2023-10-31-accounts - The Neurosurgical Foundation

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REGISTERED COMPANY NUMBER: 09273413 (England and Wales)
REGISTERED CHARITY NUMBER: 1162599

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 October 2023

for

`THE NEUROSURGICAL FOUNDATION`

Sandison Lang Limited
2 St Marys Road
Tonbridge
Kent
TN9 2LB

`THE NEUROSURGICAL FOUNDATION`

Contents of the Financial Statements
for the Year Ended 31 October 2023

	`Page`
`Report of the Trustees`	`1 to 5`
`Independent Examiner's Report`	`6`
`Statement of Financial Activities`	`7`
`Balance Sheet`	`8 to 9`
`Notes to the Financial Statements`	`10 to 14`
`Detailed Statement of Financial Activities`	`15`

`THE NEUROSURGICAL FOUNDATION`

`Report of the Trustees`

`for the Year Ended 31 October 2023`

ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended31October2023.The trustees
haveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

`OBJECTIVES AND ACTIVITIES`

`Objectives and aims`

The Foundation'spurposeas set out in the objectin the charitablecompany'sMemorandumOf  Association
is the advancement of neurosurgery for the public benefit and the benefit of the community generally.

`The aims of the Foundation are :`

-Topublishaninternationally-recognisedNeurosurgicaljournal,consistingofpeer-reviewedarticles, case
reports and editorial and educational articles;

-Therebytoadvanceandimprovegenerallytheeducation,knowledgeandtrainingamongsurgeons and
othermedicalpractitionersand all professionsalliedto healthor concernedwiththe generalhealthof the
public generally having a qualification recognised by the National Health Service;

-To advance expertise, knowledge and understanding of neurosurgery by promotion and study of
Neurosurgery for the relief from sickness of persons suffering from neurological disorders;

-Tofacilitateand fund researchand mentoring,tuitionand adviceand assistancegenerallyforthe relief of
sickness of persons suffering from neurological disorders;

-Toworkforthebenefitoftheinternationalcommunitybyassistingwithfundingof educational
opportunities for both British and International Neurosurgeons and trainees.

Page 1

`THE NEUROSURGICAL FOUNDATION`

`Report of the Trustees`

for the Year Ended 31 October 2023

`ACHIEVEMENT AND PERFORMANCE`

`Charitable activities`

TNFaimstosupportanincreaseinthebursaryprogram,andpledgesanother£15,000overand above
£15,000havebeenmadeavailableannually.Thisadditionalsupportwillbereviewedannually depending
upon the interestearnedfromthe FD in comingyears.The bursarysupportis £15,000+ £15,000 (£30,000)
for the year 24-25.

TNF fully subsidies Associate Editor Development Program of BJNS.

TNF pledgesto supportin 24-25,a BJNS courseon the developmentof excellencein scientificpaper review
and how to implement scientific evidence in clinical practice.

`Report on Performance of British Journal of Neurosurgery`

`Submissions`

Therehasbeena steadydecreasein submissionssince2021.Thisis partlyduetothepassingofthe Covid
peak. There is a move towards accepting only papers of good quality.

`Acceptance rate`

The acceptance rate for 2023 is 10%.

`Journal Usage`

Thejournalarticleusageremainscomparablebetween2022and2023.Thearticlesarebeing accessed
differently.

`Impact factor`

Therehasbeenadropintheimpactfactoroverthepasttwoyears.However,wearedoingbetter when
compared to peer journals.

`Publication backlog`

The publication backlog is 250 from 800 a year ago. The Impact Factor drop can be attributed to this.

`Plagiarism`

Therehasbeenanincidentofplagiarismwhenoneofourjournalarticleswasused without
acknowledgement. Specialist societies related to the authors have taken punitive actions.

TheNepaleseSocietyhaveremovedtheauthor(fellow)fromanypositionswithintheSociety. Cornell
University has its legal team acting on the information.

`AI tools`

Taylor& Francishas produceda guidelineon using AI Toolsfor submissions.The use of such a toolmust be
acknowledged.

`Actions for 2024`

BJNS editorial board to keep a record of editors appointed and an analysis be available.
BJNS will appoint a deputy editor.

Page 2

`THE NEUROSURGICAL FOUNDATION`

`Report of the Trustees`

`for the Year Ended 31 October 2023`

We willcontinueourpartnershipwithT&Fand sharethe performancematrixduringthe boardmeeting in
February.

`Board Meetings`

TheNeurosurgicalFoundationhadtwomeetingsoftheboardduring22-23.Minutesfromthese meetings
are available.

`Meeting 1: February 23`

Theboardconsideredthecharity'sfinancialreportandthejournal'sperformanceintheprevious 12
months.Aplanofactionfortheyear23-24wasdiscussed.ExpandingTNF'scharitablefootprintof TNF,
continuingtosupporttheAssociateEditordevelopmentprogram,addressingthepublicationbacklog and
maintaining the journal impact factor was the main focus.

`Meeting 2: July 2023`

TheinterimboardmeetingdiscussedandapprovedaninvestmentofTNFreservefundsinalow-risk FD
scheme.TheinvestmentpolicyofSBNSwasadopted,whichisanalignedcharity.Theinvestment returns
were plannedto expandbursariesthroughSBNS for The UK and Irelandneurosurgicaltraineesand  medical
students.A SBNS President'sBursarywas started.All the bursariesalign with the aims and objectivesof  the
TNF charity.

Themid-yearmeetingalsodiscussedtheissueofpaymentsmadetothetrustees.Itwasnotedthat the
editor-in-chiefofBJNSreceivedpaymentsequivalentto.5PAoverandaboveobligatoryexpenditures for
servicesastheeditorwhileholdingthetrusteeposition.ThiswasperthedecisionintheTNF board
meetinginOctober2017.Itisnotapparentwhetherthispaymentisauthorisedinthecharity's governing
document.Theboard'ssubsequentsubmissiontotheCharityCommissiontoincludeamentionof this
payment.ItwasalsodiscussedthattheBJNSeditorandthedeputyeditorshouldbereimbursedfor their
time, and it should not be voluntary for the Editor to exclude himself during a discussion about pay.

`FINANCIAL REVIEW`

`Principal funding sources`

The Foundation's principal regular source of funds is its Journal royalties.

`Investment policy and objectives`

TNFhasinvested£280Kina5%FDwithHSBC.TNFcharityaimstoutilisetheinterestearnedto increase
bursaries available to UK and Ireland applicants of SBNS bursaries.

`Reserves policy`

TheFoundationseekstomaintainitsuncommittedreservesatfivetimesitsannualstandingcosts. This
amount is £60K

`FUTURE PLANS`

SupportingSBNSbursariesforUKandIrishneurosurgicalworkforceofthefuture.Atotalof around
£30,000 was made available in 23-24. The whole pledge was not utilised.

Page 3

`THE NEUROSURGICAL FOUNDATION`

`Report of the Trustees`

for the Year Ended 31 October 2023

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`Governing document`

Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimited company,
limited by guarantee, as defined by the Companies Act 2006.

The Foundation is a charitable company limited by guarantee as defined by the Companies Act 2006,
Incorporatedon 21 October2014and registeredas a charityon 9 July2015.The Foundation'sobjects and
powers were established by its Memorandum and it is governed under its Articles of Association.

`Recruitment and appointment of new trustees`

Forcharitylaw,the Foundation'strusteesare the directorsof the charitablecompanywhoare the elected
Officers of the Foundation.

The Editor of the BJNS will remit his role as a trustee. The editor will continue as a member of the board.

`REFERENCE AND ADMINISTRATIVE DETAILS`

`Registered Company number`

09273413 (England and Wales)

`Registered Charity number`

`Registered office`

7 Swallow Place
London
W1B 2AG

`Trustees`

N D Mendoza Consultant (resigned 23.4.2023)
Professor M D Jenkinson
N Mukerji
S Basu (appointed 23.4.2023)

Inaddition,SueWoodwardisalaymemberonthecommittee,providinganon-medicalopinionin board
meetings.

`Independent Examiner`

Mr Ryan Cottington, ACA
Sandison Lang Limited
2 St Marys Road
Tonbridge
Kent
TN9 2LB

Approved by order of the board of trustees on 1 April 2024 and signed on its behalf by:

Page 4

THE NEUROSURGICAL FOUNDATION Report 0£ the Trustees for the Year Ended 31 October 2023 S Basu - Trustee Page S

Independent Examiner's Report to the Trustees of
The Neurosurgical Foundation

`Independent examiner's report to the trustees of The Neurosurgical Foundation ('the Company')`

IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
31 October 2023.

`Responsibilities and basis of report`

Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)you are
responsiblefor the preparationof the accountsin accordancewith the requirementsof the Companies Act
2006 ('the 2006 Act').

HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobe auditedunderPart16 of
the2006Actandareeligibleforindependentexamination,Ireportinrespectofmyexaminationof your
charity'saccountsascarriedoutunderSection145oftheCharitiesAct2011('the2011Act').In carrying
outmyexaminationI havefollowedtheDirectionsgivenbytheCharityCommissionunderSection 145(5)
(b) of the 2011 Act.

`Independent examiner's statement`

I have completedmy examination.I confirmthat no mattershave come to my attentionin connection with
the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.

Mr Ryan Cottington, ACA

Sandison Lang Limited
2 St Marys Road
Tonbridge
Kent
TN9 2LB

1 April 2024

Page 6

`THE NEUROSURGICAL FOUNDATION`

`Statement of Financial Activities`

`for the Year Ended 31 October 2023`

`2023` `Unrestricted` `fund` `Notes` `£` `INCOME AND ENDOWMENTS FROM` `Charitable activities` `Royalties` `35,530` `Editorial income` `22,283` `Meeting income` `-` `Investment income` `2` `3,627` `Total` `61,440` `EXPENDITURE ON` `Charitable activities` `Editorial expenses` `22,399` `Other` `2,568` `Total` `24,967` `NET INCOME` `36,473` `RECONCILIATION OF FUNDS` `Total funds brought forward` `340,263` `TOTAL FUNDS CARRIED FORWARD` `376,736`	`2022` `Total` `funds` `£` `36,891` `22,282` `2,000` `-`
	`61,173`
	`14,392` `2,280`
	`16,672`
	`44,501` `295,762`
	`340,263`

The notes form part of these financial statements

Page 7

`THE NEUROSURGICAL FOUNDATION`

`Balance Sheet`

`31 October 2023`

2023
Unrestricted
fund
Notes
£
CURRENT ASSETS
Debtors
5
47,980
Cash at bank
331,121
379,101
CREDITORS
Amounts falling due within one year
6
(2,365)
NET CURRENT ASSETS
376,736
TOTAL ASSETS LESS CURRENT LIABILITIES
376,736
NET ASSETS
376,736
FUNDS
7
Unrestricted funds
376,736
TOTAL FUNDS
376,736 2022
Total
funds
£
49,165
293,323
342,488
(2,225)
340,263
340,263
340,263
340,263
340,263

The charitablecompanyis entitledto exemptionfromauditunderSection477of the CompaniesAct 2006
for the year ended 31 October 2023.

Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsforthe year
ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

The notes form part of these financial statements

continued...

Page 8

`THE NEUROSURGICAL FOUNDATION`

`Balance Sheet - continued`

`31 October 2023`

Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.

The financialstatementswereapprovedby the Boardof Trusteesand authorisedforissueon 1 April 2024
and were signed on its behalf by:

S Basu - Trustee

The notes form part of these financial statements

Page 9

THE NEUROSURGICAL FOUNDATION

Notes to the Financial Statements
for the Year Ended 31 October 2023

`1. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland (FRS
102)(effective1 January2019)',FinancialReportingStandard102'The FinancialReporting Standard
applicablein theUK andRepublicofIreland'andtheCompaniesAct2006.Thefinancial statements
have been prepared under the historical cost convention.

`Income`

Allincomeis recognisedin theStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthe charityto that expenditure,it is probablethat a transferof economicbenefitswill be
requiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have
been allocated to activities on a basis consistent with the use of resources.

Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.

`Taxation`

The charity is exempt from corporation tax on its charitable activities.

`Fund accounting`

Unrestrictedfundscanbe usedin accordancewiththecharitableobjectivesat thediscretionof the
trustees.

Restrictedfunds can only be used for particularrestrictedpurposeswithin the objectsof the  charity.
Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted
purposes.

Furtherexplanationofthenatureandpurposeofeachfundis includedin thenotestothe financial
statements.

continued...

Page 10

`THE NEUROSURGICAL FOUNDATION`

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

`2. INVESTMENT INCOME`

`INVESTMENT INCOME`
	`2023`	`2022`
	`£`	`£`
`Deposit account interest`	`3,627`		`-`

`3. TRUSTEES' REMUNERATION AND BENEFITS`

Therewere no trustees'remunerationor otherbenefitsfor the yearended 31 October2023nor for
the year ended 31 October 2022.

`Trustees' expenses`

During the year no expenses were paid to Trustees ( 2022 - no expenses paid).

`4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`

	`Unrestricte`
	`fund`
	`£`
`INCOME AND ENDOWMENTS FROM`
`Charitable activities`
`Royalties`	`36,891`
`Editorial income`	`22,282`
`Meeting income`	`2,000`
`Total`	`61,173`
`EXPENDITURE ON`
`Charitable activities`
`Editorial expenses`	`14,392`
`Other`	`2,280`
`Total`	`16,672`
`NET INCOME`	`44,501`
`RECONCILIATION OF FUNDS`
`Total funds brought forward`	`295,762`
`TOTAL FUNDS CARRIED FORWARD`	`340,263`

continued...

Page 11

`THE NEUROSURGICAL FOUNDATION`

`Notes to the Financial Statements - continued`

`for the Year Ended 31 October 2023`

5.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
6.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals and deferred income
7.
MOVEMENT IN FUNDS
At
1/11/22
£
Unrestricted funds
General fund
340,263
TOTAL FUNDS
340,263
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
61,440
TOTAL FUNDS
61,440 2023
2022
£
£
47,980
49,165
2023
2022
£
£
2,365
2,225
Net
movement
At
in funds
31/10/23
£
£
36,473
376,736
36,473
376,736
Resources
Movement
expended
in funds
£
£
(24,967)
36,473
(24,967)
36,473

continued...

Page 12

THE NEUROSURGICAL FOUNDATION

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

`7. MOVEMENT IN FUNDS - continued`

`Comparatives for movement in funds`

`Unrestricted funds` `General fund` `TOTAL FUNDS`	`At` `1/11/21` `£` `295,762` `295,762`	`Net` `movement` `in funds` `£` `44,501` `44,501`	`At` `31/10/22` `£` `340,263` `340,263`

Comparative net movement in funds, included in the above are as follows:

`Unrestricted funds` `General fund` `TOTAL FUNDS`	`Incoming` `Resources` `Movemen` `resources` `expended` `in funds` `£` `£` `£` `61,173` `(16,672)` `44,501` `61,173` `(16,672)` `44,501`

A current year 12 months and prior year 12 months combined position is as follows:

`Unrestricted funds` `General fund` `TOTAL FUNDS`	`At` `1/11/21` `£` `295,762` `295,762`	`Net` `movement` `in funds` `£` `80,974` `80,974`	`At` `31/10/23` `£` `376,736` `376,736`

continued...

Page 13

THE NEUROSURGICAL FOUNDATION

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

`7. MOVEMENT IN FUNDS - continued`

Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:

	`Incoming`	`Resources`	`Movement`
	`resources`	`expended`	`in funds`
	`£`	`£`	`£`
`Unrestricted funds`
`General fund`	`122,613`	`(41,639)`	`80,974`
`TOTAL FUNDS`	`122,613`	`(41,639)`	`80,974`

`8. RELATED PARTY DISCLOSURES`

There were no related party transactions for the year ended 31 October 2023.

Page 14

`THE NEUROSURGICAL FOUNDATION`

Detailed Statement of Financial Activities
for the Year Ended 31 October 2023

`INCOME AND ENDOWMENTS` `Investment income` `Deposit account interest` `Charitable activities` `Royalties` `Editorial` `Meeting income` `Total incoming resources` `EXPENDITURE` `Charitable activities` `Editor's expenses` `Administration expenses` `Bursary awards` `Support costs` `Management` `Sundries` `Finance` `Bank charges` `Governance costs` `Accountancy` `Total resources expended` `Net income`	`2023` `£` `3,627` `35,530` `22,283` `-` `57,813` `61,440` `7,239` `2,160` `13,000` `22,399` `136` `60` `2,372` `24,967` `36,473`	`2022` `£` `-` `36,891` `22,282` `2,000`
		`61,173`
		`61,173` `5,342` `-` `9,000`
		`14,342` `-` `50` `2,280`
		`16,672`
		`44,501`

This page does not form part of the statutory financial statements

Page 15