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2023-10-31-accounts

Stoke Mandeville Spinal Research

ANNUAL REPORT 2022-23

Unaudited Trustees Report and Financial Statements for the year ended 31 October 2023

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

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CONTENTS
Page
Reference & Administrative Details of the Charity its Trustees & Advisors 3
Trustees’ Report 4
SMSR Structure, Governance and Management 10
Financial Review 12
Independent Examiners’ Report 14
Statement of Financial Activities 15
Balance Sheet 16
Statement of Cash Flows 17
Notes to the Financial Statements 18

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REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31[ST] OCTOBER 2023

Trustees

Richard Tolkien, Chairman Philippe Vienot, Treasurer Professor Sue Barnett Professor Rob Brownstone (resigned February 2023) Mr Nigel Henderson Amanda Martin (resigned July 2023) Zoe McDougall Richard Montgomery Jamie Polk

Principal Office

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

Accountants

Goldwins Chartered Accountants, 75 Maygrove Road, London NW6 2EG

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 2023

Chairman’s Report

Every 4 hours someone in the UK sustains a Spinal Cord Injury.

As a result of their injury, many people with paralysis experience a lifetime of debilitating health complications.

We fund vital medical research to realise a future where people with Spinal Cord Injury can live healthier and more fulfilled lives.

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 (SCI), most of whom suffer with devastating complications that seriously affect their quality of life.

Founded in 2006, Stoke Mandeville Spinal Research is an independent national 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, as well as deepen our understanding of the issues that affect people with SCI on a daily basis. Following an extensive consultation process with people living with SCI and building on the James Lind Alliance Spinal Cord Injury Priority Setting Partnership 2013-14, we identified four priority areas that are known to be underresearched on which to focus our funding :

To date we have committed over £1,000,000 to research into the complications of SCI. Since 2019 we have issued annual grant calls and expect more of these projects to come to fruition in the coming year. We look forward to sharing the results.

Our research

Our September 2022 call for projects yielded 14 applications from researchers based in the UK and abroad. Of these , two new projects looking into preventing urinary tract infections were selected to receive funding in early 2023 by our Scientific Advisory Board and were launched at a very well attended Webinar in July.

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A three-year randomised double-blinded placebo-controlled trial led by Mr Bob Yang, Consultant Urologist, at the Department of Urology, Royal Berkshire Hospital in Reading. Mr Yang will investigate the efficacy of using an antibioticfree immunostimulant vaccine (Uromune) administered as a spray under the tongue to prevent the onset of urinary tract infections in people with Spinal Cord Injury. Uromune has been shown to drastically reduce the frequency of UTIs in non-SCI people, but requires testing in the SCI population specifically, due to additional complexities associated with neurogenic bladder function.

Assessing the incidence of catheter-associated urinary tract infections (CAUTIs) in persons with spinal cord injury performing single or re-use of catheters for intermittent catheterization (IC)

Other projects currently being funded by SMSR are as follows:

A 3-year trial of an innovative brain surgery to ease previously untreatable neuropathic pain

A 2-year 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, the Midland Centre for Spinal Injuries in Oswestry, the London Spinal Cord Injury Centre and the National Spinal Injuries Centre in Stoke Mandeville. Expected to complete in December 2024.

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A 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. Expected to complete in January 2025.

2023 saw the successful completion of two projects that we funded in 2020:

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

A 2-year exploration of whether it may be possible to predict who will develop neuropathic pain following spinal cord injury.

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.

The group have previously shown that EEG techniques can predict whether an individual will develop neuropathic pain, with an average accuracy of 80%. This study uses an updated larger dataset to refine and validate this model and is a key step towards developing a clinical diagnostic tool with the potential of exploring therapeutic interventions.

We were very pleased to be able to present the findings from the first project at the European Neuroconvention in Birmingham this year.

Fundraising, Partnerships and Networking

Despite the current economic situation, we have been fortunate to maintain support from a loyal network of businesses, as well as developing new corporate partnerships throughout the year, particularly in the spinal cord injury sector.

2023 marked ten years since we began funding quality of life research, and our anniversary provided an important focal point for fundraising efforts. We’d like to say a special thank-you to our 10[th] Anniversary Ambassadors who went above and beyond our expectations with their support. They immersed themselves in the charity, taking part in Wheels at Work™ (spending the day in a wheelchair), creating podcasts, sponsoring additional events, and taking part in physical challenges. Thank you all: Aspire Law

Bolt Burdon Kemp

Brethertons

Brian Barr Solicitors

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Framework Digital Gerald Simonds Healthcare

Hugh James Stewarts

Waterside Theatre, Aylesbury

We also wish to thank the fantastic intrepid fundraisers who take up challenges for us, in particular: Zarenna Porter , for undertaking a sponsored abseil at the ArcelorMittal Orbit at London’s Olympic Park; 11-year-old Jacob Read from Dorset, who undertook a 3-day sponsored cycle challenge; Sid Mitchell and his Movember Challenge ; and Julian Hood , who completed the RideLondon/Essex 100-mile challenge. Our presence at the Marvel Superhero Triathlon at Dorney Lake was even stronger this year, thanks to our team from Bolt Burdon Kemp with their friends from Stoke Mandeville Maulers, as well as individual participants, Sophie Shane , Holly Cossutta (from Aspire Law), Davey Jose and Bobby Seagull , who together raised more than £6,000 to support our vital research.

We have continued raising awareness of SCI by giving talks in schools: SMSR Ambassador, Kat Panagaki , a C5 tetraplegic, gave inspiring talks to pupils at Goldfield Infants’ & Nursery School in Tring and Kingsbrook View Primary Academy in Aylesbury about life in a wheelchair, and why future research is vital in helping the SCI community lead healthier, more fulfilling lives.

Our fundraising would not be possible without the help of our ambassadors who give up their time for free, to help us raise money and awareness for our research. Our heartfelt thanks go to Peter Apps, Ralph Charlwood, Jason Gunn, Heidi Herkes, Davey Jose, Kat Panagaki, Jamie Polk, and Sophie Shane , all of whom provide us with invaluable support by visiting corporate partners, giving interviews, conducting workshops and talks, and being available for anything we throw at them. We are truly grateful.

Thanks to the support of the National Spinal Injuries Centre and in particular Café Oasis , we have been able to host four special patient social evenings this year. With the sponsorship of our corporate partners, patients and their families have enjoyed free fish and chips and limitless hot and cold drinks, whilst hearing about SMSR and taking part in a Q&A with our ambassadors. Once again, our ambassadors (former patients of the NSIC) were at the heart of the event, sharing wisdom and encouragement to current patients. We look forward to developing these events in the coming year.

October saw the first of what we hope will be an annual fundraising event for our charity – The Spinal Score – a sports quiz and auction organised by SMSR ambassador Ralph Charlwood with celebrity hosts, Clive Allen and Jonathan Beck .

Other highlights included the SMSR team joining forces with Aylesbury Hundreds Rotary Club as part of a festive Santa Float fundraiser in support of a number of local

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charities. We were delighted to be invited to take part and to receive a donation of more than £500.00. We are also so grateful to the Waterside Theatre in Aylesbury, who marked our 10[th] anniversary with a ‘booster cushion donation scheme’, which raised funds for the entire year.

We had a significant presence at SCI conferences and events this year.

We were fortunate again last year to be awarded a further £87,286 by the UK Government Covid Medical Research Charity Support Fund to support early career researchers taking part in the projects we are funding.

Trusts continue to be a valuable source of income and we would like to acknowledge with enormous thanks, the trustees of the following Trusts and Foundations in order of receipt: Sir James Roll Charitable Trust; Charles & Elsie Sykes Trust; J H Levy Charitable Trust; Sylvia Aitken Charitable Trust; Peter Courtauld Charitable Trust; RS Macdonald Charitable Trust; Anson Charitable Trust; Carrington Charitable Trust; and the King/Cullimore Charitable Trust.

Once again, 2022/23 has demonstrated the importance of our reserves in seeing us through times of economic uncertainty. We have been able to commit part of our reserves to our first, second and third grants rounds, ensuring each project can be financially supported and secure for its duration. Our policy is to hold at any time sufficient reserves of an amount equal to at least 3 years of research grants and administration expenses. This means that, even in times of uncertainty, SMSR is able to fulfil its spending commitments regardless of future fundraising success.

All of us at Stoke Mandeville Spinal Research wish to thank our Corporate Partners, Trusts and Foundations, individual supporters, as well as the National Spinal Injuries Centre and Buckinghamshire Healthcare NHS Trust, for their continued support and encouragement. After another challenging year we have continued to make real

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progress in our objective of contributing to a better understanding of life with spinal cord injury and the development of better treatments and management.

Richard Tolkien, Chairman

https://www.lifeafterparalysis.com/

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SMSR Structure, Governance, and Management

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, subcommittees.

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.

Scientific Advisory Board

We are very grateful to our 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.

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.

Statement of Trustees Responsibilities

The Trustees are responsible for preparing the CIO’s Report and Financial 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 true and fair view of the charity and the incoming resources and application of resources for that period. In preparing these financial statements the Trustees are required to:

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The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ascertain that the financial statements comply with the Charities Act, the Charity (Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and any financial information provided on the charity’s website and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 9 April 2024 and signed on their behalf by:

Richard Tolkien

Nigel Henderson

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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. In addition, the charity also seeks to maintain short-term and easily accessible reserves (cash and cash equivalent) of an amount equal to the following year’s budgeted net operating and research costs.

On 31 October 2023, our reserves amounted to £813,787 (previous year £774,359), of which £301,596 is in cash at the bank and in hand (previous year £263,025). This cash portion represents 1.09x our projected net operating and research costs for the year 2023/24.

c. Material investments policy

N/A

d. Principal risks and uncertainties

The general economic uncertainty of the last few years has had a substantial impact on charity fundraising. Both institutional (trusts, foundations, corporates) as well as individual donors appear to be donating at lower levels than previously and this remains a significant risk over the next year.

e. Financial risk management objectives and policies

In July 2020, the charity undertook an internal review of its financial risk management policy which highlighted its financial reserves were overexposed to the volatility of the financial markets, and in particular of the equity markets. The review reiterated that the risk management 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 review also brought to light what appeared to be an underperformance of the funds managed by our fund manager, when compared to other charity-specific funds. The review’s recommendation, which was accepted by the Trustees, was to:

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

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

  2. Review the performance of our fund manager.

These recommendations were implemented, and the charity’s reserves now include a more diversified mix of equity funds (51%), bonds (12%) and cash (37%).

f. Principal funding

Most of the charity’s funding consists of grants and donations. These broadly come from four sources: Trusts, Corporates, Events and the SCI community.

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

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Independent examiner's report to the trustees of Stoke Mandeville Spinal Research

I report to the trustees on my examination of the accounts of the Stoke Mandeville Spinal Research (the charity) for the year ended 31 October 2023.

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 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 all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material 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 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.

Anthony Epton BA FCA CTA FCIE Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG

12 April 2024

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Stoke Mandeville Spinal Research

Statement of financial activities

(incorporating an income and expenditure account)

For the year ended 31 October 2023

Note
Income from:
Donations
3
Investment income
4
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
5
Net (losses) on investments
10
Net income / (expenditure) for the year
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
14
Net income / (expenditure) before net
gains / (losses) on investments		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2023
2023
2023
2022
£
£
£
£
110,867
114,506
225,373
273,542
16,146
-
16,146
12,933
127,013
114,506
241,519
286,475
40,006
-
40,006
38,187
99,452
55,360
154,812
209,849
139,458
55,360
194,818
248,036
(12,445)
59,146
46,701
38,439
(7,273)
-
(7,273)
(47,566)
(19,718)
59,146
39,428
(9,127)
688,490
85,869
774,359
783,486
668,772
145,015
813,787
774,359

All of the above results are derived from continuing activities.

There were no other recognised gains or losses other than those stated above.

The attached notes form part of these financial statements.

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Stoke Mandeville Spinal Research Balance sheet As at 31 October 2023

2023
Note
£
Fixed assets:
9
1,788
Investments
10
507,830
Current assets:
Debtors
11
9,594
16
301,596
311,190
Liabilities:
12
(7,021)
14
668,772
Total unrestricted funds
Tangible assets
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets
Total net assets
Funds
Restricted funds
Unrestricted funds:
General funds
Total funds		 2023
Note
£
Fixed assets:
9
1,788
Investments
10
507,830
Current assets:
Debtors
11
9,594
16
301,596
311,190
Liabilities:
12
(7,021)
14
668,772
Total unrestricted funds
Tangible assets
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets
Total net assets
Funds
Restricted funds
Unrestricted funds:
General funds
Total funds		 2023
£
509,618
304,169		 2022
£
1,430
515,103		 2022
£
516,533
257,826
9,594
301,596		 -
263,025
311,190
(7,021)		 263,025
(5,199)
668,772 688,490
813,787 774,359
145,015
668,772		 85,869
688,490
813,787 774,359

9 April 2024

Approved by the trustees on ………………………………and signed on their behalf by:

Richard Tolkien Nigel Henderson Trustee Trustee Registered Charity no. 1183744

The attached notes form part of the financial statements.

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Stoke Mandeville Spinal Research Statement of cash flows For the year ended 31 October 2023

Note 2023 2023 2022 2022
£ £ £ £
Cash flows from operating activities:
Net cash provided by / (used in) operating activities 15 23,427 27,235
Cash flows from investing activities:
Interest/ rent/ dividends from investments 16,146 12,933
Purchase of property, plant and equipment (1,002)
Cash provided by investing activities 15,144 12,933
Change in cash and cash equivalents in the year 38,571 40,168
Cash and cash equivalents at the beginning of the year 263,025 222,857
Cash and cash equivalents at the end of the year 16 301,596 263,025

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Stoke Mandeville Spinal Research Notes to the financial statements For the year ended 31 October 2023

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP FRS 102) and the Charities Act 2011.

The Charity 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

b) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be

d) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) 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 bank.

f) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

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Stoke Mandeville Spinal Research Notes to the financial statements For the year ended 31 October 2023

1 Accounting policies (continued)

h) Allocation of support costs

i) Tangible fixed assets

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 Fixtures and Fittings Over 10 years Computer Equipment Over 4 years

j) Debtors

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

k) Cash at bank and in hand

Cash at bank and cash 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.

l) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

n) Pensions

The Charity operates a Defined Contributions pension scheme.

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Stoke Mandeville Spinal Research Notes to the financial statements For the year ended 31 October 2023

2 Detailed comparatives for the statement of financial activities Detailed comparatives for the statement of financial activities
Unrestricted Restricted Total
funds funds funds
2022 2022 2022
£ £ £
Income from:
Donations 132,455 141,087 273,542
Investment income 12,933 - 12,933
Total income 145,388 141,087 286,475
Expenditure on:
Raising funds 38,187 - 38,187
Charitable activities 66,313 143,536 209,849
Total expenditure 104,500 143,536 248,036
Net income / (expenditure) before
net gains / (losses) on investments 40,888 (2,449) 38,439
Net losses on investments (47,566) - (47,566)
Net expenditure for the year (6,678) (2,449) (9,127)
Reconciliation of funds:
Total funds brought forward 695,168 88,318 783,486
Total funds carried forward 688,490 85,869 774,359

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Stoke Mandeville Spinal Research Notes to the financial statements For the year ended 31 October 2023

3 Income from Donations

Donations and grants
Income from investments
Bank interest
Investment income		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2023
2023
2023
2022
£
£
£
£
110,867
114,506
225,373
273,542
110,867
114,506
225,373
273,542
Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2023
2023
2023
2022
£
£
£
£
1,285
-
1,285
43
14,861
-
14,861
12,890
16,146
-
16,146
12,933

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Stoke Mandeville Spinal Research Notes to the financial statements For the year ended 31 October 2023

5 Analysis of expenditure current year

Research Project Expenses
Staff costs
Accountancy & Bookkeeping Cost
Communications and IT
Recruitment
Fundraising costs
Insurance
Rent
Other Expenses
Support costs
Total expenditure 2023
Total expenditure 2022		 Basis of
allocation
Cost of
raising
funds
Charitable
activities
Support
costs Total 2023 Total 2022
£
£
£
£
£
Direct
-
68,493
-
68,493
149,698
Staff time
-
15,954
41,950
57,904
47,116
Direct
-
-
4,500
4,500
3,612
Direct
-
-
5,720
5,720
1,105
Direct
-
-
1,800
1,800
-
Direct
40,006
-
-
40,006
38,187
Direct
-
-
2,036
2,036
1,895
Direct
-
-
11,901
11,901
-
Direct
-
-
2,458
2,458
6,423		 Basis of
allocation
Cost of
raising
funds
Charitable
activities
Support
costs Total 2023 Total 2022
£
£
£
£
£
Direct
-
68,493
-
68,493
149,698
Staff time
-
15,954
41,950
57,904
47,116
Direct
-
-
4,500
4,500
3,612
Direct
-
-
5,720
5,720
1,105
Direct
-
-
1,800
1,800
-
Direct
40,006
-
-
40,006
38,187
Direct
-
-
2,036
2,036
1,895
Direct
-
-
11,901
11,901
-
Direct
-
-
2,458
2,458
6,423
40,006
84,447
70,365
194,818
248,036
-
70,365
(70,365)
-
40,006
154,812
-
194,818
38,187
209,849
-
248,036

Of the total expenditure £55,360 was restricted (2022: £143,536) and £139,458 was unrestricted (2022: £104,500).

Analysis of expenditure prior year

Research Project Expenses
Staff costs
Accountancy & Bookkeeping Cost
Communications and IT
Recruitment
Fundraising costs
Insurance
Rent
Other Expenses
Support costs
Total expenditure 2022		 Basis of
allocation
Cost of
raising
funds
Charitable
activities
Support
costs Total 2022
£
£
£
Direct
-
149,658
40
149,698
Staff time
-
9,575
37,541
47,116
Direct
-
-
3,612
3,612
Direct
-
-
1,105
1,105
Direct
-
-
-
-
Direct
38,187
-
-
38,187
Direct
-
-
1,895
1,895
Direct
-
-
-
Direct
-
6,423
-
6,423		 Basis of
allocation
Cost of
raising
funds
Charitable
activities
Support
costs Total 2022
£
£
£
Direct
-
149,658
40
149,698
Staff time
-
9,575
37,541
47,116
Direct
-
-
3,612
3,612
Direct
-
-
1,105
1,105
Direct
-
-
-
-
Direct
38,187
-
-
38,187
Direct
-
-
1,895
1,895
Direct
-
-
-
Direct
-
6,423
-
6,423
38,187
165,656
44,193
248,036
-
44,193
(44,193)
-
38,187
209,849
-
248,036

22

Stoke Mandeville Spinal Research Notes to the financial statements For the year ended 31 October 2023

6 Net income / (expenditure) for the year

This is stated after charging / (crediting):
Depreciation
Independent Examination Fee		 2023
2022
£
£
644
963
2,650
2,430

7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Salaries and wages
Employer’s contribution to defined contribution pension schemes		 2023
2022
£
£
56,589
46,094
1,315
1,022
57,904
47,116

None of the employees received employee benefits in excess of £60,000 during the year (2022: None).

The total employee benefits including pension contributions of the key management personnel were £44,061 (2022: £36,644).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2022: £nil) neither were they reimbursed expenses during the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).

Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 2 (2022: 1).

8 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

23

Stoke Mandeville Spinal Research Notes to the financial statements For the year ended 31 October 2023

9 Tangible fixed assets

Tangible fixed assets
Fixtures,
Plant and Fittings and Office
Machinery Equipment Equipment Total
£ £ £ £
Cost
At the start of the year 58,390 3,104 1,336 62,830
Additions in year - - 1,002 1,002
Disposals in year - - - -
At the end of the year 58,390 3,104 2,338 63,832
Depreciation
At the start of the year 58,389 2,244 767 61,400
Charge for the year 1 309 334 644
At the end of the year 58,390 2,553 1,101 62,044
Net book value
At the end of the year - 551 1,237 1,788
At the start of the year 1 860 569 1,430
All of the above assets are used for charitable purposes.

10 Fixed asset investments

COIF Investment Funds
M&G Charibond
M&G Charifund
Movements
Market value at the start of the year
Additions at cost
Disposals at carrying value
Net loss on revaluation
Market value at the end of the year
Debtors
Trade debtors
Accrued income
Prepayments		 2023
2022
£
£
229,027
192,796
94,158
97,036
184,645
225,271
507,830
515,103
515,103
562,669
-
-
-
-
(7,273)
(47,566)
507,830
515,103
2023
2022
£
£
3,250
-
4,164
-
2,180
-
9,594
-

11 Debtors

24

Stoke Mandeville Spinal Research Notes to the financial statements For the year ended 31 October 2023

12 Creditors: amounts falling due within one year

Trade creditors
Other creditors
Accruals		 2023
2022
£
£
2,988
2,595
853
-
3,180
2,604
7,021
5,199

13 Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Investments
Net current assets
Net assets at the end of the year		 Unrestricted
Funds
Restricted
Funds
Total
funds
£
£
£
1,788
-
1,788
507,830
-
507,830
159,154
145,015
304,169
668,772
145,015
813,787

Analysis of net assets between funds for the previous year

Unrestricted Restricted Total
Funds Funds funds
£ £ £
Investments 516,533 - 516,533
Net current assets 171,957 85,869 257,826
Net assets at the end of the year 688,490 85,869 774,359
Movements in funds for the current year
Start of
Income and		 Expenses At the end
the year gains and losses Transfers of the year
£ £ £ £ £
Restricted funds:
Cingulotomy Project 35,985 (482) - - 35,503
Exoskeleton Project 43,257 25,998 - 69,255
PhD Reality Project - 47,377 (29,059) - 18,318
UTI Project - 6,720 - 6,720
UTI Project (Knight and Hamid) 6,627 30,411 (21,819) - 15,219
Neuropathic Pain - 4,482 (4,482) - -
Total restricted funds 85,869 114,506 (55,360) - 145,015
Unrestricted funds:
General funds 688,490 127,013 (146,731) - 668,772
Total unrestricted funds 688,490 127,013 (146,731) - 668,772
Total funds 774,359 241,519 (202,091) - 813,787

14 Movements in funds for the current year

25

Stoke Mandeville Spinal Research Notes to the financial statements For the year ended 31 October 2023

14 Movements in funds for the previous year

Restricted funds:
Total restricted funds
Unrestricted funds:
General funds
Total unrestricted funds
Total funds
Cingulotomy Project
Exoskeleton Project
PhD Reality Project
UTI Project (Knight and Hamid)		 Start of the
year
Income and
gains
Expenses
and losses
Transfers
At the end
of the year
£
£
£
£
£
73,018
14,207
(51,240)
-
35,985
15,300
83,070
(55,113)
-
43,257
-
11,000
(11,000)
-
-
-
32,810
(26,183)
-
6,627
88,318
141,087
(143,536)
-
85,869
695,168
145,388
(152,066)
-
688,490
695,168
145,388
(152,066)
-
688,490
783,486
286,475
(295,602)
-
774,359

15 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income for the reporting period
(as per the statement of financial activities)
Depreciation
Loss on Investment
Interest, rent and dividends from investments
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
Net cash provided by / (used in) operating activities		 2023
2022
£
£
39,428
(9,127)
644
963
7,273
47,566
(16,146)
(12,933)
(9,594)
633
1,822
133
23,427
27,235

16 Analysis of cash and cash equivalents

Cash at bank and in hand
Total cash and cash equivalents		 At the start
of the year
Cash flows
Other
changes
At the end
of the year
£
£
£
263,025
38,571
-
301,596
263,025
38,571
-
301,596

17 Related party transactions

There are no related party transactions to disclose for the year (2022: none).

26