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2023-03-31-accounts

International Spinal Research Trust

trading as

Annual report and financial statements to 31 March 2023

Charity registration number: 1151015 (England and Wales); SC050578 (Scotland) Company Limited by Guarantee, registration number: 08409361 (England and Wales)

Table of contents

Chairman’s report for the year ended 31 March 2023 ........................................................................... 1 Trustees’ report ...................................................................................................................................... 3 Independent auditor’s report ............................................................................................................... 15 Statement of financial activities ........................................................................................................... 19 Balance sheet ........................................................................................................................................ 2 0 Cash flow statement ............................................................................................................................. 2 1 Notes to the financial statements ........................................................................................................ 2 2 Reference and administrative information........................................................................................... 4 0 Acknowledgments ................................................................................................................................. 4 2

Chairman’s report for the year ended 31 March 2023

In common with many, 2022/23 has been a year of rebuilding as we pull away from the unprecedented upheaval of the pandemic years and look towards renewal and growth. Last year’s foreword talked about the new team in place; this year I have the good fortune to be able to summarise some of the key changes and projects they have already introduced.

On the research front things are continuing to progress with some exciting developments. Our CEO, Harvey Sihota, presented to the All-Party Parliamentary Group recently where even professionals in the field stated how surprised - and delighted – they were to learn how much is actually in the pipeline. Currently the Charity is funding 19 projects covering a variety of areas including bowel, bladder, sexual and upper limb function, managing pain and spasticity and enhancing plasticity. Eight projects are already in trials on people and 80% of the projects are focused on chronic injury. The solutions being explored are also varied; from electrical neuromodulation both implanted and transcutaneous, through drugs that enhance plasticity and provide neuroprotection to stem cell therapy, enzymes that ‘eat’ scar tissue and brain/spine interfaces.

We also had our first face to face Network Meeting after two years off through Covid and saw research laboratories return to full capacity. Our Neuromodulation pipeline has also been extended to a second phase.

In terms of the charity itself, a number of projects have been initiated with the new team in place. We are developing a new Impetus Grants Programme to help stimulate areas of research, we are actively recruiting for a Clinical Research Network Manager to support the UK SCI Network and have continued with our digital transformation strategy working on the website, CRM and Data integration processes.

The new fundraising team got off to a great first year, fielding runners in returning sponsored events such as the London, Berlin and New York Marathons and the Royal Parks Half Marathon and as ever, Wetherby was a key highlight in October, raising nearly £50,000. We also received generous grants from the Robert Luff Foundation, Albert Gubay Foundation and the Medical Research Council. It is very special when we are remembered in a supporter’s Will, and this year gifts from legacies contributed £307,000.

Externally, we continue to develop our relationship with strategic partners, the Christopher and Dana Reeve Foundation with the latest major initiative being the launch of an SCI specific Venture Philanthropy Fund. This model has already proven its impact in conditions such as Cystic Fibrosis and Type 1 Diabetes with new therapies for patients and millions of dollars returned and redeployed. The SCI Fund will activate the investment market to focus on discovering and developing novel treatments for spinal injuries, sharing our mission of curing paralysis.

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There has also been renewed focus on taking the mission, purpose and progress of Spinal Research to the outside world. Presentations have been made to National Spinal Injuries Centre at Stoke Mandeville, the London Spinal Injuries Centre at Stanmore and the Welsh Spinal Injuries Centre in Cardiff. In addition to this, we have delivered presentations at MASCIP, the annual meeting of the society for SCI professionals and to key clinical negligence and injury law firms. We will continue to look to amplify our profile with the aim of driving fundraising via various different vehicles, including a focus on those in at-risk sports such as Equestrianism and Rugby and a new Ambassador programme. In line with this we were delighted to welcome Mark Lund to the Board of Trustees. Holding an OBE for Services to Communication, he expands our already impressive collective expertise on the Board.

Last but by no means least, a huge thank you must go to the Spinal Research team and all the Trustees for their hard work and dedication as well as that of our supporters. None of the above would be possible without many people giving up their valuable time, effort and expertise for free.

Chair man

Ms T Howell

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Trustees’ report

The Trustees of International Spinal Research Trust (“the charity”, “Spinal Research”) present their report together with the financial statements for the year ended 31 March 2023.

This report has been prepared in accordance with part 8 of the Charities Act 2011. The report is also a directors’ report required by s419 (2) of the Companies Act 2006. All of the Trustees are also directors of the charitable company.

The Trustees confirm that the report and financial statements presented here have been prepared on the basis of the accounting policies set out in note 20 and comply with the charity’s memorandum and articles of association, applicable law and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the United Kingdom and Republic of Ireland (FRS 102).

Objectives and activities

More than 2.5 million people worldwide (UK 50,000) of all ages live with paralysis as a result of spinal cord injury and most can now expect a near to normal life expectancy. Each year up to 500,000 people (UK 1,000) will become paralysed because of a spinal cord injury (International Perspectives on Spinal Cord Injury, WHO 2013). Funding medical research into treatments is presently left to medical charities such as Spinal Research.

At Spinal Research we hold to the view that the cost to the nation and to the individual, their family and friends, is devastating, both in financial and emotional terms, and not readily apparent from simple statistics of incidence and prevalence.

Spinal Research, the UK’s leading and most influential spinal cord repair charity, sets the standard for spinal cord research across the world, and is at the forefront of developing research strategies and priorities for regenerative repair. With the aid of our nationwide supporters, we are able to fund world-class research across the world. We are committed to continuing to find effective treatments that improve the quality of life, participation and integration of those paralysed after spinal cord injury.

We do this by:

Our strategy focuses on building research capacity, supporting basic science, influencing domestic and international stakeholders and promoting key translational activities to accelerate the move from proof of concept to clinical application.

The charity concentrates on achieving its objectives by raising funds to enable it to make grants for peer-reviewed research in the UK and abroad, to organise network meetings, workshops and training schools to enhance the cross-fertilisation of knowledge in the medical profession, and to contribute to UK and international specialist groups.

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The Trustees confirm that in reviewing the charity’s aims and objectives and in planning future activities they have referred to the Charity Commission’s general guidance on public benefit.

Strategic Scope

At Spinal Research we have a vision that one day it will be possible to prevent and reverse paralysis, restoring meaningful function lost through spinal cord injury. We recognise this may not be possible in the short term, nor will it be possible initially to offer restoration of function equally to all – such is the nature and diversity of injury and neurological deficit – but we plan for and expect success and aim to make significant changes to the research landscape to improve the clinical outcomes of patients in measurable and valuable ways in a short to medium term time-frame.

Strategic Framework

Our strategy is based on four pillars:

The better we understand the pathobiology of spinal cord injury the more we will discover and can innovate , creating the advanced, effective treatments of the future

Communicating our mission through our strategy, philosophy and ideals we seek to influence others to join in global efforts to change the future of spinal cord injury

By increasing capacity in basic and clinical research, supporting networking and encouraging collaboration we can build the capability to accelerate the delivery of better treatments to patients

Translating promising innovation generated in pre-clinical research to treatments that restore function and quality of life

Translating discoveries

Objective: Translating the most promising scientific discoveries in the field into meaningful treatments that restore function and quality of life.

Why is this important? As the scientific field advances its understanding of the biology of the spinal cord there is an increasing need to translate these important discoveries into meaningful treatments.

The process of translation is not trivial and requires several very important and complicated stages prior to becoming a treatment ready for human clinical trials.

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What are we doing about it?

We aim to incentivise, de-risk and accelerate the translation of discoveries by:

What we achieved in 2022-23

Clinical Seed Award

Dr Shin-Yi Chiou, School of Sport, Exercise and Rehabilitation Sciences at the University of Birmingham and her collaborators, Dr Ram Hariharan, The Princess Royal Spinal Injuries Centre in Sheffield and Dr Wunna Aung, The Golden Jubilee Regional Spinal Injuries Centre in Middlesborough, received one of our Clinical Seed awards to ask the question “ Can the arms lend a helping hand in restoring trunk function after spinal cord injury? ”.

PhD Studentship Awards

As part of our continued efforts to build scientific capacity, we made two studentship awards this year.

The first award was made to Professor Simone DiGiovanni, Chair in Restorative Neuroscience at Imperial College London. This studentship will focus on a

Combinatorial pharmacological and biomaterial-based intervention after experimental spinal cord injury and will include collaborators from Northwestern and Yale universities.

The second award was to Dr Shin-Yi Chiou, School of Sport, Exercise and Rehabilitation Sciences at the University of Birmingham. This studentship will focus on an Earlyinitiated arm crank exercise (ACE) training in enhancing motor recovery after spinal cord injury. This project includes collaborators from The Golden Jubilee Regional Spinal Injuries Centre in Middlesborough and The Princess Royal Spinal Injuries Centre in Sheffield.

Clinical Pilot Award update

Despite delays brought on by challenges in the healthcare setting, our clinical pilot projects have all continued to make progress.

Dr Andrei Krassioukov, ICORD, Blusson Spinal Cord Centre, Vancouver presented an oral update at the American Spinal Injury Association (ASIA) annual scientific meeting from our funded project, “ Below the belt: non-invasive neuromodulation to treat bladder, bowel and sexual dysfunction ”. The project continues to progress.

Award recipient Jane Symonds’ clinical pilot, “ Non-invasive spinal cord stimulation combined with activity-based rehabilitation in chronic spinal cord injury ” undertaken at Neurokinex completed, with ten subjects of varying injury types completing all spinal stimulation treatments. Data continues to be analysed with multiple manuscripts being prepared/reviewed.

Other clinical pilots utilising non-invasive spinal stimulation at the Scottish National Spinal Injuries Centre, Queen Elizabeth Hospital, Glasgow, the Department of Motor Control at the

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University of Leeds and the London Spinal Injuries Centre, RNOH, Stanmore continue to progress.

Venture Philanthropy

Building on last year’s investments in two early-stage companies, we have been working with our strategic partners at the Christopher & Dana Reeve Foundation to develop and formalise a strategic investment vehicle which will enable us to make and manage more investments in SCI ventures looking to bring promising therapeutics to market. We hope to launch this new venture philanthropy fund next year.

During the year, we were very pleased to learn that one of our investments, ONWARD Medical, completed an FDA pivotal trial of their non-invasive spinal stimulation technology, announcing positive top-line data on their primary endpoints.

Influence & Collaboration

Objective: to maintain and develop influence over the spinal cord injury basic and clinical research agenda, domestically and abroad, and support collaborative activities

Why is this important? We recognise that all that should be done cannot be done by one organisation. The effort to find treatments that improve neurological outcomes and enhance patient quality of life is by necessity an international and collaborative endeavour. Spinal Research has a demonstrable commitment to international collaboration and from inception has funded research based on merit, regardless of borders.

What are we doing about it? It has been a hallmark of our organisation to produce a research strategy document to inform and create dialogue amongst individual researchers and organisations so that they can align with our broad objectives. We also actively seek ways to work with other not-for-profit organisations and public bodies. Our influence is based on a well-deserved reputation within the field – a reputation that relies on an intelligent and clearly articulated strategy, world-class advisory bodies and uniquely knowledgeable management.

What we achieved in 2022-23

During the year, we continued to focus on building and nurturing relationships with our established partners, other like-minded organisations and the clinical research community, both domestically and internationally. We have also continued to ensure that the research community is provided with a platform to share progress and foster collaboration.

Christopher & Dana Reeve Foundation (“Reeve”) Partnership

We have continued to develop our relationship with Reeve throughout the year. In addition to our co-funding of the four translational awards, we continue to work together in developing our Venture Philanthropy model, which intends to invest and activate the venture capital market for SCI ventures looking to bring meaningful therapeutics to market.

Annual Network Meeting

After two years of disruption caused by the pandemic, we could finally hold our prestigious International Spinal Cord Research Network Meeting in person in London again.

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Over a hundred of the world’s leading neuroscientists, clinicians, and engineers convened to share their progress, debate and discuss new ideas, and foster collaborations.

After so long without in person meetings, the energy and enthusiasm at this meeting was palpable, with many participants citing this as one of the best meetings in memory.

Working with other charity partners

We have partnered with several SCI-related charities during the year in order to continue to nurture relationships, raise awareness, improve the accessibility of research and build support for our strategic objectives, both in the UK and abroad. This includes collaborating with the Spinal Injuries Association (“SIA”), The Backup Trust and Aspire through the annual SCI Awareness Day in May.

Working with the Clinical Community

As the science moves forward toward clinical pilots and trials, it is essential that we bring the clinical community along with us on the journey of translation. With this in mind, we presented our vision, strategy and pipeline to clinicians (and patients) at the spinal injuries centres at Stoke Mandeville, Stanmore and Cardiff, as well as at MASCIP, an annual meeting of UK SCI professionals.

Explaining the science to supporters

Building on the previous years, we have continued with outreach to our supporters to bring them closer to our cause, vision and the science. We achieved this by running online supporter sessions with active Q&A, recording and publishing video interviews with scientists and developing an “explainer” series of project or research theme-focused articles in our regular Connections newsletter.

Our Fundraising

Following two years of our fundraising being impacted by the pandemic and associated lockdowns, the new Fundraising team set about reinvigorating our fundraising activity. Running and cycling events were back on and people could meet again to fundraise in their community. Updating systems and processes also meant that our fundraising activity was more efficient, as reflected in our low expenditure for the year.

We received a grant of £365,000 from the Medical Research Council (MRC) COVID Medical Research Charity Support Fund to support early career researchers.

We fielded a strong team in a series of events over the autumn, including the London Marathon, Great North Run and Berlin Marathon. We also hosted our 31[st] annual raceday at Wetherby Racecourse. Our dedicated and essential community and event supporters raised £255,000 during the year, and we were thrilled to see their enthusiasm for supporting us continue.

Our Individual Giving supporters continued to give to us generously. The combination of our loyal regular givers, and our spring, summer and Christmas appeals raised a total of £205,863, an increase on the previous year.

We are extremely grateful to the many trusts and foundations that support our work. This included the second tranche from the RFU Injured Players Foundation’s pledge of £300,000, the Robert Luff Foundation for their unrestricted grant of £45,000 and the

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Albert Gubay Foundation for continuation funding of £66,790 to support the final phase of a research project into restoring sensory function at Kings College London. We are also extremely thankful to those who left us a legacy. These are truly wonderful and generous gifts. Income from legacies during the year totalled £307,000.

And finally, we are thankful for the significant gifts that have been made by private individuals who hold Spinal Research and our work close to their hearts.

There continues to be a focus on the practices of all charities and rightly so. We maintain the very highest standards of fundraising practice and endeavour to engage with the many thousands of individuals who support our work with professionalism, respect and sensitivity.

Spinal Research relies on voluntary income and deploys fundraising through a variety of approaches including direct mail, email marketing, corporate sponsorship, events and applying to trusts and foundations. The organisation’s staff carry out the fundraising and do not outsource any of its fundraising activities.

Spinal Research is registered with the Fundraising Regulator and some staff members are also members of the Institute of Fundraising. The organisation follows the Code of Fundraising Practice as set by the Fundraising Regulator.

During 2022/23 no official complaints were made against the organisation or any of its staff in relation to fundraising.

Spinal Research follows the guidance within the Code of Fundraising Practice as set by the Fundraising Regulator and ensures fundraising is respectful, open and honest. The organisation has a Vulnerable Persons Policy to which all staff must adhere. Processes are in place to make it easy for members of the public to tell Spinal Research if they no longer wish to hear from the organisation. In addition, Spinal Research consults the mailing preference service and complies with requests from the Fundraising Preference Service.

Looking forward

Our two main priorities going forward are to (i) continue to build and execute our bold strategy to accelerate the delivery of meaningful therapeutics to our SCI community and (ii) build the revenues required to support the strategy.

These two priorities go hand in hand and the ability to execute the strategy will be determined by our ability to raise sufficient capital.

Given the ongoing impact of the war in Ukraine, we anticipate a challenging climate for fundraising in the medium term. This means we have needed to adapt our fundraising strategy to focus on the income streams that we feel will be least impacted by the recession.

It will be even more imperative that we rally our loyal supporters through this period to ensure that momentum is maintained and that we can continue to realise the hope of restoring function to our deserving community.

Technology is likely to continue to be an area that we will focus on to improve reach and engagement with supporters across the UK, and abroad. Therefore, our digital and data transformation and digital marketing activities need to continue to be prioritised.

Exploring the potential for UK Government funding is something we will continue to work on by looking for opportunities for SCI research in the UK Life Sciences 2030 agenda.

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Finally, we will look to build on the objectives of our alliance with the Christopher & Dana Reeve Foundation. Much is to be done in order to deliver on those objectives and ultimately deliver a research ecosystem that provides speed and efficiency as well as the scientific excellence and rigour expected from ourselves and our research community.

Financial review

Income

The total income for the year was £1,658,000, representing a fall year-on-year.

Volunteer-led fundraising increased to £252,000 on the previous year’s £228,000. Corporate income increased from £10,000 to £21,000, legacy income was up from £58,000 to £308,000, and Individual Giving continued the upward trend seen in the previous year.

Income from Trusts and Institutions continued to perform well, with some large gifts coming from RFU Injured Players Foundation and Medical Research Council (MRC).

Expenditure

Staff costs increased year-on-year, as fundraisers joined to fill vacancies left by the staff churn in the previous year. Reviewing all our operating procedures has led to continued efficiencies and prudent investment in fundraising activities continued as we rebuilt.

The grants payable figure at year end was £1,831,000 this year. This reflects a £366,000 overall decrease, with £314,000 in new grants awarded during the year. Overall, we report expenditure on charitable activities of £781,000 against £1,301,000 in the previous year. We are holding £1,906,000 in designated funds and £100,000 in restricted funds earmarked to be spent on planned research programmes.

Reserves and investments

The charity funds research only when funds are available, and the Trustees do not consider it necessary to hold long-term reserves. They deem it prudent to retain a reserve within general funds to cover the costs of unforeseen administrative expenses and contingent liabilities - currently set at a figure of £65,000. The year-end figure of £135,000 in general funds adequately cover this reserve.

The investment portfolio valuation at year end is £1,356,000. The portfolio is available to support research grants payable after more than one year, if required. Our inevitably high cash assets covering our grant-related creditors are diversified over a number of banks and building societies to take advantage of the FCSC umbrella protection of £85,000 per institution whilst maintaining sufficient liquidity.

There are no restrictions on the charity’s power to invest. The investment strategy is set by the Trustees and the overall policy is to balance risk with return.

Going concern

The Trustees are able to confirm that they 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.

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Governance, structure and management

Legal structure

International Spinal Research Trust is a charitable company limited by guarantee. It is governed by its Memorandum and Articles of Association.

Organisational structure

The Trustees (who are also directors of International Spinal Research Trust for the purpose of company law) set the strategy of the charity and oversee its implementation. They are supported by expert committees and advisers. The Board meets quarterly, and members of the executive attend.

The Chief Executive is responsible for implementing the agreed policy and strategy, as delegated by the Trustees.

Committees

Four committees made up of experts and advisors make recommendations to the Board of Trustees:

Committee of the Board of Directors (the Trustees) monitors the financial performance and risks of the charity and ensures the charity has in place appropriate policies, financial procedures and controls; oversees governance and advises on Trustees and key employees.

Remuneration Committee approves the framework used by the charity to benchmark and monitor remuneration and reviews and approves salary and benefit packages available to employees.

Scientific Advisory Committee advises on the overall research strategy of the charity and is also called into action with research matters.

Grant Advisory Committee proposes to the Board how available funds are allocated to applications. In all instances where there is a conflict of interest, a committee member will be excluded from the related discussion and decision.

Trustees

The Memorandum of Association states that there should be not less than three and not more than fourteen Trustees at any one time. One third of the Trustees retire at the Annual General Meeting each year and may be re-appointed. Those in the longest service retire first. The Trustees who were in office during the year are listed in the reference and administrative section towards the end of this document.

Trustees are expected to keep abreast of charity legislation and best practice by reading Charity Commission and specialist press documents, and by attending appropriate seminars.

Trustees are appointed by resolution of the Trustees, and they may resign by written notice to the Trustees. It is usual for the Trustees to appoint from their number a Chairman, Deputy Chairman and Honorary Treasurer.

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All prospective Trustees are interviewed by the Chairman and an existing Trustee to determine whether they have a particular interest in the work of the charity and are able to devote the time required to fulfil a Trustee’s duties. These requirements satisfied, the candidate is invited to attend the next Trustees’ meeting and, if all are agreeable, is elected Trustee by resolution of the meeting. Following the election, the new Trustee is invited to the charity’s office to meet the staff and learn more about day-to-day day running of the charity. At that time, they are furnished with copies of the Memorandum and Articles of Association, the office manual and the Charity Commission’s guidance booklets for Trustees.

Key management personnel

The Trustees consider that they, together with the Chief Executive, comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis.

The Trustees receive no remuneration with respect to their role as Trustees. The remuneration of the Chief Executive is set by the Board of Trustees, based upon an annual appraisal of performance against set objectives by the Chairman of the Board of Trustees.

Employees

The charity is an equal opportunities employer. It aims to ensure that no job applicant or employee receives less favourable treatment on the grounds of age, race, colour, nationality, religion, ethnic or national origin, gender, marital status, sexual orientation or disability.

Selection criteria are reviewed regularly to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities. All employees are given equal opportunity and, where appropriate and possible, special training to enable them to progress both within and outside the organisation.

Risk management

The Trustees have considered the major risks to which the charity is exposed. They have formulated a risk management schedule and established systems and procedures for managing different risks. These are reviewed annually by the Committee of the Board of Directors (the Trustees) and reported at the Board meetings of the Trustees.

The Trust continues to recognise the risk of rapidly changing legislation and guidelines governing the charity sector and monitors accordingly.

Of note, both the ongoing threat of Covid-19 and the war in Ukraine have required the charity to take careful stock of the fundraising and research landscapes. These crises will have a material impact on income raised from events, community and general giving. We continue to revise budgets, plan staff and resources, location and facilities planning and technology co-ordination whilst increasing the frequency of operation staff, fundraiser and board interaction to ensure agility and responsiveness to the uncertainty.

Subsidiary companies

At year end, the charity had two wholly owned subsidiaries incorporated in the UK, Spinal Research (Trading) Limited and ISRT Limited. Both were dormant companies throughout the period and have since been struck off.

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Related parties

During the year, donations totalling £65,358 were received from Trustees.

During the year, one grant was awarded to an institution where a member of our Grant Awarding Committee is a principal investigator and mentor.

During the year, one Trustee joined the board of Onward Medical N.V., a company in which the charity holds a programme-related investment.

There were no other related party transactions.

Statement of Trustees’ responsibilities

The Trustees (who are also directors of International Spinal Research Trust for the purposes of company law) are responsible for preparing the Trustees’ report and 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 charitable company and of the income and expenditure of the charitable company for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the Trustees confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

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The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Board of Trustees on 11 October 2023

Chair man

Ms T Howell

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Independent auditor’s report to the members of International Spinal Research Trust

Opinion

We have audited the financial statements of International Spinal Research Trust the ‘charitable company’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, and statement of cash flows, the principal accounting policies and the notes to the financial statements. 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 charitable company 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 charitable company’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.

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Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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 the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report including the strategic report. 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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Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes 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 charitable company’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:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included but were not limited to:

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There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at 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.

Katharine Patel (Senior Statutory Auditor) For and on behalf of Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

16 October 2023

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Financial statements and notes

Statement of financial activities year to 31 March 2023 (including an Income and Expenditure Account)

Notes Unrestricted Unrestricted Restricted
funds
£’000		 Total
funds
2023
£’000		 Total
funds
2022
£’000
General
£’000		 Designated
£’000
Income from:
Donations and legacies
1
Other trading activities
Investment income and interest receivable
2
Total income
Expenditure on:
Raising funds
. Donations and legacies
3
Funds generated for charitable activities
Charitable activities
Research
. Grants payable
14
. Conferences and other awards
14
. Research division costs
4
Awareness raising
5
Total expenditure
Net income before investment gains
Gains on investment assets
13
Net income and net movement in funds
before transfers
Gross transfers between funds
15,16
Net movement in funds
Reconciliation of funds
Total funds brought forward at
1 April 2022
Total funds carried forward at
31 March 2023		 1,387
3
5		 —
—
—		 263
—
—		 1,650
3
5		 1,843
2
15
1,395 — 263 1,658 1,860
595 — — 595 440
595 — — 595 440
800 — 263 1,063 1,420
101
106
154
207		 —
—
—
—		 213
—
—
—		 314
106
154
207		 970
8
183
140
568 — 213 781 1,301
1,163 — 213 1,376 1,741
232
—		 —
—		 50
—		 282
—		 119
10
232
(692)		 —
692		 50
—		 282
—		 129
—
(460)
595		 692
1,194		 50
50		 282
1,839		 129
1,710
135 1,886 100 2,121 1,839

All of the charity’s activities derived from continuing operations during the above two periods. The charity has no recognised gains and losses other than those shown above and therefore no separate statement of total recognised gains and losses has been presented.

Annual Report and Accounts | 18

Statement of financial activities year to 31 March 2022 (including an Income and Expenditure Account)

Notes Unrestricted Unrestricted Restricted
funds
£’000		 Total
funds
2022
£’000
General
£’000		 Designated
£’000
Income from:
Donations and legacies
1
Other trading activities
Investment income and interest receivable
2
Total income
Expenditure on:
Raising funds
. Donations and legacies
3
Funds generated for charitable activities
Charitable activities
Research
. Grants payable
14
. Conferences and other awards
14
. Research division costs
4
Awareness raising
5
Total expenditure
Net (expenditure) income before investment gains
Gains on investment assets
13
Net (expenditure) income and net movement in
funds before transfers
Gross transfers between funds
15,16
Net movement in funds
Reconciliation of funds
Total funds brought forward at
1 April 2021
Total funds carried forward at
31 March 2022
1,579
2

15		 —
—
—		 264
—
—		 1,843
2
15
1,596 — 264 1,860

440
440		 —
—		 —
—		 440
440
1,156 — 264 1,420

856

8

183

140
1,187		 —
—
—
—
—		 114
—
—
—
114		 970
8
183
140
1,301
1,627 — 114 1,741
(31)

10		 —
—		 150
—		 119
10
(21)

501
480		 —
(201)
(201)		 150
(300)
(150)		 129
—
129
115 1,395 200 1,710
595 1,194 50 1,839

Annual Report and Accounts | 19

% spin Balance sheet 31 March 2023 Notes 2023 £'ooo 2022 £'ooo Flxed assets rangible assets Investments 10 13 1,356 1.356 1,358 1,357 Currènt assets Debtors Short term deposits 8ank deposits and cash 11 700 590 1,580 2,870 560 774 1,486 2,820 Credltors.. amounts falling due within one ygar Grants payable Other credito 14 12 11.0541 12741 11,3281 1.542 11,0231 11411 11,1641 1,656 Net curr•nt assets Total assets less current liabilities 2.898 3,013 Cr•dltors.' amounts falling due after more than one y88r Gr8nts payabl8 Totsl net assets 14 17771 2,121 11,1741 1,839 The funds of the ¢harlty'. Funds and r8seN88 Incorne funds Restricted funds Unrestricted funds Designated funds . Generdl funds 15 100 50 16 1,886 135 2,121 1,194 595 1,839 Approved by the TnJstees of International Spinal Research Trust, Company Registration Number 08409361 (England and Wales), on 11 October 2023 and signed on their behalf by: Chaiman njstee Ms T Howell Mr W R Shelton Annual Report and Accounts120

Statement of cash flows 31 March 2023

Statement of cash flows 31 March 2023
Notes
2023
£’000		 2022
£’000
Cash flows from operating activities:
Net cash (used in) provided by operating activities
A
Cash flows from investing activities:
Investment income and interest receivable
Purchase of investments
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 April 2022
B
Cash and cash equivalents at 31 March 2023
B
(95)		 289
5
—		 15
(183)
5 (168)
(90)

2,260		 121
2,139

2,170		 2,260

Notes to the statement of cash flows for the year to 31 March 2023.

A Reconciliation of net movement in funds to net cash provided by operating activities

2023
£’000		 2022
£’000
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
(Gains) losses on investments
Investment income
Increase in debtors
(Decrease) increase in creditors
Net cash(used in) provided by operating activities		 282
1
—
(5)
(140)
(233)		 129
3
(10)
(2)
(236)
405
(95) 289

B Analysis of changes in net debt

Analysis of changes in net debt
2022
£’000		 Cash flows
£’000		 2023
£’000
Cash at bank and in hand
Short term deposits (less than three months)
Total cash and cash equivalents		 1,486
774		 94
(184)		 1,580
590
2,260 (90) 2,170

Annual Report and Accounts | 21

1 Donations and legacies

1
Donations and legacies
Unrestricted
£’000		 Restricted
£’000		 2023
£’000
Donations
Volunteer-led fundraising activities
Trusts
Companies
Private individuals, schools, universities and other bodies
Legacies
2023 Total funds		 252
151
21
655		 —
213
—
50		 252
364
21
705
1,079
308		 263
—		 1,342
308
1,387 263 1,650
Unrestricted
£’000		 Restricted
£’000		 2022
£’000
Donations
Volunteer-led fundraising activities
Trusts
Companies
Private individuals, schools, universities and other bodies
Legacies
2022 Total funds		 172
552
10
787		 56
208
—
—		 228
760
10
787
1,521
58		 264
—		 1,785
58
1,579 264 1,843

3 Raising funds

3
Raising funds
Unrestricted
£’000		 Restricted
£’000		 2023
£’000
407
24
39
17
108		 —
—
—
—
—		 407
24
39
17
108
— 595

22 | Annual Report and Accounts

3 Raising funds (continued)

3
Raising funds(continued)
Unrestricted
£’000
254
22
63
18
83
440		 Restricted
£’000
—
—
—
—
—
—		 2022
£’000
254
22
63
18
83
440
Staff costs (see note 8)
Publications and mailings
Fundraising expenditure
Other direct costs
Support costs (see note 7)
2022 Total funds

4 Research division

4
Research division
Unrestricted
£’000		 Restricted
£’000		 2023
£’000
Staff costs (see note 8)
Direct costs
Support costs (see note 7)
2023 Total funds		 101
12
41		 —
—
—		 101
12
41
154 — 154
Unrestricted
£’000		 Restricted
£’000		 2022
£’000
Staff costs (see note 8)
Direct costs
Support costs (see note 7)
2022 Total funds		 142
14
27		 —
—
—		 142
14
27
183 — 183

5 Awareness raising

5
Awareness raising
Unrestricted
£’000		 Restricted
£’000		 2023
£’000
Staff costs (see note 8)
Direct costs
Support costs (see note 7)
2023 Total funds		 142
38
27		 —
—
—		 142
38
27
207 — 207
Unrestricted
£’000		 Restricted
£’000		 2022
£’000
Staff costs (see note 8)
Direct costs
Support costs (see note 7)
2022 Total funds		 76
17
47		 —
—
—		 76
17
47
140 — 140

Annual Report and Accounts | 23

6 Governance costs

6
Governance costs
Unrestricted
£’000
16
(10)
46
15
67		 Restricted
£’000
—
—
—
—
—		 2023
£’000
16
(10)
46
15
67
Auditor’s remuneration
. Audit
.. Current year
.. Previous year
Consultancy
Direct costs
2023 Total funds
Unrestricted
£’000
22
11
2
43
7
6
91		 Restricted
£’000
—
—
—
—
—
—
—		 2022
£’000
22
11
2
43
7
6
91
Auditor’s remuneration
. Audit
.. Current year
.. Previous year
. Other services
Consultancy
Legal fees
Direct costs
2022 Total funds

7 Support costs

Raising
funds
£’000		 Research
division
£’000		 Awareness
raising
£’000		 2023
Total
£’000
Depreciation
Premises costs
Office running costs
Governance costs (note 6)
Other costs
2023 Total funds		 —
48
14
42
4		 2
17
5
15
2		 —
12
4
10
1		 2
77
23
67
7
108 41 27 176
Raising
funds
£’000		 Research
division
£’000		 Awareness
raising
£’000		 2022
Total
£’000
Depreciation
Premises costs
Office running costs
Governance costs (note 6)
2022 Total funds		 —
24
9
49		 2
7
3
15		 —
14
5
27		 2
45
17
91
1 — 1 2

24 | Annual Report and Accounts

8 Staff costs and Trustees’ remuneration

2023
£’000		 2022
£’000
Staff costs during the year:
Wages and salaries
Social security costs
Recruitment and severance costs
Pension costs (personal pension plans)
Permanent Health Insurance
Temporary staff
Staff costs by function:
Raising funds
Research division
Awareness raising		 524
55
12
47
8
4		 365
35
33
34
5
—
650 472
407
101
142		 254
142
76
650 472

The average number of employees during the year on a head count basis was 13 (2022 – 9).

2023 2022
The number of employees who earned £60,000 per annum or more
(including taxable benefits but excluding employers pension
contributions) during the year:
£70,001 - £80,000
£90,001 - £100,000		 1
1		 —
1

The employer’s contribution to a personal pension in respect of the above employees amounted to £7,600 (2022 - £7,600).

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis comprise the Trustees and the Chief Executive of the charity. The total remuneration (including taxable benefits and employer's pension contributions and employer’s National Insurance Contributions) of the key management personnel for the year was £115,081 (2022 - £114,494).

9 Related parties

During the year, donations totalling £230,000 were received from Trustees (2022 – £128,605).

During the year, one grant was made to an institution where a member of the ISRT Network Meeting organising committee is a principal investigator.

During the year, one Trustee joined the board of Onward Medical N.V., a company that the charity holds an investment in.

There were no other related party transactions.

Annual Report and Accounts | 25

10 Tangible fixed assets

10
Tangible fixed assets
Equipment,
fixtures
and fittings
2023
£’000
Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for year
At 31 March 2023
Net book values
At 31 March 2022
At 31 March 2023		 34
—
34
33
1
34
1
—

11 Debtors

11
Debtors
2023
£’000		 2022
£’000
Prepayments and accrued income 700 560
700 560

12 Other creditors: amounts falling due within one year

2023
£’000		 2022
£’000
Accruals
Deferred income
Other creditors (note 12a)		 27
128
119		 44
—
97
274 141

12a Other creditors

12a Other creditors
2023
£’000		 2022
£’000
HMRC payroll liability
Purchase ledger control
Sundry creditors		 16
99
4		 13
82
2
119 97

26 | Annual Report and Accounts

13 Investments

13
Investments
Listed investments
Market value at 1 April 2022
Unrealised investment gains
Market value at 31 March 2023
Fixed term bonds
Programme related investment – Onward Medical N.V.
Programme related investment – Axonis Therapeutics Inc
Cost of listed investments		 2023
£’000
143
—
143
170
860
183
1,356
1,213		 2022
£’000
133
10
143
170
860
183
1,356
76

The investment in Onward Medical N.V. was made via a US-based limited liability company and is held at cost less impairment until the point at which its fair value can be measured reliably. The investment in Axonis Therapeutics Inc is held at cost less impairment.

Reconciliation of movements in
unrealised investmentgains		 General
funds
£’000		 Restricted
funds
£’000
—
—
—		 Total
£’000
67
—
67
Unrealised gains at 1 April 2022
Net gains arising on revaluations
Total unrealisedgains at 31 March 2023		 67
—
67

The cost of listed investments held at 31 March 2023 was £75,890 (2022 - £75,890). Listed investments held at 31 March 2023 comprised Charishare Distribution units.

The charity has two wholly owned subsidiaries incorporated in the UK, Spinal Research (Trading) Limited and ISRT Limited. Both were dormant companies throughout 2022/23 and 2021/22.

Annual Report and Accounts | 27

14 Grants payable

14
Grants payable
Unrestricted
funds
£’000		 Restricted
funds
£’000		 2023
£’000
Projects
SLM004 Chiou
Studentships
University of Newcastle
University of Cambridge
University of Glasgow
University of Birmingham
University of Bristol
Birmingham 2023 Studentship
PhD124 Di Giovanni studentship
PhD125 Chiou studentship
Programmes
Bradbury
Clinical Trials
Neurokinex
Purcell
Ichiyama
Other
Clinical Research Network Budget Expenses
ISCoS Keynote lecture fund
Total grants payable
Conferences and other awards
SfN 2023
Network Meetings
Total		 10 — 10
10 — 10
2
(9)
(3)
(2)
(81)
(50)
136
128		 —
—
3
2
—
50
—
—		 2
(9)
—
—
(81)
—
136
128
121 55 176
1 66 67
1 66 67
(1)
(37)
(1)		 1
37
4		 —
—
3
(39) 42 3
—
8		 50
—		 50
8
8 50 58
101 213 314
6
100		 —
—		 6
100
106 — 106
207 213 420

28 | Annual Report and Accounts

14 Grants payable (continued)

Unrestricted
funds
£’000		 Restricted
funds
£’000		 2022
£’000
Projects
University of British Colombia
University of Alberta
University of Toronto (two awards)
Studentships
Iowa State University
University of Newcastle
University of Leeds
University of Cambridge
University of Birmingham (two awards)
University of Bristol
Programmes
Veerhaagen
Ichiyama
Knight
Neuromodulation Initiative
Clinical Trials
Ichiyama
Total grants payable
Conferences and other awards
Open Data Commons Workshop
ASNTR
Total		 250
250
418		 —
—
—		 250
250
418
918 — 918
9
4
(3)
(4)
(58)
(17)
(69)		 —
1
7
4
54
—
66		 9
5
4
—
(4)
(17)
3
(5) — (5)
62
(40)
(2)		 —
40
—		 62
—
(2)
15 40 55
(8)
(8)		 8
8		 —
—
856 114 970
4 — 4
4
8		 —
—		 4
8
864 114 978

Annual Report and Accounts | 29

14 Grants payable (continued)

Reconciliation of grants and awards payable

2023
£’000		 2022
£’000
Grants awarded in year
Grants cancelled
Grants payable for year
Conferences and other awards
Commitments at 1 April 2022
Grants paid during the year
Commitments at 31 March 2023
Commitments at 31 March 2023 are payable as follows:
Within one year
After more than one year		 321
(7)		 998
(28)
314
106		 970
8
420
2,197		 978
1,806
2,617
(786)		 2,784
(587)
1,831 2,197
1,054
777		 1,023
1,174
1,831 2,197

30 | Annual Report and Accounts

15 Restricted funds

15
Restricted funds
At
1 April
2022
£’000		 Income
£’000		 Grants
made in
year
£’000		 Transfers
£’000		 At
31 March
2023
£’000
Donations from Childwick Trust for
research at SCI Centre Stanmore
Donations for research at the University of
Glasgow
Donations from RS Macdonald Charitable
Trust for research at the University of
Glasgow
Donation from Albert Gubay Trust for
research at King’s College London
Donations for research at the University of
Birmingham
Donations for Pathfinder - Neurokinex
Donations for the 2023 Birmingham
Stewardship
Donations for research into the
Neuromodulation Initiative
Donations for research into the Clinical
Research Network		 —
—
—
—
—
—
—
25
25		 37
3
4
66
2
1
50
50
50		 (37)
(3)
(4)
(66)
(2)
(1)
(50)
(25)
(25)		 —
—
—
—
—
—
—
—
—		 —
—
—
—
—
—
—
50
50
50 263 (213) — 100

Donations received for programme-related investments are transferred from restricted funds when the funds have been invested in line with the donors’ intentions and the restrictions on the funds have been met.

Annual Report and Accounts | 31

15 Restricted funds (continued)

Donations from Childwick Trust for
research at SCI Centre Stanmore
Donations of below £5,000 for research at
the University of Cambridge
Donations from RS Macdonald Charitable
Trust for research at the University of
Glasgow
Donation from Albert Gubay Trust for
research at King’s College London
Donations of below £5,000 for research at
the University of Leeds
Donations of below £5,000 for research at
the University of Newcastle
Donations for research at the University of
Birmingham
Donations for research into the
Neuromodulation Initiative
Donations for research into the Clinical
Research Network
Donations for programme related
investments		 At
1 April
2021
£’000
—
—
—
—
—
—
—
—
—
200
200		 Income
£’000
40
4
8
31
7
1
54
25
25
100
264		 Grants
made in
year
£’000
(40)
(4)
(8)
(31)
(7)
(1)
(54)
—
—
—
(114)		 Transfers
£’000		 At
31 March
2022
£’000
—
—
—
—
—
—
—
—
—
(300)		 —
—
—
—
—
—
—
25
25
—
(300) 50

16 Designated funds

16
Designated funds
At
1 April
2022
£’000
130

10
5

6
860
183
—
—
—
1,194		 New
designations
£’000
140
—
—
—
—
—
100
300
300
840		 Utilised
in year
£’000
(130)
(10)
(5)
(3)
—
—
—
—
—
(148)		 At
31 March
2023
£’000
140
—
—
3
860
183
100
300
300
1,886
Monies set aside for ISRT Studentships
Monies set aside for The Solomon’s Award
Monies set aside for ISCoS Keynote
Speaker
Monies set aside for Covid-19 Contingency
fund
Monies set aside for Onward Fund
Monies set aside for Axonis Therapeutics
Monies Set aside for First Impetus grants
Monies set aside for I-OSCIRS seminars
Monies set aside for Neuromodulation
Fund

32 | Annual Report and Accounts

16 Designated funds (continued)

At
1 April
2021
£’000		 New
designations
£’000		 Utilised
in year
£’000		 At
31 March
2022
£’000
Pat Wall Fellowship
Monies set aside for Special Emphasis
Networks
Monies set aside for ISRT Studentships
Monies set aside for The Solomon’s Award
Monies set aside for ISCoS Keynote
Speaker
Monies set aside for Covid-19 Contingency
fund
Programme related investment fund		 2
500
—
10
5
25
853		 —
459
130
—
—
—
190		 (2)
(959)
—
—
—
(19)
—		 —
—
130
10
5
6
1,043
1,395 779 (980) 1,194

Pat Wall Fellowship – monies set aside to fund course costs for promising students in memory of Professor P D Wall. These funds are usually utilised annually on receipt of suitable applications for travel and training bursaries.

Special Emphasis Network Awards – monies set aside to fund future research. These designated funds will be awarded during the next financial year in grant awards to Special Emphasis Networks successfully completing review process.

The Solomon’s Award – monies set aside to fund future projects submitted by early-career clinical researchers. These designated funds will be awarded during the next financial year in grant aid to projects successfully completing review process.

ISCoS Keynote Speaker – monies set aside to support the cost associated with a Spinal Research sponsored keynote lecture at the International Spinal Cord Injury Society Annual Scientific Meeting.

Covid-19 contingency fund – moneys set aside to cover additional unbudgeted costs arising as a result of the ongoing Covid-19 pandemic.

The programme-related investment fund represents the carrying value of the charity’s programme-related investments.

17 Analysis of net assets between funds

General
funds
£’000		 Designated
funds
£’000		 Restricted
funds
£’000		 2023
Total
£’000
Fixed assets investments
Current assets
Creditors: amounts falling due within one
year
Creditors: amounts falling due after more
than one year
Total net assets		 1,356
884
(1,328)
(777)		 —
1,886
—
—		 —
100
—
—		 1,356
2,870
(1,328)
(777)
135 1,886 100 2,121

Annual Report and Accounts | 33

17 Analysis of net assets between funds (continued)

General
funds
£’000		 Designated
funds
£’000		 Restricted
funds
£’000		 2022
Total
£’000
Tangible fixed assets
Fixed assets investments
Current assets
Creditors: amounts falling due within one
year
Creditors: amounts falling due after more
than one year
Total net assets		 1
313
2,619
(1,164)
(1,174)		 —
1,043
151
—
—		 —
—
50
—
—		 1
1,356
2,820
(1,164)
(1,174)
595 1,194 50 1,839

18 Operating leases

The charitable company had future minimum commitments in respect of sundry office equipment under non-cancellable operating leases as follows:

Operating leasepayments due: 2023
£’000		 2022
£’000
Within one year 19 1
19 1

19 Taxation

International Spinal Research Trust is a registered charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

20 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 31 March 2023.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with 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 United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

Critical accounting estimates and areas of judgement

34 | Annual Report and Accounts

Preparation of the accounts requires the Trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Assessment of going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

Whilst the Covid-19 pandemic has disrupted fundraising activities and the ability to fund new research, the Trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above.

Income recognition

Income is recognised in the period in which the charity is entitled to receipt, the amount can be measured with reasonable certainty and it is probable that the income will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Income comprises donations and legacies, income from fundraising events, charitable activities, other trading activities and investment income.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income from fundraising events and charitable activities is recognised in the period the event or activity takes place.

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Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

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:

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support costs and governance costs are apportioned based on the same proportions as directly attributable staff costs.

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Research grants

Grants, conferences and other awards payable are recognised as resources expended once there is a legal or constructive obligation committing the charity to the expenditure.

Research grants are recognised in full in the year that they are awarded. The liability is split between one or more than one year.

The charity receives income from third parties in respect of some research grants. These are recognised in full as income in the period in which they are received.

Tangible fixed assets

Tangible fixed assets are stated at cost. All assets costing more than £500 and with an expected life exceeding one year are capitalised.

Depreciation is provided in order to write off each asset over its estimated useful life at rates between 20% and 33% on cost.

Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

Programme-related investments are held at cost, less any provision for diminution in value.

The charity does not acquire options, derivatives or other complex financial instruments.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise).

Debtors

Debtors are recognised at their settlement amount, less any provision for nonrecoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Short term deposits

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Deposits for more than three months but less than one year have been disclosed as short term deposits. Short term deposits comprise cash held in bank or investment accounts where the notice period for access to the funds exceeds one working day.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Foreign currencies

Foreign currency deposits are held to match overseas grant awards. The resulting assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

Fund accounting

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions.

The designated funds are monies set aside out of general funds and designated for specific research awards by the Trustees.

The general fund comprises tangible fixed assets and monies which are freely available and may be used towards meeting the charitable objectives of the charity at the discretion of the Trustees.

Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the lease term.

Pensions

Contributions in respect of the charity’s defined contribution pension scheme are charged to the statement of financial activities when they are payable to the scheme. The charity’s contributions are restricted to the contributions disclosed in note 8. There were no outstanding contributions at the year end. The charity has no liability beyond making its contributions and paying across the deductions for the employees’ contributions.

Fund structure

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions.

The designated funds are monies set aside out of general funds and designated for specific research awards by the Trustees.

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The general fund comprises tangible fixed assets and monies which are freely available and may be used towards meeting the charitable objectives of the charity at the discretion of the Trustees.

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Reference and administrative details of the charity, its Trustees and advisers

Company registration
number		 08409361 (England and Wales)
Charity registration
number		 1151015 (England)
SC050578 (Scotland)
Registered Address
Telephone
Email
Website		 80 Coleman Street
London
EC2R 5BJ
0207 653 8935
info@spinal-research.org
www.spinal-research.org
Trustees Ms T Howell (Chair)
Mr W R Shelton
His Honour PC Benson
Miss E F M Blois
Mr I Curtis BA FCA (Honorary Treasurer)
Mr M Reeve
Professor R M Brownstone MD PhD
Professor S Smith
LtCol D Baxter MBChB PhD FRCS (SN) FFSEM
Mr M Lund (appointed January 2023)
Patrons Ms Barbara Broccoli OBE
Mr Richard Dunwoody MBE
Mr P Edmond CBE TD FRCS
Mrs Ginny Elliot MBE
Mr John Gosden
Mr Jason Leonard OBE
Dr Ruth McKernan CBE
Rt Hon Lord Tebbit CH PC
Mr Andrew Walker
Mr Guy Martin
Committee of the Board
of Directors (the
Trustees)		 Ms T Howell (Chair)
Mr W R Shelton
Mr I Curtis BA FCA
~~Lt Col D Baxter MBChB PhD FRCS (SN) FFSEM~~

40 | Annual Report and Accounts

Remuneration Committee Ms T Howell (Chair)
Mr � � �helton
Miss E F M Blois
Professor S Smith
Scientific Advisory
Committee		 Prof J Guest MD PhD FRCS(C) (Chair)
Dr L Jones PhD
Prof R Brownstone MD PhD
Grant Advisory
Committee		 Prof E Bradbury PhD (Chair)
Dr F Bareyre PhD
Prof S Barnett PhD
Prof A Blesch PhD
Dr M Bolliger PhD
Prof S Di Giovanni PhD
Dr R M Ichiyama PhD
Dr J Kwok PhD
Dr A Lakatos MD PhD
Dr M Purcell MD
Honorary Scientific
Advisor		 Prof J W Fawcett PhD FRCP
Chief Executive Officer Mr H Sihota
Independent auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Investment managers BlackRock Investment Management (UK)
33 King William Street
London
EC4R 9AS
Bankers Bank of Scotland
38 St Andrew Square
Edinburgh
EH2 2YR

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Acknowledgements

A big thank you to all of you helping us find a cure for SCI paralysis

Without our supporters there would be no research and no breakthroughs. You are all helping to bring closer the day when we can end spinal cord paralysis forever. We are hugely grateful for the support you have all given us this year and are only sorry we cannot mention everybody’s names here.

Thank you to those suffering from spinal cord injury paralysis, and their families, for their inspiration, their stories and helping raise awareness of what it means to live with paralysis. The hundreds of volunteers who help in so many and varied ways. All those amazing people who run, cycle, jump or undertake other challenges, inspiring and inviting those they know to sponsor them.

Christopher Laing Foundation The DM Charitable Trust EA Timpson Family Trust The Eddleston Settlement The Edwin George Robinson Charitable Garfield Weston Foundation Trust Janet Bogen Charitable Trust The Eveson Trust John Alan Ferguson Charitable Trust The Fieldrose Charitable Trust The Hazel and Leslie Peskin Charitable John Kirkhope Young Endowment Fund Trust Lord Donald and Lady Edna Wilson Trust The Hearth Foundation Michael and Morven Heller Charitable The Henhurst Charitable Trust Foundation Michael Lawson The John Beckwith Charitable Trust Mrs J B Wood's Charitable Trust The Kildare Trust RFU Injured Players Foundation The Lord Cozens-Hardy Trust Robert Barr's Charitable Trust The Lord Faringdon Charitable Trust Robert Luff Foundation The May Gibson Charitable Trust RS MacDonald Charitable Trust The Patrick Trust Sandra Charitable Trust The Red Rose Charitable Trust Santa Barbara Heights Charitable Trust The Richard Lawes Foundation Sylvia Aitken Charitable Trust The Simon Gibson Charitable Trust The Albert Gubay Foundation The Sir John Sumner Trust The Sylvia & Colin Shepherd Charitable The Anna Rosa Forester Charitable Trust Trust The Bryan Guinness Charitable Trust The Tendril Trust The Charity of Stella Symons Charitable The Vandervell Foundation

We would also like to express our gratitude to those who remembered us in their Will and from whom we received a generous legacy this past year. Many thanks.

42 | Annual Report and Accounts

Produced and printed in house

Spinal Research

80 Coleman Street, London EC2R 5BJ 0207 653 8935

E info@spinal-research.org W www.spinal-research.org

A company limited by guarantee (registered in England and Wales) 08409361. Registered charity in England and Wales (1151015), and in Scotland (SC050578).

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