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← Cambridge Arthritis Research Endeavour (Care)

2025-03-31-accounts

Charity registration number 802862 (England and Wales)

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Professor H Gaston
Dr N Shenker
Dr F Hall
Professor A McCaskie
S Hartshorn
S Ramsay
His Honour Christopher Hodson
Charity number 802862
Registered office Box 194 Unit E6
Addenbrookes Hospital
Hills Road
Cambridge
CB2 0QQ
Independent examiner Ms J Boatfield FCA, DChA
Ensors
First Floor
Victory House
Vision Park
Histon
Cambridge
CB24 9ZR

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

CONTENTS

Page
Trustees' report 1 - 4
Statement of Trustees' responsibilities 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 17

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report and financial statements for the year ended 31 March 2025. Cambridge Arthritis Research Endeavour is abbreviated to CARE in the report below.

The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the Charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

The Trustees have referred to the Charity Commission’s general guidance on Public Benefit when reviewing our aims and objectives and in planning the Charity's future activities and believe that the activities of the Charity clearly demonstrate a direct public benefit.

Objectives and activities

The purpose and work of CARE is primarily in the field of arthritis and relief and education concerning such conditions.

The Trustees have referred to the Charity Commission’s general guidance on Public Benefit when reviewing our aims and objectives and in planning the Charity's future activities and believe that the activities of the Charity clearly demonstrate a direct public benefit.

The Trustees believe that the Charity’s research is of huge benefit to the public. The Charity was formed by a Trust Deed dated 29 January 1990. (Charity number 802862).

Since it is essentially a medical charity, it is appropriate that most of the Trustees are medical. In setting up the charity it was recognised that it was important to have a balanced mix of Trustees. The initial mix was mainly medical with a fundraiser and a lawyer.

As Trustees have resigned and replacements needed, the broad focus has been on replacing like with like, so a medical Trustee on leaving has been replaced by an incoming medical Trustee. The Board of Trustees have felt this to be in line with the original intent of the charity. In appointing Trustees, the Board has focussed on finding Trustees, who, not only have excellent credentials, but who would also be able to make a significant contribution to the work of CARE. The Trustees intend to appoint additional trustees with legal and/or financial expertise in due course.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Achievements and performance

CARE administrates the academic and commercial research studies conducted in the rheumatology research unit (RRU). This includes: sourcing and accepting grants and other funds to perform the research; paying salaries of the research doctors, nurses, practitioners and administrators (under the auspices of their employer, Cambridge University Hospitals NHSFT); paying for equipment, consumables and training required to perform the research duties.

The Rheumatology Research Unit (RRU) comprises a senior administrator, 3 research nurses, 1 research nurse practitioner and a research fellow who has registered for an MD. Over the past year, the RRU has launched 5 new studies (MARASLE, BE-BOLD, TAILOR, SAGE and BAxSICs) and is continuing to recruit to a number of existing Commercial and Academic studies and Registries. Studies have recruited patients with rheumatoid arthritis, psoriatic arthritis, axial spondyloarthritis, Stickler Syndrome, Giant Cell Arteritis, Complex Regional Pain Syndrome and Sjogren's Syndrome. Early phase studies and late phase studies provide NHS patients with access to novel therapies, some of which will be years before they are available to the general public. Our hope is to provide access to therapies, support the NHS and better understand the genetics and biology of these diseases.

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Dr Shenker has an interest in chronic pain syndromes and leads the clinical service for diagnosing patients with Complex Regional Pain Syndromes (CRPS) and related conditions, collaborating with other Specialist Services within Addenbrooke’s Hospital. He is Chair of the CRPS-UK Network and Registry. His research interests relate to this patient cohort and he actively recruits patients for studies in basic science (Genetics, Imaging, Neurophysiological) along with an innovative rehabilitation strategy using a Virtual Environment. Parallel to this Dr Shenker is looking at patients with active Rheumatoid Arthritis due to receive anti-TNF treatment. The study will use a 7T MRI scan to look at the brain before and after the anti-TNF therapy to investigate the improvements in general wellbeing often reported in patients with this treatment.

Dr Frances Hall has an interest in Connective Tissue Disease (CTD). Dr Hall chaired the SALVE (Scleroderma App for Lesion Verification) working group (November 2020-November 2023), sponsored by University of Manchester. This developed an application for capturing images and metrics relating to digital ulceration in systemic sclerosis. An app which enables patient-led data capture of high-quality images for evaluation of changes in digital ulcers, would provide a powerful vehicle for data capture in clinical trials and in clinical practice. Dr Hall is also a collaborator on the sequel project APPRAISE (Assessment of Photographic Ulcer Recognition and Analysis in Systemic Sclerosis Evaluation). This will start in 2025 and will compare scoring of images of digital ulcers by the SALVE App with scores from expert human evaluators.

In 2024, Dr Hall collaborated with Alain Amstutz (Basel University) on a meta-analysis of 16clinical trials evaluating JAKinhibitors in COVID-19. During the pandemic, Dr Hall was Chief Investigator on a national clinical trial (TACTICR) of Baricitinib (JAK inhibitor) and Ravulizumab (Complement C5 inhibitor). The TACTIC-R Trial Management Group shared the data from the control and baricitinib arms of the TACTIC-R trial with the Basel team. This concluded that benefit was evident across a range of JAK inhibitors in COVID-19 and associated Interstitial Lung Disease (ILD) and ran a trial which showed that lung volumes increased and quality of life improved after treatment with an immunosuppressant, rituximab, and this treatment is now available to these patients.

Prof Andrew McCaskie is Professor of orthopaedics and directs the Versus Arthritis; Tissue Engineering and Regenerative Therapies Centre, investigating the use of stem cell therapies in joint disease. His clinical interest is lower limb, particularly hip disease in young patients. He also conducts clinical trials using cell therapy trial for knee arthritis.

Financial review

Fixed asset investments are showing a loss of £24,945 (2024 - gain of £61,929) during the year and generated spendable income of £21,416 (2024 - £27,865), which the Trustees consider to be satisfactory performance.

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level which is adequate to meet the charity's objectives. The Charity has a reserves policy to not let these funds fall below £500K.

The results for the year are set out in the attached financial statements. At the balance sheet date the Charity had total net assets less current liabilities of £385,725 (2024 - £568,431). The Charity reserves amounted to £300,303 (2024 - £482,678).

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The Trustees have conducted their own review of the major risks to which the Charity is exposed and systems have been established to mitigate those risks. Procedures have been put in place to minimise both the external and internal risks and these procedures are periodically reviewed to ensure that they still meet the needs of the Charity.

The risks are largely defined as being financial and/or medical. Financially, the Charity has taken professional advice and its finances are handled by CCLA Investment Management Ltd with part of its cash invested in Units and part invested on term deposits. Overall the Charity is seeking to ensure that there is approximately five years of anticipated funding needs in its reserves (or such reserves as may be advised by the Charity Commission); the five years funding in reserves is an aspiration at the moment. Steps are being taken on the fund-raising front to enhance the level of reserves.

Medically, the Charity is exposed to risk in the following ways:

1. The CARE website

The CARE website has been reconstructed.

2. CARE Speaker and Social Meetings

These events bring together members of the Rheumatology Department and patients, with their relatives and friends. Venues selected are used regularly for conferences and present no unusual hazard. Several medical members of the team are present at these events, should medical attention be required.

3. CARE involvement in scientific research and clinical trials

All scientific research sponsored by CARE is conducted under the ethical and management policies of Cambridge University Hospitals NHS Foundation Trust (CUHNHSFT) (to whom proposals are submitted for peer review). Where CARE staff participate in clinical trials, these are normally conducted on behalf of pharmaceutical companies, or their agents, and therefore subject to the normal regulatory processes. Where CARE sponsors clinical trials directly, these are conducted under the regulations set out by CUHNHSFT, and are subject to ethical review. Insurance against adverse outcomes in any CARE-instigated clinical trial is provided through CUHNHSFT.

Structure, governance and management

The Governing document of the Charity is a Declaration of Trust dated 29 January 1990.

The address of the charity is:

Box 194 Unit E6 Addenbrookes Hospital Hills Road Cambridge Cambs CB2 0QQ

The Trustees who served during the year and up to the date of signature of the financial statements were:

Professor H Gaston Dr N Shenker Dr F Hall Professor A McCaskie S Hartshorn S Ramsay His Honour Christopher Hodson

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Prospective and newly appointed Trustees are given a detailed understanding of the research work carried out by CARE, so that those who are invited to join are conversant with what is expected of them.

In planning for the coming year, the Trustees agree the framework in which CARE will operate and the day-to-day detail to achieve this is delegated to the staff of CARE. Should the staff wish to change the framework, then an approach is made to the Trustees to seek their authority to make the changes.

The day to day affairs of the charity are run by the Administrator.

The charity's current policy concerning the payment of trade creditors is to:

The Trustees' report was approved by the Board of Trustees.

Professor H Gaston Trustee

30 November 2025

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.

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

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

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

I report to the Trustees on my examination of the financial statements of Cambridge Arthritis Research Endeavour (the Charity) for the year ended 31 March 2025.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

I have completed my examination. I confirm that no matters have come to my attention in connection with the

examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Ms J Boatfield FCA, DChA Ensors

First Floor Victory House, Vision Park Chivers Way, Histon Cambridge CB24 9ZR

Dated: 1 December 2025

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
Restricted
Total
Unrestricted
Restricted
funds
funds
funds
funds
2025
2025
2025
2024
2024
Notes
£
£
£
£
£
Income from:
Donations and legacies
3
865
-
865
1,694
-
Charitable activities
4
23,432
30,000
53,432
30,692
55,097
Investments
5
23,544
-
23,544
30,360
-
Total income
47,841
30,000
77,841
62,746
55,097
Expenditure on:
Charitable activites
6
207,531
28,371
235,902
240,185
33,071
Net gains/(losses) on
investments
10
(24,645)
-
(24,645)
61,929
-
Net income/(expenditure) and
movement in funds
(184,335)
1,629
(182,706)
(115,510)
22,026
Reconciliation of funds:
Fund balances at 1 April 2024
493,546
74,885
568,431
609,056
52,859
Fund balances at 31 March
2025
309,211
76,514
385,725
493,546
74,885		 Total
2024
£
1,694
85,789
30,360
117,843
273,256
61,929
(93,484)
661,915
568,431

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

BALANCE SHEET

AS AT 31 MARCH 2025

2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 13 8,858 10,818
Investments 14 569,798 873,026
578,656 883,844
Current assets
Debtors 15 129,754 146,627
Cash at bank and in hand 87,799 74,600
217,553 221,227
Creditors: amounts falling due within
one year 16 (410,484) (536,640)
Net current liabilities (192,931) (315,413)
Total assets less current liabilities 385,725 568,431
Income funds
Restricted funds 17 76,514 74,885
Unrestricted funds
General unrestricted funds 309,161 493,496
Trustees' subscriptions 50 50
309,211 493,546
385,725 568,431

The financial statements were approved by the Trustees on 30 November 2025

Professor H Gaston

Trustee

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025

1 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2 Accounting policies

Charity information

Cambridge Arthritis Research Endeavour is a Registered Charity governed by a declaration of trust dated 29 January 1980. Its objectives are the relief of persons who are suffering from rheumatoid arthritis and related diseases and to promote and advance medical research and education concerning such disorders provided that the useful results of such research shall be published.

2.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's declaration of trust, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Charitable funds

Resources received are allocated to restricted funds according to the limitations specified on their use by the donors or other providers. Funds which can be used for general purposes of the Charity are treated as unrestricted.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2 Accounting policies

(Continued)

2.4 Incoming resources

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Legacy income is recognised when the following conditions have been met: the final estate accounts have been approved, the legacy is capable of measurement and there is no reversionary interest.

Grants received for use in purchasing capital items are included as income within restricted funds and are reduced each year by an amount equivalent to depreciation of those assets.

Revenue grants are recognised when there is evidence of entitlement to the grant, receipt is probable and the amount can be measured reliably.

Income from drug trials is recognised when it is probable the payment will be received and can be measured accurately.

2.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

2.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings

15% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

2.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

2.8 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2 Accounting policies

(Continued)

2.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 865 1,694

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

4 Charitable activities

Grants
Drug trial income
Analysis by fund
Unrestricted funds
Restricted funds		 2025
£
30,000
23,432
53,432
23,432
30,000
53,432		 2024
£
55,097
30,692
85,789
30,692
55,097
85,789

5 Investment income

Unrestricted Unrestricted
funds funds
2025 2024
£ £
COIF 21,416 27,865
Bank interest 2,128 2,495
23,544 30,360

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

6 Expenditure on charitable activities

Charitable Charitable
activites activites
2025 2024
£ £
Direct costs
Staff costs 167,395 213,865
Depreciation and impairment 1,960 2,112
Archiving 467 253
Conferences and travel - 1,239
Drug trials (1,602) (5,538)
Patient travel - (162)
Trial costs for genomic extraction 14,209 16,896
Insurance 549 339
Stationery and computer supplies 887 586
Sundry expenses 713 974
Bank charges 116 124
Maintenance 187 193
Research 713 2,421
Irrecoverable VAT 484 3,950
186,078 237,252
Share of support and governance costs (see note 7)
Support 34,405 23,009
Governance 15,419 12,995
235,902 273,256
Analysis by fund
Unrestricted funds 207,531 240,185
Restricted funds 28,371 33,071
235,902 273,256
Support costs allocated to activities
2025 2024
£ £
Staff costs 34,405 23,009
Governance costs 15,419 12,995
49,824 36,004
Analysed between:
Charitable activites 49,824 36,004

7 Support costs allocated to activities

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements 750 725
Depreciation of owned tangible fixed assets 1,960 2,112

9 Trustees

During the year, no Trustees received any remuneration (2024 - £nil), benefits in kind (2024 - £nil) or reimbursement of expenses (2024 - £nil) in relation to their role as Trustees.

10 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation and disposal of investments (24,645) 61,929

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Employees

There were no employees during the year.

Employment costs 2025 2024
£ £
Wages and salaries recharged from Cambridge University Hospitals NHS
Foundation Trust 213,269 244,544

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

13 Tangible fixed assets

Tangible fixed assets
Fixtures and
fittings
£
Cost
At 1 April 2024 57,641
At 31 March 2025 57,641
Depreciation and impairment
At 1 April 2024 46,823
Depreciation charged in the year 1,960
At 31 March 2025 48,783
Carrying amount
At 31 March 2025 8,858
At 31 March 2024 10,818

14 Fixed asset investments

**COIF Units ** Deposit Fund Deposit Fund Total
- Capital - Income
£ £ £ £
Cost or valuation
At 1 April 2024 683,140 7,023 182,863 873,026
Income retained in COIF Income Account - - 21,417 21,417
Gain/ (loss) (24,645) - - (24,645)
Disposals (100,000) (5,000) (195,000) (300,000)
At 31 March 2025 558,495 2,023 9,280 569,798
Carrying amount
At 31 March 2025 558,495 2,023 9,280 569,798
At 31 March 2024 683,140 7,023 182,863 873,026
Debtors
2025 2024
Amounts falling due within one year: £ £
Trade debtors 125,659 136,383
Other debtors 656 656
Prepayments and accrued income 3,439 9,588
129,754 146,627

15 Debtors

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2025
£
9,978
38,198
352,132
10,176
410,484		 2024
£
12,767
8,318
503,902
11,653
536,640

17 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April Incoming Resources At 31 March
2024 resources expended 2025
£ £ £ £
Classic Study 3,350 - - 3,350
XLH Study 45,320 - (10,783) 34,537
PPIE Project 2,000 - - 2,000
BSR Funding 24,215 - (4,588) 19,627
Realise Study - 30,000 (13,000) 17,000
74,885 30,000 (28,371) 76,514
Previous year: At 1 April Incoming Resources At 31 March
2023 resources expended 2024
£ £ £ £
Classic Study 3,350 - - 3,350
XLH Study 26,958 34,536 (16,175) 45,319
PPIE Project 2,000 - - 2,000
BSR Funding 20,551 20,561 (16,896) 24,216
52,859 55,097 (33,071) 74,885

CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April At 1 April Incoming Incoming Resources Gains and At 31 March
2024 resources expended losses 2025
£ £ £ £ £
General funds 493,496 47,841 (207,531) (24,645) 309,161
Previous year: At 1 April Incoming Resources Gains and At 31 March
2023 resources expended losses 2024
£ £ £ £ £
General funds 609,006 62,746 (240,185) 61,929 493,496
Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2025 2025 2025
£ £ £
Fund balances at 31 March 2025 are represented by:
Tangible assets 8,858 - 8,858
Investments 569,798 - 569,798
Current assets/(liabilities) (269,445) 76,514 (192,931)
309,211 76,514 385,725
Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
Fund balances at 31 March 2024 are represented by:
Tangible assets 10,818 - 10,818
Investments 873,026 - 873,026
Current assets/(liabilities) (390,298) 74,885 (315,413)
493,546 74,885 568,431

19 Analysis of net assets between funds