ANNUAL REPORT & FINANCIAL STATEMENTS 31 DECEMBER 2022 Wings for Life UK Spinal Cord Research Foundation Company Number: 07371291 Cbaritv Number: 1138804 SPWAGQADIEWIBIIFLIIDIIIWL WINGS FOR LIFE UK SPINAL CORD RESEACH FOUNDATION CONTENTS Pa8e 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 MAME: Wln88 for Llfe UK Spln81 Cord Research Foundation OPERATING NAME Wings for Life UK BOARD OF TrUSTEES Mr. J. Rake (resl8ned as Chalrman 20102123) Mr. P. Stewart [appolnted as Cbalrnian 20102123) Mr. D. Mitsch Mr. R. Elliott Ms. A. Corbardter Mr. P. Char18S Mr. S. Marthinsson Mr. S. Ingham (appointed 20102123) CHIEF EXECUTIVE OFFICER Ejnma Hlnd REGISTERED OFFICE ADDRESS Seven Dlals Warehouse, 42-56 Earlham Street, IAJndon, WC2H 9LA AUDITOR Trtw Fisher LIF, Acre House, 11-15 William Road, London. NWI 3ER BANKERS HSBC, 6th Floor, 71 Que8n Victorla StreeL London, EC4N 4AY COMPANY NUMBER UK REGISTERED CHARITY NUMBER 07371291 1138804 WEBSITE foTlife.co TRUSTEES, REPORT The trust88s present the annual report and ftnancial statements of WinBS for Llfe UK Spinal Cord Research Foun.dation (also knoivn by the working namo "Wings for Llfe UK") for the year ended 31 December 202z. The TTUStees report also Includc& thft Dlie¢tor' Report as rgquired by company law. The financial statements have been prepared in accordance with the accountin8 policies set out in the attached finaiicial statLJnients and Lumply with the charitable company's memornndum and articles of association, the Companies Act 2006 alld ACcoU)]tu￿ and Roportlng by Ch8Tities: Statement of Recommended Practice applicable to CI￿ltIeS prepaTing their accounts in accordance with the Finallcial RepoTting Standard appllcable in the United Kin8dom and Republic of Ireland (FRS 102) (effective from l January 2019). Ahout Us The trustees of the chaTlty, who are also the directors of the company for the purposes of compally law, and who have served durlug the y&8r dnd up to the dat.e of tbis report are shown below: Mr. J. Rake (Tesigned as Chgimall 20102123) MT, P. Stewart (appointed as Chairman 20102123) Mr. D. Mltsch Ms. A. Gerhardter Mr. S. Marthinssoll Mr. R. Elliott Mr. P. Charles Mr. S. Ingham (appollltod 20102123) Th6 regtst8red offic6 of thv ttsmpany and thÈ administrativè office of the cP￿rity Is Seven DlalB Warehouse, 42-56 Earllwn Streèt, Londou, WC2H 9LA. Thè principal address of the arity and the correspondellce address for the ch8Tity's key contact is the same as aforementioned. TRUSTEES, REPORT Wings for Life UK is an indepelldent, UK-based, Self-governlng, 8Tant-making org8J]isation. Tbe charity does howover work together with othor countries where Wings for Life also independently operates. FOT the purpoye of claTlty, tho followln8 nome8 and definltlon3 ore used tbrou8hout: Wings for Life- all countries wheIe the organisation independently opeTates (Note. Win8s for Life is registered in Austria, Gerniaiiy, U.SA and UK). Wings for Life UK- the UK office of the charity which is IndePend￿lt1Y re8lStered and self-governing. Wlngs for LSfe Is a not-foT-profit splnal Cord research foundatloD. OUT mtssion is to Pjnd a curo for 8plnal cord Injury. We WOTld-class sclgntlfic res8aTch and clinical trials around the globe almed at hea]ing the injured spinal cord. OUT work focuses on how to mlnlmtse damage, stimulate repaiT 8nd Te8tOTe function afieT an 5nJury to the sptrial cord has been sustained. To dato, the globa] charity as a whole hAS S]nd8d 274 splna] cord 1fj8earch proJsct8, Includlng 6 major cllnlcal trials, and a number of vital breakthrou8hs hav8 been Made. "Our iiii.ssioii i.s to Jind a curefor spinal cord injury. We fund woi'ld-clas.s scientific re.search and clinical trials around the slobe aimed at healing the injured spinal col'd" TRUSTEES, REPORT OBJECTIVES & ACTIVITIES When setting the objectives and planning the WOTk of the cbarltable company for the year, the trustees have given care￿] consideration to the ChaTity Commlssion's general guidance on public benefit and, wheTe Telev8nt, its supplementary guidance. The cI￿ltable objective of Wlngs for Life UK Is to advance promote medlcal rese8￿ for the beneftt of the public intn the nature, causes, diagnosis, preventlon, treatment and cuJe for all foTms of spinal cord injuries. In Order to achieve theso objectives. Win8s for Life UK raises money thTOU8h v￿lOuS fundraising inltiatlves In order to give grants to world class scientists conduGting research and clinical trAals with a view to curSns spinal cord injury. Public Benefit Wlngs for Life UK is achiewing publlc b8neflt by fwidlng research In the tFK and globall), which is advancing scientiftc and clinical pro8ress working towards our mission: to find a cure for spinal cord injury. Our ultimate goal is that Wings for ljfe ￿llded research will translate illto outcomes which benefit the quality of lif8 for people living with a spinal cord Injury. Wln88 for Llfe UK fuudèd sclenttsts are glvell flexlble grants designed to empower thom to spend thell monay In wh&teveT 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 ext8nsioii'. To track progr&ss and perfornianc8. anniial Teports are submltted by Wings for Life funded researchers and are shar8d with th8 trustee board. All Wings for Life funded 8cl8ntistg ar@ required to publish their results ill reputable scLentific journals so that their le￿nIn￿l be sbarLd ￿V1th the wider scientific community, preveut duplication and incroase tho pace of progress within the field of spinal cord injury research. TRUSTEES, REPORT You can find all publications showing th8 advancemonts being znade though projects funded by Wlngs for Llfe across all research fields related to spinal cord injury on the Wings for Life website: www.win forli mthwresear OUR FUTURE AIMS Wings for Life UK will contlnue to ￿lla world class reseaTcb in ordor to advance sclentific and cllnlcal progress towards a cure for spinal cord finlury. During 2022 we funded nine projects: five in the UK and four illternationally (Including two new projects) in Canada. The Netherlands ond Australia. We also a8rRed funding to cover the European costs of a major clinlcal tri81. DISCUS. Moving forwards. our aim is to fund rnOTe clinical tritils, both in the UK and globally, in order to accelerate treaknent Options available to anyone affected by a spinal COTd injury. We are committed to the long-terni pursuit of OUT goals, as achieving n￿lor breakthrDu8hs In science, and then translating the)n into therapies for patients, can take SI￿lficant time and inve8trnent. Sclenllll¢ Alm$ In 2023, Wlngs for Llfe UK wlll contlnue supporting our extsttng researchers as well a6 fundlng new proje,cts. In line with our afim of fundlng Lnore clinical trials, we will commence fijnding of the El￿Opean ann of the DISCUS trial. a pioneering approach to treating newly injured pati8nts. Inimgdlately after an inlury the splnal cord swells, this incroased pr6gsure impalrs blood flow aud leads to additlonal (secondary) damage. The DISCUS trial aill￿ to rècruit patleuts from across Europe and the UK to test wheth8T openillg and patching the dura (the tougb membrane surro)mdlng tho spinal COTd), a procedure called a duroplasty, can CTeat¢) more space and reduce spin81 cord pressure, therefore improving outcomes. TRUSTEES, REPORT The DISCUS trial is a major undertaking, aiming to recniit 222 patients over 4 years from 20+ sites and. if successful, will become the new standard of care lor newly injured patients.. htt s.'Ilwww.win sforlife.comluklresearchldiscus-stud -duro last -fr)T-the- ured-Lervical-s inal-cord-lvith-uncontrolled-swellin Fundralslng Alms The goal for the Wings for Life UK staff team in 2023 will be to continue with our renewed ￿￿￿aisIng efforts following the Covid-lg pandemic. We enjoyed a very successful yeaT in 2022 and aim to Ixiild on that success across all income streams. OUR FUNDRAISING PRACTICES Wln88 for Llfe UK belleve8 In malnts£ning th8 hish8St standaTd$ in our fundral8lng. Ag Such, we are a member of the Fundralslng Regulator and comply wlth best practlce In fi￿draISing throu8h their Code of Fundra181ng Practlce. Wlng8 for Llf8 UK dfidn't employ any Professional FuDdr8igers or partner with any Commerclal Partlctpators to caTry Out any fundraising activities on our behalf duTing 2022. NOT dtd we work wlth any 'on behalf OP volunteers, only 'in aid OP ￿ndraising volunteers, where (mora oftèn than not) we were awaTe of their plaTmed activity in advan¢e. We endeavour to build personal relationships with our Indivfidllal fundraisers, th8 majorlty of which fundraise using a credible online ￿ndraising platform such as justgiving.com. As ￿ as we are aware, Wings for Litè UK, and our 'in aid of volunteers, dld not fail to comply with any lundyaibino standdrdèi. Furtherniore, we didn't approach members of the public i￿s011cl10d. IIOT dld we carry out a public fundraising appeal OT a marketing c&mpaigii to encouragL dollations. We received zero complafillts in 2022 Teg8rdkllg OUT fundTaisill8 actlvity. TRUSTEES, REPORT INCOME IN 2022 We increased our fundraising slgnificantly In 2022, r8jb.ing £2.8 million (2021 = £1.7 mllllon) tbrough various fundraislng activitie8 including evonts* partnershlps. philaJ)thropy and individual fulldratsers. Events Durlng 2022, we deliveTed our slxth Clay Day event, rnisin8 £178,000. We also introduced two new owued events, The Driving FoTce and Goumet Golf. raisin8 £187,000 and £33,000 Tespectively. Wg contlnued to benefit from a numbor of thlrd-party gvents includmg the 9th edltlon of the Win8s for Life World Run event, OTganised by Red Bllll. Over 160,000 runners and wheelchair users participated, raising ov8r £4 million for Wings for Life. Wings for Life UK benefttted from a donation from the global hmds ralsed of £509,400. We also worked wlth Red Bull Nètherlallds oll a third-partv Drivin8 Force event during the Netherlands Grand Prix wee.kend which raised nearly £195,000. ¢orporats Partn8rs Sov8Tal corporatlons 8UPPOrted us in 2022. Our prinwy Corporate Partner Red Bull Company Ltd. continued to be a major donor. their donations were used to cover tbe majority of Tujmi-ug costs. We also continued to work closèly with the Forniula One team. Oracle Red Bull Racingk on a numb9T of Inltiatives. Thoy halped u8 raise nearly £¥2 million as well as raisiDS awareness of Wlngs for Iife tunongst their fan bas&. We worked dosely with one of our Patrons, Philip White, on the Business of Sport initiative, a series of corporate networking events bringing together the worlds of hi8 10 TRUSTEES, REPORT performing sports people and high perfoTmin8 businesspeople. We delivered two events at Crystal Pdlace Football Club and OraLle Red Bull Racin8p with the aim to increase our corporate datab&8e. In addltlon, we Tecelved donatlons from other partners Including Hexagon Metrology, Canongate Books, CBRE, Pokerstars and Cawingredients. We also benefited from gift-i.J]- kind trom a number of other companles lucludlnB Sparkloop, YEri, Moet Hennes6y) OTacle Red Bull Racin8 and E2B. Philanthropy In 2022, we continued with our philanthropy PTO8Tamme and gratefully recelved donatlons from Trnsts & Foundations including Travis Roy Foundation and the Robert McAlpine Foundation. Both donations were restrlcted to specific research PTolects. In line with the donor's requests. We received additional donatlons from Trusts and IndI￿d￿alS who wish to Temain 8nonymous; any restricted income requests ￿￿11 be honoured. Indlyldual Fundralsors In 2022, we were supported by a fantastlc group of Individua]s who raised money for Wlngs for Life UK tbrough their own fundraising activities. A special mention should be 2nad8 to Phlllp Wblta. Patron of Wings foT Lif8, who h8lp&d raise over £142,000 though his ideas, actioDs and network. EXPENDITURE IN 2022 Wings for Life UK'S overhead costs were almost entirely covered by dollation8. Total funds were £3,133,553 of which £34,750 were restricted funds at year end. TRUSTEES, REPORT 2023 research liabilltles at year end st8nd at £i,110:95'l. DuriDg a Trustees meeting ill Tune 2023 the board agreed to fund a furtber thxee new scientific projects, siibject to Financial Position & ReseThes Policy tn 2022, we agreed fullding for three new sclentific projects. &8 well &8 extending slx 8xisting projects, 8iguiftcantly irAcreasing our liabllities. However we have rontlnued to accrue a generous casb b818nce whlch curyently moTe th8D offsets OUT total liabilities. Thls has been In antlclpadon of the major fulldlng commitmellt we agreed itL late 2022. FUlldll￿ for the DISCUS trial commenced in Jaiiuary 2023 and is a five-year funding commitmellt (subject to key milestones). Giv8n th&t our sc18ntiflc Ilabllltles fluctuate on an annual basis, yet our ￿ndraIsIng Incomo is r8lativ8ly stable, the board havg aimed to ensure that unrestricted reserves should not fall b8low the equivalent of six months. rllnni￿ costs. SIX montb8 budgeted running costs for 2023 equates to £203,118. Currently our free Teserves stand at £3,098,803 50 We well above tbe approved figuTe. The tnJ8tee8 would like to keep this under annual review. Grant Makini Policy In order to declde where best to invest our Mnds, Wings for Life UK seeks recommendations from thè Wlngs for Iafe Scientific Advisory Board (SABI, which consists of scientists with an intemational reputation in the field of spillal cord injury research, and is based 1]] Austri& Anlliially, Wings foi Life grant applicatiolls are received from across the globe at which point the SAB checks to see whether the project proposal complies with Wings for Life's 12 TRUSTEES, REPORT rese￿Ch crlterla. The most ImportAnt prlnclplo Is that all prolacts must have the potential to have a reaL Impact on the field of 8plnal cord Injury research. If an executlve sunllnary is deemed suitable. the researcher is askod to send in a fall applicadon. Once Teceived, these are collated and sent out to peer revieweTS - anonymous to the applicant - who are reputable researchers and opinion leaders in their fields. They score the project proposals, providing valuable quality assurance to the SAB. The SAB then use tbese scores to rank the projects. Ilne with our scientific objectives, Wings for Life is making significant strides fOr￿a In translating promising re86aTch into clinical trials. It is widely recognised that this isn't an easy process. Th8 Wlngs for Iafe Accelerated Translational Progr8nk (ATP) was set-up and is led by Prof. Arniin Curt, Wlngs for Life Clinical Re80arch Director. The ATP provides both funding and networklng support to successful applicants in order to accelorate th8 clinLcal translatlon of their high calibre, promising th8fdPl8S, The ATP Support Network - a n8twork of cllnlciaLg, $cI6ntists, and other professionals with expertise ill all aspects of cIlnlcal tri818 - will be called UPOD, as requkred, to asslst in ensuring that treatments with auspicious potential are translated in the most scientifically rigc)roiis and efficient way possible. Going Concer The flnanclal statements hav8 been PTepared on a going concerll basis. The trustees kLave assessed whether tho use of the gofing concern 8ssumptfion is appropriate in preparing these Ilnancial statements. Wings for Ltfo UK Is In a strong financial position: the majority of our admfinistration costs have historicalLy been covered by discretionary donations from Red Bull Company Ltd. and we currently bave a generous cash balance and modest Ikabilities, All these 13 TRUSTEES, REPORT factors mean we can conthiue to llndeTwrite our existing and futurè research commltments. The Trustees aTe able to coufiruj thai they are of thv opijjion that there are no materlal UTJcertaintles related to events or condlllons that may c&8t Significant doubt over the 2bi]ity of tho charity to contillue 8s a golng conce,rn. RESTRICTED FUNDS In 2022 Wing8 for Life UK held restricted funds for three research projects In our portfollo: Joost Verhaagen's project to tpst regulatable chondroitin8se geno dellvery foi acute and chronlc spinal cord Injury Marios Papadopoulos 8nd Samira Saadoun's PTO3ect to monitOT spinal cord PTeSSUTe in patients wlth severe acute traumatic spinal cord injury RoNotX Bio, Snc. clinical trial lllto the safety, tolerability, and efficac.y of Axer-204, a Nogo Trap biologic In subjects wlth cl￿OnIC splnal cord Injury S8e note 15 for further detail. 14 TRUSTEES, REPORT OUR GOVERNANCE, STrUCTURE & MAMAGEMENT Orzanisalional Structure The OV8Tall strateglc dlrectlon and governance of Wfings for Llfe UK is determined by OUT board of trustees. They delegate authorlty for the day-to-dav TUUDJn8 of the organi5ation to the operation81 team in the UK which v.onsists of: E. Hlnd Chief Executive Officer, UK Head of Development {promoted Sept¥mbeT 2022J Partnerships Manager (resigned October 2022) Partnerships Nlanager (joined Januarv 20231 Fundratslng & Commwjlcations Specialist (reslglled May 20231 Flnance Manager E. Eveleigh-Hlll Event Manager H. Haines R. Ayers M. Blowing C. Browning C. Fetternian Wln8s for Life UK is an independently registered ch8rity wlth its own govemance structUTe8 however the UK staff team do c.onsult wlth th.e team at Wingx br Life Austria on key matters. Governance & Manazement Th8 governing body of Wings for Llfo UK is our board of trustees, who meet at least three times per year. If the board [￿ree5 to recruit a new member a thoTough recruit￿ent process is cnnducted and the fin¢il decisioll is brought to a trustee meetlng for approval. When the board fornially Ble,ct a new Jnember, this decisioll 18 lllilluted and the new trustee Is invltod to the next moetillg. Neiw trustees are oiven a comprehensive induction, 8nd a tralning PTograni 19 in place to ensure they have sllfftcient knowledge of the charity and the sertOT. 15 TRUSTEES, REPORT All trustees 8Te required to sign documentation on appointment Includin8 a Colltract Agreement, Confiict of Lnterest, CA)de of CoDduct and DeCI￿atIon of Ell8lblMty, to ensure they ￿llY undErstand their key responsibilities in governing Wln8s for Llfe UK, enablln8 them to fulfil theiT role to the best of theiI abilities. On &u 8nnual basi$, all trustees are required to sign a Declaration of Interests form. Relationship$ with Related Parties Our SMAII staff team at Ivings for Life. UK wni'k.s with the. st.aff Le,ani at Wings for Life Austria on marketing & communlcatlons, flnanc181 reportin8, and internatlonal fundTaising initiatives. Wlngs for Life UK Is very fortunate that the majority of the org8nisation's ovorheads during 2022 were paid for by our PTinciple corporate parther, Red Bull Company Ltd. Jn addltlon to thls Red Bull Company Ltd. also contributed a further £140.227 as glft in kind. Thls means that 100% of all dr)natlons recolved were dtrocted towards Wings for Life UK'S actlvltios. RepreSe￿at10Th on Other Bodies Mr. J8mie Rake, Thistee {fO￿9r ChainDan), of Wlngs for Llfe UK, works as Head Goach of EuTOPe for R&d Bull, and Mr, Peter Charle8. Trnstse. works as the Managing Director of Red Bull UK. Thls ensuT88 that we have representation from our primary corporate partner on thg trustee board, Ms. Allita Ge.rhardtet, Trustee. is also the Chief Executiv& Offic8r of Willgs for Life globally. her base beillg In Austs'ia. knita provides the Board with input and advice to ensure thdt UK drtiviti8s aligned to the overarching priorities of WiDg8 for IJf& globally. 16 TRUSTEES, REPORT Rlsk & Corporate Governance Matters The trustees are responslble for ensuring that the charity has an approprlate system of controls, linuncial and Otlien￿l$e. Tbe}J are also respoiL%lble for .safgguardlng the assets of tbe chartty and henco fr)r tekln8 re8sonabl.e 8tep8 for the preventloD of frhud and other irregularities. Wings for Life UK have a risk register in place which is revlewed once a year. Each risk, including governance, external. reguLatory & compliance. flnanclal and operation risks, aud their potelltial impact, is meagurad 8s High, Medium or Low. The board then works through the actions required to mitigate those risks and attributes responsibiliti8s to tho staff of Wings for Life UK or where appropriate, to themseLves. No high Impact risks have been identified. The medium impact risk5 have ￿ actlon plan in plac8 to mitigat8 tham. Financial Risk Management Wings for Life UK receive8 donations which. histOTically, have almost eiitiTely covorod the running costs of Wings foT Lifo UK. These donations have resulted In all other dollations being used for research. Wings for Life UK has no borrowings. Key manageme￿ Personnel The key management personnel of the charlty comprises the trustees and Emma Hind as Chlef Exe.cutlve Officer of Wings for Llfe UK. Trustoes do not receive remuneratlon for their Tole as 8 trustee of Wings for Life UK. The remuneration of thé Chief Executive Officer is set by the Chairn]an of the BoaTd of Tntstees based upon an annual appralsal of perforniance against set objectives by the Cliairman of the Board of Trustees. 17 TRUSTEES, REPORT Disclosure of information to audltor Each of the trusteos has confirm8d that there is no information of wllich they ￿e aware which is relevant to th8 audit, but of which the auditOT is unaware. They bave further confirnied that they have taken appropriate steps to identify such relevant inforniation and to establish that the alldltor is awar8 of such I￿orJJ￿tioll. Independent Auditor The r8appolntment of HW Flsber LIP as auditor wlll be PToposed to the TTUStees following completion of th8 2022 audit. The TTUStees Report was appr()ved by the Board of Trustees Mr. P. Stewart Truste8 Datod: Ig.oG.£2 WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees. who are also the dlrectors of Wings for ￿fe UK Splnal Cord Research Foundatlon for the purpose of company law, a responsible for preparing the Trustees, Report and the finatbiial ststemefit5 in accordance with applicable law United Kin8dom Accountlng stsndards Iunited Kingdom GenerallyAcceoed Act in a£￿ement with the accounting records and otums,. or certaln dlsclosures of trnttees, ￿m￿neratIOn specified by law a￿ not mat1e', or we have not ￿￿1Ved all the information and explaTh*ions we requlre for our audit: or the trustees were not ent￿led to prepare the financial 5taternent$ in acwrdance with the Small cL)mpanies ￿lIme and tak advantsge of the small companles, exemptlons In preparlng the trustees, report and from the requ7￿ment to prepare strate8ic report. R¢sptsThsbi ilities oltrustees As explalned more fully in the siatement of irustees. responsibilities, the trustees, who are also the dirertors of the charity for the purpose of company law. are responsible for the prepatotion of the financial 5tstement5 and for being 5at151ied that they Eive a true and fair view, and for such internal control as the trustees deteimiThe 15 necessary to enable the preparatitsn of financial statements that are free from rnaterial mlsststeft*nt, whether due to fraud or error. Irs preparing the fiThancial ststements, the trustees a responslble for assessing the charlty's ability to wntinue as a golng COn￿rn, di5closinB. 35 applicable, matter5 ￿lated to golnK concern and using the golng concern basis of accounting unless the trustees either intend to liquidate the charitable cornpany or to cease operations, or h￿e no ￿all$tIC altèrnative butto do so. Auditor's responslblliliesforthe audrt of thefinancial stBtements Our objecoves are to obtain ￿a$onable assurance about whether the flnancial ststements a5 a whole are free from rnaterial misstatement, whether due tts fraud or error. and to issue an auditor's report that includes our opinion. Reasonable as5uTrnce is a high level of assurance but is not a guarantee that an a￿dit condurted in accordartte wrth ISAS IUKI will always Ilete¢t a material misstatement when it eX15ts. Misststements can arlse from fraud or error and are consideTed m*eilal K, Indivldually or In the aggre8￿e, they could reasonably be expected to influence the economic decisions of users takèn on the basi5 of these financial statements. Irregulaihties. Including fraud. are Instsnces of non-compliance wlth laws and ￿gUlations. We desiKn prlxeduves in line with our responsibilities, outllned above. to detett material misstatement5 in respect of Irregularltle5, IncludinBlraud. The extentto which our procedure5 are capable of detecting Ir￿g￿lar1tIeS, including fraud, is detai￿ below. A5 Part of our plannin8 process.. We enquired of managemert ihe systems and controls the Charity has in plate, the a￿)5 of the fiDan¢ial statements that are rTh)st susceptlble ro the risk ol irregularities and Iraud, afid whether there was any known, suspetted or alleged froud. The charity did not inforrn us of any known, suspetted or al￿ged fraud. We obtained an understanding of the legal and regulatory frameworks applicable to the charity. We determlned that the lollowng were rnost relevant: the CharitySORP, FRS 102. Charities Act 2011 and Companies Act 21XIS. We consSdered the Incentlves and opportunlties ihat exist in the charitvp Including the exteni of management blas. whlch present a potentlal for irregularlties and fraud io be perpetuated, and tallored our rlsk assessment accordin81v. Using our knowledge of the charity. together with ihe discussions held with the charity at the planning Stsge, we forrned conclusion on the risk of misstatement due to irregulariknes intluding fraud and tsiltsred our proteduies atcordin8 to th￿ risk assessment. The key procedure5 we undertookto detect irre8ularlties IncludlTh8 fraud during the course of the audlt Included.. Identifying and testin8journal entries and the over311 accounting records. in partKular those that were slgnificant and unusual. Revjewing the financial smementdisclosuves ènd determining whether accounting policies have been apprcpriatety applied. Reviewlng and challengln8 the assvmptlons and lud8ernents used by rnana8ement in their 5ignifKant accountin8 e5titnate of gift5 In kind Assessing the extent of compliance. or lack of. with the relevant laws afid rewlatiQn5. Assessin8 the ￿lIdIty of the classification of incon)e, expendfture, assets and liabilities between unrestritted and rtstrirted fvnds. Documentlng and verfying all slgnlllcant related party balances and transactlorbs. Revlewin8 documentation such 45 thE charity board minute5, for di5CUS5ion5 of irre8ularitle5 Includlng fraud. -20- WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE MEMBERS OF WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION Owing tts the inherènt limitations of an audit, thère is an unavoidable rlsk that we may not have detected some material misstatements In the flnancial statements even though we have properly planned and performed our audit in accotdance w auditing standards. The prlmary responslblllty for the prevenibn and detertlon of Ir￿g￿laritIeS and fraud rests wtth the tsustees of the charity. A fijrther dÈscription of our responsibilities is available OD the Financial fteportin8 Council's website at-. httpsJlwww.Irc.org.uV audrf(Df5responsibllllles. This des¢riptitsn forms part of ourauditor's report. Use of our ￿port This ￿port is made solelyto the charitsble company'5 rnernbers. as a body. in accordan￿ with Chapter 3 of Part 16 of the Companles Act 2006. Our audit work has beerb undertaken so that we might state to the charitable compa¢ty's membÈrs those matters we are required to stste to them in an auditor'5 report and for no othef purpD5e. To the fullest extent permitted by law, we do not accep1 or assurne re5pon5ibility to anyone other than the charitable company and the chèrltable company's rnernbers as a bodyj for our w)rk. ft&r this ￿PoTL or forthe opinions we have formed. for and on behalf of HW Flsher LLP Chartered AccountsTrts Statutory Auditor Acre House 11-15 Willlam Road London NWI 3ER United KingdDrn Jun 2023 -21- WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR ThIE YEAR ENDED 31 DECEMBER 2022 Unrestflrted funds 2022 Re5trkted funds 2022 Total Unrestricted funds 2021 RestrKted funds 2021 Totsl 202Z 2021 Income from: Donation5 and legacles OthertradiThg activities 1,942,309 742.566 124,493 2,066,802 742.566 1,338,005 261.482 87,IIK) 1,425.105 261,482 Total Inoirne 2,684,875 124,493 2,809,368 1,599,487 87,100 1.686,587 Raisingfunds 696,361 696,361 376,213 376.213 Charttable activities Medical research 1,555.974 150.272 1.706.246 302,038 76,850 378,888 Total resour￿5 expended 2.252.335 150,272 2.402.607 678,251 76850 755,101 Net incomel{expendlturelfor the yearl Net movemerrt infunds 432,54D 125.7791 406.761 921.236 10.250 931,486 Fund balances at ljanuary 2022 2.666.263 60.529 2.726.792 1,745,027 50,279 1,795,306 Fund balan￿$ ai 31 DetèmbÈr2022 3,098.B03 34.750 3,133.553 2,666,263 60.529 2.726,792 The xatementof financial activitie5 includes all gains and losses recognised in the year. All Income and expenditure derive from continuinKartivities. The statement of flTrancbal attivf(les also complle5 wlth the ￿qUi￿rne￿ts br an Income and expendlture account under the CornpanlesAtt 2006. -22- WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COM PANY LIMITED BY GUARANTEE) BALANCE SHEET ASAT31 DECEM8ER 2022 iozz 2021 Note5 Current assets Debtors Cash at bank and in hand li 170,511 4.106,377 173.878 2.787.732 4,276,888 2,961,610 Credli0￿ amourfs falllngd¥¢ wlthln one year Other credttor5 609,563 234,818 Net ojrrent assets 3.667,325 2,726.792 Credltorn.. #mour￿ falling due after more IhaN one ye¥ 1533.7721 assets 3,133,553 2.726.792 IrKom4 fund$ RestrKted funds Unrestritted funds 15 34.750 3.098,803 60.529 2,666,263 3,133,553 2,726.792 The financial ststements We￿ app¥o¥ed by the Trustees on. . Mr P A Stewart Trustee Company ReBhtrathn No. 07371291 -23- WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2Q22 2021 Note5 Cash flowsfrom operatlng actlvltles Cash 8enefated Iroffl opefation5 1,318,645 437,238 Net ¢a$h wed In Investi￿ arti￿￿e$ Net Cash used Sn Ilnandn8 actI￿tI¥$ Net Increase In cash and ¢ash equlwdlents L318.645 437,238 Cash and cash equivalents at beginning of year 2.787.732 2,350.494 C•8h and cash equlvalents *end of ygar 4.106,377 2.787.732 -24- WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Ac¢ouAtimg poliues Charlty InfomatloN Wirw for Lrfe UK Spinal Cord Research Foundation 15 a prlvate company Ilmrted by guarantee incorporated in En￿and and Wales. The registered OfFI￿ is Seven Dials Warehouse, 42-56 Earlham Street, London, WC2H 9LK United Kingdom. 1.1 A£￿UntI￿ con¥entlo The financial ststement5 have been prepared In accordance wlth the ¢harfty'S MemO￿ndum and Artlcles of A5soclation. the Companies Act 21)06 and °Accountin8 and Reportlng by Charlties." Statement of RecommÈnded Practi£e appllcable to £hari(ies preparlngtheir accounts in accordance with the Financial Reporting Standard applicabk In the UK and Republic of Ireland IFK% 1021- leffertive from l January 20191.The charity is a Publlc Beneflt Entity as defined by FRS 102. The financial statements are prepared in sterlln& which is the functional curtency of the charity. Monetary arnounts in these flnaftcial ststemÈnts a￿ rounded to the nearest £. The financol ststements have been prepared under the historfcal cost conventlon. The prlnclpal accountlng policies adooed are set out below. 1.2 Golni ¢on¢•rn The financial statemeffls have been prepared on a going concern basis. Tho trustÈes hwe assessed whethei the use of the golng concerrb assumption is appropriate in preparingihese flnancial statements. Win8$ lor Life UK is in a stron8 linancial position.. the majority of our administration costs have h15torlcally been covered by tli$cretionary donation5 from Red Bull Company Ltd. and we have a generou5 cash balance and modest liabilities. All these factots mean we can contlnue to underwrite our exlsting and future research commitrnent5. ThE Trustees are able to confirm that they are of the opinion that there are no materlal uncertaInt￿5 reLHted to events or condition5that maycast signrficant doubt overthe aknlity of the charityto continue as a going concem. L3 Chorhable fvnds Unrestricted funds are available for use at the discretion of the trustees in furtherance of thelr charltable objectNÈs. Re5ty1cted funds are sublett to speclfk condltlons by donors as to how they may be used. The purposes and uses of the restricted funds are set out the notestothe ftnanclal ststements. IA Incomi￿ resource5 Incorne 15 recoEnlsed when the £harlty Is le8ally entitled to It after any performance wndltlon5 have been met, the amounts can be measured reliably. and it is probable that In£¢me will be retewed. Cash donaiions are recogni5ed on ieceipt. Other donatlons a￿ reco8nised once the charrty has been notified of the donation. unless perfortnance conditions require deferral of the amount. Incorne tsx recoverable In relation to donations re￿Ived under Gift Aid or deed5 01 covenant Is recognsed at thetime of the donath?n. The value of donated seNices and grfts in kind prowided are recognised atthelr open market value in the per￿d in which they are receivable as incomlt)8 resource5, where the benefit be reliably rneasu￿d. An equivalent amount 15 included as expenditure underthe relevant headin8 in the Ststernent of financial acrivlties. -25- 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 2022 Account1￿ polkles lQ)ntinuedl l.S Resourets expended abilities a￿ recognised a5 expenditure as soon as there ts a legal or constructive obligation committin8 the charity to makn a payment to a third party, it 15 probabk that a transfer of economic benefits will be required in settlement aThd the arnount of the obligation can be rneasure rellabty. All expenditure is accouThted for on an accruals basis. Expendlture comprlses dlrect costs and support costs. All expenses, including 5UPPOrt costs. a￿ allocated or apportioned to the appllcable expendlture headin85. The cla551fi¢ation between activitie5 is as follows.. Expendlture on ralslng funds includes all expenditure as50cthd with rdising funds for the charity. This includes fundraislng eveni costs, the costs of raising donations, Cost5 aSSLKiated with fuotlraising, ènd an allocation of 5UPPOrt and governance costs includin8 donated services, goods and facilities. ExPend￿Ure on charitable attlvltie5 includes all c05t5 a550ciated with furthering the charitsble purposes of the charity through the Pr￿ls￿)n of its charitable activitles. Such costs include charltable grants and donations and an albcation of support and govèrnance Costs. Grants payable are reeogThised In the period in which the approved offer 1$ conveyed to the recipieTht eX￿pt in those case5 where the offer i4 conditional, such grants being ￿cognIsed only when the condltions attaching to the aVTard are fuffilled. Grants offered subject to conditions, which have not been met at the balan￿ sheet date. are noted a5 a potential ¢omrnitrnent, but are not treated as a liability. Staff costs are allocated over the drfferent categories of costs Oa the basis of estimated time spent by members ol staff in those areas. All other costs are categorlsed as either SLlPPOrt Costs which include governance costs, and are allocated In proportiQn5 based upon a suitsble rate applicable to the nature of the c05t involved. 1.6 Cash znd c35h equ5￿41eTht$ Cash and cash equivalents include cash in hand and deposits held at call wtth ￿n￿$. 1.7 Hnandal InstNments The Charity has elected to appty the provisions of Section 11 'Ba5ic Financial InstrumeThts' and SectSon 12 '0ther Financial Instrurnents 155ue5' of FR5 102 to all of Its financial instruments. The Ch8rty only ha5 finaThcial assets and financial Ilabllrties of kind that quallfy as basic linanclal Instruments. These flnanclal in5trutnents a￿ recognised a5 the amount payable or re£eiwdbie when the instrurnent Is first recognised together with any subsequent transaction costs. Employtt beneFitS Payments to deflned contribution ￿tireMent benefit schemes are charged as an expense as they fall due. CrTrtlcal acoiuntlng eAlmat¢s•ndludwntnts In the application of the charity's accountln8 policies. the trustees are required to make judgements. estlrnates and assumptions about the cèrrwns amount of assets ènd liabilities that ale not readily apparent frorn other sources. The eslirnates and assoclated assumptions are ￿Sed on historical experlence and other factor5 that are considered to be relevant. Actual results may dlffer from these estlrnates. The estimate5 and underlying a55umptions are reviewed on an ongoing basi5. Revi5ion5 to accountlll8 e5tirnates are reco8nised in the period in whlch the estimate 1$ revised where the revislon affects On￿ th￿ period, tsr in the period of the revision and future period5 where the revlslon affects both current and future perlods. Accounting estimate5 related to the valuation of in kind are based on the tost that the Charty would be experted to pay forthose services. -26- WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Donatlon5 and leB Unyestrkted fvnds Restrftted lund$ Totsl uTh￿str￿ted fund5 Restricted nds Total 2022 2022 2022 2021 2021 2021 Donation5 and gifts 1,942,309 124,493 2,066,802 1,338,OD5 87,lOC> 1,425,105 Donatlons aThJ grfts Donations from corporate 5pon50 Donations from Indlvidua15 Donations in kind Tfusts and Foundation5 1,666,716 78.899 196,694 1.666.716 78,899 196,694 124,493 1.050,%2 127,947 156.346 2.750 1.050.962 127.947 156.346 89.850 124,493 87,1(M) 1,942,309 124.493 2,066.802 1.338.005 87.100 1,425.105 Othertr¥dlnq a¢thiti•s Uhrestnrttd unrestricted fvnds lunds 2022 2021 Fundraising events 742,566 261.482 Ralslngfunds Unresiricted Unrestricted fund5 lunds 2022 2021 Fundraisin and ubllc stsBingfvndrai5ine events Donations in klntllorfvndrai5ingcosts stsff costs 386.467 56,467 253,427 113.878 36.642 225.693 696,361 376,213 -27- WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Charfjiable a¢th￿Q$ MedScal ¥esearth Medical research 2022 2021 stsff costs 51,191 48,565 GrantlundinÈ ol actiwties (see note 71 1,480,917 177,000 sha￿ of support C05t5 (see note 81 sha￿ of govefnance costs (see note 81 146.013 28.125 127.401 25,922 1.706,246 378.888 Ana￿ts￿ byfund Unrestricted funds Restricted funds 1.555,974 150,272 302,038 76,850 1.706,246 378.888 Grdrts payable Medical research 20 Medical research 2021 Grants to ill5titutions.. Imperial col￿ge Cambrfdge University 5t. Georges Hospital Universty College London University Hospitsl Paracel Sus Saliburg D15cus-EU Netherlands Inst￿￿te for NeuroscseKe Vnwer5ity of Bri(ish Colombia Unlversity Heakh Network Toronto University of New South Wa*$ fjusiin 86,0[￿* 79,0Th) 86.940 22.823 721,897 69.500 159,038 80,￿)0 174,819 177,000 1.480,917 177,000 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 2022 Support costs Support tosts Go¥emance 2022 Support costs Govemance costs 2021 Stsff costs Offke cosis 14,150 131.863 14,150 131,863 14.566 112,835 14.S66 112,835 Audlt fees Accountsnry Legal and profe55ional Offlce costs 14,880 3,024 1,857 8,364 14,880 3,024 1.857 8,354 12.6(X) 2.852 3.601 6,869 12.600 2.852 3.601 6,869 Allocated to charitable activities 146.013 28,125 174,138 127,401 25,922 153323 Governance costs includes payments to the audltors of £14,88012021 . £12,6001 for audit feès and £3,024 for accountancy 12021.. £2.8521. Trustees None of the tru5tee5 lor any persons connected vthh Iheml re￿￿ed any remuneTrtK)rt or benefits from the charity dufing the year. Employee$ Thè aveTrKe monthty number ofemployee5 duringthe year was: 2022 Number Z021 Number Grantrnaking aThd fvndraisinB Support Total Employm•nt costs 2022 2Q21 Wages and salaries Social securrty costs Other pension costs 271,545 25,593 21,630 247.043 22.111 19,670 318,768 288.824 The key managetnent pet50nnel of the charlty in charge of controllin& rullning and operatin8 the charlty OTh a day to day basis comprise the trustee5 and the Chief Executfve Officer of Wings for Lrfe UK. Emma hind. The totsl staff costs, includln8 pension and so¢ial securlty costs. attributab￿ tothe Chief Ex￿UtiVe Officer durlng the year was £102,38212021'. £97.1301. The numberol ernployees whose annual ￿muneratioN w85 £60,LKKJ or more were: -29- 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 2022 io Employees Icontinuedl 20ZZ Number 2021 Nubthr £60,000- £69,999 £70.000- £79.999 £90.000- £99.999 li Dèbtoys 2022 2021 AmoUb￿l0￿Ifft8 within oneyear: Other debtors Prepayments and accrued irKome 32,738 137,773 3.623 170.255 170,511 173,878 Othercr•ditotsfallirq due wlthin one year 2021 Grants payable Accrua15 and deferred income 571,178 32.385 219.404 15,414 609,563 234.818 credIto￿ amourts falllnz after morethan one year 2021 Grants payab 533,772 Rttirernert benefrt sthemes Dellned contr5b￿lOn s¢hemes The chartty operates a defined convib￿lOn penslon scheme lor all qualfying employees. The a55ets of the SCheW￿ are held separate￿frorn those of the charlty in an Independently administered lund. The charye to proftt or loss In respea of delined contrlbLrtlon 5cheme5 was £21,63012021-£19.6701. -30- 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 2022 15 Restrict￿ ful￿# The income funds of the charity include restricted fund5 comprising the following unexpended balarKe5 of donations and grants held ontrLSSt foi specrfic purp)ses'. Mts*ment in fund5 hKomln8 R•sourroS Balan¢e at resourcgs *xpond•¥ ljaThuary 20 Movement inlunds Incoml Res0￿[<@5 Y¢50urus Ponded Balamc• at 310gvmbei lJanuary2021 ReNetX Bio- chronic splnal cord Injury dv Verhaagen/Net herlands Institute for Neuroscience St. George's projeu for Prof. Marios Papadopoukjs 16,979 16,979 116,9791 33,3 87.100 176.8501 43,550 69,500 178,3001 34,750 54.993 154,9931 50.279 87.100 176,8501 60.529 124.493 1150.2721 34,750 The donation of £16.979 was ￿e1Ved from OMV Refinlng & Marketing GmbH in 2020. The fvnds were ￿￿rItted to ReNetX BK). for the purpose of their £hronic 5pina1 cord injury study, whlch were fully expensed during the year. The donation of £69.$00 was received from the Travi5 Roy Foundation and these funds were restrlcted to the Vethaagen ntraa, of half of this amount was expensed in the year. The donation of £54,993 was recelved frorn an anonymous donor1£24.9931 and the Robert McAlplne Fourthion1£30.0001 for thÈ project at St. Geor8e's project for Prof. Marios Papadopoulos. Thè funds were restrirted to the Papadopou105 wntract. which Wds fully expensed in the year. 16 Analy515 of net assets b•twe•n fvnds Unresthcted funds 2021 Restrlcted funds 2022 Totsl Un￿strICted fvnds 2021 Restricted fvnds 2021 Total 2022 2021 Fund balaThces at 31 December 2022 are representsd bv: cU￿ntas5ets111Iab1lltieSI Long term liabllilks 3,632,575 1533.7721 34.750 3.667,325 1533,7721 2.656,263 60,529 2,726,792 3.098.803 34,750 3,133.553 2.666,263 60.529 2.726.792 31- WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 17 Reb•ted partytwansactions Red Bull Company Ilmited ¢ovefs almost all on-8oln8 admlnlstratlon costs of the charity whlch a￿ accounted for as donations and donations in kind. Additionalty donations in klnd from Red Bull Company ￿rnited were staff costs £8.36412021.. £6*691 and offlce costs of £131,86312021 .' £112.8351. Cash gemratrd from operatlons 2022 2021 Surplu5 for the year 406,761 931,486 Movements in working capitsl.. Decreasellincreasel In debtors IrKreaSelldÈc￿è$ej in credltor5 3.367 908.517 1125,3861 1368,8621 Cash8eneratad from tsper&ions 1,318.645 437.238 19 An•lyi5 of than8e5 In rtetfunds The charity had no debt during the year.