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2021-10-31-accounts

Stoke Mandeville Spinal Research ANNUAL REPORT 2020-21

Unaudited Trustees Report and Financial Statements for the year ended 31 October 2021

National Spinal Injuries Centre, Mandeville Road, Aylesbury, Bucks HP21 8AL. Registered charity no: 1183744

1

CONTENTS

Page
Reference and Administrative Details of the Charity its Trustees and Advisors 3
Trustees’ Report 4 - 12
Independent Examiners’ Report
13
Statement of Financial Activities 14
Balance Sheet 15
Statement of Cash Flows 16
Notes to the Financial Statements 17 - 29

2

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2021

Trustees

Richard Tolkien, Chairman Professor Rob Brownstone Nigel Henderson Amanda Martin Dr Tom Meagher* Richard Montgomery Jamie Polk Phillipe Vienot, Treasurer

*Dr Tom Meagher sadly passed away May 2021

Principal Office

Stoke Mandeville Spinal Research, National Spinal Injuries Centre, Mandeville Road, Aylesbury, HP21 8AL

Accountants

Hillier Hopkins LLP, Radius House, 51 Clarendon Road, Watford, Herts, WD17 1HP

Bankers

Barclays Bank, 34 Market Square, Aylesbury, Bucks, HP20 1TT

Solicitors

Bircham, Dyson, Bell, 50 Broadway, London, SW1H 0BL

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TRUSTEES REPORT FOR THE YEAR ENDING 31 OCTOBER 2021

Chair’s Report

Overview

A spinal cord injury (SCI) can happen to anyone at any time. In a matter of seconds, lives are changed forever. Over 50,000 people in the UK are living with spinal cord injury, most of whom suffer with devastating complications that seriously affect their quality of life.

Stoke Mandeville Spinal Research is an independent charity that funds research projects with the potential to help people with SCI achieve greater independence, enabling them to engage more freely in education, work, hobbies, social activities and family life. We fund research that can lead to new treatments and therapies to improve quality of life and deepen our understanding of the issues that affect people with SCI on a daily basis. Following an extensive consultation process with patients, we identified four areas on which to focus our funding:

These areas have been chosen to address the documented priorities of people with SCI and are known to be under-researched.

Vision

Our vision is to provide consistent and reliable funding opportunities every year to the best researchers. By encouraging collaboration across Universities, SCI centres and other charities, and growing our network of funded research projects, we hope that breakthroughs will soon emerge in these key areas of concern for people with SCI.

Update on Trustees

All of us here at Stoke Mandeville Spinal Research remain deeply saddened by the loss of our friend, colleague and trustee, Dr Tom Meagher, who passed away in May 2021. He had close links with this research charity. In the early days of the initial concept, he inspired others with his vision and commitment to establish it as a force to help those with spinal cord injury. In more recent times as a trustee he was very generous with his time offering support to the team who work with SMSR, and his experience and wise contributions were invaluable to fellow trustees. We miss him greatly and remember him as a kind and inspirational colleague. We would also like to extend our gratitude to his family, who, in accordance with Tom's wishes, asked for

4

donations to be made to SMSR in his memory. We have been overwhelmed by donations from all who knew him and are extremely grateful.

Highlights of 2020-21

Research

The impact of Covid continued to affect all aspects of the charity this year. However, we were delighted that by January 2021 all three research projects approved in 2020 were up and running having overcome delays consequent on the pandemic.

In March 2021, following peer review by our expert Scientific Advisory Board, we chose to support an additional project as well as our first PhD student.

New 2 year Project:

Assessment of a robotic exoskeleton for upper limb rehabilitation in people with Spinal Cord Injury (SCI). Led by the Department of Electrical and Electronics Engineering, University of Liverpool and involving patients at the Queen Elizabeth National Spinal Injury Unit in Glasgow and the National Spinal Injuries Centre in Stoke Mandeville.

With limited or no hand function, people with tetraplegia can become completely reliant on family and carers for their most basic needs. Research shows, however, that robotic rehabilitation can promote the reorganisation of circuitries in the brain and thus augment upper limb functionality. This two-year study will test the only portable and commercially available upper limb robotic device (‘exoskeleton’) for the first time on people with incomplete tetraplegia. It has already been used successfully for arm rehabilitation by people with stroke and brachial plexus injuries who had reached a plateau with traditional rehabilitation. The team will assess the advantages and limitations of this device using two groups of patients – an intervention group (that will undergo rehabilitation using the exoskeleton in addition to the traditional rehabilitation programme) and a control group that will receive traditional rehabilitation only. If the team finds that this portable device improves upper limb mobility and function, it will offer patients the opportunity to self-manage at home and ease the burden of SCI.

New 3 year PhD project:

Using Virtual Reality for Upper Limb Rehabilitation in acute Spinal Cord Injury (SCI). Led by Glasgow Caledonian University, with inpatients at Queen Elizabeth National Spinal Injuries Unit in Glasgow.

The aim of this exciting three-year project is to explore the role of virtual reality (VR) as a form of assistive technology to improve upper limb function in people with acute/sub-acute tetraplegia following SCI. The most common type of spinal cord injury

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is incomplete tetraplegia, which results from injury to the vertebrae in the neck, and accounts for almost half of all SCIs. The lead researcher will apply his experience in serious game design to design, test and evaluate the feasibility of VR games in improving hand and arm function in this patient group. Earlier studies suggest that VR training can improve motor and aerobic function as well as balance and reduce pain. Users also found VR training much more motivating and engaging than conventional therapy. However, the number of studies and data is limited, and so far, there have been no studies evaluating its use in the acute phase following SCI, when there is most potential for recovery.

We launched our new projects at a well-attended webinar in June 2021. Highlights are - - available at https://www.lifeafterparalysis.com/news/june launch webinar

Ongoing Research

The projects detailed in the Annual Report 2020 are currently underway and are recruiting participants.

  1. 3 year trial of an innovative brain surgery to ease previously untreatable neuropathic pain;

- CRNP SCI: Cingulotomy for refractory neuropathic pain following spinal cord injury. Led by St George's Hospital London, and involving the NSIC Stoke Mandeville and Stanmore SCI centre.

  1. 2 year study on the effect of a novel method of administering antibiotics to prevent and treat Urinary Tract Infections;

- FIGS: Feasibility study of Intra vesical Gentamicin in the Prevention of Recurrent Urinary Tract Infections (UTIs) in People with SCI

Led by Stanmore SCI Centre

  1. 2 year exploration of whether it may be possible to predict who will develop neuropathic pain.

Electroencephalograph (EEG) predictors of central neuropathic pain in subacute spinal cord injury

Led by the University of Glasgow and involving the NSIC Stoke Mandeville and NSIU Glasgow

Fundraising and Communications

The charity continued to operate a very lean fundraising team, with staff costs relating to fundraising and communications the equivalent of only one full time employee. Our new website has been delivering on expectations with over £14,000 of donations made online through the donate page this financial year. Despite the continuing challenging

6

climate, the team rallied throughout the year with a succession of Zoom quiz nights, the development of new corporate relationships, and the stewardship of fantastic intrepid fundraisers taking on challenges for us. We would like to give a special thank you to the following individuals:

Trusts continued to be our main source of income and we would like to give our grateful thanks to the trustees of the many generous Trusts and Foundations who have supported us. In particular we wish to acknowledge major donations from the Childwick Trust, the King/Cullimore Charitable Trust and the P F Charitable Trust.

At the same time, we continued to develop our robust online presence, with social media interactions increasing dramatically during this time thanks to our online initiatives. We also kickstarted our Wheels at Work™ initiative in September with a team from Bolt Burdon & Kemp Solicitors spending a day in a wheelchair to raise money and awareness for Stoke Mandeville Spinal Research.

We are pleased to have developed our relationship with the Spinal Injuries Association (SIA), a national charity which provides advice and support to people living with SCI, and have signed a partnership agreement outlining ways in which we will collaborate over the coming months. Through the partnership, we will encourage and support SIA members to engage with research into the prevention and treatment of SCI complications such as UTIs and neuropathic pain. We are also excited to be helping to develop the SIA’s research and innovation hub, which will bring together researchers, clinicians and people living with SCI. We also we hope that through our partnership more SIA members will be able to participate in our own ground-breaking - - research. More information is available at www.spinal.co.uk/get support/sia - - - - partners/our partners/stoke mandeville spinal research/

Finally, 2020-21 has shown us how important our reserves are to see us through times of crisis. We have been able to commit part of our reserves to our first and second grants rounds, ensuring each project can be financially supported and secure for its duration. Our policy is to hold at any time enough reserves of an amount at least equal

7

to 3 years of research grants and admlnlstration expenses. Thls means tha( even In times of uncertainty, SMSR can fulfil its spendlng commitments regardless of future fundratsing Success. That sald, we hope that as the eCor￿mY picks up in 2022 we will be ab16 to grow our fundralslng again to ensure alway8 have the optimum level of reserves versus cash to support our projects. Wrth sutficient supwt we also intend to run a grant call for further projects in 2022 All of us at stoke Mandevllle Splnal Research would Ilke to thank our Corporats Partners. Trusts and Foundation8, individual supporters and also the National Spin81 Injurfes Centre and Buckinghamshire Healthcare NHS Trust for their continu8d 8UPPOrt and encouragement. Though th18 has been a challenging year we have On￿nued to make real progress wlth ¢)ur objecttve of contrlbutlng to 8 better understaNllng of Ilfe wlth splnal cord injury and the development of better treatments and managemenL Rlchard Tolkkgn, Chalr I l May 2022

SMSR Structure, Governance, Management and Legal Structure

Stoke Mandeville Spinal Research (registered charity number 1183744) is a Charitable Incorporated Organisation.

Organisational Structure

The Chairman, Richard Tolkien carries executive responsibility for the Charity’s operations. He is supported by Philippe Vienot as Treasurer and Nigel Henderson as Secretary. Additional support is provided by Trustees who chair, or are involved in, sub-committees.

Trustees

Trustees are elected or co-opted in line with the terms of the Trust Deed and serve initially for a period of three years. New Trustees are provided with appropriate information about the organisation and its work. They are also made aware of their responsibilities as Trustees as outlined by the Charity Commission. They are listed on p3 and their details can be found on our website at https://www.lifeafterparalysis.com/trustees

Scientific Advisory Board

We are very grateful to our independent Scientific Advisory Board who have scrutinised our applications for Research Grants and given expert guidance and advice in determining the research projects SMSR has chosen to support. We very much value their ongoing support. The Board membership details are given on our - - website at https://www.lifeafterparalysis.com/scientific advisory board

Risk Management

The Trustees ensure that they are aware of the risks facing the charity and these are regularly reviewed at Trustee meetings. Risks which have been at the forefront have been fundraising and financial management in the face of the COVID pandemic.

9

Statement of Trustees Responslbllttles The TTUStees are responslblefor preparfng the CIO'S Reportand Finandal Statements in accordance with applicable law and United Kingdom accounting standards. Tr law applicable to tharities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and falr view of the charlty and the Incoming resources and application of resources forthat period. In preparing these fmancial ststem8nts tre T￿￿tee8 are requlred to: Select sultable acixjuntlng wll(¥e5 and apply them consistenty ObseNe the methods and prlnclples of the Charities SORP Make judgements that are reasonable and prudent State whether applicable accounting standards have been followed Prepare the financial statements on a going cOn￿M basls unless It Is In8pproprlate to consider that the charlty wlll contlnue In buslness The Trustees are responslble for keeping accounting records which disclose with reasonable accuracy the finandal position of the charity and enable them to aS￿rtain Ihat the financial statsments comply with the Charities Act, the Charity (Accounts and Reports) Regulations and the prowsions of the Trust Deed. They are also responsible ft)r safeguarding the assets of the charlty and any financial Inforn￿tiOn provided on the charitys website and hence for tsklng reasonable steps for the prevention and dete(K>n of fraud and other irregularltles. Approved by the Trustees and slgned on trlr behalf by: Rlchard Tolthn Nlgel Henderson

Financial Review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The charity’s policy is to maintain unrestricted reserves of an amount at least equal to three years’ operating costs and the future cost of any uncompleted projects.

As of 31 October 2021, our unrestricted reserves amounted to £695,168. This compares to our estimate of three years’ operating costs and the future cost of our research commitments (beyond October 2022) of ca. £688,000.

In addition, following the adoption of our new financial risk management policy in July 2020 (see below), the charity has decided to maintain cash and cash equivalent (including bonds) reserves of an amount equal or superior to the following year’s budgeted operating costs and research costs.

As of 31 October 2021, our total reserves amounted to £783,486, of which £332,950 is in cash and bonds. This compares with projected total costs of ca. £339,701 for the year 2021/22.

c. Material investments policy

N/A

d. Principal risks and uncertainties

The Covid pandemic has highlighted a significant risk for the fundraising activities of the charity: the fundraising levels were directly impacted by the economic crisis, with both institutional (trusts, foundations, corporates) as well as retail donors adopting a wait and see attitude to aid giving. In addition, most fundraising events had to be cancelled, with only a few being able to be moved online.

Looking at the year ahead, some uncertainty remains depending on how the economic recovery from the health crisis is playing out.

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e. Financial risk management objectives and policies

Following the high volatility of the financial markets triggered by the onset of the Covid pandemic, the charity reviewed its operations and adopted an updated financial risk management policy in July 2020.

The review reiterated that the risk management’s objectives were first and foremost the protection of the financial reserves (constituted from donations and other fundraising activities), and second the achievement of a return on investment commensurate with a level of risk deemed acceptable.

The updated policy, which was adopted by the Trustees, led to:

  1. Increase the diversification of investments, with a higher share of bonds but also a mix of asset classes and strategies;

  2. Increase the capital protection, even at the expense of a reduction of the investment returns; and

  3. Diversify our fund managers and periodically review their performance.

These recommendations were implemented and the charity’s reserves now include a more diversified mix of equity funds (58%), bonds (14%) and cash (28%).

f. Principal funding

Most of the charity’s funding consists of grants and donations. These broadly come from three sources: Trusts, corporates, and the SCI community (either directly or through events organised by or for the charity and also through programmes such as Amazon Smile).

Another important source of funding is the income from the investment of our financial reserves.

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STOKE MANDEVILLE SPINAL RESEARCH

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2021

Independent examiner's report to the Trustees of Stoke Mandeville Spinal Research ('the charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 October 2021.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

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 charity as required by section 130 of the 2011 Act; or

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

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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 accounts to be reached.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

Signed: Dated: 31 May 2022

Hillier Hopkins LLP Radius House 51 Clarendon Road Watford Herts WD17 1HP

Page 13

STOKE MANDEVILLE SPINAL RESEARCH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2021

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net income/(expenditure) before net
gains/(losses) on investments
Net gains/(losses) on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2021
£
50,800
-
-
50,800
-
11,515
11,515
39,285
-
39,285
49,033
39,285
88,318		 Unrestricted
funds
2021
£
48,643
-
7,962
56,605
26,737
65,470
92,207
(35,602)
93,964
58,362
636,806
58,362
695,168		 Total
funds
2021
£
99,443
-
7,962
107,405
26,737
76,985
103,722
3,683
93,964
97,647
685,839
97,647
783,486		 Total
funds
2020
£
950,748
84
29,591
980,423
30,488
98,906
129,394
851,029
(165,190)
685,839
-
685,839
685,839

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 17 to 29 form part of these financial statements.

Page 14

STOKE MANDEVILLE SPINAL RESEARCH

BALANCE SHEET AS AT 31 OCTOBER 2021

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
16
Total funds		 633
222,857
223,490
(5,065)		 2021
£
2,393
562,668
565,061
218,425
783,486
783,486
88,318
695,168
783,486		 4,000
200,042
204,042
(4,734)		 2020
£
17,827
468,704
486,531
199,308
685,839
685,839
49,033
636,806
685,839

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Richard Tolkien Chair Date: 11 May 2022

Nigel Henderson Trustee

The notes on pages 17 to 29 form part of these financial statements.

Page 15

STOKE MANDEVILLE SPINAL RESEARCH

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2021

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Transfer of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Transfer of investments
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 17 to 29 form part of these financial statements		 2021
£
23,814
(999)
-
-
-
-
(999)
-
22,815
200,042
222,857		 2020
£
895,767
-
(61,831)
300,000
(200,000)
(733,894)
(695,725)
-
200,042
-
200,042

Page 16

STOKE MANDEVILLE SPINAL RESEARCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

1. General information

Stoke Mandeville Spinal Research is a charitable incorporated organisation, registered in England and Wales. Its registered address is shown on the information page.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view.

Stoke Mandeville Spinal Research meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 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 allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

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STOKE MANDEVILLE SPINAL RESEARCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

2. Accounting policies (continued)

2.3 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.

2.5 Interest receivable

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 institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 18

STOKE MANDEVILLE SPINAL RESEARCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

2. Accounting policies (continued)

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities and provisions

Liabilities 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.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation.

2.11 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.12 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 19

STOKE MANDEVILLE SPINAL RESEARCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

3. Income from donations and legacies

Donations
Transfer from unincorporated charity
Other donations
Government grants - Job retention scheme
Subtotal
Total 2020		 Restricted
funds
2021
Unrestricted
funds
2021
£
£
-
-
50,800
48,643
-
-
50,800
48,643
50,800
48,643
132,547
818,201		 Total
funds
2021
£
-
99,443
-
99,443
99,443
950,748		 Total
funds
2020
£
859,691
86,518
4,539
91,057
950,748

4. Income from charitable activities

Unrestricted Total Total
funds funds funds
2021 2021 2020
£ £ £
Event income - - 84

5. Investment income

Unrestricted
funds
2021
£
Investment income
7,953
Bank interest
9
7,962		 Total
funds
2021
£
7,953
9
7,962		 Total
funds
2020
£
29,580
11
29,591

Page 20

STOKE MANDEVILLE SPINAL RESEARCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

6. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted
funds
2021
£
Fundraising costs
10,641
Fundraising contractors fees
16,096
26,737		 Total
funds
2021
£
10,641
16,096
26,737		 Total
funds
2020
£
11,962
18,526
30,488

7. Analysis of expenditure on charitable activities

Summary by fund type

Charitable activities
Total 2020		 Restricted
funds
2021
Unrestricted
funds
2021
£
£
11,515
65,470
51,024
47,882		 Total
funds
2021
£
76,985
98,906		 Total
funds
2020
£
98,906

8. Analysis of expenditure by activities

Charitable activities
Total 2020		 Activities
undertaken
directly
2021
£
32,616
59,428		 Support
costs
2021
£
44,369
39,478		 Total
funds
2021
£
76,985
98,906		 Total
funds
2020
£
98,906

Page 21

STOKE MANDEVILLE SPINAL RESEARCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Research project expenses
Travelling
External consultants
Sundries		 Total
funds
2021
£
-
15,771
15,637
-
1,000
208
32,616		 Total
funds
2020
£
1,679
42,590
15,989
(1,132)
-
302
59,428

Analysis of support costs

Staff costs
Depreciation
Accountancy fees
Internet and website expenses
Insurance
Travelling
Professional fees
Bank charges
Sundries		 Total
funds
2021
£
33,299
661
3,260
4,697
1,604
-
-
209
639
44,369		 Total
funds
2020
£
27,750
1,414
3,006
3,918
1,365
197
840
253
735
39,478

9. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £2,430 ( 2020 - £2,400 ).

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STOKE MANDEVILLE SPINAL RESEARCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

10. Staff costs

Wages and salaries
Contribution to defined contribution pension schemes
The average number of persons employed by the charity during the year was
Support staff		 2021
£
32,510
789
33,299
as follows:
2021
No.
1		 2020
£
28,804
625
29,429
2020
No.
1

No employee received remuneration amounting to more than £60,000 in either year.

Key management personnel received remuneration of £32,510 (2020: £27,750) during the period.

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 31 October 2021, no Trustee expenses have been incurred (2020 - £NIL) .

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STOKE MANDEVILLE SPINAL RESEARCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

12. Tangible fixed assets

Cost or valuation
At 1 November 2020
Additions
At 31 October 2021
Depreciation
At 1 November 2020
Charge for the year
At 31 October 2021
Net book value
At 31 October 2021
At 31 October 2020		 Plant and
machinery
£
58,390
-
58,390
42,618
15,771
58,389
1
15,772		 Fixtures and
fittings
£
3,104
-
3,104
1,049
412
1,461
1,643
2,055		 Office
equipment
£
337
999
1,336
337
250
587
749
-		 Total
£
61,831
999
62,830
44,004
16,433
60,437
2,393
17,827

13. Fixed asset investments

Cost or valuation
At 1 November 2020
Revaluations
At 31 October 2021
Net book value
At 31 October 2021
At 31 October 2020		 Listed
investments
£
468,704
93,964
562,668
562,668
468,704

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STOKE MANDEVILLE SPINAL RESEARCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

14. Debtors

The investments are as follows:

M&G Charifund
M&G Charibond
COIF Charities Investment Fund		 2021
2020
£
£
213,747
161,561
109,402
112,622
239,519
194,521
562,668
468,704
Due within one year
Trade debtors
Prepayments and accrued income		 2021
£
633
-
633		 2020
£
-
4,000
4,000

15. Creditors: Amounts falling due within one year

Trade creditors
Accruals and deferred income		 2021
£
2,556
2,509
5,065		 2020
£
2,664
2,070
4,734

Page 25

STOKE MANDEVILLE SPINAL RESEARCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

16. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Restricted funds
International Spinal Research
Trust
Cingulotomy Project
UTI Project (Knight & Hamid)
Neuropathic Pain (Glasgow)
Adrian Swire Trust
Exoskeleton Project
Total of funds		 Balance at 1
November
2020
£
636,806
6,533
38,018
-
4,482
-
-
49,033
685,839		 Income
£
56,605
-
25,000
500
-
10,000
15,300
50,800
107,405		 Expenditure
£
(92,207)
(6,533)
-
(500)
(4,482)
-
-
(11,515)
(103,722)		 Gains/
(Losses)
£
93,964
-
-
-
-
-
-
-
93,964		 Balance at
31 October
2021
£
695,168
-
63,018
-
-
10,000
15,300
88,318
783,486

The restricted funds relates to funding received and is applied by the charity in accordance with the terms of the specific grant or project for which it has been given.

Page 26

STOKE MANDEVILLE SPINAL RESEARCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

16. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds - all funds
Restricted funds
Oxford Radcliffe Hospital Trust
International Spinal Research
Trust
Wolfson Foundation
Community Liason manager
Cingulotomy Project
UTI Project (Knight & Hamid)
Neuropathic Pain (Glasgow)
Total of funds		 Income
£
847,876
8,990
30,477
36,734
1,846
38,018
12,000
4,482
132,547
980,423		 Expenditure
£
(78,370)
-
(23,944)
(13,290)
(1,790)
-
(12,000)
-
(51,024)
(129,394)		 Transfers
in/out
£
32,490
(8,990)
-
(23,444)
(56)
-
-
-
(32,490)
-		 Gains/
(Losses)
£
(165,190)
-
-
-
-
-
-
-
-
(165,190)		 Balance at
31 October
2020
£
636,806
-
6,533
-
-
38,018
-
4,482
49,033
685,839

17. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at 1
November
2020
£
636,806
49,033
685,839		 Income
£
56,605
50,800
107,405		 Expenditure
£
(92,207)
(11,515)
(103,722)		 Gains/
(Losses)
£
93,964
-
93,964		 Balance at
31 October
2021
£
695,168
88,318
783,486

Page 27

STOKE MANDEVILLE SPINAL RESEARCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

17. Summary of funds (continued)

Summary of funds - prior year

General funds
Restricted funds		 Income
£
847,876
132,547
980,423		 Expenditure
£
(78,370)
(51,024)
(129,394)		 Transfers
in/out
£
32,490
(32,490)
-		 Gains/
(Losses)
£
(165,190)
-
(165,190)		 Balance at
31 October
2020
£
636,806
49,033
685,839

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
funds
2021
Unrestricted
funds
2021
£
£
-
2,393
-
562,668
88,318
135,172
-
(5,065)
88,318
695,168		 Total
funds
2021
£
2,393
562,668
223,490
(5,065)
783,486

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
(Profits)/Losses on investments
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operating activities		 2021
£
97,647
16,433
(93,964)
3,367
331
23,814		 2020
£
685,839
44,004
165,190
(4,000)
4,734
895,767

Page 28

STOKE MANDEVILLE SPINAL RESEARCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

20. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents
Analysis of changes in net debt
Cash at bank and in hand		 At 1
November
2020
£
200,042
200,042		 2021
£
222,857
222,857
Cash flows
£
22,815
22,815		 2020
£
200,042
200,042
At 31
October
2021
£
222,857
222,857

21. Analysis of changes in net debt

22. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £789 (2020: £625).

Page 29