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
t￿￿te¢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 s￿dyIng 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 pham￿COV1gIIance 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 phann￿O¢pidQM1O1ogy.
DSRU Consultancy pmvides advice on strategies, study designs and options for post-marketing pharniacovigilance,
pharma¢o¢pid¢miology, Tisk minimisation and risk ll￿nagement plamling for large and small pharniaceuÉical
companies.
DSRU Education & Training is
leading European pr()vider of training in pharmacovlgil￿Ce.
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 Tn￿l 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
s￿dIeS (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 pharn￿COepideMio1OgY 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 n￿lling.
Th¢ C¢rtifi¢at¢. Diplotna and Masters degree itk Pharniacovigilance in collaboration with th¢ Univ¢rsity of Portsmouth
continued, with I I s￿dentS 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 PhaM￿cov1gllanC¢.
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 f￿st 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 re￿rn 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¢ Tn￿t orl a y¢ar-by-year basis.
Th¢ Chainnan of Trustees and director maintained close scrutiny of incoming r¢sources and ¢xpeDditure d￿illg the
year and kept the Board infornied maintaining the same level of financial governance as in previous years.
Investjnent policy and objectives
The T￿st has undertaken investment in equities and bonds through Rathbones (Inco￿OratIng 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¢
norn￿1 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 T￿st 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 s￿dIeS 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 S￿dIeS, 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 s￿dYing 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 In￿tee8 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 fu￿nCIal 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 ch￿ltieS 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 f￿ancIal 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 w￿ch 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 charl￿S 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 t￿Ste¢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¢¢ t￿roughoUt 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 estin￿teS 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 t￿S 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 fl￿dS 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
Staterne￿ts 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 f￿ed 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¢ f￿anciaL 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 'f￿e 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 CU￿ellt 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 inCu￿ed 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 SChed￿e 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 Inst￿mellt.
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
31112￿3
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
31/1￿24
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 resou￿e$ 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-