Annual income at the Alzheimer’s Society’s passed £100m for the first time last year due, the charity’s latest accounts show.
Its accounts for the year to 31 March 2017, which were published on the Companies House website yesterday, show an income of £103.6m, compared with £97.9m the previous year.
This was helped by a 12 per cent increase in the charity’s voluntary income, which rose from to £65.8m from £58.7m during the previous year.
The increase follows a rebrand by the charity earlier this year, which saw the introduction of a new logo in the style of a forget-me-not flower in an effort to make the charity’s branding seem warmer and more accessible.
The accounts show that the charity spent £109.5m in 2016/17, with research expenditure going above £10m for the first time and fundraising spending rising from £16.4m to £20.5m, which was down to extra investment as part of the charity’s expansion strategy.
The accounts also show total reserves fell from £36.1m to £35m, of which £26.1m was unrestricted. The charity says in the accounts that the fall in reserves "was conscious and controlled as we invest for future growth and innovation".
The highest earner at the charity received between £150,001 to £160,000, the accounts show. This was paid to a long-standing staff member who was given a severance package during the year.
A statement from the society said: "The top income paid to an individual fits into the £150,000 to £160,000 salary bracket. This includes the full annual salary and severance package paid to an individual, long-standing member of staff.
"Packages like these are entirely exceptional. They are only ever made in agreement with our board and subject to evidence that demonstrates the severance package is in the best interests of Alzheimer’s Society’s charitable purpose."
The accounts show that the charity paid redundancy costs of £389,000, compared with £104,000 the previous year.
The accounts show that Alzheimer’s Society trebled its research funding portfolio to £30.5m – its highest level – including the creation of three centres of excellence in care and prevention research.
Of the research funding from the charity, £9.2m worth of grants were handed out to new research, the accounts show.