Alzheimer's Research UK increased income by 38 per cent last year

According to its annual report, the dementia research organisation has recorded double-digit year-on-year income growth for five years

Alzheimer's Research UK increased its income by 38 per cent in the year ending 31 August 2017, the charity’s annual report shows.

The dementia research organisation, which says it is the country's fastest-growing medical research charity, has recorded double-digit year-on-year growth for the past five years.

Its income has more than tripled from £9.1m in 2011/12 to £30.5m last year.

With the Alzheimer's Society also seeing its revenue soar from £71m in 2013 to £104m in 2017, the dementia sector is performing strongly at a time when many others are struggling.

Alzheimer's Research UK's latest accounts reveal that donations accounted for £29.1m, up by 44 per cent on the previous year.

The number of regular givers rose by 50 per cent. The charity also received its largest-ever single donation – £3.8m from the grantmaker the Mike Gooley Trailfinders Charity – while legacies rose by £1.7m to £9m over the year, including a single bequest of £1.2m.

Investment income grew by 12 per cent to £731,035 and the charity raised £490,000 from 238 runners in the London Marathon.

Chief executive Hilary Evans, who joined the charity four years ago from Age UK, said it had been a "fantastic year" that had enabled the charity to "take significant steps towards our mission of bringing about the first life-changing treatment for dementia".

Alzheimer's Research UK receives no statutory funding, but Evans said the national dementia strategy in 2011 had "renewed government support" and raised the profile of the disease, which had benefited charities that work in this area.

The former Prime Minister David Cameron is president of the charity.

The organisation's reserves more than doubled in 2017 from £3.8m to £8.5m, which would enable it to cover operating costs plus outstanding grants for 29 months – well in excess of its target of 12 to 24 months.

Evans said the high level of reserves would enable the charity to run more strategic research projects and set aside funds for a £50m dementia research institute.

The executive team's remuneration increased from £285,056 to £476,513. The team grew from three to four with the appointment of chief scientific officer Dr David Reynolds, whose salary is in the £140,000 to £150,000 pay band, the highest at the charity.

Evans said Reynolds took a pay cut to leave the pharmaceutical industry and "it's only right we pay an appropriate salary for his level of talent and experience".

Two other members of staff earned between £100,000 and £110,000.

During Evans's tenure, staff numbers have grown from 38 to 125. "Five years ago we had no public profile and had never run a strategic fundraising appeal," she said.

Last week the charity completed its five-year, £100m Defeat Dementia fundraising campaign 15 months ahead of schedule. The sum consists of pledges and actual donations.

Evans ruled out a merger with the Alzheimer's Society. "It wouldn't make any sense," she said. "I fully support merger when there are two charities doing the same thing, but Alzheimer's Research UK and the Alzheimer's Society have very different purposes."

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