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← Restore - Burn And Wound Research

2025-04-05-accounts

Restore - Burn and Wound Research

Registered Charity Number: 1003899

Financial Statements

for the year ended 5 April 2025

Wenn Townsend

Chartered Accountants

Oxford

Restore - Burn and Wound Research

Contents of the Financial Statements for the year ended 5 April 2025

Pages
Reference and Administrative Information 1
Trustees’ Report 2 - 4
Independent examiner’s report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 - 14

Restore - Burn and Wound Research

Reference and Administrative Information
for the year ended 5 April 2025
Charity Reference: 1003899
Trustees: Mark Greaves
Michael Tyler (Chairman)
Michael Constant
Paul O'Loughlin
Jennifer Ricketts
Mark Crone
Dr Krishna Kumar Panikkar
Philippa Roffey
Address: Plastic Surgery J Corridor
Stoke Mandeville Hospital
Mandeville Road
Aylesbury
HP21 8AL
Independent Examiner: Wenn Townsend
30 St Giles
Oxford
Oxfordshire
OX1 3LE
Solicitors: Horwood & James LLP
7 Temple Square
Aylesbury
Buckinghamshire
HP20 2QB
Bankers: HSBC Bank plc
2 Walton Road
Aylesbury
Buckinghamshire
HP21 7SS
Investment managers: M & G Charities
PO Box 9038
Chelmsford
Essex
CM99 2XF

- 1 -

Trustees’ Report for the year ended 5 April 2025

The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the charity’s Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Structure, governance and management

The charity is constituted under a Trust Deed dated 10 July 1991 as amended by a supplemental deed dated 3 March 1994 and is a registered charity, number 1003899.

The Trustees who have served during the year are shown on page 1. Trustees are recruited and appointed by the Board of Trustees. The Trustees meet twice each financial year.

The Buckinghamshire Hospitals NHS Trust, the Bristol Hospitals NHS Trust or Oxford University employ the Research Fellows and Assistants and are responsible for their remuneration. The NHS Trusts and Oxford University then invoice Restore for these costs.

The Trustees are the key management personnel of the charity.

Trustees Training

We use the Charity Commission’s documents on Trustee Responsibility for guidance.

New Trustees are provided with full information on the Trust’s activities and funding.

Trustees are provided with regular reports on the research by the Directors of Research and the Director of Clinical Studies.

Objectives and Activities for the public benefit

The object of the charity is the promotion of research into the treatment of burns and reconstructive surgery.

The Trustees confirm that they have had due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.

The Trust carries out these objects by funding research as described above and in the Achievements and Performance paragraph below.

Achievements and Performance

The Restore research portfolio continues to focus on translational research, advancing scientific discovery into clinically relevant innovation despite ongoing funding pressures.

Fellowships and Appointments

Alex Baldwin has successfully transitioned to an Academic Clinical Fellowship post in Manchester, reflecting the strength of Restore’s early career development pathway and its contribution to the wider academic surgical community.

We have recruited Dr Olivia Hartrick as the new Restore Fellow, funded by the Oxford Biomedical Research Centre for two years. Olivia’s project focuses on the leading a clinical trial of the use of ultrasound-driven nanobubbles for the delivery of topical antibiotics into infected burns , in collaboration with Professor Eleanor Stride (Oxford Institute of Biomedical Engineering) . This represents a novel interdisciplinary partnership at the interface of engineering, microbiology, and surgical science, and is a world first.

Olivia will also be taking over leadership of the BEST Scar project , ensuring its continuation under her fellowship. In parallel, she is developing a national survey of paediatric burn management as part of her Amber Young Fellowship application, which is currently in its second review stage — fingers crossed for a positive outcome.

New Collaborations

Restore is developing an exciting new collaboration with PREVOR , with a view to securing funding to test, using our DIEP flap burn model . This could open new therapeutic avenues for chemical burn injuries , extending Restore’s remit into the chemical injury field.

- 3 -

Financial review

The charity received donations and legacies during the year of £11,015 (2024: £4,477). Total income during the year was £27,900 (2024: £4,477), and an amount of £55,852 (2024: £78,981) was expended resulting in net expenditure of £27,952 (2024: £74,504). Gains on investments amounted to £2,033 (2024: £2,955) resulting in an overall deficit for the year of £25,919 (2024: Deficit of £71,549).

This amount was comprised of a decrease of £21,925 on restricted funds and a decrease of £3,994 on unrestricted funds.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that the charity will continue for a period of at least 12 months from the approval of these financial statements, notwithstanding the level of reserves at the year end and deficit incurred in the period. The trustees intend to take various actions in order to increase future income and reduce the costs incurred in respect of specific grant projects. Based on these intentions and the budgeted income and expenditure, they believe there is a sufficient level of reserves for the charity to be able to continue as a going concern.

Investment performance and policy

The charity’s investments increased in value during the year by £2,033 (2024: decrease in value of £2,955), Investments disposed of totaled £30,000 (2024: £Nil). The Trustees consider their investments to be sufficiently diversified to protect the capital base of the charity in the long term.

Reserves policy

The calculation of the required level of reserves is an integral part of Restore’s planning, budgeting and forecasting. It takes into account the risks associated with the income stream, the planned activity and Restore’s future commitments. The trustees assess the reserves policy on an annual basis. They discuss the market valuation of investments, any future research programmes and their associated costs and review on-going core costs. The trustees use this information to ensure that there are sufficient reserves to cover one year of operating costs (approximately £26k per year) and existing research programmes to the end of their committed terms. At the year end, available reserves were adequate to meet this target.

All funds received for restricted purposes will be used accordingly and within any specified or reasonable time constraints.

- 3 -

Restore - Burn and Wound Research

;

Trustees’ Report for the year ended 5 April 2025

Principal Risks & Uncertainties We prepared and adopted a Risk Evaluation and Management Strategy in 2013, including mitigation of these risks. We have reviewed our analysis and concluded that it is still current and appropriate. Our assets are gradually reducing and we are cognisant of the difficulty of raising funding for medical research in the current climate of austerity and uncertainty. We have reduced both our operating expenses and expenditure on research. We will not make any commitment exceeding one year unless matched by committed funding from granters or donors, and as above, we will endeavour to ensure that we have sufficient reserves to cover one year of operating costs and existing research programmes to the end of their committed term.

Trustees’ responsibilities in relation to the fi nancial statements The trustees 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).

The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for the maintenance and integrity of the charity’ and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

----- Start of picture text -----
Approved by the Trustees and signed on their behalf by:
Mich 5 yler (Chairman) a
ly,:L. - f-2026
----- End of picture text -----

-4-

Restore - Burn and Wound Research

Independent Examiner's Report to the Trustees of Restore - Burn and Wound Research

I report on the accounts of the Charity for the year ended 5th April 2025 which are set out on page 6 to 14.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to:

Basis of independent examiner's statement

My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below:

Independent examiner's statement

I have completed my examination. I confirm that no material 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 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

I have the following other matter in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. The financial statements have been prepared under the going concern basis, which is based on the trustees’ assessment of going concern and their future plans as disclosed in note 1. Given the level of reserves and expenditure reported in these financial statements, there exists some uncertainty as to the charity’s ability to continue as a going concern, which is dependent upon the trustees’ ability to achieve their plans in this regard.

Andrew Rodzynski FCA Wenn Townsend Chartered Accountants Oxford

… .......... 2026

- 5 -

Restore - Burn and Wound Research

Statement of Financial Activities For the year ended 5 April 2025

Income:
Note
Voluntary income
3
Activities for raising funds
4
Total income
Expenditure:
Costs of raising voluntary income
5
Charitable expenditure: Burns Research
6
Total expenditure
Net (expenditure)/income
Net (expenditure)/income before gains on
investments
Unrealised gains/(losses) on investments
9
Realised gains on disposal
9
Net movement in funds
Transfers between funds
Fund balance brought forward
Fund balance carried forward		 Unrestricted
funds
£
Restricted
funds
£
Total 2025
£
Unrestricted
funds
£
Restricted
funds
£
Total
2024
£
27,900
-
27,900
4,477
-
4,477
-
-
-
-
-
-
27,900
-
27,900
4,477
-
4,477
19,850
-
19,850
2,332
-
2,332
14,077
21,925
36,002
23,369
53,280
76,649
33,927
21,925
55,852
25,701
23,123
78,981
(6,027)
(21,925)
(27,952)
(21,224)
(53,280)
(74,504)
(6,027)
(21,925)
(27,952)
(21,224)
(53,280)
(74,504)
920
-
920
2,955
-
2,955
1,113
-
1,113
-
-
-
(3,994)
(21,925)
(25,919)
(18,269)
(53,280)
(71,549)
-
-
-
(1,412)
1,412
-
(3,994)
(21,925)
(25,919)
(19,861)
(51,868)
(71,549)
39,778
46,458
86,236
59,549
98,326
157,785
35,784
24,533
60,317
39,778
46,458
86,236

The notes on pages 8 to 14 form part of these accounts.

- 6 -

Restore - Burn and Wound Research

Balance Sheet as at 5 April 2025

----- Start of picture text -----
;
Note 2025 2024
£ £ £ £
Fixed assets
Investments 9 46,777 74,746
Tangible assets 10 1,212 1,618
47,989 76,364
Current assets
Debtors 1 392 379
HSBC — community account 14,326 . 14,538
Barclays account = -
14,718 14,917
Current liabilities
Creditors 12 (2,390) (5,045)
es eee ‘we
Net current assets 12,328 9,872
aceite 60,317 86,236
Funds
Expendable endowment funds 5 - -
Unrestricted funds - General 13 35,784 ie 39,778
Unrestricted funds - Designated 13 - -
Restricted funds 14 24,533 46,458
60,317 86,236
----- End of picture text -----

a Approved by the Board of Trustees on I9 San. 2026 and signed on its behalf by Michael Tyler (Chairman)

The notes on pages 8 to 14 form part of these accounts.

-7-

Restore - Burn and Wound Research

Notes to the Financial Statements for the year ended 5 April 2025

1 Accounting policies

a) Basis of preparation and assessment of going concern

The charity constitutes a public benefit entity as defined by FRS 102. These accounts have been prepared on an accruals basis and include income and expenditure as they are earned or incurred, rather than as cash is received or paid. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) Income

Income is recognised once the charity has entitlement to the resources, it is probable that the resources will be received and the monetary value can be measured with sufficient reliability.

c) Expenditure

Expenditure is recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

d) Governance costs

Governance costs comprise all costs involving the public accountability and its compliance with regulation and good practice.

e) Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as follows:

Computer and other equipment – 25% reducing balance

f) Fixed asset investments

Investments are included at fair value at the balance sheet date. Any gain or loss on revaluation or on disposal is taken to the Statement of Financial Activities.

g) Funds

Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable objects.

Restricted funds are funds which have been given for particular purposes as specified by the donor.

h) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

- 8 -

Restore - Burn and Wound Research

Notes to the Financial Statements for the year ended 5 April 2025 (continued)

2. Trustees’ remuneration and expenses reimbursed

The Trustees received no remuneration (2024: £Nil) and were not reimbursed for any of their expenses in the year (2024: £Nil).

3. Voluntary income

Donations and legacies
Sponsorship Income
Fundraising events		 Unrestricted
£
Restricted
£
Total
2025
£
Total
2024
£
11,015
-
11,015
4,477
8,025
-
8,025
-
8,860
-
8,860
-
27,900
-
27,900
4,477

Donors for 2024/25 included:

- 9 -

Restore - Burn and Wound Research

Notes to the Financial Statements for the year ended 5 April 2025 (continued)

4. Activities for raising funds – grants received

Medical Research Council Unrestricted
£
-
Restricted
£
-
Total
2025
£
-
Total
2024
£
-
-
-
-
-

5. Costs of raising funds

Advertising and publicity
Support costs (note 7)
Fundraising
Office expenses
Charitable expenditure
Fellows’ salaries
Director of Research
Support costs (note 7)
Governance costs (note 7)
Sponsorship Refund		 Unrestricted
Restricted
Total
Total
£
£
2025
£
2024
£
15,765
-
15,765
1,245
515
-
515
522
3,083
-
3,083
-
487
-
487
565
19,850
-
19,850
2,332
Unrestricted
Restricted
Total
Total
£
£
2025
£
2024
£
-
21,925
21,925
53,280
9,452
-
9,452
16,200
4,110
-
4,112
4,177
515
-
515
522
-
-
-
2,470
14,077
21,925
36,002
76,649

6. Charitable expenditure

- 10 -

Restore - Burn and Wound Research

Notes to the Financial Statements for the year ended 5 April 2025 (continued)

7. Allocation of support costs

The trust allocates its support costs as shown below on the basis of resources used:

Costs of generating Charitable Governance Total Total
Funds expenditure 2025 2024
£ £ £ £ £
Depreciation 41 323 41 405 539
Treasurer salary 150 1,200 150 1,500 1,500
Accountancy and Independent
276		 2,208 276 2,760 2,270
Examination Fee
Insurance 41 324 41 406 372
Legal Fees - - - - 480
Bank charges 7 55 7 69 60
515 4,110 515 5,140 5,221

8. Staff costs

The charity pays a research allowance to one fellow.

The charity also paid a Director of Research as a freelancer, who is also an employee of the NHS.

The average number of employees during the year was nil (2024: nil).

9.

9. Investments 2025 2024
£ £
Investments are stated at fair value and movements are:
At 6 April 2024 74,746 71,791
Disposal Proceeds (30,002) -
Gain on disposal 1,113 -
Increase/(Decrease) in market value 920 2,955
────── ──────
At 5 April 2025 46,777 74,746
══════ ══════

- 11 -

Restore - Burn and Wound Research

Notes to the Financial Statements for the year ended 5 April 2025 (continued)

10. Tangible fixed assets

Computer and home equipment
Cost:
£
At 6 April 2024 and at 5 April 2025
84,470
Depreciation:
At 6 April 2024
82,852
Charge for year
406
At 5 April 2025
83,258
Net book value:
At 5 April 2025
1,212
At 5 April 2024
1,618
11.
Debtors
2025
2024
£
£
Prepayments
392
379
392
379
12.
Creditors
Accruals
2,390
2,270
Other accruals
-
2,775
2,390
5,045		 Computer and home equipment
Cost:
£
At 6 April 2024 and at 5 April 2025
84,470
Depreciation:
At 6 April 2024
82,852
Charge for year
406
At 5 April 2025
83,258
Net book value:
At 5 April 2025
1,212
At 5 April 2024
1,618
11.
Debtors
2025
2024
£
£
Prepayments
392
379
392
379
12.
Creditors
Accruals
2,390
2,270
Other accruals
-
2,775
2,390
5,045		 Computer and home equipment
Cost:
£
At 6 April 2024 and at 5 April 2025
84,470
Depreciation:
At 6 April 2024
82,852
Charge for year
406
At 5 April 2025
83,258
Net book value:
At 5 April 2025
1,212
At 5 April 2024
1,618
11.
Debtors
2025
2024
£
£
Prepayments
392
379
392
379
12.
Creditors
Accruals
2,390
2,270
Other accruals
-
2,775
2,390
5,045
82,852
406
83,258
1,212
1,618
2024
£
379
392 379
2,390
-		 2,270
2,775
2,390 5,045

- 12 -

Restore - Burn and Wound Research

Notes to the Financial Statements for the year ended 5 April 2025 (continued)

13. Unrestricted funds
6 April Income Expenditure Gain on Transfer At 5 April
2024 investment 2025
£ £ £ £ £ £
General fund 39,778 27,900 (33,927) 2,033 - 35,784
Total unrestricted 39,778 27,900 (33,926) 2,032 - 35,784
6 April Income Expenditure Investment Transfer At 5 April
2023 2024
£ £ £ £
 £
General fund 59,459 4,477 (25,701) 2,955 (1,412) 39,778
Total unrestricted 59,459 4,477 (25,701) 2,955 - 39,778

Designated funds represent monies set aside by trustees for specific project funding approved, but not formally committed to, before the year end date.

14.
Restricted funds
Current year
Balance at 6 April 2024
Income
Expenditure
Transfer
Balance at 5 April 2025
Prior year
Balance at 6 April 2023
Expenditure
Transfer
Balance at 5 April 2024		 BEST*/Human
Burns Model
Project
Immunomodulation
Project
Medical
Equipment
Total
£
£
£
£
46,442
-
16
46,458
-
-
-
-
(21,925)
-
(21,925)
-
-
-
24,517
-
16
24,533
BEST*/Human
Burns Model
Project
Immunomodulation
Project
Medical
Equipment
Total
£
£
£
£
46,442
51,868
16
98,326
-
(53,280)
-
(53,280)
-
1,412
1,412
46,442
-
16
46,458

*BEST (Best Evidence for Scarring Treatment)

- 13 -

Restore - Burn and Wound Research

Notes to the Financial Statements for the year ended 5 April 2024 (continued)

15. Division of net assets between funds

Current year
Fixed assets
Tangible fixed assets
Investments
Debtors
Cash at bank and in hand
Creditors
Net assets
Prior year
Fixed assets
Tangible fixed assets
Investments
Debtors
Cash at bank and in hand
Creditors
Net assets		 Unrestricted funds
Restricted funds
Total
£
£
£
1,202
10
1,212
46,777
-
46,777
47,979
10
47,989
392
-
392
(10,197)
24,523
14,326
(2,390)
-
(2,390)
35,784
24,533
60,317
Unrestricted funds
Restricted funds
Total
£
£
£
1,602
16
1,618
74,746
-
74,746
76,348
16
76,364
379
-
379
(31,904)
46,442
14,538
(5,045)
-
(5,045)
39,778
46,458
86,236

16. Related party transactions

There were no related party transactions to disclose in the current or preceding year.

- 14 -