How we pay our staff
Statement on Staff Pay
The Medical Research Foundation’s mission is to improve human health by supporting the highest quality biomedical research and by funding the research leaders of the future. The MRF has £50m assets and raises almost £2m annually (from investment and charitable income). In the 2015/16 financial year, we invested £4.3m in research to improve human health and spent approximately £690k on other costs.
It is essential for the MRF to have creditable staff that bring professional expertise, leadership experience and strong capability to develop and grow the charity and fulfill its aims. Offering competitive rewards is one of the many ways in which the MRF can secure the very best people to deliver its ambitious plans to fund more research for health. We are equally committed to ensuring that our funds are used to best effect and our donors, supporters and the public, who are the beneficiaries of the research that we support, understand how we have spent our funds. We report all of our activities in our annual Trustees Report and Financial Statement and we have a transparent and clear remuneration policy.
The Board of Trustees is responsible for defining the MRF’s remuneration policy and deciding on the salaries of our staff. The Board delegates this responsibility to its Remuneration Committee.
Our approach is to pay a fair salary to attract and retain skilled and expert staff at all levels. We aim to ensure that salaries and benefits are competitive within the charity and related sector, are proportionate to the complexity of each role, and are responsible in line with our charitable objectives.
To achieve this, our Remuneration Policy aims to:
- Pay salaries that are competitive with similar organisations in the charity or other relevant sectors, but not to compete on salaries with the private sector.
- Ensure senior staff performance is reviewed and reported to the Remuneration Committee on an annual basis.
- Ensure the Director’s performance is reviewed by the Remuneration Committee with input from the whole Board of Trustees.
- Apply basic salary additions only where required by relevant market conditions to attract and retain key staff.
- Monitor charity sector remuneration trends.
All of our staff are currently paid under £60,000.
In 2015/16, for every £1 we spent, 87p was spent on ground-breaking biomedical research and just 5p was spent on salary costs.
Issued March 2016.