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2022-12-31-accounts

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

Registered number: 03816842 Charity number: 1077893

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Association, its Trustees and advisers 1 - 2
Trustees' report 3 - 12
Independent auditors' report on the financial statements 13 - 16
Statement of financial activities 17
Balance sheet 18 - 19
Statement of cash flows 20
Notes to the financial statements 21 - 42

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE ASSOCIATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022

Trustees

Professor T. T. Warner, President Professor D. J. Burn, Past President (until 18 May 2022) Dr. R. J. Davenport, President Elect Dr. J. Sussman, Honorary Secretary (until 18 May 2022) Dr. L. Kinton, Honorary Secretary (from 19 May 2022) Professor N. P. Robertson, Honorary Treasurer Dr. C. M. Gabriel, Meetings Secretary (from 19 May 2022) Dr. C. Mummery, Chair of the Services Committee2 Professor M. Turner, Chair of the Research Committee (until 30 September 2022)2 Dr. C. Kipps, Chair of the Quality Committee2 Dr. M. S. Jones, Chair of the Education Committee2 Dr. A. Nitkunan (until 19 May 2022) Dr. S. H. Eriksson Dr. B. R. Stanton Dr. D. Nicholl Dr. P. N. Cooper Professor Saiju Jacob Ms. E. I. Baltay1 Lord S. Fink1 Dr J. H. Rees, Honorary Treasurer Elect (from 18 May 2022) Dr N. J. Griffin, Meetings Secretary Elect (from 18 May 2022) Dr A. T. Misbahuddin (from 18 May 2022) Dr T. D. Griffiths, Chair of Research Committee (from 1 October 2022)2

All trustees listed above served as council members with the exception of lay trustees, Ms. E. I. Baltay and Lord S. Fink.2 Dr. A. Pereira, Neurology SAC Chair Dr. L. Midgley, ABNT Chair

Page 1

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

Company registered number

03816842

Charity registered number

1077893

Registered office and principal operating office

Ormond House, 4th Floor 27 Boswell Street London, WC1N 3JZ

Company secretary

Miss F. Patel

Executive Director

A Wright-Parkes

Independent auditors

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

Page 2

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of the Association for the 1 January 2022 to 31 December 2022. 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 charitable company 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 (FRS102) (effective 1 January 2019).

Since the Association qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Constitution

The Association was incorporated as a charitable company limited by guarantee and not having a share capital on 30 July 1999 and is a registered charity.

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

The principal objects of the Association are to promote education in, and the advancement of, the neurological sciences, including (without limitation) the practice of neurology in the United Kingdom and Ireland.

There have been no changes in the objectives since the last annual report.

b. Recruitment and appointment of Council Members

The management of the Association is ultimately the responsibility of the trustees who are appointed under the terms of the Articles of Association and the Rules.

c. Organisational structure and decision-making policies

The officers, being the President, the President Elect, the Honorary Secretary, the Honorary Secretary Elect, the Honorary Treasurer, Honorary Treasurer Elect, the Meeting Secretary, Meeting Secretary Elect, together with the elected councillors, are ex officio members of the trustee board of the Association. In addition to the ex officio members, the trustee board includes up to 3 lay members appointed by the board. The chairs of the Services Committee, the Education Committee, the Research Committee, the Quality Committee and the ABNT are nonvoting members of the trustee board entitled to receive notice of all trustee meetings.

The trustee board and Council meet three times a year (January, April and September) when strategic decisions and business matters are discussed. Decisions are generally tabled for discussion at these meetings and then, if need be, taken to the annual general meeting. Any urgent decisions are made by way of video conference call in which the officers of the Association participate weekly and council members monthly. Information is then disseminated to the trustees electronically to ensure a democratic approach is met.

The day-to-day management of the Association is delegated to Abby Wright-Parkes, the ABN's Executive Director.

Page 3

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

d. Induction and training of Trustees

All trustees undergo an induction programme which is provided by the Executive Director. This details all the roles and responsibilities of the trustees of the Association.

e. Pay policy for key management personnel

Staff salaries are reviewed annually by the board of trustees and agreed.

f. Risk management

The trustees have assessed the major strategic, business and operational risks to which the Association is exposed, in particular those related to the operations and finances of the Association and are satisfied that systems and procedures are in place to monitor and control those risks in order to mitigate any impact they may have on the Association. The risk register, which is maintained and updated for review each council meeting, was amended during 2022 to reflect the ongoing risks relating to the global pandemic.

OBJECTIVES AND ACTIVITIES

a. Objectives

The principal aims and objectives of the Association are to:

Page 4

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

OBJECTIVES AND ACTIVITIES (continued)

b. Public benefit

In preparing this report, the trustees have considered the Charity Commission’s general guidance on public benefit.

By seeking to improve the health and well-being of people with neurological disorders and by advancing the knowledge and practice of neurology within the United Kingdom and Ireland, the Association’s aims ensure that it meets the Charity Commission’s public benefit criteria.

The Association works closely with patient groups and organisations in order to provide a united approach to the field of neurosciences and, in turn, an excellent multi-centred service for patients throughout the United Kingdom. The Association has representation from around the UK and, in particular, via the Services Committee, whose regional representatives detect and report on any problem within the trusts. The Association is therefore aware of any issues within a trust which patients may be facing. These representatives also act as Royal College of Physicians representatives, ensuring that any neurology-related job advertisements are fair and appropriate. The Quality Committee is concerned with all matters related to quality, quality improvement, innovation, audit and revalidation, supporting other ABN committees in their role.

The ABN Research Committee works to ensure that there is provision and support for those wishing to undertake neurological research. Academic posts have been at some risk in the past, and the Association continues to support these posts. The Education Committee is very much involved in attracting trainees into the field of neurology, and also offers an undergraduate prize which is well received by medical students across the UK. The ABN monitors the number of consultant neurologists throughout the United Kingdom and will continue to push for an increased number of consultant and training posts where needed. The Association continues its commitment to the provision of training for junior doctors through its meetings programme.

ACHIEVEMENTS AND PERFORMANCE

a. Review of activities

Highlights from ABN’s committees:

ABNT

• Ran the Acute Neurology Boot Camp ran for its 4th year in June 2022. In 2022 we developed a “survival guide” to use alongside the programme. We had over 174 delegates from 12 countries.

• Developed and ran a trainee day immediately prior to the main ABN conference which ran with 121 delegates in 2022. We planned sessions for IMT doctors and registrars with sessions focussed on neuro-infection, metabolic disorders, frailty and neuro-oncology.

• ABNT representatives sit on the Neurology Specialty Advisory Committee. In 2022 they were involved in supporting the transition of new registrars to the new neurology curriculum as well as continuing to raise trainee concerns at a national level.

• ABNT run a successful twitter account (@ABNTrainees), highlighting opportunities within Neurology, including job opportunities, research and education. We currently have 6689 followers.

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DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Consultation/Advisory Groups

Education Committee

• Ran the third virtual ABN undergraduate teaching day in November 2022 with 160 student registrations, and awarded prizes for the annual student case report and audit competition.

Equality, Diversity and Inclusivity (ED&I) Committee

• Developed and published the ABN Code of Conduct, which will be used by all members when joining, renewing and registering for ABN events.

Finance, Audit and Risk (FAR) Committee

• Created annual budget process, allowing real time estimation of financial performance according to established targets rather than a single end of year review.

Meetings Committee

Planned and delivered our first face-to-face annual meeting since 2019 in Harrogate in May 2022. With:

• 800 delegates

It was our largest conference to date, financially profitable for the ABN, enabling us to invest in other activities and hugely enjoyed by all.

Page 6

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

• Planned and delivered our Autumn meeting 2022.

• With 238 delegates, in person and virtually.

• 98% of delegates were very satisfied/satisfied overall with the meeting.

Started to organise the Belfast meeting in the spring with the IICN in Ireland.

• 322 abstracts submitted

• 13 annual sponsors secured

Quality Committee

• Developed safety audit tool and refined following feedback received at Annual meeting and presented at ABN Autumn meeting.

• Undertook qualitative analysis of ABN work practice surveys (2019-2021) - analysis of changes in practice and wellbeing during and following pandemic.

• Worked on and endorsed the ABN Clinical Practice Guide: Nitrous Oxide-Induced Subacute Combined Degeneration of the Cord.

Research Committee

• 4 ABN Fellows were appointed to PhD projects selected from 23 applications.

• Enhanced fellowship process:

Increased diversity of interview panel

Adopted a new scoring matrix based on the MRC process

• Planned the development of collection and publication of annual data on the numbers of ACFs, ACLs and PhDs in progress to assess the impact of workforce changes on academics in training.

• Continued to manage the ABN Rare Diseases Ascertainment and Recruitment (RaDAR) online platform, to help identify cases through the pandemic including patients with neurological complications of COVID infection and vaccination.

Services Committee

• Convened a meeting of all relevant parties to take forwards the priorities in resolving the workforce crisis involving stakeholders across neurology, stroke, neurophysiology, NHSE, HEE and RCP, and have committed to working across specialties to produce a common message.

• Developed surveys for physician associates and advanced nurse practitioners to understand their roles in neurology, to develop a support network and career programme to help with workforce modelling.

• Worked with NHSE to produce guidance on new ways of working, including advice and guidance, remote working, outpatient transformation and patient initiated follow up.

• Set up an acute neurology working group across ABN, NHSE, stroke and other stakeholders to share best practice and enable acute neurology development.

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DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

• Worked with external bodies including the RCP to continue work on invited service reviews and have liaised with NI neurology to ensure they are supported and involved in any process; the neurological alliance to engage with new bodies such as the ICS networks to ensure neurology is on the agenda.

b. Membership

Subscription rates were retained at the same level as in 2019: £250 for ordinary members, £100 for associate and affiliate members, £45 for overseas and junior members, £12 subscription rate for medical students remained the same. A separate Allied Health Professional category gave more extensive membership rights, comparable to those of a Junior member, to UK and Ireland based Allied Health Professional with an annual subscription of £45. A voluntary donation of £25 for Ordinary members and £5 for Associate and Affiliate members was collected with the annual subscription and supported by over 80% of consultant members and trainee members.

An annual report (2021) was prepared for the website and disseminated to members prior to the annual general meeting in May 2022.

.

Affinity Events Ltd continues to assist the Association with the organisation of scientific meetings. The Association continues to raise annual sponsorship from pharmaceutical and medical companies.

The Association, in conjunction with BMJ Publishing, co-publishes and distributes copies of Practical Neurology to its ordinary, associate and affiliate members free of charge. The online version of Practical Neurology may also be accessed via the members’ section of the ABN website.

The ABN has additional office space which has been a useful facility for members and officers requiring small meeting room facilities in central London. The Association makes its boardroom available to the Joint Neurosciences Council and the British Association of Stroke Physicians, as well as to other professional and charitable bodies. The ABN sublets part of its office space to the Guarantors of Brain for use by the Brain Editorial team.

At 31 December 2022 there were 801 ordinary members of the Association, 279 senior members, 15 honorary members, 38 honorary overseas members, 63 overseas members, 337 associate members, 75 Affiliate members, 131 Junior and 22 student members. Only the ordinary members have a right to vote at the Association’s general meetings though all members are encouraged to attend.

c. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the Association 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: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW

a. Review of the year

In 2022, the ABN’s incoming resources were £1,292,698 (£994,055 unrestricted income, £298,643 to the restricted ABN Clinical Research Training Fellowship fund). Total resources expended were £1,371,034 (£924,977 unrestricted, £446,057 from the ABN CTRF fund) giving a net deficit before revaluation of investment assets of £78,336.

Following a review by the new Executive Director, a restructure and expansion of office capacity was agreed by the trustees in 2022. Plans for the new structure were subsequently supported by council and exec and have since been progressed and now offer a number of benefits to the Association including:

• Addressing under resourcing within the ABN office and providing adequate staffing levels and structure to deliver the required work of the ABN.

• Establishing a small management team in order to help to reduce the risk of reliance on individual managers and in particular the Executive Director.

• The ability to invest in recognised skill gaps in communications, finance and fundraising.

• The ability to support development and modernisation of existing processes in the ABN office including finance.

This process will take permanent staff numbers from 3.7FTE to 5.9FTE with additional temporary resources also identified in 2022/2023 for freelance finance and fundraising consultants, whilst an assessment of permanent future requirements are undertaken in these areas.

It was also agreed that the planned uplift in staff budget will need to be balanced by a range of existing and new income generation activities including virtual events and fundraising, with the aim of covering the uplift in staff costs by the end of 2025.

Return to the more traditional construct of the 2022 Annual Meeting was successful and represents our first inperson annual meeting since the Covid-19 pandemic.

Investments contributed to the overall deficit generating losses from investments of £20,898 in December 2022 reducing ABN’s total funds to £1,593,301.

In 2021 the ABN moved £300,000 into the M&G Charity Multi Asset Fund, to help maximise the potential growth of reserves and provide some limited income generation. Investments performed well in 2021 compared to 2020 following economic recovery from the pandemic, and contributed an increase of the ABN’s total funds from £1,423,153 in 2020 to £1,692,535 by the end of December 2021.

The ABN Clinical Research Training Fellowship fund received £298,643 in 2022.

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DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

b. Reserves policy

In line with financial and legal advice, the ABN’s objective is to maintain a reserve of around 1-2 times its normal annual expenditure. This is considered a safe margin which would allow for what had previously been considered remote contingencies, such as the financial failure of an annual meeting. The impact of the pandemic on events as well as other related factors in the risk register, will continue to be monitored closely during 2023.

At 31 December 2022 the Association's unrestricted funds not invested in intangible or tangible fixed assets totalled £1,412,884. As noted above, the trustees consider it prudent for the Association to maintain an available reserve in the region of 1-2 times its normal annual expenditure. The rationale has always been that, should the Association's income fall unexpectedly, this reserve would be used to enable the Association to plan and execute in good order either a reduction in its activities or an improvement in its income stream. The Association will continue to review its financial commitments in the light of the new COVID-19 related uncertainties.

c. Grant making policy

Clinical Research Training Fellowship

Applications open in the summer each year and are promoted via the ABN website and newsletter. Typically, at least 3 reviewers, selected on basis of their academic standing and familiarity with the sub-specialty, are used for each application. ABN Research Committee determines a shortlist of candidates for interview based on both qualitative and quantitative feedback in the reviews. The interview panel is comprised of ABN council representatives (typically ABN President or President Elect, Chair Research Committee, Honorary Treasurer), 12 scientific representatives from each of the participating funding bodies, and 2-3 additional clinical experts (selected to ensure panel has at least one person familiar with the subject of research for each applicant to be interviewed). Funding bodies are invited to send a further attendee as observer. The interview panel scores each applicant on and adds comments. At the end of the interview process all scores are reviewed by the interview panel and agreement reached on successful candidates.

d. Material investments policy

Any significant amounts of cash held within bank accounts which are not likely to be expended in the short term are placed on deposit. If the trustees consider there to be significant amounts held on deposit which are unlikely to be expended in the mid-to-long-term these are invested in accumulation units in M & G's "The Equity Investment Fund for Charities (Charifund)" which the trustees consider gives capital growth with relatively low risk.

MEMBERS' LIABILITY

The Members of the Association guarantee to contribute an amount not exceeding £1 to the assets of the Association in the event of winding up.

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DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

PLANS FOR THE FUTURE

Key developments for the year ahead include:

• Delivering the ABN & INA meeting in Belfast. The meeting is being affected by the high cost of inflation, which is impacting catering and labour costs. However, we have been successful in attracting a high level of annual sponsorship and support from industry partners, which will help to increase the event’s profitably and thus supporting other ABN activity.

• A Focus on income generation in order to mitigate the impact of increased staff costs and ensure the Association’s long term sustainability. In 2022 this included a review of industry sponsorship fees and costs, which had not increased for some years.

• Resolving and refining our relationship with Practical Neurology. The BMJ had approached the ABN with a costed proposal to move to co-ownership in 2021. The ABN proposed a counteroffer in early 2022 but had received no official response from the BMJ during 2022. Financial reserves had been increased to support progression with a co-ownership agreement.

• Rolling out the new ABN strategy, which will be taken to the 11 May 2022 AGM.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Association 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 Association 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 Association's transactions and disclose with reasonable accuracy at any time the financial position of the Association 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 Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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

In accordance with the Association's Articles, a resolution proposing that Griffin Stone Moscrop and Co be reappointed as auditors of the Association and that their remuneration be fixed by the trustees will be put at the annual general meeting.

Approved by order of the members of the board of Trustees on 11 May 2023 and signed on their behalf by:

................................................ Professor T. T. Warner President

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DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSOCIATION OF BRITISH NEUROLOGISTS

Opinion

We have audited the financial statements of Association of British Neurologists (the 'charitable company') for the year ended 31 December 2022 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.

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DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSOCIATION OF BRITISH NEUROLOGISTS (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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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.

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DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSOCIATION OF BRITISH NEUROLOGISTS (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

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DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSOCIATION OF BRITISH NEUROLOGISTS (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 9 June 2023

Griffin Stone Moscrop & Co are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022

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 (losses)/gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
165,000
795,556
20,634
12,865
994,055
34,001
890,976
924,977
(20,898)
48,180
1,375,504
48,180
1,423,684		 Restricted
funds
2022
£
-
298,643
-
-
298,643
-
446,057
446,057
-
(147,414)
317,031
(147,414)
169,617		 Total
funds
2022
£
165,000
1,094,199
20,634
12,865
1,292,698
34,001
1,337,033
1,371,034
(20,898)
(99,234)
1,692,535
(99,234)
1,593,301		 Total
funds
2021
£
120,000
696,134
16,461
39,488
872,083
29,493
677,272
706,765
104,064
269,382
1,423,153
269,382
1,692,535

The notes on pages 21 to 42 form part of these financial statements.

Page 17

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee) REGISTERED NUMBER: 03816842

BALANCE SHEET AS AT 31 DECEMBER 2022

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Investments
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Total net assets
Charity funds
Restricted funds
21
Unrestricted funds
21
Total funds		 3,579
733,864
507,142
1,244,585
(883,558)		 2022
£
2,400
8,411
1,221,463
1,232,274
361,027
1,593,301
-
1,593,301
169,617
1,423,684
1,593,301		 4,062
339,774
448,060
791,896
(356,590)		 2021
£
3,000
12,204
1,242,361
1,257,565
435,306
1,692,871
(336)
1,692,535
317,031
1,375,504
1,692,535

Page 18

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2022

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 11 May 2023 and signed on their behalf by:

................................................ ................................................ Professor T. T. Warner Professor N. P. Robertson President Honorary Treasurer

The notes on pages 21 to 42 form part of these financial statements.

Page 19

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

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
Purchase of investments
Net cash provided by/(used in) 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 21 to 42 form part of these financial statements		 2022
£
48,217
12,865
(2,000)
-
10,865
-
59,082
448,060
507,142		 2021
£
283,037
39,488
(11,583)
(433,717)
(405,812)
-
(122,775)
570,835
448,060

Page 20

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. General information

The Association is a company limited by guarantee and is registered as a charity with the Charity Commission of England and Wales. The members of the company are the trustees named on page 1. In the event of the Association being wound up, the liability in respect of the guarantee is limited to a maximum of £1 per member of the Association.

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.

Association of British Neurologists 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 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 Association and which have not been designated for other purposes.

The revaluation reserve is a requirement of the Companies Act 2006 and represents the amount by which the book value of the Association's investment exceeds its historic cost. See Note 28 for additional analysis.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Association 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.

2.3 Going concern

The trustees consider there are no material uncertainties about the company's ability to continue as a going concern.

2.4 Income

All income resources, including investment income and sponsorship donations, are included in the statement of financial activities, before deduction of the associated expenditure, when the Association has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Page 21

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

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. Support costs are allocated between costs of generating voluntary income and costs of charitable activities on a basis consistent with the estimated time spent by the Association’s employees working in these different areas.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Association'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 Association; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

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.

2.8 Pensions

The Association operates a defined contribution pension scheme. Payments, which are a fixed percentage of each employee’s gross salary, are taken into account in the period which they relate.

2.9 Taxation

The Association 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 Association 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. Irrecoverable value added tax (VAT) is included in the cost of those items to which it relates.

Page 22

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.10 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible and tangible fixed assets, excluding those tangible fixed assets held under finance leases, are stated at cost less depreciation and any provision for impairment.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on the following basis:

2.11 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.

2.12 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.

2.13 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.

2.14 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.

Page 23

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.15 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 Association 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.

2.16 Finance leases

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Association. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.17 Operating leases

Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the lease term.

2.18 Financial instruments

The Association 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.

Page 24

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

3. Income from donations and legacies

Unrestricted
funds
2022
£
Sponsorship donations
165,000
Total 2021
120,000		 Total
funds
2022
£
165,000
120,000		 Total
funds
2021
£
120,000

4. Income from charitable activities

Unrestricted
funds
2022
£
Meetings income
439,384
Annual subscriptions
230,326
Special Certificate Examination income
38,717
Clinical Research Training Fellowship
-
Practical Neurology income
87,129
Total 2022
795,556		 Restricted
funds
2022
£
-
-
-
298,643
-
298,643		 Total
funds
2022
£
439,384
230,326
38,717
298,643
87,129
1,094,199

Meetings income comprises delegates fees, sponsorship and room hire, and hire of exhibition space.

Meetings income
Annual subscriptions
Special Certificate Examination income
Clinical Research Training Fellowship
Practical Neurology income
Total 2021		 Unrestricted
funds
2021
£
223,114
266,151
34,054
-
85,042
608,361		 Restricted
funds
2021
£
-
-
-
87,773
-
87,773		 Total
funds
2021
£
223,114
266,151
34,054
87,773
85,042
696,134

Page 25

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

5. Income from other trading activities

Income from fundraising events

Unrestricted
funds
2022
£
Hire and sublet of office space
19,540
RaDar income
700
Total 2022
20,240
Total 2021
15,926
Income from non charitable trading activities
Unrestricted
funds
2022
£
Sales of merchandise
394
Investment income
Unrestricted
funds
2022
£
Income from local listed investments
11,753
Gross interest received on bank deposits
1,112
12,865		 Total
funds
2022
£
19,540
700
20,240
15,926
Total
funds
2022
£
394
Total
funds
2022
£
11,753
1,112
12,865		 Total
funds
2021
£
15,576
350
15,926
Total
funds
2021
£
535
Total
funds
2021
£
39,426
62
39,488

6. Investment income

Page 26

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

7. Expenditure on raising funds

Fundraising trading expenses

Unrestricted Total Total
funds funds funds
2022 2022 2021
£ £ £
Allocated centrally incurred support costs 33,999 33,999 28,719

Other trading expenses

Unrestricted Total Total
funds funds funds
2022 2022 2021
£ £ £
Cost of merchandise sold 2 2 774

8. Analysis of resources expended on charitable activities

Charitable activities
Grants payable to institutions		 Direct costs
2022
£
498,813
-
498,813		 Grant
funding
(Note 9)
2022
£
446,057
1,170
447,227		 Support
costs
2022
£
390,993
-
390,993		 Total
funds
2022
£
1,335,863
1,170
1,337,033

Page 27

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

8. Analysis of resources expended on charitable activities (continued)

Charitable activities
Grants payable to institutions
Grants payable to individuals		 Direct costs
2021
£
222,072
-
-
222,072		 Grant
funding
(Note 9)
2021
£
112,920
865
11,142
124,927		 Support
costs
2021
£
330,273
-
-
330,273		 Total
funds
2021
£
665,265
865
11,142
677,272

Analysis of direct costs

Meetings expenditure
Meetings consultancy
General and committee meeting expenses
Charles Symonds Prize
Educational support
Professional subscriptions
Practical Neurology subscription
Specialty Certificate Examination expenditure		 Total
funds
2022
£
376,744
40,801
9,186
-
(3,100)
7,566
40,000
27,616
498,813		 Total
funds
2021
£
116,016
45,600
1,215
1,100
(4,100)
6,836
40,000
15,405
222,072

Meetings expenditure includes delegates costs, installation and storage of display equipment, books, programmes etc.

Included above in Educational support is £5,000 (2021 - £5,000) regarding a refund of a bursaries.

Page 28

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

8. Analysis of resources expended on charitable activities (continued)

Analysis of support costs

Staff costs
Fellowship support costs
Office rent, rates and service charges
Staff training
Website and internet expenses
Consultancy fees
Bank charges
Finance lease charges
Loss on disposal of tangible fixed asset
Computer costs
Office running expenses
Depreciation
Sundry expenses
Audit and accountancy
Legal and professional
Reallocated to fundraising costs		 Total
funds
2022
£
237,945
216
60,435
4,273
18,625
2,523
4,606
183
14
9,348
24,026
6,379
487
12,528
43,404
(33,999)
390,993		 Total
funds
2021
£
201,310
3,239
60,234
570
15,427
26,295
3,515
279
3
6,128
11,448
4,266
2,426
6,856
16,996
(28,719)
330,273

Total support costs for the year ended 31 December 2022 amounted to £424,992 (2021 - £358,992) before re-allocations. Of the total support costs 8% (2021 – 8%) has been apportioned to expenditure on raising funds (Note 7).

9. Analysis of grants

Clinical Research Training Fellowship
UEMS Section of Neurology		 Grants to
Institutions
2022
£
-
1,170
1,170		 Grants to
Individuals
2022
£
446,057
-
446,057		 Total
funds
2022
£
446,057
1,170
447,227

Page 29

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

9. Analysis of grants (continued)

Clinical Research Training Fellowship
UEMS Section of Neurology
Cairo Teaching Centre Fellowship		 Grants to
Institutions
2021
£
-
864
-
864		 Grants to
Individuals
2021
£
112,920
-
11,142
124,062		 Total
funds
2021
£
112,920
864
11,142
124,926

Grants to individuals

Clinical Research Training Fellowship grants : provide support to students who want to study an aspect of clinical neuroscience and obtain a MD or PhD degree.

During 2022, grants were paid to 5 individuals (2021 - 4). In 2022, of the total grants paid £NIL (2021 - £NIL) was to unrestricted funds and £446,057 (2021 - £112,920) was to restricted funds.

Cairo Teaching Centre Fellowship grants : a contribution to the World Federation of Neurology’s ‘Teaching Centre Neurology Fellowship’ in Cairo where a fellow in a lower income country is supported with training.

During 2022, grants were paid to no individuals (2021 - 2). In 2022, of the total grants paid £Nil was to unrestricted funds (2021 - £11,142) and £NIL was to restricted funds.

10. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £3,394 ( 2021 - £2,774 ) , and accountancy fees of £9,134 (2021 - £4,082).

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2022
£
206,012
13,583
18,350
237,945		 2021
£
173,112
12,073
16,125
201,310

Page 30

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

11. Staff costs (continued)

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

2022 2021
No. No.
Full-time 5 5

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

2022 2021
No. No.
In the band £60,001 - £70,000 1 1

Remuneration and benefits received by key management personnel, being 3 individuals, was £157,454 (2021 - 2 individual, £88,395), including employer national insurance and pension contribution costs.

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).

During the year ended 31 December 2022, expenses totalling £2,069 were reimbursed or paid directly to 8 Trustees (2021 - £111 to 1 Trustee). Trustees are reimbursed necessarily-incurred expenses. These are included in the appropriate category of resources expended.

Page 31

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
13. Intangible assets
Coat of arms
£
Cost
At 1 January 2022 12,000
At 31 December 2022 12,000
Amortisation
At 1 January 2022 9,000
Charge for the year 600
At 31 December 2022 9,600
Net book value
At 31 December 2022 2,400
At 31 December 2021 3,000

Page 32

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

14. Tangible fixed assets

Cost or valuation
At 1 January 2022
Additions
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
On disposals
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Short-term
leasehold
property
£
19,891
-
-
19,891
19,890
-
-
19,890
1
1		 Fixtures and
fittings
£
26,345
-
(3,915)
22,430
24,528
1,594
(3,907)
22,215
215
1,817		 Computer
equipment
£
17,065
2,000
(2,612)
16,453
6,679
4,185
(2,607)
8,257
8,196
10,386		 Total
£
63,301
2,000
(6,527)
58,774
51,097
5,779
(6,514)
50,362
8,412
12,204

The net book value of assets held under finance leases or hire purchase contracts included above are as follows:

Fixtures and fittings: £Nil (2021 - £673)

Page 33

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

15.
Fixed asset investments
Cost or valuation
At 1 January 2022
Revaluations
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
Material investment		 Listed
investments
£
1,242,361
(20,898)
1,221,463
1,221,463
1,242,361

At 31 December 2022 the above market value comprised of 2,892 (2021 - same) accumulation units in M&G's "The equity investment for charities (Charifund), 335,796 (2021 - same) income units in M&G's charity multi asset fund and 10,451 (2021 - same) accumulation units in COIF's charities fixed interest fund.

Historical cost £583,715 (2021 - £583,715).

16. Stocks

2022 2021
£ £
Finished goods and goods for resale 3,579 4,062

Page 34

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

17. Debtors

Due within one year
Arrears of subscriptions
Other debtors
Prepayments and accrued income		 2022
£
2,707
262,819
468,338
733,864		 2021
£
3,771
98,489
237,514
339,774

18. Creditors: Amounts falling due within one year

Other taxation and social security
Net obligations under finance leases
Pension fund loan payable
Other creditors
Accruals and deferred income		 2022
£
5,236
336
1,072
259,467
617,447
883,558		 2021
£
3,876
673
716
54,747
296,578
356,590

The above includes deferred income of £131,916 (2021 - £114,777) relating to annual subscriptions received in advance which may be analysed as follows:-

Deferred income at 1 January 2022
Amount deferred during the year
Amounts released to incoming resources		 2022
£
114,777
131,916
(114,777)
131,916		 2021
£
126,156
114,777
(126,156)
114,777

19. Creditors: Amounts falling due after more than one year

2022 2021
£ £
Net obligations under finance leases - 336

Page 35

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

20. Financial instruments

2022 2021
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 507,142 448,060

Financial assets measured at fair value through the Statement of Financial Activities comprise of cash at bank and in hand.

Page 36

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

21. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Revaluation reserve
Restricted funds
Clinical Research Training
Fellowship
Roger Bannister Fellowship
Total of funds		 Balance at 1
January
2022
£
716,860
658,644
1,375,504
301,288
15,743
317,031
1,692,535		 Income
£
994,055
-
994,055
298,643
-
298,643
1,292,698		 Expenditure
£
(924,977)
-
(924,977)
(446,057)
-
(446,057)
(1,371,034)		 Gains/
(Losses)
£
-
(20,898)
(20,898)
-
-
-
(20,898)		 Balance at
31
December
2022
£
785,938
637,746
1,423,684
153,874
15,743
169,617
1,593,301

Clinical Research Training Fellowship fund

The Clinical Research Training Fellowship fund (CRTF) is a restricted fund to support trainees who want to study an aspect of clinical neuroscience in depth for three or four years and obtain an MD or PhD degree. Support includes salary, university fees, reasonable travel costs and laboratory consumables.

The aim is to hold unrestricted reserves of approximately 1.25 times the annual operating costs. Reserves above this figure may be transferred to the restricted reserve for the CRTF fund.

Roger Bannister Fellowship

The Roger Bannister fellowship fund was introduced in 2018 in memory of Sir Roger Bannister, athlete and neurologist, who died in 2018. It is intended to create a specific clinical research training fellowship in his honour.

Page 37

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

21. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Revaluation reserve
Restricted funds
Clinical Research Training
Fellowship
Roger Bannister Fellowship
Total of funds		 Balance at
1 January
2021
£
526,395
554,580
1,080,975
326,435
15,743
342,178
1,423,153		 Income
£
784,310
-
784,310
87,773
-
87,773
872,083		 Expenditure
£
(593,845)
-
(593,845)
(112,920)
-
(112,920)
(706,765)		 Gains/
(Losses)
£
-
104,064
104,064
-
-
-
104,064		 Balance at
31
December
2021
£
716,860
658,644
1,375,504
301,288
15,743
317,031
1,692,535

Page 38

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

22. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at 1
January
2022
£
1,375,504
317,031
1,692,535
Balance at
1 January
2021
£
1,080,975
342,178
1,423,153		 Income
£
994,055
298,643
1,292,698
Income
£
784,310
87,773
872,083		 Expenditure
£
(924,977)
(446,057)
(1,371,034)
Expenditure
£
(593,845)
(112,920)
(706,765)		 Gains/
(Losses)
£
(20,898)
-
(20,898)
Gains/
(Losses)
£
104,064
-
104,064		 Balance at
31
December
2022
£
1,423,684
169,617
1,593,301
Balance at
31
December
2021
£
1,375,504
317,031
Summary of funds - prior year
General funds
Restricted funds
1,692,535

23. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2022
£
Tangible fixed assets
8,411
Intangible fixed assets
2,400
Fixed asset investments
1,221,463
Current assets
599,504
Creditors due within one year
(408,094)
Total
1,423,684		 Restricted
funds
2022
£
-
-
-
645,081
(475,464)
169,617		 Total
funds
2022
£
8,411
2,400
1,221,463
1,244,585
(883,558)
1,593,301

Page 39

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

23. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2021
£
12,204
3,000
1,242,361
275,161
(156,886)
(336)
1,375,504		 Restricted
funds
2021
£
-
-
-
516,735
(199,704)
-
317,031		 Total
funds
2021
£
12,204
3,000
1,242,361
791,896
(356,590)
(336)
1,692,535

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

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Losses/(gains) on investments
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Decrease/(increase) in stocks
(Increase)/decrease in debtors
Increase in creditors
Net cash provided by operating activities		 2022
£
(99,234)
6,379
20,898
(12,865)
14
484
(394,091)
526,632
48,217		 2021
£
269,382
4,267
(104,064)
(39,488)
-
(4,062)
130,426
26,576
283,037

Page 40

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

25. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2022
£
507,142
507,142		 2021
£
448,060
448,060

26. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Finance leases		 At 1
January
2022
£
448,060
(716)
(1,010)
446,334		 Cash flows
£
59,082
(356)
674
59,400		 At 31
December
2022
£
507,142
(1,072)
(336)
505,734

27. Pension commitments

The Association operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Association in an independently administered fund. The pension cost charge represents contributions payable by the Association to the fund and amounted to £1,072 (2021 - £716) payable to the fund at the balance sheet date and are included in creditors.

28. Reconciliation of movements in unrealised gains on the investment asset

Unrealised gains at 1 January
Unrealised (losses)/gain on revaluation at 31 December
Unrealised gains at 31 December		 2022
£
658,644
(20,898)
637,746		 2021
£
554,580
104,064
658,644

Page 41

DocuSign Envelope ID: 95E26D52-1584-4215-8777-D3333AE92B8B

ASSOCIATION OF BRITISH NEUROLOGISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

29. Operating lease commitments

At 31 December 2022 the Association had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2022
£
32,250
-
32,250		 2021
£
32,250
32,250
64,500

30. Related party transactions

Related parties include the charity trustees, close relatives and key management personnel. Donations received during the year from related parties are noted below:

2022 2021
£ £
Donations received 400 430

31. Material incoming resources

The major sources of material incoming resources are corporations and individuals involved in the medical profession.

Page 42