## 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 

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## **CONTENTS** 

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



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## **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: 

- Urinary Tract Infections 

- Pressure Ulcers 

- Neuropathic Pain (nerve pain) 

- Upper Limb Function 

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 

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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. 

2.       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 

3.       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 

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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: 

- Sam Heggie (SHOUTPR) for her Boxathon which raised £865 

- Simon Nixon for spending 24hr in a police cell and raising nearly £600 

- The O’Donnell family for raising nearly £9,000 at a Tough Mudder Event 

- Vicki Peers and her son Luke for raising £690 doing an abseil 

- 13yr old Wilf Amor who did a sponsored walk and raised £490 

- Richard Tolkien whose sailing challenge raised £5,736 

- Hannah Jones’s Big Sky Dive which raised £930 

- Allison Fitchett and Katie Crane (from Brethertons LLP) who raised nearly £1,600 doing an abseil 

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. 

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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 tr*lr 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 

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## **STOKE MANDEVILLE SPINAL RESEARCH** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2021** 

|**Note**<br>**Income from:**<br>Donations and legacies<br>3<br>Charitable activities<br>4<br>Investments<br>5<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>6<br>Charitable activities<br>7<br>**Total expenditure**<br>**Net income/(expenditure) before net**<br>**gains/(losses) on investments**<br>Net gains/(losses) on investments<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Restricted**<br>**funds**<br>**2021**<br>**£**<br>**50,800**<br>**-**<br>**-**<br>**50,800**<br>**-**<br>**11,515**<br>**11,515**<br>**39,285**<br>**-**<br>**39,285**<br>**49,033**<br>**39,285**<br>**88,318**|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>**48,643**<br>**-**<br>**7,962**<br>**56,605**<br>**26,737**<br>**65,470**<br>**92,207**<br>**(35,602)**<br>**93,964**<br>**58,362**<br>**636,806**<br>**58,362**<br>**695,168**|**Total**<br>**funds**<br>**2021**<br>**£**<br>**99,443**<br>**-**<br>**7,962**<br>**107,405**<br>**26,737**<br>**76,985**<br>**103,722**<br>**3,683**<br>**93,964**<br>**97,647**<br>**685,839**<br>**97,647**<br>**783,486**|_Total_<br>_funds_<br>_2020_<br>_£_<br>_950,748_<br>_84_<br>_29,591_<br>_980,423_<br>_30,488_<br>_98,906_<br>_129,394_<br>_851,029_<br>_(165,190)_<br>_685,839_<br>_-_<br>_685,839_<br>_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. 

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## **STOKE MANDEVILLE SPINAL RESEARCH** 

## **BALANCE SHEET AS AT 31 OCTOBER 2021** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>12<br>Investments<br>13<br>**Current assets**<br>Debtors<br>14<br>Cash at bank and in hand<br>Creditors: amounts falling due within one<br>year<br>15<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Total net assets**<br>**Charity funds**<br>Restricted funds<br>16<br>Unrestricted funds<br>16<br>**Total funds**|**633**<br>**222,857**<br>**223,490**<br>**(5,065)**|**2021**<br>**£**<br>**2,393**<br>**562,668**<br>**565,061**<br>**218,425**<br>**783,486**<br>**783,486**<br>**88,318**<br>**695,168**<br>**783,486**|_4,000_<br>_200,042_<br>_204,042_<br>_(4,734)_|_2020_<br>_£_<br>_17,827_<br>_468,704_|
|---|---|---|---|---|
|||||_486,531_<br>_199,308_|
|||||_685,839_|
||||||
|||||_685,839_|
|||||_49,033_<br>_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. 

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## **STOKE MANDEVILLE SPINAL RESEARCH** 

## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2021** 

|**Cash flows from operating activities**<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Transfer of tangible fixed assets<br>Proceeds from sale of investments<br>Purchase of investments<br>Transfer of investments<br>**Net cash used in investing activities**<br>**Cash flows from financing activities**<br>**Net cash provided by financing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>The notes on pages 17 to 29 form part of these financial statements|**2021**<br>**£**<br>**23,814**<br>**(999)**<br>**-**<br>**-**<br>**-**<br>**-**<br>**(999)**<br>**-**<br>**22,815**<br>**200,042**<br>**222,857**|_2020_<br>_£_<br>_895,767_<br>_-_<br>_(61,831)_<br>_300,000_<br>_(200,000)_<br>_(733,894)_<br>**(695,725)**<br>**-**<br>**200,042**<br>_-_<br>_200,042_|
|---|---|---|



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## **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: 

- Plant and machinery over 4 years Office furniture - over 10 years - Computer equipment over 4 years 

## **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. 

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## **STOKE MANDEVILLE SPINAL RESEARCH** 

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

## **2. Accounting policies (continued)** 

## **2.9 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**<br>Transfer from unincorporated charity<br>Other donations<br>Government grants - Job retention scheme<br>**Subtotal**<br>_Total 2020_|**Restricted**<br>**funds**<br>**2021**<br>**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>**£**<br>-<br>-<br>50,800<br>48,643<br>-<br>-<br>50,800<br>48,643<br>50,800<br>48,643<br>_132,547_<br>_818,201_|**Total**<br>**funds**<br>**2021**<br>**£**<br>**-**<br>**99,443**<br>**-**<br>**99,443**<br>**99,443**<br>_950,748_|_Total_<br>_funds_<br>_2020_<br>_£_<br>_859,691_<br>_86,518_<br>_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**<br>**funds**<br>**2021**<br>**£**<br>Investment income<br>7,953<br>Bank interest<br>9<br>7,962|**Total**<br>**funds**<br>**2021**<br>**£**<br>**7,953**<br>**9**<br>**7,962**|_Total_<br>_funds_<br>_2020_<br>_£_<br>_29,580_<br>_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**<br>**funds**<br>**2021**<br>**£**<br>Fundraising costs<br>10,641<br>Fundraising contractors fees<br>16,096<br>26,737|**Total**<br>**funds**<br>**2021**<br>**£**<br>**10,641**<br>**16,096**<br>**26,737**|_Total_<br>_funds_<br>_2020_<br>_£_<br>_11,962_<br>_18,526_|
|---|---|---|
|||_30,488_|



## **7. Analysis of expenditure on charitable activities** 

## **Summary by fund type** 

|Charitable activities<br>_Total 2020_|**Restricted**<br>**funds**<br>**2021**<br>**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>**£**<br>11,515<br>65,470<br>_51,024_<br>_47,882_|**Total**<br>**funds**<br>**2021**<br>**£**<br>**76,985**<br>_98,906_|_Total_<br>_funds_<br>_2020_<br>_£_<br>_98,906_|
|---|---|---|---|
|||||



## **8. Analysis of expenditure by activities** 

|Charitable activities<br>_Total 2020_|**Activities**<br>**undertaken**<br>**directly**<br>**2021**<br>**£**<br>32,616<br>_59,428_|**Support**<br>**costs**<br>**2021**<br>**£**<br>44,369<br>_39,478_|**Total**<br>**funds**<br>**2021**<br>**£**<br>**76,985**<br>_98,906_|_Total_<br>_funds_<br>_2020_<br>_£_<br>_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<br>Depreciation<br>Research project expenses<br>Travelling<br>External consultants<br>Sundries|**Total**<br>**funds**<br>**2021**<br>**£**<br>**-**<br>**15,771**<br>**15,637**<br>**-**<br>**1,000**<br>**208**<br>**32,616**|_Total_<br>_funds_<br>_2020_<br>_£_<br>_1,679_<br>_42,590_<br>_15,989_<br>_(1,132)_<br>_-_<br>_302_|
|---|---|---|
|||_59,428_|



## **Analysis of support costs** 

|Staff costs<br>Depreciation<br>Accountancy fees<br>Internet and website expenses<br>Insurance<br>Travelling<br>Professional fees<br>Bank charges<br>Sundries|**Total**<br>**funds**<br>**2021**<br>**£**<br>**33,299**<br>**661**<br>**3,260**<br>**4,697**<br>**1,604**<br>**-**<br>**-**<br>**209**<br>**639**<br>**44,369**|_Total_<br>_funds_<br>_2020_<br>_£_<br>_27,750_<br>_1,414_<br>_3,006_<br>_3,918_<br>_1,365_<br>_197_<br>_840_<br>_253_<br>_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_ ). 

Page 22 



## **STOKE MANDEVILLE SPINAL RESEARCH** 

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

## **10. Staff costs** 

|Wages and salaries<br>Contribution to defined contribution pension schemes<br>The average number of persons employed by the charity during the year was<br>Support staff|**2021**<br>**£**<br>**32,510**<br>**789**<br>**33,299**<br>as follows:<br>**2021**<br>**No.**<br>**1**|_2020_<br>_£_<br>_28,804_<br>_625_|
|---|---|---|
||||
|||_29,429_|
|||_2020_<br>_No._<br>_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)_ . 

Page 23 



## **STOKE MANDEVILLE SPINAL RESEARCH** 

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

## **12. Tangible fixed assets** 

|**Cost or valuation**<br>At 1 November 2020<br>Additions<br>At 31 October 2021<br>**Depreciation**<br>At 1 November 2020<br>Charge for the year<br>At 31 October 2021<br>**Net book value**<br>At 31 October 2021<br>_At 31 October 2020_|**Plant and**<br>**machinery**<br>**£**<br>**58,390**<br>**-**<br>**58,390**<br>**42,618**<br>**15,771**<br>**58,389**<br>**1**<br>_15,772_|**Fixtures and**<br>**fittings**<br>**£**<br>**3,104**<br>**-**<br>**3,104**<br>**1,049**<br>**412**<br>**1,461**<br>**1,643**<br>_2,055_|**Office**<br>**equipment**<br>**£**<br>**337**<br>**999**<br>**1,336**<br>**337**<br>**250**<br>**587**<br>**749**<br>_-_|**Total**<br>**£**<br>**61,831**<br>**999**|
|---|---|---|---|---|
|||||**62,830**|
|||||**44,004**<br>**16,433**|
|||||**60,437**|
|||||**2,393**|
|||||_17,827_|



## **13. Fixed asset investments** 

|**Cost or valuation**<br>At 1 November 2020<br>Revaluations<br>At 31 October 2021<br>**Net book value**<br>At 31 October 2021<br>_At 31 October 2020_|**Listed**<br>**investments**<br>**£**<br>**468,704**<br>**93,964**|
|---|---|
||**562,668**|
||**562,668**|
||_468,704_|



Page 24 



## **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<br>M&G Charibond<br>COIF Charities Investment Fund|**2021**<br>_2020_<br>**£**<br>_£_<br>**213,747**<br>_161,561_<br>**109,402**<br>_112,622_<br>**239,519**<br>_194,521_<br>**562,668**<br>_468,704_|
|---|---|



|**Due within one year**<br>Trade debtors<br>Prepayments and accrued income|**2021**<br>**£**<br>**633**<br>**-**<br>**633**|_2020_<br>_£_<br>_-_<br>_4,000_|
|---|---|---|
||||
|||_4,000_|



## **15. Creditors: Amounts falling due within one year** 

|Trade creditors<br>Accruals and deferred income|**2021**<br>**£**<br>**2,556**<br>**2,509**<br>**5,065**|_2020_<br>_£_<br>_2,664_<br>_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**<br>General Funds - all funds<br>**Restricted funds**<br>International Spinal Research<br>Trust<br>Cingulotomy Project<br>UTI Project (Knight & Hamid)<br>Neuropathic Pain (Glasgow)<br>Adrian Swire Trust<br>Exoskeleton Project<br>**Total of funds**|**Balance at 1**<br>**November**<br>**2020**<br>**£**<br>**636,806**<br>**6,533**<br>**38,018**<br>**-**<br>**4,482**<br>**-**<br>**-**<br>**49,033**<br>**685,839**|**Income**<br>**£**<br>**56,605**<br>**-**<br>**25,000**<br>**500**<br>**-**<br>**10,000**<br>**15,300**<br>**50,800**<br>**107,405**|**Expenditure**<br>**£**<br>**(92,207)**<br>**(6,533)**<br>**-**<br>**(500)**<br>**(4,482)**<br>**-**<br>**-**<br>**(11,515)**<br>**(103,722)**|**Gains/**<br>**(Losses)**<br>**£**<br>**93,964**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**93,964**|**Balance at**<br>**31 October**<br>**2021**<br>**£**<br>**695,168**|
|---|---|---|---|---|---|
||||||**-**<br>**63,018**<br>**-**<br>**-**<br>**10,000**<br>**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**<br>General Funds - all funds<br>**Restricted funds**<br>Oxford Radcliffe Hospital Trust<br>International Spinal Research<br>Trust<br>Wolfson Foundation<br>Community Liason manager<br>Cingulotomy Project<br>UTI Project (Knight & Hamid)<br>Neuropathic Pain (Glasgow)<br>**Total of funds**|_Income_<br>_£_<br>_847,876_<br>_8,990_<br>_30,477_<br>_36,734_<br>_1,846_<br>_38,018_<br>_12,000_<br>_4,482_<br>_132,547_<br>_980,423_|_Expenditure_<br>_£_<br>_(78,370)_<br>_-_<br>_(23,944)_<br>_(13,290)_<br>_(1,790)_<br>_-_<br>_(12,000)_<br>_-_<br>_(51,024)_<br>_(129,394)_|_Transfers_<br>_in/out_<br>_£_<br>_32,490_<br>_(8,990)_<br>_-_<br>_(23,444)_<br>_(56)_<br>_-_<br>_-_<br>_-_<br>_(32,490)_<br>_-_|_Gains/_<br>_(Losses)_<br>_£_<br>_(165,190)_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_(165,190)_|_Balance at_<br>_31 October_<br>_2020_<br>_£_<br>_636,806_|
|---|---|---|---|---|---|
||||||_-_<br>_6,533_<br>_-_<br>_-_<br>_38,018_<br>_-_<br>_4,482_|
||||||_49,033_|
||||||_685,839_|



## **17. Summary of funds** 

## **Summary of funds - current year** 

|General funds<br>Restricted funds|**Balance at 1**<br>**November**<br>**2020**<br>**£**<br>**636,806**<br>**49,033**<br>**685,839**|**Income**<br>**£**<br>**56,605**<br>**50,800**<br>**107,405**|**Expenditure**<br>**£**<br>**(92,207)**<br>**(11,515)**<br>**(103,722)**|**Gains/**<br>**(Losses)**<br>**£**<br>**93,964**<br>**-**<br>**93,964**|**Balance at**<br>**31 October**<br>**2021**<br>**£**<br>**695,168**<br>**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<br>Restricted funds|_Income_<br>_£_<br>_847,876_<br>_132,547_<br>_980,423_|_Expenditure_<br>_£_<br>_(78,370)_<br>_(51,024)_<br>_(129,394)_|_Transfers_<br>_in/out_<br>_£_<br>_32,490_<br>_(32,490)_<br>_-_|_Gains/_<br>_(Losses)_<br>_£_<br>_(165,190)_<br>_-_<br>_(165,190)_|_Balance at_<br>_31 October_<br>_2020_<br>_£_<br>_636,806_<br>_49,033_|
|---|---|---|---|---|---|
||||||_685,839_|



## **18. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current year** 

|Tangible fixed assets<br>Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**|**Restricted**<br>**funds**<br>**2021**<br>**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>**£**<br>-<br>2,393<br>-<br>562,668<br>88,318<br>135,172<br>-<br>(5,065)<br>88,318<br>695,168|**Total**<br>**funds**<br>**2021**<br>**£**<br>**2,393**<br>**562,668**<br>**223,490**<br>**(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)<br>**Adjustments for:**<br>Depreciation charges<br>(Profits)/Losses on investments<br>Decrease/(increase) in debtors<br>Increase in creditors<br>**Net cash provided by operating activities**|**2021**<br>**£**<br>**97,647**<br>**16,433**<br>**(93,964)**<br>**3,367**<br>**331**<br>**23,814**|_2020_<br>_£_<br>_685,839_|
|---|---|---|
|||_44,004_<br>_165,190_<br>_(4,000)_<br>_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<br>**Total cash and cash equivalents**<br>**Analysis of changes in net debt**<br>Cash at bank and in hand|**At 1**<br>**November**<br>**2020**<br>**£**<br>**200,042**<br>**200,042**|**2021**<br>**£**<br>**222,857**<br>**222,857**<br>**Cash flows**<br>**£**<br>**22,815**<br>**22,815**|_2020_<br>_£_<br>_200,042_|
|---|---|---|---|
|||||
||||_200,042_|
||||**At 31**<br>**October**<br>**2021**<br>**£**<br>**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