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2023-12-31-accounts

REGISTERED CHARITY NUMBER: 327206

Trustees' Report and

Audited Financial Statements for the Year Ended 31 December 2023

for

Drug Safety Research Trust

Drug Safety Research Trust

Contents of the Financial Statements for the Year Ended 31 December 2023

Page
Reference and Administrative Details 1
Trustees' Report 2 to 10
Statement of Trustees' Responsibilities 11
Report of the Independent Auditors 12 to 15
Statement of Financial Activities 16
Statement of Financial Position 17
Statement of Cash Flows 18
Notes to the Statement of Cash Flows 19
Notes to the Financial Statements 20 to 30
Detailed Statement of Financial Activities 31 to 32

Drug Safety Research Trust

Reference and Administrative Details for the Year Ended 31 December 2023

TRUSTEES

Professor Kenneth Ross Paterson MB ChB FRCP FFPM FBPhS (Chairman) Professor John Camm QHP BSc MD FRCP FESC FACC FAHA FCGC CStJ Professor Martin Vessey CBE MD FRCP FRCOG FRCGP FFPH FMedSci FRS Professor Allan Hunter Young MB, ChB, MPhil, PhD, FRCPC, FRCPsych Professor Isla Mackenzie MB ChB PhD PGCertMedEd FRCP Edin FBPhS FBIHS

DIRECTOR

Professor Saad Shakir MB ChB LRCP&S FRCP FFPM FISPE MRCGP

PRINCIPAL ADDRESS

Drug Safety Research Unit Bursledon Hall Bursledon Lane Bursledon Southampton SO31 1AA

REGISTERED CHARITY NUMBER 327206

INDEPENDENT AUDITORS Cartwrights Chartered Accountants and Business Advisors Statutory Auditor Regency House 33 Wood Street Barnet Hertfordshire EN5 4BE PROFESSIONAL ADVISERS Solicitors Paris Smith LLP Number 1 London Road Southampton S015 2AE Investment advisers Investec Wealth and Investment Limited 30 Gresham Street London EC2V 7QN PRINCIPAL BANKERS Lloyds Bank plc 92-94 Above Bar St Southampton SO14 7DT

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Drug Safety Research Trust

Trustees' Report for the Year Ended 31 December 2023

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and aims

The Trust by way of its operational unit, the DSRU, undertakes all forms of studies and evaluations of the safety of medicines for the public benefit, including methodological research to improve existing methods including:

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Drug Safety Research Trust

Trustees' Report

for the Year Ended 31 December 2023

OBJECTIVES AND ACTIVITIES

Objectives and aims

We continue to monitor developments in the UK relationship with the EU and make adjustments to our systems as appropriate to address relevant issues arising from these changes. In this regard the Trust has already opened a sub-office in Dublin to maintain and develop our links with the EU following the UK's severance of membership of the EU in 2020.

The Director keeps in regular contact with the Regulatory Agencies and our European colleagues to obtain information in order to shape our strategy and policy, particularly on matters related to the impact of Brexit on medicines regulations and medical research.

Significant activities

The DSRU provides advice, education and training in pharmacovigilance and related subjects and works to improve the methods used to study and understand the safety of medicines. As one of the main providers of training and education in pharmacovigilance in Europe, its activities include:

Routinely, reports on the results of studies are sent to the Medicines and Healthcare Products Regulatory Authority (MHRA) (an executive agency of the Department of Health) and to the European Medicines Agency (EMA) and other Regulatory Authorities in Europe to assist them in their regulatory and monitoring activities of medicines. The DSRU sends reports of its studies to Marketing Authorisation Holders of medicines and vaccines and also publishes findings of its work in scientific journals and at national and international conferences, newsletters and on its website.

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Drug Safety Research Trust

Trustees' Report for the Year Ended 31 December 2023

OBJECTIVES AND ACTIVITIES

Significant activities

Progress of the scientific work of the Unit was satisfactory throughout 2023 extending the breadth of activity to include research projects and collaborations other than Modified Prescription-Event Monitoring (MPEM). These include specialist and hospital-based studies (SCEMs), systematic reviews, registries, structured benefit-risk evaluation, drug utilisation projects and methodological research. In addition, our programme of activities has extended to include collaborating with a broad range of doctors in England through Health Research Networks from differing specialities as well as collaborating with colleagues in Europe. The policy to extend the range of scientific activities, as funding allows, will continue.

Applications for funding from grant-giving bodies, including the Department of Health Targeted Research Programme and other bodies such as the Medical Research Council (MRC), the Wellcome Trust, pharmaceutical companies and European initiatives, e.g., the European Commission, will continue as and when calls are advertised. The DSRU continues to function as one of the leading Units in the field of monitoring and studying the safety of medicines both in the UK and internationally, as well as being a leading organisation in teaching and training in these fields.

The DSRU has a long-standing partnership with the NHS Rx Services to receive prescription data that are necessary to conduct Modified Prescription-Event Monitoring studies to improve the understanding of the safety of new drugs used in the general population. This partnership has the support of the Department of Health and senior staff at NHS Rx Services.

Since application for Section 251 exemption of the NHS 2006 Act became a requirement, the Trust has applied annually to the Confidentiality Advisory Group (CAG) of the Health Research Authority for approval to use patient data without consent. In 2023 we were asked by the CAG to submit a refreshed Section 251 application as it had been 14 years since we obtained our approval. The application was submitted and has been successful.

The formal collaborative partnership programme agreement, required to develop the partnership with the NHS Rx Services, to supply improved prescription data is in place and we continue to maintain good communications. In the unlikely situation that the DSRU ceases to receive data for whatever reason from the NHS Rx Services, the DSRU is committed to continue its work on studying the safety of medicines by other methods and providing education and training in pharmacovigilance and drug safety.

The main objectives of the Unit for the next year are:

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Drug Safety Research Trust

Trustees' Report for the Year Ended 31 December 2023

OBJECTIVES AND ACTIVITIES

Public benefit

The trustees confirm that the Charity Commission's general guidance on public benefit has been considered in relation to the objectives of the charity.

The objectives, activities, performance and achievement sections of this report clearly set out the activities which the charity undertakes for public benefit. The trustees confirm that they have complied with their duty in Section 4 of the Charities Act 2006 to have due regard to public benefits guidance published by the Charities Commission in determining the activities undertaken by the charity.

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Drug Safety Research Trust

Trustees' Report

for the Year Ended 31 December 2023

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The successful annual submission and subsequent approval and support of the Ethics and Confidentiality Committee of the Confidentiality Advisory Group (CAG) of the Health Research Authority for Section 251 exemption under the NHS Act 2006 was achieved for the fourteenth year running.

The academically endorsed higher educational training in collaboration with the University of Portsmouth for Certificate, Diploma and Masters degree in Pharmacovigilance continued, with 20 students currently enrolled at the end of the year.

Four scientific papers were published in medical literature. Twelve abstracts/poster presentations on the results of studies were given by the Director and research staff at national and international medical and scientific conferences. One Vaccine Active Safety Surveillance study, one Pharmacy Survey Report and two Interim Reports were completed and delivered during 2023 as well as the provision of pharmacovigilance consultancy support to pharmaceutical companies.

Education and Professional Capability

The educational training of staff has been maintained, including continuing professional development. In addition, the DSRU has provided advice on safety of medicines issues.

Teaching & Education

The director taught at an MSc Course at Oxford University. In addition, teaching and presenting at national and international scientific meetings continued by both the director and senior scientific staff enabling the scientific profile of the Unit and its work in public health and drug safety to be maintained.

The DSRU and staff at the DSRU have provided training for general practitioners on effective and safe prescribing of medicines.

Training Courses for Pharmaceutical Medicine Speciality Training

The DSRU continues to deliver teaching courses in pharmacovigilance, providing training on drug safety modules of Pharmaceutical Medicine Specialty Training (PMST), for pharmaceutical physicians on behalf of the Faculty of Pharmaceutical Medicine, Royal College of Physicians. One student attended these modules during the year.

Partners and Stakeholders

Universities of Portsmouth

Collaborations with the University of Portsmouth on joint studentships and joint training continue.

Regulatory Agencies

Close links were maintained throughout the year with the Medicines and Healthcare products Regulatory Agency (MHRA) and the European Medicines Agency (EMA) with regular reports on safety issues submitted, contributing to the better understanding of the safety of a number of important medicinal products. The DSRU is a member of the European Network of Centers for Pharmacoepidemiology and Pharmacovigilance (ENCePP), a project led by the European Medicines Agency and developed in collaboration with European experts in the fields of pharmacoepidemiology and pharmacovigilance. Senior staff of the DSRU regularly participate in meetings of the ENCePP network group.

VAC4EU

The DSRU is a member of VAC4EU which is a collaborative network of 46 units across Europe which conduct studies on the safety and effectiveness of vaccines. The network is led by Professor Miriam Sturkenboom (the University of Utrecht in the Netherlands). The DSRU is conducting three studies on COVID-19 vaccines in collaboration with members of VAC4EU. The DSRU is using Clinical Practice Research Datalink (CPRD), the leading resource in the UK of primary care clinical data to conduct the studies on COVID-19 vaccines by AstraZeneca, Pfizer and Moderna, while our collaborators are using databases in a number of European countries. In addition to the main PASS studies, we are also conducting work towards the final reports for another three separate VAC4EU COVID-19 vaccine studies relating to Pregnancy and myocarditis/pericarditis for AstraZeneca, Moderna and Pfizer.

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Drug Safety Research Trust

Trustees' Report for the Year Ended 31 December 2023

International scientific leadership collaboration

The DSRU is leading an International Working Group (IWG) for New Developments in Pharmacovigilance. The Group includes some of the best experts in the world in this field. The objective is to examine the impact of new developments in biomedical sciences on signal detection and management in pharmacovigilance. Such developments include artificial intelligence and machine thinking, the use of big data and the application of genetic knowledge in detecting and evaluating adverse drug reactions. The work of the IWG was interrupted for nearly two years because of the COVID-19 pandemic but the group re-started in October 2022 and has made good progress in its activities with broader objectives which are to address new developments in pharmacovigilance and pharmacoepidemiology.

Investment performance

The trustees are satisfied that the current investment approach of the Trust is consistent with its investment needs, objectives and attitude to risk, which is to provide a balanced return on investment in the medium term with a moderate risk of capital loss.

The return on investment increased from £63,666 in 2022 to £67,032 in 2023.

FINANCIAL REVIEW

Financial position

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Trust Deed, the Charities Act 1993 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.

The Statement of Financial Activities for the year is set out on page 16 to these financial statements.

Principal funding sources

Principle funding sources come from donations received from pharmaceutical companies and other organisations in order to carry out charitable activities.

Whilst some costs are provided in advance by funders, the entitlement to income only arises when separately identifiable stages of the projects are completed. The charity monitors the progress of the projects closely and only includes the income and associated costs as and when these conditions are met. This treatment meets the charity's accounting policy regarding incoming resources as set out under accounting policy 1.2 in the notes to the financial statements..

Staffing costs in 2023 were £1,498,506 compared to £1,485,552 in 2022. Salaries still form the major part of the charity's expenses due to the specialist nature of employees, e.g., medical doctors and scientists needed to carry out the research activities. Total wage costs including national insurance and pension contributions therefore remain the highest expenditure for the Trust on a year-by-year basis.

The Chairman of Trustees and director maintained close scrutiny of incoming resources and expenditure during the year and kept the Board informed maintaining the same level of financial governance as in previous years.

Investment policy and objectives

The Trust has undertaken investment in equities and bonds through Investec Wealth & Investment Ltd. In order to monitor the investment portfolio performance, two trustees and the director act as a sub-committee. This group, on behalf of the Board of Trustees, deals with all matters relating to the investment portfolio and meets with representatives of Investec Wealth & Investment Ltd at appropriate intervals. It is the policy of the Board of Tustees that no investments in the pharmaceutical, armaments or tobacco industries should be undertaken.

Annually from a management perspective all other funds not immediately required from month to month for the normal running of the DSRU are routinely invested in fixed term deposit accounts to maximise return whenever possible.

The Trust's strategy to invest whenever possible to offset for leaner years when donations are reduced, will be maintained.

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Drug Safety Research Trust

Trustees' Report for the Year Ended 31 December 2023

FINANCIAL REVIEW

Reserves policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity. This provides sufficient funds to cover the cost of ongoing studies, management and administration costs. Considering expected fluctuations of future income, the financial reserves are necessary to maintain the future stability and viability of the DSRU. These reserves will be used when and if funds become too low to cover normal day to day activities. In these difficult economic times, the Trust is reaping the benefit of the prudent financial policy in the last decade. This approach will be continued in line with developments in the external economic environment.

Asset cover for funds

An analysis of the assets attributable to the various funds described is set out in the notes to these financial statements. These assets are sufficient to meet the charity's obligations on a fund by fund basis.

Going concern

The trustees consider the financial, operating and other risk factors when assessing whether there is any significant doubt over the Trust's ability to continue as a going concern.

During it's 40 plus years, the Trust has established and followed a policy designed to ensure that, in the highly unlikely event of a significant drop in income, it has sufficient cash and cash equivalent reserves to enable it to continue it's charitable activities for a period of at least 2 years. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Since Brexit, there has been some uncertainty over the current regulatory environment and the impact this may have on the Trust's funding. The Trust is actively monitoring and planning for any changes, including repositioning itself to increase the number of studies being performed in the UK.The Trust is also looking to move a currently dormant trading subsidiary from Ireland to the Netherlands to maintain a closer presence to the pharmaceutical presence in that country.

Because of the healthy level of "free reserves" and the operational steps taken to try and ensure that the Trust remains at the forefront of monitoring and research in the field of pharmacovigilance and pharmacoepidemiology, the trustees do not believe there is any such doubt and therefore believe it is appropriate to use the going concern basis of prepation in these financial statements.

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Drug Safety Research Trust

Trustees' Report for the Year Ended 31 December 2023

FUTURE PLANS

The overall strategy remains the same. As in previous years the DSRU will endeavour to ensure the preservation of Modified Prescription-Event Monitoring (MPEM) as a leading system to monitor the safety of medicines in the UK and to enhance and develop it.

The Unit will continue to conduct a broad range of studies to address safety questions, including observational studies within our databases, pharmacoepidemiological studies using other data sources and a range of study designs, appropriate clinical trials, genetic studies, drug and vaccine utilisation studies, meta-analyses, systematic reviews, benefit-risk evaluations, other study methods to understand drugs and vaccines safety, effectiveness use and utilisation. The DSRU will conduct methodological research to contribute to advance the science and methods of Pharmacovigilance. These are part of the DSRU's objective to explore conducting studies with different methods, including using a range of data sources and innovations that enable it to achieve its objective to monitor and study the safety of medicines. The DSRU will continue its recent successful expansion to conduct safety studies in secondary care as well as in primary care using appropriate and improved methods to answer the relevant safety questions.

The DSRU will lead or participate in national and international collaborative projects that aim to improve the methods and advance the science of studying the safety of medicines. The DSRU will further develop its scientific communications programme to inform the both the medical/scientific communities and the public about important pharmacovigilance issues.

The DSRU continues to monitor IT and other developments in the NHS and elsewhere to ensure that it benefits from the opportunities provided by these developments. The Unit will further develop its methods and capabilities in evidence-based pharmacovigilance and risk management and maintain its place as a leading Unit in providing advice, training and education in pharmacovigilance and drug safety. The DSRU will try to review and improve where necessary its systems such as its IT database.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Trust is governed by a charitable Trust Deed established on 23 July 1986 with a Board of Trustees five in number. The Mission of the Trust remains to monitor, study and communicate the safety of medicines independent from both Government and industry. The Trust by way of its operational unit, the Drug Safety Research Unit (DSRU), undertakes all forms of studies and evaluations on the safety of medicines. The DSRU provides advice, training and education in pharmacovigilance and related subjects and works to improve the methods used to study and understand the safety of medicines.

As an independent registered medical charity, its aim is to achieve the highest possible scientific and ethical standards by putting the interests of patients first and to work with integrity and fairness with all partners.

Recruitment and appointment of new trustees

As a charity specialising in drug safety, the trustees are identified for their expertise in areas which include drug regulation, epidemiology and medical statistics, experimental medicine and pharmacovigilance. Once appointed, the Trust ensures that any training required by the trustees is provided to enable them to fulfil their role.

Trustees of the charity

The trustees acknowledge their responsibilities as set out on the statement of trustees responsibilities.

The trustees who have served during the year and since the year end were as follows:

Professor Kenneth Ross Paterson MB ChB FRCP FFPM FBPhS (Chairman) Professor John Camm QHP BSc MD FRCP FESC FACC FAHA FCGC CStJ Professor Martin Vessey CBE MD FRCP FRCOG FRCGP FFPH FMedSci FRS Professor Allan Hunter Young MB, ChB, MPhil, PhD, FRCPC, FRCPsychP Professor Isla Mackenzie MB ChB PhD PGCertMedEd FRCP Edin FBPhS FBIHS

There have been no changes to the trustees in the year nor to the date of signing of these financial statements.

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Drug Safety Research Trust

Trustees' Report for the Year Ended 31 December 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

The Trust employs a Director, Professor Saad Shakir, assisted by scientific, professional and administrative staff to conduct its day-to-day activities, ensuring that the charity's objectives are implemented. The Trust also retains the services of appropriate advisers and consultants depending upon the nature of the tasks required. During 2023 the average number of staff employed for the year was 30. In addition, sixteen consultants were engaged, to advise and assist with additional medical/research input, IT and data protection, PR and planning matters.

Induction and training of new trustees

Induction is tailored to meet the needs of any new trustee and will be determined based on their own knowledge and experience. Where necessary, training is provided on charity, governance and financial matters.

Key management remuneration

The trustees, in conjunction with the director where appropriate, are responsible for setting the pay and remuneration of key management.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees examine the major strategic, business and operational risks and confirm that systems are established to enable regular reports to be produced, so that necessary steps can be taken to control or lessen these risks. The variability of the funding of the Trust made it necessary to put in place processes to ensure that staff felt secure and motivated.

A Disaster Recovery Plan for the DSRU has been designed and completed. The plan is secured in off-site storage within a data safe.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.......................................................................... Professor K R Paterson MB ChB FRCP FFPM - Trustee

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Drug Safety Research Trust

Statement of Trustees' Responsibilities for the Year Ended 31 December 2023

The trustees 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Report of the Independent Auditors to the Trustees of Drug Safety Research Trust

Opinion

We have audited the financial statements of Drug Safety Research Trust (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, the 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Auditors' 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 charity'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 Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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Report of the Independent Auditors to the Trustees of Drug Safety Research Trust

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

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Report of the Independent Auditors to the Trustees of Drug Safety Research Trust

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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.

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, and that they remained alert to instances of non-compliance throughout the audit.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 Report of the Independent Auditors.

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Report of the Independent Auditors to the Trustees of Drug Safety Research Trust

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Cartwrights Chartered Accountants and Business Advisors Statutory Auditor Regency House 33 Wood Street Barnet Hertfordshire EN5 4BE Date: .............................................

Andrew Hill FCA (Senior Statutory Auditor) for and on behalf of Cartwrights

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Drug Safety Research Trust

Statement of Financial Activities for the Year Ended 31 December 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Other income
4
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Direct Charitable Expenditure
Other
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
1,665,967
250,209
400,284
2,316,460
22,956
1,959,822
687,018
2,669,796
78,475
(274,861)
8,313,848
8,038,987		 Restricted
fund
£
-
-
-
-
-
-
18,780
18,780
-
(18,780)
453,060
434,280		 31/12/23
Total
funds
£
1,665,967
250,209
400,284
2,316,460
22,956
1,959,822
705,798
2,688,576
78,475
(293,641)
8,766,908
8,473,267		 31/12/22
Total
funds
£
1,063,010
132,385
713,303
1,908,698
23,364
2,012,954
647,027
2,683,345
(494,633)
(1,269,280 )
10,036,188
8,766,908

The notes form part of these financial statements

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Drug Safety Research Trust

Statement of Financial Position 31 December 2023

Notes
FIXED ASSETS
Tangible assets
11
Investments
12
CURRENT ASSETS
Debtors
13
Cash at bank
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
15
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
46,394
4,066,828
4,113,222
1,211,314
2,829,365
4,040,679
(114,914)
3,925,765
8,038,987
8,038,987		 Restricted
fund
£
434,280
-
434,280
-
-
-
-
-
434,280
434,280		 31/12/23
Total
funds
£
480,674
4,066,828
4,547,502
1,211,314
2,829,365
4,040,679
(114,914)
3,925,765
8,473,267
8,473,267
8,038,987
434,280
8,473,267		 31/12/22
Total
funds
£
473,040
3,831,919
4,304,959
235,427
4,348,571
4,583,998
(122,049)
4,461,949
8,766,908
8,766,908
8,313,848
453,060
8,766,908

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

............................................. K R Paterson MB ChB FRCP FFPM - Trustee

The notes form part of these financial statements

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Drug Safety Research Trust

Statement of Cash Flows for the Year Ended 31 December 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 31/12/23
£
(1,571,029 )
(1,571,029 )
(38,023)
(156,434)
78,475
100,773
67,032
51,823
(1,519,206 )
4,348,571
2,829,365		 31/12/22
£
(240,785)
(240,785)
(9,429)
(101,643)
(494,633)
27,364
63,666
(514,675)
(755,460)
5,104,031
4,348,571

The notes form part of these financial statements

-18-

Drug Safety Research Trust

Notes to the Statement of Cash Flows for the Year Ended 31 December 2023

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
31/12/23 31/12/22
£ £
Net expenditure for the reporting period (as per the Statement of
Financial Activities) (293,641) (1,269,280 )
Adjustments for:
Depreciation charges 30,389 30,339
(Gain)/losses on investments (156,950) 989,266
Interest received (100,773) (27,364)
Dividends received (67,032) (63,666)
(Increase)/decrease in debtors (975,887) 108,693
Decrease in creditors (7,135) (8,773)
Net cash used in operations (1,571,029 ) (240,785)

2.

ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total		 At 1/1/23
£
4,348,571
4,348,571
4,348,571		 Cash flow
£
(1,519,206 )
(1,519,206 )
(1,519,206 )		 At 31/12/23
£
2,829,365
2,829,365
2,829,365

The notes form part of these financial statements

-19-

Drug Safety Research Trust

Notes to the Financial Statements for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Going concern

These financial statements are prepared on the going concern basis. The trustees have a reasonable expectation that the charity will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continuing surplus in "free reserves". If the charity were unable to continue in existence for the foreseeable future, adjustments would be necessary to reduce the balance sheet values of assets to their recoverable amounts and to reclassify fixed assets as current assets.

Critical accounting judgements and key sources of estimation uncertainty

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

Critical accounting estimates and assumptions

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

Property, plant and equipment - tangible fixed assets are depreciated over their useful lives taking into accounts residual value, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.

Recognition of income - income is recognised when receipt is probable and when the amount can be measured reliably. At the end of the financial year all ongoing studies are reviewed and accrued income estimated from the available information, based on the fulfilment of the study conditions and/or milestones.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends, interest and unrealised gains or losses on shares held. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity's right to receive payment is established.

continued...

-20-

Drug Safety Research Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES - continued

Income

Other income represents management fees charged and donations received from the Trust's connected trading entity, DSRU Education and Research Limited. Management fees are included when charged and donations when received. Due to the connected nature of this entity, donation income is recorded within other income rather than within donations and legacy income in the Statement of Financial Activities.

Debtors are recognised when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Raising funds

Costs of raising funds represent investment manager costs incurred in dealing with the listed investment portfolio

Charitable activities

Expenditure on charitable activities includes the direct costs of carrying out and performing the studies and evaluations of medicines in order to meet the charity's objectives and aims.

Allocation and apportionment of costs

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include oflice costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Tangible fixed assets

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follow:

Freehold land Not depreciated
Freehold buildings 2% Straight line on cost
Plant and machinery 20% straight line on cost
Fixtures, fittings and equipment 20% Straight line on cost
Motor vehicles 20% Straight line on cost

Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests to ensure it is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

-21-

Drug Safety Research Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES - continued

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Donated goods

The charity does not receive any donated goods or gifts in kind.

Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:

Financial assets

Fixed asset investments in publicly traded funds and shares are basic financial instruments and are measured at fair value with changes in fair value recognised in the Statement of Financial Activities.

Trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in the debtors note to these financial statements. Prepayments and accrued income are not financial instruments.

Cash at bank - is classified as a basic financial instrument and is measured at face value.

Financial liabilities

Trade creditors and other creditors are basic financial instruments, and are measured at amortised cost as detailed in the creditors note to these financial statements. Taxation and social security are not included in the financial instruments disclosure definition. Accruals and deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Other balance sheet items

Cash at bank and in hand included 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.

Provisions are recognised when the charity has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and the obligation can be estimated reliably. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

continued...

-22-

Drug Safety Research Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

2. DONATIONS AND LEGACIES

2.
DONATIONS AND LEGACIES
Donations
3.
INVESTMENT INCOME
Gain on disposal of investment
Listed income
Interest received
4.
OTHER INCOME
Other income
5.
RAISING FUNDS
Investment management costs
Fund manager costs		 Unrestricted
funds
£
1,665,967
Unrestricted
funds
£
82,404
67,032
100,773
250,209
Unrestricted
funds
£
400,284
Unrestricted
funds
£
22,956		 Restricted
funds
£
-
Restricted
funds
£
-
-
-
-
Restricted
funds
£
-
Restricted
funds
£
-		 31/12/23
Total
funds
£
1,665,967
31/12/23
Total
funds
£
82,404
67,032
100,773
250,209
31/12/23
Total
funds
£
400,284
31/12/23
Total
funds
£
22,956		 31/12/22
Total
funds
£
1,063,010
31/12/22
Total
funds
£
41,355
63,666
27,364
132,385
31/12/22
Total
funds
£
713,303
31/12/22
Total
funds
£
23,364

continued...

-23-

Drug Safety Research Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

6. CHARITABLE ACTIVITIES COSTS

Direct Charitable Expenditure
SUPPORT COSTS
Other resources expended
Support costs, included in the above, are as follows:
Wages
Social security
Pensions
Auditors' remuneration
Rates and water
Insurance
Light and heat
Telephone and fax
PPS
Sundries
Repairs and maintenance
Staff medical costs
Motor and travel expenses
Computer costs
Subscriptions
Bank charges
Marketing costs
Equipment hire
Depreciation of tangible fixed assets		 31/12/23
Other
resources
expended
£
167,640
150,333
84,162
11,524
11,351
21,952
23,719
6,052
1,754
4,695
18,142
9,306
48,294
22,113
37,623
1,277
53,133
2,339
30,389
705,798		 Direct
Costs
£
1,959,822
Governance
costs
£
705,798
31/12/22
Total
activities
£
169,322
154,469
65,396
10,773
10,559
19,718
22,597
8,627
3,740
3,284
12,718
11,080
18,690
15,567
49,861
1,376
35,690
3,221
30,339
647,027

7. SUPPORT COSTS

continued...

-24-

Drug Safety Research Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

8. AUDITORS' REMUNERATION

AUDITORS' REMUNERATION
31/12/23 31/12/22
£ £
Fees payable to the charity's auditors for the audit of the charity's financial
statements 11,524 10,773

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees' expenses

Trustees indemnity insurance payable during the year amounted to £7,323 (2022: £6,660).

10. STAFF COSTS

The average number of employees during the year was 31 (2022 - 33).

The number of employees whose annual emoluments were £60,000 or more were:

2023
2022
£230,001 - £300,000 1
1
£70,001 - £100,000 2
-
£60,001 - £70,000 3
5
TANGIBLE FIXED ASSETS
COST
At 1 January 2023
Additions
At 31 December 2023
DEPRECIATION
At 1 January 2023
Charge for year
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022		 Freehold
Plant and
property
machinery
£
£
941,000
178,369
-
36,853
941,000
215,222
487,940
162,439
18,780
8,934
506,720
171,373
434,280
43,849
453,060
15,930		 Fixtures
and
fittings
£
66,368
1,170
67,538
62,318
2,675
64,993
2,545
4,050		 Computer
system
Totals
£
£
57,036
1,242,773
-
38,023
57,036
1,280,796
57,036
769,733
-
30,389
57,036
800,122
-
480,674
-
473,040

11. TANGIBLE FIXED ASSETS

-25-

continued...

Drug Safety Research Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

11. TANGIBLE FIXED ASSETS - continued

The freehold property was last revalued on 20 December 1999 by Messrs Daniells Harison, Chartered Surveyors, on the basis of open market value for current use. The freehold land and buildings valuation has not been updated since 1999. Under the transitional relief provisions under FRS 102, this value has been treated as the deemed cost in these financial statements.The estimated market value per the charity as at the balance sheet date, is in excess of £4 million.

Comparable historical cost for the land and buildings included at valuation:

Comparable historical cost for the land and buildings included at valuation: Comparable historical cost for the land and buildings included at valuation: Comparable historical cost for the land and buildings included at valuation:

2023
2022
£
£
Cost
1,487,614
1,487,614
Accumulated Depreciation 506,720
 487,940

At year end
 980,894 999,674

All other tangible fixed assets are stated at historical cost less accumulated depreciation.

12. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2023
Additions
Revaluations
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022		 Listed
investments
£
3,831,919
156,434
78,475
4,066,828
4,066,828
3,831,919

Fixed asset investments represent a managed fund portfolio run by Investec Wealth and Investments Limited.The asset allocation, including geographical location, of the portfolio is set out below:

2023 2022
£ £
UK fixed income 686,930 323,912
Overseas fixed income 291,461 345,384
UK equities 782,949 933,636
Overseas equities 1,657,440 1,369,423
Property 49,560 4,6800
Alternatives 543,330 648,730
Cash 55,158 164,034
Total 4,066,828 3,831,919

-26-

continued...

Drug Safety Research Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

12. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 December 2023 is represented by:

Listed
investments
£
Valuation in 2023 4,066,828

Net additions at cost represent investment income reinvested at source in the relevant funds held.

Investments were valued by the Investment Fund Managers, Investec Wealth and Investment Limited, as at 31 December 2023.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Prepayments and accrued income
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Taxation and social security
Other creditors
MOVEMENT IN FUNDS
At 1/1/23
£
Unrestricted funds
Unrestricted Fund
8,313,848
Restricted funds
Restricted Fund
453,060
TOTAL FUNDS
8,766,908		 31/12/23
£
1,168,415
42,899
1,211,314
31/12/23
£
43,493
62,769
8,652
114,914
Net
movement
in funds
£
(274,861)
(18,780)
(293,641)		 31/12/22
£
202,409
33,018
235,427
31/12/22
£
27,647
48,103
46,299
122,049
At
31/12/23
£
8,038,987
434,280		 31/12/22
£
27,647
48,103
46,299
122,049
8,473,267

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

15. MOVEMENT IN FUNDS

continued...

-27-

Drug Safety Research Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

15. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
Resources
resources
expended
£
£
Unrestricted funds
Unrestricted Fund
2,316,460
(2,669,796 )
Restricted funds
Restricted Fund
-
(18,780)
TOTAL FUNDS
2,316,460
(2,688,576 )
Comparatives for movement in funds
At 1/1/22
£
Unrestricted funds
Unrestricted Fund
9,564,348
Restricted funds
Restricted Fund
471,840
TOTAL FUNDS
10,036,188
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
Unrestricted Fund
1,908,698
(2,664,565 )
Restricted funds
Restricted Fund
-
(18,780)
TOTAL FUNDS
1,908,698
(2,683,345 )		 Gains and
losses
£
78,475
-
78,475
Net
movement
in funds
£
(1,250,500 )
(18,780)
(1,269,280 )
Gains and
losses
£
(494,633)
-
(494,633)		 Movement
in funds
£
(274,861)
(18,780)
(293,641)
At
31/12/22
£
8,313,848
453,060
8,766,908
Movement
in funds
£
(1,250,500 )
(18,780)
(1,269,280 )

continued...

-28-

Drug Safety Research Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

15. MOVEMENT IN FUNDS - continued

The restricted fund represents the net book values of the freehold land and buildings at Bursledon Hall, Southampton. The fund balances are reduced by the depreciation charged on the buildings.

Unrestricted funds represent donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

16. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. These amounted to £84,162 (2022 - £65,396). Contributions totalling £14,002 (2022 - £9,351) were payable to the fund at the year end and are included in creditors.

17. RELATED PARTY DISCLOSURES

Other income includes the following income received from DSRU Education and Reseach Trust, a company limited by guarantee, which is controlled by the charity and in which Professor Saad Shakir is sole company director. During the year:

Management fees totalling £92,400 (2022: £78,000) were charged to the company for use of shared premises and administrative resources;

Salary recharges totalling £34,884 (2022: 35,353) were made to the company for the use of shared staff; and

A donation of £273,000 (2022: £599,950) was received from the company. The value of the donation each year is determined such that the company reduces it's profits chargeable to tax to £nil each year.

18. POST BALANCE SHEET EVENTS

A donation in the region of £173,500 is anticipated to be received in 2024 from DSRU Education and Research Limited, a company under the control of the charity.The value of this donation is not known or agreed until after the balance sheet date following preparation of the said company's financial statements, and is therefore considered to be a non-adjusting post balance sheet event.

19. FINANCIAL INSTRUMENTS

The charity's financial instruments include:

2023 2022
£ £
Financial assets that are debt instruments measured at amortised cost 1,168,415 202,409
Financial assets that are equity instruments measured at fair value 4,,066,828 3,831,919
5,235,243 4,034,328
Financial liabilities measured at amortised cost 106,262 75,750

Financial assets measured at amortised cost comprise trade and other debtors.

Financial assets that are equity instruments measured at fair value comprise of listed investments.

continued...

-29-

Drug Safety Research Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

19. FINANCIAL INSTRUMENTS - continued

Financial liabilities measured at amortised cost comprise of trade creditors, social security and other payroll taxes and other creditors.

-30-

Drug Safety Research Trust

Detailed Statement of Financial Activities for the Year Ended 31 December 2023

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Gain on disposal of investment
Listed income
Interest received
Other income
Other income
Total incoming resources
EXPENDITURE
Investment management costs
Fund manager costs
Charitable activities
Wages - direct
General Practitioner costs
Other direct costs
Support costs
Governance costs
Wages
Social security
Pensions
Auditors' remuneration
Rates and water
Insurance
Light and heat
Telephone and fax
PPS
Sundries
Repairs and maintenance
Staff medical costs
Carried forward		 31/12/23
£
1,665,967
82,404
67,032
100,773
250,209
400,284
2,316,460
22,956
1,180,533
44,627
734,662
1,959,822
167,640
150,333
84,162
11,524
11,351
21,952
23,719
6,052
1,754
4,695
18,142
9,306
510,630		 31/12/22
£
1,063,010
41,355
63,666
27,364
132,385
713,303
1,908,698
23,364
1,161,761
51,932
799,261
2,012,954
169,322
154,469
65,396
10,773
10,559
19,718
22,597
8,627
3,740
3,284
12,718
11,080
492,283

This page does not form part of the statutory financial statements

-31-

Drug Safety Research Trust

Detailed Statement of Financial Activities for the Year Ended 31 December 2023

Governance costs
Brought forward
Motor and travel expenses
Computer costs
Subscriptions
Bank charges
Marketing costs
Equipment hire
Depreciation of tangible fixed assets
Total resources expended
Net expenditure before gains and losses
Net losses on investments
Net gains / losses on investments
Net expenditure		 31/12/23
£
510,630
48,294
22,113
37,623
1,277
53,133
2,339
30,389
705,798
2,688,576
(372,116)
78,475
(293,641)		 31/12/22
£
492,283
18,690
15,567
49,861
1,376
35,690
3,221
30,339
647,027
2,683,345
(774,647)
(494,633)
(1,269,280 )

This page does not form part of the statutory financial statements

-32-