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2021-12-31-accounts

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

Registered number: 03502244 Charity number: 1068673

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

CONTENTS

Page
Reference and Administrative Details of the Federation, its Trustees and persons co- 1
opted to the board and Advisers
Trustees' Report 2 - 11
Independent Auditors' Report on the Financial Statements 12 - 16
Statement of Financial Activities 17
Balance Sheet 18
Statement of Cash Flows 19
Notes to the Financial Statements 20 - 41

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE FEDERATION, ITS TRUSTEES AND PERSONS CO-OPTED TO THE BOARD AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021

Trustees and persons co-
opted to the board		 Prof. Wolfgang Grisold, (Austria) President (appointed 1 January 2022)
Prof. Guy Rouleau, (Canada) Vice President (appointed 1 January 2022)
Prof. Richard Stark, (Australia) Treasurer
Prof. William Carroll, (Australia) Former President (resigned 31 December 2021)
Prof. Ryuji Kaji, (Japan) Former Vice-President (resigned 31 December 2021)
Prof. Riadh Gouider, (Tunisia) (appointed 21 January 2022)
Prof. Steven Lewis M.D., (USA) Acting Secretary General
Prof. Alla Guekht, (Russia)
Prof. Marianne De Visser, (Netherlands) (resigned 31 December 2021)
Prof. Maged Abdel Naseer, (Egypt) (resigned 31 December 2021)
Prof. Morris Freedman, (Canada)
Prof. Marco Tulio Medina (appointed 31 January 2022)
Prof. Chandrashakhar Meshram (appointed 21 January 2022)
Company registered
number 03502244
Charity registered
number 1068673
Principal and registered Chester House Fulham Green
office 81-83 Fulham High Street
London, SW6 3JA
Company secretary Prof. Steven Lewis M.D. (from 1 January 2022)
Management Director Laura Druce
Independent auditors Griffin Stone Moscrop & Co
Chartered Accountants
Statutory Auditors
21-27 Lamb's Conduit Street
London, WC1N 3GS
Bankers National Westminster Bank plc
1 Market Place
Devizes
Wiltshire, SN10 1HR
Solicitors Hunters, 9 New Square
Lincolns Inn
London, WC2A 3QN
Independent financial Attivo Financial Limited trading as Ashburn Financial Planning Limited
adviser 84 Grange Road
Darlington
County Durham, DL1 5NP

Page 1

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees (who are also directors of the charity for the purposes of the Companies Act 2006) present their annual report together with the audited financial statements of the World Federation of Neurology ("the Federation" or "WFN") for the year ended 31 December 2021. The annual report serves the purposes of both a Trustees’ report and a directors’ report under company law. The Trustees confirm that the annual report and financial statements of the Federation comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Since the Federation qualifies as small under section 382, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Federation was incorporated as a charitable company limited by guarantee and not having a share capital on 27 January 1998 and is a registered charity.

The Federation is governed by its Memorandum and Articles of Association.

Methods of appointment or election of Trustees

The nominating committee of the World Federation of Neurology consists of at least three members, usually drawn from different countries. No Trustee may serve on this committee and its proceedings and decisionmaking processes are held in private to avoid any outside pressures and influences. It conducts its business by regular mail and other forms of communication (teleconference, e-mail, fax etc.), and it invites nominations for any vacant Officer or Trustee posts from WFN Member Society Delegates, past and present Trustees/Officers and committee members. Requirements are that a nominee should be a member of a WFN Member Society with a national and international reputation whose contributions to neurology and, as importantly, his or her commitment to the growth and development of the WFN have been substantial. In evaluating nominations, consideration is also given to geography and gender.

Names of individuals, together with confirmation of their willingness to stand for election, a brief CV and evidence of support from their national society, must be submitted to the Secretary General, c/o the Secretariat. In years when officer posts fall vacant, candidates for President, First Vice-President, Secretary General and Treasurer are required to formulate a statement of their goals and objectives for the organisation if elected, and these are published in the Federation's newsletter and on its website at least six months before the annual general meeting at which election takes place. The list of candidates agreed by the committee is also published in World Neurology, the Federation's newsletter, and the WFN website as appropriate at least six months prior to the meeting of the Council of Delegates (COD) and further names may be added to it (subject to review by the committee) if submitted by five or more delegates at least 30 days prior to the council meeting.

The committee, on request, confidentially advises candidates who have not been shortlisted, and their proposers and immediate supporters, of the reasons for their omission. It is recognised that there may be nominees who fully meet the guidelines for selection mentioned above, but who, for a variety of administrative reasons, cannot be included on the published shortlist. Exclusion is in no way indicative of unsuitability and should not be regarded as such.

At the annual general meeting, the delegates of the member societies elect individuals from the list submitted by the nominating committee to fill any vacancies amongst the officers and the elected trustees owing to retirement or expiry of term of office.

Page 2

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Organisational structure and decision-making

The Trustees have control of the Federation and its property and funds. The Trustees must hold at least four meetings each year. A quorum is three trustees.

The Trustees may delegate any of their functions to other committees, including a finance committee, each of which comprises three or more individuals appointed by the Trustees and at least one of whom shall be a Trustee. All proceedings of the committees are reported to the trustees.

Because membership of the body of Trustees and of all WFN committees is international, often making it difficult to arrange face-to-face meetings, extensive use is made, wherever possible, of electronic conference calls. The trustees hold these on a monthly basis. The occasions when face-to-face meetings are possible and organised occur during major scientific conferences when many committee members register, at their own expense. Principally, these are the annual meetings of regional or specialist societies such as the American Academy of Neurology and the European Academy of Neurology.

The day-to-day management of the Federation has been delegated to the WFN Secretariat, in London.

Policies adopted for the induction and training of Trustees

New Trustees are made aware by the Secretariat of the responsibilities attached to the position of charity Trustee and are provided with the comprehensive guidance available on the website of the Charity Commission.

Risk management

The Trustees have assessed the major risks to which the Federation is exposed, in particular those related to the operations and finances of the Federation, and are satisfied that systems and procedures are in place to mitigate exposure to those risks. There are no significant risks to the funding requirements of the Federation due to the unrestricted reserve built up in previous years. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality for all operational aspects of the Federation. The procedures are reviewed periodically to ensure that they still meet the needs of the Federation.

Directors and trustees

The Directors of the charitable company are its Trustees for the purpose of charity law and those persons coopted to the board, and throughout this report and financial statements are collectively referred to as the Trustees. The officers of the Federation are the President, the first Vice-President, the Secretary General and the Treasurer. The Federation may have up to five further trustees, three elected trustees and up to two coopted trustees that are chosen by the Trustees at any time who will hold office until the next annual general meeting. One elected Trustee must retire at each annual general meeting, the longest in office retiring first.

Membership

The membership of the Federation is formed by neurological societies or equivalent bodies throughout the world. Such member societies should have at least five active members in order to be eligible for full membership of the Federation.

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DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

OBJECTIVES AND ACTIVITIES

Objects

The objects of the Federation are to improve health worldwide by promoting education and research in neurology and the prevention and treatment of disorders of the nervous system (“the objects”) by:

The income and property of the Federation are applied solely towards the furthering its objects.

Aims and objectives

As the representative body of international neurology, the World Federation of Neurology has sought to create alliances for specific purposes with other neurological organisations on the premise that by broadening its approach and focusing its activities, WFN can have an impact greater than the sum of its individual efforts.

The World Federation of Neurology's foremost principle, driving its policy is one of global involvement, strategic alliances and regional and member society empowerment. This will mean widespread consultation on such matters as nominations for all WFN committees and participation by a large number of stakeholders in the implementation of WFN policy.

Collaboration with the World Health Organization (WHO) is crucial for the future of neurology and this objective is pursued vigorously.

Activities for achieving objectives

The Federation seeks to achieve its aims and objectives in a number of ways: by being a highly visible, reputable and active body, organising congresses and symposia, promoting the highest standards of practice in neurology, encouraging professional interaction and dialogue, publishing and distributing information and journals, making travel grants available, establishing training centres in low and low-middle income countries, providing research grants through its grants committee and co-operating and liaising with regional groups, member societies and other bodies.

Public benefit

In setting objectives and planning for activities, and in preparing this report, the trustees have given due consideration to the Charity Commission's general guidance relating to public benefit. The WFN's avowed aim is to improve health worldwide by promoting education and research in neurology and the prevention and treatment of disorders of the nervous system. As noted above, it seeks to do this by undertaking a range of varied activities.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the Federation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

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DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Achievements and performance

Review of activities

World Congress of Neurology

The 2021 World Congress of Neurology (WCN) was organised with a professional congress organiser and held virtually with about 3000 attendees. The Scientific and the Teaching Programmes are always at the core of the WCN. These were complemented by plenary lectures from leading experts in their fields, the exciting and entertaining Tournament of the Minds, scientific sessions, and poster sessions that featured the research of young neurologists.

At the World Congress of Neurology the Service to International Neurology and Scientific Achievement in Neurology were awarded. From 2021, a new recurrent award for Meritorious Service to the WFN was also awarded to two individuals. This award now sits alongside other awards such as Angela Vincent award for science and the Ted Munsat Award that was jointly awarded by the AAN and WFN recognising an individual’s educational contributions to the WFN.

The WCN rotates between four regions of the world, all with different health systems, different backgrounds, different neurological challenges, and different needs. WCNs are a valuable forum for exchange of clinical experience, of personal trajectories, of science and allow a forum for mentoring the next generation of neurologists.

Continuing Medical Education accreditation of the 2021 WCN congress activities were provided by the European Accreditation Council for Continuing Medical Education (EACCME).

Education

The WFN was unfortunately unable to award the Junior Travelling Fellowships (JTF) or Department Visits 2021 programme due to travel restrictions as a consequence of the COVID-19 pandemic. As restrictions lift, the WFN will continue to support short-term training for young neurologists, through the Department Visit programme. The WFN advertises these visits among Member Societies. Several member societies such as those in Turkey, Austria, Germany, Norway, Italy and Canada participate by hosting young Sub-Saharan African neurologists for periods of up to four weeks. WFN plans to increase the number of Member Societies offering this programme.

The WFN and the American Academy of Neurology (AAN) continued the Continuum Programme for neurological education in lower- and lower-middle-income countries. This highly valued programme provides Coordinators with hard and/or digital copies of the Continuum Journal six times a year. Each issue has a different theme and learning objectives. Six new coordinators requested access to Continuum in 2021. The WFN intends to add more new coordinators and participants from low and low-middle income countries going forward.

The WFN supports neurologic training centres in Africa and Mexico City (2018) for both primary and subspecialty neurologic training to enhance regional education and teaching. The goal is to provide high quality neurological training centres to fulfil educational needs in specific regions of the world. In addition to WFN's accreditation of training centres in Rabat (2013) Cairo (2015) and Dakar (2017) the Cape Town Centre was approved to become operational in 2020 with a trainee who started in 2021.The WFN's efforts in Africa are complemented by the accredited training centre in Mexico, serving the Latin American region.

E-learning Days, which are one-day courses in neurology, primarily for healthcare workers in Africa held in English and French commenced in 2020. The first E-learning Day topic was stroke. The second E-learning Day in 2021 was on epilepsy. Approximately 450 healthcare workers took part. The WFN also partnered with the International Headache Society (IHS) and IHS-GPAC on a E-learning programme on Headache. The WFN plans to continue these E-learning days annually and may scale with delivery of E-learning programmes in other regions.

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DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Achievements and performance (continued)

The WFN continues to financially support the European Academy of Neurology in holding Regional Training Courses (RTC) in Sub-Saharan Africa. In 2021 the RTC was done virtually. However, the plan for 2022 is to return to holding these in person. The WFN also supports the AFAN Africa Congress of Neurology with sponsorship and costs for speakers.

The WFN eLearning Hub was initiated in 2021 with the aim of being a premier international hub for accessing high-level educational activities from sources across the world using the internet. The activities include providing links to rounds, teaching seminars, webinars, master classes, conferences, and special lectures hosted by universities and university-affiliated hospitals, speciality societies, and WFN Member Societies. WFN’s own educational materials, such as those that are part of the World Congress of Neurology, are posted directly on the WFN website for access via the eLearning Hub.

World Brain Day

The Public Awareness and Advocacy Committee organised the Eighth World Brain Day (WBD) on July 22, 2021. The theme was "Stop Multiple Sclerosis". The WFN partnered with the MS International Federation.

Media reports and activities in a large number of national societies were conducted. Newspaper items and electronic postings were made through social media. A successful webinar was held and promotional advertising occurred throughout the campaign. There were an estimated 50 million impressions during this 2021 WBD campaign.

It was agreed for WBD 2022 to focus on brain health with the tagline "Brain Health for All" in 2022.

Brain Health Initiative

The Brain Health Initiative was launched in 2021 as a multi-part programme meant to simplify the complex subjects related to neurology in an effort to maintain, improve and promote brain health globally. Each unit of the Brain Health Initiative provides free, comprehensive information on a variety of topics related to brain health, such as why brain health is important and what happens when brains are not healthy. To support each unit, WFN have developed videos, articles and downloadable guides, all of which are available on the WFN website.

Publications

To keep neurologists across the world informed the WFN publishes a bimonthly newsletter, World Neurology. It is posted on the WFN website, and mailed on request to almost 30,000 individual specialists belonging to WFN Member Societies.

The Journal of the Neurological Sciences (JNS) is the official Journal of the World Federation of Neurology. Published by Elsevier, the JNS provides a medium for the prompt publication of peer-reviewed, original articles in neurology and neuroscience from around the world. JNS accepts most types of manuscripts for consideration including original research papers, short communications, reviews, book reviews, letters to the Editor, opinions and editorials. Topics considered are from neurology-related fields that are of interest to practicing physicians around the world.

WFN's open access journal, published by Elsevier, is eNeurologicalSci. It provides a medium for the prompt publication of original articles in neurology and neuroscience from around the world.

Needs Registry

In partnership with its member societies, the World Federation of Neurology compiled an inventory of the most important deficiencies causing inequalities in the prevention and care of neurological disorders globally. The WFN registry of needs provides an essential real-world view that will assist the WFN in identifying disparities in the delivery and quality of neurological care, and inform decisions prioritising and targeting future remedying efforts.

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DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Achievements and performance (continued)

The results from the survey members will be published in 2022.

World Health Organisation (WHO)

The WFN is a non-State actor in official relations at WHO and remains active in this role. On November 12th 2020, the WHO Executive Board accepted the recommendation of the World Health Assembly (WHA) to adopt Resolution WHA73. 0. This resolution called for the development of an Intersectoral Global Action Plan (IGAP) to tackle epilepsy and other neurological disorders through comprehensive actions to detect, prevent, care, treat, and rehabilitate people with epilepsy and other neurological disorders, as well as ensuring their social, economic, educational, and inclusion needs. WFN worked closely with WHO in 2021 developing the draft IGAP for consideration by the Executive Board at its 150th session, together with a report on the progress achieved in implementing this resolution, with the intention of submitting the draft action plan to the Seventy-fifth World Health Assembly in 2022 for endorsement.

During the first wave of the COVID 19 pandemic, the WHO asked the WFN, as the organisation directly representing neurology and neurologists, to be represented on the WHO formed Neurology and COVID-19 Global Forum. The WFN continues to have involvement in this and also on its four working groups:

  1. Follow-up and long-term impact

  2. Essential Services

  3. Acute clinical 4. Surveillance

The WFN President attended the 2021 WHO Executive Board (149th) and World Health Assembly (74th ) virtually.

Council of Delegates CoD

The WFN's Annual General Meeting called the Council of Delegates was held virtually on October 2 2021. It had the highest attendance and percentage of Member Societies Delegates voting of any CoD.

Wolfgang Grisold was elected as President, Guy Rouleau as first vice president and Alla Guekht as Elected Trustee.

Seoul, South Korea was elected by the Delegates to be the host city for the World Congress of Neurology 2025.

The Togolese Society of Neuroscience was welcomed as WFN's 123rd Member Society.

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DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Achievements and performance (continued)

Specialty Groups and WFN Committees

The World Federation of Neurology provides a forum for members of the world’s neurological societies to meet, learn, and work together through its Committees and its sixteen Speciality Groups.

The WFN Committees are important advisory bodies to WFN and carry out some delegated functions on behalf of the Trustees and Secretariat. All Committees are under supervision of the Trustees, except for the nominating committee which is fully independent.

Speciality Groups (SGs) are working groups of the WFN. Each SG has a chair, and consists of at least three members. The individual SGs engage in educational activities and cooperate with educational activities of the WFN such as the structure and content of the biennial World Congress of Neurology (WCN) including WFN teaching courses and the biennial tournament of the mind and occasionally in the World Brain Day. SGs might also be asked to provide advice to the WFN on areas within their field of expertise.

Investment performance

The Federation's funds are treated as two portions with different aims, as detailed under the section below headed "Investment policy and objectives".

The short- to medium-term working capital is retained in bank deposit accounts and fixed-term bonds. Nominal capital values have been maintained and competitive interest added.

Cash has been managed carefully with an eye to liquidity needs, currencies of income and expected expenditure. At the year-end £900,000 of the c. £2.0m cash was held in sterling denominated fixed term deposits attracting competitive interest rates via Transact. To match likely expenditure needs liquid cash was held predominately in Sterling, US Dollars and a Euro account.

Interest on the fixed term deposits (typically 12-18 month terms) averaged just under 1% pa against a backdrop of UK base rate remaining steady at 0.1% throughout 2021 before increasing to 0.25% in December 2021.

The longer-term reserve fund, to which £1.5m had been allocated before 2017 (£1m in 2010 and £500k in 2014) with a further £312,000 added during 2017 and £500,000 in 2018 is invested in a range of funds containing government bonds (gilts), high-quality corporate bonds, other fixed-interest securities and global equities. Whilst access to this fund is vital, and a conservative risk profile is to be maintained, the trustees' objective is to generate higher medium-term returns than those available from cash deposits in the current low interest rate environment.

This fund, which had grown to just under £3.3m at the accounting date, has been invested in line with the agreed conservative asset split of 60% in bonds, fixed-interest securities and gilts, and 40% in global equities. This equated to bond holdings of around £1.93m, which in combination with significant cash deposits, gave the Federation a secure and accessible capital base fulfilling the twin roles of income production to support future projects and maintaining reserves in case of a downturn in congress income in the future.

The £1.35m or so in equity funds provides dividend income but is held predominantly in the hope of inflation beating capital growth to support the Federation's work in the longer term.

2021 was a positive year for equity returns as the markets continued to recover the value lost during the Covid pandemic. UK markets were up around 14% in the year (FTSE 100) and the US up 27% (S&P 500).

In 2021 the UK pound strengthened against the US dollar in the first half of the year, before losing ground and ending up back at the same level by the end of the year.

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DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Achievements and performance (continued)

Bond markets were challenging in 2021, with the total value of the bond funds held by WFN down around 1% including reinvested income. Capital values of the funds, on average, were down around 1.5%, with income of 0.5% reinvested in the portfolio generated.

Looking at the long-term portfolio, as a whole, we have seen total positive returns in the year of 7% taking into account the timing of money in and money out; consisting of reinvested income of approximately 1% and capital growth of 6%.

Pay policy

The WFN Board of Trustees reviews staff pay annually and in 2021 provided a modest pay rise.

FINANCIAL REVIEW

Reserves policy and funding position

The Federation has a source of income from the biennial world congress. The other main sources of income, such as membership dues, royalty income and investment income, are received either monthly or annually.

At December 31, 2021 the Federation's unrestricted funds not invested in tangible fixed assets and excluding designated funds totalled £5,547,652. The Trustees consider it prudent for the Federation to maintain an available reserve of liquid or readily accessible funds in the region of one to two times its normal annual expenditure. This reserve would be used to enable the Federation to plan and execute in good order either a reduction in its activities or an improvement in its income stream.

Investment policy and objectives

Under its Memorandum and Articles of Association, the Federation has the power to make any investment that it sees fit. The Trustees, mindful of their charitable goals, are concerned to ensure they hold in balance the following objectives:

In this respect they look to hold a range of deposits and investments which are well-diversified and suitable. They appreciate the need for advice and, whilst not delegating discretionary investment management to their advisers, Attivo Financial Limited trading as Ashburn Financial Planning Limited, they ensure investments are reviewed regularly. The WFN continued the relationship with Attivo Financial Limited.

The Trustees continue to believe it is appropriate to set aside a significant portion of those Federation assets, which they anticipate will not be required to meet its objects within the next 3 to 4 years, and to hold them as a long-term reserve fund. Although invested for the longer term, this fund is not restricted in its use, and should remain accessible. This longer-term portfolio is invested in a range of widely-diversified passive funds with the aim of achieving a long-term return in excess of inflation. Broadly, 60% is held in low-risk gilt and bond funds, with the remaining 40% in equity funds. It is understood this may result in volatility in the short term, but gives better prospects of long-term growth.

The remainder of the Federation's capital is to be held predominately in liquid bank deposits, fixed-term deposits, or other fixed-interest securities. Capital protection, allied with reliable and competitive interest, is the primary investment objective of this element.

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DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Financial activities and affairs

For 2021 the Grants Committee continued its work and three grants totalling a value of £ 55,658 were approved.

Junior Travelling Fellowships to enable young neurologists to attend international conferences were not awarded in 2021 due to travel restrictions and the absence of in-person meetings as a result of the COVID-19 pandemic.

Training positions designed to improve the quality of neurological practice in areas with limited resources have been established in Rabat, Cairo, Dakar and most recently Cape Town to allow the training of neurologists from other parts of Africa and in Mexico to allow the training of neurologists from other parts of Latin America. In 2021, mobility restraints due to the pandemic limited training to 2 trainees. The Federation invested £17,674 in these projects in 2021.

The statement of financial activities on page 17 shows total incoming resources of £1,525,431 and net resources expended of £666,872 in the year under review.

In the opinion of the trustees the overall financial state of affairs of the Federation is satisfactory and adequate to fulfil its obligations.

The finances of the WFN remain healthy with net assets of just over £5.8m at the end of 2021. The 2021 World Congress in Virtual Rome realised a surplus of £927,544, but the biennial cycle of conferences means that there will be no World Congress in 2022. The potential impact of the Covid-19 pandemic on the finances of the Federation was of concern to the Trustees and contingency plans were put in place. In fact, despite an initial fall in the value of the Federation's reserves during the first part of 2020, a recovery in the second half of the year resulted in a small gain in value overall in 2020 and a further and more substantial gain in value occurred in 2021. The Federation was able to maintain many components of its programme of grants and other educational activities, although activities reliant on travel (such as the travelling fellowship program) were necessarily curtailed. Replacement of some face-to-face committee meetings by virtual meetings resulted in savings on travel expenses.

PLANS FOR FUTURE PERIODS

The major plan for education and training is to consolidate and expand the training centres beyond Africa. The centre for Latin America is in Mexico City in addition to four centres in Africa; Rabat and Dakar (francophone) and Cairo and Cape Town (anglophone). Plans are underway for a WFN-accredited training centre in Asia; the country and site are still to be determined. Other enhancements to education include additional eLearning webinars, particularly aimed for learners in sub-Saharan Africa but accessible throughout the world, in addition to the recent eLearning courses on Headache and Movement Disorders. Another recent educational project has been the development of an eLearning Hub, showcasing and providing links to (mostly free) online video-based neurological educational programmes throughout the world; this resource continues to expand with increasing contributions of online educational programmes from the WFN regions. The Continuum programme also continues to be honed and expanded, with ongoing collaboration with the AAN, to enhance the distribution and use of this important educational resource to neurologists in low- and lower-middle income countries in all regions. Another major WFN initiative planned is the development of a practical and useful Global Neurology Core Curriculum for neurologic training, addressing the required knowledge, skills, and overall competencies required for neurologists and neurologic training worldwide, while recognising regional variations in resources, funding and other infrastructure, and spectrum of diseases.

MEMBERS' LIABILITY

The member societies of the Federation guarantee to contribute an amount not exceeding £1 per member society to the assets of the charity in the event of winding up.

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DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Federation for the purposes of company law) 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).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Federation and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Federation's transactions and disclose with reasonable accuracy at any time the financial position of the Federation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Federation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PROVISION OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

A resolution to re-appoint Griffin Stone Moscrop & Co, Chartered Accountants and Statutory Auditors, as auditors of the company will be proposed at the annual general meeting.

Approved by order of the members of the board of Trustees on 26 September 2022 and signed on their behalf by:

................................................

Prof. Wolfgang Grisold President

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DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WORLD FEDERATION OF NEUROLOGY

Opinion

We have audited the financial statements of World Federation of Neurology (the 'federation') for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 12

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WORLD FEDERATION OF NEUROLOGY (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 13

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WORLD FEDERATION OF NEUROLOGY (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 14

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WORLD FEDERATION OF NEUROLOGY (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Page 15

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WORLD FEDERATION OF NEUROLOGY (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Reema Mistry ACA (Senior Statutory Auditor)

for and on behalf of

Griffin Stone Moscrop & Co Chartered Accountants Statutory Auditors 21-27 Lamb's Conduit Street London, WC1N 3GS

26 September 2022

Page 16

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
Total expenditure
Net income/(expenditure) before net
gains on investments
Net gains on investments
Net income/(expenditure)
Transfers between funds
18
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
(5,897)
1,319,653
156,672
51,979
1,522,407
12,258
645,608
657,866
864,541
183,762
1,048,303
(7,626)
1,040,677
4,544,792
1,040,677
5,585,469		 Restricted
funds
2021
£
-
-
-
3,024
3,024
-
8,743
8,743
(5,719)
-
(5,719)
7,626
1,907
257,148
1,907
259,055		 Total
funds
2021
£
(5,897)
1,319,653
156,672
55,003
1,525,431
12,258
654,351
666,609
858,822
183,762
1,042,584
-
1,042,584
4,801,940
1,042,584
5,844,524		 Total
funds
2020
£
56,700
391,392
173,404
45,226
666,722
12,131
613,578
625,709
41,013
12,471
53,484
-
53,484
4,748,456
53,484
4,801,940

The notes on pages 20 to 41 form part of these financial statements.

Page 17

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY (A company limited by guarantee and not having a share capital) REGISTERED NUMBER: 03502244

BALANCE SHEET AS AT 31 DECEMBER 2021

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 1,031
1,663,949
1,024,917
2,689,897
(106,673)		 2021
£
2,025
3,259,275
3,261,300
2,583,224
5,844,524
259,055
5,585,469
5,844,524		 1,031
1,220,471
576,597
1,798,099
(36,393)		 2020
£
1,538
3,038,696
3,040,234
1,761,706
4,801,940
257,148
4,544,792
4,801,940

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

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

The financial statements were approved and authorised for issue by the Trustees on 26 September 2022 and signed on their behalf by:

................................................

Prof. Wolfgang Grisold President

The notes on pages 20 to 41 form part of these financial statements.

Page 18

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 20 to 41 form part of these financial statements		 2021
£
431,320
55,003
(1,186)
429,950
(466,767)
17,000
-
448,320
576,597
1,024,917		 2020
£
39,181
45,226
(1,099)
121,000
(157,922)
7,205
-
46,386
530,211
576,597

Page 19

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY (A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. General information

The Federation is a company limited by guarantee, which was incorporated in England, and is registered as a charity with the Charity Commission of England and Wales. The members of the company are the member societies. In the event of the Federation being wound up, the liability in respect of the guarantee is limited to £1 per member society. The registered office is displayed on the company information page.

The financial statements are prepared in sterling and are rounded to the nearest £1.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

World Federation of Neurology meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Federation has adequate resources to continue in operational existence for the next twelve months. For this reason they continue to adopt the going concern basis in preparing the financial statements.

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Federation and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Federation for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 20

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.4 Income

All income is recognised once the Federation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Investment income is accounted for as received. The Federation’s share of any surplus arising from a world congress is estimated until final accounts of that congress become available, at which time an adjustment is made for the difference between the Federation’s estimated and actual share of the surplus. All other income including membership dues, royalty income, grant and donations are recognised once the Federation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the Federation is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Federation has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Federation, or the Federation is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Where a donor specifies that a donation or grant given to the Federation is for a particular restricted purpose, or where funds have been raised for a particular restricted purpose, this income is included in the incoming resources of the appropriate restricted fund.

2.5 Expenditure

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.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Expenditure on raising funds includes all expenditure incurred by the Federation to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Federation's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Federation; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 21

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.7 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of financial activities incorporating income and expenditure account.

2.8 Taxation

The Federation is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Federation is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.9 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

2.10 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities incorporating income and expenditure account.

All gains or losses on fixed asset investments are accounted for when identified.

2.11 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 22

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.13 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.14 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Federation anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.15 Financial instruments

The Federation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.16 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

2.17 Pensions

The Federation contributes to personal pension plans for each of its employees. The pension cost to the Federation is charged to the statement of financial activities on the basis of a constant percentage of the employee earnings.

Page 23

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

3. Income from donations and legacies

Unrestricted
funds
2021
£
Grants
(5,897)
Total 2020
56,700		 Total
funds
2021
£
(5,897)
56,700		 Total
funds
2020
£
56,700

The debit balance for grant income for the year ended 31 December 2021 arises from the write back of two grants, with combined value of £17,972 which were reflected as debtors as at 31 December 2020 and were expected to be received during the year ended 31 December 2021.

4. Income from charitable activities

Unrestricted
funds
2021
£
Share of surplus from the XXV World Congress of Neurology
927,544
Share of surplus from the XVI International Congress on
Neuromuscular Diseases
35,295
Royalties receivable
356,814
Total 2021
1,319,653
Total 2020
391,392		 Total
funds
2021
£
927,544
35,295
356,814
1,319,653
391,392		 Total
funds
2020
£
-
-
391,392
391,392

Page 24

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

5. Income from other trading activities

Income from fundraising events

Unrestricted
funds
2021
£
National membership dues
156,672
Total 2020
173,404		 Total
funds
2021
£
156,672
173,404		 Total
funds
2020
£
173,404

6. Investment income

Unrestricted
funds
2021
£
Income from listed investments
32,408
Bank and other interest
19,571
Total 2021
51,979
Total 2020
42,735		 Restricted
funds
2021
£
3,024
-
3,024
2,491		 Total
funds
2021
£
35,432
19,571
55,003
45,226		 Total
funds
2020
£
31,489
13,737
45,226

7. Investment management costs

Unrestricted
funds
2021
£
Commission and independent financial adviser's fees and
expenses
12,258
Total 2020
12,131		 Total
funds
2021
£
12,258
12,131		 Total
funds
2020
£
12,131

Page 25

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. Analysis of expenditure by activities

Charitable activities
Total 2020		 Activities
undertaken
directly
2021
£
121,967
128,682		 Grant
funding of
activities
(Note 9)
2021
£
92,451
82,522		 Support
costs
2021
£
439,933
402,374		 Total
funds
2021
£
654,351
613,578		 Total
funds
2020
£
613,578

Analysis of direct costs

Africa Project costs
Publishing costs
Website and computer costs
COD and standing committees (including meetings, travel and CME costs)
Regional initiatives
Total 2021		 Total
funds
2021
£
-
53,513
38,225
30,229
-
121,967		 Total
funds
2020
£
8,610
58,222
22,796
33,281
5,773
128,682

Page 26

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Website and computer costs
Secretarial and office expenses
Plaques and medals
Insurance
Bank charges
Loss on exchange
Office rent and services
Accountancy charges
PR and advertising
Recruitment expenses
Staff costs
Depreciation
Repairs
Governance costs
Total 2021
Governance costs included above consist of:		 Total
funds
2021
£
3,197
22,049
4,632
1,386
2,414
13,993
60,618
5,549
71,368
-
240,513
698
83
13,433
439,933		 Total
funds
2020
£
18,750
13,374
-
1,366
2,392
3,235
61,146
6,021
31,133
600
211,976
750
40
51,591
402,374

9. Analysis of grants

Grants expenditure
Total 2020		 Grants to
institutions
2021
£
73,332
86,588		 Grants to
individuals
2021
£
19,119
(4,066)		 Total
funds
2021
£
92,451
82,522		 Total
funds
2020
£
82,522

Page 27

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Grants to institutions
2021 2020
Name of institution Grant description £ £
Digital technologies to support cognitive
Havana School of Medicine assessment & early dementia diagnosis - 9,366
Determining the etiology & antimicrobial
resistance patterns of bacterial meningitis
Columbia University among children in Uganda - 23,447
Study the impact of community intervention
Apollo Speciality Hospitals, to reduce the risk of stroke in rural
India communities. - 10,591
Dr England Unpaid Grant - (2,673)
Mohamed-V University,
Rabat, Morocco Grant for Teaching centre - 22,314
Universitie Cheikh Anta Diop
de Dakar Grant for Teaching centre 4,134 11,950
Cairo University, Egypt Grant for Teaching centre - 11,593
University of Stellenbosch,
Cape Town Grant for Teaching centre 13,541 -
The Role Of Educational Intervention At
Primary Health Centre Level On Improving
All India Institute of Medical Diagnosis And Treatment Of Nervous
Sciences, New Delhi System Tuberculosis 18,576 -
University Teaching Hospital Development of a paediatric Non-
(UTH), Zambia convulsive Status epilepticus clinical scale 18,576 -
Clinical Profile of Patients with X-linked
Dystonia Parkinsonism in South-central
Dr A Closas Mindanao, Philippines 18,505 -
73,332 86,588

. Grants to individuals

Name of grant 2021 2021 2020 2020
Number £ Number £
Soriano Lecture award 1 4,236 - -
Victor and Clara award 1 3,755 - -
WCN medals and awards 6 10,377 - (4,066)
Angela Vicent prize 1 751 - -
9 19,119 - (4,066)

Page 28

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Junior Travelling Fellowships comprise travel grants to enable attendance at international conferences. Due to COVID-19 restrictions the Junior Travelling Fellowship grants were suspended for the years ending 31 December 2020 and 31 December 2021.

10. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £4,537 (2020 - £4,382).

11. Staff costs and other information

Wages and salaries
Social security costs
Pension costs		 2021
£
202,286
19,042
19,185
240,513		 2020
£
178,271
16,993
16,713
211,977

The average number of persons employed by the Federation during the year was as follows:

2021 2020
No. No.
Administrative staff (full-time) 4 4

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2021 2020
No. No.
In the band £60,001 - £70,000 - 1
In the band £70,001 - £80,000 2 -

During the year, contributions made by the Federation to the personal pension plans of higher paid employees totalled £13,321 (2020 - £6,576).

The key management personnel of the Federation comprise the Management Director and Strategy & Programme Director. (2020 - same).

The total employee benefits of these 2 (2020 - same) key management personnel were £170,560 (2020 - £140,333), including employer national insurance and pension contribution costs.

Page 29

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).

During the year ended 31 December 2021, expenses totalling £8,896 were reimbursed or paid directly to 4 Trustees (2020 - £47,209 to 9 Trustees). Trustees and persons co-opted to the board are reimbursed necessarily-incurred expenses, either by reimbursement or by direct payment to a third party. These are included in the appropriate category of resources expended or prepayments. Such reimbursements, relating to travel, accommodation, subsistence and office expenses.

Page 30

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

13. Tangible fixed assets

Cost
At 1 January 2021
Additions
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Fixtures,
fittings and
equipment
£
13,232
1,186
14,418
11,694
698
12,392
2,026
1,538

The Federation's fixtures, fittings and equipment are used for management and administration purposes.

Page 31

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

14.
Fixed asset investments
Cost or valuation
At 1 January 2021
Additions
Disposals
Revaluations
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020
Historical cost		 Listed
investments
£
3,038,696
466,767
(391,173)
144,985
3,259,275
3,259,275
3,038,696
2,800,013

Page 32

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

14. Fixed asset investments (continued)

Investments at market value comprise:

Listed investments All the fixed asset investments are held in the UK.

2021 2020 £ £ 3,259,275 3,038,696

Material investments

Dimensional Funds ICVC
- Emerging Markets Core Equity Fund Income Shares
Dimensional Funds ICVC
- Global Short Bond Fund Income Shares
Dimensional Funds ICVC
- UK Smaller Companies Fund Income Shares
Dimensional Funds ICVC - UK Value Fund Income Shares
Legal & General UK Index Trust - 'I' Income Units
Dimensional Funds Plc
- Global Short Term Investment Grade Fixed GBP Income Shares
Dimensional Funds Plc
- Global Sustainable Core Equity GBP Income Shares
Dimensional Funds Plc
- Global Targeted Value Income Shares
iShares UK Equity Index D		 2021
£
187,279
964,599
174,915
174,242
-
964,764
438,032
87,076
268,368
3,259,275		 2020
£
201,532
850,123
184,616
173,494
211,245
861,072
451,917
68,988
35,709
3,038,696

Page 33

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

15. Debtors

Due within one year
Other debtors
Prepayments and accrued income		 2021
£
985,846
678,103
1,663,949		 2020
£
1,002,495
217,976
1,220,471

As at 31 December 2021, £985,846 (2020 - £972,446) of other debtors is represented by uninvested cash or cash held in short term fixed interest deposits held by the charity's investment managers.

16. Creditors: Amounts falling due within one year

Other taxation and social security
Other creditors
Accruals and deferred income		 2021
£
8,106
76,504
22,063
106,673		 2020
£
8,321
16,535
11,537
36,393

17. Financial instruments

2021 2020
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 1,024,917 576,597

Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.

Page 34

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

18. Statement of funds

Statement of funds - current year

Designated
funds
Africa Initiative
fund
Prof. Theodore
Munsat fund
General funds
General Funds
Total
Unrestricted
funds
Restricted
funds
Research
Comittee fund
Soriano
Lectureship fund
Victor and Clara
Soriano fund
Continuing
Medical
Education
(CME) fund
Latin America
Initiative fund
Angela Vincent
fund		 Balance at 1
January
2021
£
33,676
2,835
36,511
4,508,281
4,544,792
36,324
(3,428)
196,446
3,487
20,409
3,910
257,148		 Income
£
-
32
32
1,522,374
1,522,406
416
39
2,250
40
234
45
3,024		 Expenditure
£
-
(751)
(751)
(657,114)
(657,865)
-
(4,237)
(3,755)
-
-
(751)
(8,743)		 Transfers
in/out
£
-
-
-
(7,626)
(7,626)
-
7,626
-
-
-
-
7,626		 Gains/
(Losses)
£
-
-
-
183,762
183,762
-
-
-
-
-
-
-		 Balance at
31
December
2021
£
33,676
2,116
35,792
5,549,677
5,585,469
36,740
-
194,941
3,527
20,643
3,204
259,055

Page 35

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

18. Statement of funds (continued)

Total of funds 4,801,940 1,525,430 (666,608) - 183,762 5,844,524

During the year ended 31 December 2021 a transfer of £7,626 was made from unrestricted funds to the restricted Soriano Lectureship fund in order to fund the additional expenditure incurred in relation to the Soriano Lecture.

Page 36

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

18. Statement of funds (continued)

Statement of funds - prior year

Designated funds
Africa Initiative fund
Prof. Theodore Munsat fund
General funds
General Funds
Total Unrestricted funds
Restricted funds
Research Comittee fund
Soriano Lectureship fund
Victor and Clara Soriano fund
Continuing Medical Education
(CME) fund
Latin America Initiative fund
Angela Vincent fund
Total of funds		 Balance at
1 January
2020
£
33,676
2,808
36,484
4,457,315
4,493,799
35,981
(3,459)
194,592
3,454
20,216
3,873
254,657
4,748,456		 Income
£
-
27
27
664,203
664,230
343
32
1,853
33
193
37
2,491
666,721		 Expenditure
£
-
-
-
(625,708)
(625,708)
-
-
-
-
-
-
-
(625,708)		 Gains/
(Losses)
£
-
-
-
12,471
12,471
-
-
-
-
-
-
-
12,471		 Balance at
31
December
2020
£
33,676
2,835
36,511
4,508,281
4,544,792
36,324
(3,427)
196,445
3,487
20,409
3,910
257,148
4,801,940

Page 37

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

18. Statement of funds (continued)

Research Committee fund

This is available to support the activities of the Research Committee and its constituent research groups.

Soriano Lectureship fund

This represents gifts received from Victor and Clara Soriano in support of the Soriano Lecture, which takes place at the Fulton Symposium during each world congress, held every two years, plus interest thereon and net of appropriate expenditure. The lecturer receives a bronze plaque and an honorarium of US$5,000 plus business class airfare.

Victor and Clara Soriano fund

This represents gifts received from Victor and Clara Soriano in support of the Victor and Clara Soriano Lecture, which also takes place during each world congress, plus interest thereon and net of appropriate expenditure. The lecturer receives a bronze plaque and an honorarium of US$5,000 plus business class airfare.

Continuing Medical Education (CME) fund

This comprises a number of separate funds each set up to receive income for, and to meet expenditure in respect of, continuing education in neurology in a particular part of the world.

Latin American Initiative fund

Represents seed money held for the Pan-American Federation until they establish its legal status. The transfer in of £12,160 from unrestricted funds was approved by the trustees during the year ended 31 December 2016.

Angela Vincent fund

To support the training and education of young neurologists especially in low and low-middle income countries.

Page 38

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

19. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Restricted funds		 Balance at 1
January
2021
£
36,511
4,508,281
257,148
4,801,940		 Income
£
32
1,522,374
3,024
1,525,430
Balance at
1 January
2020
£
36,484
4,457,315
254,657
4,748,456		 Expenditure
£
(751)
(657,114)
(8,743)
(666,608)
Income
£
27
664,203
2,491
666,721		 Transfers
in/out
£
-
(7,626)
7,626
-
Expenditure
£
-
(625,708)
-
(625,708)		 Gains/
(Losses)
£
-
183,762
-
183,762
Gains/
(Losses)
£
-
12,471
-
12,471		 Balance at
31
December
2021
£
35,792
5,549,677
259,055
5,844,524
Balance at
31
December
2020
£
36,511
4,508,281
257,148
Summary of funds - prior year
Designated funds
General funds
Restricted funds
4,801,940

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2021
£
Tangible fixed assets
2,025
Fixed asset investments
3,259,275
Current assets
2,430,842
Creditors due within one year
(106,673)
Total
5,585,469		 Restricted
funds
2021
£
-
-
259,055
-
259,055		 Total
funds
2021
£
2,025
3,259,275
2,689,897
(106,673)
5,844,524

Page 39

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

20. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2020
£
1,538
3,038,696
1,540,951
(36,393)
4,544,792		 Restricted
funds
2020
£
-
-
257,148
-
257,148		 Restricted
funds - class
ii
2020
£
-
-
-
-
-		 Endowment
funds
2020
£
-
-
-
-
-		 Total
funds
2020
£
1,538
3,038,696
1,798,099
(36,393)
4,801,940

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gains on investments
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
22.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2021
£
1,042,584
698
(183,762)
(55,003)
(443,477)
70,280
431,320
2021
£
1,024,917
1,024,917		 2020
£
53,484
750
(12,471)
(45,226)
83,538
(40,894)
39,181
2020
£
576,597
576,597

Page 40

DocuSign Envelope ID: 27844ED2-197E-46AD-8A42-D6566AF723C4

WORLD FEDERATION OF NEUROLOGY

(A company limited by guarantee and not having a share capital)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

23. Analysis of changes in net debt

Cash at bank and in hand At 1
January
2021
£
576,597
576,597		 Cash flows
£
448,320
448,320		 At 31
December
2021
£
1,024,917
1,024,917

24. Pension commitments

Included within Accruals and deferred income (please see Note 16 Creditors: Amounts falling due within one year) is £Nil (2020 - £Nil) relating to pension contributions payable into defined contribution schemes as at 31 December 2021.

25. Operating lease commitments

At 31 December 2021 the Federation had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

2021 2020
£ £
Amounts payable:
Not later than 1 year 28,764 28,764

The following lease payments have been recognised as an expense in the Statement of Financial Activities:

2021 2020
£ £
Operating lease rentals 57,528 57,528
Changes in lease payments arising from COVID-19 related rent
concessions - -

26. Material incoming resources

The major sources of material incoming resources are corporations, organisations and individuals involved in, or with an active interest in, the medical profession.

Page 41