National Migraine Centre
Report of the Trustees and Financial Statements
for the year ended 31 March 2024
Registered company no: 05846538 (England and Wales)
Registered charity no: 1115935

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
CONTENTS
Page
Chairfs Statement
Trustees, Report
Introduction
Vision & Values
Structure, Governance & Management
Review of the Year
Statement of Trustees, Responsibilities
13
17
Independent Examinerfs Report
18
Statement of Financial Activities
19
Balance Sheet
20
Statement of Cashflows
22
Notes to the Financlal Statements
23

NATIONAL MIGRAIPIE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
Chalrfs Statement
As chair of the National Migraine Centre, it gives me great pleasure to present our annual report and
accounts for the year to 31 March 2024.
Last year {2022/23) was very much a turnaround year following a difficult period during and after the
pandemic. In 2023/24 we were able to build on the foundations laid with another record number of
treatments offered to patients (2,269) and also a strong financial performance in terms of clinic income.
The number of headache specialists remained high with the support given around ongoing training and
professional development aiding the retention rate.
The updated website was available for the full year which generated higher engagements levels and
prospective patient enquiries, with demand for our services remaining stron8.
As always, we are very grateful for the numerous individuals and organisations who supported the charity
financially, in particular the contributions from OUCH(UK), Lundbeck and also Pfizer, the latter supporting
our registry data project.
There was one change at board level with one of our longer serving members, Ruth Robertson, retiring. I
would like to thank her for her contribution, particularly over the last few years. We will be looking to add
to the board over the coming year as a number of members are likely to retire.
With a strong leadership team, a dedicated, growing team of clinicians and solid financial foundations,
the National Migraine Centre is in a position to continue to provide much needed treatment to the
migraine and headache patient community.
Anthony Stratton
Chair

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
TRUSTEES, REPORT
Introduction
The National Migraine Centre is the UK'S only charity dedicated to providing diagnosis and treatment for
the one in seven people who suffer migraine. Over more than four decades, our committed team has
helped more than 67.500 people affected by migraine and other primary headache to access world-class
headache specialists.
We receive no NHS or government funding: our work is largely funded by our patients. Since we provide
consultations to all irrespective of their ability to pay, we rely on support from those trusts, foundations
and corporate partners who share our belief that all those affected by migraine deserve access to effective
treatment.
raine: more than '
ust a headache,
Headache affects almost everyone at some point, but around 14 per cent of the population suffer
migraine, a condition that can, at its worst. severely reduce quality of life and cause chronic, disabling
pain.
More people suffer migraine than those living with asthma, diabetes and epilepsy combined, affecting
three times as many women as men. Without effective treatment, migraine can undermine mental health,
relationships and employment.
Migraine is the most common neurological condition in the developed world. The World Health
Organization ranks migraine as the second highest cause of disability globally, following lower back pain.
Those affected by chronic symptoms (three to five per cent of people with migraine) endure severe and
disabling symptoms on 15 or more days a month.
raine and work
A survey undertaken by the National Migraine Centre suggests more than 50 per cent of chronic migraine
sufferers feel that their employer is not supportive of their condition. The research also showed:
25 per cent had to change careers because of migraine / headaches
16 per cent lost their job because of migraine / headaches
97 per cent of respondents worked while in pain caused by headache
54 per cent suffer financially due to migraine / headaches
Chronic sufferers lose 16.8 days of work each year due to headache-related conditions
The impact of migraine and headaches on work is often unseen, underestimated and misunderstood by
employers and can be underplayed by those affected in order to hold on to their jobs. Access to effective
treatment can minimise the impact on the individual and benefit employers by improving staff wellbeing
and boosting productivity.

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
The cost of mi
raine to societ
According to research undertaken by The Work Foundation:
Migraine is the biggest cause of years lived with disability among those aged IS to 49 - a time
when people are often at their most productive, furthering their careers and starting families,
with a major impact on career development and the wider economy
5.7 days are lost per person with migraine every year, equating to 43 million workdays at a cost
of almost £4.4 billion
An estimated additional £4.4 billion is lost to the economy each year due to reduced productivity
as those with migraine continue working during attacks
many express concerns about the
negative impact on their careers of taking extended or regular sick leave
In spite of its extraordinary cost to society. migraine is the least publicly funded of all neurological diseases
relative to its economic impact.
Misunderstood misdia
Despite the prevalence of migraine and the cost to the individual and society, headache is rarely
mentioned in NHS plans, while most GPS will have five or fewer hours training on the condition.
Consequently, the quality of care inevitably varies greatly across the UK.
nosed mistreated
According to The Work Foundation's research, GPS ' ..do not know enough about [migraine] and appear
to have little interest in it given the wide range of competing medical conditions.,
These weaknesses in primary care result in unnecessary referrals to already over-burdened secondary
care, leading to extensive waiting lists and problems accessing services for those in greatest need.
Secondary care at NHS hospitals remains greatly under resourced to handle this scale of demand. Only 20
per cent of NHS Trusts responding a freedom of information request by The Migraine Trust said they had
a specialist headache clinic. The UK has just 1.1 full-time equivalent neurologists per 100.000 people
(compared to more than four in France and Germany).
As a result of these inadequacies and capacity issues across both primary and secondary care in the NHS,
there are over 16,500 emergency admissions for headache every year- up 14 per cent in five years. Most
of these would be avoidable with effective care.
These service gaps leave many people in great distress, and the National Migraine Centre is often their
last resort.
A lifeline for
eo
le with headache
The National Migraine Centre was founded in 1980 to provide treatment to those affected by migraine
and other primary headaches, to share skills and train professionals, to conduct and promote research.
and to improve self-management.
Neither private nor within the NHS, we remain the only charity in the UK dedicated to delivering treatment
for headache. Last year, we provided 2,269 consultations and treatments (up from 2,174 in 2022123) to

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
people affected by migraine and primary headache.
Our charity brings together some of the UK'S most renowned headache clinicians, including leading
consultant neurologists and GP headache specialists, who support the charity in both governance and
patient-facing roles.
National Migraine Centre clinicians are based around the UK, seeing patients affected by migraine and
primary headache nationwide via remote online and telephone consultations, For those requiring face-
to-face treatments, such as Botox or nerve block injections, doctors offer in-person appointments at
special procedure clinics.
We also help those affected by migraine by irnproving self-management, with a range of tools, including
our Heads Up podcast and online resources, providing essential, evidence-based guidance and
information.
The National Migraine Centre is inspected and regulated by the Care Quality Commission (CQC). The most
recent CQC report on our work found our clinic to be safe. effective, caring. responsive and well-
led. Ongoing surveys and patient feedback continue to show extremely high patient satisfaction ratings.
All medical staff are fully qualified clinicians with a specialist interest and additional training in migraine
and headache, registered with either the UK'S General Medical Council or the Nursing and Midwifery
Council. Our clinicians provide additional and overlappin8 expertise on various specialist areas, such as
women's health, mental health and ophthalmology.
Clinicians are employed as contractors and devote one hour to each first appointment, giving every
patient around 40 minutes with the doctor, far more time than they might receive in NHS or many private
settings, to discuss their individual case. Our doctors will then liaise with patients, GPS to ensure ongoin8
appropriate care, recommending medication and care plans.

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Financlal Statements for the year ended 31 March 2024
Our Voslon
Our vision is for all those affected by migraine to have access to life-changing support and world class
treatment. We empower people to take control of their headaches and lead better lives by providing
expert patient care, facilitating research, improving professional skills and supporting better self-
management.
Our Values
We are:
COMPASSIONATE. We are always patient focused, treating every individual with dignity and respect. We
extend that care and consideration to our clinicians, staff, trustees, supporters and all those with whom
we interact in the course of our work.
EXPERT. We bring together leading clinicians, policymakers and researchers in the field of headache
treatment, continually striving to develop skills and expertise across our charity, the NHS and wherever
those affected by migraine seek treatment and support.
PROFESSIONAL. We are dedicated to upholding the highest standards of professionalism and integrity.
We are committed to delivering safe, high-quality and evidence-based care for every patient. We are
always open, transparent and supportive.
COLLABORATIVE. We work tO8ether with our patients to deliver the best outcomes for every individual.
We work with clinicians, charities, researchers and others to advance our vision.
DRIVEN. We are dedicated and passionate, single-minded in our commitment to improving the lives of
all those affected by headache. We actively work to improve access and transform outcomes for
everyone in need, always striving for equity in the provision of services and support.

14ATIONAL MIGRAINE CENTRE
Report of the Trustees and Financlal Statements for the yeaf ended 31 March 2024
Strurture. Governance & Management
anisational structure
Our governing body, the board of trustees (the board), is responsible for the overall governance and work
of the charity. The trustees are volunteers and do not receive any remuneration for their services.
Strategic decision-making takes place at board level. Trustees make decisions having reviewed input from
various sources, including performance indicators supplied by the executive, input from clinicians and
patients, regular reports supplied by the executive, and additional reports arising from one-to-one
meetings between board members with particular specialisms and senior members of the executive team.
The chief executive assists the board in setting strategy and implements that strategy through the
management of a small administrative team and a world class clinical team. Operational decision-making
on a day-to-day basis rests with the chief executive, informed by scheduled meetings with senior
administrative managers and regular discussions and formal meetings with the clinical team.
The chief executive and chair also discuss and agree decision-making processes during regular meetings
scheduled ahead of board meetings.
ointment of Trustees
Trustees are appointed in line with the charitrfs Equal Opportunities Policy, following open advertising of
roles. Candidates are evaluated objectively against an agreed procedure designed to fill any skills and
experience gaps that have been identified, or which may be a priority for the delivery of our strategic
aims.
New trustees all undertake a structured programme on appointment, which includes meetings with key
staff and trustees, an induction into the charity's full suite of policies. as well as our governance processes.
During the course of the year, no new trustees were appointed. Ms Ruth Robertson resigned as a trustee
on 22 November 2023. the board wishes to thank Ms Robertson for her commitment and for her expert
advice and support during a crucial transitionary period for the charity.
Staff remuneration
The charity has a Staff Pay Policy, which guides our approach to employee remuneration. Salaries are set
and reviewed against the following principles:
Competitiveness with similar roles in the voluntary sector
The nature of the role, including its complexity and the particular skills required
The ability of the charity to attract and retain capable and motivated people
Performance over a sustained period of time which exceeds the reasonable expectations of the
role
The financial sustainability of the National Migraine Centre
A fair approach to decision-making
Our commitment to equity, diversity and inclusion, as outlined in other policies

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
Ob ectives and activities
The National Migraine Centre was founded in 1980 as a registered medical charity by Dr Blau and Dr
Wilkinson, both consultant neurologists with a special interest in migraine. The original governin8
document is a trust deed dated 23 May 1980, later replaced by a set of Articles of Association.
The trustees confirm that they have referred to the Charity Commission's guidelines and that the National
Migraine Centre's current aims and objectives are charitable and fall within our governing documents.
Our charitable objects, set out in our Articles of Association, are:
the provision of clinics offering diagnosis, treatment and support for patients suffering with
migraine or other primary headache
the provision of information and signposting to alleviate the impact of such disorders and to grow
awareness
the promotion of research into the causes, treatment and alleviation of mi8raine and other forms
of headache
the publication of the useful results of such research
In order to achieve these objectives, the board oversees the development of a strategy, which it monitors
and reviews at regular board meetings and at dedicated strategic review meetings.
A dedicated strategic review day took place during November 2023, when the board and senior managers
met to discuss a strategic plan for the next five years. This plan is due for further discussion and final
approval during 2024.
Implementation of operational plans is delegated to the chief executive and the executive team.
We have adopted a social enterprise strategy in order to extend our charitable activities and benefit more
people affected by migraine. Income from private appointments is allowing us to expand the number of
treatments we are able to offer to those in clinical need who, for financial or other reasons, might not
otherwise be able to access effective treatment for headache conditions.
Beyond the provision of treatment. our strategy encourages working with other organisations, including
charities and professional bodies, and the NHS in particular, to provide and promote evidence-based
information and signposting. We also engage actively in print, broadcast and social. media
communications to promote awareness and self-management options, training key members of our
clinical team to act as media spokespersons.
Standard key performance indicators are agreed at board level, which are designed to show progress. The
executive produces a report on these indicators ahead of each board meeting, which is then analysed and
discussed as a standing item at every meeting.
We prioritise developing relationships with researchers within academia and the pharmaceutical industry
in order to support new treatment options. and we are currently developing new tools to assist in the
development of more effective treatments for headache. The board reviews progress against research
objectives with regular reports from the executive; the board always includes a senior clinician member
with the relevant experience to ensure we have the skills to properly evaluate research and clinical
activities.

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Financlal Statements for the year ended 31 March 2024
During four decades as an independent medical charity. the National Migraine Centre has:
Treated over 67,500 patients affected by migraine or other primary headache
Gained a reputation for clinical excellence, with high levels of patient satisfaction
Supported research into treatments that have since become the recommended standard by the
British Association for the Study of Headaches
Delivered headache masterclasses for thousands of healthcare professionals, improving the
quality of care across the NHS and beyond
Distributed self-management information, and news on headache research or treatment options,
online and through the media
The charity is supported by a small number of valued volunteers, who play a key role in providing
administrative support. Our work with volunteers is guided by our Volunteer Policy, which commits the
charity to:
ensuring equal opportunities to all prospective volunteers
matching the skills. experience, motivations and aspirations of volunteers with the most
appropriate role
providing a clear description of roles
offering appropriate training and support where appropriate
maintaining a healthy and safe working environment
listening to and respecting volunteer feedback
recognising the contribution of volunteers
Risk mana
ement
The board recognises its responsibility in the identification, management and mitigation of risks and works
closely with the executive team in this regard.
The board and senior management team review risks on a regular basis, ensuring financial, compliance,
reputational and other risks are considered, and plans are updated accordingly.
The board maintains a risk register, which is overseen and updated by a subcommittee of board members
that meet regularly and report back to full board meetings. Discussions around risk management are a
standing item at all board meetin8S.
Financial review
The charitvs income can fluctuate significantly, and the trustees have adopted the policy of aiming to
keep a general reserve of at least six months, running costs. The charity currently holds sufficient reserves
to meet this policy. The amount of restricted reserves at the end of financial year 202314 was £nil
(2022/23: £91,141).
The charity often holds restricted funds for the delivery of specific projects. During 2023124, we deployed
restricted funds received from the Postcode Innovation Trust to support our clinic expansion plans.
Currently, we hold restricted funds received from Pfizer to support our registry project (detailed below).
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Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
In recent years, the charity also took out an HSBC Bounce Back Loan and additional financing through the
Postcode Innovation Trust in order to enable our transition towards a social enterprise model. This project
has proved extraordinarily successful, with the charity now able to help more people than ever before in
its history while also increasing its clinical income to record levels. Our greatly expanded impact and
increased income are both testament to the success of this ambitious plan.
Once again, the board has recognised that loss of clinical personnel remains a potential risk to income,
while also noting that increasing patient demand offers opportunities to grow income. Further expansion
of the clinical team is therefore a priority. Supported by funding from the Postcode Innovation Trust, the
charity has once again begun recruitment of a new intake of clinicians. This follows a similar expansion
during the financial year 2022/23.
Although the external economic environment remained challenging throughout 2023/4, demand for the
charity's services has never been higher and income from private appointments reflects this.
The charity received grant income from various private and voluntary sector bodies during 2023/24,
including OUCH(UK), which has kindly supported the National Migraine Centre for many years. We also
learned during 2023/24 of significant funding from Pfizer, which is generously supporting the
development of a registry data project - this appears as deferred income in the 2023/24 accounts and
will be recognised as income in the charitWs 2024/25 accounts.
Our decision to adopt a social enterprise approach has driven a surge in income from private patients,
which is in turn enabling the charity to expand its offering for routine patients (those who pay no fixed
fee but may, if they wish, leave a voluntary donation towards the cost of their consultation).
With a low appetite for risk and, until recently, very limited reserves, the board has chosen not to invest
funds in financial products which carry a higher risk and so has no investment performance to report
against specific investment objectives. Throughout 2023/4, all reserves were held in two CAF Bank Ltd
accounts, with most held in an account attracting a higher rate of interest but with no capital volatility
risks. The board has, more recently, agreed to explore moving a portion of reserves to higher interest
fixed-notice accounts elsewhere which, again, carry no capital risks.
Future
lans
Following a successful strategic awayday during autumn 2023, the trustees will review the draft strategic
plan with a view to approving a final document this year.
A further expansion of the clinical team is already underway, which will enable the charity to reach many
more of those in need of our services, addressing a sustained rise in demand. Once again, this has been
made possible thanks to funding from the Postcode Innovation Trust, which has also supported an
expansion in our administrative team (to support the increased clinician numbers) and marketin8 activity
to help us reach more people in need of our services.
The generous funding received from Pfizer is enabling the charity to develop a registry, to be coordinated
by a new research project manager. Patients who opt in to the project will be added to our database,
which aims to:
collect data for monitoring of prescribing practices and patient outcomes
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Report of the Trustees and Financlal Statements for the year ended 31 March 2024
streamline and improve patient data collection, and the patient's experience from the polnt of
first contact
integrate output documents generated by the register with current clinical documentation
practices to reduce workload and improve efficiency
collect data for the purposes of research and publication
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NATIONAL MIGRAINE CENTRE
Report of the Trustees and Financlal Statements for the year ended 31 March 2024
Governance and administration details
Registered office and principal address:
999 Finchley Road
London
NWII 7H8
Contact details:
info@nationalmi8rainecentre.org.uk
020 72513322
Registered company number:
05846538 (England and Wales)
Registered charity number:
1115935
Trustees:
Dr Bal Athwal
Ms Katie Cotton
Mr Simon Kingsnorth
Ms Julie Price
Ms Ruth Robertson (resigned 22 November 2023)
Mr Anthony Stratton (chair)
Ms Penny Wilson
Senior management team:
Ms Charlotte Burr (operations director)
Ms Swati Raina (clinical & communications director)
Mr Daniel Tickle (chief executive)
Independent examiner:
Giles Thrush
Richardson Jones
Chartered Accountants
Bankers:
CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent ME19 4TA
Accountant:
AJC Accountancy
Unit 40 Thrales End Business Centre
Thrales End Lane
Harpenden
Herts
AL5 3NS
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Report of the Trustees and Flnancial Statements for the year ended 31 March 2024
Review of the year. achievements and performance
During the financial year 2023124, the National Migraine Centre completed its work to review its model
of service delivery in response to the impact of the Covid-19 and healthcare trends, some of which were
hastened or triggered by the pandemic.
Alongside this, the charity also embedded its new social enterprise strategy, which aims to ensure robust
income streams that will enable the expansion of clinical services and reach more people affected by
migraine or other primary headache conditions.
After a challenging year during 2022123 as these changes began to be implemented, 2023/24 marked a
significant turning point for the National Migraine Centre. A substantial rise in unrestricted net income
has enabled the charity to build financial resilience and to expand its team, enabling clinicians to reach a
record number of patients.
The charity began the year with plans to further strengthen financial resilience, grow charitable reach,
expand the clinical and administrative teams and review strategy, all of which were achieved, as outlined
below.
Patient satisfaction
The National Migraine Centre is committed to ensuring that standards of care continue to remain
exceptional, even as the charity significantly expands its services and recruits new clinicians.
The charity monitors quality of care in a number of ways. One of these includes reviewing patient feedback
and satisfaction levels, with all patients encouraged to share their own experiences.
A survey of 351 patient responses received during 2023124 demonstrated extremely high levels of
satisfaction with both clinical services and administrative support. The survey showed:
96.9% are satisfied or very satisfied with admin support
98.3% would recommend the National Migraine Centre to friends and family
98.6Yo were satisfied or very satisfied with their consultation
98.6% found the medical advice they received helpful or very helpful
Clinical team
During the year, the charity focused on growing the clinical team in order to provide more people than
ever with access to expert headache clinicians.
Following an extended period of rigorous training and oversight, nine additional doctors joined the clinical
team, which reached a peak of 21 doctors in total. This expansion was made possible thanks to the
financial support of the Postcode Innovation Trust.
Demand continues to grow and the charity ended the year with plans for a further expansion in clinical
capacity.
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Report of the Tfustees and Flnanclal Statements for the year ended 31 March 2024
Administrative team
In order to support this expanded clinical team and better serve patients, the charity also appointed an
additional reception administrator, a post supported by the Postcode Innovation Trust funding.
With confirmation of funding from Pfizer to begin developing a new registry project. the charity also
ended the year with a recruitment campaign for a research project manager, who will act as project
coordinator.
Trainin
Dr Richard Wood, a renowned headache specialist GP and trainer, worked with the senior clinical team
on the training of the new intake of doctors. Dr Wood will continue to play a leading role in training
throughout the year ahead.
In autumn 2003, Dr Michael Long, an experienced headache specialist who has worked with the National
Migraine Centre as a clinician, was appointed as join Dr Wood as an Education Fellow.
The senior clinicians also continued to work with strategic consultant Katharine Danton, who has kindly
provided pro bono support in exploring routes to improve skills for primary care professionals within the
NHS.
New treatments
The arrival of effective new treatments, particularly in the anti-CGRP class of medications, continues to
generate interest from patients and excitement among headache specialists.
Vydura (rimegepant) became available via the National Migraine Centre in 2022123; over the past year
additional anti-CGRP options, including Vyepti and Aquipta, have also been licensed.
Aquipta (atO8epant), like Vydura, is an oral anti-CGRP medication that can be prescribed directly by
clinicians working with the National Migraine Centre.
The charity also worked with the pharmaceutical company Lundbeck to find routes for patients to be able
to access Vypeti (eptinezumab), which is available as an infusion in clinical settings.
Policies
All the charitrfs policies were reviewed and updated, to ensure best practice and compliance, while
additional policies were added to reflect new ways of working.
The full suite of policies reflects the charitrfs commitments and responsibilities to its patients, staff,
donors and other key stakeholders.
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Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
Outreach
Thanks to funding provided by Lundbeck UK, senior headache specialist Dr Katy Munro, accompanied by
Dr David Kernick, organised a series of events at the Edinburgh Festival Fringe 2023, designed to improve
self-management of migraine and other headache conditions.
Re
1st
ro
ect
The charity is indebted to Pfizer for confirming during 202314 that it will provide financial support for a
new registry project. The project, to be delivered during 202415, aims to improve patient outcomes and
experience as well as supporting research.
Heads U
odcast
Series five of the National Migraine Centre's award-winning Heads Up podcast continued throughout the
year. Hosted by Dr Katy Munro, Heads Up provides information and support on migraine and other
primary headache and has so far received over 247,0￿ downloads.
raine Awareness Week 2023
Migraine Awareness Week is an important opportunity for the charity to raise the profile of migraine, the
treatments available and the work of the National Migraine Centre.
Activity included a page-dominant article in the Sunday Times followed by a week of media activity that
included interviews with Dr Katy Munro on ITV News.
Strate
The board and senior managers met for a facilitated strategy day, which will shape strategic direction for
the next five years.
The outcomes of this day are now being developed into a strategic plan, due for approval by the trustees
in summer 2024.
Individual fundraisin
The charity ran two individual giving fundraising appeals during the year, which raised over £25,000 in
total.
A special Remember a Charity Week maillng invited supporters to consider leaving a gift to the charity in
their wills.
During the course of the year, no material expenditure was incurred to raise income in future years.
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Our thanks
The National Migraine Centre is always extremely grateful to the many individual supporters who donated
to the charity throughout the year, whether responding to appeals or making donations towards the cost
of their appointments.
The charity is committed to providing the very highest standards of care, which is only possible thanks to
the quality of training and mentoring offered to new clinicians. We are therefore indebted to our
education fellows, Dr Richard Wood and Dr Michael Long, who kindly 8ive their time and expertise to train
and support our new GP headache specialists.
Thanks are also due to those consultants, agencies and contractors who have supported the charity at no
cost, including Dentons, which provides ongoing pro bono legal advice
The charity is also especially thankful to the Rt Hon Dehenna Davison MP, for her incredible efforts to
raise the profile of headache medicine and for her support of the National Migraine Centre. Over the
course of an extraordinary year, she has organised the first parliamentary debate on migraine in decades,
fronted extensive media coverage and completed the London Marathon on behalf of the charity.
Finally, the board thanks those trusts, foundations, corporate supporters and academic institutions who
have so generously provided financial support during the course of the year, includin8:
OUCH (UK), which continues to provide support that enables the charity to deliver services for
those affected by cluster headache
Lundbeck UK, which supported a project to deliver public-facing events for those affected by
headache at the Edinburgh Festival Fringe 2023
Innovate UK, which supported a joint project involving the National Migraine Centre, Happyr
Health and the University of Stirling designed to improve chronic pain management for
adolescents
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NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
Statement of Trustees, Responslbllltles
The trustees (who are also the directors of the National Migraine Centre for the purposes of company
law) are responsible for preparing the Report of the Trustees 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, which give
true and fair view of the state of affairs of the charitable company and of the incoming resources and
application of resources, including the income and expenditure, of the charitable company for that period.
In preparing those financial statements, the trustees are required to
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records, which disclose with reasonable
accuracy at any time the financial position of the charitable company and to enable them to ensure that
the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding
the assets of the charitable company and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information
included on the charitable company's website.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act
2CK)6 relating to small companies.
On behalf of the Board:
Signed
..Ji.lio14...
Date
Anthony Stratton
Chalr
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Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NATIONAL MIGRAINE CENTRE
I report on the accounts for the year ended 31 March 2024 set out on pages 18 to 31.
Respectlve responslbllotles of trustees and examlner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees
consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the
2011 Act)) and that an independent examination is required.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for
independent examination, it is my responsibility to:
examine the accounts under Section 145 of the 2011 Act;
to follow the procedures laid down in the General Directions given by the Charity Commission
under Section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.
Basls of the Independent examlner's report
My examination was carried out in accordance with the General Directions given by the Charity
Commission. An examination includes a review of the accounting records kept by the charity and a
comparison of the accounts presented with those records. It also includes consideration of any unusual
items or disclosures in the accounts and seeking explanations from you as trustees concerning any such
matters. The procedures undertaken do not provide all the evidence that would be required in an audit,
and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the
report is limited to those matters set out in the statements below.
Independent examlner's statement
In connection with my examination, no matter has come to my attention:
l. which gives me reasonable cause to believe that, in any material respect, the requirements
to keep accounting records in accordance with Section 386 of the Companies Act 2006: and
to prepare accounts which accord with the accounting records, comply with the accountin8
requirements of Section 396 of the Companies Act 2(X)6 and with the methods and principles of
the Statement of Recommended Practice: Accounting and Reporting by Charities have not been
met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the
accounts to be reached.
iles Thrush
Rlchardson Jones
Independent Examlner
Date:
19

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
STATEMENT OF FINANCIAL AcfiviTIES
(Incorporating an income and expenditure account)
For the year ended 31 March 2024
2023 Total fvnds
Notes
Unrestricted funds
Rewlcted lund$ 2024 Total fvnds
INCOME
Donatlons and le8acles
Oonations
Legacies
139.294
55.727
55,727
55.727
55,727
139,294
Other tradln8 actlvltles
Fundraisin8
Fees
62,104
255,089
317.193
47,596
438.885
486,481
47,596
438,885
486,481
Income from In¥￿tMents
9,085
9.085
1.078
lncoffle from tharitsble actlvltles
Gfants
Contract Income
1,184
1,754
2,938
112.488
1.754
2,038
120.288
Other Incoffle
Totsl Income
553J31
554231
S77￿
Less: Expendlture on ralsln8 lunds
Marketin8 costs
15,3101
110.416)
115.726)
{11.181)
Net Income avallable lor thafltable Kttvltles
548.021
19.5161
538,505
566.672
Expendlture on charltable artmtles
Research and medical costs
111,388
259.263
370.651
67.665
13.9S9
81.624
179,053
273.222
452,275
164,152
251.357
415,508
Operating costs
Governance costs
3.446
3.446
T¢)tsl expendi￿re
374m7
81,624
4ss.ni
416558
NET INCOME I EXPENDITURE
173J24
(91.1401
150.114
Tfansfefs between funds
17
RECONCIUATION OF FUNDS
Total funds bfOU8ht to￿310
94.341
91,140
185,481
35,369
TafAL FUNDS CARRIED FORWARD
268,265
268265
185A
20

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
BALANCE SHEET
At 31 March 2024
Notes
2024
2023
FIXED ASSETS
Taft81b￿ assets
2,533
CUARENT ASSET5
l)ebtors
Cash at bank
14
2,702
520,281
522.983
4.820
372.699
377.S19
CREDITORS
Amounts fallin8 due within one yeaf
Is
(142,311
(39,251)
NET CURRENT ASSETS
380,672
338.268
TOTAL ASSETS LESS CURRENT UA81UTIES
383,205
338.4C6
CREDITORS
Amounts fallin8 due after one year
Bank loans
16
(114,9401
(152.924)
NEf ASSETS
268265
FUNDS
Unrestricied funds
Restiirted funds
17
268.26S
94,341
91.141
TOTAL FUNDS
268.265
The charitable company is entitled to exemption from audit under Sertion 477 of the Companies Act 2006
for the year ended 31 March 2024.
The members have not required the charitable company to obtain an audit of its financial statements for
the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The directors / trustees acknowledge their responsibilities for:
ensuring that the charitable company keeps accounting records that comply with Sections 386
and 387 of the Companies Act 2006, and
preparing financial statements which give a true and fair view of the state of affairs of the
charitable company at the end of each financial year and of its surplus or deficit for each financial
year in accordance with the requirements of Sections 394 and 395 and which otherwise comply
with the requirements of the Companies Act 2006 relating to financial statements, so far as
applicable to the charitable company.
21

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
These financial statements have been prepared in accordance with the special provisions of Part 15 of the
Companies Act 2006 relating to small charitable companies.
The financial statements were approved by the Board of Trustees and were signed on its behalf by:
Name
11 /io/i
Date
Anthony Stratton
Chalr
22

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
STATEMENT OF CASHFLOWS
For the year ended 31 March 2024
Analy51s of cash and cash equlvalents
2024
2023
Bank balance
$20,282
Recondllatlon of net Incoffle to net cashfiow
2024
2023
Net Income (SOFA)
82,786
150.114
Adjustment: Depreciatlon
Interest recelved
1,654
450
-1,078
(Inc> / Oec Oebt¢ys
2.119
6,104
In¢ l (Dec> Credltofs
77.
7.523
Net cash provlded by I lused In) artivlt*s
ISS,374
163,113
2024
2023
155,374
163,113
Cash tlows Iroffl Investlnl •ctlvltk&'
Interest received
9,085
L078
Purthase ol equipment
4.053
Cash flo*s froffl financlal actl¥ftles:
Repayment of borrowin85
New Bofrowings
-12.823
-12,414
91,141
Change in cash in year
Cash brought foThvard
147.583
242,918
372.699
129,781
Cash carried forward
520.282
372,699
23

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Financlal Statements for the year ended 31 Maich 2024
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024
l. Accountlng Policies
Basis of accountin
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 I
January 2019>,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK
and Republic of Ireland, and the Companies Act 2006.
The Charity meets the definition of a public benefit entity under FRS 102.
Accountin
convention
These financial statements have been prepared under the historic cost convention and the accounting
policies set out therein.
Incomin
resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally
entitled to the income and the amount can be quantified with reasonable accuracy.
Resources ex
ended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate
all cost related to the category. Where costs cannot be directly attributed to a particular heading. they
have been allocated to activities on a basis consistent with the use of resources.
Direct charitable expenditure includes costs directly incurred in carrying out charitable objectives.
Governance costs are costs associated with the governance arrangements of the charity, which relate to
the general running of the charity.
Tan
ible fixed assets
Depreciation is provided at the following annual rates In order to write off each asset over its estimated
useful life. Items over £l,OCK) are capitalised.
Fixtures and fittings: 33% on cost
Computer equipment: 33% on cost
Leasehold premises: over S years
Stocks are valued at the lower of cost and net reallsable value, after makin8 allowances for obsolete and
slow.movin8 Items.
24

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
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 discount due.
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.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accountin
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the
trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial
statements.
Liabilities and
rovisions
Liabilities are recognised when there is an obligation 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
reliably estimated.
Provisions are measured at the best estimate of the amounts required to settle the relevant obligation.
Where the effect of the tirne value of money is material, the provision is based on the present value of
those amounts, discounted at the discount rate that reflects the risks specific to that liability. The
unwinding of the discount is recognised in the statement of financial activities as a finance cost.
Hire
urchase and leasin
commitments
Rentals paid under operating leases are charged to the statement of financial activities on a straight-line
basis over the period of the lease.
Pension costs and other
ost-retirement benefits
Staff are members of one of three pension schemes. The default scheme for new staff is Nest.
Government
rants
Government grants are recognised on the accrual model. Under the accrual model, a grant relating to
revenue shall be recognised as income on a systematic basis over the periods in which the entity
recognises the related costs for which the grant is intended to compensate.
25

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
2. Donatlons and Legacles
2024
2023
40.932
14.795
111,(
28.229
Charitable Oonations
Gift Aid - tax iecovered
Le8aues Inet)
55,727
139,294
3. Other Tradlng Artlvlties
2024
2023
47.596
443.050
490,646
62.104
255,089
317,193
Fundraiyn8
Fees Indude:
Private patients
Oinlcal procedures
Sundry
201,641
237.084
160
116,434
138,495
160
438,885
255,089
4. Income from Investments
2024
2023
1.078
(kposit account Interest
5. Income from Charltable Artlvltles
2024
2023
1,184
1.754
2.938
112.488
Grants
Contact Income
120,288
Grnnts recelved. [￿luded In the •lKNe:
Postcode Innovation Trusi Irestrirted)
pfizer IrestrKtedl
Lundbeck (resll¢Cted)
Miscellaneous
WarwKk Medical School
91,141
275
3,772
1.184
112,488
Contrart Incon*, It￿u0ed In the abob*:
St Pancras Clinical Research
Innovate
Warwick MedK31 School
2,2CA)
1,754
1,754
26

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements lor the year ended 31 March 2024
6. Other Income
2024
2023
Miscellaneous Incoffle
7. Expendlture on Charitable Artlvitles
2024
2023
Research and medkal costs
Opera¢in8 costs
179.053
273.222
4S2,275
164.152
251.357
415,509
8. Governance Costs
2024
2023
Independent Examlnerfs fees
Trustee meetin8s and strate8y development
1.050
2.246
3,446
1.050
9. Net Incomlng / (outgolng) resources
Net fesources are stated after thar8ln81 ueditin8:
2024
2023
Oepreciat6on
1.654
450
27

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
10. Trustees, Remuneratlon and Benefits
There were no trustees, remuneration or other benefits for the year ended 31 March 2024, nor for the
year ended 31 March 2023.
Trustees, ex
enses
No trustees, expenses were paid for the year ended 31 March 2024, nor for the year ended 31 March
2023.
11. stsff Costs
2024
2023
Wa8es and ￿larIeS
Employerfs National Inwrance
Employerfs penS￿n costs
232,681
11,304
8.985
2S2,970
199.518
14.794
8,985
223,297
One employee received emoluments in excess of £80,000 (2023: one employee received emoluments in
excess of £70,000).
The average monthly number of employees during the year was as follows:
2024
No.
2023
Direct charitable
12. Penslon Costs
Staff are members of three personal pension schemes.
During the year ended 31 March 2024, the CoMpan￿S total contributions amounted to £11,304 (2023:
£8,986).
28

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
13. Tan8ible Fixed Assets
lfflprovement leasehold premlses
Hardware and
software
FNtures, fittln85 &
equipment
TOTAIS
At l April 2023
Additions
'sposals
At 31 March 2024
4.723
4.053
4.723
4,053
8.776
8.776
DEPRECIATION
At l Apnl 2023
Char8e for the year
Disposals
At 31 March 2024
4.589
1,654
4,589
1,654
6,243
6.243
NET BOOK VAWE
At 31 March 2024
2,533
2.533
NET BOOK VALUE
At 31 March 2023
134
14. Debtors: Amounts Falllng Due Withln One Year
2024
2023
Prepayments
Other debtors
2.253
449
2,620
2.2(X)
4.820
2,702
15. Credltors: Amounts Falllng Due Wlthln One Year
2024
2023
Creditors and accruals
Loans
Sodal security and taxes
l)eferred incoffle
16.52S
41.045
5.022
79.719
142.311
16.621
15.885
6,745
39.251
Income deferred in the year relates to a grant received from Pfizer for a feglstry projert whlch had not yet begun at the balance
sheet date. The movements on the deferred Income account were as follows:
Opening deferred Incorne
Income released from prior perlods
Income deferred in current perlod
aosing deferred incorne
£0
£0
£79 719
29

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
16. Credltors: Amounts Falling Due After More Than One Year
2024
2023
Loans
114,942
152,924
114,942
152.924
17. Movement In Funds
At l Aprll 2023
Net movement In
funds
Trnnsfers between
funds
At 31 March 2024
General funds
94,341
173.924
268.265
Restrlrted fvnds
Restncted funds
91.141
(91.141)
TOTAL FU140S
185.482
82,783
268.265
Net fflovemt In fvnds. Induded In the •bove:
Incomin8
resources
Resources
expended
Movernent In
fvnds
Uftrestrkted funds
Genefal funds
553.331
(379,407)
173.924
Restrfrted fvnds
Restncted funds
(92,0411
191,141)
TOTAL FUNDS
554,231
(471,4481
82,783
18. Related Party Dlsclosures
There were no related party transactions in the reporting period that require disclosure.
30

NATIONAL MIGRAINE CENTRE
Report of tho Trustees and Flnanclal State￿￿nts fof the year ended 31 March 2024
INCOME
2024
2023
Dwtlofts and le8
Charitable donat6ons
Gift Ald donatlons
Le8acles
40,932
14,795
111,064
28.229
55,727
139.294
Other tradlft8 •cd¥lths
FundralsiTr8
Fees
62,104
255,089
317.193
47.596
438,885
486,481
tfflent Incom•
Deposit account Interest
9.08S
1,078
Charftable artlvltles
Grants
Contract Income
112.488
1,184
1,754
2,938
120,288
Othtr Incoffle
TOTAL IIICOME
$54331
s71￿3
31

NATIONAL MIGRAINE CENTRE
Report of the Trustees and Flnanclal Statements for the year ended 31 March 2024
EXPENDITURE
2024
2023
Researth and medlc41 costs
Salar*s
Other research and medical costs
144,177
34,876
179.053
125,565
38,587
164.152
Operatln8 ￿$tr
Salarles and staff costs
Rent
213.686
4.938
4.433
1.948
2.035
2,486
1,206
10,260
25,221
5.355
1,654
273,222
179.525
11.546
4,442
1,717
3,855
2,752
19.526
6,050
17,936
3,558
450
251.357
Telephone and Internet Costs
Insurance
Intsdental otfice costs Iincludin8 rekKatlon>
Subscripiions
Website development
Finance costs
Financ￿1 outsourcin8 and ICT
8ank interest
Oepreciation - fixtures. fittings & equlpment
Expefidlture on rnhlnl funds
Marketin8 Costs
15.725
11,181
Governance costs
Independent Examinerfs fee
Trustee meetin8S
i.oso
2,246
3,446
I,oso
TOTAL EXPENDffuRE
4n
427.n9
NEf INCOME / (EXPENDITURE)
2024
2023
NET INCOME / (EXPENDrniRE)
IXl.114
32