Charity registration number 1098109
Company registration number 04757596 (England and Wales)
RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Professor S Ahmed-Kristensen
Dr D Baxter
H Cameron
Dr A Haitz
Dr J Klein
Professor F Lettice
Dr V B Lynch
Dr R F Mitchell
Mr D Probert
Professor B Wagner
Secretary
Dr R F Mitchell
Charity number
1098109
Company number
04757596
Registered office
2 Hilliards Court
Chester Business Park
Chester
Cheshire
CH4 9PX
Independent examiner
McLintocks (NW) Limited
2 Hilliards Court
Chester Business Park
Chester
Cheshire
CH4 9PX
Bankers
Natwest Bank plc
52 London Road
Alderley Edge
Cheshire
SK9 7EF
RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 10
RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MAY 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 May 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing documents, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The charity's objects continued to be to support education and research in the field of R&D Management (and research technology and innovation management).

Its charitable aims are to advance the state of the art in this field. The benefits of improvements in R&D Management include the clearer strategic direction and allocation of resources, increased efficiency and effectiveness, improved environmental performance, corporate social responsibility, technological advances and economic and social well being.

 

RADMA supports students in the field of R&D Management through doctoral funding, research grants, conference attendance grants and a contribution towards the doctoral colloquium held each year in association with the annual R&D Management Conference. Doctoral funding is RADMA's flagship programme and in 2022 we made five doctoral studies awards. Cumulatively since the programme started in 2009, we have committed total of £1,813,474 which has funded 67 PhDs (50 completed and 17 in progress).

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

Achievements and performance
Financial review

Income from the journal was £176,047 and investment income £61,236, in total amounting to £237,283 (2022: £224,074). Expenditure was £191,575 (2022: £304,019) , comprising grants £93,863 , conference £40,778, journal £18,698, reviewer honoraria £1,751, R&D Today and website costs £21,182 and support costs £15,303. As a result there is an operating surplus of £45,708 (2022 deficit : £79,945).

 

There has been a net loss of £81,125 (2022: £295,871) on investment disposals and valuations leaving a net decrease in funds for the year of £35,417 (2022: £375,816).

The charity maintains a conservative reserves policy. Unrestricted reserves held at 31 May 2023 were £1,878,394 (2022 - £1,913,811) which the trustees consider adequate. Strategic planning has been undertaken which assists in determining the direction of future expenditure levels.

The trustees pursue an investment strategy to maximise income at minimum risk. Investment income for the year was £61,236 (2022:£48,112). At 31 May 2023 the market value of investments was £1,763,948 (2022:£1,881,554).

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. the trustees maintain a system of internal controls to provide reasonable but not absolute assurance against material misstatement or loss. They include extensive discussion of ongoing and potential opportunities approved by the trustees. Payments for all expenses and invoices are approved by the trustees. No commitments will be made which are dependent on future year's income.

 

Review of all systems, procedures and activities, including insurances is ongoing. There are no employees and a relatively small number of transactions. It is considered that the systems and procedures already in place are adequate for their purpose.

 

RADMA regularly reviews each activity to ensure that it is effective and to identify that scope for any improvements. It also considers new initiatives.

RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a company limited by guarantee, as defined by the Companies Act 2006, and further governed by its Memorandum and Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Professor S Ahmed-Kristensen
Dr D Baxter
H Cameron
Dr A Haitz
Dr J Klein
Professor F Lettice
Dr V B Lynch
Dr R F Mitchell
Mr D Probert
Professor B Wagner

RADMA is run by its trustees. The policy for recruitment and appointment of trustees is to identify individuals in the field of R&D Management and/or with experience that can help the charity in its activities and achieving its objectives. Trustees serve for three years after which they may put themselves forward for further terms of three years. Following the 2022 AGM there were nine trustees and typically one third are due for reappointment in any one year.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute an amount not exceeding £10 in the event of a winding up.

At meetings held three times a year, trustees agree the broad strategy and areas of activity to be undertaken, including grant making, the journal, the conference, dissemination, investments, reserves, and risk management policies and performance. The administration of grants and the processing and handling of applications is delegated to the chairman and secretary. Grant applications are assessed mainly by trustees though in the case of doctoral funding, additional academic assessors are also involved.

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

Dr R F Mitchell
Trustee
Dated: 27 September 2024
RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
- 3 -

I report to the trustees on my examination of the financial statements of Research and Development Management Association (RADMA) (the charity) for the year ended 31 May 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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

Michael Caputo FCA
McLintocks (NW) Limited
2 Hilliards Court
Chester Business Park
Chester
Cheshire
CH4 9PX
Dated: 27 September 2024
RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
Unrestricted
Total
funds
2023
2022
Notes
£
£
Income and endowments from:
Charitable activities
2
176,047
175,962
Other income
3
61,236
48,112
Total income
237,283
224,074
Expenditure on:
Charitable activities
4
191,575
304,019
Net gains/(losses) on investments
8
(81,125)
(295,871)
Net movement in funds
(35,417)
(375,816)
Fund balances at 1 June 2022
1,913,811
2,289,627
Fund balances at 31 May 2023
1,878,394
1,913,811

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
10
1,763,948
1,881,554
Current assets
Cash at bank and in hand
258,704
233,938
Creditors: amounts falling due within one year
11
(136,258)
(161,681)
Net current assets
122,446
72,257
Total assets less current liabilities
1,886,394
1,953,811
Creditors: amounts falling due after more than one year
12
(8,000)
(40,000)
Net assets
1,878,394
1,913,811
Income funds
Unrestricted funds
1,878,394
1,913,811
1,878,394
1,913,811

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 May 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 27 September 2024
Dr J Klein
Trustee
Company Registration No. 04757596
RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
1
Accounting policies
Charity information

Research and Development Management Association (RADMA) is a private company limited by guarantee incorporated in England and Wales. The registered office is 2 Hilliards Court, Chester Business Park, Chester, Cheshire, CH4 9PX.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

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

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

 

RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 7 -
1.5
Resources expended

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

 

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

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Grants offered subject to conditions which are anticipated to be met at the year- end date are accrued as expenditure in the year. Expenditure is stated net of VAT where it can be recovered.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance and governance costs. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with complying with legal and constitutional requirements.

1.6
Fixed asset investments

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

1.7
Cash and cash equivalents

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

Basic financial assets

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

Basic financial liabilities

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

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 8 -
Derecognition of financial liabilities

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

2
Charitable activities
Charitable
Charitable
2023
2022
£
£
Income from journal
176,047
175,962
3
Other income
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£

Investment income

60,525
48,077

Deposit account interest

711
35
61,236
48,112
4
Charitable activities

Charitable Expenditure

Charitable Expenditure

2023
2022
£
£

R & D Management conference

40,778
46,423

R & D Management journal (including editors fees)

18,698
16,057

Practitioner outreach and R&D Today website

21,182
18,907

Reviewer honoraria

1,751
4,750

PhD grants and other support grants

93,863
200,129
176,272
286,266
Share of support costs (see note 7)
1,084
1,323
Share of governance costs (see note 7)
14,219
16,430
191,575
304,019
RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 9 -
5
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
6
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
7
Support costs
Support costs
Governance costs
2023
2022
£
£
£
£

Administration costs

1,084
-
1,084
1,323

Accountancy fees

-
1,750
1,750
2,900

Secretarial fees

-
9,472
9,472
8,826

Trustees expenses and meeting costs

-
2,788
2,788
4,495
Trustees indemnity insurance
-
209
209
209
1,084
14,219
15,303
17,753
Analysed between
Charitable activities
1,084
14,219
15,303
17,753

Governance costs includes payments to the independent examiners of £1,500 (2022- £1,500).

8
Net gains/(losses) on investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Revaluation of investments
(37,744)
(313,005)
Gain/(loss) on sale of investments
(43,381)
17,134
(81,125)
(295,871)
RESEARCH AND DEVELOPMENT MANAGEMENT ASSOCIATION (RADMA)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 10 -
9
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

10
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 June 2022
1,881,554
Additions
58,750
Valuation changes
(37,744)
Disposals
(138,612)
At 31 May 2023
1,763,948
Carrying amount
At 31 May 2023
1,763,948
At 31 May 2022
1,881,554

Original cost of the listed investments is £1,362,915 (2022: £1,442,778).

11
Creditors: amounts falling due within one year
2023
2022
£
£
Other taxation and social security
34,411
35,913
Trade creditors
13,660
10,148
Other creditors
88,187
115,620
136,258
161,681
12
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
8,000
40,000
13
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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