``` 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`** ``` 1162599 ``` ## **`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 ```