REGISTERED CHARITY NUMBER: 327206 Trustees, Report and Audlted Flnanclal Statements for the Year Ended 31 December 2024 for Drug Safety Research Trnst
Drug Safety Research Trust Contents of the Financial Statements for the Year Ended 31 December 2024 Page Reference and Administrative Detafftls Trustses, Report 2 to 9 Statement of Trustees, Responsibilities io Report of the Independent Auditors 11 to 14 Statement of Financial Aetlvities 15 Statement of Financial Position 16 Slatement of Cash Flows 17 Notes to the Statement of Cash Flows 18 Notes to the Financial Statements 19 to 28 Detailed Statement of Financial Activities 29 to 30
Drug Safety Research Trust Reference and Administrative Details for the Year Ended 31 December 2024 TRUSTEES Professor Kenneth Ross Paterson MB ChB FRCP FFPM FBPhS {ChaTrnian) Professor John Camm QHP Bsc MD FRCP FESC FACC FAHA FCGC CSÈJ 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 FBtHS DIRECTOR Dr Linda Harniark M.Phann, M.Epi, Ph4 MBA (appointed 22 April 2025) PRINCIPAL ADDRESS Drng Saf¢ty Research Unit Bursledon Hall Bursledon Lane Bursledon Southampton S031 IAA REGISTERED CHARITY NUMBER 327206 INDEPEIYDENT AUDITORS Cartwrights Chartered Accountanls and Business Advisors Statutory Auditor Regency House 33 Wood Street Bamet Hertfordshire EN5 4BE PROFESSIONAL ADVISERS Soli¢Ators Paris Smith LLP Number l London Road Southampton S015 2AE Investment advisers Investec Wealth and Investment Limited 30 Gresham Street London EC2V 7QN PIUIYCIPAL BANKERS Lloyds Bank pl¢ 92-94 Above Bar St Southampton S014 7DT
Drug Safety Research Trv5t Trustees, Report for the Year Ended 31 Deeember 2024 The trustees present their report with the financial statements of the charity for the year ended 31 D¢c¢mber 2024. The tte¢S hav¢ adopted the provisions of Accounting and Reporting by Clwities.. Statement of Recommended Practice appliLable to charities preparing their accounts in ac¢ordan¢¢ with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019). Objectives and aims Estsblished in 1981, the Drug Safety Research Unit {DSRU) mission is to profrct public health by sdyIng the use and adverse effects of medicines and vaccines in real-world clinical use, working to the highegt possible scientific standards. All of our WO seeks lo facilitate the health and w¢llb¢ing of patients by putting the interests of patients rirst and protecting people from the hazards of rnedicines. To achieve this mission, the DSRU offer a range of observational studies to examine the safety of medicTnes. including new medicines, new forn]ulations for ¢xisting medicines and when medicines are used for new indications or in n¢w populations, or when safety issues or questions about the use, benefit-risk balance or effectiveness of medicines arise. In addition, the unit conducts utilisation sthdies for medicines and vaccines to enable understanding the use and effects of products on the healthcare system and behaviours and responses of patients and healthcare professionals. The typ¢ of studies offered include CPRD studies, post-authorisation safety sthdi¢s (PASS) in primary and secondary care, registries (including for the Early Access to Medicines Scheme, EAMS), European network studies, systematic reviews, drug utilization studies and benefit-risk assessments. It also offers services with regards to the design and implernentation additional risk miniÉnisation measures and to monitor their effectiveness. In addition, DSRU seeks to contribute to the advancement of phamCOV1gIIance and phannacoepidemiology by conducting methodological research, leading or participating in national and international research networks and scientific collaborative projects and by organising meetings and Collferences to explore and develop new methods and innovations in phammcovigilance and phannO¢pidQM1O1ogy. DSRU Consultancy pmvides advice on strategies, study designs and options for post-marketing pharniacovigilance, pharma¢o¢pid¢miology, Tisk minimisation and risk llnagement plamling for large and small pharniaceuÉical companies. DSRU Education & Training is leading European pr()vider of training in pharmacovlgilCe. pharn]acoepidemiology and risk management. Our portfoKio of short courses can be used foi one-off training, or as part of our postgraduale programme in Pharn]acovigilance, leading to MSC. OBJECTIVES AND ACTIVITIES Objectives and aims We continue to monitor developments in the UK relationship with the EU and mak¢ adjustments to our systems as appropriate to address relevant Issues aTlSing from these changes. In th(s regard the Tnl 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 contsct with the Regulatory Agencies and our European colleagues to obtain infomtstion in order to shap¢ our strategy and policy. particularly on tnatters related to the impact of Brexit on medicines regulations and tnedi¢al research.
Drug Safety Research Trust Trustees, Report for the Year Ended 31 D¢eember 2024 OBJECTIVES AND ACTIVITIES Significant actlvltles Research The DSRU Continues to nctIon as one of the leading Units in the field of monitoring and studying the safety of medicines both in the UK and intemalionally, as well as being a leading organisation in teaching and training in these fields. Progress of the scientific work of the Unit was satisfactory throughout 2024 and included post authorisation saf¢ty sdIeS (PASS} (many of which use Clinical Practice Research Datalink (CPRD) data), systematic reviews, registries, strnctured benefit-risk evaluatio drug utilisation projects and m¢thodological r¢s¢arch. In addition. our programme of activities has included collaborating with a broad range of doctors in England through Health Research NetWOTks from differing specialities as well as colLaborating with colleagues in Europe. The policy to extend the range of scientific activities, as ndIng allows, will continue. Applications for funding from bodies including grant-giving bodies, pharnweutical companies and European initiatives, e.g., the European Commission, will continue. The DSRU has a fornial collaborative partnership programme agreement with the NHS Business Services Authority to receive prescription data that are necessary to conduct Modifted Presciiption-Event Monitoring studies to improve the understanding of the safety of new dnigs used in the general population. This partnership has the support of the Department of Health and senior staff at NHS Business Services AuthoTEty. 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 continued approval was granted in 2024. Education The DSRU provides advice. education and training in phannacovigilance and related subjects and works to improve the methods used to study and understand the safety of medicines. As on¢ of the main provid¢TS of training and education in pharmacovigilance in Europe, its activities include- Providing a range of training courses in pharniacovigilance and phannacoepÈdemiology. The DSRU currently provides 15 COUTses per year, as well as a Postgraduate Certificate, Diplonla and a Mastevs degree in Phannacovigilance in collaboration with University of Portsmouth and Pharnlaceutical Medicine Specialty Training (PMST) for doctors specialÈsing in phartnaceutical medicine in collaboration with the Faculty of Phannaceutical Medicine. - Providing external training and education when required. - The DSRU is developing its postgraduafr programme to be available via a distance learning route. - Arranging national and international conferences in phannacovigilance and phannacoepidemiology. - Providing postgraduate teaching and research opportunities at all levels including MSC. - Providing training in phamacovxgilance and pharnCOepideMio1OgY for phannaceutical physicians. Supporting training and scientific communications on the safety of medicines in the UK and intemationally. - Providing advice on matters relafrd to the safety of medicines. - Productng newsletters and intemet conllnunications on ntstters to do with drug safety.
Drug Safety Research T$t Tru5tees' Report for the Year Ended 31 December 2024 OBJECTIVES AND ACTMTIES Wben require¢ reports on the results of studies ar¢ 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 Tegulatory and rnonitoring activities of medicines. The DSRU sends reports of its studies to Marketing Authorisation Holders of tnedicines and vaccines and also publishe5 findings of its work in sci¢ntifi¢ journals and at national and international conferences, newsletters and on its website. Activities The main objectives of the Unit for the next year are: Continuing with the core activities of the unit such as studies on the safety and utilisations of va¢¢inex and medicinal products, benefit risk assessments and risk minimisation activities. - Launch the postgraduat¢ programme in pharn]acovigilance as a distsnce learning programme. - Develop a new business strategy for tbe coming years. Transition data analysis tools to keep up to date with the developm¢nts in the sci¢ntific world. - To strengthen the organisational structure so the DSRU can fulfil its mission. To have incre&sed attention for the organisational development so the DSRU is a place where employees can develop professionally and where they feel at home. - Actively search for new busin¢ss opportunities. To continue to ty to secure sufficient ndIllg from different sources (public and private) to ¢nable the continuation of the charity's activities. - Changing to a new platfomi for data capth. Public benefit The trustees confirni that the Charity Commission's general guidance on public benefit has been ronsidered in relation to the objectives of the charity. The objectives, activities, performance and a¢hi¢vement sections of this report cleaTly set out the activities which the charity undertakes for public benefit. The trustees confirni 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 deterniining the activities undertak¢n by th¢ charity.
Drng Safety Resear¢h Trust Trustses, Report for the Year Ended 31 December 2024 ACHIEVEMENT AND PERFORMANCE Charitable activitles The successfill annual submission and subsequent approval and support of the Ethics and Confidentiality Committee of the ConfIdcntidlity Advisory Group (CAG) of the Health Research Authority for Section 251 exemption under the NHS Act 2006 was achieved for the fifteenth year nlling. Th¢ C¢rtifi¢at¢. Diplotna and Masters degree itk Pharniacovigilance in collaboration with th¢ Univ¢rsity of Portsmouth continued, with I I sdentS enrolled at the end of the year. Six scientific papers were published in medical literature. Nine abstractslposter 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 Disproportionality Analysis Study with Systematic Review and five Interim Reports were completed and delivered during 2024. In addition. the DSRU has provided pharniacovigilance consultancy support to pharniaceutical cotnpanies. Educadon and Professional Capability The educational training of staff has been mainlained, including continuing professional development. Ill addition, the DSRU has provided advice on safety of medicines issues. Teaehing & Education The Director taught at an MSC Course at Oxford University. The Head of Epidemiology and Research taught pharniacy sMdents at the University of Portsmouth. In addition, teaching and presenting at national and international scientific meetings continued by both the Director and senior scientifLC Staff enabling the s¢i¢ntific profile of the Unit and its work in public health and drug safety to be tnaintained. Training Courses for PharmaeeutÉeal Medieine Speciality Training The DSRU continues lo deliver teaching courses in pharmacovigilance, providing training on drng safety modules of Phannaceutical Medicine Sp¢ci21ty Trdining (PMST), for plwmaceutical physicians on behalf of the Faculty of Phannaceutical Medicine, Royal College of Physicians. 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 submitt¢d, ¢ontTibuting 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 Pharnmcovigilance (ENCePP), a project l¢d by th¢ Ewop¢an Medicines Agency and developed in collaboration with European experts in the fields of pharmacoepidemiology and pharn]acovigilance. 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 N¢th¢Tlan(ts). The DSRU is conducting seven 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 prirnary care clinical data to conduct the studies on COVID-19 vaccines by AstraZenec4 Pfizer and Moderna, while our collaborators are using databases in a number of European countries.we continued to conduct work towards the final reports for VAC4EU COVID-19 va¢¢in¢ studies relating to pregnancy and myocaiditislpericarditis for the Moderna and Pfizer vaccines.
Drug Safety Research Trust Trustees, Report for the Year Ended 31 Deeember 2024 International scientific leadership collaboration The DSRU is leading an International Working Group (IWG) for New Developments in PhaMcov1gllanC¢. Group includes some of th¢ best experts in the worLd in this field. The objective is to identify areas wher¢ Contributions can be made to advance methods Used in pharniacovigilance and pharmacoepid¢miology. Such developments include artificial intelligence and machine leaming. and the application of genelic knowledge in detecting and evaluating adverse drug reactions. The work has progressed well and the results of the fst two workstreams are due to be published in 2025. Investment performance The trustees are satisfied that the current investment approach of the Trust is consistent with its investtnent needs, objectives and attitude to risk, which is to provide a balallced rern on investment in the medium terni with a moderate risk of capital loss. The retum on investment decreased from £67,032 to £66,907 in 2024. FINAIYCIAL REVIEW Financial position The accounts have bc¢n pr¢par¢d in accordance with the accounting policies set out in note I to the accounts and comply with the charity's Trust Deed, th¢ Charities Act 1993 and the Statement of Recommended Practice, "Accounting and Reporting by Charities". issued in March 2005. The Statenlent of Financial Activiti¢s for the year is set out on page 15 to these financial statenLents. Prlnclpal fundlng sources Prtnciple funding sources come from donations received from pharnweuttcal companies and other organisations in order to carry out charitable activities. Whilst some costs are provided in advance by fimders, the entitlement to income only arises when separately identifiable stages of the projects are cotnpleteLI 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 rlleets the chaTity'S accounting policy regarding incoming resources as set out under accounting policy 1.2 in the notes to the financial statetnents.. Staffing costs (gross salaries plus employers, national insurance) ill 2024 were £1,469,838 compared to £1.498.506 in 2023. Salaries still forn) the major part of the cl]arity'5 expenses due to the specialist nature of employees, e.g.. medical doctors and scientists needed to cary out the research acÉiviÉies. Total wage costs including national insurance and pension contributions therefore remain the highest ¢xpendiiur¢ for th¢ Tnt orl a y¢ar-by-year basis. Th¢ Chainnan of Trustees and director maintained close scrutiny of incoming r¢sources and ¢xpeDditure dillg the year and kept the Board infornied maintaining the same level of financial governance as in previous years. Investjnent policy and objectives The Tst has undertaken investment in equities and bonds through Rathbones (IncoOratIng Investec Wealth & Investment Ltd). In order to monitor the investment Portfolio perfornwice. two trustees and the Director act as a sub-committ¢¢. This group, on behalf of the Board of Trustees, deals with all matters relating to the investment portfolio and meets with representatives of Rathbon¢s (incorporating Investec Wealth & Investment Ltd) at appropriate intervals. It is the poli¢y of the Board of Trustees that no investments in the pharn]aceutical, amaments or tobacco industries should be undertaken. Annually frotn a management perspective all other funds not immeth'ately required from month to month for th¢ norn1 running of tb¢ DSRU are routinely invested in fixed terni deposit accounts to rnaximise return whenever possible. The Trust's strategy to invest whenever possible to offset for leaner years when donations are reduced, will be maintained.
Drug Safety Research Trust Trustees, Report for the Year Ended 31 December 2024 FINANCIAL REVIEW Reserves policy It is the policy of the charity to maintain unrestricted flmds, 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. Th¢s¢ reserves will be used when and if flmds becon]e too low to cover nonnal day to day actÉvities. In Ibese difficult economic times. the Tst is reaping the benefit of the pntdent 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 th¢ 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 trnst¢es 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 in¢om¢, 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 trnstees have considered the level of funds held and the expected level of income and expenditure for 12 months from auihorising these financial statements. The budget¢d 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 unc¢rtainty ov¢r th¢ current regulatory environment and the impact this may have on the Trust's funding. Th¢ Trust is actively monitoring and planning for any changes, including repositioning itself to increase the number of sdIeS being perfornied in the UK. Because of the healthy level of 'free reserves" and the operational steps taken to ty and ensure that the Trust remains at the forefront of monitoring and research in the field of phatmacovigilance and phannacoepiderniology, the trustees do not believe there is any such doubt and th¢refore believe it is appropriate to use the going concern basis of preparation in these financial statements. FtrruRE PLANS Du¢ to the n¢w regulatory environment after Brexit the overall business strategy of the Unit will be reviewed and a new business strategy will be developed and implemented, The Unit will continue to conduct a broad range of studies to address safety questions. includtng observational studi¢s within our databases, phartnacoepÉdemiological studies using other data sources and a range of sttEdy designs, appropriate clinical trials, genetic SdIeS, drug and vaccine utilisation studies, meta-analyses. systernatic reviews, b¢n¢fEt-risk evaluations, other study methods to understand drugs and vaccines safety, effectiveness use and utilisation. The DSRU will lead or participate in national and international collaborative projects that aim to improve the methods and advance th¢ sci¢nc¢ of sdYing the safety of medicines. The DSRU will rther develop its scientific cornmunicattons programme to infonn the both the medicauscientific communities and the public about important phamiacovigilance issues. The Unil will rther develop its methods and capabilities in evidence-based pharmacovigilance and risk management and n]aintain its place as a Leading Unit in providing advice, training and education in phamiacovigilance and drug safety.
Drug Safety Research Trust Trustees, Report for the Year Ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng 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 th¢ Trust remains to monitor, study and communicate the safety of m¢dicines independent from both Government and industy. The Trust by way of its operational uniL the Drng Safety Research Unit (DSRU), undertakes all fomis of studies and evaluations on the safety of medicines. The DSRU provides advice. training and education in phannacovigilance and related subjects and works to improve th¢ methods used to study and understand the saf¢ty 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 worfc with int¢grity and fairness with all partners. Re¢ruiÈment and appointment of new trustee$ As a charity specialising in drng safety. the trnstees are identified for their expertise in areas which include drng regulation. epidemiology and med(cal ststistics, experimental medicine and phannacovigilance. Once appointed, the Trust ¢nsur¢s that any training required by the tNstees is provided to enable then] to fulfll their role. Trustees of the eharity The Intee8 acknowledge their responsibilitics as set out on the statement of twst¢¢s responsibilities. The tnistees 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 Jolin Camm QHP Bsc MD FRCP FESC FACC FAHA FCGC CSLT Professor Martin Vessey CBE MD FRCP FRCOG FRCGP FFPH Fmedsci FRS Professor Allan Hunter Young MB, ChB, MPhil, PhD, FRCPC, FRCPsyrhP Professor Isla Mackenzie MB ChB PhD PGCertMedEd FRCP Edin FBPhS FBIHS There have been no changes to the trustees in the year noT to the date of signing of these funCIal statements. Organisational structure The Trust employs a Director, assisted by sci¢nlific, Professional and administrative staff to conduct its day-lo-day activities, ensuring that the charity's objectives ar¢ implemented. The Trust also retains the services of appropriate advisers and consultants depending upon the nature of th¢ tasks required. During 2024 the average number of staff employed for the year w&$ 26. In addition, 10 consultants were engaged, to advise and assist with additional medicavresearch input, IT and data protection, PR and planning nlatters. Induction and trainlng of new trustees Induction is tailored to meet the needs of any new trnstee 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 trnstees, in conjunction with the director where appropriate, are responsible for setting the pay and remuneration of key management.
Drug Safety Research Trust Trustees, Report for the Year Ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENr Risk management Th¢ trustees hav¢ a duty to identify and review the risks lo which the charity is exposed and to ensure appropriate ntrols are in place to provide reasonable assurance against fraud and error. The tnjstees examine the major strategic, business and operational risks and confm that systems are established to enable r¢gular reports to be produced, so that necessary steps can be taken to control or lessen these risks. variability of the funding of the TLiJst made it necessary to put in place processes lo ensure that staff feli secure and motivated. A Disaster Recovery Plan for the DSRU has been designed and completed. The plan is secured in off-sit¢ stordg¢ within a data safe. Approv¢d by order of the board of trustees on............... . . and signed on its behalf by.. E.£.1& Professor K R Paterson MB ChB FRCP FFPM - Trustee
Drug Safety Research Trnst Statement of Trustees, Responsibilities for the Yeydr Ended 31 December 2024 The trustees are responsible for preparing the Trustees, R¢port and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdotn Generally Accepkd Accounting Practice) including Financial Reporting Standard 102 "Th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland" The law applicable to charities (n England and Wales, the chltieS Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust d¢ed requires the trustees to prepare financial statements for each rinancial yeai which give a trn¢ 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, th¢ trustees are required to select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going conc¢rn basis unless it is inappropriate to presume that th¢ charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accurdcy at any time th¢ fmancial position of the charlty and to enable them to ensure that the fancIal stat¢m¢nts comply with d]e Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of ihe trust deed. They ar¢ 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. -io-
Report of the Indep¢nd¢nt 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 2024 wch comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a sutnmary 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 A¢cepfrd Accounting Practi¢¢), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of ITeland'. In our opinion th¢ financial statements- give a true and fair view of the state of the charlS affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial R¢porting Standard 102 'The Financial Reporting Standard applicable in the UK and Republi of Ireland,; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audtt in accordance with International StandaTds on Auditing (UK) {ISAs {UK)) and applicable law. Our responsibilities under those standards are rther described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordallce with the ethical requirements that are Televant 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 obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng 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 fmancial statements is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties r¢lating to ¢v¢ntS OT conditions thal individually or collectively, may Cast significant doubt on the charity's ability to continue as a going concern for a peTiod of at least twelve months from when the financial statements are authoris¢d 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 infonnation Comprises th¢ information included in the Annual Report. other than the financial statements alld our Report of the Independent Auditors thereon. Our opinion on the fjnancial statements does not cover the other inforniation and, except to the extent otherwis¢ explicitly stated in our report. we do not express any fonn of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infonnation and, in doing so, consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we id¢ntify such material inconsistencies or apparent material misstatements, we are required to deterniine whether this gives rise to a material misstatement in tE]¢ financial statements themselves. If, based on the work we have perforni¢d, w¢ conclud¢ 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 r¢spect of the following tterS where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the infortnation given in the trustees Report is inconsistent in any material respect with the financial statements- or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting r¥xords and returns. or we have not received all the infonnalion and explanations we require for our audiL
Report of the Indepelldent Auditors to the Trustees of Drug Safety Research Trust Responsibilities of trustees As explailled more fully in the Slatement of Tntstees, Responsibilities, the trustees are responsible for the preparation of the financial statements which give a tNe and fair view, and for such internal control as the tNst¢¢s detennine is necessary to ¢nable the preparation of frncial statements that are fr¢¢ from mat¢rial misstatemenL whether due to fraud or error. In preparing the fmancial ststenlents, the tSte¢S are responsible for assessing the charity's ability to continue as a going ¢on¢ern, disclosing, as applicable, matters related to going con¢¢rn and using the going concem 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. -12-
Report of the Independent Auditors to the Trustees of Drug Safety Research Trust Our responsibilities for the audit of the finan¢i21 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 obj¢¢tives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud OT 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 ftaud or ¢m)r and are considered tnaterial if, individually or in the aggregafr, they could reasonably be expected to influence the economic decisions of users taken on the b&sis of these financial statements. The extent to which our procedwes ar¢ ¢apabLe of detecting irregularities, including fraud is detailed below: We ensured that the engagernent 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-complian¢¢ troughoUt the audit. Our approach lo identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. - based on our understanding of ihe charity and sector, and through discussions with trustees and key management. we identified any specific lawg and regulations which w¢ considered may have a direct material effect on the financial stalerllents or the operations of the cbarity, including the SORP 2015, Companies Act 2006, taxation legislation and data protection. anti-bribery, employment, environmental and h¢alth and Safety legislation,. and we assessed the extent of compliance with these laws and regulations through making enquiries of management and inspecting legal correspondence. We assessed the susceptibility of the charity's financial statements to material rnisstatemenL including obtaining an understanding of how fraud might occur. by.. making enquiries of tnanagement as to where they consid¢r¢d there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the Tisk of fraud through management bias and override of controls, we: - perfoTtned analytical Procedures to identify any unusual or unexpected relationships; tested journal entries, particularly focused around the year-end, to identify unusual transactions. assessed whether judgements and aswmplions mad¢ in detemiining the accounting estinteS in the notes to the fmancial statements were indicative of potential bias. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-cotnpliance with laws and regulations, w¢ d¢sign¢d procedures which Éncluded, but w¢Te not limited to.. - agreeing financial statement disclosures to underlying supporting documentation,. - reading the minutes of meetings of those charged with governance. enquiring of management as to actLuI and potential litigation and claims. and - reviewing correspondence with HMRC, relevant regulators and the charity's legal advisors. There are inhereni limitations in the audit procedures described above. We are less likely to become aware of instances of non-complian¢¢ with laws and regulations that are not closely related to ¢v¢nts 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 misrq)r¢sentaiions, or through colluston. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at wHw.frc.org.uklauditorsresponsibilities. This description forn part of our Report of the Independent Auditors. -13-
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 h&$ beell undertaken so that we might stste to the charity's trustees those matters we are required to state to th¢m in an auditors, report and for no otber purpose. To th¢ lIeSt extent perniitted by law, we do not accept or assume responsibility to Anyon¢ other than the charity and th¢ Charity'5 trustees as a body, for our audit work, for tS report, or for the opinions we hav¢ forn]ed. Cartwrights Clwtered Accountants and Business Advisors Statutory Auditor Regency House 33 Wood Str¢¢t Bamet Hertfordshire EN5 4BE Date.. Andr¢w Hill FCA {Senior Stathtory Auditor) for and on behalf of Cartwrights -14-
Drug Safety Research Trust Statement of Financial Activities for the Year Ended 31 December 2024 31112124 Total funds 31112123 Total fund$ Unrestricted funds Restricted fund Notes INCOME AND ENDOWMEIYTS FROM Donations and legacies 704,584 704,584 1,665,967 Investment income Other income 234,799 233.762 234,799 233,762 250,209 400.284 Total 1,173,145 1,173,145 2,316,460 EXPENDITURE ON Raising funds 24,633 24,633 22,956 Charitable activities Direct Charitable Expenditure 1,706,844 1,706,844 1,959,822 Other 728,144 18,780 746,924 705,798 Total 2,459,621 18,780 2,478,401 2,688,576 Net gains on investments 113,703 113.703 78.475 NET INCOMEI{EXPENDITURE) (1,172,773) (18.780) (1,191,553} (293,641) RECONCILIATION OF FUNDS Total fldS brought forward 8,038.987 434,280 8,473,267 8.766,908 TOTAL FULYDS CARIUED FORWARD 6,866,214 415,500 7.281,714 8,473,267 The notes fonn part of these financial statements -15-
Drug Safety Research Trust Statement of Financial Position 31 December 2024 31112124 Total funds 31112123 Total funds Unrestricted funds Restricted fund Notes FIXED ASSETS Tangible assets Investments 44,204 4,311,066 415,500 459,704 4,311,066 480,674 4,066,828 12 4,355,270 415,500 4,770,770 4,547,502 CURRENT ASSETS Debtors Cash at bank 13 500,400 2,091,721 500,400 2,091,721 1,211,314 2,829,365 2.592,121 2,592,121 4,040,679 CREDITORS Amounts falling due within one year 14 (81,177) (81,177) (114,914) NET CURRENT ASSETS 2,510,944 2,510,944 3,925,765 TOTAL ASSETS LESS CURRENT LIABILITIES 6,866,214 415,500 7,281,714 8,473.267 NET ASSETS 6,866,214 415,500 7,281,714 8,473.267 FUNDS Unrestricted funds Restricted funds 15 6,866,214 415,500 8,038,987 434280 TOTAL FUNDS 7,281,714 8,473,267 The financial Staternets were approved by the Board of Trustees and authorised for issue ..2&....A4. ts£5.. and were signed on its behalf by.. on K R Paterson MB ChB FRCP FFPM - Trustee The notes forn] part of these financial statements -16-
Drug Safety Research Trust Statement of Cash Flows lor the Year Ended 31 Deeember 2024 31112124 31112123 Notes Cash tlows from operating activities C&sh generated from operations (902,420) (1,571,029) Net cash used in operating activities (902,420) (1,571,029) Cash flows from investing activities Purchase of tangible fed ass¢ls Purchase of fix¢d ass¢t investments Sale of tangible fixed assets Sale of fixed asset investments Interest received Dividends received (12,451) (130,535) 1,109 113,703 126,043 66,907 (38,023) (156,434) 78,475 100,773 67,032 Net cash provided by investing a¢tivities 164,776 51,823 Change In cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (737.644) (1.519.206) 2,829,365 4,348,571 Cash and cash equivalent5 at the end of the reporting period 2,091,721 2,829,365 The notes fomi part of these financial statements -17-
Drug Safety Research Trust Notes to the Statement of Cash Flows for the Year Ended 31 December 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 31112124 31112123 Net espendiÈure for the reporting period (as per the Statement of Financial A¢tivities) Adjustments for: Depreciation charges Gain on investments Interest received Dividends received Decrease/{increase) in debtors Decrease in cr¢ditors (1,191,553) (293,641) 31,669 (227.406) (126,043 } (66,907) 711,557 (33.737) 30,389 {156,950} {100,773) (67,032) (975,887) (7,135) Net cash used in operations (902,420) (1,571,029 } ANALYSIS OF CHANGES IN NET FUIYDS At 111124 Cash flow At 31112124 Net cash Cash at bank 2.829,365 (737,644) 2,091,721 2.829,365 (737,644) 2,091,721 Total 2.829,365 (737,644) 2.091,721 The notes forni part of these financial stakments -18-
Drug Safety Research Trust Notes to the Finaneial Statements for the Year Ended 31 December 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The fmancial 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 ihe Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland (FRS 102) (effective l January 2019}', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Irelattd, and the Charities Act 2011. The financial statements have been prepared under the historical Cost convention, with the exceptton of investments which are included at market value, as modified by the revaluation of certain assets. Going Concern Th¢s¢ fanciaL statements are prepared on the going concern basis. The trustees have a reasonable expectation that the charity will continue in operational ¢xist¢n¢¢ for the foreseeable ture. The validity of this assumption depends on the continuing surplw in 'fe reserves" If the Charity were unable lo 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 CUellt assets. Critical accounting judgements and key sources of estimation uncertainty Judgements and estimates are continually evaluated and are bas¢d on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounti estimates and assutn tions The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Propety, 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 i¢sidual 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 ass¢t 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 andlor milestones. Income All income is recognised in the Staternent of Financial Activities once th¢ eharity has entitlement lo the funits, it is probable that the income will be re¢¢ived and the amoun¢ Can be measured reliably. For donations lo be recognised the chaTlty will have been notified of the amounts and the settlement date in writing. If there are condttions attached to the donation and thts requires a level of perfornLance before enlitlement 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 lfIlled. 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 inCued 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 re¢ognised using the effective inleresl method and dividend income is recognised the charity's right to receive payment is established. -l9- continued..
Drug Safety Research Trust Notes to the Financial Statements - coThtinued for the Year Ended 31 December 2024 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 in¢luded when charged and donations when received. Due to the connected nature of this entity, donation income is recorded within other income rdther than within donations and legacy income in the Statement of Financial Activities. Debtors are re¢ogn2sed when the charity is legally entitled to the income after any perfomiance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Expellditure Liabilities are recognised as expenditure as soon as there is a legal or constrnctive obligation committing the charity to ihat expenditltre, it is probable thal a transfer of economic benefits will be required in settlement and the amount of th¢ obligation can be me&8ured reliably. Exp¢ndityre is accounted for on an accruals basis and has b¢¢n classified under headings that aggregate all cost related to the ¢at¢gory. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Ralsing funds Costs of raising ndS 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 perforn]ing 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 chatity but do not directly represent charltable activitie5 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 Taising funds and expenditure on charitable activitle5 on a basis ¢onsistenl with use of the resources. Tangible fixed assets Tangible fixed ass¢ts other than freehold land are stated at cost less depreciation. Depreciation is provided at Tat¢s calculated to write off the cost less estimated residual value of each asset over its expe¢ted useful life, as follow: Fr¢ehold land Not depr¢¢iated Freehold buildings 2% Straight line on cost Plant and tna¢hinery 20 % straight line on cost Fixtures, fittings and equipment 20010 Straigbt line on Cost Motor vehicles 200/9 Straigbt line on cost Taxation Tbe charity is an exempt charity within the meaning of SChede 3 of the Charities Act 201 l and is considered to pass the tests to ensure it is exempt from tax on its charitable activities. Fund aeeounting Unrestricted thnds ¢an be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted puryoses within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restrict¢d purposes. Further explanation of the nature and purpose of each fund is in¢lud¢d in the notes to the financial statements. -20- continued...
Drug Safety Research Trust Notes to the Financial Statements - continued for the Year Ended 31 December 2024 ACCOUNTING POLICIES- continued Foreign Currencies Assets and liabilities in foreign currencies are translated into sterling at th¢ rates of exchange ruling at the statement of financial position date. Transactions itt foreign currencies are translated into sterling at the Tate of exchange rlding 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 charitys pension scheme are charged to the Statement of Financial Activities in the periiMI to which they relate. Donated goods The charity does not receive any donated goods or gifts in kind. Financial instruments Th¢ charity only holds basic financial instNm¢nts as d¢fined in FRS 102. Th¢ financial ass¢ts and financial liabilities of the charity and their measurement basis are as follows: Financial assets Fixed asset investments in publicly trdded 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 oth¢r debtors ar¢ basic financial instsum¢nts aad ar¢ d¢bt instruments measured at amortised cost as detailed in the debtors nofr to these financial statements. Prepayments and accrued income are not financial instruments. Cash at bat- is classified as a basic fitLancial instrument and is measured at face value. Financial liabilities Trade creditors and other creditors are basic financial instrnments. and are measured at amortised cost as detailed in the creditors note to these financial statements. Taxation and social security ar¢ not included in th¢ 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 Instmellt. Other balance sheet items Cash aÉ bank and in hand included cash and short tern] 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 ar¢ r¢cognis¢d wh¢n th¢ charity has an obligation al th¢ Lfporting dat¢ as a result of a past event which it is probable will result in the transfer of economic benefits and th¢ obligation can b¢ ¢stimat¢d 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 Ihose amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recogni5ed within interest payable and simklar charge5. -21- continued...
Drug Safety Research Trust Notes to the Finaneial Statements - continued for the Year Ended 31 Deeember 2024 DONATIONS AI¥D LEGACIES 31112124 Total funds 31112123 Total funds Unrestricted funds Restricted funds Donations 704,584 704,584 1,665,967 INVESTMENT INCOME 31112124 Total funds 31112123 Total funds Unrestricted funds Restricled funds Gain on disposal of investment Listed income Interest received 41,849 66,907 126.043 41,849 66,907 126,043 82,404 67,032 100,773 234,799 234,799 250,209 OTHER INCOME 31112124 Total funds 31112123 Total funds Unrestricted funds Restricted funds Other income 233,762 233,762 400,284 RAISING FUNDS Investment management costs 31112124 Total funds 31112123 Total funds Unrestricted funds Restricted funds Fund manager costs 24,633 24,633 22.956 CHARITABLE ACTtvrriES COSTS Direct Costs Direct Charitable Expenditure 1,706,844 -22- continued...
Drug Safety Research Trust Notes to the Financial Statements - eontinued for the Year Ended 31 December 2024 SUPPORT COSTS Governance costs Other resources expended 746,924 Support costs, included in the above, are as follows: 31112124 Other resources expended 311123 Total actlvltles 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 c05És Equipment hire Depreciation of tangible fixed assets 178,021 150,351 97,095 11,720 11.137 22.780 26,079 4,612 765 4,642 23,941 8,198 51.932 14,717 62,363 (36) 44,208 2,730 31.669 167,640 150,333 84,162 11,524 11.351 21,952 23,719 6,052 I,754 4,695 18,142 9.306 48.294 22,113 37,623 1,277 53,133 2,339 30,389 746,924 705,798 AUDITORS, REMUNERATION 31112124 31112123 Fees payable to the chaTÉty's auditors for the audit of the ¢haritVs financial statements 11.720 11,524 -23- continued...
Drug Safety Research Trust Notes to the Financial Statements- eontinued for th¢ Year Ended 31 December 2024 TRUSTEES, REMUNERATION AND BENEFITS There wer¢ no trustees, r¢muneration or other benefits for the yeaT ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses Trustees indemnity insurance payable during the year amount¢d to £7,844 (2023: £7,323). io. STAFF COSTS Th¢ average number of employees during the year was 26 (2023 - 31). The number of employees whose annual emoluments were £60,000 or more were: 2024 2023 £230,001- £300,000 £70,001- £100,000 £60,001- £70,000 TANGIBLE FIXED ASSETS Fixtures and rittings Freehold property Plant and maehinery Computer system Totals COST At l January 2024 Additions Disposals 941,000 2 l5.222 12,132 (6,918) 67,538 319 57,036 1,280,796 12,451 (6,918) At 31 December 2024 941,000 220,436 67,857 57,036 1,286,329 DEPRECIATION At l January 2024 Charge for year Eliminated on disposal 506,720 18,780 171,373 12.142 (5,809) 64,993 1,390 57,036 800,122 32,312 {5,809) At 31 D¢cember 2024 525,500 177,706 66,383 57.036 826.625 NET BOOK VALUE At 31 Decemb¢r 2024 415,500 42.730 1,474 459.704 At 31 December 2023 434,280 43,849 2,545 480.674 The freehold property was last revalued on 20 Deetmber k999 by Messrs Daniells HaTison, Chartered Surveyors, on the basis of open market value for current e. The freehold land and buildings valuation has not been updated sinc¢ 1999. Under the transitional relief provisions under FRS 102, this value has been treated as the deemed cost in these fmancial ststements.The estimated nwket value per th¢ charity as at the balance sheet date. is in excess of £4 million. Comparable historÉcal cost for the land and buildings included at valuation= 2024 2023 Cost Accumulated Depreciation At year end 1,487.614 525 000 962 614 1,487.614 506 720 -24- ontinu¢d...
Drug Safety Research Trust Detailed Statement of Financial ActiTrTrtie$ for the Year Ended 31 December 2024 31/124 31112123 INCOME AND ENDOIVMENTS Donations and legacies Donations 704,584 1,665,967 nvestment ineome Gain on disposal of investment Listed income Interest received 41,849 66,907 126,043 82,404 67,032 100,773 234,799 250,209 Other income Other income 233,762 400,284 Total incoming r¢sour¢e$ 1.173.145 2,316,460 EXPENDITURE Investment management costs Fund manager costs 24,633 22.956 Charitable aetivfities Wages - direct G¢neral Practitioner costs Other direct Costs 1,141,466 109,683 455,695 I,180,533 44,627 734,662 1,706,844 1,959,822 Support costs Governance Costs Wages Social security P¢nsions 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 Carrled fonvard 178,021 150,351 97,095 11,720 11,137 22,780 26,079 4,612 765 4,642 23,941 8,198 51,932 14,717 62,363 668,353 167,640 150,333 84,162 11,524 11,351 21,952 23,719 6,052 1,754 4,695 18,142 9,306 48,294 22.113 37,623 618,660 This page does not fonn part of the statutory financial statements -29-
Drug Safety Research Trust Detailed Statement of Flnallclal Actlvities for the Year Ended 31 December 2024 31112124 31112123 Governance costs Brought fonvard Bank charges Marketing costs Equipment bire Depreciation of tangible fixed &ssets 668,353 (36) 44,208 2,730 31,669 618,660 1,277 53,133 2,339 30,389 746,924 705,798 Total resoue$ expended 2.478,401 2,688,576 Net expendlture before gains and losses (1,305,256) (372,116) Net losses on investments Net gains / losses on investments 113,703 78,475 Net expenditure (1,191,553) {293,641 } This page does not fomi part of the statutory financia] statements -30-