Find out more online at www.alzheimersresearchuk.org
2014
Annual Report Alzheimer’s Research UK (A company limited by guarantee and not having a share capital) Company number 3681291 Registered Charity number 1077089 Scottish Registered Charity number SC042474
Telephone 0300 111 5555
[email protected] Our registered Charity number is 1077089 and SC042474.
and Financial
Statements
Contents
Legal and administrative details
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Legal and administrative details
Trustees (Directors and Members) Chairman DL Mayhew CBE
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Chairman’s report
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Report of the Trustees
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Statement of Trustees’ responsibilities
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Report of the Independent Auditors
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Consolidated statement of financial activities and summary income and expenditure account
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Statement of financial activities and summary income and expenditure account
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Consolidated balance sheet
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Charity balance sheet
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Consolidated cash flow statement
Other Trustees JW Fawcett H Pattinson J Tanner AJ Thompson A Tilbe JP Battersby – resigned 23 October 14 RC Bell – resigned 23 October 14 M Cooper – appointed 29 May S Cramer CBE – appointed 29 May 14 R Evenett – appointed 29 May 14 PL Lantos – resigned 23 October 14 RS Leighton – resigned 23 October 2014 F Marshall – appointed 29 May 14
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Charity cash flow statement
Company Secretary HB Bester
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Notes forming part of the financial statements
President
Robin, Countess of Onslow
Executive Team Hilary Evans, Director of External Affairs Dr Eric Karran, Director of Research Ian Wilson, Director of Fundraising
Scientific Advisory Board Prof Stuart Pickering-Brown (Chairman) Prof Johannes Attems Prof Luc Buee Dr Michael Coleman Prof Andrew Doig Prof Nick Fox Prof Clive Holmes Prof Lesley Jones Dr Rick Livesey Dr Simon Mead Prof James Nicoll Prof John O’Brien Dr Michael O’Neill Prof Bettina Platt Prof Andy Randall Prof Karen Ritchie Dr Tara Spires-Jones Dr Robert Williams
Our Patrons Prof Gustav Born FRS Lindsay Duncan CBE Sir Richard Eyre Baroness Susan Greenfield CBE The Rt Hon Baroness Jay of Paddington PC Jan Morgan Baroness Perry of Southwark Sir Terry Pratchett OBE Sir Cliff Richard OBE The Rt Hon Lord Robertson of Port Ellen KT GCMG Hon FRSE PC June Spencer OBE Dr Thomas Stuttaford OBE Malcolm Walker CBE International Advisory Board Prof Bart De Strooper M.D, PHD Prof Peter Davies PHD Prof Alison Goate D.Phil Prof David Holtzman address 3 Riverside, Granta Park, Cambridge CB21 6AD Legal Status The charity was formed as a trust under a trust deed dated 4 August 1992 and became a company limited by guarantee on 10 December 1998. Registered Charity number 1077089 Office of the Scottish Charity Regulator number SC042474 Company number 3681291 Auditors Baker Tilly UK Audit LLP, Abbotsgate House, Hollow Road, Bury St Edmunds, Suffolk IP32 7FA Bankers Lloyds TSB Bank PLC, Business Service Centre, Castle Park, Cambridge CB3 0AR Bank of Scotland, 600 George Road, Edinburgh EX113XP Barclays Bank Plc, 15 Bene’t Street, Cambridge CB2 3PZ Solicitors Withers LLP, 16 Old Bailey, London EC4M 7EG Taylor Vinters, Merlin Place, Milton Road, Cambridge CB4 0DP Investment Advisors Quilter Cheviot, 90 Long Acre, London WC2E 9RA
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Chairman’s report Since Alzheimer’s Research UK formed we have invested over £58 million in pioneering research. We have laid the groundwork on which we will build the biggest fundraising and research campaign in our history - Defeat Dementia.
Alzheimer’s Research UK is the UK’s leading dementia research charity. Our priority is to invest in the research projects that hold the best hope of bringing patient benefit through finding preventions, treatments and a cure for dementia. We are currently investing over £23m across more than 120 research projects at centres of dementia research excellence across the UK. Thanks to the generosity of our many supporters, fundraisers, donors and volunteers, this year we have been able to invest £9.7m in charitable activity including £7.6m in new research – our highest figure to date and one that continues our remarkable story of growth. Dementia remains our greatest health challenge and is the most feared condition among the over 55s. Around 830,000 people are affected by dementia in the UK and 44 million across the world. Tragically, the burden of dementia continues to rise as our population ages. In December 2013, the UK Government hosted the G8 Dementia Summit which brought together G8 Ministers, scientists, pharmaceutical companies and other charities. I had the pleasure of attending the Summit on behalf of Alzheimer’s Research UK and our efforts in influencing the content of this global event were evident.
The Summit resulted in the Global Action Against Dementia - a commitment from international leaders to drive towards a cure or disease-modifying treatment for the condition by 2025. For individuals and families living with the daily reality of dementia this announcement couldn’t come soon enough – the world is now awake to the challenge of dementia and is looking for answers. Dementia research is finally being prioritised but there is still a long way to go. Alzheimer’s Research UK is proud to be a driving force behind this new phase. Research is the answer to beating our biggest health challenge, which is why on the day of the first legacy event in June of the G8 Summit, Alzheimer’s Research UK launched a bold £100m campaign to power transformational dementia research. Launched and backed by the Prime Minister, the Defeat Dementia campaign is the largest ever UK charity commitment to dementia research and shows that we, perhaps more than any other charity in the world, will be putting in place the infrastructure, ideas and partnerships that will make the Global Action Against Dementia ambitions a reality. Our planned initiatives to accelerate progress into diagnosis, prevention and treatment of Alzheimer’s and other dementias, include: • T he launch of the Alzheimer’s Research UK Stem Cell Research Centre – a £2m collaborative venture between researchers at the Gurdon Institute at the University of Cambridge and University College London to understand the causes of Alzheimer’s and screen potential new treatments. • A network of Drug Discovery Institutes, worth £30m, housed in academic centres in the UK and beyond, to allow promising breakthroughs to be translated towards the clinic. • A £20m Global Clinical Trials Fund dedicated to supporting phase I and II clinical trials to take potential new treatments into testing in people as soon as possible.
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• Major initiatives targeting dementia prevention, catalysing greater funding through establishing worldwide research partnerships and growing the research field by up to 20%. You can read more about Defeat Dementia in further detail throughout this report. Alzheimer’s Research UK relies on voluntary income to fund our world-class science. Thanks to our many donors, volunteers and fundraisers our income has increased by 28.9% since 2013, a clear sign that our dedicated research mission truly resonates with the public. This significant consecutive annual increase, achieved throughout the height of our national financial troubles, confirms just how much the awareness of dementia has increased and the consensus that now is the time intervention has to happen.
For over 20 years, Alzheimer’s Research UK has been committed to defeating dementia. Dementia research is now at a stage where the opportunities to change lives are within our grasp with the right scientific strategy. We have the blueprint to deliver this, and we believe it will inspire major increases in money invested into dementia research. We have ambitious, life-changing plans; our supporters’ generosity will turn those plans into reality. My thanks to you all.
DAVID MAYHEW CBE CHAIRMAN, December 2014
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Report of the Trustees for year ended 31 August 2014 Dementia shatters lives. Every three minutes someone in the UK develops the condition. Over 830,000 people are already affected across the country and 44 million around the world. These figures continue to rise as our population ages, forcing more families to take on the role of unpaid carers as their loved ones deteriorate with this debilitating condition. Alzheimer’s Research UK is the UK and Europe’s leading dementia research charity and the second largest charity funder of dementia research in the world. Research is the answer to science’s most complex question and our scientists are leading the way. Right now we are investing over £23m across over 120 projects at centres of dementia research excellence across the UK. The answers are there, and every project helps us to learn more about dementia and the diseases that cause it, and to uncover the clues that lead to life-changing breakthroughs.
Reference and Administrative Details This is set out on page 3 of the report.
Structure, Governance and Management Alzheimer’s Research UK is a charitable company limited by guarantee and does not have a share capital. In the event of the charitable company being wound up, each member has guaranteed to contribute £1. As at 31 August 2014, there were 10 members. Currently, the maximum number of Trustees is 12. The Directors, Trustees and Members are listed on page 3. We are a registered charity regulated by the Charity Commission for England and Wales and by the Office of the Scottish Charity Regulator (OSCR). The Trustees meet five to six times a year, with key staff in attendance, in order to consider income and make decisions on strategy and recommendations for funding. There are sub-committees involving Trustees on research strategy, finance/investments, audit/risk and legacy. These allow the trustees to consider issues in more detail where needed. The Executive team report to the Trustees approximately monthly in writing (when there is no Trustee meeting in the month) on income and activities and through regular discussion with the Chairman of the Trustees. Governance costs are modest and reflect the close link
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between staff and Trustees, who work with the volunteer Scientific Advisory Board (SAB), International Advisory Board (IAB) and others to select grant applications, funding as many of the strongest as possible, as well as looking at key strategic areas. Alzheimer’s Research UK is very grateful to Credit Agricole, Withers LLP Solicitors and the Wellcome Trust who provide rooms in London for Trustee meetings, sub-committee and Scientific Advisory Board meetings.
Appointment of new Trustees; their induction and training New Trustees are appointed on the basis of recommendation or through advertising and networking, depending on the experience and key skills needed, and after interview by the Trustees. The initial appointment of Trustees is until the December meeting and thereafter a Trustee is eligible for reappointment for three years, usually followed by a further term of three years. Exceptionally the Trustees/ Directors may appoint a Trustee for a third term of three years. Trustees may require a Trustee to retire at any time by unanimous agreement (save for up to two dissenters). In view of the regular Trustee meetings, the Trustees have agreed to dispense with a formal Annual General Meeting as permitted by the Companies Act. New Trustees attend a briefing meeting at ARUK’s offices and meet with senior staff relevant to their own specialist skills. They are given an induction pack,
including the Memorandum and Articles of Association, the strategic plan, Trustee meeting minutes for the past year, the most recent full accounts and Annual Review plus the monthly management accounts. Those new to the role of Trustee are also given the ‘Good Trustee Guide’ from the National Council for Voluntary Organisations and ongoing training.
Fundraising Support Groups ARUK has fundraising groups in London, County Durham, Enfield and Newquay, with more in the pipeline. These groups not only raise vital funds for us, including representing us at local events or cheque presentations, but also greatly help raise our profile and support our network of research centres and local research in their areas.
Related parties Alzheimer’s Research Trading Limited is a wholly owned trading subsidiary of Alzheimer’s Research UK; it commenced trading on 1 September 2011. The principal activity of the subsidiary company during the current year was the retailing of Christmas cards and calendars. Alzheimer’s Brain Bank UK Ltd is a registered charity (number 1114578) and a company limited by guarantee (number 5762960) and has no share capital. It has two members, Alzheimer’s Research UK and Alzheimer’s Society (registered charity number 296645). The main objectives of Alzheimer’s Brain Bank UK are to protect and promote the health of the public. This is undertaken by establishing, promoting and maintaining banks of brain tissue for research into the causes, prevention, treatment and cures of Alzheimer’s disease and associated neurodegenerative diseases through the Brains for Dementia Research (BDR) programme. BDR launched in 2008. So far, over 2,800 people have signed up to the BDR programme and over 300 people have generously donated their brains through BDR. There is a growing number of requests for this tissue from dementia researchers across the world, and BDR brain tissue has already been used in some important research publications.
Risk Management The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm systems have been established to enable regular reports to be produced so that the necessary steps can be taken
to reduce those risks. The Trustees have in place a consultancy at Financial Controller/Director level to help with forecast modelling figures and to create the most informative and useful form of monthly accounts to enable expenditure on research at the highest rate, without putting Alzheimer’s Research UK at an inappropriate risk. A formal risk register is used across the organisation and is monitored and owned by the Executive Team and reported into Trustees.
Public benefit We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular the Trustees consider how planned activities will contribute to the aims and objectives they have set. The public benefits from our work, through our world-class research and through our educational materials, website and campaigning to improve the outcomes of dementia research.
Use of volunteers The paragraph on page 7 describes our Fundraising Support Groups. Volunteers also support us in a number of ways by sharing their personal story with the media and at public events, feeding their views into charity development, representing ARUK at cheque presentations and helping us to maintain and develop our health information by taking on the role of an information reviewer. Our Scientific Advisory Board (SAB) members are all volunteers as is our Expert Referee Panel. Our SAB is a distinguished group of some of the world’s leading dementia research experts who review grant applications before making recommendations for funding to our Trustees. Professors Chris Miller, John Hardy, Nigel Hooper and Richard Wade-Martins have now left the board and we thank them very much for their support and expertise. In August 2014 we welcomed Rick Livesey, Simon Mead and Tara Spires-Jones. We continue to seek international collaboration and our independent International Advisory Board (IAB) helps us to develop global partnerships and initiatives. Current IAB members include Professors Peter Davies, Bart De Strooper, Alison Goate and David Holtzman. Our Patrons also help us in a variety of ways in an entirely voluntary capacity.
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Objectives and Activities Objects in the Governing Document The objects of the charity, as set out in the Memorandum and Articles of Association, are to preserve and protect the health of the public. This is undertaken by endorsing or assisting the promotion of research into the causal mechanisms of neurodegenerative diseases, with the aim of treating or preventing Alzheimer’s disease and other conditions having a similar or related cause and disseminating the results of such research.
The difference we aim to make Dementia is our greatest medical challenge. There currently is no cure. Current treatments can help alleviate the symptoms of some of the diseases that cause dementia, but only to a certain extent and for a limited time. Alzheimer’s Research UK is committed to funding world-class research to prevent, diagnose, treat and cure dementia. Our fundraising campaign, Defeat Dementia, aims to raise a minimum of £100m over the next five years to expand and re-energise the research field and bring new treatments to people living with dementia as soon as possible. Defeat Dementia is the step change that is so desperately needed in the field of dementia research and this ambitious campaign’s clear strategic vision underscores our status as the UK’s leading dementia research charity. Alzheimer’s Research UK prides itself on being pioneering, ideas-driven, unbureaucratic and with efficient administration. This fleetness of foot is matched by an unrelenting drive to achieve our vision of a world free from dementia. As the scientific landscape evolves we monitor and update our research strategy to ensure we only ever fund science that has the greatest potential to lead to patient benefit. By supporting Alzheimer’s Research UK, our donors know they are helping to defeat dementia as effectively and urgently as possible.
Objectives for the year and strategies to achieve them Alzheimer’s Research UK is at a point in our 21year history where we have the opportunity to make fundamental changes in the field of dementia research and move closer towards bringing greater patient
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benefit. Our objectives cover four main themes: 1) Research Strategy, 2) Information and Communication, 3) Influencing Policy, 4) Fundraising. 1. Research Strategy Research holds the answer to achieving a world free from dementia and our strategy covers a wide range of biomedical research into all dementias. Our approach to funding includes both reactive and strategic elements and covers the full continuum of research from fundamental science to clinical application – we are driven towards providing effective treatments and enabling and accelerating the transition of a research idea from bench to bedside. Over the coming five years our objective is to deliver transformational change in dementia research, achieved through our £100m Defeat Dementia campaign. O ur funding will focus on three core components: People & Partnerships, Innovation and Translation. The People & Partnerships component will seek to grow the field by up to 20%, bringing new scientists in to benefit the field and working in partnership with other funders. Our combined efforts will ensure our donors’ generous gifts achieve a multiplier effect, attracting more funds to the strongest research. Our Innovation funding will support the most pioneering ideas from the field, seed funding innovative research that addresses fundamental gaps in our understanding. Translation funding will ensure we put early discoveries to work, providing crucial resources and creating infrastructure, like our emerging Drug Discovery Institutes, which will drive discoveries towards patient benefit more quickly. 2. Information and Communication Our objective is to ensure we communicate the best evidence-based health information on dementia to the public, and work with the media to ensure dementia science is heard about, understood and reported as accurately as possible. We have a library of health information which provides individuals and families affected by dementia with expert advice and information on different forms of dementia and available treatments. All of our information booklets are accredited by the NHS’s Information Standard – a kitemark for clear and evidence-based information. W e have entered into partnership with the National Institute for Health Research (NIHR) and Alzheimer’s Society to deliver “Join dementia research”, a service
that allows individuals to join a database of people who would like to be contacted with opportunities to participate in dementia research studies. We are delivering this provision as part of our new Dementia Research Infoline service, implemented in summer 2014, providing a dedicated telephone one stop shop to answer questions on dementia, research and signpost to further organisations who can help. Through these developments, we are playing a major role in increasing numbers of people participating in research and improving study outcomes. We are also the trusted voice on dementia research in the UK media. Our busy press team work closely with national and regional newspapers and broadcasters to improve public understanding of dementia and ensure findings in dementia research both in the UK and around the world are reported accurately and fairly. 3. Influencing Policy The launch of our Defeat Dementia campaign came at a pivotal time in the dementia research landscape. The 2012 Prime Minister’s Challenge has inspired significant action and investment in the fight against dementia in the UK, and the London G8 Dementia Summit held in December 2013 shaped a new international plan to drive global progress in research. Alzheimer’s Research UK has played a major role as the Challenge has developed and is now becoming a key contributor to the global action through participation in the G8 programme. ur fundraising and research ambitions were launched O at the G7 Legacy Summit in London in June 2014 where Prime Minister David Cameron announced Defeat Dementia and pledged his support. We also held a major event in the Gherkin in the City of London which provided a platform for both the World Dementia Envoy Dr Dennis Gillings and Secretary of State for Health Jeremy Hunt to set out their aspirations for dementia research and to position ARUK at the centre of these plans.
cross-party work ahead of the 2015 general election to ensure manifestos continue to place emphasis on dementia and research. We will work throughout the next parliament to ensure pledges made come to fruition. 4. Fundraising In 2013-14 Alzheimer’s Research UK had its strongest fundraising year to date, which has been made possible by strategic investment across our fundraising functions. The continued ambition and drive of the fundraising department working with our supporters will be essential to achieve the bold ambitions of our Defeat Dementia campaign – to power transformational dementia research by raising £100m over five years. Fundraising priorities for the coming year will be centred on establishing the core research components within Defeat Dementia. We will launch a network of Drug Discovery Institutes within three of the leading academic institutions in the country with plans for further centres around the world. Our ground-breaking Global Clinical Trials Fund has a fundraising target of £20m. The Fund will be dedicated to taking the most promising treatments to testing in people and we will be focused on securing investment in the Fund to ensure that we are able to back the most promising trials as they develop. Other major initiatives within the campaign will also be the focus of fundraising attention. These include plans for dementia prevention research and communication, our innovative cohort study that will help to uncover the early brain changes in dementia, and further expanding our reactive funding of the most pioneering ideas in academic dementia research.
ver the past 12 months the Policy and Public O Affairs team has been working collaboratively with key individuals across government and the departments, as well as challenging thinking through key representative groups. Over the coming year the team will build on these developments and set out a blueprint for the role government can play in maintaining the momentum around dementia research both in the UK and for the world. This will include
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Strategic Report: 2014 Achievements and Performance Research achievements In the last 12 months Alzheimer’s Research UK awarded 62 grants, bringing our total portfolio to 542 since the charity formed in 1992. We remain the largest charitable funder of dementia research in the UK. Right now, we are supporting 127 research projects in the UK totalling over £23m of investment. Once again we have increased our investment in new grants with £7.6m awarded this year. Every research project we fund contributes to the global field’s knowledge bank on dementia, its causes and the most promising new avenues for treatment development.
Alzheimer’s Research UK funds the highest quality research that holds the best hopes of finding treatments – and ultimately a cure – for this devastating condition. The table below shows how ARUK’s funding acknowledgements compare with other major fundraising charities of UK dementia research. Once again it reveals Alzheimer’s Research UK to be out in front in its contribution to global dementia knowledge – this charity is leading the charge to defeat dementia. (These figures show the number of articles published in the UK acknowledging funders from January 1 – December 31, 2013. The data is from the Web of Science.)
TOP 10 fundraising CHARITIES Alzheimer’s Research UK Alzheimer’s Society Parkinson’s UK British Heart Foundation Stroke Association Age UK/Research into Ageing Fund Bristol Research into Alzheimer’s and Care for the Elderly Brain Research Trust Motor Neurone Disease Association Multiple System Atrophy Trust
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Number of published papers in Alzheimer’s or dementia studies supported by UK fundraising charities in 2013. 107 37 19 18 13 11 10 10 7 4
Every grant application we receive goes through a rigorous peer review process. We remain the leading dementia charity in responsive funding and continue to invest in the applications that hold the best hope of making progress towards new treatments, improved diagnosis or prevention for dementia. We back projects that can demonstrate a translational vision towards patient benefit, to ensure we are not funding science for science’s sake, but to improve the lives of people with dementia. Research projects funded by Alzheimer’s Research UK are making an impact on the fight against dementia. In the last 12 months advances towards a blood test which could predict those most likely to develop Alzheimer’s have been made. In August Prof Simon Lovestone and his team of researchers at King’s College London discovered a panel of 10 proteins that have the potential to form a blood test to predict which individuals with memory problems are likely to go on to develop Alzheimer’s. We know that Alzheimer’s begins to affect the brain many years before patients are diagnosed with the disease. A blood test which could help to identify individuals at the crucial early stage of the disease would enable more people to take part in drug trials before the disease seriously affects the brain and it is too late for treatments to bring benefits. Taking part in the right trial at the right time is the best way of developing new treatments which are so desperately needed. A main aim of our Research Strategy is to drive forward treatment development, focusing on identifying the earliest signs of disease and supporting the crucial early development of potential drug treatments. In November 2013 we announced a £30m investment into a network of Drug Discovery Institutes. The Network of Institutes
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is designed to overcome one of the main barriers to research into Alzheimer’s and other diseases that cause dementia, bridging the gap between academic research which provides much of the fundamental insight into neurodegenerative disease, and the development of new treatments. The Network will incorporate three leading universities, with each Institute combining world-leading basic science, clinical expertise and the involvement of patients – the three key components for discovering medicines to treat complex diseases like Alzheimer’s. In June 2014 we announced the launch of the Alzheimer’s Research UK Stem Cell Research Centre. Based at the University of Cambridge, the £2m Centre which has been supported by the Alborada Trust, brings together two world-class research institutes: the Gurdon Institute, at the University of Cambridge, and the Institute of Neurology, UCL. Building on established human stem cell techniques, which involve transforming skin cells donated by people with Alzheimer’s into working nerve cells in the laboratory, the Centre will develop scientists’ understanding of Alzheimer’s and screen potential new treatments. The Centre represents leading edge science, incorporating the latest techniques and harnessing them to change lives. In September 2014 we pledged increased investment in our national Research Network. Alzheimer’s Research UK supports 15 Research Network Centres of scientific excellence across the UK and this year we have doubled our investment in the Network by committing £1.2m of new funding over two years. The Network, which is unique to the dementia research field, began in 1998 and today is made up of nearly 800 scientists. These scientists come from a variety of disciplines within the dementia field and as part of the Network are able to share their expertise and findings leading to greater collaboration in dementia research, a critical need that was highlighted at the G8 Dementia Summit in December. The Research Network also works to inform local communities of the progress being made in dementia research as each of the 15 Network Centres hosts a free public meeting. We have also set out plans for a new Prevention Fund. The introduction of this Fund challenges the scientific community to answer the biggest questions in prevention with funding being targeted towards the very best ideas. Our work in this area will also cross over to policy and communications and we will work in partnership with government and other funders to ensure the best evidence for dementia prevention helps the public take informed action on reducing their own dementia risk.
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Dedicated to supporting phase I and II clinical trials, the £20m Global Clinical Trials Fund is designed to progress treatments that show promising signs of bringing benefit to people with dementia, into testing in people as soon as possible. The fund will enable carefully selected cohorts of people where potential treatments can be trialled with patients who stand to benefit most, therefore maximising the potential to see positive effects from a drug. These vital studies will help form a market of new potential medicines for pharmaceutical investment and greatly increase the probability of providing people with dementia effective treatments. In our 2013 Annual Report we announced that we were a co-sponsor of the National Centre for the Replacement, Refinement and Reduction of Animals in Research (NC3Rs) CRACK IT – UnTangle challenge. Together with co-sponsors Lilly and Janssen, we challenged scientists to use the latest stem cell techniques to pioneer a cell model of dementia in the lab which could be used for drug screening. In the first phase four teams were awarded £100,000 of funding for proofof-concept studies and at the end of August 2014, Dr Selina Wray, who is based at University College London, was awarded the top prize of £900,000. During the first six months of the project, Dr Wray’s team showed they could effectively transform skin cells, donated by patients with dementia, into nerve cells in the lab. The team were also able to show that the nerve cells could recreate the build-up of tau seen in the brain. This pioneering finding can now be used to screen on a larger scale for drugs that could stop tau build-up in its tracks. In the same week that Dr Wray was awarded the CRACK IT investment, she was also named Pioneer of the Year in Red Magazine’s Women of the Year awards. Dr Wray was awarded the title in recognition of the importance of her work and her dedication to exploring innovative ways to transform the search for dementia treatments.
Research Outcomes Over the past two years we have introduced Researchfish as a tool to report progress and outcomes of grants we award. Researchfish is an online survey database developed for the Medical Research Council (MRC) and has since been adopted by all the other research councils and most charitable funders. Reports obtained via Researchfish are often used to report back to our donors. The wealth of information reported via this database will help us assess how our research portfolio is improving the understanding of dementia and the lives
of people affected by it. Here is a summary of some of the impact that our grantees have reported so far via Researchfish: • New findings in the lab are making their way to future diagnostics and treatments: eight of our grantees reported Intellectual Property applications published or granted. • Alzheimer’s Research UK-funded work has been used to obtain further funding from others on over 160 occasions. These include high-profile awards from the MRC or the Wellcome Trust. • Over 70% of ARUK-funded PhD students and young researchers are continuing their careers in academic research or healthcare-related posts. • A range of international young investigator prizes were awarded to Dr Manja Lehman, Dr James Duce and Dr Rita Guerreiro as a result of their work funded by ARUK Fellowships. Other grantees reported being invited to present their work at conferences or being appointed to journal editorial boards as recognition for their efforts. • ARUK-funded work is allowing researchers to engage with dementia patients and the wider public: our grantees reported over 250 events, from high profile media to talks at local schools. There were also several opportunities for our grantees to influence policy. In March we held our 15th Alzheimer’s Research UK Conference. Over 300 delegates attended the event, which was held in Oxford. Scottish broadcaster and writer Sally Magnusson spoke passionately about her family’s personal experience of dementia and contributed an article to our blog site www.dementiablog. org. The annual conference continues its role as the authority in the UK for knowledge sharing in dementia research and brings the dementia field together in the interest of greater collaboration. The Jean Corsan prize, which is awarded at the conference each year for the best scientific paper in neurodegeneration by a PhD student, was awarded to Dr Jo Rushworth for work she completed during her time at the University of Leeds. The David Dawbarn poster prize went to Alan Morris from the University of Southampton and the Dick Bell Prize for Communication, which was awarded for the first time in 2014, went to Dr Jennie Flint. Alzheimer’s Research UK funded Dr Flint’s PhD at the University of Cambridge.
Policy and Public Affairs achievements The Policy and Public Affairs team has grown its role over the past year, helping us both create new opportunities to further the charity’s objectives through political engagement and react to developments in research policy domestically and globally. As part of the UK Government’s presidency of the G8 nations, the Prime Minister hosted a Summit on Dementia in December 2013. Together the G8 nations created the Global Action Against Dementia programme and the World Dementia Council to spearhead and coordinate a global response to the growing numbers of people with dementia worldwide. We worked with government to help shape the agenda for the event and the global work streams. The first Global Action Against Dementia legacy event took place in London in June. We co-hosted the Summit with the Department of Health, and as part of the programme held a reception on the eve of the event to kick off proceedings, which gave us the opportunity to launch our Defeat Dementia campaign. The Rt Hon Jeremy Hunt, The Secretary of State for Health, and Dr Dennis Gillings, the World Dementia Innovation Envoy, spoke at the reception. We were also able to secure a meeting with the Prime Minister and three of our key supporters during the event, to explain the role of the charity and the difference a coordinated global effort will make. The Prime Minister then announced our Defeat Dementia campaign during his keynote address to the legacy event. To provide a platform for our engagement with decisionmakers it’s crucial that we can present high quality analysis. In June, to coincide with the Global Action Against Dementia event, we launched our Defeat Dementia policy report, which included analysis produced in conjunction with the Office for Health Economics to demonstrate the impact that a dementia treatment breakthrough could have. We modelled two hypothetical scenarios for treatments and demonstrated a significant impact on both dementia prevalence and economic impact. The report also set out our five steps to defeating dementia, which incorporates five key themes: more funding for research; greater research capacity (number of researchers); reducing regulatory burden; developing better treatments faster; improving lives. We believe addressing these core elements of the dementia research landscape will create an infrastructure
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and environment in the UK and beyond that will help reignite dementia research and development, attract more scientists to the challenge, improve the chances of successful treatment development and, above all, deliver real world benefits for thousands of lives blighted by dementia.
Fundraising achievements Alzheimer’s Research UK relies entirely on the support of the public to fund our pioneering research. Everyone who supports Alzheimer’s Research UK is helping to defeat dementia. We have had our strongest financial year to date with total incoming resources reaching £14,232,552 – a 28.9% increase from 2013. This consecutive annual increase has only been made possible by our many and varied supporters, corporate partners and trusts who donate, fundraise, leave us a gift in their Will and much more to make the work of the charity possible. In March this year we received a final £1m from Iceland Foods as our successful three-year partnership came to an end. Initially a one-year term, the partnership was extended twice and raised an amazing £3.1m for ARUK, making it our largest corporate partnership to date. We are extremely grateful to everyone at Iceland Foods for this hugely significant contribution to our work. We were chosen as one of the beneficiaries for ICAP’s 2013 Charity Day. ICAP is the leading markets operator and provider of post trade risk and information services and on one day a year, for the past 21 years, it has given away its global revenues and commissions to charity.
We attended the star-studded event in December 2013 along with a line-up of our celebrity supporters including Patron Lindsay Duncan, Fiona Phillips, Arlene Phillips, Russell Grant and Deborah Meaden. The 2013 event raised an incredible £9.5m to benefit charities all over the world. Our share of the revenue raised paid for two pioneering research projects looking at diagnosis of dementia and the changes which affect blood vessels in the brain during the disease. It also funded the production and distribution of our What is Alzheimer’s leaflet. Our community fundraisers continue to amaze us with the lengths they go to in raising funds for us. From taking part in triathlons, bike rides and sponsored walks to completing the Manchester Marathon on a pogo stick, the community fundraising team has worked successfully with a great many active fundraisers to support them in their activities. Gifts left in Wills of all sizes form around a third of our income and this year we received our biggest donation to date of £620,000. We are extremely grateful to every generous donation that is left to us in a Will. In the past year we have received more gifts from charitable trusts and foundations than ever before. Thanks to the support of these generous grant makers we are developing major strategic projects which will bring us closer to defeating dementia. From small family foundations to large, national trusts, every grant has a big impact. We truly value the support trusts and foundations give us, without it our work wouldn’t be possible.
Information and Communications achievements We are committed to funding the very best ideas in dementia research, but our remit doesn’t stop there. We also play an important role in helping our supporters and the wider public understand more about Alzheimer’s disease and other forms of dementia and the progress being made in dementia research. To increase awareness and to help break down barriers between scientists and the public we created The Lab – www.dementialab.org. The online tool takes visitors on a virtual tour through photo-realistic research laboratory and hospital environments at their own pace to see what goes on behind the scenes in dementia science. The Lab received high praise in the press and in March we were delighted to receive the Best Use of Online award at the AMRC’s Science Communication Awards 2014 as well as being named the Overall Winner of the awards in 2014.
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Alzheimer’s Research UK
Our FaceDementia app attracted further high praise and was Highly Commended at September’s Third Sector Awards in the Best Use of Digital Media category. The social media app, our biggest ever digital launch, was designed to provide a tool that can simulate some of the symptoms experienced by people with dementia. The thought-provoking app harnesses a person’s recent Facebook activity to give an insight into what hundreds of people with Alzheimer’s or other forms of dementia go through every day. The app was developed with input from volunteers, all of whom have been affected by dementia. In June 2014 Alzheimer’s Research UK launched the Dementia Research Infoline. This new service allows the public to speak to dedicated Research Information Officers to find out more about dementia, research and how to get involved in studies. We have established links with Clinical Research Networks in England, Wales, Scotland and Northern Ireland, allowing us to help people find research opportunities in their area. We are partnering with the National Institute of Health Research and the Alzheimer’s Society to run a service called ‘Join dementia research’. This service allows people with and without dementia in England to register their details into an online database and be contacted by researchers if they match a research study. The Dementia Research Infoline provides a way for people to enter the system over the phone, if they do not have access to the internet. ‘Join dementia research’ piloted in the North London area during summer 2014 and is now rolling out nationally. Through ‘Join dementia research’, we aim to help get 10% of people with dementia involved in clinical research, a target set out in the Prime Minister’s Dementia Challenge.
This year has seen the development of two new health information leaflets. What is Alzheimer’s is dedicated to helping people understand more about the most common form of dementia – its causes, symptoms, diagnosis and treatment. We also produced a signposting booklet of care organisations, called Caring for someone with dementia: organisations that can help. We also updated five of our existing leaflets in accordance with the Information Standard. In May 2014 we completed our re-certification audit with the Information Standard, allowing us to continue our accreditation with this important scheme. The Information Standard accreditation shows the public that our health information is up-to-date, accurate, accessible and trustworthy. We ensure our Health Information provides information and support to those who need it most by continuing to invite volunteer Health Information Reviewers, who have been affected by dementia, to share their opinion on the information we provide and update and introduce new titles where necessary. Our presence within UK media coverage has increased by nearly 60% in the past year, and public understanding of dementia is at an all-time high according to YouGov polling commissioned by Alzheimer’s Research UK. Our constructive relationship with UK and international media outlets allows us to react to worldwide dementia research developments with evidence-based comment, ensuring the public comes away from the latest news of breakthroughs with a clearer understanding of how new findings relate to their lives. Our trusted voice has earned us a reputation as an authority on dementia research in the media, with our analysis used as commentary for major BBC coverage amongst others.
We are committed to providing the public with the best evidence-based health information possible and in August 2014 we completed our annual health information dissemination. We distributed copies of our Alzheimer’s and memory loss leaflet and our health information order form Questions about dementia? to every GP surgery, library and old-age and dementia care home in the UK. This totalled almost 25,000 locations across the country. We also sent five copies of our 10 most popular health information leaflets to 118 Memory Clinics across the UK. In total, this meant more than 236,000 leaflets were disseminated to those who need them most. In October 2013 we sent 10 copies of our newly created Genes and dementia leaflet to dementia specialists across the UK. The dissemination was supported by the Big Lottery Fund and allowed us to reach over 1,500 doctors with a specialty in Elderly Psychiatry or Neuropsychiatry.
Alzheimer’s Research UK
15
Financial Review
Future Plans
Income has been at a record level which has enabled us to commit and set aside more funding into research than ever before. Headline figures extracted from the Financial Statements show;
Aims and key objectives for future periods, including planned activities.
1. An increase in income of 29% (2013: 21%)
Through its campaigning over the past few years, Alzheimer’s Research UK has played a leading role in ensuring dementia research has reached a high point on the national and now international agenda. With global health and financial leaders uniting in efforts to identify ways of enabling dementia research, the world is alive to the challenge of dementia and we can take advantage of an environment where major advances in dementia science might be possible. Alzheimer’s Research UK is set up to make these advances a reality.
2. An increase in spending on charitable activities of 21% (2013: 26%) 3. An increase in research grant commitments entered into during the year included in charitable activities of 13% (2013: 21%)
During the year £9.7m was spent on charitable objectives of which £7.6m was committed to research projects compared to £6.8m in the previous year. In addition we have been able to set aside £1.5m into a designated fund to be committed next year towards the first year cost of the three new Drug Discovery Institutes. Total commitments for research expenditure included in the balance sheet at 31 August 2014 were £17m (31st August 2013: £14.1m) of which £7.4m will be paid in the next financial year and the remainder before 2018.
Reserves policy Research expenditure is recognised once the grant has been offered to the applicant at which point a commitment is deemed to exist. Future research expenditure is recognised before the corresponding income is received. This makes it difficult for Alzheimer’s Research UK to maintain a pre-determined level of general reserves. The Trustees are mindful of the relatively long-term nature of grant liabilities; the often significant delays between recognising grant creditors in the accounts and making payments to recipients; and the considerable diversity of Alzheimer’s Research UK’s fundraising activities and asset portfolio when setting the reserves policy. Consequently the level of the general fund is not
16
Alzheimer’s Research UK
an appropriate measure of the financial position and stability of the organisation. The Trustees therefore give careful consideration to the charity’s liquidity before entering into new financial obligations. In order to provide flexibility to respond to charitable expenditure requirements, but without putting the Charity financially at risk, the reserves policy is that we should maintain cash and readily realisable assets sufficient to fund between twelve and twenty four months’ outstanding grants plus six months’ total operating costs. At 31 August 2014 our liquidity, included as current assets, was sufficient to cover the defined operating cost plus fourteen months of outstanding grants.
Investments power and policy As set out by its constitution, Alzheimer’s Research UK has complete discretion to invest money which is not immediately required for expenditure. The performance of the investments, which are prudently managed by Quilter Cheviot, is overseen by the Investment Sub Committee which reports to the Board of Trustees. The return on our investments over the period covered by this report has exceeded market returns on comparable investments. It is the ethical policy of Alzheimer’s Research UK specifically to exclude investments in the tobacco industry.
Our Defeat Dementia campaign will take full advantage of this global stage, and we will build on the fundamental understanding of dementia we have amassed across our 21-year history to launch major new initiatives focusing on delivering benefits for people with dementia sooner. The growth of Alzheimer’s Research UK is a national success story in the voluntary sector, and was recognised when we were awarded Charity of the Year in the Charity Times Awards for 2013-14. But as we embark on our exciting five-year campaign to raise £100m to power truly transformational research programmes and infrastructure, the need for more funding remains as urgent as ever.
The key background and motivators for our work:
funding major new strategic projects that will deliver the step change that is so desperately needed in dementia research. As the UK’s leading dementia research charity, Alzheimer’s Research UK is the organisation to be taking the lead in the dementia challenge. Defeat Dementia will change the complexion of dementia research in the UK and across the world. It will increase the number of scientists working in dementia by 20%; develop a world-leading network of dementia scientists; have a network of centres of excellence leading on drug discovery with now more drugs in development than ever before; increase the number of people with dementia involved in clinical studies and provide people with the strongest evidence for dementia prevention.
ementia affects over 830,000 people in the UK and 44 D million across the world. In an ageing population these figures continue to increase; it is projected 1 million people in the UK will have dementia by 2021.
Funds held as custodian
ementia is a progressive and ultimately fatal condition. D A 2013 YouGov poll found that dementia is the most feared condition in the over 55s. 1 in 3 people over 65 will die with some form of dementia.
Disclosure of information to auditors
he economic impact of dementia is also far-reaching. It T costs the economy in the UK £23.6 billion and over £360 billion globally each year. ementia is beginning to receive the global attention it D deserves and that will see big opportunities to advance research. The current government and other G7 nations have pledged to find a cure or disease-modifying treatment by 2025. Alzheimer’s Research UK is ideally placed to provide the kind of innovations that will deliver the 2025 ambition. here are currently no effective treatments that slow or stop T dementia. Our Defeat Dementia campaign is committed to
None.
In so far as the Trustees are aware: • there is no relevant audit information of which the charitable company’s auditor is unaware; and • the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. By order of the Trustees.
David Mayhew CBE, CHAIRMAN, December 2014
Alzheimer’s Research UK
17
Statement of Trustees’ responsibilities
Independent auditor’s report to the members of Alzheimer’s Research UK We have audited the group and parent charitable company’s financial statements of Alzheimers’ Research UK (“the financial statements”) for the year ended 31 August 2014 on pages 21 to 37. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made exclusively to the members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the members and the charitable company’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, its members as a body, and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Statement of responsibilities of the Board of Trustees The Trustees (who are also Directors of Alzheimer’s Research UK for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing those financial statements, the Trustees are required to: elect suitable accounting policies and then apply S them consistently. bserve the methods and principles in the Charities O SORP.
18
Alzheimer’s Research UK
M ake judgements and estimates that are reasonable and prudent. S tate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. P repare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Opinion on financial statements In our opinion the financial statements: -g ive a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 August 2014; and of the group’s and the parent charitable company’s incoming resources and application of resources, including their income and expenditure, for the year then ended; -h ave been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and -h ave been prepared in accordance with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Strategic Report and Trustees’ Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Respective responsibilities of trustees and auditor
Matters on which we are required to report by exception
As explained more fully in the Statement of Trustees’ responsibilities set out on page 18 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. We have been appointed auditors under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, and under the Companies Act 2006 and report in accordance with regulations made under those Acts.
We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion: - the parent charitable company has not kept proper and adequate accounting records, or returns adequate for our audit have not been received from branches not visited by us; or - the parent charitable company financial statements are not in agreement with the accounting records and returns; or -c ertain disclosures of trustees’ remuneration specified by law are not made; or -w e have not received all the information and explanations we require for our audit.
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditscopeukprivate.
9 January 2015 CLAIRE SUTHERLAND (Senior Statutory Auditor) For and on behalf of BAKER TILLY UK AUDIT LLP, Statutory Auditor, Abbotsgate House, Hollow Road, Bury St Edmunds, Suffolk, IP32 7FA
19
Consolidated statement of financial activities and summary income and expenditure account for the year ended 31 August 2014 Note
Unrestricted Restricted Funds Funds £
Incoming resources Incoming resources from generated funds Voluntary income Activities for generating funds -Trading turnover of subsidiary Investment income Share of gross incoming resources from joint venture
£
2014 Total
2013 Total
£
£
10,795,251 75,414 70,014 578,886 94,466
2,712,987 -
13,508,238 75,414 70,014 578,886 94,466
10,443,201 99,037 46,300 448,766 1,775,430
11,614,031
2,712,987
14,327,018
12,812,734
(94,466)
-
(94,466)
(1,775,430)
11,519,565
2,712,987
14,232,552
11,037,304
Resources expended Cost of generating funds Cost of generating voluntary income Trading cost of subsidiary Fundraising trading Investment management costs
3,510,950 69,633 33,414 51,901
-
3,510,950 69,633 33,414 51,901
2,616,623 62,885 30,935 40,292
Charitable activities Research Information Advocacy
7,067,962 519,589 437,423
1,686,277 25,000 -
8,754,239 544,589 437,423
7,562,606 348,557 149,454
117,464
-
117,464
148,303
4 9 5 9
Incoming resources Less gross incoming resources from joint venture Total incoming resources
Governance costs Total resources expended
6
11,808,336
1,711,277
13,519,613
10,959,655
Net incoming/ (outgoing) resources Net interest in joint venture operating result
9
(288,771) (8,419)
1,001,710 -
712,939 (8,419)
77,649 116,215
(297,190)
1,001,710
704,520
193,864
Net incoming/ (outgoing) resources before transfers Transfer between funds
15
1,117,973
(1,117,973)
-
-
Net incoming/ (outgoing) resources Net realised gains on investments
9
820,783 53,936
(116,263) -
704,520 53,936
193,864 69,998
Surplus/ (deficit) for the year Unrealised gains on investments
9
874,719 566,807
(116,263) -
758,456 566,807
263,862 234,546
Net movement in funds
1,441,526
(116,263)
1,325,263
498,408
Funds balance at 1 September 2013
1,416,190
153,796
1,569,986
1,071,578
2,857,716
37,533
2,895,249
1,569,986
Funds balance at 31 August 2014
14,15
All activities in both years derive from continuing operations. There were no recognised gains or losses other than those shown in the statement above. The accompanying notes form an integral part of these accounts.
20
21
Charity statement of financial activities and summary income and expenditure account for the year ended 31 August 2014 Unrestricted Restricted Note Funds Funds £
Incoming resources Incoming resources from generated funds Voluntary income Activities for generating funds Investment income Income from trading subsidiary
4 5
Total incoming resources
10,795,251 75,414 578,886 9,172
£
2014 Total
Company number 3681291 Registered Charity number 1077089 Scottish Registered Charity number SC042474
2013 Total
Note
13,508,238 75,414 578,886 9,172
10,443,201 99,037 448,766 10,771
11,458,723
2,712,987
14,171,710
11,001,775
3,512,808 33,432 51,929
-
3,512,808 33,432 51,929
2,628,954 30,948 40,308
Resources expended Cost of generating funds Cost of generating voluntary income Fundraising trading Investment management costs
Fixed assets Tangible assets Investments
Current assets Stocks Debtors Investments Cash at bank
Creditors: amounts falling due within one year
Governance costs
7,072,596 519,877 437,654
1,686,277 25,000 -
8,758,873 544,877 437,654
7,565,608 348,695 149,513
113,987
-
113,987
145,786
400,370 5,874,537 6,274,907
10 11 9
9,820 1,421,814 4,457,625 4,300,441 10,189,700
9,405 855,528 6,698,743 2,459,280 10,022,956
12
(8,470,674)
(9,444,681)
1,719,026
578,275
12,652,229
6,853,182
(9,756,980)
(5,283,196)
11,742,283
1,711,277
13,453,560
10,909,812
2,895,249
1,569,986
(283,560)
1,001,710
718,150
91,963
14
37,533
153,796
15 15
186,909 2,670,807
812,190 604,000
2,895,249
1,569,986
13
Total assets less total liabilities Total resources expended
6
Net incoming/ (outgoing) resources before transfers Transfer between funds
15
1,117,973
(1,117,973)
-
-
Net incoming/ (outgoing) resources Net realised gains on investments
9
834,413 53,936
(116,263) -
718,150 53,936
91,963 69,998
9
888,349 566,807
(116,263) -
772,086 566,807
161,961 234,546
Net movement in funds
1,455,156
(116,263)
1,338,893
396,507
Funds balance at 1 September 2013
1,321,297
153,796
1,475,093
1,078,586
2,776,453
37,533
2,813,986
1,475,093
Surplus/ (deficit) for the year Unrealised gains on investments
Funds balance at 31 August 2014
14,15
All activities in both years derive from continuing operations. There were no recognised gains or losses other than those shown in the statement above. The accompanying notes form an integral part of these accounts.
22
Alzheimer’s Research UK
Funds Restricted funds Unrestricted funds General funds Designated funds
£
647,571 10,285,632 10,933,203
Total assets less current liabilities Creditors: amounts falling due after more than one year
2013
8 9
Net current assets Charitable activities Research Information Advocacy
2014 £
£
£
2,712,987 -
Consolidated balance sheet as at 31 August 2014
The financial statements on pages 21 to 37 were approved and authorised for issue by the Board of Trustees on 9th December 2014.
R Evenett DL Mayhew CBE Trustee Trustee The notes on pages 27 to 37 form part of these financial statements.
23
Charity balance sheet as at 31 August 2014
Consolidated cash flow statement for the year ended 31 August 2014
Company number 3681291 Registered Charity number 1077089 Scottish Registered Charity number SC042474
Note
2014 £
Fixed assets Tangible assets Investments
Current assets Debtors Investments Cash at bank
Creditors: amounts falling due within one year
8 9
11 9
12
Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year
13
Total assets less total liabilities Funds Restricted funds Unrestricted funds General funds Designated funds
2013 £
647,571 10,186,823 10,834,394
400,370 5,767,309 6,167,679
1,485,807 4,457,625 4,242,539
870,214 6,698,743 2,434,683
10,185,971 (8,449,399)
10,003,640 (9,413,030)
1,736,572
590,610
12,570,966
6,758,289
(9,756,980)
(5,283,196)
2,813,986
1,475,093
14
37,533
153,796
15 15
105,646 2,670,807
717,297 604,000
2,813,986
1,475,093
The financial statements on pages 21 to 37 were approved and authorised for issue by the Board of Trustees on 9th December 2014.
R Evenett DL Mayhew CBE Trustee Trustee The notes on pages 27 to 37 form part of these financial statements.
2014
2013
£ 3,211,237
£ 2,264,517
578,886
448,766
(391,309) (3,180,194) 3,023,798
(413,995) (6,463,383) 3,064,355
3,242,418
(1,099,740)
(1,401,257)
(2,078,573)
1,841,161
(3,178,313)
Net cash resources at 1 September 2012
2,459,280
5,637,593
Increase/(Decrease) in cash in the year
1,841,161
(3,178,313)
Net cash resources at 31 August 2014
4,300,441
2,459,280
Net cash inflow from operating activities Returns on investments and servicing of finance Investment income Capital expenditure and financial investment Payments to acquire tangible fixed assets Payments to acquire investments Disposal proceeds from sale of investments Net cash outflow before management of liquid resources and financing Management of liquid resources Movement in investment cash Increase/(Decrease) in cash in the year Reconcilation of cash movement
Reconciliation of net movement in funds to net cash inflow from operating activities
2014
Net movement in funds in year Investment income Investment gains Depreciation Loss on disposal of assets (Increase)/Decrease in stocks (Increase)/Decrease in debtors Increase in creditors Decrease/(Increase) in value of joint venture investment
£ 1,325,263 (578,886) (620,743) 146,380 46,702 (415) (566,286) 3,450,803 8,419 3,211,237
2013 £ 498,408 (448,766) (304,544) 54,259 682 331,949 2,249,240 (116,711) 2,264,517
All cash resources held at the year end are in the form of cash at bank. The notes on pages 27 to 37 form part of these financial statements.
24
Alzheimer’s Research UK
Alzheimer’s Research UK
25
Charity cash flow statement for the year ended 31 August 2014
Net cash inflow from operating activities Returns on investments and servicing of finance Investment income Capital expenditure and financial investment Payments to acquire tangible fixed assets Payments to acquire investments Disposal proceeds from sale of investments
2014
2013
£ 3,177,932
£ 2,307,847
578,886
448,766
(391,309) (3,180,194) 3,023,798
(413,995) (6,463,383) 3,064,355
(547,705)
(1,056,410)
(1,401,257)
(2,078,573)
1,807,856
(3,134,983)
Net cash resources at 1 September 2013
2,434,683
5,569,666
Increase/(Decrease) in cash in the year
1,807,856
(3,134,983)
Net cash resources at 31 August 2014
4,242,539
2,434,683
Net cash outflow before management of liquid resources and financing Management of liquid resources Movement in investment cash Increase/(Decrease) in cash in the year Reconciliation of cash movement
Reconciliation of net movement in funds to net cash inflow from operating activities
Net movement in funds in year Investment income Investment gains Depreciation Loss on disposal of fixed assets (Increase)/Decrease in debtors Increase in creditors
All cash resources held at the year end are in the form of cash at bank. The notes on pages 27 to 37 form part of these financial statements.
26
Alzheimer’s Research UK
2014
2013
£ 1,338,893 (578,886) (620,743) 146,380 46,702 (615,593) 3,461,179 3,177,932
£ 396,507 (448,766) (304,544) 54,259 388,942 2,221,449 2,307,847
Notes forming part of the financial statements for the year ended 31 August 2014 1 Accounting policies The financial statements are prepared in accordance with the Statement of Recommended Practice (SORP 2005), “Accounting and Reporting by Charities” the Companies Act 2006 and applicable accounting standards. The particular accounting policies adopted by the trustees are described below.
Accounting convention The financial statements are prepared under the historical cost convention as modified by the revaluation of investments.
Fund accounting The charity maintains various types of funds as follows: Restricted funds Restricted funds represent grants, donations and legacies received which are allocated by the donor for specific purposes. Unrestricted funds General unrestricted funds represent unrestricted income which is expendable at the discretion of the trustees in the furtherance of the objects of the charity. This also includes designated funds which represent amounts that have been set aside for specific purposes at the discretion of the Trustees. Fund transfers Transfers between funds represents restricted income received where expenditure has already been provided for
Basis of consolidation The financial statements comprise the assets, liabilities and funds, and the statement of financial activities of Alzheimer’s Research UK and its subsidiary. The financial statements also include the Charity’s share of the profits or losses from joint ventures in the statement of financial activities and its share of the net assets is included in the balance sheet.
and there is reasonable assurance of receipt. Where a claim for repayment of income tax has or will be made, such income is grossed up for the tax recoverable. The following accounting policies are applied to income: Grants receivable from government bodies Grants are recognised in the statement of financial activities when the conditions for receipt have been complied with. Gifts in kind and donated goods Assets given for distribution by the charity are recognised as income for the year only when they are distributed. Where such undistributed assets exist at the year end, they are not included in the accounts but a note is provided of their estimated value. Assets given for use by the charity are recognised as incoming resources at their estimated market value when receivable. If they form part of the fixed assets at the year end, they are included in the balance sheet at the value at which the gift was included in incoming resources. Assets given in kind for conversion into cash and subsequent application by the charity are recognised as income in the accounting period when receivable. Donations Donations and all other receipts from fundraising are reported gross and the related fundraising costs are reported in other expenditure. Investment income Investment income is accounted for when receivable. Tax recoverable relating to investment income is accounted for in the same period as the related income. Legacies Legacies are included in the Statement of Financial Activities when the charity is legally entitled to the distribution and the amount can be determined with certainty.
Incoming resources All income is recognised in the statement of financial activities when the conditions for receipt have been met
Alzheimer’s Research UK
27
2 Net incoming/ (outgoing) resources for the year 1 Accounting policies (continued) Resources expended All expenditure is accounted for on an accruals basis. The costs of generating funds represent expenditure incurred in general fundraising activities. Charitable activities represent expenditure incurred in issuing grants to academic institutions for research purposes, providing information about dementia and advocating for dementia research. Governance costs include expenditure in relation to the general governance of the charity. Such expenditure includes the costs incurred in relation to the constitutional and statutory arrangements of the charity. Support costs are allocated to costs of generating voluntary income, fundraising trading, investment management costs, charitable activities and governance costs using a percentage based upon the direct expenditure allocation.
term liabilities. The composition of investments is reviewed annually and split between fixed and current depending upon the nature of the investment category. The investment in the subsidiary is included in the balance sheet at cost, less any provision for impairment in value. The investment in the joint venture is accounted for under the gross equity method.
Stocks Stocks are included at the lower of cost and net realisable value.
The Charity operates a defined contribution pension scheme for its employees. Obligations for contributions to the defined contribution pension scheme are charged to the Statement of Financial Activities in the year in which they become payable.
Leases
Grants payable Grants payable are accounted for when the trustees have accepted a legal obligation to make the grant.
Going concern
Commitments which are legally binding on the trustees are accounted for as resources expended in the Statement of Financial Activities. Where the promise of financial support is not binding on the trustees, such intentions are accounted for by a transfer to a designated fund. Activities that are to be wholly financed from future income do not form part of such designation and are disclosed in a note to the accounts.
The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the group to continue as a going concern.
Depreciation is provided to write off the cost of all assets over their expected useful lives as follows:
The group’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Trustees Report on pages 7 to 17. The group currently has significant cash resources which are equivalent to the research commitments which have been made and are payable over the next five years. There are no borrowings. It is the purpose of the group to raise as much money as possible for purposes of funding research. The amount which is committed to research depends on the income raised and commitments are not made in anticipation of future income.
Fixtures and office equipment - 20% - 33% reducing balance Leasehold improvements - over the period of the lease
Detailed projections are produced for the next five years which together with availability of detailed financial information enables the assessment of the level of research commitments which can be made.
Investments
The Trustees are confident with the investments in infrastructure which have been made that the income levels set in the strategic plan can be met which will enable a significant increase in amounts committed to research.
Tangible fixed assets Tangible fixed assets costing more than £500 are capitalised and included at cost.
Investments are stated at market value. Realised and unrealised gains and losses are shown separately in the appropriate section of the Statement of Financial Activities. Current asset investments are ring-fenced investments to ensure the Charity can meet its short
28
Alzheimer’s Research UK
2013
£
£
15,200 2,000
14,750 1,950
46,702 146,380 194,701 13,131
54,259 178,350 6,421
Pensions
The annual rental of all operating leases are charged to the statement of financial activities on a straight line basis over the lease term.
Charitable commitments
Net incoming/ (outgoing) resources for the year is stated after charging: Audit services - Charity audit services - Trading subsidiary audit services The above figures are exclusive of irrecoverable VAT Loss on disposal of fixed assets Depreciation of tangible fixed assets Payments under operating leases – land and buildings Payments under operating leases – plant and machinery
2014
3 Information regarding employees and trustees 2014 Full-time employees Part time employees
Salaries National insurance Other pension costs
2013
Number 54 4
Number 44 4
58
48
£ 1,873,550 182,377 70,431 2,126,358
£ 1,151,468 117,982 49,169 1,318,619
Number 1 1 1
Number 1 -
The number of employees whose emoluments exceeded £60,000 were: £70,001 - £80,000 £80,001 - £90,000 £90,001 - £100,000
Two of the above individuals are members of the defined contribution pension scheme, contributions during the year totalled £9,000. Trustees are not remunerated nor reimbursed for their expenses. Included within creditors at the year end is £3,270 (2013: £5,216) of outstanding pension contributions.
Alzheimer’s Research UK
29
8 Tangible fixed assets (group and charity)
4 Voluntary income
Charitable Trusts Legacy income Other donations Donated services
Unrestricted funds
Restricted funds
Total 2014
£ 404,050 4,821,808 5,548,358 21,035 10,795,251
£ 1,103,329 5,000 1,604,658 2,712,987
£ 1,507,379 4,826,808 7,153,016 21,035 13,508,238
Total 2013 £ 842,470 3,799,756 5,790,975 10,000 10,443,201
5 Investment income Unrestricted Total 2014
Unrestricted Total 2013
£ 5,995 11,193 561,698 578,886
£ 12,146 46,460 390,160 448,766
Government stocks Bank deposits Dividend income
Leasehold improvements £
Direct costs Support costs: Human resources Premises Finance Corporate IT & office costs Depreciation
Charity
111,943 79,698 30,571 9,242 65,234 52,314
267,323 190,320 73,003 22,071 155,781 124,927
16,630 11,840 4,541 1,373 9,691 7,771
13,357 9,510 3,648 1,103 7,784 6,242
3,587 2,554 980 296 2,090 1,676
3,665,898
8,754,239
544,589
437,423
117,464
3,598,169
8,758,873
544,877
437,654
113,987
412,840 293,922 112,743 34,085 240,580 192,930
333,657 246,218 63,192 18,449 153,985 54,228
30
Alzheimer’s Research UK
£
£
349,415 369,660 (41,526)
203,223 70,623 (37,132)
552,638 440,283 (78,658)
At 31 August 2014
677,549
236,714
914,263
Depreciation At 1 September 2013 Charge for the year Charge on disposals
35,795 108,570 -
116,473 37,810 (31,956)
152,268 146,380 (31,956)
At 31 August 2014
144,365
122,327
266,692
Net book value At 31 August 2014
533,184
114,387
647,571
At 31 August 2013
313,620
86,750
400,370
9 Investments Investment Shares in Share of portfolio subsidiary joint venture
Total 2014
Total 2013
Market value 1 September 2013 Additions Disposals Realised and unrealised investment gains Movement in joint venture
£ 13,847,309 3,180,194 (3,023,798) 620,743 -
£ 20,000 -
£ 127,228 (8,419)
£ 13,994,537 3,180,194 (3,023,798) 620,743 (8,419)
£ 10,174,254 6,463,383 (3,064,355) 304,544 116,711
13,519,613 10,959,655
Market value 31 August 2014
14,624,448
20,000
118,809
14,763,257
13,994,537
13,453,560 10,909,812
Group Charity
14,624,448 14,624,448
20,000
-
14,743,257 14,644,448
13,974,537 13,867,309
Cost at 31 August 2014
13,827,347
20,000
-
13,966,156
13,681,566
7 Grant giving
New research commitments entered into during the year Release of provisions no longer required Direct research payment Amount charged to the Statement of Financial Activities
Total
Cost At 1 September 2013 Additions Disposals
6 Resources expended - Group Cost of Total Total generating 2014 2013 Research Information Advocacy Governance funds £ £ £ £ £ £ £ 3,316,896 7,920,814 395,779 12,232,513 10,089,926 492,743 106,281
Fixtures and office equipment
Total 2014
Total 2013
£ 7,621,291 (187,225) 31,058 7,465,124
£ 6,781,065 (162,065) 6,619,000
Alzheimer’s Research UK
31
9 Investments (continued)
9 Investments (continued)
The following investments each comprise more than 5% of total investments:
Subsidiary company Alzheimer’s Research Trading Limited, registered company number 3880026, is a wholly owned subsidiary of Alzheimer’s Research UK whose profits are gift aided to its parent. The trading company receives income from the sale of merchandise with each sale helping to support our cause. The trading company has a loan owing to the charity upon which interest is charged at 2% above base rate with the loan balance of £37,500 repayable in 2015.
Significant holdings Legal and General Index Trust Scottish Widows deposit
2014
2013
% 5.03 0.0
% 4.82 10.0
Shares held under the heading investment portfolio are recognised at their market value, other investments are valued at cost.
2014
2013
£ 70,014 (76,975)
£ 46,300 (62,885)
(6,961)
(16,585)
12,250 (17,546)
14,000 (12,335)
Net (liabilities)/ assets
(5,296)
1,665
Financed by: Ordinary share capital Unrestricted funds
20,000 (25,296)
20,000 (18,335)
(5,296)
1,665
Income Expenditure Composition of investment portfolio (Quilter Cheviot) UK Corporate bonds UK Gilts UK Bond trusts Cash deposits UK alternative investments Non UK alternative investments UK equity investments Non UK equity investments
Presentation of investments Fixed asset investments Current asset investments Current investment cash
2014
2013
£ 7,585,443 199,960 1,993,532 257,474 1,390,251 387,319 2,325,970 484,499 14,624,448
£ 6,718,880 2,146,266 1,431,257 1,227,815 1,904,647 418,444 13,847,309
2014 Group
2014 Charity
2013 Group
2013 Charity
£ 10,285,632 4,457,625 14,743,257
£ 10,186,823 4,457,625 14,644,448
£ 5,874,537 6,698,743 1,401,257 13,974,537
£ 5,767,309 6,698,743 1,401,257 13,867,309
Loss on ordinary activities Fixed assets Net current assets (liabilities)/assets
10 Stocks 35 2014 £ Group Merchandise and products
Joint Venture investment Alzheimer’s Brain Bank (ABBUK) is a company limited by guarantee (number 5762960) and a registered charity (number 1114578). It has two members, Alzheimer’s Research UK and Alzheimer’s Society. The main objectives of the charity are to protect and promote the health of the public, in particular by establishing, promoting and maintaining banks of brain tissue for research into the cause, prevention, treatment and cure of Alzheimer’s disease and associate neurodegenerative diseases and disorders. The Charity owns a 50% share in ABBUK and its share of the net assets is £118,809 (2013: £127,228) comprised £1,701,227 (2013: £2,208,220) current assets, £521,966 (2013: £741,512) current liabilities and £1,060,452 (2013:£1,339,480) long term liabilities. ARUK’s share of voluntary income for the year totalled £94,466 (2013: £1,775,430), its share of charitable expenditure is £100,725 (2013:£1,657,115) and of governance is £2,160 (2013: £2,100) bringing ARUK’s share of the net result to (£8,419) (2013:£116,215). This joint venture is accounted for in accordance with FRS 9 and the Charities SORP under the gross equity method.
32
Alzheimer’s Research UK
9,820
2013 £ 9,405
11 Debtors
Group Other debtors Charities Aid Foundation Accrued income and prepayments
2014
2013
£
£
735,227 2,329 684,258
235,473 53,281 566,774
1,421,814
855,528
Alzheimer’s Research UK
33
11 Debtors (continued)
Charity Other debtors Amounts due from group undertakings Charities Aid Foundation Accrued income and prepayments
13 Creditors: amounts falling due after more than one year – Group and Charity
2014
2013
£
£
733,187 66,033 2,329 684,258
235,473 44,286 53,281 537,174
1,485,807
870,214
Research commitments Rent accrual Ageing of long term liabilities Due after one year - 2016 - 2017 - 2018 - 2019
12 Creditors: amounts falling due within one year
Group Trade creditors Amounts owing for research expenses Accruals and deferred income Other taxes and social security Other creditors Research commitments
2014
2013
£
£
215,579 704,268 59,901 74,396 3,824 7,412,706 8,470,674
219,660 264,476 115,352 36,896 5,216 8,803,081 9,444,681
2014
2013
£ Charity Trade creditors Amounts owing for research expenses Accruals and deferred income Other taxes and social security Other creditors Research commitments
197,505 704,268 56,701 74,396 3,823 7,412,706 8,449,399
£ 205,256 264,476 98,416 36,585 5,216 8,803,081 9,413,030
2014
2013
£ 9,622,458 134,522 9,756,980
£ 5,283,196 5,283,196
5,326,602 3,556,306 628,620 245,452 9,756,980
3,544,067 1,739,129 5,283,196
14 Movement in and allocation of restricted funds – Group and Charity Restricted funds comprise the following unexpended balances of donations and grants given for specific purposes:
Programme grants Network Co-operative grants Emergency Support Iceland Foods Charitable Trust Iceland Foods Charitable Trust – restricted to Wales Pilot Projects Senior Research Fellowship Travelling Research Fellowship PhD Conference Stem Cell Research Centre Brains for Dementia Research Information leaflets Drug Discovery Institute ICAP Conference prize giving Total restricted funds
Balance 1 September 2013 £ 141,000 12,796 153,796
Income £ 352,230 110,157 510 661,859 340,000 107,493 190,255 51,000 196,973 50,444 479,533 110,000 25,000 25,000 10,283 2,250 2,712,987
Transfer to unrestricted Balance 31 Expenditure general fund August 2014 £ £ £ (352,230) (109,512) (645) (510) (802,859) (352,796) (50,444) (479,533) (25,000) (1,711,277)
(107,493) (190,255) (51,000) (196,973) (110,000) (1,117,973)
25,000 10,283 2,250 37,533
Restricted research funding Most of the restricted income received is to fund scientific research into dementia which may be through providing funding for a Phd student, a pilot project, a programme grant or any other method of scientific research. Iceland Foods Charitable Trust Income received from Iceland Foods has been restricted for two purposes, the majority of the income is restricted to fund research into early onset dementia. Some of the funds raised in the Welsh branches from carrier bag donations is restricted to be spent on research projects based in Wales
34
Alzheimer’s Research UK
Alzheimer’s Research UK
35
14 Movement in and allocation of restricted funds – Group and Charity (continued)
16 Analysis of assets and liabilities between funds
Information leaflets During the year £25,000 was received to fund some information leaflets on the subject of Dementia which were produced and distributed during the year hence the funds having been expended in full. Drug Discovery Institute During the year £25,000 was received to help fund a Drug Discovery Institute. ARUK has invited three academic institutions to host a Drug Discovery Institute however this project had not been established at the year end and therefore the funds are carried forward to be expended next year. ICAP This income of £10,283 was restricted to be spent on producing a leaflet called “What is Alzheimer’s” this had not been undertaken at the year end and is scheduled to take place in January 2015. As such the funds are carried forward at the year end. Conference prize giving Income raised during the year of £2,250 has been restricted to fund an annual prize of £250 per year for the most effective presentation at the ARUK annual conference. This will commence with the 2015 annual conference. Restricted fund transfers Transfers made to the unrestricted fund represent income which has been committed to research projects which commenced in an earlier accounting period meaning the commitment to fund the project and therefore the expenditure had been recorded through the Statement of Financial Activities in an earlier accounting period also.
General fund Designated funds: Revaluation reserve DDI reserve Charity unrestricted funds General fund Designated funds: Revaluation reserve DDI reserve Group unrestricted funds
Income £ 11,458,723
Expenditure gains and losses £ (11,688,347)
Transfers £ (382,027)
604,000 1,321,297
11,458,723
566,807 (11,121,540)
1,500,000 1,117,973
1,170,807 1,500,000 2,776,453
812,190
11,519,565
(11,762,819)
(382,027)
186,909
604,000 1,416,190
11,519,565
566,807 (11,196,012)
1,500,000 1,117,973
1,170,807 1,500,000 2,857,716
Balance at 31 August 2014 £ 105,646
The transfer from the restricted fund to the unrestricted fund represents income received during the year which carries donor imposed conditions to be expended upon specific projects. The cost of these projects has been recognised through the statement of financial activities in a prior period when the commitment was originally made and therefore when the income is received it is transferred to the unrestricted fund to follow the treatment of the expenditure when it was recognised. Revaluation reserve The revaluation reserve represents unrealised investment gains on the investment portfolio which due to the unpredictable nature of investment valuations should not be relied upon to fund future expenditure. DDI reserve During the year the Trustees authorised expenditure of £30m over the next five years for the establishment of three Drug Discovery Institutes. The commitment required in the year ended 31 August 2015 will be £3m. At 31 August 2014 the Trustees have designated £1.5m to represent up to 50% of the first year costs.
36
Alzheimer’s Research UK
Group Fixed assets Tangible fixed assets Investments Current assets Stocks Debtors Current asset investments Cash at bank and in hand Creditors Due within one year Due in more than one year Charity: allocated on the same basis as the group figures
15 Movement in unrestricted funds Balance at 1 September 2013 £ 717,297
Designated funds
General funds
Restricted funds
£
£
£
2,670,807
647,571 7,614,825
-
647,571 10,285,632
-
9,820 1,421,814 4,457,625 4,262,908
37,533
9,820 1,421,814 4,457,625 4,300,441
2,670,807
(8,470,674) (9,756,980) 186,909
37,533
(8,470,674) (9,756,980) 2,895,249
2,670,807
105,646
37,533
2,813,986
Total £
17 Taxation The income and gains of the charity are exempt from corporation tax to the extent they are applied to its charitable objectives.
18 Commitments under operating leases
Other Expiring with 1 -2 years Expiring within 2 – 5 years Land and buildings Expiring within more than 5 years
2014
2013
£
£
13,131 -
6,421
226,563
148,524
19 Related party transactions In accordance with the provisions of FRS8 intragroup transactions have not been disclosed. During the year £9,284 (2013 - £5,826) was paid for legal advice from Withers LLP. AJ Thompson is a trustee and is a consultant at Withers. At the year end a balance of £3,114 (2013: nil) was outstanding. During the year, £440,539 (2013: £285,206) was paid and an overspend reducing the commitment by £137,993 in respect of the Brains for Dementia Research Project (Alzheimer’s Brain Bank UK) and at the year end there is a commitment made for the project, of £1,137,305 (2013: £1,715,837). Alzheimer’s Brain Bank UK is a Joint Venture between Alzheimer’s Research UK and Alzheimer’s Society.
Alzheimer’s Research UK
37
Find out more online at www.alzheimersresearchuk.org
Find out more online at www.alzheimersresearchuk.org
Alzheimer’s Research UK (A company limited by guarantee and not having a share capital) Company number 3681291 Registered Charity number 1077089 Scottish Registered Charity number SC042474
Telephone 0300 111 5555
[email protected] Our registered Charity number is 1077089 and SC042474.
