Wings for Life UK Spinal Cord Research Foundation 

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WINGS FOR LIFE UK SPINAL CORD RESEACH FOUNDATION
CONTENTS
Page
Trustees, report
4-17
Statement of trustees, responsibilities
18
Independent auditor's report
19-21
Statement of financial activities
22
Balance sheet
23
Statement of cash flows
24
Notes to the financial statements

KEY INFORMATION
LEGAL NAME:
Wings for Life UK Spinal Cord Research Foundation
OPERATING NAME
Wings for Life UK
BOARO OF TRUSTEES
Mr. J. Rake, Chairnian
Mr. D. Mitsch
Mr. S. Marthinsson
Mr. R. Elliott
Ms. A. Gerhardter
Mr. P. Cbarles
MT. P. Stewart
CHIEF EXECUTIVE OFFICER
Emma Hind
REGISTERED OFFICE ADDRESS
Seven Dials Ivarehouse. 42-56 Earlham Street. London, WC2H gLA
AUDITOR
HW fiE>her LLP, Acre House. 11-15 William Road, LA)ndon, NWI 3£R
BANKERS
H.SBC.. 6th FI￿r. 71 ljieen Victoria Street, London. EC4N 4A Y
COMPANY NUMBER
UK REGISTERED CHARITY NUMBER
07371291
1138804
WEBSITE
www.win
sforlife.com

TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT)
The trustees present the annual report and financial statements of Wings for Life UK
Spinal Cord Research Foundation (also known by the working name "Ivlligs for Life UK")
for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policfies
set out in the attacbed financial statements and comply with the chaTitable company's
memorandum and articles of a￿(￿lation. the Companies Act 2006 and Accounting and
Reporting by Charities: Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard appli('.(Ibl
in the Uiiited Kingdom and Republic of Ireland (FRS 102).
Aboul Us
The trustees of the charily, who are also the directors of the company for the purposes of
CoMp￿}Y law, and who have served during the year and up to the date of this roport are
shown below..
Mr. J. Rake
Mr. D. Mitsch
Chairman
Ms. A. Gerhardter
Mr. P. Stewart
Mr. S. Marthinsson
Mr. R. Connolly
Mr. R. Ellioti
(Resigned 27.04.2020)
Mr. P. Charles
The registered office of the company and the adminlstTative office of the charity is Seven
Dials Warehouse. 42-56 Earlham Street. iA)ndon. WC2H 9LA. The principal addres5 of the
charity and the cnrrespondence address for tbe charity's key contact is the same as
aforementioned.

TRUSTEES, REPORT
Wings for Life UK is an independent, UK-based, self-governing, grant-making
OTgani8ation. The charity does however work together wath other countries where Wings
for Life also independently operates. For the purpose of clarity. the followiiig names and
definitions are used throughout:
Wings for Life - all countries where the organisation independently operates (Note.
Wings for Life is registered in Austria. Germany. USA and UK).
Wings for Life UK- the UK office of the charity which is independently resistered
and self-governin8.
Wings for Life is 8 not-for-profjt spinal cord research foundation. Our mission is to lind a
cure for spinal cord injury. We fund world-class scientific research and clinical trials
around the globe aimed at healing the injured spinal cord. Ch]r work focuses on how to
minimise damage. stimulate repair and restore function after an injury to the spinal cord
has been sustained. To date, the global charity as a whole has funded 239 spinal Lord
research projects and clinical trials. and a number of vital breakthroughs have been made.
We ar8 antiLipating funding for a further 19 projects, subject to final contracts. bringing
our total io 258.
"Our mission i2• tofind a curefor spinal cord injury. We fund
world-class scientific research and clinical trials around the
globe aimed at healin8 the injured spinul cord"

TRUSTEES, REPORT
OBJECTIVES & ACTIVITIES
When setting the objectives and planning the work of the charitable cotnpany for the year.
the trustees have given careful consideration to the Charity Commission's general
guidance on public benefit and, where relevant, its supplementary guidance.
The charitablo objective of Wings for Life UK is to advance and promote medical research
for the benefit of the public into the nature. causes. diagnosis. prevention. treatinent and
c.ure for all fonns of spinal cord injuries.
In order to achfieve these objectives. Wings for Life UK raises ￿oneY through various
fundraisin8 initiatives in order to give grants to world class scientists conducting research
and clillical trials with a view lo curin8 spinal cord injury.
Public Benelil
Wings for Life UK is achieving public benefii by funding research in tbe UK which is
advancing scientific and clinical progress working towards our mission: to find a cure for
spinal cord injury. Our ultimate goal is thal Wings for Life funded research will translato
into outcomes which benefit the qualily of life for people living with a spinal cord injury.
Wlngs for Life UK funded 8clentlsts are glven flexible gTants designed to evnpower the
to Spend th8ir money in what8ver way will advance their r8sults the fastest. Any monies
not spent at the end of a grant year call be G￿rIed over in a 'no cost extension..
To track progress and performance. annual reports are sublnitted by Wings for Life
funded researchers and are shared with the trustee board. All Wings for Life funded
scientists are also encouraged to publish their results in reputable scientific journals so
that th8ir learning can be shared with the wider scientific community and increase the
pace of prosress within the field of spinal cord injury researth.

TRUSTEES, REPORT
You can find all publications showing the advancements being uncovered through
projects funded by Wings for Life across all research fields related lo spinal Curd injury on
the Wings for Life website.. www.win
for1ife.(￿jTr
OUR FUTURE AIMS
Wings for Life UK will continue to fund world class research LD order to advance
scientific and clinical progress towards a cure for spinal cord injury. During 2020 we
nded 14 projects in total: nine in the UK (including three n8wly fundod projects) and
rive intèrn8tionally (illcluding one newly funded).
Moving forwards. our aim is to fund more clinical trials. both in the UK and globally. in
order to accelerate forward treatment options available to anyone affected by a spinal cord
injury. We are committed io the lon*term pursuit of our goals. as achieving major
breakthroughs in science. and then translating them into therapies for patients. can take
Si8IIAficant time and investment.
Scientific Aims
In 2021, Wings for Life UK will conlinue siipportiIig OIJT existing re.searchers whose
grants continiie into 2021 and 2022.
Wings for Life UK will also continue to work together with other relevant spinal research
Lharities on collaborative initiatives.
Fundraising Aims
The goal for the Wings for Life UK staff team in 2021 will be to rebuild following a tough
year of fundraising during the Covid-19 pandemic and look to increase our sustainable
inc0￿e streams in line with our newly refreshed five-year strategy.

TRUSTEES, REPORT
OUR FUIIDRAISING PRACTICES
Wings for Life UK believes in maintaining the higbest standards in our fundraising. As
such. we are a ￿ember of the Fundraising Regulator and coinply with best practice in
fundraising through their Code of Fundraising Practice.
Wings for Life UK didn't employ any Professional Fundraisers or partner with any
C()ininercial Participators to carry out any fundraising activities on our behalf during
2020. Nor did we work with any 'on behalf of volunteers. only 'in aid of ￿ndraising
volunteers. where (more often than not) we were aware of their planned activity in
advance. We endeavour to build personal relationsbips with our individual fundraisers.
the majority of which fundraise using a credible onllne fundraising platform such as
justgiving.com or virginmoneygivin8.com.
As far as we are aware. Wings for Life UK. and our 'in aid of volunteers. did not fail to
colljply with any fundr8ising standards. Furthermore. we didn'l approach members of the
public unsolicited. nor did we carry out a public fundraising appeal or a marketing
campaign to encoura8e donations. We rec8iV8d zero complaints in 2020 regarding oiir
fundraising activity.
Income in 2Q20
Despite the challeuges of fundraising during tho Covid-19 pandemic, we still managed to
raise £1.6million (2019 = £2.1million) through various fundraising activities.
Events
During 2020. we bad to cancel our two key ￿ndraISIng events. the Clay Day and the Cord
Club which greatly impacted our fundraising and supporter engagem8lit opportunities.

TRUSTEES, REPORT
The pandemic also affected our income from third party events. all of which wer8 also
cancelled. Although we did ointinue to benefit from the Wings for Life World Run event.
Organised by Red Bull. Now in its sèventh year. this unique global running event was
executed virtually to great success. Over 77.000 runners and wheelchair users
participated, raising over £2.5million for Wings for Life. Wings for Life UK benefilted
from a donation from the global funds raised of £633.010.
Corporate Partners
Several corporations supported us in 2020. Our primary CA)rporate Partner Red Bull
Company Ltd. continued to b8 a major donor. their donations wer8 Used to cover th8
majority of running Costs.
We also r8ceiv8d donations from our other partners including Red Bull Racing Honda.
Hexagon Melrology and apple.
We also benefited from discounted support and gift-in-kind from a number of other
companies including Sparkloop and E2B.
Philanthropy
In 2020. we successfully launched a philanthropy progratnmo and gratefully receiv8d
donations from Trusts & Foundalions including the Garfield Weston Fouiidation and
Travis Roy Foundation. These donations were restricted to specific research projeLts. in
line with the donor's requests.
Individual Fundraisers
In 2020, we were supported by a fantastic group of individuals who raised money for
Wings for Life UK through their own fundraising activities.
Notably. Ed Jackson. a Wings for Life Ambas&qdor took on two epic fundraising
challenges during 2020 to help us rocoup our income lost from cancelled events.

10
TRUSTEES, REPORT
In April, he compleled "Now or nEveresl" a virtual climb up and down the height of
EveTeSt on hks parent's stairs. raising £26,253 for Wings for Lifè. Then in Augiist. Ed and
his wife Lois completed "Walk The Spine-. walking the length of the Pennine Way, 268
miles over 15 days. raising £11.180 for Wings for Life. Both Lhallenges are made inore
incredible given Ed sustained a spinal cord injury in 20171
EXPENDITURE IN 2020
Wings for Life UK'S overhead costs were almost entirely covered by donations. Total
funds were £1.795.306 of which £ 50.279 were restricted funds al year end.
Oiir research liabilities for 2021-2022 stand at £585.559. Winss for Life UK are not takiiig
on any new grdnts diiring the usual 2021 fundin8 cycle therefore our scientific
commitments remain unchanged. There are two UK clinical projects in the pipeline.
which are administered by OUT Accelerated Translational Program (ATP - se8 page 12 for
furth8r delail). Should thes8 projects be accepted by the ATP. they will be presented to
the Trustees for funding approval.
Financial Posilion & Reserves Policy
Over the last couple of years. our scientific liabilities have significantly decTeased. mainly
due to the transfer of a major clinical trial, ReN8tX Bio. to the Win&s for Life office in the
USA. Our fundraising income has also been increasing. so we have accrued a generous
cash balance which curTently more than offsets OUT total liabilities.
In light of our healthy reserves posilion. we will look to increase our funding
commitments again in 2021. Given our scientific liabilities fluctuat8 on an annual basis.
yet our ￿ndraising income is relatively stable. broadly speaking the board have stated
unr8Stricted reserves should not fall below the equivalent of six months, running costs.

TRUSTEES, REPORT
Six nionths budgeted running costs for 2021 ￿UateS to £168.198. CJurrently our free
reserves stand at £1.745.027 so we are well above the approved figure. The trustees would
likp to keep this under annual review.
Grant Making Policy
In Order to decide where best to invost our funds. Wings for Life UK seeks
recununendations from the Win8s for Life Scientific Advisory Board (SABJ, which
con51Sts of scientists with an international reputalion in the field of spillal cord injury
research. and is based in Austria.
Annually, Wings for Life grdnl applications are received from 8cross the globe at which
poillt the SAB checks to see whether the project proposal complies with Wings for l.ife'8
Tesearch criteria. The most important principle is that all projects must have the potential
to have a real impact on the field of spinal cord injury research.
If an 6xecutive summary is deemed suitable, the researcher is &8ked tn send in 8 full
application. Once received, the.ge are collated and sent out to peer reviewers - ananymous
to the applicant - who are reputable researchers and opillion leaders in their fields. They
score the project proposals, providing valuable qualily assurance to the SAB. The SAB
then use these scores to rank the projects.
In line with our scientific objectives, Wings for Life is making slgnificant strides forward
in translating promising research into clinical trials. It is widely recognised that this isn't
easy process. Ev8n with very promising discoveries. the translation from scientific
dibLX)very to applied therapeuti(3 is a long and difficult road due to regulatory burdens,
COTnplexities of clinical trial design, patient recruitment and retention barrieTS. and the
high cost of cutting-edge Tesearch.

12
TRUSTEES, REPORT
In response lo this. the Wings for Life AcLelerated Translational Program (ATP) was set-
up and is led by Prof. Arniin Curt. Wings for Life Clinical Research Director. The ATP
will provide both ￿ndIng and networking support to successful applicants in order to
accelerate the clinical translation of their high calibre. promising therapies. The ATP
Support Network - a netWL)rk of clinicians. scientists, and other professionals with
expeTtise in all aspects of cjinical trials - will be called upon, as wuir8d. to assist i
ensuring that treatments with auspicious potential are translated in the most scientifically
ri8orous and efficient way possible.
Going Concern
The financial statements have been prepared on a going concern basis. The trustees have
assessed whether ihe use of the going concern wumption is appropriate in preparing
these financial statements. The trustees have made this assessment in respect of 8 period
of one year fTOtu the date of approval of these financial statements.
As stated in note 1.2, the Truslees have considered tbe 8ffect of the Covid-19 pandemic
on Wings for Life UK. The Comnavirus pande￿IC has caused some disruption to our
fundrnising in 2020. mainly through the cancellation of events. Whilst our overall
fundraising dipped, we were still able to raise a healthy £1.6milliou for spinal cord
research, and our pip81in8 for 2021 is looking optimistic.
Wiugs for Life UK is in a strong financial position to deal with thè disruption caused by
Corollavirns". the majority of our administration costs have historically been covered by
discretionary donations from Red Bull Company Ltd. and we currently have a generous
cash balance and moderate liabilities. Both these factors mean we can continue to employ
all our staff on a full-tiine basis and can comfortably continue to underwrite our existing
and future research committnents.
The Trnstees consider that whilst the outbreak is continuing to cause some disruptLOn.
they are extTemely confident that Wings for Life UK &qn continue &s a going concern for a
period of at least twelve months from the date of approval of these financial statements.

13
TRUSTEES, REPORT
RESTRICTED FUMOS
En 2020 Ivings for Life UK held restricted funds for three reseaTch prnjects in our
portfolio..
ReNetX Bio, Inc. clinical trial into the safety. tolerability, end e￿ICacY of Axer-204,
a Nogo Trap biolL)8iL in subjects with chronic spinal cord illjury (funds to be
iitilised in 2021)
Marios Papadopoulos and Samira Saadoun's Project to monitor the effect of fevor
in patients with acute. severo traumatic spinal cord injury
joost Verhaagen's project to tesl regulatabl8 chondroitinase gen8 delivvry for acute
and chronic spinal Lurd injury
See note 16 for fvrther detail.
ri

14
TRUSTEES, REPORT
OUR GOVERMANCE. STRUCTURE & MANAGEMENT
Organisational Structure
The overall strategic direction and governance of Wings for Life UK is deterrnined by our
board of tnistees. They delegate authority for the day-to-day nllu]ill8 of the OTganisalion
to the operational team in the UK which consists of:
E. Hind
Chief Executive Officer. UK
Philanthropy Manager
Parlnerships Manager
Event manage.r
Fundraising Specialist
Finance Manager
H. Haines
R. Ayers
A. Trown
C.. Browning
C. Fetterman
Wings for Life UK is <in independently registered charity with its own governance
structures however the UK staff team do consult with the team at WiTLgs for Llfe Austria
on key matters.
Governance & Management
The 8ovemin8 body of Wings foT Life UK is our board of trustees. who meet at least three
times per year. If the board agrees to recruit a new metnber a thorough recruitment
process is conducted and the fmal decision is brought to a trustee meeting for approval.
When the board formally elect a new inember, this decision is minuted and the new
trust8e is inviled to Ilie next meeting. New trustees are given a comprehensivo induction.
and a training pr()gram is in place to ensure they have sU￿1c]ent knowledge of the charity
and the sector.
All trustees are required to sign documentation on appointn)ent including a Contract
A8r8ement. Conflicl of Interest. Code of Qinduct. Declaration of Eligibility. to ensure they
fully undersland their key responsibilities in governing Wings for Life UK, enabling Iliem
to fulfil their role to the best of their abilities.

15
TRUSTEES, REPORT
On an annual basis. all trustees are required to sign an Automatic Disqualification
Declaration.
Relationships with Related Parties
Our small staff team at Wings for Life UK works with the staff team at Wings for Life
Austria on marketing & coD]municatiolls. financial reporting, and international
ndraisin8 inilialives.
W?ngs foT Life UK is very fortunate that the majority of the organisation's overheads
during 2020 were paid for by our princip18 corporate partner, Red Bull Company Ltd. In
addtlion to this Red Bull C£))npany Ltd. also contributed a further £111,067 as gift in kind.
This JneaTrs that 100% of all donations received were directed towards Wings for Life
UK'S activities.
Representation on Other Bodies
Mr. Jamie Rake. Chairman of Wings for Life UK. works as Head Coach of Europe fur Red
Bull, and Mr. Peter Charles. Trustee. works as the Managing Director of Red Bull UK. This
ensures that we have representation from our primary corporate partner on the trustee
x)ard. Ms. Anita Gerhardter. Trustee. is also the Chi6f Executive o￿lC8r of Wings for Life
globally. her base being in Austria. Anita provides tlje Board with inpul and advice to
ensure that UK activities are aligned to the overarching priorities of Wings for Life
81obalLy.
Risk & Corporate Governance Matters
Th8 trustees are responsible for ensuring that the charity has an appropriate system of
controls, financial and otheTW?se. They are also responsible for safe8uardin8 the ass8ts of
the charity and hence for takin8 re&8onable steps for the prevention of fraud and other
irregularities.

16
TRUSTEES, REPORT
Wings for Life UK have a risk register in place which is reviewed once a year. Each risk.
and its potential impact. is measured as High. Medium or Low. The board then works
through the actions required to mitigate Ihose risks and atlributes respollsibilities lo the
staff of IVin8s for Life UK or where appropriate, to tlien)selves.
The trustees all agree that Brexit has noi had any significant impact on Wings for Life UK.
No high impact risks havo been identified. The medium inipact risks have an action plan
in place to mitigate theDI.
Financial Risk Management
Wings for Life UK receives donations which. historically. have almost entirely covered
the running costs of Wings for Life UK. These donations have resulted iu all other
donations being used for research. Wings for Life UK has no borrowings.
Key Management Personnel
The key management personnel of the charity comprises the trustees and Emma Hind as
Chief Executive Officer of Wings for Life UK.
Trustees do not receive remuneration for their roRe as a trustee of Wings for Life UK. Tho
remuneration of the Chief Executive Officer is set by the Chairman of the Board of
Trustees based upon an annual appraisal of performance against set objectives by the
Chairman of the Board of Trnstees.
Disclosure of inf ormation to auditor
Each of the trustees has confirnied that there is no information of which they are aware
which is relevant to tb8 audit. bul of which the auditor is unaware. They have further
Conf￿ed ihat they have iaken appropriat8 Steps to identify such relevant informatio
and to establislj that the auditors are aware of such inforniation.

17
TRUSTEES, REPORT
Independent Audilor
HW Fisher LITr were the appointed auditors during 2020 for 2019's audit procoss.
HW Flsher l.LP have been retained for 2020's audil pr(bc.ess' their reappointment foT
2021's audit process will be proposed to the Trustees followin8 completion of 2020's
audit.
Th8 Trustees Report was approved by the Board of Thistees
Mr. J Rake
Truslee
Daled:
illl Zl

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
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WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF WINGS FOR UFE UK SPIPIAL CORD RESEARCH FOUNDAnoN
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19-

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION
IA COMPANY UMITED BY GUARANTEE)
INDEPENDENT AUOITOR'S REPORT ICONTINUED)
TO THE TRUSIEES OF WINGS FOR UFE UK SPINAL CORD RESEARCH FOUNDATION
Mthirtyto rep￿1 in resr*rt (4 matterj kn io tr* comp￿5 2(￿ ieguires us ￿ rw io
W. in w owion..
¥i5ited ty u5", or
the ￿￿•￿tial staiemertswe a8reemenlt1￿h thex(rubTln4 rectrds ahd rtluifis.. or
certsffi<hs¢k)sures olti¥stees' rrnmration 5peafied tr¢ are N)1 made:
w¢ ha¥e rttei%*d all the inlLYmatith ¥ThJ rewkne r￿r audit: or
the trustees were rbtst en15tlEd to wepae the fina￿1* a(coid4Ke with 5maM wime
Strategic report.
As exfvd more lu1￿ in the ot ¢rnstttS' iesporfj**tyu, the tno*e% are alw the of the hy the
purpose ol c¢ryany lax are reSPL￿￿tIe kn the kvepant6ty1 ol the ststemenis and for be￿$ satisF*d that they a true
athd f*"1 ènd k* s￿h iniem¥ conirol 35 the rrustee5 drtewnv is mettssary io Ihe prew*ity) ol finanoal 5talemefits
Ihal ave tr*e trom m*éria mi&si*tement. d* to I￿Jd w efrof. In preparing the ihe irusiees
lor assewty chaiiiv'5 ataiv IO ¢Ortinue J5 a concern. a$ 4wltsbie. mattels rdathd io 8Din4
CthKerth and usin8 the 8O#Yd £orKern bays of a¢¢ounti￿ Ihe trustee5 tilh* wrtehd to Iwa￿*￿e (barltsble cfyiwrry or to
e4se or no rea&5tic aherrtab* bvl io 00 80.
Our oblectt¥es are io reasonable asswa￿e aiKKff whether hnaL4¢&11 as a ¥Jha& ￿ Iree fvom m•ternl
misstaiemefll. *t•eth￿ dL* ro fwd w ￿1(￿. * to i55ue awthtOW'S 114t (w ¢wityi. Reason4We as5uArKe is a
hrfh ol asyjrafice bul Is Mi a ¢iwaiiee that in xr¢rdance with 1&4s IUKI al¥v•t% Oetett a maieri
MIS￿aleMent *hts) it tsB15. MIS￿41eMenl5 can arise from Iraud w err￿ ¥e maierial it ot in the
aweyte. Ihey ctyjkl reasotrw be VApectod 10 thE ec0rnll￿ dE(i51L￿* ol usefs tab*n ￿ ihe bays of ihese finanual
St*ment%
i¢¢e¢￿￿ irrtkwJ¥4 fra￿J. we ol l•*s *¥d fe¢ulatkn& We dey8n WWedy￿S in k.ne with
F4c<ed4Jru ¥e w*4eol dEtectin8 WIe8￿r￿￿¥ 45d*aibed l)ehyw.
enquwed ol m•i4errthi ihe syntems tortids c*arity has iht areas of sra¢ements that are
most svxtydble 10 the th ol *fe8tsts1th5 arAI fFaLMI. and *l*ihti there was swpecied or ale8ed fraud.
hèlit¥￿ not ￿knn usol *rry knawh. ¥*dfr•
. V•* r4)iaW an ol thE 14al rwiatNy ap*aWe io ((Mnp￿. We determined t
weie most ieltyant.. the Chaibty SORP, FPS 102, 2011 andcowanieskt
' we tonswkned Ir*eth*s and ihai in ihe tharity. Intbyj￿# the ￿efit ol m•)4emeni kn"as, whKh
prestri a FQtenti* for ￿T￿Ul￿ri￿t5 athj fraud to be iè*Jred wr risk assessment accordw*ty.
Us*4 ￿Jr knowled8e ol the chwrty, l08ether ¢listiwb)rts hÈkl ¥Jilh the chariiy * tt* rd•ninB sta8e, formed •
cryKknion on ihe ii5k of mis5toteiiiElIt 4kn 10 •fvJ our wocethwes to ihis
. Identllw'n8a￿te$trn8 iwrnèl ￿rt￿and partfjojlar ikne *ere¥nifiwi aThJ wwsual.
. UateinÈnt discb05Uits andd#evminry *4*hera(wurtin¥ been apWtyp￿etyaK*d.
fts in kind
' Assessry ihe extent 91t0m￿lantÈ. ￿ Ixk o(Wilh the rel￿ IM¥KI re8u￿$.
. and sythh(¥rt rthied partybalarttsand
' Re¥iwn8dwwnenl4I￿$Uth 35 the th¥rty m•knAA hy thxyss￿s ￿K[el￿ties vKkth¢fr8ud.

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION
IA COMPANY LIMITED BY GUARANTEEI
INDEPENDENT AUDITOR'S REPORTICONTINUEDI
TO THE TRUSTEES OF WINGS FOA LIFE UKSPINAL CORD RESEARCH FOUNDATION
Use ol our roporl
work. foi Ihis IPPOII. or Ihr Ilie oyinlons we Iiavo loinied.
-￿￿) LLP
Andrew Rlch15eiilvr 51Jtutory ￿￿1t￿lI
11-15 Wllllarn Ro•
FIWI JEA
21

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION
(A COMPANY LIMITED BY GUARANTEE)
srATEMENT OF FINANCIAL AcnviTIES
INCLUDING INCOME AND EXPENDMJRE ACCOUNT
FOR ThE YEAR ENDED 31 DECEM8ER 2020
fur
2019
runds
2019
2019
Oonadons aTrJ le8we5
LW714
60512
l￿f
1.965314
f4)512
1.651.102
16.979
I.￿.081
464,736
116.6
I.625￿6
14979
1131.817
PalslY* lu•Os
>)1.615
S28￿1
523.651
91&(ffj3
1254.23
33
951363
#24.f4)S
12S4.2371 12.744.3771
824.1￿)5
11.744.377)
Grart trnn51eryed
33XKI
697.126
IL919,7721
11,919,772)
,441
33y
994741
11396,1111
11.39(1211
627.ols
3511.959
14979
3.518.938
lunds
150xr
N¢t in(omt hrth* *•rl
593.785
33M)
3511.959
16.939
3528.938
1.151.242
16,9
l.If&221
12.J&l.7J71
12.J&J.7171
1.74S,011
502
1.151242
16.979
1,1682ZI

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION
(A COMPANY LIMITED BY GUARANTEE}
8AiA14CE SHEET
ASAT31 DECEMBER 2020
2019
Curnent assets
Dets¢4ys
Cash at bank and ￿ ha￿1
48.492
2350,494
65.399
1.831.
2.398,986
iJ96.489
Olber ueditors
471.645
378391
1.927341
L518.098
Crtthtors.. 1mty￿tsI1￿)￿dueoftCr th
14
1ts2.0351
1349,87n
Il•t•ssets
1.795.306
Resirtied fu•Os
U1￿￿¢¢ed lurmts
50.279
1.745.027
16.979
J,151,242
L79S.306
1.161.221
The 4atemenLswefeappro%Yd by I￿￿￿￿¢￿$￿..
MIJPRak
Ilo. On71291

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2020
2019
Cash 8ener*ed IvGffj opeiJtioThs
519.404
736.S75
Irfrt￿ In %3%h atyd ¢asheqw¥alerds
519J04
736.575
IML
I,(B4.515
1350.494
1,831.CY¥J
-24-

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION
IA COMPANY LIMITED BY GUARANTEE)
NOTES TO ThE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
(h•rttylnlwm•¥
Lile VK s￿￿1 Résearth F¢￿nd￿l￿ is a mte towty kniied ty iu¥ahtee iwwaied E*nd and
w*d￿s. Th wt8iSttwtd olNte ￿ se¥￿ 0th15W4relMwse. 42.56fawtham Stfeet. IL￿d￿ 9L4 Kh)8thyn.
The l%nana* statements bew wewed in Wilh tr￿ dwriVs afid of Associadon. the
CDmpanie5 Act 2C#J6 and-Accountir* and Charffjes.. Stsiemeni ol RecDmrntn￿ Prnciice apr4Kable 10 dwrlfjes
p(epaiin8 Ih•r K£ounts *ilh Iht F*)an(i¥ si••*rd aWKable in fv UX ar￿ ol Ireland (FPS
102r lÈlfe£O¥* fvom i Janu*y 20191. Thethxrtyisa ￿tyl$d￿lfiedtyFRS 101.
The fftnanck41 stsiemerrts are kn sterhx ***h ts ttre awrlnry of l￿d￿rI1> amounis in these
$￿emeNtS ir¥*bYedtOlhÈ L
The finanrk11 staiemerts ljeen wxler the histowi(al (ost coiii*nIi￿ T￿ p¥rtiP41 a(QX￿lIng wllcies adopied
are set (¥Jt below.
to ow irt 2020. through ￿¢¢1131￿￿ d el￿1¥ ow fundrai5¥18 dipytd,
￿￿e still th to ratse a É1.6 largxnal cryd re￿ andour f(* 2021 i%
knle iIK is ￿ a S¢rw ¢0 wrfh the iknwD"on c*Med Iw Coror4¥1￿ the ma￿11¥ ol
adminiSLrnfjon cous ha¥* hst(￿(a1ty been CO*r￿ b# dtscrebwary donètions from &JM Company Ltd. and we curtent
a {enefous<ash balance and habth'iiek Bath thE&e l&tots me• (aD ¢onti￿ io emplobw ow 51aff on ¥

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANaAL StATEMENTS (CONTINUED)
FOR THE YEAR EAIDED 31 DECEMBER 2020
utd}
UNes¢rK¢ed Iw05 ale ust athedisuei6o*oftht fwlkn1￿e0( th¢w¢h**a￿eobJethle
￿e￿¢￿ted bjnds xe subi*t to a5 io Iw tlmt mty be Tl* uses of th
Income is iecogni5ed V4•*n the thkn is entiiieo io it after wknanct tLWvjibL￿ been md. the amourts
be reliabty, and it w+Jbabletha¢ iruxne wdl be iecei%*d.
less Ferhyrn4rKe (on&iiws vequire dekn￿ of thE a¥ts(wnt. trKome w re¢mv44e ￿ telaikn to¢knaUoTrs w¥ler
Gift deeOsolco¥Enant ￿ rec08r￿5edat the iirne olthe
ore ￿￿e￿ablE as intomwbg tesowces. W￿re the benefit be wdiatty mea$w￿. equivabenr is irKluded as
eyndiiwe unth theiel&qnl healithg in Sta&rt•eniot xtiwitie
ale re¢tigni5eda5txp*Mliiwe assooh Is •*al ty wnstrLXll4* commbtt5n¢ihe tharityto ro*e a
ayrnent to a third party. it is Prow￿ thoi a ol etohtsm* benefits ¥nl be required in Salknenl arKI the amount L4
the obli84ion can be measure Wel￿
AN expethre is actLwMted k)t w an ac(nxJl basls. Exp￿thur* romwises thct Co￿S and co￿$. Al expen￿,
tnckJdin8 suppr*t Costs. ave alot•ted ty apwvJo•ed to rhe exF*nAure The (las%lioi(oh trxlween
aCll%llbes Isas 101kn￿.
Expenditure fuThJs I￿￿Je$ all eyndffure 35wcia*d with ra5￿ fuhds th¥fty. This inrludes
I￿r￿10￿￿ (ost4 the costs al Stsff costs assou*ed TrAiih h￿di*l￿ and an alk*aiion of
. Exkky)¢Mure cffj dwni3ble aCknbe5 inck**5 a• tosts as$￿￿11ed i¥it* charitable purwJ%es ol the
haiity tlwow thtr wov1$￿ of its chari>b* Such co45 iMlude thariiable wants and donatyons and Jn
ere tl* 15 c0nth1ty￿. be¥y retwsed the cc￿￿10￿ attathW￿ to the awaid are fulfilbed.
Grènts wbKci to wnditiryss. r￿t been ai the b*nce she• d*e. are notèd * a pote*)Oal
av• nat tveated asa
Staff L¥JSts arealloc*ed w ihedfferf ¢*eyie5olcollSoftthe￿ts ofeslmated ilme spwi * members01 stsN in tIK¥5e
based Y[￿ a tothe natweofthethst
Co5h *vJ (osh e￿￿￿*￿[$*Klx1ea5h ￿ hand ¢al wlth bar&
1.7 FKbarti•litystYumeots
Ch¥ity ha5 e*ded to the of Sectrw 11 Ta51¢ Financiil In5trumehTrt5' and Se£ith 12 '0lhtr F¥w￿la1
stlurnwis 15sues' of 102 ro all of its ho￿111 wisttwmrts. The Ch¥ity ￿ ha5 finarKial 05S05 h￿nCial liabikn'es of
a kind that quathfy as b3st finarKial wruffleni& Basic w)stiun*nts a￿ rectW)i5ed pwble Or

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANaAL sfATEMENTS (CONTINUED}
FOR THE YEAR EAIDED 31 DECEMBER 2020
(Continued)
the ol the thalit￿$ the trv5tees iewNred io makÈ jud@e￿& esrIma￿S and
assW)fvXh)￿ atx)ut thE &irryinÉ amouni of arkl Iptr*kn"e5 th* a￿ rKJt re** from ¢xhei Sou￿e$. The
e5bmaies and assoctslted •ssufflptions are based ￿ htsioiol eXper*￿t atsj otbÈf laciL¥S thtt are congdeied to be relevant.
41 resths maydiller trom thestesOm•ts
Th¢e5DThMies a￿1 Unde¥￿*"n83$5uMrIjth￿s are ¢l*rie*￿on afi owirfbasik #t¥is•Jths tO*ttLX￿￿ThÉ eS￿mateS are recognis
Irb per￿￿ in whKh the estirnaie is revised wh￿e the re¥ishJn affeas thai ￿0d. or in lh￿ wbjd of the re¥twJn
I￿￿e peritrJ5 wthere the fV4iswJn affeus I)￿h cuiierrt luiute ttfjmates rebted to the valuath ol
fts in kind.
P￿r￿ted
Total
2019
Z019
2019
1.448.714
116A
1565.314
1.651.102
16.979
1.668.081
Dohths and #fts
i)w8￿￿$fr(th CLwratt
I.￿,851
131.647
ia2.216
lJ6.(4
i.A)1.451
131.647
131316
1.379.356
71.$86
2fAJ60
16,979
1.396.335
71,586
2rx).Ifii
C*]natioThstrorn ￿￿lInd￿al5
1.448.714
116.ftsl
I.S6S.314
L651.102
16.979
1.66ll.O#i
fvnds
2019
f￿7.512
464.736

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE F114ANaAL sfATEMENTS {COt4TINVED}
FOA ThE YEAR ENDED 31 DECEMBER 2020
lufids
2019
lundrai￿￿e¥￿nt5
Oonaitoths knnd rosts
Stsff
47,918
21.149
232518
228,ts)a
79.953
215,695
301.615
S23,65L
Grnrt
Total
Grant
rese¥th iransknred
1019
2019
Total
2019
Staff c05t5
Trnnsfw of AePW Bk),
yant to WILIUSI
her co￿5 irKILM*I￿rnS
Wiititn bè(k
4&753
46.753
36.441
.441
1254,237)
1254.2371
12,744.3771 12.744.3771
IW,0831
110.0831
1254J371
120?.4841
26358
12.744,3771 12.718.019)
nole 71
761716
763.716
651761
658,761
Shareof w￿51$ee
ote81
shareof8ryoYm￿(CfjtslS
no¢e 81
12L236
121.236
116.670
116,670
19.658
19.&58
22.816
22,816
9Si.363
1254.237)
697.IZ6
4.605
12.744,37n 11,919,772?
Unresii￿Ied I
Pmtixted lund5
91&IA3
33.30)
12Y.2371
663J26
33JlX
424.6
12.744.377) 11.919.7721
951,363
12Y.2371
697.116
924.f/)S
12,744.377) 11.919.7721

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL &fATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
6r•nts FMy•bl•
Methul
2020
2019
Grnntsto instfrtUlOon
Im1￿3• Collt8t Londc
c￿Tr￿8t Ur*¥trsity
St. Ge￿Ie5 H05piioI
LIftA**tyof Dundet
Med*al CentFÈ
Ndl*rlands In￿llUte
un￿￿￿￿ty ol ￿rte￿)n1
el•Jtr￿ry Kir*s College
uni￿1511¥ He*rh pirfwty* Tor•D
Uhi¥*rritycolIe￿ Londo
51.720
1S0.WJ
1S8,701
gJ.720
1$3.71J)
88.316
fy).4%
172,(
170.644
.372
763.716
658.761
2019
Stalf ￿$1$
16.718
J4MJL¥J
53
16.781
1045
16.493
n8
17.211
IC¥J,177
l*es
13.120
3319
367
5272
13,120
3319
367
S,272
2.714
1724
le8al and wole55Ktha
A*x3ted iOthaiiialA¢
lie5
121236
140.894
I￿610
12.816
139,
Gth￿rr￿rte t05ts Ind￿*$ to ihe 01 £9Jfyl 13)19 .. É9XThII fees and EL8￿) attouthtathty
12019.. £2,310).
olihe iiustees them) fvom the ¢harfiydvrWy the

WINGS FOR UFE UK SPINAL CORD RESEARCH FOUNDATION
IA COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANaAL sfATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
LO Emth
2019
Il¥mb•r
1￿mb
Tord
2019
Wa&esafid s*r*s
S(**15ecuriiycosis
Ofher pen51r￿ c051$
253.315
22.556
20,181
231,%6
J1,054
17.357
196.052
269.367
Tl* ktymaMymetht oftht (b¥rt¥￿ runnM¥Wwvatirp4ihE Chality￿ a
ba￿5 Cornw￿theIw￿$teeS athd the Ch￿E*￿ti￿ Olkw of W￿$ Uk, Emma Hind. Thetola Staff costs, includlnrf
5th)n 4n4 50¢kil 5erw*yiosts attrtsJtablEtO the thjrl￿ ￿ It¥ ￿ E93￿)5{2019'. 191,1021.
2019
Number
£70.￿. É79.999
li
I￿11 aeainx un￿51rk￿o lynd5￿ 2019.
12 0èIrt0
2019
Oiher debtors
3.37S
45.117
5,867
59,531
48,492
6S,399

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
one
2020
X+19
453.524
li,121
358.986
19005
4?1.615
378,391
J32.035
349.87P
15
The thèrity operaies a ¢Jeth"ned pewion •# ass*5 of Ihe scheme are
The th3(8e to Krfofft or oldohneo cortthikni sdeme5*W5 £IOJ#I12019. £L7.3571.
-31

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION
{A COMPANY LIMITED 8Y GUARANTEE)
NOTES TO THE FINANCIAL sfATEMENTS ICONTINUED)
FOR ThE YEAR ENDED 31 DECEM8ER 2020
16 PartfItt￿
Th*lncorn• lunds olth th•r*y re#rk￿ IuA05 comw15kn8 the fdlowlnl urbtypended WrKes oftrjmbonsandernrts hehj eo iru51 hy SF*<lficwrp0￿.'
#¥•mni In fu￿6
InLornlni
Mw4w*ni In
I•￿nE*#
I 1•T4￿ry 1011
1010
jlDK•m￿r
A*N*x 8ify thron1¢ spln•l cord Injury st
Gwheld Wesion
Tr4vls Roy
16,979
16.979
16.979
53.X
16,979
J6,979
116,6fy)
Iso,cc()I
50.279
Tho thrxdonadon w•s recofved fr￿n OMV lollnin81 kl•rkelln8GmbH. Tht lundswere rt#rided io ReNdX Wo. l¢*th¢ purpos• of th•lrchron* 6F4nal cord ¥ijw stuty.
Th• s•¢ond wls r•¢tl¥*d trom tht Weston Found•bon. The hmdsweie fesiritted 10 Ihe P•p*lopou105 fonirw, whlch w*s lulty expensed ￿ the Pr￿
The th*d donation w•$ recel¥ed from frlws loy •ThJ fhese fund5 were r￿r1ded w rhe Verh••ien ¢ontiatL ofwhlch hall olihb •mouht W45 t¥pensed In the year.

WINGS FOR UFE UK SPINAL CORD RESEARCH FOUNDATION
IA COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANaAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 310EC£M8ER 2020
Tot•1 ikn1est￿le[s
hjnds
2019
Ae5trKied
Totsl
2019
2019
Fund ￿￿te￿al 31
Pecember 2020aie
rewesenied
Cvtttrt asset511liaL￿￿Ie$?
Longierm lawDes
1.877,062
1132,03SI
50,279
1.927.341
1132,0351
I￿1.119
1349.8771
16.979
1.518.098
ia49,8771
1.745.027
.179
1.795X
1.151.242
IQ979
1.168,221
Red ￿11 Comp*ry i•hfted CO￿ almost all administration coms of Lhe chain acctyjnted lor as donaifons
donahoTrs in kind. AdthhonJlfy donatio￿ in knnd fv+yn Red ￿ C+>mpany Urniied galf ¢w5 £1.05912019'. EI4.7571
and offi(Èc05ts01£111.(*712019: £105.4491.
2019
627.08S
3528.938
Do£réase ￿ debtors
IDeueasel Infredit￿$
I&Y)7
1124.58BI
150.253
12.942.616)
$19.404
736.575
An4ysiq ol¢hw5 In w lunds
thaiiiy had Tr)dtbtdurin8 the ￿.