**Charity registration number 1174374 (England and Wales) Company registration number CE010848** ## **THE MADDI FOUNDATION** # **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** ## **THE MADDI FOUNDATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Secretary Senior management** H Thurgood Trustee C Thurgood Trustee A Thurgood Trustee V L Bissett Trustee **Charity number (England and Wales)** 1174374 **Company number** CE010848 ## **THE MADDI FOUNDATION** ## **CONTENTS** ||**Page**| |---|---| |report|1 - 4| |Independent examiner's report|5| |Statement of financial activities|6| |Balance sheet|7| |Statement of cash flows|8| |Notes to the financial statements|9 - 12| ## **THE MADDI FOUNDATION** ## **REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_ The present their annual report and financial statements for the year ended 31 August 2025. The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report together with the financial statements of the charity for the year ended 31 August 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). ## **INCORPORATION** The charitable company was incorporated on 24 August 2017. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". ## **TRUSTEES’ RESPONSIBILITIES STATEMENT** The trustees (who are also directors of The Maddi Foundation for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ## **Objectives and activities** ## **Our Aims and Objectives** The Maddi Foundation is committed to advancing research into Hereditary Spastic Paraplegia Type 15 (SPG15), with the long-term aim of identifying effective treatments and ultimately a cure. The charity’s core objectives remain to: - Fund innovative and impactful scientific research - Raise awareness of SPG15 - Support individuals and families affected by the condition - Build strong collaborations within the scientific and medical communities ## _Public benefit_ The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the should undertake. - 1 - ## **THE MADDI FOUNDATION** ## **REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_ ## **Achievements and performance** _Significant activities and achievements against objectives_ ## **Research and Scientific Progress** During the year, the Foundation made important progress in supporting research into SPG15. In **October 2024** , the charity began funding **Unravel Biosciences** , who have been conducting research using Maddi’s cells to identify potential therapeutic molecule candidates. This work represents a significant step in exploring possible drug-based treatments for SPG15. If successful and approved for further development, these findings could benefit not only Maddi but others affected by the condition. The Foundation continues to support and collaborate with leading researchers, including ongoing work connected to the University of Sheffield. A key highlight of the year was in **October 2024** , when Maddi and her family were invited to the University of Sheffield to meet **Her Royal Highness The Princess Royal** , in recognition of the Foundation’s contribution to SPG15 research. This event marked an important milestone in raising awareness and recognition of the charity’s work. ## _Fundraising practices_ ## **Fundraising and Income Generation** The charity has continued to develop and expand its fundraising activities throughout the year. During the reporting period: - A grant of **£5,000** was received from the Inman Charity - A further **£1,000** was received through additional funding support - Total funds raised during the year amounted to **£13,603.33** The Foundation has also focused on building new fundraising opportunities, including: - Establishing a relationship with a **local football club in Essex** , providing opportunities to attend match days and plan a future charity football event - Exploring partnerships within the **bodybuilding community** to support awareness and fundraising initiatives These activities reflect the charity’s commitment to diversifying income streams and engaging with new audiences. ## **Raising Awareness and Community Engagement** Raising awareness of SPG15 continues to be a central part of the Foundation’s work. The charity actively engages with: - Families affected by SPG15 - Medical professionals and researchers - The wider public through digital platforms and outreach By increasing visibility and understanding of the condition, the Foundation aims to support earlier recognition, improved knowledge-sharing, and greater participation in research ## **Financial review** ## **FINANCIAL REVIEW** The charity reported total income of **£13,603.33** during the year. Funds received have been applied in accordance with the charity’s objectives, with a continued focus on supporting research and developing fundraising initiatives. The trustees remain committed to ensuring that all funds are used effectively and responsibly to maximise impact. - 2 - ## **THE MADDI FOUNDATION** ## **REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_ ## _Reserves policy_ It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. ## **Plans for future periods FUTURE PLANS** Looking ahead, The Maddi Foundation will continue to: - Support research initiatives, including ongoing work with Unravel Biosciences - Strengthen partnerships with academic and scientific institutions - Expand fundraising activities, including planned sporting events - Develop new collaborations across different communities - Increase awareness and global engagement to support research progress The trustees remain committed to advancing progress towards effective treatments for SPG15 and improving outcomes for those affected. ## **Structure, governance and management** The charity is controlled by its governing document, a Deed of Trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The organisation structure of the charity remains unchanged. The Board of Trustees is responsible for the overall governance, strategic direction, and decision-making of the Foundation. The board of trustees consists of four individuals during the reporting period. During the year, **Mr Harry Thurgood stepped down from his role as trustee on a temporary basis due to relocating overseas** . The Board of Trustees would like to record their appreciation for his contribution to the charity. The charity is currently in the process of identifying and appointing a suitable replacement trustee to support the continued governance and development of the Foundation. Day-to-day operations of the charity continue to be managed by the trustees, working collaboratively to support the charity’s objectives. The trustees who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: H Thurgood C Thurgood A Thurgood V L Thurgood ## _Recruitment and appointment of trustees_ None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. - 3 - ## **THE MADDI FOUNDATION** ## **REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2025**_ The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU). The company's current policy concerning the payment of trade creditors is to: - settle the terms of payment with suppliers when agreeing the terms of each transaction; - ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and - pay in accordance with the company's contractual and other legal obligations. There were no trade creditors of the company at the year end. The report was approved by the board of trustees. 3 June 2026 - 4 - ## **THE MADDI FOUNDATION** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE OF THE MADDI FOUNDATION** I report to the on my examination of the financial statements of The Maddi Foundation (the ) for the year ended 31 August 2025. ## **Responsibilities and basis of report** As the of the (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the ’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the as required by section 386 of the Companies Act 2006. - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or - 4 the financial statements 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. 3 June 2026 - 5 - ## **THE MADDI FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 AUGUST 2025**_ |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2025**|**2024**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Donations and legacies|**3**|13,603|12,729| |**Total income**||13,603|12,729| |**Expenditure on:**|||| |Charitable activities|**4**|6,116|2,375| |Other expenditure|**6**|216|216| |**Total expenditure**||6,332|2,591| |**Net income and movement in funds**||7,271|10,138| |**Reconciliation of funds:**|||| |Fund balances at 1 September 2024||69,305|59,167| |**Fund balances at 31 August 2025**||76,576|69,305| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 6 - ## **THE MADDI FOUNDATION** ## **BALANCE SHEET** ## _**AS AT 31 AUGUST 2025**_ |**Notes**
**Current assets**
Cash at bank and in hand
**Net current assets**
**The funds of the**
Unrestricted funds|**2025**
**£**
76,576|**£**
76,576
76,576
76,576|**2024**
**£**
69,305|**£**
69,305| |---|---|---|---|---| |||||69,305| |||||69,305| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the on 3 June 2026 Company registration number CE010848 (England and Wales) - 7 - ## **THE MADDI FOUNDATION** ## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 AUGUST 2025**_ |**2025**
**Notes**
**£**
**Cash flows from operating activities**
Cash generated from operations
**8**
**Net cash generated from investing activities**
**Net cash generated from financing activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2024**
**£**
**£**
7,271
-
-
7,271
69,305
76,576|**£**
10,138
-
-| |---|---|---| |||10,138
59,167| |||69,305| - 8 - ## **THE MADDI FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 AUGUST 2025**_ ## **1 Accounting policies** ## **Charity information** The Maddi Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is . ## **1.1 Basis of preparation** The financial statements have been prepared in accordance with the 's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the . Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the . ## **1.4 Income** Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 9 - ## **THE MADDI FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_ ## **1 Accounting policies** **(Continued)** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit 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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **1.6 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the ’s contractual obligations expire or are discharged or cancelled. ## **1.7 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide termination benefits. - 10 - ## **THE MADDI FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_ ## **2 Critical accounting estimates and judgements** In the application of the ’s accounting policies, the are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **3 Income from donations and legacies** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Donations and gifts|13,603|12,729| ## **4 Expenditure on charitable activities** |**Direct costs**
Subscriptions
Website expenses
Sundry expenses
Priniting, postage and stationey
Charitable donations
**Analysis by fund**
Unrestricted funds|**2025**
**£**
-
302
120
123
5,572
6,117
6,117|**2024**
**£**
37
101
674
-
1,563| |---|---|---| |||2,375| |||2,375| ## **5** None of the (or any persons connected with them) received any remuneration or benefits from the during the year. - 11 - ## **THE MADDI FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_ ## **6 Other expenditure** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Financing costs|216|216| ## **7 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. |**8**
**Cash generated from operations**
Surplus for the year
**Cash generated from operations**|**2025**
**£**
7,271
7,271|**2024**
**£**
10,138| |---|---|---| |||10,138| - 12 -