showcasing partnering.

Following discussion at the festival, we are working with UK Research and Innovation, the Medical Research Council and Innovate UK to improve the way Research Councils partner with charities, including developing a framework for response mode partnerships.

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4. Supporting clinical research for patient benefit

Registries:

Clinical research:

Patient data:

Innovation in the NHS:

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5. Delivering high quality support

Research funding:

Equity, Diversity and Inclusion:

Environmental sustainability:

Open research:

Networks:

Membership support:

9

Trustees’ report: What next?

Over the next year we will prioritise…

10

Trustees’ report: Financial review

Results for the year

Income for the year totalled £1,306,161 (2023: £1,145,923). Income from continuing membership subscriptions and training was £1,219,027 (2023: £1,093,383) showing an increase of 11.49%.

After total expenditure of £1,139,492 (2023: £1,066,421) the year’s activities showed a surplus for the year of £166,669 (2023: £79,502) which, when accumulated with the funds brought forward from previous years, leaves the Association with total funds at the year-end of £1,033,554 (2023: £866,885).

All funds held at the year end are unrestricted (2023: all funds held were unrestricted). As at the year end, £382,723 (2023: £248,216) is designated for strategic ongoing projects.

The balance sheet as of 31 March 2024 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 £4,306. Following the latest actuarial valuation of the scheme, the total creditor at the year ended 31 March 2024 reduced to £2,011. For further details, see Note 17.

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 2024, AMRC possessed general reserves (being total reserves less restricted and designated funds) totalled £650,831 representing approximately 6 months’ normal operating expenditure based on 2024/25 budget (31 March 2023: general reserves were £618,669). AMRC aimed for - and achieved - this high-end level to ensure that the potential delayed impact of the pandemic on our income in future years could be mitigated and our charitable activities protected.

As of 31 March 2024, the charity also held £382,723 in designated funds. More details of the use of designated funds are given in Note 11.

11

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 149. This included four new full members that joined during the year: My Name’5 Doddie Foundation, Eyes on the Future, Diabetes Care Trust (ABCD) Ltd, and Action for Pulmonary Fibrosis. Seven new introductory members also joined: Sussex Cancer Fund, Breast Cancer UK, Sudden Unexplained Death in Childhood UK, The Aortic Dissection Charitable Trust, Myaware, The Alkaptonuria Society 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.

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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 2023, Dan Burkwood, Lea Milligan, and Tom Nutt were appointed as elected Trustees. Jonathan Grant, was reappointed as a co-opted Trustee. Hilary Evans, Elizabeth Robertson, Henny Braund, and Kate Adcock were re-appointed as elected Trustees. Doug Brown was re-appointed as an elected supporter Trustee.

New trustees receive an induction pack and have an induction session with the executive team, as well as individual meetings with the Chair and other members as appropriate. This includes Charity Commission guidance about the role of trustees.

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 agreed, as a one off, to freeze subscriptions for 2024-2025, in recognition of the continuing challenges that many member charities face with the cost-ofliving crisis. 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 £500.

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, no one member contributes more than 25% of our income.

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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 due to the
pandemic, the cost--of-living crisis
impacting donations to member
charities, and the increased costs as a
result of inflation.
The pandemic caused a significant
loss of income forcing many of our
member charities to reduce their
research expenditure over several
years. Our subscriptions depend on
their research expenditure from the
previous year. Meaning the
pandemic’s impact will be felt for
longer.		 Ongoing monitoring and annual data
collection to assess impact of the crisis
on members and their research
expenditure. We continue to engage
with members to understand and
respond to their needs. Building
stronger relationships with key
supporters to maintain engagement.
The Pandemic Impact Fund, created in
2021/22 provides some cover.
Funding
People
and
Culture		 Loss of key staff, resulting in additional
workload pressures and loss of
institutional memory		 Small organisation makes career
progression and succession planning
more difficult. Focus on embedding
new team and ensuring training
opportunities. Regular salary
benchmarking, emphasis on flexibility in
updated policies, and hybrid working
approach. Continue to monitor
workloads to ensure staff are not
working at more than capacity and
overburdened. Annual staff survey to
gauge staff morale suggested
indicators moving in right direction.

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

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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 30 July 2024, signed on their behalf by:

______

Dr Louise Wood,

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

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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 2024 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.

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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 16, 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.

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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.

Siobhan Holmes (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditor London Date: 31 July 2024 EC4R 1AG

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Association of Medical Research Charities Statement of financial activities

(Incorporating the Income and Expenditure Account) For the year ending 31 March 2024

For the year ending 31 March 2024
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
Funds
2024
£
2,063
1,219,027
45,397
39,674		 Total
Funds
2023
£
1,553
1,093,383
47,399
3,588
1,306,161 1,145,923
485,229
92,253
100,304
461,706		 403,292
138,892
124,962
399,275
1,139,492 1,066,421
166,669 79,502
866,885 787,383
1,033,554 866,885

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.

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Association of Medical Research Charities Balance Sheet As at 31 March 2024

Balance Sheet
As at 31 March 2024
2024 2023
Note £ £ £ £
FIXED ASSETS
Tangible assets 8 12,698 3,323
12,698 3,323
CURRENT ASSETS
Debtors 9 54,225 60,856
Cash at bank and in hand 1,072,405 887,429
1,126,630 948,285
Creditors: amounts falling due
within one year 10 (105,774) (82,879)
NET CURRENT ASSETS 1,020,856 865,406
Creditors: amounts falling due
after more than one year:		 17 - (1,844)
NET ASSETS 1,033,554 866,885
FUNDS
Unrestricted funds
Designated funds 11 382,723 248,216
General fund 11 650,831 618,669
Total unrestricted funds 1,033,554 866,885
1,033,554 866,885

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 30 July 2024 and signed on their behalf by:-

LOUISE WOOD, Chair

Company registration no. 02107400

The annexed notes form part of these financial statements.

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Association of Medical Research Charities Statement of Cash Flows For the year ending 31 March 2024

£
Cash provided by operating activities
Net movement in funds
166,669
Add back depreciation charge
6,557
Less interest income
(39,674)
Loss on disposal of fixed assets
-
Decrease in debtors
6,631
Increase / (decrease) in creditors
21,051
Net cash provided by
operating activities
Cash flows from investing activities
Interest income
39,674
Purchase of tangible fixed assets
(15,932)
Net cash provided by
investing activities
Cash and cash equivalents at the
beginning of the year
Total cash and cash equivalents at
the end of the year
The annexed notes form part of these financial statements.
2024
Increase in cash and cash
equivalents in the year
Analysis of changes in net debt
Cash at bank and in hand		 £
Cash provided by operating activities
Net movement in funds
166,669
Add back depreciation charge
6,557
Less interest income
(39,674)
Loss on disposal of fixed assets
-
Decrease in debtors
6,631
Increase / (decrease) in creditors
21,051
Net cash provided by
operating activities
Cash flows from investing activities
Interest income
39,674
Purchase of tangible fixed assets
(15,932)
Net cash provided by
investing activities
Cash and cash equivalents at the
beginning of the year
Total cash and cash equivalents at
the end of the year
The annexed notes form part of these financial statements.
2024
Increase in cash and cash
equivalents in the year
Analysis of changes in net debt
Cash at bank and in hand		 £
161,234
23,742
184,976
887,429
1,072,405

Balance at
1 April
2023
£
887,429
887,429		 £
£
79,502
8,766
(3,588)
7,234
1,047,450
(1,084,923)
54,441
3,588
(2,492)
1,096
55,537
831,892
887,429
2023
Balance at
31 March
Cash flows
2024
£
£
184,976
1,072,405
184,976
1,072,405		 £
£
79,502
8,766
(3,588)
7,234
1,047,450
(1,084,923)
54,441
3,588
(2,492)
1,096
55,537
831,892
887,429
2023
Balance at
31 March
Cash flows
2024
£
£
184,976
1,072,405
184,976
1,072,405
1,072,405

The annexed notes form part of these financial statements.

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Notes to the financial statements For the year ending 31 March 2024

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.

22

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

23

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 17.

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.

24

2. DONATIONS AND LEGACIES

Donations Total
Funds
2024
£
2,063
2,063		 Total
Funds
2023
£
1,553
1,553

3. EXPENDITURE

CURRENT YEAR

CURRENT YEAR
Charitable activities:
Policy
Research
Data analysis
Membership
PRIOR YEAR
Charitable activities:
Policy
Research
Data analysis
Membership		 Direct Staff
costs
£
386,407
69,398
61,834
337,322
854,961
Direct Staff
costs
£
319,307
104,988
72,755
275,484
772,534		 Direct
costs
£
15,881
5,082
23,659
42,431
87,053
Direct
costs
£
21,231
2,527
23,154
14,553
61,465		 Support
costs
£
82,941
17,773
14,811
81,953
197,478
Support
costs
£
62,754
31,377
29,053
109,238
232,422		 Total
2024
£
485,229
92,253
100,304
461,706
1,139,492
Total
2023
£
403,292
138,892
124,962
399,275
1,066,421

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		 2024
£
3,973
13,800
17,773
42,836
57,054
390
43,995
35,430
197,478		 2023
£
1,399
12,000
13,399
42,050
56,593
8,972
48,254
63,154
232,422

25

5. NET INCOME FOR THE YEAR

This is stated after charging:
Operating lease rentals: Premises
Depreciation
Auditor's remuneration: Audit Fees		 2024
£
43,110
6,557
13,800		 2023
£
34,633
8,766
12,000

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 £406,051 (2023: £381,373). 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 17)		 2024
£
734,817
77,491
42,486
167
854,961		 2023
£
658,439
73,118
40,965
12
772,534

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

£60,000 < £69,999
£70,000 < £79,999
£80,000 < £89,999
£100,000 < £109,999
£110,000 < £119,999
£60,000 < £69,999
£70,000 < £79,999
£80,000 < £89,999
£90,000 < £99,999
£100,000 < £109,999
Excluding employer pension contributions
Including employer pension contributions		 2024
No.
1
-
2
-
1
2024
No.
1
1
1
-
1		 2023
No.
-
2
1
1
-
2023
No.
-
2
1
1
-

Two Trustees were reimbursed expenses of £365 for travel and subsistence in the year (2023: £601).

26

6. EMPLOYEE AND KEY MANAGEMENT PERSONNEL (continued)

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

Policy
Research
Data analysis
Membership		 2024
No.
6.0
1.5
1.4
6.4
15.3		 2023
No.
5.1
2.0
1.4
5.0
13.5

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 2023
Additions in the year
Disposals in the year
At 31 March 2024
Accumulated depreciation
At 1 April 2023
Charge for the year
Disposals in the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
9. DEBTORS
Trade debtors
Other debtors
Prepayments
Accrued income		 Fixtures
and fittings
£
2,492
6,884
-
9,376
-
3,126
-
3,126
6,250
2,492		 IT
equipment
£
16,411
9,048
(682)
24,777
15,580
3,431
(682)
18,329
6,448
831
2024
£
-
710
45,188
8,327
54,225		 Total
£
18,903
15,932
(682)
34,153
15,580
6,557
(682)
21,455
12,698
3,323
2023
£
7,115
14,712
32,779
6,250
60,856

27

CREDITORS: amounts falling due within one year
Trade creditors
Taxation and social security
Pension payable (see Note 17)
Other creditors
Accruals
Deferred income (see below)
Deferred income
Balance at the beginning of the year
Amount released to income in the year
Balance at the end of the year		 2024
£
27,558
21,214
8,412
696
47,894
-
105,774
2024
£
-
-
-		 2023
£
24,196
18,680
7,073
-
32,930
-
82,879
2023
£
1,066,553
(1,066,553)
-

10. CREDITORS: amounts falling due within one year

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.
Evaluation
6.
Digital Platform
7.
Pandemic impact fund
Total designated funds		 Balance at
1 April
2023
£
7,411
19,723
6,082
15,000
200,000
248,216		 Income
£
-
-
-
-
-
-
-
-		 Expenditure
£
-
-
(2,834)
-
-
-
-
(2,834)		 Transfers
£
17,589
6,752
(7,000)
20,000
100,000
-
137,341		 Balance at
31 March
2024
£
25,000
19,723
10,000
8,000
20,000
100,000
200,000
382,723

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 next two years.

  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. Evaluation - representing funds set aside to support research to evaluate the impact of the Early Career Researcher Support Fund. The fund is expected to be spent in the next one to two years.

  6. Digital Platform - representing funds set aside to provide for the costs of a proposed new Digital platform, to enable more effective communication with and between our members. The fund is expected to be spent in the next two to three years.

28

11. STATEMENT OF FUNDS - CURRENT YEAR (continued)

  1. 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.
General fund
Designated funds
Total unrestricted funds
Total funds		 Balance at
1 April
2023
£
618,669
248,216
866,885
866,885		 Income
£
1,306,161
-
1,306,161
1,306,161		 Expenditure
£
(1,136,658)
(2,834)
(1,139,492)
(1,139,492)		 Transfers
£
(137,341)
137,341
-
-		 Balance at
31 March
2024
£
650,831
382,723
1,033,554
1,033,554

12. STATEMENT OF FUNDS - PRIOR YEAR

Balance at
1 April
2022
£
Designated funds
Strategic Projects
7,411
IT Maintenance
and development
9,723
Staffing and
salary review
6,412
Office fit out
-
Pandemic impact fund
200,000
Total designated funds
223,546
PRIOR YEAR - SUMMARY OF FUNDS
Balance at
1 April
2022
£
General fund
563,837
Designated funds
223,546
Total unrestricted funds
787,383
Total funds
787,383		 Income
£
-
-
-
-
-
-
Income
£
1,145,923
-
1,145,923
1,145,923		 Expenditure
£
-
-
(5,330)
-
-
(5,330)
Expenditure
£
(1,061,091)
(5,330)
(1,066,421)
(1,066,421)		 Transfers
£
-
10,000
5,000
15,000
-
30,000
Transfers
£
(30,000)
30,000
-
-		 Balance at
31 March
2023
£
7,411
19,723
6,082
15,000
200,000
248,216
Balance at
31 March
2023
£
618,669
248,216
866,885
866,885

29

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
£
-
382,723
-
382,723
Designated
funds
£
-
248,216
-
248,216		 General
fund
£
12,698
638,133
-
650,831
General
fund
£
3,323
617,190
(1,844)
618,669		 Total
funds
£
12,698
1,020,856
-
1,033,554
Total
funds
£
3,323
865,406
(1,844)
866,885

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		 2024
Property
£
43,110
125,738
168,848		 2024
Equipment
£
3,781
-
3,781		 2023
Property
£
43,110
168,848
211,958		 2023
Equipment
£
4,597
3,781
8,378

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.

30

17. 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:

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

PRESENT VALUES OF PROVISION
Due within one year
Due after more than one year
Total present value of provision		 2024
£
2,011
-
2,011		 2023
£
2,462
1,844
4,306		 2022
£
2,462
4,294
6,756

31

17. PENSION LIABILITY (continued)

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
2024
% per annum
Rate of discount
5.31
DEFICIT CONTRIBUTIONS SCHEDULE
Year ending
31 March
2024
£
Year 1
2,051
Year 2
-
Year 3
-
Year 4
-		 2024
£
4,306
166
(2,462)
1
-
2,011
2024
£
166
1
-
31 March
2023
% per annum
5.52
31 March
2023
£
2,462
2,051
-
-		 2023
£
6,756
127
(2,462)
(115)
-
4,306
2023
£
127
(115)
-
31 March
2022
% per annum
2.35
31 March
2022
£
2,462
2,462
2,051
-

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. Dan Burkwood , Cancer Research UK (from December 2023)

2. Tom Nutt , Meningitis Now (from December 2023)

3. Lea Milligan , MQ (from December 2023)

4. Louise Wood (Chair from December 2022)

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

6. Dr Alyson Fox , Wellcome (reappointed December 2022)

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

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

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

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

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

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

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

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

Senior Leadership Team

CEO

Nicola Perrin

Director of Membership Engagement Carol Bewick

Director of Research Policy Catriona Manville

Director of External Affairs Louise Wren

Advisors

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

Registration information

Office

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

Charity number 296772

Company number 02107400

33