ANNUAL REPORT &
FINANCIAL STATEMENTS
31 DECEMBER 2021
I Il
q*
Wings for Life UK Spinal Cord Research Foundation
Company Number: 07371291
Charity Number: 1138804
NGS
SPIlL CORD RESEMCH FOUMDAMOM.
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
25-32
KEY INFORMATION
LEGAL NAML.
Wings for Life UK Spinal Cord Research Foundation
OPERATING NAME
Wings for Life UK
BOARD OF TRUSTEES
Mr. l. Rako, Chairman
Mr. D. Mitsch
Mr. S. Marthinsson
Mr. R. Elliott
Ms. A. Gerhardter
Mr. P. Charles
Mr. P. Stewart
CHIEF EXECUTIVE OFFICER
Emma Hind
REGISTERED OFFICE ADDRESS
Seven Dials Warehouse, 42-56 Earlham Strèet. London. IVC.2H 9LA
AUDITOR
HW Fisher LLP, Acre House. 11-15 William Road. London. NWI 3ER
BANKERS
HSBC, 6th Floor, 71 Queen Victoria Street, London, EC4N 4AY
COMPANY NUMBER
UK REGISTERED CHARITY NUMBER
07371291
1138804
WEBSITE
www.win s. forlife.com
TRUSTEES, 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 "Wings for Life UK")
for the year ended 31 December 2021 which also includes the Director's Roport as
required by company law.
The financial statements have been prepared in accordance with the accounting policies
set out in the attached financial statements and comply with the charitable company's
memorandum and articles of association. the Companies Act 2006 and Accoiintin8 and
Reporting by Charities: Statement of RecotnJnended Practice applicable to charities
preparing their accounts in accordance with the Financial Roporlin8 Standard applicable
in the United Kin8dotn and Republic of Ireland {FRS 1021 (effective from l January 2019).
About Us
The trustees of the charity, who are also the directors of the company for the purposes of
coiiipany law, and who have served during the year and up lo the dale of this report are
shown below:
Mr. l. Rake
Mr. D. Milsch
Chairnian
Ms. A. Gerhardter
Mr. P. Stewart
Mr. S. Marthinsson
Mr. R. Elliott
Mr. P. Charles
The registered office of the company and the administrative office of the charity is Seven
Dials Warehouse, 42-56 Earlham Street. London, WC2H 9LA. The principal address of the
charity and the correspondence address for the charity's key contact is the same as
aforementioned.
TRUSTEES, REPORT
Wings for Life UK is an independent. UK-based, self-governing. grant-making
organisation. The charity does however work together with other countries where Wings
for Life also independently operates. For the purpose of clarily, the following natnes and
definitions are used throughout..
Wings for Life- all countries where the organisation independently operates (Note.
Wings for Life is re8lStered in Austria. Germany. USA and UK).
Wings for Life UK- the UK office of the charity which is independently re8lStered
and self-8overnin8.
Wings for Life is a not-for-profit spinal cord research foundation. Our mission is to find a
cure for spinal cord injury. We fund world-class scientific research and clinical trials
around the globe aimed at healin8 the injured spinal cord. Our work focuses on how to
minimise damage, stimulate repair and restore function after an injury lo the spinal cord
has been sustained. To date. the global charity as a whole has funded 259 spinal cord
research projects and clinical trials. and a number of vital breakthroughs have been made.
In 2022, we are anticipating fundin8 for a further 17 projects. subject to final contracts.
bringing our total to 276.
"Our mission is to find a cure for spinol cord injury. Wefund
world-class scientific research and clinical trials around the
globe aimed at healing the injured spinal cord"
TRUSTEES, REPORT
OBJECTIVES & ACTIVITIES
When setting the objectives and planning the work of the charitable company 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 charitable 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, treatn]ent and
cure for all forn]s of spinal cord injuries.
In order to achieve these objectives. Wings for Life UK raises money through various
fundraisin8 initiatives in order to give grants to world class scientists conductin8 research
and clinical trials with a view to curin8 spinal cord injury.
Public Benefit
Wings for Life UK is achieving public benefit by fundin8 research in the UK which is
advancing sci8ntific and clinical progress working towards our mission: to find a cur8 for
spinal cord injury. Our ultimate goal is that Wings for Life funded research will translate
into outcomes which benefit the quality of life for people living with a spinal cord iiijury.
Wings for Life UK funded scientists are given flexible grants designed to empower them
to spend their money in whatever way will advance their results the fastest. Any monies
not spent at the end of a grant year can be carried over in a 'no cost extension,.
To tTack progress and performance, annual reports are submitted 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 their learning can be shared with the wider scientific community and increase the
pace of progress within the field of spinal cord injury research.
TRUSTEES, REPORT
You can find all publications showing the advancements being uncovered through
projects funded by Wings for Life across all research fields related to spinal cord injury on
the Wings for Lifo website: www.win
forlife.com
OUR FUTURE AIMS
Wings for Life UK will continue to fund world class research in order to advance
scientific and clinical progress towards a cure for spinal cord injury. During 2021 we
funded eight projects (although one was suspended due to Covi(Klg): six in the UK
{includin8 one newly funded project) and two internationally in Canada and The
Neiherlands.
Moving forwards. our aim is to fund more clinical trials. both in ihe UK and globally. in
order to accelerate forward treatment options available to anyone affected by a spinal cord
injury. We are committed to the long-term pursuit of our goals, as achieving major
brèakthroughs in science, and then translating them into therapies for patients, can take
significant time and investmenl.
Scientif ic Aims
In 2022, Wiiigs for Life UK will continue supporting our existing researcheTS as well as
funding new projec.ts. In line with our ain] of funding Tnore clinic81 tri815, we will fund
two new clinical based projects in Canada and Australia.
There are two other clinical projects in the pipeline, subject to final contracts. which we
are anticipating we will commence funding during 2022. One of which will be a major
funding commitment across multiple sites and represent a major step forward for acute
spinal cord injury treathient.
Wings for Life UK will also continue to work together with other relevant spinal reseaTch
charities on collaborative initiatives.
TRUSTEES, REPORT
Fundraising Aims
The goal for the Wings for Life UK staff team in 2022 will be to rebuild following a tough
period of fundraising during the Covid-19 pandemic and look to increase our sustainable
income streams in line with our five-year strategy.
OUR FUNDRAISING PRACTICES
Wings for Life UK believes in maintaining the highest standards in our fundraising. As
such, we are a tnetnber of the Fundraising Regulator and cotnply with best practice in
fundraising through their Code of Fundraisin8 Practice.
Wings for Life UK didn't employ any Professional Fundraisers or partner with any
Comiiiercial Participators to carry out any fundraisin8 activities on our behalf durin8
2021. Nor did we work with any 'on behalf of volunteers, only 'in aid of fundraising
volunteers, where {Inore often than not) we were aware of their planned activity in
advance. We endeavour to build personal relationships with our individual fundraisers.
the majority of which fundraise using a credible online fundraisin8 platform such as
justgivin8.com or virginmoneygiving.com.
As far as we are aware. Wings for Life UK. and our'in aid of volunteers, did not fail to
comply with any fundraising standards. Furthermore. we didn't approach members of the
public unsolicited, nor did we carry out a public fundraising appeal or a marketing
campaign to encourage donations. We received zero complaints in 2021 regarding our
fundraising activity.
TRUSTEES, REPORT
INCOME IN 2021
Despite the challenges of fundraising during the Covid-19 pandemic, we still tnanaged to
raise £I.711110n (2020 = £I.611110) through various fundraising activities.
Events
During 2021, despite the ongoing pandemic. we were able to successfully deliver one of
our key fundraising events. the Clay Day, raising £175,000. Overall, however, our
fundraising and supporter enga8en]ent opportunities continued to be significantly
affected.
The pandemic also affected our income from third party events. many of which were
cancellod. We did benefii from a virtual event with our partner Red Bull Racing as well as
continuing to benefii from the Wings for Life World Ruli event. or8anised by Red Bull.
Now in its eighth year, this unique global running event was once again executed
virtually to great success. Over 184.000 runners and wheelchair users participated, raisin8
nearly £3.5million for Wings for Life. Wings for Life UK benefitted from a donation from
the global funds raised of £435.178.
Corporate Partners
Several corporations supported us in 2021. Our primary Corporate Partner Red Bull
Company Ltd. continued to be a major donor: their donations were used to cover the
majoTlty of running costs.
We al.so received donations from our other partners including Red Bull Racing, we.sleyan
Bank & Wesleyan Foundation, Hexagon Metrology, Canongate Books, The Detail group,
Jet Import, The Running Group, Berry, NrrB, Richmond Marketing, Frank Taylor &
Associates and Scuderia AlphaTauri.
We also benefited from discounted support and gift-in-kind from a number of other
companies including Sparkloop, Hedsor House. Moet Hennessy, Red Bull Racing,
Heineken and E2B.
10
TRUSTEES, REPORT
Philanthropy
In 2021, we continued with our philanthropy programtne and gratefully received
donations from Trusts & Foundations including Travis Roy Foundation and Spencer
Wills Trust. The donation from the Travis Roy Foundation was restricted to a specific
research project, in line with the donor's request.
Individual Fundraisers
In 2021, we were supported by a fantastic group of individuals who raised money for
Wings for Life UK through their own fundraisin8 activities. Nolably, Steven Dowd,
incepted the 'Endurow Challen8e'_ a live. fully inclusive indoor rowing fundraiser in aid
of Wings for Life. The Endurow Challenge raised over £24,000.
EXPENDITURE IN 2021
Wings for Lifo UK'S overhead costs were almost entirely covered by donations. Total
funds w8re £2,726,792 of which £60,529 were restricled funds at year end.
2022 research liabilities at year end stand at £219.404. During a Trustees meeting in April
2022 the board agreed to fund two new scientific projects. subject to contracts. There are
two other UK clinical projects in the pipeline, which are administered by our Accelerated
Translational Program (ATP- see page 12 for further detail). Should these projects be
accepted by the ATP, they will be presented to the Trustees for funding approval.
Financial Position & Reserves Policy
Over the last few years, our scientific liabilities have significantly decreased, initially due
to the transfer of a major clinical trial, ReNetX Bio, to the Wings for Life office in the
USA. In 2021, there were no UK projects selected to fund so we didn't take on any further
commitments. Our fundraising income has remained stable, so we have continued to
accrue a generous cash balance which currently more than offsets our total liabilities.
TRUSTEES, REPORT
This has been in anticipation of the major funding commitment we are expecting in 2022.
By nature, the translation from scientific discovery lo applied therapeutics is a long and
diflicult Toad due to regulatory burdens, cotnplexities of clinical trial design, pationt
recruitment and retention barriers, and the high cost of cutting-edge research. The Wings
for Life Accelerated Translational Program (ATP) is assisting the applicants to find the
best way forward in the clinical translation of this project. Subject to the revised
application being approved. and final contracts. we are anticipating we will commence
fundin8 of this project durin8 2022123.
Given that our scientific liabilities fluctuate on an annual basis, yet our fundraising
income is r81atively stable, the board have aimed to ensure that unrestricted reserves
should not fall below the equivalent of six months. runnin8 Costs.
Six months budgeted running costs for 2021 equates to £178,306. Currently our free
reserves stand at ,666,263 so we are well above the approved figure. The trustees would
like lo keep this under annual review.
Grant Making Policy
In order to decide where bost to invest our funds, Wings for Life UK sopks
recommend8tions frotn the Wings for Life Scientific Advisory Board ISABI. which
consists of scientists with an international reputation in the field of spinal cord injury
research, and is based in Austria.
Annually, Wings for tife grant applications are received from across the globe at whic.h
point the SAB checks to see whether the project proposal complies with Wings for Life's
research criteTia. 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.
12
TRUSTEES, REPORT
If an executive summary is deemed suitable, the researcher is asked to send in a full
application. Once received, these are collated and sent out to peer reviewers- anonymous
to the applicant - who are reputable researchers and opinion leaders in theiT fields. They
score the project proposals, providing valuable quality assurance to the SAB. The SAB
then use these scores to rank the projects.
In line with our scientific objectives, Wings for Life is tnaking significant strides forward
in translatin8 promisin8 research into clinical trials. It is widely recognised that this isn't
an easy process.
The Wings for Life Accelerated Translational Program (ATP) was set-up and is led by
Prof. Armin Curt. Wings for Life Clinical Research Director. The ATP will provide both
funding and networking support to successful applicants in order to accelerate the
clinical traiislation of their high calibre, Promisin8 therapies. The ATP Support Network -
a network of clinicians, scientists. and other professionals with expertise in all aspects of
clinical trials - will be called upon. as required. to assisl in ensuring that treatments with
auspicious potential are translated in the most scientifically rigorous and efficient way
possible.
Going Concern
The financial statements have been prepared on a going concern basis. The trustees have
a.sses.sed whether the use of the going concern assumption i.s appropriate in preparing
these financial statements. The Irustees have made this assessment in respect of a period
of one year from the date of approval of these financial statements.
As stated in note 1.2, the Trustees have considered the effect of the Covid-19 pandemic
on Wings for Life UK. The Coronavirus pandemic has continued to cause some disruption
to our fundraising in 2021, mainly through the cancellation of events and lack of fac&to-
face meetings. Whilst our overall fundraising was below pre-pandemic levels, we were
still able to raise a healthy £1.7million for spinal cord research. and our pipeline for 2022
is looking optimistic.
13
TRUSTEES, REPORT
Wings for Life UK is in a strong financial position: 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 low liabilities. All these factors
tnean we can continue lo ep10Y all our staff on a full-time basis and can comfortably
continue to underwrite our existing and future research commitments.
The Trustees consider that whilst the pandemic is continuing to cause some disruption,
they are extremely confident that Wings for Life UK can continue as a 80ing concern for
the foreseeable future.
RESTRICTED FUNDS
In 2021 Wings for Life UK held restricled funds for two research projects in our portfolio:
ReNetX Bio, Inc. clinical trial into the safety. tolerability. and efficacy of Axer-204,
a No80 Trap biologic in subjects with chronic spinal cord injury (funds to be
utilisod in 2021)
loost Verhaagen's project to test regulatable chondroitinase gene delivery for acute
and chronic spinal cord injury
See note 16 for further detail.
14
TRUSTEES, REPORT
OUR GOVERNANCE, STRUCTURE & MANAGEMENT
Organisational Structure
The overall strategic direction and governance of Wings for Life UK is determined by our
board of trustees. They delegate authority for the day-to4lay running of the organisation
to the operational teatn in the UK which consists of:
E. Hind
Chief Executive Officer. UK
Philanthropy Manager
Partnerships Manager
Event Manager Iresi8ned August 2021)
Fundraisin8 Specialist
Finance Manager
Event Manager (joined January 2022)
H. Haines
R. Ayers
A. Trown
C. Browning
C. Fetterman
E. Eveleigh-Hill
Wings for Life UK is an independently registered charity with its own governance
structurès however the UK staff team do consult with the team at Wings for Lif& Austria
on key matters.
Governance & Management
The governing body of Wings for Life UK is our board of trustees. who meet at least tliree
time..s per year. If the board agrees to recruit a new member a thorough recruitment
proc.es.s i.s conducted and the final decision is brought to a trustee meeting for approval.
When the board forn]ally elect a new member, this decision is minuted and the new
trustee is invited to the next meeting. New trustees are given a comprehensive induction,
and a training program is in place to ensure they have sufficient knowledge of the charity
and the sector.
15
TRUSTEES, REPORT
All trustees are required to sign documentation on appointment including a Contract
Agreement, Conflict of Interest, Code of Conduct and Declaration of Eligibility, to ensure
they fully undorstand their key responsibilities in governing Wings for Life UK, enabling
thetn to fulfil their role to the best of their abilities.
On an annual basis. all trustees are required to sign an Automatic Disqualification
Declaration.
Relationships with Related Parties
Our stnall staff team at Wings for Life UK works with the staff teatn at Wings for Life
Austria on marketing & communications. financial reportin8. and international
fundraising initiatives.
Wings for Life UK is very fortunale that the majority of the organisation's overheads
during 2021 were paid for by our principle corporate partner, Red Bull Coinpany Ltd. In
addition to this Red Bull Company Lid. also contributed a further £119,704 as gift in kind.
This tneans that IOOO/o of all donations received were directed towards Wings for Life
UK'S activities.
Represenlation on Olher Bodies
Mr. Jamie Rake, Chairman of Wings for Life UK, works as Head Coach of Europe for 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
board. Ms. Anita Gerhardter, Trustee, is also the Chief Executive Officer of Wings for Life
globally, her base being in Austria. Anita provides the Board with input and advice to
ensure that UK activities are aligned to the overarching priorities of Wings for Life
globally.
16
TRUSTEES, REPORT
Risk & Corporate Governance Matters
The trustoes are responsible for ensuring that the charity has an appropriate system of
controls, financial and otherwise. They are also responsible for safeguarding the assets of
the charity and hence for taking reasonable steps for the prevention of fraud and other
irregularities.
Wings for Life UK have a risk re8lSter in place which is reviewed once a year. Each Tlsk,
and its potential impact, is tneasured as High, Mediutn or Low. The board then works
through the actions required io mili8ate those risks and attributes responsibilities to the
staff of Win8s for Life UK or where appropriate. to themselves.
The trustees all agree that Brexit has not had any significant impact on Wings for Life UK.
No high impact risks have been identified. The medium impact risks have an action plan
in place to mitlgate them.
Financial Risk Management
Wings for Life UK receives donations which, historically. have almost entir81y covered
the running costs of Wings for Life UK. These donations have resulted in 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
c.hief Executive Officer of Wings for Life UK.
Trustees do not receive remuneration for their role as a trustee of Wings for Life UK. The
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 Trustees.
17
TRUSTEES, REPORT
Disclosure of inf ormation to auditor
Each of the trustees has confirtned that there is no information of which they are aware
which is relevant to the audit, but of which the auditor is unaware. They have further
confirmed that they have taken appropriate steps to identify such relevant information
and to establish that the auditor is aware of such information.
Independenl Auditor
The reappointment of HW Fisher LLP as auditor will be proposed to the Trustees
following completion of the 2021 audit.
The Trustees Report was approved by the Board of Trustees
Mr. J Rake
Trustee
,.L
Dated:
16 Jun 2022
## **Draft Financial Statements at 27 May 2022 at 12:51:28 WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
The trustees, who are also the directors of Wings for Life UK Spinal Cord Research Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 18 -
## **Draft Financial Statements at 27 May 2022 at 12:51:28 WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT**
## **TO THE MEMBERS OF WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION**
## **Opinion**
We have audited the financial statements of Wings for Life UK Spinal Cord Research Foundation (the ‘charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 December 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
**Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of our audit:
- the information given in the trustees' report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.
- 19 -
## **Draft Financial Statements at 27 May 2022 at 12:51:28 WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE MEMBERS OF WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION**
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
- We enquired of management the systems and controls the charity has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The charity did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: the Charity SORP, FRS 102, Charities Act 2011 and Companies Act 2006.
- We considered the incentives and opportunities that exist in the charity, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the charity, together with the discussions held with the charity at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
- The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimate of gifts in kind
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Assessing the validity of the classification of income, expenditure, assets and liabilities between unrestricted and restricted funds.
- Documenting and verifying all significant related party balances and transactions.
- Reviewing documentation such as the charity board minutes, for discussions of irregularities including fraud.
- 20 -
## **Draft Financial Statements at 27 May 2022 at 12:51:28 WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE MEMBERS OF WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION**
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
## **Andrew Rich (Senior Statutory Auditor)**
## **for and on behalf of HW Fisher LLP**
Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom
.........................
HW Fisher LLP 16/6/22
- 21 -
## **Draft Financial Statements at 27 May 2022 at 12:51:28 WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**Unrestricted**
**funds**
**2021**
**Notes**
**£**
**Income from:**
Donatons and legacies
**3**
1,338,005
Other trading actvites
**4**
261,482
**Total income**
1,599,487
**Expenditure on:**
Raising funds
**5**
376,213
Charitable actvites
Medical research
**6**
302,038
Grant transferred
**6**
-
**Total charitable expenditure**
302,038
**Total resources expended**
678,251
Gross transfers between
funds
**11**
-
**Net income for the year/**
**Net movement in funds**
921,236
Fund balances at 1 January
2021
1,745,027
**Fund balances at 31**
**December 2021**
2,666,263|**Restricted**
**funds**
**2021**
**£**
87,100
-
87,100
-
76,850
-
76,850
76,850
-
10,250
50,279
60,529|**Total**
Unrestricted
funds
**2021**
2020
**£**
**£**
1,425,105
1,448,714
261,482
60,512
1,686,587
1,509,226
376,213
301,615
378,888
918,063
-
(254,237)
378,888
663,826
755,101
965,441
-
50,000
931,486
593,785
1,795,306
1,151,242
2,726,792
1,745,027|Restricted
funds
2020
**£**
116,600
-
116,600
-
33,300
-
33,300
33,300
(50,000)
33,300
16,979
50,279|Total
2020
**£**
1,565,314
60,512|
|---|---|---|---|---|
|||||1,625,826|
|||||301,615|
|||||951,363
(254,237)|
|||||697,126|
|||||998,741|
|||||-|
|||||627,085
1,168,221|
|||||1,795,306|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 22 -
**Draft Financial Statements at 27 May 2022 at 12:51:28 WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET**
## _**AS AT 31 DECEMBER 2021**_
|**Notes**
**Current assets**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
Other creditors
**13**
Net current assets
**Creditors: amounts falling due afer more than**
**one year**
**14**
**Net assets**
**Income funds**
Restricted funds
**16**
Unrestricted funds|**2021**
**£**
173,878
2,787,732
2,961,610
234,818|**£**
2,726,792
-
2,726,792
60,529
2,666,263
2,726,792|**2020**
**£**
48,492
2,350,494
2,398,986
471,645|**£**
1,927,341
(132,035)
1,795,306
50,279
1,745,027
1,795,306|
|---|---|---|---|---|
The financial statements were approved by the Trustees on .........................16 Jun 2022
Jamie Rake .............................. Mr J P Rake **Trustee**
**Company Registration No. 07371291**
- 23 -
## **Draft Financial Statements at 27 May 2022 at 12:51:28 WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**2021**
**Notes**
**£**
**Cash fows from operatng actvites**
Cash generated from operatons
**19**
**Net cash used in investng actvites**
**Net cash used in fnancing actvites**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2020**
**£**
**£**
437,238
-
-
437,238
2,350,494
2,787,732|**£**
519,404
-
-|
|---|---|---|
|||519,404
1,831,090|
|||2,350,494|
- 24 -
**Draft Financial Statements at 27 May 2022 at 12:51:28 WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
## **Charity information**
Wings for Life UK Spinal Cord Research Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Seven Dials Warehouse, 42-56 Earlham Street, London, WC2H 9LA, United Kingdom.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, 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 applicable in the UK and Republic of Ireland (FRS 102)” (effective from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
The Coronavirus pandemic continued to cause some disruption to our fundraising in 2021, mainly through the cancellation of events and lack of face-to-face meetings. Whilst our overall fundraising was below pre-pandemic levels, we were still able to raise a healthy £1.7million for spinal cord research, and our pipeline for 2022 is looking optimistic.
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 low liabilities. Both these factors mean we can continue to employ all our staff on a full-time basis and can comfortably continue to underwrite our existing and future research commitments.
The trustees are confident that Wings for Life UK can continue as a going concern for the foreseeable future thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Incoming resources**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
The value of donated services and gifts in kind provided are recognised at their open market value in the period in which they are receivable as incoming resources, where the benefit can be reliably measured. An equivalent amount is included as expenditure under the relevant heading in the Statement of financial activities.
- 25 -
**Draft Financial Statements at 27 May 2022 at 12:51:28 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 2021**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Resources expended**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measure reliably.
All expenditure is accounted for on an accrual basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:
- Expenditure on raising funds includes all expenditure associated with raising funds for the charity. This includes fundraising event costs, the costs of raising donations, staff costs associated with fundraising, and an allocation of support and governance costs including donated services, goods and facilities.
- Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include charitable grants and donations and an allocation of support and governance costs.
Grants payable are recognised in the period in which the approved offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised only when the conditions attaching to the award are fulfilled. Grants offered subject to conditions, which have not been met at the balance sheet date, are noted as a potential commitment, but are not treated as a liability.
Staff costs are allocated over the different categories of costs on the basis of estimated time spent by members of staff in those areas. All other costs are categorised as either support costs which include governance costs, and are allocated in proportions based upon a suitable rate applicable to the nature of the cost involved.
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand and deposits held at call with banks.
## **1.7 Financial instruments**
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised as the amount payable or receivable when the instrument is first recognised together with any subsequent transaction costs.
## **1.8 Employee benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Accounting estimates related to the valuation of gifts in kind are based on the cost that the Charity would be expected to pay for those services.
- 26 -
## **Draft Financial Statements at 27 May 2022 at 12:51:28 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 2021**_
## **3 Donations and legacies**
|**Unrestricted**
**funds**
**2021**
**£**
Donatons and gifs
1,338,005
**Donatons and gifs**
Donatons from corporate
sponsors
1,050,962
Donatons from individuals
127,947
Donatons in kind
156,346
Trusts and Foundatons
2,750
1,338,005|**Restricted**
**funds**
**2021**
**£**
87,100
-
-
-
87,100
87,100|**Total**
Unrestricted
funds
**2021**
2020
**£**
£
1,425,105
1,448,714
1,050,962
1,184,851
127,947
131,647
156,346
132,216
89,850
-
1,425,105
1,448,714|Restricted
funds
2020
£
116,600
-
-
-
116,600
116,600|Total
2020
£
1,565,314|
|---|---|---|---|---|
|||||1,184,851
131,647
132,216
116,600|
|||||1,565,314|
## **4 Other trading activities**
|**5**|**Unrestricted**
Unrestricted
**funds**
funds
**2021**
2020
**£**
£
Fundraising events
261,482
60,512
**Raising funds**
**Unrestricted**
Unrestricted
**funds**
funds
**2021**
2020
**£**
£
Fundraising and publicity
Staging fundraising events
113,878
47,948
Donatons in kind for fundraising costs
36,642
21,149
Staf costs
225,693
232,518
376,213
301,615|**Unrestricted**
Unrestricted
**funds**
funds
**2021**
2020
**£**
£
Fundraising events
261,482
60,512
**Raising funds**
**Unrestricted**
Unrestricted
**funds**
funds
**2021**
2020
**£**
£
Fundraising and publicity
Staging fundraising events
113,878
47,948
Donatons in kind for fundraising costs
36,642
21,149
Staf costs
225,693
232,518
376,213
301,615|
|---|---|---|
|||301,615|
- 27 -
**Draft Financial Statements at 27 May 2022 at 12:51:28 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 2021**_
|**6**
**Charitable actvites**
Staf costs
Transfer of ReNetX Bio, Inc. grant to WfL (US)
Grant funding of actvites (see note 7)
Share of support costs (see note 8)
Share of governance costs (see note 8)
**Analysis by fund**
Unrestricted funds
Restricted funds
**7**
**Grants payable**
Grants to insttutons:
Imperial College London
Cambridge University
Netherlands Insttute
Bradbury Kings College
University Health Network Toronto
University College London||Medical
research
Grant
transferred
Total
2020
2020
2020
£
£
£
46,753
-
46,753
-
(254,237)
(254,237)
46,753
(254,237)
(207,484)
763,716
-
763,716
121,236
-
121,236
19,658
-
19,658
951,363
(254,237)
697,126
918,063
(254,237)
663,826
33,300
-
33,300
951,363
(254,237)
697,126
**Medical**
**research**
Medical
research
**2021**
2020
**£**
£
-
177,000
177,000
-
-
153,700
-
172,000
-
170,644
-
90,372
177,000
763,716|Medical
research
Grant
transferred
Total
2020
2020
2020
£
£
£
46,753
-
46,753
-
(254,237)
(254,237)
46,753
(254,237)
(207,484)
763,716
-
763,716
121,236
-
121,236
19,658
-
19,658
951,363
(254,237)
697,126
918,063
(254,237)
663,826
33,300
-
33,300
951,363
(254,237)
697,126
**Medical**
**research**
Medical
research
**2021**
2020
**£**
£
-
177,000
177,000
-
-
153,700
-
172,000
-
170,644
-
90,372
177,000
763,716|Medical
research
Grant
transferred
Total
2020
2020
2020
£
£
£
46,753
-
46,753
-
(254,237)
(254,237)
46,753
(254,237)
(207,484)
763,716
-
763,716
121,236
-
121,236
19,658
-
19,658
951,363
(254,237)
697,126
918,063
(254,237)
663,826
33,300
-
33,300
951,363
(254,237)
697,126
**Medical**
**research**
Medical
research
**2021**
2020
**£**
£
-
177,000
177,000
-
-
153,700
-
172,000
-
170,644
-
90,372
177,000
763,716|
|---|---|---|---|---|
||**Medical**
**research**||||
||**2021**
**£**
48,565
-
48,565
177,000
127,401
25,922
378,888
302,038
76,850
378,888||||
|||||697,126|
|||||663,826
33,300|
|||||697,126|
||||||
||||**Medical**
**research**|Medical
research|
||||**2021**
**£**
-
177,000
-
-
-
-
177,000|2020
£
177,000
-
153,700
172,000
170,644
90,372|
|||||763,716|
- 28 -
**Draft Financial Statements at 27 May 2022 at 12:51:28 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 2021**_
|**8**
**Support costs**
**Support costs**
**Governance**
**costs**
**£**
**£**
Staf costs
14,566
-
Ofce costs
112,835
-
Audit fees
-
12,600
Accountancy
-
2,852
Legal and professional
-
3,601
Ofce costs
-
6,869
Allocated to charitable
actvites
127,401
25,922|**2021**
Support costs
Governance
costs
**£**
£
£
14,566
16,728
53
112,835
104,508
-
12,600
-
9,300
2,852
-
2,724
3,601
-
2,081
6,869
-
5,500
153,323
121,236
19,658|2020
£
16,781
104,508
9,300
2,724
2,081
5,500|
|---|---|---|
|||140,894|
Governance costs includes payments to the auditors of £12,600 (2020 : £9,300) for audit fees and £1,800 for accountancy (2020 : £2,340).
## **9 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **10 Employees**
The average monthly number of employees during the year was:
|Grantmaking and fundraising
Support
Total
**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2021**
**Number**
4
2
6
**2021**
**£**
247,043
22,111
19,670
288,824|**2020**
**Number**
4
2|
|---|---|---|
|||6|
|||**2020**
**£**
253,315
22,556
20,181|
|||296,052|
The key management personnel of the charity in charge of controlling, running and operating the charity on a day to day basis comprise the trustees and the Chief Executive Officer of Wings for Life UK, Emma Hind. The total staff costs, including pension and social security costs, attributable to the Chief Executive Officer during the year was £97,130 (2020: £93,505).
The number of employees whose annual remuneration was £60,000 or more were:
- 29 -
**Draft Financial Statements at 27 May 2022 at 12:51:28 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 2021**_
|**10**|**Employees**||**(Contnued)**|
|---|---|---|---|
|||**2021**|**2020**|
|||**Number**|**Number**|
||£70,000 - £79,999|-|1|
||£80,000 - £89,999|1|-|
## **11 Transfers**
The prior year transfer to unrestricted funds relates to funding received for a specific project in 2020 which had already been expensed in full against unrestricted funds in 2019.
## **12 Debtors**
|**12**
**Debtors**|||
|---|---|---|
|**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income
**13**
**Other creditors falling due within one year**
Grants payable
Accruals and deferred income
**14**
**Creditors: amounts falling due afer more than one year**
Grants payable|**2021**
**£**
3,623
170,255
173,878
**2021**
**£**
219,404
15,414
234,818
**2021**
**£**
-|**2020**
**£**
3,375
45,117|
|||48,492|
|||**2020**
**£**
453,524
18,121|
|||471,645|
|||**2020**
**£**
132,035|
## **15 Retirement benefit schemes**
## **Defined contribution schemes**
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £19,670 (2020 - £20,181).
- 30 -
##
|||**Balance at**|**31 December**|**2021**|**£**|16,979|-|43,550|60,529|||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|The income funds of the charity include restricted funds comprising the following unexpended balances of donatons and grants held on trust for specifc purposes:|**Movement in funds**
**Movement in funds**|**Balance at**
**Incoming**
**Resources**
**Transfers**
**Balance at**
**Incoming**
**Resources**|**1 January 2020**
**resources**
**expended**
**1 January 2021**
**resources**
**expended**||**£**
**£**
**£**
**£**
**£**
**£**
**£**|ReNetX Bio- chronic spinal cord injury study
16,979
-
-
-
16,979
-
-|Papadopoulos/St George’s University of London Neurosciences
-
50,000
-
(50,000)
-
-
-|Verhaagen/Netherlands Insttute for Neuroscience
-
66,600
(33,300)
-
33,300
87,100
(76,850)|16,979
116,600
(33,300)
(50,000)
50,279
87,100
(76,850)||The frst donaton was received from OMV Refning & Marketng GmbH. The funds were restricted to ReNetX Bio, for the purpose of their chronic spinal cord injury study.|The second donaton was received from the Garfeld Weston Foundaton. The funds were restricted to the Papadopoulos contract, which was fully expensed in the prior year.|The third donaton was received from Travis Roy and these funds were restricted to the Verhaagen contract, of which half of this amount was expensed in the year.|
**Draft Financial Statements at 27 May 2022 at 12:51:28 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 2021**_
|**17**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**2021**
**£**
Fund balances at 31
December 2021 are
represented by:
Current assets/(liabilites)
2,666,263
Long term liabilites
-
2,666,263|**Restricted**
**funds**
**2021**
**£**
60,529
-
60,529|**Total**
Unrestricted
funds
**2021**
2020
**£**
£
2,726,792
1,877,062
-
(132,035)
2,726,792
1,745,027|Restricted
funds
2020
£
50,279
-
50,279|Total
2020
£
1,927,341
(132,035)|
|---|---|---|---|---|
|||||1,795,306|
## **18 Related party transactions**
Red Bull Company Limited covers almost all on-going administration costs of the charity which are accounted for as donations and donations in kind. Additionally donations in kind from Red Bull Company Limited were staff costs £6,869 (2020: £1,059) and office costs of £112,835 (2020 : £111,067).
|**19**
**Cash generated from operatons**
Surplus for the year
Movements in working capital:
(Increase)/decrease in debtors
(Decrease) in creditors
**Cash generated from operatons**
20
**Analysis of changes in net funds**
The charity had no debt during the year.|**2021**
**£**
931,486
(125,386)
(368,862)
437,238|**2020**
**£**
627,085
16,907
(124,588)|
|---|---|---|
|||519,404|
||||
||||
- 32 -