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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 18 -
## **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).
- In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
**Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of our audit:
- the information given in the trustees' report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.
- 19 -
## **WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE MEMBERS OF WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION**
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
- We enquired of management the systems and controls the charity has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The charity did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the charity. We determined that the following were most relevant: the Charity SORP, FRS 102, Charities Act 2011 and Companies Act 2006.
- We considered the incentives and opportunities that exist in the charity, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the charity, together with the discussions held with the charity at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Testing key revenue lines, in particular cut-off, for evidence of management bias.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
-
- Obtaining third-party confirmation of material bank balances.
- Assessing the validity of the classification of income, expenditure, assets and liabilities between unrestricted and restricted funds.
- Documenting and verifying all significant related party balances and transactions.
- Reviewing documentation such as the charity board minutes, for discussions of irregularities including fraud.
- 20 -
## **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 .........................
- 21 -
## **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|
|||||2,402,607|
|||||406,761
2,726,792|
|||||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.
- 22 -
## **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**
- 23 -
## **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|
- 24 -
**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.
- 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 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.
- 26 -
## **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|
- 27 -
**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|
- 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 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|
- 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 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 -