```
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 2025
```
```
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 2025
```
||**`Page`**|
|---|---|
|**`Report of the Trustees`**|`1 to 4`|
|**`Independent Examiner's Report`**|`5`|
|**`Statement of Financial Activities`**|`6`|
|**`Balance Sheet`**|`7 to 8`|
|**`Notes to the Financial Statements`**|`9 to 13`|
|**`Detailed Statement of Financial Activities`**|`14`|
## **`THE NEUROSURGICAL FOUNDATION`**
## **`Report of the Trustees`**
```
for the Year Ended 31 October 2025
```
```
Thetrusteeswhoarealsodirectorsof thecharityforthepurposesof theCompaniesAct2006,present their
reportwiththefinancialstatementsofthecharityfortheyearended31October2025.Thetrustees have
adoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
```
## **`OBJECTIVES AND ACTIVITIES`**
## **`Objectives and aims`**
```
TheFoundation'spurpose,assetoutin theobjectin thecharitablecompany'smemorandumof association,
istheadvancementofneurosurgeryforthepublicbenefitandthebenefitofneurosurgeryand the
neurosurgery community.
```
## `The aims of the Foundation are:`
```
-TopublishaninternationallyrecognisedNeurosurgicaljournalconsistingofpeer-reviewedarticles, case
reports and editorial and educational articles;
```
```
-Therebyto advanceand improvegenerallythe education,knowledgeand trainingamong neurosurgeons and
othermedicalpractitionersandallprofessionsalliedtohealthorconcernedwiththegeneralhealthof the
public, usually 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 neurosurgical disorders;
```
```
-Tofacilitateandfundresearchandmentoring,tuitionadviceandassistancegenerallyfortherelief of
sickness of persons suffering from neurosurgical 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 2025
```
## **`ACHIEVEMENTS AND PERFORMANCE`**
## **`Charitable activities`**
## `Meetings`
```
The NeurosurgicalFoundationhad one meetingof the board during 2024-2025.Minutesfromthese meetings
are available.
```
```
25th February 2025
```
```
The meeting discussed achievements and financial status of the charity for the year 24-25
```
```
The BJNS performance matrices were discussed.
```
```
ThecontractwithTaylorandFranciswasdiscussedandagreedthatweshouldrenegotiate including
increasing the number of issues to 12 per year.
```
## `Report on Performance of British Journal of Neurosurgery`
```
Submissions: There has been a drop in 2022 (Covid) 23, 24 steady and was slightly down for 2025
```
```
Acceptancerate:The Acceptancerate for 2024/25is 2%. Editorconfirmedthat the acceptancerate will come
up to 8-10% as the low quality submissions during COVID pass through the system.
```
```
JournalUsage:Thejournalarticleusagehasincreasedsteadily.MostonlinedownloadsarefromUSA and
Europe. 56% submissions are from The articles are being accessed differently.
```
```
Impactfactor:Therehasbeenadropintheimpactfactoroverthepasttwoyears.However,weare doing
better when compared to peer journals.
```
```
Publicationbacklog:The publicationbacklogis now down to 150. The ImpactFactordrop can be attributed to
this.
```
```
The BJNS will appoint a Spinal Editor and Cranial Editor, Nitin Mukerji will become the Executive Editor.
```
## `TNF Charity`
```
SupportingSBNSbursariesforUKandIrishneurosurgicalworkforceofthefuture.A totalofaround £37,000
was made available in 24-25.
```
## `Charitable Activities`
```
TNF has partneredwith SBNS and participatedin the breakfastseminarat SBNS Belfastto increase awareness
of TNF charitablework,help BJNS EditorDevelopmentProgramand generallyeducatescientificpaper writing
skills.
```
```
TNFsupportedaBJNScourseonthedevelopmentofexcellenceinscientificpaperreviewandhow to
implement scientific evidence in clinical practice.
```
```
TNF has funded SBNS members access to the BJNS
```
## `STRUCTURE, GOVERNANCE AND MANAGEMEN T`
## `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,
```
```
Incorporatedon21October2014andregisteredasacharityon9July2015.TheFoundation'sobjects and
powers were established by its Memorandum and it is governed under its Articles of Association.
Recruitment and appointment of trustees
```
```
Page 2
```
## **`THE NEUROSURGICAL FOUNDATION`**
## **`Report of the Trustees`**
```
for the Year Ended 31 October 2025
```
```
Forcharitylaw,theFoundation'strusteesarethedirectorsofthecharitablecompanywhoarethe elected
Officers of the Foundation.
```
## **`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
```
## **`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,
Incorporatedon21October2014andregisteredasacharityon9July2015.TheFoundation'sobjects and
powers were established by its Memorandum and it is governed under its Articles of Association.
```
## **`REFERENCE AND ADMINISTRATIVE DETAILS`**
## **`Registered Company number`**
```
09273413 (England and Wales)
```
## **`Registered Charity number`**
```
1162599
```
## **`Registered office`**
```
Society Of British Neurological Surgeons
35-43 Lincoln's Inn Fields
London
WC2A 3PE
```
## **`Trustees`**
```
Professor M D Jenkinson (resigned 24.3.2026)
S Basu
P C Whitfield (resigned 4.2.2026)
P J A Hutchinson (appointed 15.9.2025)
P Brennan (appointed 24.3.2026)
```
```
Inaddition,SueWoodwardisalaymemberonthecommittee,providinganon-medicalopinionin board
meetings.
```
```
Page 3
```
## **`THE NEUROSURGICAL FOUNDATION`**
## **`Report of the Trustees`**
```
for the Year Ended 31 October 2025
```
## **`REFERENCE AND ADMINISTRATIVE DETAILS`**
## **`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 14 May 2026 and signed on its behalf by:
```
```
S Basu - Trustee
```
```
Page 4
```
```
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 2025.
```
## **`Responsibilities and basis of report`**
```
Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)you are
responsibleforthepreparationoftheaccountsinaccordancewiththerequirementsoftheCompanies Act
2006 ('the 2006 Act').
```
```
Havingsatisfiedmyselfthat the accountsof the Companyare not requiredto be auditedunder Part16 of the
2006Act and are eligiblefor independentexamination,I reportin respectof my examinationof your charity's
accountsascarriedoutunderSection145oftheCharitiesAct2011('the2011Act').Incarryingout my
examinationI havefollowedtheDirectionsgivenbytheCharityCommissionunderSection145(5)(b)of the
2011 Act.
```
## **`Independent examiner's statement`**
```
I havecompletedmyexamination.I confirmthatnomattershavecometomyattentioninconnection 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
```
```
14 May 2026
```
```
Page 5
```
## **`THE NEUROSURGICAL FOUNDATION`**
## **`Statement of Financial Activities`**
```
for the Year Ended 31 October 2025
```
|||**`2025`**|`2024`|
|---|---|---|---|
|||**`Unrestricted`**||
|||**`fund`**|`Total funds`|
||`Notes`|**`£`**|`£`|
|**`INCOME AND ENDOWMENTS FROM`**||||
|**`Charitable activities`**||||
|`Royalties`||**`63,473`**|`12,882`|
|`Editorial income`||**`18,565`**|`25,997`|
|`Investment income`|`2`|**`12,785`**|`14,123`|
|**`Total`**||**`94,823`**|`53,002`|
|**`EXPENDITURE ON`**||||
|`Raising funds`|`3`|**`988`**|`-`|
|**`Charitable activities`**||||
|`Editorial expenses`||**`85,740`**|`41,888`|
|`Other`||**`2,853`**|`3,096`|
|**`Total`**||**`89,581`**|`44,984`|
|**`NET INCOME`**||**`5,242`**|`8,018`|
|**`RECONCILIATION OF FUNDS`**||||
|`Total funds brought forward`||**`384,754`**|`376,736`|
|**`TOTAL FUNDS CARRIED FORWARD`**||**`389,996`**|`384,754`|
```
The notes form part of these financial statements
```
```
Page 6
```
## **`THE NEUROSURGICAL FOUNDATION`**
## **`Balance Sheet`**
## **`31 October 2025`**
|||**`2025`**|`2024`|
|---|---|---|---|
|||**`Unrestricted`**||
|||**`fund`**|`Total funds`|
||`Notes`|**`£`**|`£`|
|**`CURRENT ASSETS`**||||
|`Debtors`|`6`|**`49,615`**|`29,283`|
|`Cash at bank`||**`342,941`**|`357,971`|
|||**`392,556`**|`387,254`|
|**`CREDITORS`**||||
|`Amounts falling due within one year`|`7`|**`(2,560)`**|`(2,500)`|
|**`NET CURRENT ASSETS`**||**`389,996`**|`384,754`|
|**`TOTAL ASSETS LESS CURRENT LIABILITIES`**||**`389,996`**|`384,754`|
|**`NET ASSETS`**||**`389,996`**|`384,754`|
|**`FUNDS`**|`8`|||
|`Unrestricted funds`||**`389,996`**|`384,754`|
|**`TOTAL FUNDS`**||**`389,996`**|`384,754`|
```
The charitablecompanyis entitledto exemptionfromaudit under Section477 of the CompaniesAct 2006 for
the year ended 31 October 2025.
```
```
The membershave not requiredthe companyto obtain an audit of its financialstatementsfor the year ended
31 October 2025 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 7
```
## **`THE NEUROSURGICAL FOUNDATION`**
## **`Balance Sheet - continued`**
## **`31 October 2025`**
```
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.
```
```
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon14May 2026
and were signed on its behalf by:
```
```
S Basu - Trustee
```
```
The notes form part of these financial statements
```
```
Page 8
```
```
THE NEUROSURGICAL FOUNDATION
```
```
Notes to the Financial Statements
for the Year Ended 31 October 2025
```
## **`1. ACCOUNTING POLICIES`**
## **`Basis of preparing the financial statements`**
```
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland (FRS
102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCompaniesAct2006.Thefinancial statements
have been prepared under the historical cost convention.
```
## **`Income`**
```
All incomeis recognisedin the Statementof FinancialActivitiesonce the charityhas entitlementto the
funds, it is probable that the income will be received and the amount can be measured reliably.
```
## **`Expenditure`**
```
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswill 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`**
```
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
```
```
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted
purposes.
```
```
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
```
```
continued...
```
```
Page 9
```
## **`THE NEUROSURGICAL FOUNDATION`**
## **`Notes to the Financial Statements - continued`**
```
for the Year Ended 31 October 2025
```
## **`2. INVESTMENT INCOME`**
|`Deposit account interest`
**`3.`**
**`RAISING FUNDS`**
**`Investment management costs`**
`Meeting and catering`|**`2025`**
**`£`**
**`12,785`**
**`2025`**
**`£`**
**`988`**|`2024`
`£`
`14,123`|
|---|---|---|
|||`2024`
`£`
`-`|
```
4.TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31October2025nor for
the year ended 31 October 2024.
```
## **`Trustees' expenses`**
```
During the year no expenses were paid to Trustees ( 2024 - no expenses paid).
```
## **`5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**
||`Unrestricted`|
|---|---|
||`fund`|
||`£`|
|**`INCOME AND ENDOWMENTS FROM`**||
|**`Charitable activities`**||
|`Royalties`|`12,882`|
|`Editorial income`|`25,997`|
|`Investment income`|`14,123`|
|**`Total`**|`53,002`|
|**`EXPENDITURE ON`**||
|**`Charitable activities`**||
|`Editorial expenses`|`41,888`|
|`Other`|`3,096`|
|**`Total`**|`44,984`|
|**`NET INCOME`**|`8,018`|
```
continued...
```
```
Page 10
```
```
Notes to the Financial Statements - continued
for the Year Ended 31 October 2025
```
## **`THE NEUROSURGICAL FOUNDATION`**
|**`5.`**|**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued`**|**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued`**|**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued`**||
|---|---|---|---|---|
|||||`Unrestricted`|
|||||`fund`|
|||||`£`|
||**`RECONCILIATION OF FUNDS`**||||
||`Total funds brought forward`|||`376,736`|
||**`TOTAL FUNDS CARRIED FORWARD`**|||`384,754`|
|**`6.`**|**`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**||||
||||**`2025`**|`2024`|
||||**`£`**|`£`|
||`Trade debtors`||**`49,615`**|`29,283`|
|**`7.`**|**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**||||
||||**`2025`**|`2024`|
||||**`£`**|`£`|
||`Accruals and deferred income`||**`2,560`**|`2,500`|
|**`8.`**|**`MOVEMENT IN FUNDS`**||||
||||`Net`||
||||`movement`|`At`|
|||`At 1/11/24`|`in funds`|`31/10/25`|
|||`£`|`£`|`£`|
||**`Unrestricted funds`**||||
||`General fund`|**`384,754`**|**`5,242`**|**`389,996`**|
||**`TOTAL FUNDS`**|**`384,754`**|**`5,242`**|**`389,996`**|
```
continued...
```
```
Page 11
```
```
THE NEUROSURGICAL FOUNDATION
```
```
Notes to the Financial Statements - continued
for the Year Ended 31 October 2025
```
## **`8. MOVEMENT IN FUNDS - continued`**
```
Net movement in funds, included in the above are as follows:
```
||`Incoming`|`Resources`|`Movement`|
|---|---|---|---|
||`resources`|`expended`|`in funds`|
||`£`|`£`|`£`|
|**`Unrestricted funds`**||||
|`General fund`|**`94,823`**|**`(89,581)`**|**`5,242`**|
|**`TOTAL FUNDS`**|**`94,823`**|**`(89,581)`**|**`5,242`**|
## **`Comparatives for movement in funds`**
|||`Net`||
|---|---|---|---|
|||`movement`|`At`|
|`At 1/11/23`||`in funds`|`31/10/24`|
||`£`|`£`|`£`|
|**`Unrestricted funds`**||||
|`General fund`|`376,736`|`8,018`|`384,754`|
|**`TOTAL FUNDS`**|`376,736`|`8,018`|`384,754`|
|`Comparative net movement in funds, included in the above are as follows:`||||
||`Incoming`|`Resources`|`Movement`|
||`resources`|`expended`|`in funds`|
||`£`|`£`|`£`|
|**`Unrestricted funds`**||||
|`General fund`|`53,002`|`(44,984)`|`8,018`|
|**`TOTAL FUNDS`**|`53,002`|`(44,984)`|`8,018`|
```
continued...
```
```
Page 12
```
```
THE NEUROSURGICAL FOUNDATION
```
```
Notes to the Financial Statements - continued
for the Year Ended 31 October 2025
```
## **`8. MOVEMENT IN FUNDS - continued`**
```
A current year 12 months and prior year 12 months combined position is as follows:
```
|||`Net`||
|---|---|---|---|
|||`movement`|`At`|
||`At 1/11/23`|`in funds`|`31/10/25`|
||`£`|`£`|`£`|
|**`Unrestricted funds`**||||
|`General fund`|`376,736`|`13,260`|`389,996`|
|**`TOTAL FUNDS`**|`376,736`|`13,260`|`389,996`|
```
A currentyear12 monthsand prioryear12 monthscombinednet movementin funds,includedin the
above are as follows:
```
||`Incoming`|`Resources`|`Movement`|
|---|---|---|---|
||`resources`|`expended`|`in funds`|
||`£`|`£`|`£`|
|**`Unrestricted funds`**||||
|`General fund`|`147,825`|`(134,565)`|`13,260`|
|**`TOTAL FUNDS`**|`147,825`|`(134,565)`|`13,260`|
## **`9. RELATED PARTY DISCLOSURES`**
```
There were no related party transactions for the year ended 31 October 2025.
```
```
Page 13
```
## **`THE NEUROSURGICAL FOUNDATION`**
```
Detailed Statement of Financial Activities
for the Year Ended 31 October 2025
```
|**`INCOME AND ENDOWMENTS`**
**`Investment income`**
`Deposit account interest`
**`Charitable activities`**
`Royalties`
`Editorial`
**`Total incoming resources`**
**`EXPENDITURE`**
**`Investment management costs`**
`Meeting and catering`
**`Charitable activities`**
`Editor's expenses`
`Administration expenses`
`Bursary awards`
**`Support costs`**
**`Management`**
`Sundries`
**`Finance`**
`Bank charges`
**`Governance costs`**
`Accountancy`
`Total resources expended`
**`Net income`**|`2025`
`£`
**`12,785`**
**`63,473`**
**`18,565`**
**`82,038`**
**`94,823`**
**`988`**
**`6,274`**
**`1,728`**
**`77,738`**
**`85,740`**
**`-`**
**`67`**
**`2,786`**
**`89,581`**
**`5,242`**|`2024`
`£`
`14,123`
`12,882`
`25,997`|
|---|---|---|
|||`38,879`|
|||`53,002`
`-`
`6,586`
`1,080`
`34,222`|
|||`41,888`
`201`
`180`
`2,715`|
|||`44,984`|
|||`8,018`|
```
This page does not form part of the statutory financial statements
```
```
Page 14
```