Docusign Envelope ID.. 810D7212-83C449AA-BDA6-29A0754BCAC1 Company Registration Number: 05303176 Charity Number.. 1107671 The Nicholls Spinal Injury Foundatlon IA company limitod by guarantee, not having a share capital) Annual Report and Unaudited Financial Statements for the financial year ended 31 December 2024 Harris & Co 2 Pavilion Court 600 Pavilion Drive Northampton Northamptonshire NN4 7SL GB
tle¢usign EnVal0 ID.. 810D7212-83C449AA-BDA6-29A0754BCAC1 The Nicholls Spinal Injury Foundation IA company limited by guarantee, not having a share capital) CONTENTS Page Reference and Administrative Information Trustees, Annual Report statement of Trustees, Responsibilities Independent Examinerfs Report Statement of Financial Activities Balance Sheet 10 Notes to the Financial Statements
Docusign Envelope ID.. 810D7212-83C449AA-BDA6-29A0754BCAC1 The Nicholls Spinal Injury Foundation IA company Ilmlted by guarantee, not having a share eapltall REFERENCE AND ADMINISTRATIVE INFORMATION Trustees David Nicholls Frederick Watt John Warren Piers Adam Alistair Stor8y OBE Dr Bobby Prasad Hamid Nejad Charlty Number In England and Wales 1107671 Company Règlstration Numbor 05303176 Reglstered Offl¢e and Prlnclpal Address 27 Old Gloucesl8r Street London WC1N 3AX United Klngdom Independent Examlner Harris & Co 2 Pavilion Court 600 Pavilion Drive Northampton Northamplonshire NN4 7SL GB
Docusign Envelope ID.. 810D7212-83C449AA-BDA6-29A0754BCAC1 The Nicholls Spinal Injury Foundation IA company limited by guarantee. not having a share capltall TRUSTEES. ANNUAL REPORT for the financial year ended 31 December 2024 The Iruslees present their Trustees, Annual Report. combining the Directors. Report and Trustees. Report, and the unaudited financi81 slalemenls for the financial year ended 310ecernber 2024. The financial stat9mgnts ar8 pr8pared in accordance with the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities.. statement of Recommended Practice applicable to charities preparing Ihelr financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Trustees, Report contains the information required lo be provided in the Trustees, Annual R8POrt under the Statement of Recommended Practice {SORP) guidellnos. The Iruslees of the charity are also charity Iruslees for the purpos8 of charity law and under the charity's constitution are known as members of th8 board of trustees. In this report the Iruslees of The Nicholls Spinal Injury Foundation present a summary of ils purpose, governance, a¢tivitios, achievements and finances for the financial year 31 December 2024. The ¢harity is a registered charity and hence the report and results are presented In a fomi which mplieS with the requirem8nts of the Companies Act 2006 and, although not obliged lo comply with the Statement of Recommend8d Practice appllcable In the UK and Republic of Ireland FRS 102, the organisalion has Implemented ils recommendations where relevant in these financial statements. Mlsslon, Objectlves and Strategy Mlsslon Statement nsif s objectives are.. To fund research and development into finding a cure for paralysis from spinal cord injury ISCII, covering the laboratory, clinical and rehabilitation stages. To advance education by promoting and supporting r8search into th8 tr8atm8nl of spinal inluries and disease, and the publication of the results of such research. The charity's 2024 fundraising strategy locused on Its event portfolio, in¢rea$lng dlgltal and legacy fundraising opportunities and strengthening relationships with donors and external stakeholders. Despite ongoing economic challenges, nsif maintained strong supporter engagement and reinforced ils r6pulalion a$ a leading lunder of spinal ord injury research. The Trustees have ¢omplied with their duty to have due r8gard lo the Charity Commission guidance on publ1¢ benefit. They considèr that nsifs objèctivès and aclivili&s arè a cl6ar indication of public banefil. ObJe¢tlvès nsif remains commilled to the OEC Transplanlalion Project at University College London IUCLI, led by Professor Ying Li. A grant of £223,326 was agreed lo cover the period from 1 November 2023 10 1 November 2024, supporting research Into cell therapy and18ying the foundation for a UK clinical trial. They made a commitment lo supporting a three year programme ol research from 1 November 2024 to move towards human clinical trials in the UK. The charity's reserves are allocated for this sole purpose, with no new grant applications b8ing considered at present. Structure. Governance and Management Structure The Nicholls Spinal Injury Foundation is a company limited by guarantee governed by its Memorandum and Articles of Association dated 2 December 2004.11 was registered as a charity on 18 January 2005.
Docusign Envelop& ID.. 810D7212-83C449AA-BDA6-29A0754BCAC1 The Nicholls Spinal Injury Foundation IA Company limited by guarantee, not havlng a share ¢apitall TRUSTEES, ANNUAL REPORT for the financial year andad 31 December 2024 Cornposltlon of the Board and Board Appolntment Process Trustees are appointed for an initial five-year term, renewable upon review. New candidates are consid8rgd based on professional experience, awareness of spinal cord Injuries, and commitment to the charity's oblectlves. Trustees receive a slruclured induction focused on governance responsibilities, spinal cord injury awareness, and key research initiatives. Commlttèes of the Board and Terms of Reference The Board of Trustees provided strategic and operational support throughout 2024. The charity is overseen by management team and meets regulady lo ensure 81ignmenl and continuity. Trustees bring expertise in finance, healthcare, communications, hospilalily, av6nts and livèd experience of spinal injury. R•vi•w of A¢tiviti•s, Achievgmgnts and Performance Charitable activities UCL- OEC Transplanlalion Project In 2024, UCL made considerable progress in developing protocols for human mucosal cell culture and banking. Two nèw Ilssue samples were successfully received and cultured using high-yield methods, with images collected for analysis. C8lls wer9 fixed for immunoslaining and quality checks. and work contlnues to source additional antibodies for more accurate identification of OECS. Full NHS ethics approval was secured for collecting human olfactory bulbs from UK donors, a major regulatory milestone. An application was submitted to loin the NHS RINGTAG tISSU8 harvesting group to enable domestic sample coll8ction. In vlvo sludles demonstrated that banked ral mucosal cells could r8Stor8 lost function in experlmenlal models, aligning with prèvious rèsults using banked bulb cells. These findings were published in a peer-ffjviewed journal and strengthen the case for future human trials. Future acl5vilies Trustees continue lo engage Int8rnationally, including with Professor Mohamad Bydon at the Mayo Cllnlc. FUNDRAISING ACTIVITIES Fundralsing efforts in 2024 remalned complSant wllh the Fundralslng Regulator's Cod8 of Pracllce. No formal complaints were made, and no external fundraising companies were employed. The Annual Charity Golf Tournament, held in ils eighleenlh year, was the charity's most su¢¢essfvl lo dale - raising over £150,000 and honouring the late Jennlfer Shah. an nsif Patron, who had instigated the event. Highlights included a Champagne Reception, Gala Dinner, a Wesl End cabaret perfomiance, and auctions hosted by Chadie Ross. Th8 Clay Pigeon Flush, a cherished event, was regrettably cancelled due lo loglsllcal challeng8s bul Is planned for return in 2025. A fantastic team from the Mandarin Orlenlal. comprlslng Torsten Van Dullemen, Lionel Lacheze, Suzanna Di Domenico, Brough Downey, Michelle Matthews, Jamie Pagan, Tibor N8gy, Francesco Culcasi and Camille Lemmery, raised almost £10,000 for nsif during the UK'S biggest 24-hour relay race. Community engagement remained strong. with notable efforts by the Hull & East Riding Branch, led by Angela and John Pye, and supporters participating in national races including the Great North Run and Yorkshire 10 Miler. colle¢lively raising thousands in donations and Gift Aid. Fundraising was conducted transparently and witho1 Ltndue pressure. In the summer of 2024 Claire Lomas, MBE died in an accident overseas. Claire was a significant fund-raiser for nsif since her SCI and the charity remembers her enthusiasm, dedication lo raising funds for a cure and her engaging and beautiful nature. Her family and friends have continued to raise funds in her name to achieve the £1 m legacy to SCI charities.
Docusign Env8ltspa ID.. 810D721243C449AA.BDA6.29A0754BCAC1 The Nicholls Spinal Injury Foundation IA company limited by guarantee, not having a share capital) TRUSTEES. ANNUAL REPORT for th8 financial year 8nd8d 31 December 2024 Financial Review In 2024, nsif raised over £243,000 Ihrou9h events, auctions, and individual donations. This included subslanlial ontributions from the Golf Day and related fundraising. Despite the contlnuing cost-of-llvlng crlsls. the charity's financial position remains robust. Reserves are allocated lo research projects and carefully managed across multiple banking inslilulions to diversify risk and maximise returns. Trustees continue lo monitor financial performance closely lo ensure long-lerm suslainabilily. Flnanclal Results Al the end of the financial year the charity has assets of £913,40712023 - £840.2421 and liabilities of £85,14912023 - £87,349). The nel assets of the charily have increased by £75,365. Reserves Position and Policy The Trustees have eslablished a reserves poll¢y focused on malntalning adequate worklng capital and supporting the charity's grant commitments. This policy allows the charity lo continue pursuing its objectives during periods of economic uncertainly. As at 31 December 2024, nsif held reserves of £828,257, sufficient lo support operations and planned grants over the next three years, Prln¢lpal RSsks and Uncertalntles Risk management remains central to all activity. Trustees maintain a Risk Management Register. conduct bi-annual revlews, and implement control procedures lo address emerging risks, The Gharily continues lo adapt lo the competitive fundraising landscape and challenges facing small Charities, Trustee$ The trustees who served throughout the financial year, except as noted, were as follows.. David Nicholls Frederick Wall John Warren Pi8rs Adam Alistair Slorey OBE Dr Bobby Prasad Hamid Nejad Compllance wlth Sector-wldè Lèglslatlon and Standards The charity engages pro-actively with legislation, standards and codes which aré déveloped for the sector. The Nicholls Spinal Injury Foundation subscribes lo and is compliant wilh Ihe following.. The Companies Act 2006 The Charities SORP IFRS 1021 Approvod by the Board of Trustees on 912412025 and slgned on Its behalf by: D¢cuSWJMd by.. DoauSlgn•d by.. av Trustee Trustee
Docusign Envelop8 ID.. 810D7212-83C449AA.80A6-29A0754BCAC1 The Nicholls Spinal Injury Foundation IA company limited by guarantee, not having a share capitsll STATEMENT OF TRUSTEES, RESPONSIBILITIES for the financial year ended 31 December 2024 The trustees. who are also directors of The Nicholls Spinal Injury Foundation for the purposes of company law, are responsible for preparing the financial statements in accordance with 8pplicable law and regulations. Company law requires the Iruslees as the directors to preparg financial slalemanls fof each financial y8ar. Under that law the Iruslees have elected to prepare the financial statements in accordance with United Kingdom Genèrally Accepted Accounting Practice {Uniled Kingdom Accounting Standards and applicable lawl including FRS 102 "The Financial Reporting Standard applicable in the UK and R8public of Ireland" Section 1A (Small Entities). Under company law the trustees musl not approve the financial slalemenls unless they are $81Ssfied that they give a Irue and fair view of the slate of affairs of the company and of th8 surplus or deficit of th8 company for that P8riod. In preparing ih8S8 financial statements, the trustees are required lo.. select suitable accounting policies and 8pply them consislenlly.. make judgements and eslimales that are reasonable and prudent., state whether the financial slalemenls have been prepared in accordance with the relevant financial reporting framework. identify those standards, and note the effect and the reasons for any material departure from those standards.. and prepare the financial statements on the going concem basis unlass it is inappropriate to presume that the charity wlll contlnu8 In operation. The Iruslees confirm that they have complied wllh the above requlremenls in preparlng the financial slalemenls. The trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any time the financial position of the charity and enable them lo ensure that the financial slalements comply with the Companies Act 2006. They ara also responsible for safeguarding the assets of the charity and hence for taking reasonable steps lor the prevention and doteelion of fraud and other Irregularities. 912412025 Approv•d by the Board of Trustees on and $igngd on Its behalf by: DecuS*Md tsy.. Du9Ded by.. Q-I MdaLs Frederick Watt Trustee Trusteé
Docusign Enveltspe ID.. 810D721243C449AA-BDA6-29A0754BCAC1 The Nicholls Spinal Injury Foundation IA company limited by guarantee, not having 8 share capital) INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF THE NICHOLLS SPINAL INJURY FOUNDATION Vve have 8xamined the financlal statements of the charity for the financial year ended 31 December 2024, which comprise the Statement of Financial Activities (incorporating an Income and Expenditure Account), the Balance Sheet and the related notes. This report is made solely lo the charitys members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile. report to the Board of Truslees that we have done so, and slate those mallers that we have agr88d lo slate lo them in this report and for no other purpose. To the fulSesl exlenl permitted by law, we do not accept or assume responslbilily to anyone other than the charity and the charity's memb8rs, as a body, for our wort¢. or for this report. Respectlve responslbllitlos of trustogs and gxaminor The charity's trustees (who are also the directors gf the Company for the purposes of company law) are responslble for the preparation of the financial slalemenls in accordance with the requirements of the Cornpanies Act 2006. The charity's trustees consider that an audit is not required for this financial year under Chapter 3 of Part 16 of the Companies Act 2006 and that an independent examination is required. 11 Is our responsibility to.. examine the financial slalements under section 145 of th8 Act., follow the procedures laid down by the general Directions givèn by th8 Charity Commission und&r section 145151 of the Charities Act 2011., and slate whether particular mallers have come to our allenlion. Basls of independent examiner's report Our examination was carried out in accordance with the general Dlreclions given by the Charity Commission. An examination includes 8 review of the aocounting records kept by the charity and a comparison of the financial statements presented with those records. 1181s0 includes consideration of any unusual items or disclosures in the financial statements and seeklng explanations from the Iruslees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audil and ¢onsequenlly no opinion is given as to whether the accounts present a 'lrue and falr, vlew and the report is limited lo those mallers sèl out In the statement below. Indopondont axamlno¢9 statoment In connection with our ex8min81ion, no mgtt8r has come to our attention which gives us cause to believe th8t in. any material respect.. 8cGounting records were not kept In a¢¢ordance wlth section 386 of the Companies Act 2006 the financial statements do not accord with those accounting records the financial statements do not comply with the accounting requirements of the Charities Act Ihe financial stalgmenls have not been prepared in ac¢ordan¢e with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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 IFRS1021 ther8 is further information needed for per understandlng of the a¢¢ounls lo be reached, We have no Goncerns and h me across no other mallers in conneGlion with the examination to which attention should be drawn in this rt in order to enable a proper underslandlng of the flnanclal statements lo be reached. HARRIS & CO 2 Pavilion Court 600 Pavilion Drive Northampton Northamptonshire NN4 7SL GB Date:
Do¢usign Envelope ID.. 810D721243C449AA-gDA6.29A0754BCAC1 The Nicholls Spinal Injury Foundation IA company limited by guarantee, not having a share capltall STATEMENT OF FINANCIAL ACTIVITIES Ilncorporatin9 an Income and Expenditure Accounti for the financial year ended 31 December 2024 Unrestrlcted Rostrlctèd Funds Funds 2024 2024 Total Unrestricted Reslricled Funds Funds Funds 2024 2023 2023 Total Funds 2023 Notes Income Donations 8nd18g8cieg Othér trading activities Other income 65.453 167,974 18.075 10.401 75,854 167,974 18,075 19,851 209,161 12,309 16,461 36,312 209,161 12,309 Total Incomè 251.502 10.401 261,903 241,321 16,461 257,782 Expendituro Raising funds Charitable activities 115,016 71,516 115,016 71,522 134,763 116,989 134.763 133.618 16,629 Total Expondltur• 186,532 186.538 251.752 16,629 268,381 Net Incomellexpendlture) 64.970 10,395 75,365 110,4311 1168} {10,599} Transfers between funds Net movement In funds for the flnancial year 64,970 10,395 75,365 110,431) 11681 110,5991 Reconclliatlon of funds: Total funds beginning of the y8ar 14 752,792 101 752,893 763,223 269 763,492 Total funds at the end of the year 817,762 10,496 828,258 752,792 101 752,893 The Slalemenl of Financial Activities includes all gains and losses recognised in the financial year. All income and expenditure relalo lo continuing activities. The notes on pages 11 to 16 form part of the financial statements
Docusign Envelope ID.. 810D7212-83C449AA-BDA6-29A0754BCAC1 The Nicholls Spinal Injury Foundation IA company limited by guarantee, not having a share capStall Company Number: 05303176 BALANCE SHEET as at 31 December 2024 2024 2023 Notes Flxed Assets Tangible assets Investments 391 100 10 100 100 491 Current Assets Debtors Cash al bank and in hand 11 673 912,634 35,973 803,778 913,307 839,751 Creditors: Amounts falling duo wlthln on• y•ar 12 {85,149} 187,3491 Net Current Assets 828,158 752,402 Total A$s?ts loss Curront Liabilitigs 828.258 752,893 Funds Reslricled trust funds Gèneral fund lunreslricledl 10,496 817.762 101 752,792 Total funds 14 828.258 752,893 These financlal statements have been prepared in accordance with the special prcvisions relating lo small companies within Pert 15 01 the Companles Act 2006. For the financial year ended 31 December 2024 the ¢harity was enlilled to exemption from audit under section 477 of the Compani8s Act 2006., and no notice has been dgposited under section 476. The trustees confirm that the members have not requlred th8 company lo obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006. The Iruslees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the slate of affairs of the charity as al the end of the financi81 year and of Its profil and loss for the financial year In accordance with the requirements of sections 394 and 395 and which otheNise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as appllcable to the charlty. Th8 financial stslements have been pr8par8d in accordance With the provisions applicablè lo companies subject lo the small companies, regime and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. applying Section 1A ol that Standard. 912412025 Approved by the Board of Trustees and authorisod for issuè on behalf by and signed on its O(*¢u$kJn by.. DoGuS1on•d by.. V-l MddLs Davld Nlcholls Trustee Trustee The notes on pages 1110 16 form part of the finan¢i81 stslemenls 10
Docusign Envelope ID.. 810D7212-83C449AA-BDA6-29A0754BCAC1 The Nicholls Spinal Injury Foundation IA company limit8d by guarantee, not havlng a share capital) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 Dècember 2024 GENERAL INFORMATION The Nicho115 Spinal Injury Foundation is a company limited by guarantee incorporated in the United Kingdom. The registered office of the charity is 27 Old Gloucester Street, London, WC1 N 3AX, United Kingdom whlch Is also the principal place of business of the charity. The financial slalemenls have been presented in Pound 1£) which is also the functional currency of the charity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consistently in d8aling with ilerns which are considered material in relation lo the charity's financial statements. Basis of preparation The financial statements have been prepared on the going concern basis under the historical cost convention, modified lo include certain items al fair value. The financial statements have been prepared in accordanc8 with the Statement of Recommended Practice {SORPI 'Accounting and Reporting by Charities preparing their accounts In a¢cordance with the Financial Reporting Standard applicable In the UK and Republlc of Ireland FRS 102" applying Section 1 A of that Sl8nd8rd. As permitted by the Companies Act 2006, the charity has varled the standard formats In that act for the Slalemenl of Financial Activities and the Balance Sh&èl. D8partures from the standard formals are lo comply with the requlremenls of the Charities SORP and are In compliance with section 4.7, 10.6 and 15.2 of that SORP. Statement of compliancg The financial slalemenls of the charity for the financial year ended 31 December 2024 have been prepared on the going Goncgrn basis and in accordance wllh the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland FRS 102" applying Section 1A of that Standard. Fund accountlng The following are the cat8gori8s of funds maintaSned: Restrlcted funds Reslricled fund5 repr6s&nt income received which can only be used for particu18r purposes. 8s specified by the donors. Such purposes are within the overall objectives of the charity. Unr•strlct8d funds Unrestricted funds consist of G8ngral and Designated funds. General funds represent amounts which ar8 expendable al the dSscrelion of the board, Sn furtherance of the objectives of the charity. Designated funds comprise unrestricted funds that the board has, at its discretion, sel aside for particular purposes. These designations have an adminlstrative purpose only. and do not legally restrict the board's discretion lo apply the fund. Income Income is recognisèd by inclusion in the Stat8ment of Financial Activities only when the charity is legally enlilled to the income, p8rformanc8 conditions attached lo the ilemlsl of Income have been mel, the amounts involved can be measured with sufficient reliability and il is probable that the income will be received by the charity. Income from charltable actlvltles Income from charitable activities include income earned from the supply of services under contractual arrangements and from performance related grants which have conditions that specify tha provision of particular services lo be provided by the charity. Incoma from government and other co-funders is recognised when the charity 15 legally enlilled lo the income because il is fulfilling tha eondilions contained in the related funding agreements. Where a grant ig received in advance. ils recognition is deferred and included in creditors. Where entillemenl occurs before income is received, it is accrued in debtors. Grants from governments and other co-ftjnders typically include one of the following types of conditions: Performance based conditions.. whereby the charity is conlraclually entitled to funding only lo the extent that the core objectives of the grant agreement are achieved. Where the charity is meeting the core objectives of a 11
Docusign Envelope ID.. 810D7212-83C449AA-BDA6-29A0754BCAC1 continued The Nicholls Spinal Injury Foundation IA company limited by guarantee. not having a share capital) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 grant agreement, it recognises the related expenditure, to the extent that it Is reimbursable by the donor. as income. -Time based conditions.. whereby the ¢h8rity is ¢ontractU8lly enlilled to funding on the condition that il 15 utilised in a particular period. In these cases the charity recognises the income to the extent it is ulilised within the period specified in the agreement. In the absence of such conditions, assuming that receipt is probable and the amount can be reliably measured, grant income is recognised once the charity is notified of enlillement. Grants received towards capital expenditure are Grediled lo the Statement of Financial Activities when received or receivabl8, whichever is earlier. Expenditure Expenditure is analysed between costs of charitable activities and raising funds. The costs of each activity are sep8r8tely accumulated and disclosed, and analys8d according lo their major compon8nts. Expgnditur8 is recognised when a legal or conslruclive obligation exists as a result of a past event. a transfer of economic benefits is required in settlement and the amount of the obllgallon can be reliably measured. Support costs are those functions that assist the work of the charity bul cannot be allribuled lo one aclivily. Such costs are allocat8d to activities in proportion lo staff time spent or other suitable measure for each activity. Slgnificant judgements and estimates The preparation of financial slalements requires the use of certaln crillcal accounting eslimales. 11 also requires manag8menl lo exercise its judgement in the proco5s of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and eslimales are significant to the financial slalemenls are disclosed in within the individual 8ccounling policies above. Tanglble flxed assets and d•pro¢latlon Tangible fixed assets are slated al cost or at valuation, less accumulated depreciation. The eharge lo depreciation is calculated lo writa off the orlglnal ¢ost or valuatlon of langlble flxed assets, lesg their eslimaled residual value, over their expected useful lives as follows- Fixtures. fittings and equipment 33010 on cost Invastments Investments held as flxed assets ar8 Stated al cost le55 provision for any p8rrnanenl diminution In value. Income from other financial fixed asset investments together with any related tax credit is recognised in the income and expenditure account In the flnancial year In which it is receivable. Debtors Debtors are recognlsed al the settlement amount due after any discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Income recognised by the charity from government agencies and other co-funders, bul not yel receSved at financial year end, Is Included In debtors. Cash at bank and In hand Cash al bank and in hand Comprises cash on deposit al bank5 requiring less than thr88 months notice of withdrawal. Taxation and deferred taxation No current or deferred taxation arises as the charily has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred. Deferred lax is recognlsed In respect of all tlming dlfferen¢es that have orlginated but not reversed at the balance sheet dale where transactions or events have occurred at that dale that will result in an obligation lo pay more tax in the future. or a right lo pay less lax in the future. Timing differences are temporary differences between the charity's taxable income and its results 8s slated in the financial slalements. Deferred lax is measured on an undiscounled basis at the lax rates that are anticipated to apply in the pèriods in which the timing differences are expected to reverse, based on lax rates and laws that have been enacted or subslanlively enacted by the balance sheet date. Financial Instruments Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short lemi deposits 12
Docusign Envelope ID.. 810D7212-83C449AA.BDA6.29A07548CAC1 continued The Nicholls Spinal Injury Foundation IA company limited by guarantee, not havlng a share capltal NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 with an original maturity date of three months or less. Debtors and creditors with no stated interest rale and receivable or payable within one year are recorded al transaction price. Any losses arising from impairment are recognised in th8 slalemenl of financial activities under administrative expenses. Financial liabilities and equity instruments are classified according lo the substance of the conlraclual arrangements entered into. An equity instrument is any contract that evidences 8 residual interest in the assets of the enlily after deducting all of ilg financi21 liabilities. Where the contractual oblig8tion5 of financial instruments are equivalenl to a Similar debt inslrumenl, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating lo financial liabilities are inciuded in the statement of financial 8clivilies. Finance costs are calculated so as lo produce a constant rale of return on the outstanding liability, INCOME DONATIONS AND LEGACIES Unrestrlcted Restricted Funds Funds 2024 2023 Donations and18gacies 65,453 10.401 75,854 36,312 OTHER TRADING ACTIVITIES Unrestrlcted Rastrlcttrd Funds Funds 2024 2023 Other trading activities 167,974 167,974 209,161 OTHER INCOME Unrestrlcted Re$trl¢t9d Funds Funds 2024 2023 Other income 18.075 18,075 12.309 EXPENDITURE RAISING FUNDS Dlre¢t Costs Other Costs Support Costs 2024 2023 Raising funds 106,829 8,187 115,016 134,763 CHARITABLE ACTIVITIES Dlrect Costs Other Costs Support Costs 2024 2023 Expenditure on ch8ritable activites Governance Costs (Note 4.31 63,839 63,839 7,683 126,626 6,992 7,683 63,839 7,683 71,522 133,618 GOVERNANCE COSTS Direct Costs other Costs Support Costs 2024 2023 Charitable activities - governanoe osls 7.683 7,683 6,992 13
Docusign Envèlopè ID". 810D7212-83C449AA-8DA6-29A0754BCAC1 continued The Nicholls Spinal Injury Foundation IA company limited by guarantee, not having a shar8 capital) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 SUPPORT COSTS Cost of Governance Raising Co$t$ Funds 2024 2023 Support 8,187 7,683 15,870 11,798 ANALYSIS OF SUPPORT COSTS 2024 2023 Support 15,870 11,798 NET INCOME 2024 2023 Net Income Is stated after charglngllcredltlngl.. Depreciation of tangible assets Independent Examiner's remuneration.. independent examination seNices 390 606 1,200 3,840 INVESTMENT AND OTHER INCOME 2024 2023 Bank Inl8r8sl 18,075 12,309 EMPLOYEES AND REMUNERATION The staff Costs compAse'. 2024 2023 Wages and salaries Pension costs 71,601 418 79,413 1,016 72.019 80,429 TANGIBLE FIXED ASSETS Fixtures. flttSng5 and equlpment Total Cost At 31 December 2024 3,067 3.067 DgprgGiation At 1 January 2024 Charge for the financial year 2,676 391 2.676 391 At 31 December 2024 3,067 3,067 Net book value At 31 December 2024 At 31 December 2023 391 391 14
Docusign Envolope ID.. 810D7212-83C449AA-BDA6-29A0754BCAC1 continued The Nicholls Spinal Injury Foundation IA company limited by guarantee, not havlng a share capltall NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 10. INVESTMENTS Other investments Total Investment8 Cost At 31 December 2024 100 100 Not book value At 31 December 2024 100 100 Al 31 DeGember 2023 100 100 There were no investments held outside of the UK. Th8 company's investments al the balance shbet d8t8 in the share capital of companies include the following TNSIF Llmit8d Registered office 27 Old Gloucester Street, London, United Kingdom, WC1 N 3AX Nature of business '. Dormant company Class of share .' Ordinary Holding - 1004 11. DEBTORS 2024 2023 Trade debtors Other dablors Prepayments and accrued income 6,960 6,435 22,578 673 673 35.973 12. CREDITORS Amounts falling due withln one year 2024 2023 Trade creditors Accruals and deferred income 29,110 56.039 1,234 86,115 85.149 87,349 13. RESERVES Funds Total SurplusllDeficitl for the financial year 75,365 75,365 At the end of the year 75.365 752,893 828,258 15
Docusign Envèlopè ID.. 810D7212-83C449AA-8DA6-29A0754BCAC1 continued The Nicholls Spinal Injury Foundation IA cornpany limited by guarantee, not havlng a share capital) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 14. FUNDS 14.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestricted Restrlcted Funds Funds Total Funds At 1 January 2023 Movement durlng the financial year 763,223 110,4311 269 11681 763.492 (10,5991 At 31 De¢ember 2023 Movement during the financial year 752,792 64,970 101 10,395 752.893 75.365 At 31 D8C8mber 2024 817,762 10,496 828,258 14.2 ANALYSIS OF MOVEMENTS ON FUNDS Balance 1 January 2024 Ineom• Expendlturo Transfers Balance between 31 December funds 2024 Restrlcted fund5 Reslriclod Unrestrlcted funds Unreslricted General 101 10,401 10,496 752.792 251,440 186,470 817,762 Total fund8 752,893 261,841 186,476 828,258 14.3 ANALYSIS OF NET ASSETS 8Y FUND Flnanclal fixed assgts Current assots Current Ilabllltlos Totsl Unrestricted general funds 100 913,307 {85,1491 828,258 100 913,307 {85,149} 828.258 15. STATUS The charity is a company limited by guarantee not having a share capital. The liability of the members is limited. Every member of the company undertakes to contribute lo the assets of the company in the event of its being wound up while they are rnembers, or within one financial year thereatter, for the payment of the debts and liabilities of the company contracted before they ceased to be members, and the Gosls, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves. such amount as may be required. not exceeding £ 1. 16. RELATED PARTY TRANSACTIONS Donations totalling £5,63012023'. £9,900) were received from Iruslees. The donations related lo the purchase of teams for the golf 8nd c18y pigeon events. There were no other related paty transactions for the year ended 31 December 2024, nor the year ended 31 December 2023. 17. POST-BALANCE SHEET EVENTS There have been no significant events affecting the Charity since the financial year-end. 16