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2025-12-31-accounts

ANNUAL REPORT & FINANCIAL STATEMENTS 31 DECEMBER 2025

Wings for Life UK Spinal Cord Research Foundation

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION

CONTENTS

KEY INFORMATION

LEGAL NAME:

OPERATING NAME

BOARD OF TRUSTEES

CHIEF EXECUTIVE OFFICER

REGISTERED OFFICE ADDRESS

AUDITOR

BANKERS

COMPANY NUMBER UK REGISTERED CHARITY NUMBER

WEBSITE

TRUSTEES’ REPORT

About Us

TRUSTEES’ REPORT

TRUSTEES’ REPORT

OBJECTIVES & ACTIVITIES

Public Benefit

TRUSTEES’ REPORT

OUR FUTURE AIMS

Scientific Aims

DISCUS Trial

TRUSTEES’ REPORT

SCI Ventures

SPROUT

TRUSTEES’ REPORT

Future Developments

TRUSTEES’ REPORT

OUR FUNDRAISING APPROACH & PRACTICES

Regulatory Compliance

Fundraising Approach

Monitoring

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Protection of Vulnerable People

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TRUSTEES’ REPORT

Complaints

INCOME IN 2025

Events

TRUSTEES’ REPORT

Corporate

ë

Philanthropy, including Trusts & Foundations

Individuals

TRUSTEES’ REPORT

Investment Income

Fundraising Aims

EXPENDITURE IN 2025

Financial Position & Reserves Policy

TRUSTEES’ REPORT

TRUSTEES’ REPORT

Investment Policy

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TRUSTEES’ REPORT

Grant Making Policy

TRUSTEES’ REPORT

Going Concern

RESTRICTED FUNDS

TRUSTEES’ REPORT

OUR GOVERNANCE, STRUCTURE & MANAGEMENT

Organisational Structure

Governance & Management

TRUSTEES’ REPORT

Relationships with Related Parties

Representation on Other Bodies

Risk & Corporate Governance Matters

TRUSTEES’ REPORT

Financial Risk Management

Key Management Personnel

TRUSTEES’ REPORT

Disclosure of information to auditor

Paul Stewart

17 Jul 2026

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2025

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:

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.

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 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and 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 Financial Reporting Standard 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:

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:

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.

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:

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

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.

Darshna Choudhury

Darshna Choudhury (Senior Statutory Auditor)

for and on behalf of HW Fisher Audit

Chartered Accountants Statutory Auditor Acre House 11-15 William Road

London NW1 3ER United Kingdom 17 Jul 2026

.........................

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 2025

Unrestricted
funds
2025
Notes
£
Income from:
Donatons and legacies
3
4,898,519
Other trading actvites
4
1,785,828
Investments
5
242,949
Total income
6,927,296
Expenditure on:
Raising funds
6
1,315,648
Charitable actvites
Medical research
7
3,540,648
Total resources expended
4,856,296
Net income for the year/
Net movement in funds
2,071,000
Fund balances at 1 January
2025
7,416,412
Fund balances at 31
December 2025
9,487,412		 Restricted
funds
2025
£
85,191
-
-
85,191
-
85,191
85,191
-
105,524
105,524		 Total
Unrestricted
funds
2025
2024
£
£
4,983,710
3,760,495
1,785,828
831,678
242,949
62,825
7,012,487
4,654,998
1,315,648
763,248
3,625,839
2,542,550
4,941,487
3,305,798
2,071,000
1,349,200
7,521,936
6,067,212
9,592,936
7,416,412		 Restricted
funds
2024
£
105,524
-
-
105,524
-
6,226
6,226
99,298
6,226
105,524		 Total
2024
£
3,866,019
831,678
62,825
4,760,522
763,248
2,548,776
3,312,024
1,448,498
6,073,438
7,521,936

The statement of financial activities includes all gains and losses recognised in the year.

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.

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET

AS AT 31 DECEMBER 2025

Notes
Current assets
Debtors
15
Investments
16
Cash at bank and in hand
Creditors: amounts falling due within one year
Other creditors
17
Net current assets
Creditors: amounts falling due afer more than
one year
18
Net assets
Income funds
Restricted funds
20
Unrestricted funds		 2025
£
312,265
9,800,000
2,424,334
12,536,599
(2,296,628)		 £
10,239,971
(647,035)
9,592,936
105,524
9,487,412
9,592,936		 2024
£
392,761
4,000,000
5,427,998
9,820,759
(1,250,489)		 £
8,570,270
(1,048,334)
7,521,936
105,524
7,416,412
7,521,936

17 Jul 2026

The financial statements were approved by the Trustees on .........................

Paul Stewart

.............................. Mr P Stewart Trustee

Company Registration No. 07371291

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

2025 2024
Notes £ £ £ £
Cash fows from operatng actvites
Cash generated from operatons 24 2,553,387 2,835,484
Investng actvites
Acquisitons of short term investments (5,800,000) (4,000,000)
Investment income received 242,949 62,825
Net cash used in investng actvites (5,557,051) (3,937,175)
Net cash used in fnancing actvites - -
Net decrease in cash and cash equivalents (3,003,664) (1,101,691)
Cash and cash equivalents at beginning of year 5,427,998 6,529,689
Cash and cash equivalents at end of year 2,424,334 5,427,998

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

Charity information

Wings for Life UK Spinal Cord Research Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Seven Dials Warehouse, 42-56 Earlham Street, London, WC2H 9LA, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

The 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 that the trustees expect that the entity will be able to continue to underwrite its 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 or grantors 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.

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 2025

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:

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. Current asset investments are money market deposits with a maturity date greater than three months from the deposit date.

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 (excluding current asset investments where fair value adjustments are reflected) 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.

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 2025

3 Income from donations and legacies

Unrestricted
funds
2025
£
Donatons and gifs
4,898,519
Donatons and gifs
Donatons from corporate
sponsors
4,554,531
Donatons from individuals
72,197
Donatons in kind
271,791
Trusts and Foundatons
-
4,898,519
4
Income from other trading actvites
Fundraising events
5
Income from investments
Interest receivable		 Restricted
funds
2025
£
85,191
-
-
-
85,191
85,191		 Total
Unrestricted
Restricted
Total
funds
funds
2025
2024
2024
2024
£
£
£
£
4,983,710
3,760,495
105,524
3,866,019
4,554,531
3,471,555
-
3,471,555
72,197
63,419
-
63,419
271,791
225,521
-
225,521
85,191
-
105,524
105,524
4,983,710
3,760,495
105,524
3,866,019
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
1,785,828
831,678
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
242,949
62,825		 Total
2024
£
3,866,019
3,471,555
63,419
225,521
105,524
3,866,019

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 2025

6
7		 Raising funds Raising funds Raising funds
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Fundraising and publicity
Staging fundraising events
814,965
357,422
Donatons in kind for fundraising costs
111,226
64,455
Other fundraising costs
-
12,500
Staf costs
389,457
328,871
1,315,648
763,248
Charitable actvites
Medical
research
Medical
research
2025
2024
£
£
Staf costs
73,106
69,344
Grant funding of actvites (see note 8)
3,332,349
2,253,848
Share of support costs (see note 9)
177,277
171,400
Share of governance costs (see note 9)
43,107
54,184
3,625,839
2,548,776
Analysis by fund
Unrestricted funds
3,540,648
2,542,550
Restricted funds
85,191
6,226
3,625,839
2,548,776
763,248
Medical
research		 Medical
research
2025
£
73,106
3,332,349
177,277
43,107
3,625,839
3,540,648
85,191
3,625,839		 2024
£
69,344
2,253,848
171,400
54,184
2,548,776
2,542,550
6,226
2,548,776

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 2025

8 Grants payable

Grants to insttutons:
Neurofsiologis Celular y Molecular Montevideo Uraguay
Tokyo Metrop. Insttute of Medical Scence
NovaGo TherapeUtcs 'Sprout'
University of Lausanne
University of Britsh Columbia
Greater Glasgow Health Board
Kings College London
University of Britsh Colombia
SCI Ventures
Ecole Polytechnique Federale de Lausanne
Imperial College of Science, Technology and Medicine
University of New South Wales		 Medical
research		 Medical
research
2025
£
81,079
85,128
2,512,142
218,000
218,000
218,000
-
-
-
-
-
-
3,332,349		 2024
£
-
-
-
-
-
-
89,600
51,200
1,500,000
157,560
370,800
84,688
2,253,848

9 Support costs

Support costs
Support costs
Governance
costs
£
£
Staf costs
24,880
-
Ofce costs
152,397
-
Audit fees
-
27,788
Accountancy
-
2,596
Legal and professional
-
4,555
Ofce costs
-
8,168
Allocated to charitable
actvites
177,277
43,107		 2025
Support costs
Governance
costs
£
£
£
24,880
21,670
-
152,397
149,730
-
27,788
-
25,895
2,596
-
2,472
4,555
-
14,481
8,168
-
11,336
220,384
171,400
54,184		 2024
£
21,670
149,730
25,895
2,472
14,481
11,336
225,584

Governance costs includes payments to the auditors of £25,956 and an under provision from the prior year of £1,832 (2024: £24,720 and an under provision from the prior year of £1,175) for audit fees and £2,596 for accountancy (2024: £2,472).

10 Net movement in funds 2025 2024
£ £
The net movement in funds is stated afer charging/(creditng):
Fees payable for the audit of the charity's fnancial statements 27,788 25,895

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 2025

11 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.

12 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		 2025
Number
5
2
7
2025
£
408,772
43,434
35,237
487,443		 2024
Number
4
2
6
2024
£
356,726
34,977
28,182
419,885

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 £152,631 (2024: £138,668).

The number of employees whose annual remuneration was more than £60,000 is as follows:

follows:
2025 2024
Number Number
£60,000 - £69,999 1 1
£80,000 - £89,999 1 1
£120,000 - £129,999 - 1
£130,000 - £139,999 1 -

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14 Financial instruments

Financial instruments
2025 2024
£ £
Carrying amount of fnancial assets
Instruments measured at fair value through proft or loss 9,800,000 4,000,000

WINGS FOR LIFE UK SPINAL CORD RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

15
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
16
Current asset investments
Short term investment deposits
17
Other creditors falling due within one year
Grants payable
Accruals and deferred income
18
Creditors: amounts falling due afer more than one year
Grants payable
19
Retrement beneft schemes
Defned contributon schemes
Charge to proft or loss in respect of defned contributon schemes		 2025
£
7,111
305,154
312,265
2025
£
9,800,000
2025
£
2,251,045
45,583
2,296,628
2025
£
647,035
2025
£
35,237		 2024
£
5,879
386,882
392,761
2024
£
4,000,000
2024
£
1,078,869
171,620
1,250,489
2024
£
1,048,334
2024
£
28,182

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.

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 2025

20 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Balance at
1 January 2024
£
DISCUS
-
Gustn/
University of
New South
Wales
6,226
NovaGo
Therapeutcs
'SPROUT'
-
6,226		 Movement in funds
Incoming
resources
Resources
expended
Balance at
1 January 2025
£
£
£
105,524
-
105,524
-
(6,226)
-
-
-
-
105,524
(6,226)
105,524		 Movement in funds
Incoming
resources
Resources
expended
Balance at
31 December
2025
£
£
£
-
-
105,524
-
-
-
85,191
(85,191)
-
85,191
(85,191)
105,524		 Movement in funds
Incoming
resources
Resources
expended
Balance at
31 December
2025
£
£
£
-
-
105,524
-
-
-
85,191
(85,191)
-
85,191
(85,191)
105,524
105,524

During the year, £85,191 was received from the Albada Jelgersma Family for the NovaGo Therapeutics ‘SPROUT’ clinical trial.

21 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January
2025
£
General funds
7,416,412
Previous year:
At 1 January
2024
£
General funds
6,067,212		 Incoming
resources
Resources
expended
At 31
£
£
6,927,296
(4,856,296)
Incoming
resources
Resources
expended
At 31
£
£
4,654,998
(3,305,798)		 December
2025
£
9,487,412
December
2024
£
7,416,412

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 2025

22 Analysis of net assets between funds

Unrestricted
funds
2025
£
At 31 December 2025:
Current assets/(liabilites)
10,134,447
Long term liabilites
(647,035)
9,487,412
Unrestricted
funds
2024
£
At 31 December 2024:
Current assets/(liabilites)
8,464,746
Long term liabilites
(1,048,334)
7,416,412		 Restricted
funds
2025
£
105,524
-
105,524
Restricted
funds
2024
£
105,524
-
105,524		 Total
2025
£
10,239,971
(647,035)
9,592,936
Total
2024
£
8,570,270
(1,048,334)
7,521,936

23 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. Additional donations in kind from Red Bull Company Limited were staff costs of £8,168 (2024: £11,336) and office costs of £152,397 (2024 : £149,730).

24
Cash generated from operatons
Surplus for the year
Adjustments for:
Investment income recognised in statement of fnancial actvites
Movements in working capital:
Decrease in debtors
Increase in creditors
Cash generated from operatons		 2025
£
2,071,000
(242,949)
80,496
644,840
2,553,387		 2024
£
1,448,498
(62,825)
199,628
1,250,183
2,835,484

25 Analysis of changes in net funds

The charity had no debt during the year.

Issuer

HW Fisher

Document generated Fri, 17th Jul 2026 12:09:29 BST Document fingerprint 0c3f17ac6e7089c4822a051876789014

Parties involved with this document

Document processed

Party + Fingerprint

Fri, 17th Jul 2026 13:57:36 BST Fri, 17th Jul 2026 15:14:23 BST Fri, 17th Jul 2026 15:14:23 BST Fri, 17th Jul 2026 15:14:23 BST

Paul Stewart - Signer (c6d2511c55ecf9826fa0924213a2f799) Darshna Choudhury - Signer (97b65aa9c98403ce985f6408c27179bb) Emma Hind - Copied In (f4d39e4e327d75d8890df5a2cd0ac0b7) Claudia Fetterman - Copied In (cfc1a9f3599241c2268b3624fefceb19)

Audit history log

Date

Action

Fri, 17th Jul 2026 12:09:29 BST Envelope generated with fingerprint e29c6832adf45400ca76e90174e495ef by ngilmore@hwfisher.co.uk (92.18.246.97) Fri, 17th Jul 2026 12:09:30 BST Document generated with fingerprint 0c3f17ac6e7089c4822a051876789014 (92.18.246.97) Fri, 17th Jul 2026 12:09:30 BST Document generated with fingerprint 3a47c4fb7fb930c1df364383aaf97f8c (92.18.246.97) Fri, 17th Jul 2026 12:09:30 BST Document generated with fingerprint a77c0615960fdb7c354c66b541e99e77 (92.18.246.97) Fri, 17th Jul 2026 12:10:54 BST Paul Stewart has been assigned to this envelope. (92.18.246.97) Fri, 17th Jul 2026 12:10:54 BST Darshna Choudhury has been assigned to this envelope. (92.18.246.97) Fri, 17th Jul 2026 12:10:55 BST Emma Hind has been assigned to this envelope. (92.18.246.97) Fri, 17th Jul 2026 12:10:55 BST Claudia Fetterman has been assigned to this envelope. (92.18.246.97) Fri, 17th Jul 2026 12:25:02 BST Document generated with fingerprint a62426a63459b1cddb2de5b63f3b5b43 (92.18.246.97) Fri, 17th Jul 2026 12:38:48 BST Sent the envelope to Paul Stewart (paulstewart8@hotmail.com) for signing (92.18.246.97) Fri, 17th Jul 2026 12:38:49 BST Document emailed to paulstewart8@hotmail.com Fri, 17th Jul 2026 12:42:43 BST Paul Stewart opened the document email. (146.75.174.12) Fri, 17th Jul 2026 13:56:47 BST Paul Stewart opened the document email. (31.50.184.159) Fri, 17th Jul 2026 13:56:52 BST Paul Stewart viewed the envelope (31.50.184.159)

Fri, 17th Jul 2026 13:57:36 BST Fri, 17th Jul 2026 13:57:36 BST

Paul Stewart signed the envelope (31.50.184.159) Sent the envelope to Darshna Choudhury (dchoudhury@hwfisher.co.uk) for signing (31.50.184.159)

Document emailed to dchoudhury@hwfisher.co.uk Darshna Choudhury viewed the envelope (217.207.100.70) Darshna Choudhury signed the envelope (185.105.75.178)

Fri, 17th Jul 2026 13:57:38 BST Fri, 17th Jul 2026 15:06:17 BST Fri, 17th Jul 2026 15:14:23 BST Fri, 17th Jul 2026 15:14:23 BST

Sent a copy of the envelope to Emma Hind (emma.hind@wingsforlife.com) (185.105.75.178)

Fri, 17th Jul 2026 15:14:23 BST

Sent a copy of the envelope to Claudia Fetterman (Claudia.Fetterman@wingsforlife.com) (185.105.75.178) This envelope has been signed by all parties (185.105.75.178) Signed document confirmation emailed to paulstewart8@hotmail.com (185.105.75.178)

Fri, 17th Jul 2026 15:14:23 BST This envelope has been signed by all parties (185.105.75.178) Fri, 17th Jul 2026 15:14:23 BST Signed document confirmation emailed to paulstewart8@hotmail.com (185.105.75.178) Fri, 17th Jul 2026 15:14:23 BST Signed document confirmation emailed to dchoudhury@hwfisher.co.uk (185.105.75.178) Fri, 17th Jul 2026 15:14:23 BST Signed document confirmation emailed to emma.hind@wingsforlife.com (185.105.75.178) Fri, 17th Jul 2026 15:14:23 BST Signed document confirmation emailed to Claudia.Fetterman@wingsforlife.com (185.105.75.178) Fri, 17th Jul 2026 15:14:23 BST Signed document confirmation emails have been sent to all parties (185.105.75.178) Fri, 17th Jul 2026 15:14:23 BST Document emailed to Claudia.Fetterman@wingsforlife.com Fri, 17th Jul 2026 15:14:24 BST Document emailed to emma.hind@wingsforlife.com