Charlty Reglstratlon No. 1110009 Company R•glstration No. 05320290 THE UK STEM CELL FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE UK STEM CELL FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustg8S Professor T Jones Mr J Moulton. Ch8irmèn Mr N Ross Mr J Taylor Lord R Winston MrJJDack (Appointéd 1 Sèptember 20231 Charlty nUrnr 1110009 Company number 05320290 Regl$tèr•d offlc• Cannon Place 78 Cannon Strget LONDON EC4N 6AF Independent examinér John F Mason Johnston Camichael LLP Chartered Accountants 227 Wesl George Street Gla$gow G2 2ND B4nk•rs Coutt5 & Co. 440 Strand Lon¢Jon WC2R OQS Solicitors CMS Cameron Mckenna Nabarro Ol$wAng LLP Cannon Place 78 Cannon Street London EC4N 6AF
THE UK STEM CELL FOUNDATION CONTENTS Page TrLEsI?es' report Independent examinerf$ r•port Statement of financial 8¢1ivities SalanGe sheet Noles to the linancAal statements 8-14
THE UK STEM CELL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual repttrt togèther with the financial statements of The UK Stem Cel Foundation I'UKSCF'I for the ye8r 31 December 2023. Thg Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the CpanY'S goveming document and thè provisions of'Accounting and Reporting by Charities.. Slalemenl ol ReGomrTnd¢d Practice ISORPI applicable lo Chaties preparing their a¢coiJnts in accordance with the FirTranGial Reporting Slandard applicable in the UK Republic ol Ireland IFRS 1021". Since the company qualifies as sm811 undeT section 383, the strategic report reguld of medium large companies un(tser the Companies A¢t 2006 Istrategie Report and Director's Report) Regulalsons 2013 is not quifed. Objectives and actlvitles Publle Benefit statement Thè key aim of Ihe charity is to address Ihe lunding g8p that hinders the translation of stsm e811 rÈse8rch Into new tr8atments that have the potèntial for direct clinical benefit. The Eharity supports universities. mèdical sch(y)1s and hospitals in Ihe Uniled Kingdom for the benefit ol the general publlc an¢J broader mankind. The trustees have paid due regard lo the guidance Issued by the Charity Commission in decAding what aclivilies the charitable company should undertake. ObJ•ctlv•s and Activities Thè charitable objects for whith the charitable company 1$ es¢8blished are the Preservation, pfomdion and advan¢trment of human health and welfarè and the advancement and promotion of knowledge and èducation for Ihe benefit of the public by.. enhancing and promoting knowledge ol and 8ngaging in, funding and supporting research into Ihe mechanisms of cell degeneration, regeneration and malfunction and their links lo degenefative and other dlseases, disabilitie5, disorders and conditions in respect ol which stem cell related m1cleS, trFatsnents. curès, diagnostiC5, applications, tfrapies, products or technologies might be of benefit- Èngaging in. funding and sUPPOrt4ng research inlo stem Cell and stèm celkbased OT derivèd methods and technologies, with a view to dlseovering, inventing. improving, dèveloping, producing and applyng n7edicing5, treatments, cures. diagnostics, applications. therapies. products and technologies and other medicinal 8gents, melhods and PfO¢eSS6S, induding the translation of pure research ir¢to outputs to a standard susceptlblÈ of clinical trials with 8 viwv lo establishing the efficacy and supporting the clinical trials with a view to establishing the treatments. cures. diagnostScs, therapies, products and tèchnologles capable of application.. an¢J èducating and informin9 thè public in relation lo stèm cells and the efficacy of stem cell based (* derrved medicines, trealments. cures, dlagnostics, applications, thèrapies, products and technologiès and othèr médicinal agents, methods. process6s and the appropriate regulabon and managernent theretsf and educating and informing the public in rèlation to such matters. The main activities of the charity conlinue lo bs.. implernenling a strong lundiaising campaign d$sign8d to attract both publi¢ sector fvnding and prlvale donoTS'. raising the profile of the Ghari(y by &nlisting the support of key govemmenl departmenl8- engaging and maintaining good relations with 51em ¢ell nÈlworks, researchers. dinicians and commèrcial operators," and increasing public awareness of th8 charity, its aims and goals. Grant maklng pollcles The UK Stem Cell Foundalion aims lo build a pipeline of projects that meets its criteria lor Support and funding on the route to commeraalisation going forward. Grants are provided to 5UPP¢)rt such projects where funding hag been obtained by the charity or where funding P8rtnefS have been secured.
THE UK STEM CELL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Achlevements and pèrforrnoncg Reylgw of actlvlties During 2023 the charfty ¢)perat using ils previously established model. The UK Stem Cell Foundation h88 reflected upon the ch&llengèS to finanei81 recovery post the COVID Pandemie and has sought tr) modfy its approach lo fundialsing. $Cnt¢ and public engagement and vislbllity. Dunng 2023, the UKSCF ha5 experienced wnttnupd financial support through lègaciès, CSR and public donatioris but they remain at a redLKed levèl rolabve to pre-pandemic times. On th8 other hand, Ihe charity's 'brand' pèr8iSt5 and UKSCF has seer) continued levels ol interesl and contact from members tsf the public. both n8tional and intemational, seeking Bdvicè and information regarding 11 based and related therapies. Throuohoul 2023 the UKSCF continued to receive funding requests from research group¥ in th8 UK 8nd i¢JentEfied a proptsrtion of these that are appropriate lor support. The financial challenges thal UKSCF faced 8t the ¢lo$e of 2022 served as a caialyst for gov&mance, leadership. and strategic evolution. Throughout 2023, we havg buitt upon this loundation. reinforcing our commitment to long-lerrn sustainability and ¢nhan¢ed bmpacl. Our re-building efforts followlng the pandemlc have accelerated, Wbth a strategic locus now shtfttng toward education. advocacy. and collabtsration objectives. A significant hlghllght of 2023 has been the lormalon of new $trBleg1¢ P8rtnerships with commercial entities, which will strengthen our capacity for greater outreach and innovation. Leadernhip changes have continued lo foster 9TQWth, with Jonathan Dack fomally loirTring the Board of Trustees on 1 September 2023_ Jonathan brings valuable expertise in life sciences law and regenèrative rnedicine. Further expansion of the Board remains under consideralion as we continue to diversify tho r8ngè ot skills and experience thIn our g0veMan structur8. Looking ahead, the start of 2024 wall bfing further positive changes lo the Lmposit)rE of our Board of Twstees. These upcoming appolntments, lo be fomially annoUnd next year, will Continue lo expand the breadth of expertise and expèriencè that guide the charity's strategic dlrectson. Thèsè changes reflect our ongoing commitment lo robust govèrnance as we pursue a sustainable and impacthjl future for the Foundats¢n. Flnanclal revlew Income in 2023 was £122,402 {2022-. £29,696). Total eh8ritabl8 8Kpendilure was £380,269 12022.. £320,722}. The increase in income ovar 2023 resulleil In a reduced defficil for the year of £257,86712022'. £291,026). The charity has total resetves of £356.754 at the year end of which £3C11,127 ère unrestricted and £55.627 are restricted. Resorves polley The Trusteas of the charity have a reserves policy aimod at rnainl8ining the ability of the charTrly to deliver its chaiitablè objectives. Unrestricted funds are lo be held at a minimurn revel of at least 6 months unrestricted e¥penditvr&. With £356,754 01 unrestricted reserves held as al 31 December 2023, and total support operational costs of £380,269 dL¢ring the year. this h85 been achieved. Restricted lunds. £55.627 at the yoar $nd. r¢pr$$ent those lunds received for speciffi¢ proiects undertaken during the ye8r.
THE UK STEM CELL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Plans lor futur• perlods The UKSCF 5s devèloping public avrareThgss campaigns In partnership wSth leading acadernic and mgdical institutions. Thesè campaigns will hhlIght Ihe groundbreaking research taking place in the UK, ensuring tral th8 public understands thè transformative potential of stèm cèll therapies. The charity will work with universities and research cenlers to create educational programs. ineludlng seminars, public ledures, and media features, to bring cUttinedge srien¢e to a broafler audience. The UKSCF aims to estsblish nèw commercial partnerships aimed at fosterlng innovatK*n 8nd bringing ther8Pi&S lo market. In collaboration with biotech eompanies and pharmaceutieal fims, the charity will sypport Ihg development and commercializalion of cutting-edge trealmenls.Through eorporate social fesponsibility ICSRI initiatives. businèsses are being invited lo partner with the LIKSCF, 81ignin9 their corporate values with translomiative healtheare innovat40ns. Thes8 partnerships will provide vital fesouices to accelerate research, bridge the gap beeen lab discoveries and patient carè. and support dinical trials thot push the ioundaries of regènarative medicine. To los¢or 8 Stronger corsneclion with tha community, the UKSCF 15 launchlng several new initiativas aimed 8t engaging patients, searCherS, and thè broadèr public. Key among those is the reestablishment of the UK Sl8r Cell Nelwork, which will serve a5 a vit81 resource for the scientifie eommijnity. This plattorm will lacilitate coltaboralion, knowlèdgè sharing. and resourc8 woling across research institutions. dinical facilities, and industry stakeholdèrs. By bringing together the brightest minds in stem cell r¢$e8rch, the Network will enhance the UK'S capacity to drive innovation In regeneralivg Mlein6. The UKSCF is also comrnitted lo advoncing research in key grh areas such as geTOSCl8ncè applleations for regeDer8liv¢ mèdicine. In partnership with academic institutions, the UKSCF will support pioneering r8sè8rch projects that explore how regenerative MlLne can delay aging, treat Ègtrrelated diseases, and prom¢l& healthy longevity, In the corning years, new funding partnerships Mll drive the UKSCF'S vision of Increaslng publtc access io cutting-edge cell therapies. Relationships with research lund8rs, patient care organizations, and government bodies will be deepened. providing the necessary resouTc6s to expand the charity's reach and influence. Governm8nt-level engagement is als9 8 key priority, and ihe UKSCF will continue to initiate conversations with po1icyrnakers to ensure that Tegenerative medicine remains a national healthcare priority.
THE UK STEM CELL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Structurè. yovèrnanc# and managemènt Constltuilon Th¢ UK Stem Cèll Foundation is a compgny limited by guarantee. as defined by the Companiès Act 2(KK. 11 is govefnèd by its Memor8ndum and Articles of Association dated 23rd December 2004, its dale of incorporation, and is a registered charEty with the Charty Commission. Method of Appointment or Electlon of Trust••s Any person willing to act as a trustee may be appointed by è resolulon of thè Board. However, any appointment musl not contravene the maximum nutnbBr of Iru5tee5 fixed by the Arti¢le& of Association. The maxirnum number of trustees foi The UK Stem Cell Foundation as st8ted in the Memorandum and Articles of Assoc8ton is ten. Any person willino to act in the ¢apa¢ity of the trijslee rnusl deliver all documenlation as required by the incumbent trustees. In 8dditlOfL, 8ny 8PPOilltment may be subject lo that r$On satisfying any additional conditions and complwng Wlth any additiortal obligations Ihat Ihe Board may impose. Policies Adopted for the Induction and Tralnlng of Trust••s All new trustees must undergo training to ensure that they are aware of thèir lagal obligations undef Charity and Company Law, the content of the Memorandutn and ArtiGles of Association. the decision-maklng process, the business plan and the flnancial perfomanre of th¢ Chaff(y. Al this lifflg. they will also meet Ihe koy employees end other trustees. Pay Polley for Sènior Staff The pay of the s&nior stalf is reviewed annually and normally increased in accordance wth average eamin9S. Organlsatltsnal Structur¢ and Dg¢l$ion Moklng Thè Bokrd of Ttustees 8drninister the Ch8rity. They meet quarterty lo review finances and the devebpment of research projects and 8pplications. The Chiel Executive Officer, Brendon Noble, is responsible for the day to day running of the Foundation. projecl development acisvities as well as financial issuès and reports dire¢tly to the trustees. Rl$k M•na9emnt The Trustees have assessed the major risks to which the charity is exposèd, and are satisfied that the risk management strategy adopted at outset remains in place and comprises ol thè following.. Annual reviews of ptstential risks to the Charity Assessments ol systems and procedures lo mitlgate potential risks should they arise Monitorlng of procedures designed to mlnimTrs8 any PDlentt81 impad on thg Charity Risks ar¢ revi$w¢d and updated Tegularly to revièw any major OT new risks to which the Charity may be exposed. The systems then irnplotn¢nled rem8in robust and the trustees are 8alisfied that the syst8m$ in place mitlgate any exposure lo its major risks. This report has been prepared in accordance with the special provlslons of Part 15 of the Companles Act 2006 relating lo small companies. This report was 8pproved by thè Trust$$s on ghl¥a nd signgd on their behalf by.. Profess Trustee nes
THE UK STEM CELL FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE UK STEM CELL FOUNDATION I roptrrt lo the trustees or my examination of the financial staternenls of ThÈ UK Stem Cell Foundaoon (thè Cttaritsble companyl for the year en%Yed 31 D8cembeT 2023. RtsponsÈbilities and bsÉs of r•port As the Irusleg5 tsf the charitable company (and also Its dirfjetOTS for the purposes of company lawl you are responsible for thè preparation of the fjnancial st3tem*nts in accrlftlance with the requirements of the CornpanFes Acl 2006 Ithe 2006 Aetl. Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for iThdependent examination. I report in rè$tt of my examination ol thè charitablè company's f nancial statements carried out under secbon 145 of the Charits'95 Act 2011 lthe 2011 A¢ll. In carying out my examinatKin I have followed all the 8pplicable Direclitins given by the ChaTity Commission under section 14515llbl of the 2011 Act. Ind•p•ndent •xamlnerfs ststgrntnt I have completed my exarrin8tiDn. I confim) that no matters hava eome to my attention in connection with the Èxamination giving me cause lo believe that in any material respect.. accounting r8cords were not kept in respect of Ihe charilable Gompany as required by section 386 d the 2006 Acl., or the fin8ncial Statements do not accord with thosè récords; or thè financial slat8menls do not comply wilh the accounling requirements of sèetion 396 01 the 2006 Act othar than any requirement that the accounts a true and lair view which is not a matter considered 2$ part ol an independent èxamination., or the financial statements have not been prepared In accordance with the mèthods and principles of thè st8lèment ol Recommended Practice IOT acGounting and reporting by charities 8pplicabl• to eharitiès pr8parin9 thèir atcounts in accordance witt Financial Reporting Standard applicable in th? UK Republic ol Ire18nd IFRS 1021. I have no concerns and have cotno across no other matters in connection with the examination to which attenilon should be drawn in this report in order to ènablè a proper understanding of tre finan81 statetnents lo be reached. Use of our report This report is made to the charitable cr)mpanYs board of trustees, as a body, in a¢cord8nce with the terms of the engagÈmènt. My work has been undertaken lo enable mè to undertake an independent examination ol the charitable company's financial statements on behal¢ of thè eharitable company's board of trlsslees and for no other purpose. To the fullest extent permitted by law. I dtt not accÈpt or assume responsibility to anyone other than the charity and the charitable company's l)oafd of trustees as a body, for my work or lor this report. 4L G.q-- John F Mason Jobnslon camichl LLP charte Accountants 227 West George Street Glasgow G2 2ND Datèd..
THE UK STEM CELL FOUNDATION STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 UnFgStrtclI fun#s R88tr1ct8d fvnd$ Totsl 2023 Totsl 2022 Notes Dtsnations and lega¢i&$ Investments 117.966 4.436 117,966 4,436 28,368 1,328 Total Inromg 122,402 122.402 29,696 Charitable activities 380,269 380,269 320,722 Net expenditure for the yearl Not mov•mgnt In fund 1257,867} 1257,8671 1291,0261 Reconclliatlon of Funds Fund balances at 1 January 2023 558,994 55,627 614,621 905,647 Fund balancos at 31 D•c•mb8r 2023 301,127 55,627 356,754 814,621 The ststement ol financial atttivltl8s 81$0 ¢omplies with the reouirements for an inctsmtr and expenditure account under Ihe Companies Act 2006.
THE UK STEM CELL FOUNDATION BALANCE SHEET ASAT 31 DECEMBER 2023 2023 2022 Note8 Current assets Debtors Cash at bank And in hand 771 364.632 771 748,778 365,403 749,$49 Credltor$= amounts falllng due wlthln one year 18,6491 1134,9281 Not curr&nt assets 356,754 614,621 In¢om• lunds Restricted funds Unrestrictgd fvnd$ 55.627 301.127 55,627 558.994 356,754 614.621 The company is entitled lo the exemption from tha audit requirement contained in seetion 477 of the Companies Act 2006, for thè yeaT ended 31 Oecember 2023. The directors acknowledgè thèly responsibilities for complyng wilh the requirements of the Companies Aet 2006 with respect lo accounting records and the preparation of fin8ncial statements. The rnomb&rs hBvè not required the company to obtain an audit of ils financial stat8mènts for the year in question in accordancé wth sectson 476. These financial staternents havg been prepared in arKord8nca with the provisions applicable lo companie8 subject to the small companies regim9. The financial stalements were approved by thè Trtjstees on . Profess Trustee Company Règistratlon No. 0532D290
THE UK STEM CELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollclos Ch•rhy Infomiatltsn The UK Stem Cell Foundalion is a pral2 company limited by guarantee irKorporaled in England and Wales. The registered office is Cannon Place, 78 Cannon Street, LONOON. EC4N 6AF. The nature of the charitable eompantys operations and principal aclvlties are set out in the Tru$tees' Report. 1.1 Accounting conv•ntltsn These financial statements havg been prepared in accordan wrth the Companies Aet 2006, FRS 102 Yhe Financi81 Reporting Standard applicable in the UK and Republic ol Ireland" I"FRS 102'18nd 'Accounting and Reporting by Charities.. Staternenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financtal Reporting Standard applicable in th& UK and Republic of Ireland IFRS 1021.. The charitabl8 company is a Public Benefft Entity as defined by FRS 102. The charitable cotllpany ha& availed itself of S396 of the Companie5 Act 2006. as permitted in p8r89raph 4111 of Schedule 1 of Sl 2008 No 409, and adaplgd Ihg Companies Act fomats lo reflect the spècial nature of the ch8ritsbl$ ¢ompany'$ aclivilies. The financial statements are prepared in st&rling, which is the function81 eurrenry Qf the charitable company. Monetary amounts in these financial statements are roundèd to thtr neare$t £. The flnanclal stslemet)ts have been pPared under the historlcal cost GVentiOn. Tha principal accounting policigs adopted gre sel out below. The charity is a company limited by guarantee. The members of the company a the Trustees named on page 1. In the event of the company being wound up, the liabÉlity in i¢spoct of the 9uaranlee is limited to £10 per member ol the company. 1.2 Golng tonetrn At the time ol approving the financial Statements, the trustegs have a reasonable expectttiort that the charttsble company hès adoquat6 re$ources to contsnue in operational existence for a perlorl ol at least elvè months from the date on whid) these financia5 ststements have been signed. The trustèès, having not identified any materlal uncertsinties, wll continue to closely [rnitor Ihe operation and co3t of overheads to m8intslTr thè currently held reserve levels as well as actively seeking to obtain new fund[ towards fulure projects and research. Based on this analysi5 the trustees continue to odopt thg going (x)nceTn basis ol accounting in preparing the financial statements. 1.3 Charitable fund Unrestricted funds arè 8v8llablè for use 8t thè diserètion of the trustees in furtherance of the charitable conwanrfs objectivès. Restr5cted lunds Ar8 subjèct to spèclfi¢ condltlon$ by donors H$ to how they may be used or which have been raised for particulat purposes. Th6 Cost of 18Ising and adtninistering such funds are chaiggd pgainsl the spècific fvnd. Th& purposes and u8es of the roslricted funds are sel oul in the notès to the financial statemgnls. 1.4 Income Ir¢ctrme is recognised when the char¢table company Is entltled to it aftgr any perfomance conditions have been met. ihe amounts can be measured reliably, and It is probable thgt income will be received. Cash donatn$ are recognised on reGeipt. Other donations are recognised once the tharilable company h8S been notified of the donation, unless performance conditions require defertal of the amunl. Income tsx recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at tho tÉme of the donation.
THE UK STEM CELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Aecountlng poll¢le5 {Contlnuedl Legaciès ara r8cognised on receipt or otherwse 11 the charitable company has been notifièd of an Impènding distribution, the amount is known, and receipt is expe¢led. If the amounl is not known, the legacy is Ire8ted 8$ a mntingènt 88set. Don8lÈd sèrviees or facilities are recognised when the company has control over the item. any conditions associatèd wth the donated item have been mel. the receipt ol the economic benefit from the use by the company of Ihg item is probable an¢J that economic benefit can bè measured reliably. In accordance wilh the Charities SORP IFRS 1021, general volunteer time is not TÈeognisÈd. On receipt. donated professional sèrvlc8s and donated lacililies are re¢ognised on the basis ol value of the gift to the company which is thè amount the company would have beer willing lo pay lo ot>taln services r>r facilities ol equivalent economic benefit on the open matket., a corresponding amount is recognisèd In expenditurè In Ihe period of receipt. Invosttllent Income include5 bank inleresl 8nd Interest on funds held on deposit. It 1$ recognl8ed whén T8¢eivable and thè amount can be measured reli8bly by the eharily,. this is normally upon notification of the interest paid or pay8ble by the bank. 1.5 Expenditurè Exp8nditUfe Is recognised once there is 8 lÈg81 or constructive obligation lo ITansfer economic benefit tts a third party, it is probable that a transfer of èconomic n&fitS will be required in settlement and the amount of the obligation can be m6agured reliably. Given the sre and naturè ol the Charity, all expenditure is categorised as expenditure on charitable activities. Governance costs, which arè thos6 incurred in connects'on wth administration ol the company and compliance with CODStilulional and statutory requirements, have been allocatèd to charitable activities as the primary activity of the charty. Grants payable are charged in the year when the offer is made except in thos8 eas6s where the offer is conditional, such grant5 being Tecognised as expendiiure when the nditionS 8tt8¢hing a fulfilled. Grants offèred subject to conditions which havg not bean met at the year4end are noted as a cr)rnrnitrngnl, but not accrued oxpenditure. All expenditure is inclusive ol irrecoverable VAT, 1.6 Tanglble fixed asstts Tangible fixed assets are initially measured at cost and subsequently measured at ¢osl or v8lu811on. nel ol depréci8tion and any impairment losses. l assets costi9 mor¢ than £SOO are CaptaliSed. Depre¢i8tion is r6cognised so as to write off the cost or valuation of assets les5 their residual values Over their uselul lives on the following bases.. Plant, m8ehlnary & equipment 33ts1¢ pgr 8nnum on cost The gsin Of loss arising on the disposal of assèt is detemiined as the difference betwgen th¥ s8le proceeds and the cairying value ol Ihe asset, and is rècognised in the statemenl of financial activities. 1.7 Cash and eash oqulvalents Cash and cash equivalents include cash in hand, depcsits held 81 c811 with b8nk8 and other short-term liquid investments with original matuflties of Ihrge months or less.
THE UK STEM CELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting policies (Continuedl 1.8 Flnanclal Instfum•nts The ch8ritable wmpany has elected to apply th¢ provision5 of Section 11 'Basic Financial Instruments, and Seetion 12'0th8r Financial Instruments Issue5, gf FRS 102 to all of ils financial instnjments. Financtal instruments are recognisèd in the charitable companys balance sheet whon the charilabl& company becomes party to the contractual provision5 of the instrument. Basle flnan¢ial as$•t5 Basic financial assets, which Inclde debtors and cash and bank balan¢ès, are initially me88ured at transaction price including transaction costs and are subsequently carried at amortised cogt using the effective interest mclhod unle8$ the arrangement constitutès a financing Iransaclion, where thè transaction Is measured at the present valve ol the future Yeip1S diseountèd at 8 m3rkel rale of Inte$t. Flnancial assets dassiftd as receivable within one year are not amorbsed. 8ow¢ financial liabilitles Basic financi81 liabilities. including cmdilors 8rÈ initi811y recognised at transacllon price unFess the arrangement Constitutes a financing transaction, where the debt instwment is mèasured 8t the present value of Ihe future payments discoLsnted at a market rate of inlerest. Financial liabililies classffi8d as payablè Wilhin one year are not amorbsed. D•r•cognlllon of flnanei*l lièbllltles Financial liabilities are derg¢ognisgd when the chariiable company's contraGlual obligations expire or are discharged or cance51ed. 1.9 Llabilittes and PFovi$ion8 Liabilities a recognised when thert is an obligation at the BBlanee Sheet dale as a result of a p8#t event, it is probable that a transfer of economic benefit will be requirèd In settlement, and the amount of settlement can be estimated reliabty. Liabilities are recognised at the amount that the Charity anticipates il will pay to sètle thè debt or at Ihe amount il has received as advanced payments for Ihe goods or services il nwst pVe. Provisions are measured at the best estimatè of tho amounts required to settle the obligation. whe the effect of the time value of money is matèrial, thè provision is based on the present value of those Èmounts, discounted at the pre-tax discount ratè th reflects Ihe risks specific to thè liability. The unwinding of the discount is recognised within Interest payable and similar charges. 1.10 Employè• bèn#fits The cost of any unus¢d hOlaY enlillèment is recognised in the period in which the employee's sèrvi$ are received. 1.11 Rotiroment bgnefits Payments to delined contribution tireMent benefit schemes are chafg¢d as an expense as they fall due. 1.12 ?e$ Rentals payable undèr opèra11r leases. including any lease incentives rs¢&ivttd, are char9ad as an expense on a strAi9hl lin¢ basis over the tem) ol the relevant lease. 10-
THE UK STEM CELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donatlon$ and l*gacl•s Vnf•strl¢t•d Unrostrfct fund$ 2023 2022 Donations and gifts 117,956 28.368 Invg#tm•nts Unrestrlcled Unre5trlcted 7023 2022 Interest received 4,436 1,328 Charltabl• actlvltles Total Total 2023 2Q22 Project wsts 29.803 76.965 Share of 5UPPOrt costs Isee note 51 Share ol goveman¢e c05ts1588 note 51 345,451 5.015 237,687 6.070 380,269 320,722
THE UK STEM CELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support eosts Stspport cosls GovJrn4n ¢osts 2023 Support ¢¢x•ts Govsmanco costs 2022 St8ff costs Depreciation Travelling & mileage Evitertatnmenl Bank charg8s Telephone Postage & ststionery Officè expensès Marketing expenses Insurance Professional fee8 180,860 180.86D 197,637 1,133 6.371 124 1,989 3.449 1.608 18.763 3.235 1,200 2.178 197.637 1,133 6.371 124 1,989 3,449 1,608 18,763 3,235 1,200 2,178 2,947 177 659 5,748 1,055 6,708 5.834 1,272 140,191 2.947 177 659 5.748 1.055 6,708 5.834 1.272 140,191 Independent examinalion fee 5.015 5.015 6,070 6,070 345,451 5,015 350,466 237.687 6,070 243,757 Analysed between Charitable aclNilies 345,451 5.015 350,466 237.687 6,070 243,7S7 Trustees None of the trtjstees lor any person5 wnnecled with them) received any remuneration during th¥ CUfTenl or omparative year. No trusteè or any person 1*ted to the charity had any personal interest in any contract or transaction entered into by the chanly in the year. Ouring the year, no trustee received reimbursemenl oftravel expenses12022: no tru81ee reimbursement). 12-
THE UK STEM CELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Employge$ The average rnonlhly number of èmployees during the year vras-. 2023 Numb•r 2022 Numbor Employm•nl ¢o$ts 2023 2022 Wages and $8lariès Social security costs other pension costs 167,060 12,387 1,413 178.168 17,338 2,131 180,860 197,637 The number of *mployè&s whose annual rernuneralion was £60.000 or fflDTe were.. 2023 Numbor 2022 Nurnb•r In tho band £110,001- £120,000 Kèy management personnel comprise the outgoing Chiel Execulive Officer and the Operations Manager, whose employee benefils for the year were £181,125 12022.. £111,824 felaling to Chief Executive Officer onlyl- Deblors 2023 2022 Amounts falllng due wlthin ong year- PTepaymènts 771 771 CTtditors- amounts lalllng due wlthln one year 2023 2022 Other taxation and social security Trade creditors Accruals 3,66S 21,318 4,320 109.290 4,984 8.649 134,928 13
THE UK STEM CELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Retlr•ment benefii schemes D•fln•d ¢ontrfbutSon schemes The charitable company operales a defined ¢onlribulion pension gehem8 for all qualfying empk)yees. The assels of the scheme are held 5ep8ratsly from those of the Charitable company in an independenuy administered hjnd. The ¢harge to net in¢omellexpenditurel In lespect of defined contributson schemes was £1,413 12022 £2,131). 11 Analysls of net assetB between fund Unrostrl¢lsd fund8 2023 R•strlcted lund$ 2023 Totsl Unrestrktsd fvThds 2022 R•slrl¢tsd funds 2022 Total 2023 2022 Fund balances at 31 December 2023 are represented by.. Current as8etsl1liabilil5} 356,754 356.754 614,621 614,621 356,754 356.754 614,621 614,621 12 Operating Ita6* ¢ommitments Al the reporting end date the charitable company had outstanding commitments for futuf8 minimum lease payments undèr non-cancallabl8 operaling18asès. which fatl due as follows= 2023 2022 WFthin one year Between iwg and fjvo years 1.057 16.125 17,182 Amounts reeognised in protit or loss as an expense during the pertod in respect ol operating lease arrang8mont$ 8mount¢d lo £3.17112022.. £9.5131. 14-