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2022-10-31-accounts

stoke marideville splnal research pBralysls Stoke Mandeville Spinal Research ANNUAL REPORT 2021-22 Unaudited Trustees Report and Financial Statements for the year ended 31 October 2022 National Spinal Injuries Centre, Mandevlll8 Road, A￿eSbury, Bucks, HP218AL. Registered charity no: 1183744

CONTENTS Page Vlslon and Mission Reference and Administrative Details of the Charity, its Trustees and Ad￿Sor$ Tru8tees' ReF Financlal Review 4-10 11-13 Indep8ndent Examiners, Report Statement of Flnancl81 Activities 14 15 Ba18nce She8t 16 Statement of cash flows 17 Not88 to the Flnandal Statsments 18-30

VISION A future where people with Spinal Cord InJurfes Ilve heatthier and more fuffilled Ilves. MISSION We fund high quallty medical research to und8rst8nd and Improve the key quality of Ilfe challenges for people wlth Spinal Cord Injuries. REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2022 Trusteos Rlchard Tolklen, Chairman Professor Rob Brownston8 Mr Nigel Henderson Amanda Martln Jamie Polk Philippe Vienot, Treasurer Rlchard Montgomery Professor Sue Barnett lioined 3 October 2022) Zoe McDougall (joined 3 Octob8r 2022) Prlnclpal Offlce Stoke Mandeville Spinal Research, National Spinal Injuries Centre, Mandevllle Road, Aylesbury, Bucks. HP218AL Accountants Hlllier Hopklns LLP, Radius House, 51 Clarendon Road, Wafford, Herts, WD17 1 HP Bankor8 Barclays Bank. 34 Market Square, Aylesbury, Bucks, HP20 1 Unity Trust Bank. Planetsry Road, Willenhall, WV1 gDG Sollcltors Blrcham. Dyson, Bell. 50 Broadway, London. SW1 H OBL

TRUSTEES, REPORT FOR THE YEAR ENDING 31 OCTOBER 2022 A spinal cord injury (SCI) can happ8n to anyone at any time. In a matter of seconds, Ilves are changed forever. Over 50.000 peopl8 In the UK are livlng wlth SCI, most of whom suffer wlth devaststing complicatlons that seriously affect their quallty of life. Founded in 2006. Stoke Mandeville Spinal Research is an independent natlonal charity that funds research projects with the polentlal to help people wlth SCI achieve greater independence. 8nabling them to engage more freely in educatlon. work, hobbies, social activities and family life. We fund research that can lead to new treatrnents and therapies, as well as deepen our understsndlng of the Issues that affect people with SCI on a daily basls. Following an extensive consultation process with the splnal cord injury communlty {th6 James Lind Alliance Spinal Cord Injury Prforty Setting Partnership, 2013-14), we identified four areas on which to focus our research funding: Urinary Tract Infections Pressure Ulcers Neuropathlc Pain {nerve paln) Upper Limb Function These areas were chosen to address the documented priorftles of peopte viith SCI and ar8 known to be under-researched. Updats on Trustees We are pleased to announce that at our meeting on the 3rf of October 2022, two new Trustees were appointed to the Board: Sue Barnett, Professor of Cellular Neurosdence {Immunology & Infection) at the University of Glasgow, and Zoe McDougall. Vlce President of Strateglc Communications and Corporate Affairs at Oxford Nanopore.

Rosoarch Our research grants programme brfngs together the spinally injured. carers, healthcare professionals and researcher8 to develop new treatments and therapies. deepen understsnding of SCI challeng8s, and dlssemlnate best practlce In our priority Slnce 2019 we have issued annual grant calls and have so far commltted over £400.000 to research into the complications of SCI. We expect several of these projects to come to frultion in the comlng year and look foDNard to sharing the results. Projects currently being funded by SMSR are as follows: 1. 3-year trlal of an Imovatlve braln surgery to ease prevlously untreatab neuropathlc paln. CRNP-SCI.. Clngulotomy for refractory neuropalhl¢ pain followlng splnal cord injury. Led by St George's Hospital London. and Involving the N8tlonal Spinal Injurfes Centre {NSIC) Stoke Mandeville and Stanmore SCI centre. Z 2-y￿r study on tho effect of a nov•1 method of admlnlsterlng antlblotlcs to prevent and trnat Urlnary Trnct Infectlons. FIGS: Feaslbillty study of Intra-vesical Gentsmicin in the Prevention of Recurrent Urinary Tract Infections (UTIS) in People with SCI. Led by Stsnmore SCI Centre. 3. 2-year exploratlon of whether ft may b• posslble to predlct who wlll develop n•uropathlc paln. Electroencephalograph (EEG) predictors of central neuropathlc paln in subacute Splnal Cord injury. Led by the Unlver81ty of Glasgow and involving the NSIC Stoke Mandevllle and Queen EIiz8beth National Spinal Injury UnSt (QENSIU), Glasgow. 2-year assessment of a mbotlc exoskeleton for upper Ilmb rnhabllltatlon In people wlth Splnal Cord Injury (SCI). Led by the Department of Electrical and Electronics Engine8ring, Universty of Llverpool and involving patients at the QENSIU Glasgow, the NSIC Stoke Mandeville and Ihe Midlands Centre for Spinal Inlurl88 in Oswestry.

3-year PhD pmject.. Uslng Vlrtual Reality for Upper Umb Rehabllltatlon In acute Splnal Cord Injury (SCIJ. Led by Glasgow Caledonian Unlversity. with Inpatlents at QENSIU, Glasgow. We V￿re very pleased to be able to present 88veral of our projects at thls yearfs Neuroconventlon In July 2022. In our September 2021 call we received 12 applications; unfortunately, however. no grants were awarded. During the peer r8Vi8w process our Sclentlflc Advlsory Board were Impressed by many of the appllcatlon8 Put fonvard. HOV￿Ver. the board concluded that none of the projects was sufficlently strong across all the assessment criteria to recommerKI funding. In September 2022, we put out another grant call, and have received 14 applications from researchers based in the UK and abroad. W8 hope to be able to announce new projects in Spring 2023. Fundralslng Despite continuing dwllenges post-covid, we were pleased to see our fundraising efforts tske an upward tum last year. We were esp8aally pleased to be awarded £101,000 by the UK Govemment Covid Medical Research Charity Support Fund to support early career researchers tsking part in the projects we are funding. We were also greatly heartened by Increased interest and support on the part of the 8pln81 cord injured community in helping us tackle the serious complications that affect people with SCI. We were dellghted in March to welcome a new member of the team - Kate to support Communlty and Corporate Fundraising. Two new SMSR Ambassadors also came on board- Jason Gunn and Sophle Shane- who have taken part In events and are help5ng us to r8lse awareness of the devaststlng complications that affect people wlth SCI post injury. In May. We held a supporter reception at The Institute for Government in order to thank long-standing supporters, introduce new faces to SMSR and showcase our research. Among the inspiring speakers was SMSR ambassador Captaln Peter Apps, who spoke about hi5 injury and the impact it has had on his lrfe. Another speaker was consultant neurosurgeon Erlick Pereira, who gave a fascinatlng talk about his Favell

Clngulotomy research, whlch we are currently fundlng. The event was V￿11 supported by our ambassadors. who helped us to raise just over £50.000, SMSR was nominated official charity partner of the Silverstone Lap of Lights throughout December 2021. Many thanks to our partners at Bush and Co for helping to take on bucket cdlections at the trackl In March, we attended the Bucks Business First (BBF) Tourism summiL We Ix)ntlnued to work with BBF in various ways and were chosen as the official charity partner of the BBF Leaders Dlnner at Wadd8sdon Manor, and the BBF awards night at the Waterslde Th8atre, Aylesbury. New partnerships last year included the Waterside Theatre in Aylesbury, whlch nominated SMSR as their official charity partner for thelr production, Footloose. during SCI week in May, and the London Medical Orchestra, which held a concert In July to help ralse funds for us. Representstives from SMSR 8ttended this yearfs Neuroconvention in Bimilngham in July. which showcases the latest technology and innovations In the neurological sector with the goal of improving patlent outcomes. SMSR Ambassador. Ralph Charlwood, and Trustee, Nlg81 Henderson. gave attendees a valuable insight into what life is like for those living with spinal cord injury, and the current research projects we have committed to funding. Dr Heba Lakany from the Universlty of Liverpool, who Is leadlng on the SMSR-funded a8sessm8nt of an Upper Llmb exoskeleton, also gave an update on her work. Augusfs Superhero Tri challenge at Domey Lake, Windsor, saw our fantsstic team using their superpowers by competing in a 150m swlm, 3km cycle ride, and 1 km pushlrun. The teams, captained by SMSR ambassadors Sophie Shane. Peter Apps, Heidi Herkes, and Kat Panagaki, who all have 8 spinal cord injury, raised r£arfy £10.IXlO through sponsorshlp, and th8 Team Captsins were able to share thelr p8rsonal insights about Ilvlng with spinal cord Injury In a Channel 4 Interview. We have contlnued holding Zoom quiz nlghts, whlle also developing new corporats relationships, and stewardlng th8 fantastic intrepid fundralsers who take up challenges for us. We especially want to thank: Tommy Merjos for doing Wheels at Work in the USA for the 3rd time. Kleran Spencer who took up the RideLondon cycling challenge" and Luke Chetwood, who completed the 26-mile Jurassic Coast Walk challenge.

Trusts contlnued lo be our main source of income and we would like to acknowledge wfth enormous thanks, the trustees of the following Trusts and Foundations in order of receipt: Slr James Roll Charitable Trust. Tay Charltable Trust. Proven Famlly Twst Heart of Bucks (Kop Hlll Cllmb Fund). Thales Charitable Trust. Grey Court Trust; Frank Litchfield Charitsble Trust; Stockwelllcliffe Charitable Trust; G D Herbert Charitable Trust; Peter Courtauld Charftable Trust; J H Levy Charltable Trust; Kinglcullimore Charitable Twst; Mackintosh Foundatlon; Carrington Charitable Trust. Anson Charitable Trust: Vvyn & Ken Lo Charitable Trust; Borrovrts Charitable Trust: Michael & Anna Wlx Charitsble Trust. lan Askew Ch8rStable Trust; and Bartlett Taylor Charitable Trust. At the same time. we continued to develop our robust online presence, with soclal media Interactions increasing dramatlcally during this tlme thanks to our online Inltlalives. We have also continued our Wheels at WorkThl initiative wlth teams from Bush & Co and Aylesbury Waterside Theatre spendSNJ a day at work in wheelchalrs to raise money and awareness for Stoke Mandevllle Spinal Research. Talks In schools have also recommenced. wlth SMSR ambassador Kat Panagaki speaking to children at Domey Prfmary School in June. Once again. 2021122 has demonstrated how Important our reserves are to see us through tlmes of crlsls. We have been able to commlt part of our reseNes to our first and second grants rounds, ensuring each project can be financially supported and secure for its duratlon. Our pdicy is to hold 8t any tlme sufficient reserves of an amount equal to at least 3 y88rs of research grants and admlnistration expenses. This means that, 8V8n in times of uncertainty, SMSR is able to fulfil its spending commltments regardless of future fundraising success. All of us at Stoke Mandevllle Spinal Research would Ilke to thank our Corporate Partners, Trusts and Foundations, individual supporters, as well as the Natlonal Spinal Injurles Centre and Buckinghamshlre Healthcare NHS Twst, for their continued support and encouragement. After a challenging year we have continued to make real progress in our objective of contributing to a better understanding of life with spinal cord Injury and the development of better treatrnents and management. Rlch8rd Tolklen, Chairman

SMSR STRUCTURE, GOVERNANCE, AND MANAGEMENT Logal Structuro Stoke Mandevllle Splnal Research (reglstered charlty number 1183744) is a Charitable Incorporated Organisation. Organlsatlonal Structure The Chairman, Richard Tolklen carrles executive responslblllty for th8 Charity's operations. He is supported by Philippe Vienot as Treasur8r and Nigel Henderson as Secretsry. Additional support is provided by Trustees who chalr, or are involved in, Sub-commlttees. Trustees Trustees are eleCt￿j or COvOPted In line with the terms of the Trust Deed and serve initially for a perlod of three years. New Trustees are provided wlth appropriat8 Informatlon about the organisation and its work. They are also mad8 av4Bre of their responsibilities as Trusteas as outlined by the Charity Commission. They are Ilsted on p3 and their detalls can found on our website at htt .'Ilwww.lifeafter aral sis.con)Ilrustees SGlentlfic Advi80ry Board We are very grateful to our Independent Scientific Advlsory Board who have scrutinised our applications for Research Grants and given expert guidance and advice in determining the research projects SMSR has ￿￿en to support. We very much value thelr ongoing support. The Board membership detslls are glven on our W8bsite at htt :Ilwww.lifeafter aral sis.comlsGientific-adviso -board Rlsk Managemont The Trustees ensure that they are aware of the Tisks faclng th8 charity and these are regularly reviewed at Trustee meetings. The risks which have been at Ihe forefront have been fundraislng and financial management in the face of the COVID pandemlc. statement of Trustees Rosponsiblllti The Trustees are responsible for preparlng the CIO'S Report and Flnanclal Statements In accordance with applicable law and United Kingdom accounting standards. The law applicable to charities in England and Wales requires the Trustees to prepare financial

statements for each financial year which give a twe and fair vlew of the charlty and the incoming resources and 8ppll¢atlon of resources for that period. In preparing these financial stataments the Trustees are required to: Select suitable accounting policies and apply Ihem consistently ObseNe the melhods and principles of the Charities SORP Make judgements that are reasonable and prudent State whether appllcable accounting standards have been followed Prepar8 the financial statements on a golng concern basis unless it Is Inappropriate to consider that the charlty will continue in busines8. The Trustees are responslble for k88ping aC￿)Unting records whlch dlsclose with reasonable accuracy the financial position of the charlty and enable them to ascertaln that the financial statements comply with the Charities ACL the Charlty (Accounts and Reports) Regulations and the provisions of the Twst Daed. They are also responslble for safeguarding the assets of the charity and any financlal infomwtlon provided on the charlty's website and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustee8 and signed on their behalf by: Richard Tolkien Nigel Henderson io

FINANCIAL REVIEW a. Golng concern After making appropriate enquirles. the Trustees have a reasonable expectation that the charty has adequate resources to continue In operational existence for the for&8eeable future. For this reason, they continue to adopt the going concern basis in preparing the financ181 statements. Further details regarding the adoption of the going concem basls Can be found in the accounting policies. b. Rosorves poll The charity's maln pollcy is to mairltain unrestrlcted reserves of an amount at least equal to three years of research grants (outstanding costs of committed projects) and administration expenses. In addition, we have decided to implement a n8w policy to ensure that, regardless of the performance of the financial markets, short-term and èasily accessible reserves are available for the immediate needs of the charity: going forward, the charity will malntaln cash and cash equivalent reserves of an amount broadly equal to tha following year's budgeted administration expenses and commltted r8S8arch costs. On 31 October 2022, our reserves amounted to £ 778,128, of which £ 263,025 is in cash at the bank and In hand. This compares with: Remaining commitments on existing research projects of approx. £ 115,000 Projected administration expenses and committed research costs for the FY 2022123 of approx. £ 240,OLX). c. Materlal Investments pollcy NIA d. Prlnclpal rlsk$ and uncortalntles The Covld pandemic has hlghllghted a significant risk for our fundraising activities, with most of our donors choosing to delay or reduce donations. Slnce then, one of our objectives has been to dlversify our sources of In￿rne, with a focus on the SCI mmunlty and more generally indlvidual giving from the wider public. li

A second rlsk is our level of fixed costs, wlth the majority of our admlnlstration costs (employed staff. fundralslng and support costs) belng 1Sxed regardless of the level of Income. Thls risk is addressed by maintaining a minimum level of reserves, of which some are easily accessible, as discussed in sectlon b above. Looklng at the year ahead, a level of un￿rtaInty remains as the inflationary pressures and cost of living challenges impact the disposable Sncome of our donors, community. o. Flnanclal rl•k manag•ment objectlves and pollcles In July 2020. the charlty undertook an intemal review of its financial rlsk manag8m8nt pollcy which highlighted its financial reserves were overexposed to the volatility of the financial markets. and In particular of the equlty markets. The revlew relterated that the risk management objectives were first and foremost the protection of the financial resoDies (constituted from donations and other fundraising activities), and second the achievement of a re￿rn on investment commensurate with 8 18vel of risk deemed acceptable. The review also brought to light what appeared to b8 an underperformance of the funds managed by our fund manager, when compared to other charity-specific funds. The review's recommendatlon, whlch was accepted by the Trustees, was to: Increase the diversir￿tIon of investments, wlth a higher share of bonds but also a mix of asset classes and strategles: Increase the caplt81 protection, even at the expense of a redudion of the Investment returns; and Review the perfomianc8 of our fund man8ger. Those recommendatlons V￿re implemented and the charity's reserves at 31 October 2021 included a more diversified mix of equity funds (54%), bonds (12%) and cash (34%). f. Prlnclpal fundlng Most of the charity's fundlng consists of grants and donations. These broadly come from three sources: (i) grants from trusts, (li) sponsorship from corporates. and (lil) donatlons from the SCI community and more generally from the wider public. 12

Another important source of funding is the income from the investment of our financial reserves. Finally, a smaller share of funds is generated by events organlsed by the charlty. 13

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STOKE MANDEVILLE SPINAL RESEARCH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2022 Re•trlctod Unrestrlcted funds funds 2022 2022 Total lund$ 2022 Tot81 funds 2021 Incomo fmm: Donallons ond legad88 Inve81ment8 141,087 132N55 12.933 273,542 12,933 99.443 7,962 Total In¢omg 141,087 145.3BB 286.475 107,405 Expondltur• on: Ral8lng fund8 Ch8rltable a¢tiville8 38.187 66,313 38,187 26,737 r6,985 143,536 Totsl oxpendlturo 143,536 104,SIXI 248.038 103,722 N•t1oxpgndlture)Ilncome bgforg n•t {lo¥sgsllgalns on Invostmonts Nel {108888Vgaln5 On Inv88tments (2,449) 40,888 (47.566) 3.683 91964 (47.566) N•t m0￿M0Tht In funds 12,4491 16,678) .127) 97.647 R•con¢lllatlon of fund•: Total fiJnd8 brought forward Nel movemenl in ￿ndS 88,318 ,449) 695.188 (6,678) 783,486 19.127) 68&839 97.647 Total lunth carrl•d forward 85.889 688,490 774,359 783,486 The Statement of flnanclal acllvlttg8 Indude8 all galns and losse8 re￿gnISed in the year. The notes on pages 18 to 30 fom part of Ihwae finand818latements. P8ge 15

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STOKE MANDEVILLE SPINAL RESEARCH

BALANCE SHEET AS AT 31 OCTOBER 2022

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 -
263,025
263,025
(5,199)		 2022
£
1,430
515,103
516,533
257,826
774,359
774,359
85,869
688,490
774,359		 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

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

Richard Tolkien Nigel Henderson Chair Trustee Date: ����������������������

The notes on pages 18 to 30 form part of these financial statements.

Page 16

STOKE MANDEVILLE SPINAL RESEARCH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2022 2022 2021 Ca8h Ilow• from opwatlng actl¥ltl•8 Net rash used In OPBf8tlng 8dvlUe8 410,168 23.814 C￿h flows Irom IDVOStlng actmtlos PurGha8e of t8nglble fixed 8569ts (999) Net ¢ash provld•d bWlu$od In) InveJtlng actfvitl•8 (9991 Cath flows from financlng actlvltlo# Not ¢a8h provlded by Iln•nclng actl¥ltl•• Chany In cash and cash equlvalonts In the year Cash and cash equivolents at the b8olnnlng of the year 40,168 222,857 22.815 200.042 C•#h and ca8h •qulvalonts at th• ond of thg yoar 263,025 222,857 Thè nots8 on pag98 18 to 30 fomi p8rt of Ihfyse financl81 stalem8nts Pag8 17

STOKE MANDEVILLE SPINAL RE3EARCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 Gqmral Inforni•tlon stoke Mandevllle Spln81 R8$oarch Is a charliablo Incorporatgd organlsaUon, reg181ered In England ond Wales. 118 regl818red address is Shown on th8 Inf0m￿l￿on page. Accountlng pollcl• 2.1 Basls ol pr•p•ratlon of flnanclal st•tsm•nts The fln8nclal stotemen18 havo been prep8re(I In accordanc8 wmh the Ch8rftles SORP IFRS 1021- A￿unlIng and Reportlng by chart￿88.. Skal8menl of Recommended Practice applicable to charllles praparing their accounts In accordance with tho Flnanclal Reporting Standard appllcable In the UK an(1 Republlc of Ireland (FRS 1021 {effectlve 1 January 20191, the Fln8nc181 Repor￿ng Standa appllc8ble In the UK and Republlc of Ireland {FRS 102) and the Charities Act 2011. Sloke Mandeville Splnal Research meets the d8fflnlllon of a pvbllc benofit entlty under FRS 102. Assets and IlabllS1108 aro InSllBlly recogn18ed al hl8torfcal cost or trantsadon value unless olherwise 8t8tsd In the relevont accountlng pollcy. 2.2 IncoTng All Incomg Is recognlsed once the chArfty has ent1118menl to Ihg Income. il is probabla that th9 Income wlll bg recelved and Ihe amounl of income recelvab18 CAn be measured rellably. Incom8 t8x recoverable In r8laUon to Inve8tment Inix)m8 18 re￿gnISed at tha Ilme the Investment InGome L8 recelvable. 2.3 Eypgndltur• Expendllure Is Ter￿nIsed once Iharo 18 8 Iggal or con8tructlve obllgallon to tran8fer econ(vnlc b9ngfl1 to a third party, 11 Is probable that a transfer of e￿nOMiC benefits wlll bo requSred In 8ettlement and tha amount of the obllg811on can be rneBsured r8118bly. Eypendllure Is claBsified by 8dvlty. Tho costs of each acllvlty are made up of the total of dliect costs and shared cosl8, includlng 8UPPOrt wsls Involved In undartaklng each activity. Dlrect costs attributabl8 to 8 8lngle act[￿tY are allocated dlreclly trj that activity. Shared costs which contribute to more than one actlvity and support o)sts which are not attdbulable to a slngle gctivity 8re apportloned b8lween tho80 8dvllles on a basls consislenl wllh the use of resources. Central slaff costs are allocatsd on the basls of time Spent. and deprodallon charge8 allocaled on the portion of the 888et'S U8e. Expendilura on raL81no funds Indudes 811 expendllure Inourrad by thè charfty to ralse fund$ for Its charflabla purposgs and Indud&8 costs of 011 fvndralsing acaivlll88 events Bnd r￿n￿CharItable tradlng. Expèndlture on charitable aclivS118818 Incurred on directly undertaklng the 8dlvlllo$ whlch furthar the chartlls oblectives. a8 W8118s any assoclated support cith. All expenditure is indu8iv8 of Irrecoverable VAT. Pagg 18

8TOKE MANDEVILLE SPINAL RESEAR¢H NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 A¢¢ountlng pollcl•# Icontlnued) 2.4 IntOrn$t ra￿1Vable Intar88t on fund8 hekl on depo8lt 18 Included wh9n rocolvabl8 and the amount can bo measured rollably by tho charity,. Ihls Is normally upon nolificalion of tha Inter8sl pald or payable by the in81ilution with whom th& funds are deposllod. 2.5 Tanglblg flxgd oièt8 and dopro¢1otlon Tanglblo fixed assets costing £1,000 or more are c8pbt81i8ed 8nd reC￿JnI$ed when fuiur6 oconon￿C benefils are probable and the cost or value of the as8Ot can be m888ured rellably. Tanglble fflx9d assets are Inillalty recognised al cost. After recognlllon. under the cost model, tangible fixed assets Bre measured al ￿81 1888 accurnulated depreclallon and any accumulated Impalrment losses. All co818 Incurred to brlng a tanglbl8 ffixed asset Into Ks Intenil8d worklng condition should be Included In tha measurement of cost. Depreclalion Is charged 80 88 to allocate thg oJ8t of tanolbla Ilxed 8$$918 1858 Ih8lr re8ldual valu9 over Ihelr esllmaled u8efvl Ilves. Depreciation 15 pmvkled on the followlng ba888: Planl 8fKI mBchln8ry Office furnituie Computer equlpment . ovar 4 years over 10 y80r8 - over 4 yeo15 2.6 InvoStm￿lI Flxed a88et Investll￿nts 8re a fomi of flnanclal In8lrumenl and are Inllially recognlsed at their Iransactlon cost and 8ubsequenlly measured al falr valu8 al the 8818n¢e sh8et dale. unless the value cannot be measured reli8bly In which case it Is me88ur8d 8t cost less impaltmenl. Inv081ment oalns and losse$. whtsther reoliwj or unreall8ed, are comb1r￿￿ 8nd presanled as 'Galnsl{Losses) on Investments, In the Statement offlnancl81 acllvlU85. 2.7 D•btorn Tr8do and othgr debtors are recogn18ed 81 the sgtllemenl 8mount after any trade dlscount offered. Prepayments are valued 8t the amount prepaid nel of gny Ir8de dlscounts due. 2A Caih at bank •nd In hand Cash al bank end in hand Include8 C88h And short-teTm hlghly Ilqukl Investments wllh a 8hort malurlty of three months or le88 from Ihe date of acqulslllon or oponlng of the dep081t or slmllar accounL Pago 19

STOKE MANDEVILLE SPINAL RESEARCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2D22 A¢¢ountlng pollclo8 (contlnu•d) 2.9 Llabllltlm and provlslon Llabllllle8 ore recogn18￿1 when Ih8re 1$ an obllgallon al the Balanca sheet date 86 8 result of a past eVBnl. 11 is probable that a transfer of ery)nomlc benefit will be required In 8ettlem8nl. and the 8mount of Ihg sottlemont can be 881imated reliobly. Llabllltle8 are recognlsed al the amount that the charfty anllclpales11 wlll pay to Settle the debt or the amount It has re￿ived as advanced payments for the g¢)ods or servlcesll must provlde. Pro￿910￿8 are measured at the best esllrnab oftha arr#)unts rewlrgd to setu8 the obltgallon. 2.10 Flnanclal In8tNmont8 The charty only h88 flnanclal assets and fln8nclal Ilabilltles of a kind that quallfy as baslc fln8nd81 Instruments. B8s1c financial in81rumgnts are ini118lly recognlsed at Iransacllon value and subs8qu8nlly measured at thelr 8ettthent V81ue. 2.11 ￿nI10n9 The charlty opgratss 8 defir￿d conlrfbulon ￿nSIon 8chemg and Ihe panslon ch8rgo reproBent8 the 8mounls payoblg by the chadty to Ihg fijnd In re8pect of the year. 112 Fund a¢countlng GengTo1 fiJnd8 are unrestrlthd fund8 whlth aro available for use at thg discretion of th& Tru8te8s In furtherance of tha genèral obS8clSves of eharlty and whlth have not been d085gnatgd for other purposes. R881rfcted funds are fund8 whlch ara io be used In 0￿rdance wlih speclflc restdclh)ns Imposed ty donors or whlch have been raised by the charity for parttcul81 Plsrposes. The costs of ral8lng and adminIste￿ng Such fund8 are charged 8gBlnsl the spèclfic fund. Thg alm and of each restricted fund Is 881 out In Ihe notes 10 the fln8nclo1 stBtemenls. Investment Incom8. goin¥ and1088e8 8ro allocal&J to the approprlatg fvnd. P8ge 20

STOKE MAMDEVILLE SPINAL RESEARCH NOTES TO THE FINANCIAL STATEME14TS FOR THE YEAR ENDED 31 OCTOBER 2022 Income from donatloThs and leg•cle• Rwtrfct•d Unmtrlcte fund8 d funds 2022 2022 Tot41 fund8 2022 funds 2021 Other donations 141.087 132,455 273,542 99,443 Tot812021 50.800 48,643 99,443 Inv••tmont Incomg Unrostrl¢l• d funds 2022 Total funds 2022 Total fvnds 2021 Inv881ment Inco Bank Intgrost 12.890 12,WJD 7,953 12.933 12.933 7.962 xp•ndliure on rnlthg funds Costs of ralslng voluntary Income Unrnstrlct• d fvnd8 2022 Total fundB 2022 Totsl funds 2021 Fundralslng costs Fundr8lslng conlfactor8 fe88 18.924 19.263 18.924 19,263 10,641 16,096 38.187 38.187 26,737 Paga 21

STOKE MANDEVILLE 8PINAL RESEARCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 21)22 Analy8ls of •xpwdltWo on Gharltabl• a¢tlvltl•• Summary byfund type Rmtrlctsd Unrnslrfcte fvnds d funds 2022 2022 T¢)tal 2022 Total 2021 Charlt8bl8 actlvlUe8 143.536 66,313 76,985 Total 202t 11,515 65.470 76,985 AnalyBls of eX￿ndItur• by actlvltlo8 Actlvltles undgrtaken dlreetly 2022 Support Total funds 2022 Total funds 2021 2022 Charltable 8cllvithes 160.045 49.804 209,849 76.985 Total 2021 32.616 44,369 76,985 •ly8lJ ol dlrnct CO8t8 Totsl fund8 2022 Tot81 2021 stgff costs Depreclatk)n Research project expenses Exigmal ￿nSultants Sundri88 9,575 15,771 15,637 1.000 149,658 600 212 160.045 32,616 Page 22

STOKE MANDEVILLE SPINAL RESEARCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 21>22 An•ly81• of •xp•ndlturn by actlvltl•B (Gonllnu•dl Anily818 of 8UPPOrt costs Total fund• 2022 Tol fiin(ts 2021 37,541 963 93,299 D8precSaUon Research projgcl con8ult8ncy Accountsncy fees Internet and w8bsite 8X￿n98S Insurance 3.612 1,105 1.895 212 3,260 4,697 Travelllng Bank tharge3 Sundrtg8 4,116 44,369 Indop•ndenl oxamlngrf$ rnmunoratlon The Indepgndgnt examlnerfs renyJnerath)n amounts to an independent examlner fee of Q430 (2021- £2,400). st•ff ¢ost8 2022 2021 Wages and salarie3 Contrlbullon to defined contrlbulion penslon 8ch8me8 46,094 1,022 32,510 47,118 33.299 The average number of per8on8 employed by the chaTIty durlng the year was a8 follo￿. 2022 2021 No. Supwrt staff Page 23

STOKE MANDEVILLE SPINAL RESEARCH NOTES TO THE FINANCIAL sTATEMEP￿s FOR THE YEAR ENDED 31 OCTOBER 2022 staff cost• {¢ontlnu•d) No employee recalved remuneTalon amounting to more than £60,000 in ellher ye•r. K8y m8nagemBnl personnel recolved remunoration of £36,644 (2021: £32,510) durlng the peri<KI. 10. Tru¥te•B' rnmun•ratlon and oxp•n•es Durfng the ye8r, no Tw5toes received any remun8r8Uon or other beneffit8 {2021- £NIL). Dudno the year 8ndgd 31 Octob8r 2022. TN6tse expgnsgs havo be8n irKurred (2021- £NIL). Page 24

STOKE MANDEVILLE SPINAL RESEARCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 11. Tanglblè Ilxed •8Strt8 Plant and Flxturo• and machln¢ry flttlngs •qulpm•nt Total C￿t orv•luatloTr At 1 November 2021 58,390 3,104 1.336 62,830 At 31 Odober 2022 1104 1,336 02,830 Deprnclatlon At 1 November 2021 Charge for the year 58,389 587 180 00,437 963 783 At 31 October 2022 J8.3B9 767 61.400 Not book valu At 31 October 2022 1,430 At 31 October 2021 749 2,393 11 Flxod aBBo1 Inw•tmonts Llstsd Investmgnts Co•t or v•luatlon At 1 Novemb8r 2021 RgvoluaUon$ 562.689 (47,5861 At 31 Octobar 21)22 515,103 Net book value At 31 Ociobor 2022 514103 At 31 October2021 562,669 Pag8 25

STOKE MANDEVILLE SPINAL RESEARCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 Tho Inwslmw18 aro 86 follows: 2022 M&G Cl￿ri1Und 192,796 213.747 M&G ChBribond 97.036 109.403 COIF ChorflteB IrI¥88t￿nI F￿d 225.271 239.519 11 Debtor• 2022 2021 Due wlthln on• par Trnde dèbtor8 633 14. CrndltQT¥: Amount• tslllng duo wlthln one yoir 2022 2021 Trade credllor8 Accru818 and deforred lrtome 2,595 2,604 2,506 2,509 5,199 5,065 Pago 28

STOKE MANDEVILLE SPINAL RESEARCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 15. Statomonl of funds Stat•menl olfund•- curmnt year Balanc• at 1 November Balan¢• at G•lTr￿ 31 O¢tob•r ILoyge5) 2022 Income Expendlture Unrestrlctsd fund• Gen8ral Fund8 694168 145,388 1104,$110) 147,506) 088,490 Ro•trlct•d fund• Clngulotomy Prolect UTI ProIect {Knlght & HBmid) Exoskeleton Project PhD Reality Project 73.01B 14,207 32,810 83.070 11,000 151,240) 126,1831 155,1131 (11.0001 34985 627 41257 15.300 88,318 141.OB7 (143,536 85,869 Total of fvnds 783,486 28V75 {248.036) {47.5661 774.359 The restr￿ed funds Telales lo fijndlng recelved and 18 8pplled by the chorlty In accord8nce wlth the tem)8 olth8 speclftc grant or p￿￿ct for whlch It has been glven. Page 27

STOKE MANDEVILLE SPINAL RESEARCH NOTES TO THE FINANCIAL STATEMEt4TS FOR THE YEAR ENDED 31 OCTOBER 2022 15. Ststemonl oflunds l¢ontlnu•d} statement of fvnd• - prfory•w Balance 81 t November 2020 8alanG8 81 Gal￿ 31 Odobw (Loss88) 2021 Income Expendlture Unyestrlthd lunds General Funds- 811 funds 63&806 56,605 (92,207) 9a964 695, 168 Ro8trfcted lund• Intematlonal Splnal R88earth Trust Clngulotomy Prolect UTI Project {Knlght & Hamid) Neuropathlc Pain IG188gow) A(1rf8n Swlre TnJ81 Ex05kelelon Project 6,533 38,018 (8,533) 25,000 500 63,018 (500) (4,482) 4,482 10,000 15,300 10.000 15,300 49,033 5Q.800 (11,515) 88,318 Total of funds 685.839 t07,405 (103,722) 93,964 783,486 16. Summary offunds Summary offund•- currnnt yg•r Balanco at 1 Novamb•r 2021 Balanco at Galn61 31 O¢tobgr (Losses) 2022 In¢om• E¥pondltur• General funds Restrfcted funds 69&168 145,388 141.087 (104,5QO) 1143.536) (47,5661 6B&.490 84869 783,486 286A75 1248,036) (47,5661 774,359 Page 28

STOKE MANDEVILLE SPINAL RESEARCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 16. Summary olfund8 Icontlnu•d) 8uThmary of fund# - prlory BalanGe al l November 2020 8818ncg 81 31 OGtob&r 2021 InGome Expendlture (Loss8s) Gen8ral fund8 Reslrlcled fijnds 636,806 49,033 56,605 50,800 (92.207) (11,515) 93.964 695,168 88.318 685,839 107,405 (103.722) 93.964 783,486 17. Analyst5 of net a88ot8 b•tw•on fund• Analy815 of n•t 8SSet8 botw8fjn fund8- current y•ar Re#trl¢ted Unr••trt¢to funds dfunds 2022 2022 Totsl funds 2022 Tanglble flxéd a880ts Flxed a88el Investfflents ¢uTr6nt a880ts Credltors due wllhln ono year 1,430 515.103 177,156 (5,1991 1,430 515,103 263,025 (5.199) 85,889 Tot41 85.869 688.490 774.359 P899 29

STOKE PIANDEVILLE SPINAL RESEARCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 18. RKonGlllatlon of n•t movomgnt In fibnds to not ¢•sh flow from oporatlng •ctlvltle8 2022 2021 Nel Incomelgxpondlturo for th8 ygar la$ per Slat6m•nl of Fln8nclal Activiliesl (9,127) 97,647 Adlustments for. Depredatlon ch8rge8 {ProfitsyLosses on Inv881ments Decrea88 In debtor¥ Incr8a88 In crédllorn 963 47,566 833 133 16.433 (93,964) 3,367 331 Net caBh provldod by optratlng actl¥ltle8 40,168 23,814 19. Analy818 of ca•h and oqulvalgnts 2021 Cash in hand 261D2S 222,857 Total cash and cash •qul¥al•nts 263.025 222,857 20. Analy8lB of chang01 In nel d•bt At1 At31 OCto￿T 2022 N4womber 2021 C•*h flows Cash at bank and In h8nd 222,857 40.168 222,857 40,108 263,025 21. Pon•lon commltrnents The charlty operat88 a defined ¢ontribullon penslon schemo. The 8888ts of the Schome are held sep8ral8ly from those of Iho charity in an Indèpendènlly admlnlslered fund. The penslon cosl charge represenls conlribullon8 pay8ble by the ch8rfty to th8 fund and amounted to £1.02212021: £7891. Page 30