ANNUAL REPORT & FINANCIAL STATEMENTS 31 DECEMBER 2023 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 RESEARCH 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 25-33
KEY INFORMATION LEGAL NAML. Wings for Life UK Spinal Cord Research Foundation OPERATING NAME Wings for Life UK BOARD OF TRUSTEES Mr. P. Stewart {appointed Chair 2010212023) Mr. l. Rake (resigned as Chair 2010212023) Mr. S. Marthinsson Mr. D. Mitsch Ms. A. Gerhardter Mr. R. Elliott Mr. S. Ingham (appointed 2010212023) Mr. P. Charles CHIEF EXECUTIVE OFFICER Emma Hind REGISTERED OFFICE ADDRESS Seven Dials Warehouse, 42-56 Earlham Street. London, WC2H gLA AUDITOR HW Fisher LLP, Acre House, l 1-15 Ivilliam 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 sforlife.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 Decefflber 2023. The Trustees report also includes the Director's Report 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 Reporting StandaTd applicable in the United Kingdom and Republic of Ireland IFRS 1021 leffeclive from l January 2022). 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 durin8 the year and up to the date of this report are shown below: Mr. P. Stewart (Chair. appointed as Chair 2010212023) Mr. l. Rake Ire.signed as Chair 2010212023) Mr. D. Mitsch Ms. A. Gerhardter Mr. S. Marthinsson Mr. R. Elliott Mr. P. Charles Mr. S. Ingham lappointed 20102120231 The registered office of the company and the admini.8trative office of the charity is Seven Dials Warehouse, 42-56 Earlham Street. London, WC.2H 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 clarity, the following names and definitions are used throughout.. Wings for Life- all countries where the organisation independently operates (Note. Wings for Life is registered in Austria, Germany, Liechtenstein. 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 healing 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 299 spinal cord research projects. including 8 major clinical trials. and a number of vital breakdiroughs have beeii made. "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 Win8s 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 acliievin8 public benefit by funding research in the UK and globally, which is advancing scientific and clinical progress working towards our mission: to find a cure 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 injury. 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 track progress and performance. annual reports are submittcd by Ivings for Life funded researchers and are shared with the trustee board. All Wings for Life funded scientists are required to publish their results in reputable scientiflc journals so that their learnings can be shared with the wider scientific community, prevent duplication 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 made through projects funded by Wings for Life across all research fields related to spinal cord injury on the Wings for Life website: www.win forlife.comluklresearch 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. Diirin8 2023 we funded twelve projects: four in the UK and eight internationally (includin8 ihree new projects), one of which being a major clinical trial across Europe. Moving forwards. our aim is to fund more clinical trials. both in ihe UK and globally. in order to accelerate 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 breakthroughs in sciènce, and then translating them into therapies for patients. can take considerable tiine and investinent. Scientilic Aims In 2024, Wings for Life UK will continue supporting our existing researchers as well as funding new projects. In line with our aim of funding more clinical trials, we will continue funding the European arm of the DISC.US trial, a pioneering approach to treating newly injured patients. Immediately after an injury the spinal cord swells, this increased pressure impairs blood flow and leads to additional (secondary) damage. The DISCUS trial aims to recruit patients from across Europe and the UK to assess whether opening and patching the dura {the tough membrane surrounding the spinal cord). a procedure called a duroplasty, can create more space and reduce spinal cord pressure, therefore improving outcomes.
TRUSTEES, REPORT The DISCUS trial is a major undertaking, aiming to recruit 222 patients over 4 years from 20+ sites and, if successful, will become the new standard of care for newly injured patients: htt s:/lwww.win sforlifo.cuiii/uklrosearchldiscus-Stud :-duro last -for-thc- iii ured-cervical-s inal-cord-with-uncontrolled-swellin htt s:/ldiscus.octru.ox.ac.ukldiscus/welcome-tO-th&discus-trial Fundraising Aims The 8oal for the Win8s for Life UK staff teatn in 2024 will be to continue to build on our fundraising successes. OUR FUNDRAISING PRACTICES Wings for Life UK believes in maintaining the highest standards in our fundraising. As such, we are a member of the Fundraisin8 Regulator and comply with best practice in fundraising ihrough their Code of Fundraising Practice. Wings for Lifè UK didn't employ any Professional Fundraisers or partner with any C.omm8rcial Participators to carry out any fundraising activities on our behalf during 2023. Nor did we work with any 'on behalf of volunteers, only 'in aid of fundraising volunteers, where (more often than not) we were aware of their planned activity in advance. We endeavour to build personal relationships with our individual fundraisers, the majorlty of which fundraise using a credible online fundraising platform such as justgiving.com or givengain.com. As far as we are aware, Wings for Life UK, and our 'in aid OP volunteers, did not fail to comply with any fundraising standards. Furtherniore, we didn't approach members of the public unsolicited, nor did we conduct a public fundraising appeal or a marketing campaign to encourage donations. We received zero complaints in 2023 regarding our fundraising activity.
TRUSTEES, REPORT INCOME IN 2023 We continued to increase our fundraising in 2023. raising £4.6 million {2022 = £2.8 tnillionl through various fundraising activities including events, partnerships, philanthropy and individual fundraisers. Events During 2023, we delivered our seventh Clay Day event, raising £345,000. We also continued with our two new owned events, The Driving Force and GourJnet Golf, raising £253,000 and £56,000, respectively. We continued to benefit from a number of third-party events including the IO, edition of the Wings for Life World Run event, organised by Red Bull. Over 200,000 runners and wheelchair users participaled, raising over £5 million for Wings for Life. Wings for Life UK benefitted from a donation from the global funds raised of £1,391,803. Corporate Partners Several corporations supported us in 2023. Our primary Corporate Partn8r Red Bull Company Ltd. coiitinued to be a major donor: their donations were used to cover the majorlty of running costs. We al.so continued to work closely with the Formula One team, Oracle Red Bull Racing, on a number of initiatives. They helped us raise over E2million globally, which was shared between Wings for Life UK, USA and Austria. In addition, we received donations from other partners including ROKT, The Leasing Foundation, Allect, Hexagon Metrology, Canongate Books, Pokerstars and Cawingredients. We also benofited from gift-in-kind from a number of other companies including Sparkloop. YETI, Byredo. Moet Hennessy, Augustus Martin, Oracle Red Bull Racing and E2B.
10 TRUSTEES, REPORT Philanthropy In 2023, we continued with our philanthropy programtne and gratefully received donations from Trusts & Foundations including the Garfield Weston Foundation, the lordan Charitable Foundation and the PF Charitable Trust. The Garfield Iveston Foundation and PF Charitable Trust were restricted to the DISCUS clinical trial. Individual Fundraisers In 2023, we were supported by a fantastic group of individuals who raised money for Wings for Life UK through their own fundraisin8 activities. A special mention should be made to Australian fundraiser Charles Brice who raised over £93.000 through his fundraisin8 event, Whee12Walk. this donation was restricted to the Dr S Gustinluniversity of new South Wales project. EXPENDITURE IN 2023 Wings for Life UK'S overhead costs were almost entirely covered by donations by Red Bull UK. Total funds were £6,073.438 of which £6,226 were restricted funds at year end. Research liabilities at year end stand at £1.027.814. Durin8 a Trustees meeting in June 2023 the board agreed io fund a further three new scientific projects, subject to contracts. Financial Position & Reserves Policy In 2023, we agreed funding for three new scientific projects. as well as extending nine existing projects, to the value of over £600,000. However 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 another major funding commitment which started negotiations in late 2023. In May 2024, Ivings for Life UK signed a £1.5tnillion three-year agreeellt with SCI Ventures LLC lo become a Founding Partner IN.B. Wings for Life USA also became a Founding Partner with a USD$I.5million commitment). SCI Ventures is the first venture philanthropy fund focused solely on novel treatments for spinal cord injuries. Today. there is no funding for early-sta8e companies working on promisin8 therapies for spinal cord injury. SCI Ventures has been established to brid88 this gap and provide an acceleraled path to the clinic for SCI innovation. Given that our scientific liabilities fluctuate on an annual basis. yet our fundraising income is increasing, the board have aimed to ensure that unrestricted reserves should not fall below the equivalent of six months. running costs. Six months budgeted running costs for 2024 equates to £266,126. Currently our free reserves stand at £6,067,212 so we are well above the approved figure. The truslees would like to keep this uiider aniiual review. Grant Making Policy In ordeT to decide where best to invest our funds, Wings for Life UK sepks recommendations from the Wings for Life Scientific Advisory Board (SABI, which consists of scientists with an international reputation in the field of spinal cord injury research, and is based in Ausiria. Annually, Wings for Life grant applications are received from across the globe gt which 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 their 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 tnakin8 significant strides forward in translatin8 promisin8 research into clinical irials. 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 provides both funding and networking SUPPOrt to successful applicants in order to accelerate the clinical translation of their high calibre, promising 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 assist in ensuring that treatments with auspicious potential are translated in the mosl scientifically ri8orous and efficient way pobsible. Going Concern The tinancial statements have been prepared on a going concern basis. The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. 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 modest liabilities. All these factors mean we can continue to underwrite our existing and future research commitments.
13 TRUSTEES, REPORT The Trustees confirm that they are of the opinion that there are no material uncertainties related to events or conditions that tnay cast significant doubt over the ability of the charily to continue as a going concern. RESTRICTED FUNDS In 2023 Wings for Life UK held restricted funds for three research projects in our portfolio.. DISCUS.. Duroplasty for Injured Cervical Spinal Cord with Uncontrolled Swelling. DISCUS is an emergency spinal neurfrsur8ery randomised controlled trial for Traumatic Spinal Cord Injury (TSCII. Dr Sylvia Gustin/Universily of New South Wales, Australia: project combinin8 immersive haplic virtual reality and spinal transcutaneous electrical stiniulation to restore somatosensory perception in complete spinal cord injury. Dr Joost VerhaagenlNetherlands Institute for Neuroscience. The Netherlands.. Regulatable Chondroitinase Gene Delivery for Acute and Chronic SCI. See note 15 for rther 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 C. Fetterman Finance Manager Head of Developmenl Senior Event Mana8er (promoted October 20231 Partnerships Mana8er (joined lanuary 2023) Fundraising & Communicalions Specialist (resigned May 2023) Event & Fundraisin8 Specialist (joined lanuary 2024) Wings for Life UK is an independently re8islered charity with its own governance structures however the UK staff team do consult with the team at Wings for Life Austria on kèy matters. H. Haines E. Eveleigh-Hill M. Blowing C. Brownin8 A. Kerrison Governance & Managernent The governing body of Wings for Life UK is our board of trustees. who meet at least three times per year. If the board agrees to recruit a new member a thorough recruitment proc.ess 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 give.n 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 understand their key responsibilities in governing Wings for Life UK. enabling them to fulfil their role to the best of their abilities. On an annual basis, all trustees are required to sign a Declaration of Interests form. Relationships with Related Parties Our sJnall staff team at Win8s for Life UK collaborates with the staff team at Wings for Life Austria on marketing & cotnmunications. financial reporting. and international fundraisin8 initiatives. Wings for Life UK is extremely fortunate that the majority of the organisation's overheads during 2023 were paid for by our principle corporate partner. Red Bull Coinpany Ltd. In addition to this Red Bull Company Ltd. also contributed a further £129.543 as gift in kind. This means that IOO¥o of all donations received were directed towards Wings for Life UK'S activities. Representation on Other Bodies Mr. Jamie Rake, Trustee (former Chair), of Ivings 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 ihat we have representation from our primary corporate partner on the trustee board. Ms. Anita Gerhardter, Trustee, is also the c.hief Executive Officer of wing.s 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. Risk & Corporale Governance Matters The trustees 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.
16 TRUSTEES, REPORT Wings for Life UK have a risk register in place which is reviewed once a year. Each risk, including governance, external, regulatory & compliance, financial and operation risks, and their polenlial itnpact, is measured as High, Modium or Low. The board then works through the actions required to tniligate those risks and attributes responsibilities to th staff of Wings for Life UK or where appropriate. to themselves. No high impact risks have been identified. The medium impact risks have an action plan in place to mitigate them. Financial Risk Managemenl Wings for Life UK receives donations which. historically. have almost entirely 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 Chair of the Board of Trustees based upon an annual appraisal of performance against set objectives by the Chair of the Board of Trustees. Disclosure of inf ormation lo auditor Each of the trustees has confirmed 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, individually, taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
17 TRUSTEES, REPORT Independent Auditor The reappointment of HW Fisher LLP as auditor will be proposed to the Trustees (who are also the members for the purposes of cotnpany lawl following completion of the 2023 audit. The Trustees Report was approved by the Board of Trustees p..1 s4 Mr. P. Stewart Trustee Dated: 14 Jun 2024
WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent; and
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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.
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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 2023 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).
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In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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:
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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
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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.
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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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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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:
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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.
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We obtained an understanding of the legal and regulatory frameworks applicable to the charity. We determined that the following were most relevant: the Charity SORP, FRS 102, Charities Act 2011 and Companies Act 2006.
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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.
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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:
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Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
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Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
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Testing key revenue lines, in particular cut-off, for evidence of management bias.
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Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
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Obtaining third-party confirmation of material bank balances.
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Assessing the validity of the classification of income, expenditure, assets and liabilities between unrestricted and restricted funds.
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Documenting and verifying all significant related party balances and transactions.
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Reviewing documentation such as the charity board minutes, for discussions of irregularities including fraud.
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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
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
17 Jun 2024 .........................
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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 2023
| Unrestricted funds 2023 Notes £ Income from: Donatons and legacies 3 3,646,877 Other trading actvites 4 760,922 Total income 4,407,799 Expenditure on: Raising funds 5 828,063 Charitable actvites Medical research 6 611,327 Total resources expended 1,439,390 Net income/(expenditure) for the year/ Net movement in funds 2,968,409 Fund balances at 1 January 2023 3,098,803 Fund balances at 31 December 2023 6,067,212 |
Restricted funds 2023 £ 173,186 - 173,186 - 201,710 201,710 (28,524) 34,750 6,226 |
Total Unrestricted funds 2023 2022 £ £ 3,820,063 1,942,309 760,922 742,566 4,580,985 2,684,875 828,063 696,361 813,037 1,555,974 1,641,100 2,252,335 2,939,885 432,540 3,133,553 2,666,263 6,073,438 3,098,803 |
Restricted funds 2022 £ 124,493 - 124,493 - 150,272 150,272 (25,779) 60,529 34,750 |
Total 2022 £ 2,066,802 742,566 |
|---|---|---|---|---|
| 2,809,368 | ||||
| 696,361 1,706,246 |
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| 2,402,607 | ||||
| 406,761 2,726,792 |
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| 3,133,553 |
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.
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WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET
AS AT 31 DECEMBER 2023
| 2023 Notes £ Current assets Debtors 11 592,389 Cash at bank and in hand 6,529,689 7,122,078 Creditors: amounts falling due within one year Other creditors 12 (599,297) Net current assets Creditors: amounts falling due afer more than one year 13 Net assets Income funds Restricted funds 15 Unrestricted funds The fnancial statements were approved by the Trustees on ......................... 14 Jun 2024 |
£ 6,522,781 (449,343) 6,073,438 6,226 6,067,212 6,073,438 |
2022 £ 170,511 4,106,377 4,276,888 (609,563) |
£ 3,667,325 (533,772) 3,133,553 34,750 3,098,803 3,133,553 |
|---|---|---|---|
Paul Stewart
.............................. Mr P A Stewart Trustee
Company Registration No. 07371291
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WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
| 2023 Notes £ Cash fows from operatng actvites Cash generated from operatons 18 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 |
2022 £ £ 2,423,312 - - 2,423,312 4,106,377 6,529,689 |
£ 1,318,645 - - |
|---|---|---|
| 1,318,645 2,787,732 |
||
| 4,106,377 |
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WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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 2022). 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 financial statements have been prepared on a going concern basis. The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements.
Wings for Life UK is in a strong financial position: the majority of the administration costs have historically been covered by discretionary donations from Red Bull Company Ltd. and currently there is generous cash balance and modest liabilities. All these factors mean we can continue to underwrite our existing and future research commitments.
The Trustees are of the opinion that there are no material uncertainties related to events or conditions that may cast significant doubt over the ability of the charity to continue as a going concern.
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.
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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 2023
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 measured reliably.
All expenditure is accounted for on an accruals 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. These 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.
There were no critical accounting estimates.
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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 2023
3 Donations and legacies
| Unrestricted funds 2023 £ Donatons and gifs 3,646,877 Donatons and gifs Donatons from corporate sponsors 3,366,928 Donatons from individuals 55,520 Donatons in kind 223,130 Trusts and Foundatons 1,299 3,646,877 |
Restricted funds 2023 £ 173,186 - 93,186 - 80,000 173,186 |
Total Unrestricted funds 2023 2022 £ £ 3,820,063 1,942,309 3,366,928 1,666,716 148,706 78,899 223,130 196,694 81,299 - 3,820,063 1,942,309 |
Restricted funds 2022 £ 124,493 - - - 124,493 124,493 |
Total 2022 £ 2,066,802 |
|---|---|---|---|---|
| 1,666,716 78,899 196,694 124,493 |
||||
| 2,066,802 |
4 Other trading activities
| 5 | Unrestricted Unrestricted funds funds 2023 2022 £ £ Fundraising events 760,922 742,566 Raising funds Unrestricted Unrestricted funds funds 2023 2022 £ £ Fundraising and publicity Staging fundraising events 458,109 386,467 Donatons in kind for fundraising costs 93,587 56,467 Staf costs 276,367 253,427 828,063 696,361 |
Unrestricted Unrestricted funds funds 2023 2022 £ £ Fundraising events 760,922 742,566 Raising funds Unrestricted Unrestricted funds funds 2023 2022 £ £ Fundraising and publicity Staging fundraising events 458,109 386,467 Donatons in kind for fundraising costs 93,587 56,467 Staf costs 276,367 253,427 828,063 696,361 |
|---|---|---|
| 696,361 |
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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 2023
| 6 Charitable actvites Staf costs 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 Cambridge University St. Georges Hospital Neurofsiologia Celular y Molecular Montevideo Uruguay Tokyo Metropolitan Insttute of Medical Scence University of Auckland Anatomy and Medical Imaging Kings College London University College London University Hospital Paracel Sus Salzburg Discus-EU Netherlands Insttute for Neuroscience University of Britsh Colombia University Health Network Toronto University of New South Wales |
||
|---|---|---|
| Medical research |
Medical research |
|
| 2023 £ 56,428 585,874 139,898 30,837 813,037 611,327 201,710 813,037 |
2022 £ 51,191 1,480,917 146,013 28,125 |
|
| 1,706,246 | ||
| 1,555,974 150,272 |
||
| 1,706,246 | ||
| Medical research |
Medical research |
|
| 2023 £ - - - 170,139 170,590 172,310 95,000 - - - - - (22,165) 585,874 |
2022 £ 86,000 79,000 86,940 - - - - 22,823 721,897 69,500 159,038 80,900 174,819 |
|
| 1,480,917 |
-
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 2023
8 Support costs
| Support costs | ||
|---|---|---|
| Support costs Governance costs £ £ Staf costs 19,093 - Ofce costs 120,805 - Audit fees - 16,626 Accountancy - 4,615 Legal and professional - 858 Ofce costs - 8,738 Allocated to charitable actvites 139,898 30,837 |
2023 Support costs Governance costs £ £ £ 19,093 14,150 - 120,805 131,863 - 16,626 - 14,880 4,615 - 3,024 858 - 1,857 8,738 - 8,364 170,735 146,013 28,125 |
2022 £ 14,150 131,863 14,880 3,024 1,857 8,364 |
| 174,138 |
Governance costs includes payments to the auditors of £16,626 (2022 : £14,880) for audit fees and £2,040 for accountancy (2022 : £1,800).
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year nor in the prior 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 |
2023 Number 4 2 6 2023 £ 300,302 27,959 23,627 351,888 |
2022 Number 4 2 |
|---|---|---|
| 6 | ||
| 2022 £ 271,545 25,593 21,630 |
||
| 318,768 |
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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 2023
- 10 Employees
(Continued)
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 £112,855 (2022: £102,382).
The number of employees whose annual remuneration was £60,000 or more were:
| £60,000 - £69,999 £70,000 - £79,999 £90,000 - £99,999 £100,000 - £109,999 11 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 12 Other creditors falling due within one year Grants payable Accruals and deferred income 13 Creditors: amounts falling due afer more than one year Grants payable |
2023 Number - 1 - 1 2023 £ 4,486 587,903 592,389 2023 £ 578,471 20,826 599,297 2023 £ 449,343 |
2022 Number 1 - 1 - |
|---|---|---|
| 2022 £ 32,738 137,773 |
||
| 170,511 | ||
| 2022 £ 577,178 32,385 |
||
| 609,563 | ||
| 2022 £ 533,772 |
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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 2023
14 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 £23,627 (2022 - £21,630).
- 31 -
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 2023
15 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | Movement in funds | Movement in funds | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | Incoming | Resources | Balance at | |||
| 1 January 2022 | resources | expended | 1 January 2023 | resources | expended | 31 December | |||
| 2023 | |||||||||
| £ | £ | £ | £ | £ | £ | £ | |||
| ReNetX Bio- | |||||||||
| chronic spinal | |||||||||
| cord injury | |||||||||
| study | 16,979 | - | (16,979) | - | - | - | - | ||
| Verhaagen/ | |||||||||
| Netherlands | |||||||||
| Insttute for | |||||||||
| Neuroscience | 43,550 | 69,500 | (78,300) | 34,750 | - | (34,750) | - | ||
| St. George's | |||||||||
| project for Prof. | |||||||||
| Marios | |||||||||
| Papadopoulos | - | 54,993 | (54,993) | - | - | - | - | ||
| Discus-EU / | |||||||||
| University | |||||||||
| Hospital of | |||||||||
| Paracelsus | |||||||||
| Medical Private | |||||||||
| University | |||||||||
| Salzburg | - | - | - | - | 80,000 | (80,000) | - | ||
| Gustn/ | |||||||||
| University of | |||||||||
| New South | |||||||||
| Wales | - | - | - | - | 93,186 | (86,960) | 6,226 | ||
| 60,529 | 124,493 | (150,272) | 34,750 | 173,186 | (201,710) | 6,226 |
The donation of £16,979 was received from OMV Refining & Marketing GmbH in 2020. The funds were restricted to ReNetX Bio, for the purpose of their chronic spinal cord injury study, which were fully expensed during 2022.
The donation of £69,500 was received from the Travis Roy Foundation and these funds were restricted to the Verhaagen contract, of which half of this amount was expensed during 2022.
The donation of £54,993 was received from an anonymous donor (£24,993) and the Robert McAlpine Foundation (£30,000) for the project at St. George's project for Prof. Marios Papadopoulos. The funds were restricted to the Papadopoulos contract, which was fully expensed during 2022.
The brought forward balance of £34,750 relating to the Verhaagen / Netherlands Institute for Neuroscience was received from The Travis Roy Foundation in 2022 and was fully expensed during 2023.
The donations of £80,000 which were restricted to the Discus-EU trial were received from The Garfield Weston Foundation (£75,000) and the PF Charitable trust £5,000). These funds were fully expensed during the 2023.
The donation of £93,186 was received from The Charles Bryce Trust and was restricted to the Professor Gustin / University of New South Wales contract. £86,960 of this was expensed during 2023.
- 32 -
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 2023
| 16 Analysis of net assets between funds Unrestricted funds 2023 £ Fund balances at 31 December 2023 are represented by: Current assets/(liabilites) 6,516,555 Long term liabilites (449,343) 6,067,212 |
Restricted funds 2023 £ 6,226 - 6,226 |
Total Unrestricted funds 2023 2022 £ £ 6,522,781 3,632,575 (449,343) (533,772) 6,073,438 3,098,803 |
Restricted funds 2022 £ 34,750 - 34,750 |
Total 2022 £ 3,667,325 (533,772) |
|---|---|---|---|---|
| 3,133,553 |
17 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 £8,737 (2022: £8,364) and office costs of £120,806 (2022 : £131,863).
| 18 Cash generated from operatons Surplus for the year Movements in working capital: (Increase)/decrease in debtors (Decrease)/increase in creditors Cash generated from operatons 19 Analysis of changes in net funds The charity had no debt during the year. |
2023 £ 2,939,885 (421,878) (94,695) 2,423,312 |
2022 £ 406,761 3,367 908,517 |
|---|---|---|
| 1,318,645 | ||
- 33 -