## **Stoke Mandeville Spinal Research**
## ANNUAL REPORT 2023-24
Unaudited Trustees Report and Financial Statements for the year ending 31 October 2024
National Spinal Injuries Centre, Mandeville Road, Aylesbury, Bucks HP21 8AL. Registered charity no: 1183744
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_Photo on front page: SMSR Ambassadors at one of SMSR’s ‘Fish & Chips’ Patient Events at the National Spinal Injury Centre, Stoke Mandeville Hospital. The evenings include a Q&A panel with our Ambassadors, who offer advice and support to newly injured patients. From left: Kat Panagaki, Ralph Charlwood, Davey Jose and Jamie Polk._
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## **CONTENTS**
||**Page**|
|---|---|
|Reference & Administrative Details of the Charity its Trustees & Advisors|4|
|Trustees’ Report|5|
|SMSR Structure, Governance and Management|11|
|Financial Review|13|
|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 2024**
## **Trustees**
Richard Tolkien, Chairman Philippe Vienot, Treasurer Professor Sue Barnett
Mr Nigel Henderson Zoe McDougall Richard Montgomery (resigned 2 July 2024) 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**
Unity Trust Bank plc, 4 Brindley Place, Birmingham B1 2JB
## **Solicitors**
Bircham Dyson Bell, 50 Broadway, London, SW1H 0BL
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## **TRUSTEES’ REPORT FOR THE YEAR ENDING 31 OCTOBER 2024**
## **Chairman’s Report**
**Every 2 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. New research suggests that there are now over 105,000 people living in the UK with a spinal cord injury, 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 daily. Following an extensive consultation process with people living with SCI and building on the James Lind Alliance Spinal Cord Injury Priority Setting Partnership 201314, we identified four priority areas that are known to be under-researched on which to focus our funding:
- Urinary Tract Infections (UTIs)
- Pressure Ulcers
- Neuropathic Pain (nerve pain)
- Upper Limb Function
In 2024, following further consultations with clinicians, researchers and people living with SCI, we took the decision to broaden our remit to include any medical complication of spinal cord injury, including topics such as:
- Bladder management
- Bowel management
- Respiratory care
- Psychological health
To date we have committed **over one million pounds** towards research into the complications of Spinal Cord Injury.
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## _**Our research**_
Our September 2023 call for projects yielded seven applications from researchers based in the UK and abroad. In early 2024 **,** our Scientific Advisory Board singled out a project for funding that is looking into improving upper limb function in people with tetraplegia:
## _**Transcutaneous Spinal Cord Stimulation for Rehabilitation of Upper Limbs in early spinal cord Injury (SCI): a randomised feasibility study (SCIRUS)**_
Led by the University of Glasgow, this is a randomised feasibility study to improve the arm and hand function in people with a new high-level spinal cord injury, using _transcutaneous spinal cord stimulation_ , which delivers small electrical pulses over the skin above the spinal cord.
Other projects currently being funded by SMSR:
- _**IMMUNES study: Using ‘Uromune’ as an immunostimulating urinary tract infection prophylaxis in spinal cord injured patients**_
- A trial being conducted at the Department of Urology, Royal Berkshire Hospital in Reading, investigating the efficacy of an antibiotic-free immunostimulant vaccine (Uromune) spray under the tongue to prevent the onset of urinary tract infections in people with Spinal Cord Injury. _Expected to complete in June 2028_
## _**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)**_
A multi-centre study led by the Dept of Urology, University Hospital, Basel, Switzerland involving participants who use intermittent catheters and will take place in specialist spinal centres in Switzerland, the UK, India and Canada. _Expected to complete in December 2026_
## _**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 May 2025._
## _**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 April 2025._
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## _**NeuroMAP - The Evaluation of Neuronavigated Transcranial Magnetic Stimulation (TMS) for rapid mapping of impaired upper limb muscles in chronic spinal cord injury.**_
Led by Imperial College London in partnership with the National Spinal Injuries Centre at Stoke Mandeville. TMS uses magnetic fields to stimulate nerve cells in the brain and this may be effective in determining the extent of damage to the neural pathways responsible for voluntary movement in patients with SCI _. Expected to complete in September 2026_
## _**Innovative treatments 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. _Expected to complete in April 2025._
Alongside this study, thanks to support from SMSR, the team at St George’s have published a paper in _Brain Sciences_ on findings that offer hope to spinally injured people suffering from chronic pain. Entitled “Spinal Cord Stimulation for Spinal Cord Injury-Related Pain: A Pilot Study”, the study aims to assess the efficacy of Spinal Cord Stimulation (SCS) in alleviating SCI pain and improving patients’ quality of life, thus filling a gap in the literature. 71% of patients with both traumatic and non-traumatic SCI reported more than 50% pain relief, as well as a 49% reduction in pain medication usage. Those patients for whom the SCS brought no relief, will go on to be assessed for cingulotomy surgery.
Our latest grant call closed in February 2025, with 23 funding applications received and 14 shortlisted.
## _**Fundraising, Partnerships and Networking**_
Despite current economic challenges, we have been fortunate to retain support from a loyal network of businesses, as well as develop new corporate partnerships throughout the year, particularly in the spinal cord injury sector.
## **Corporate support**
We’d like to say a special thank-you to our corporate supporters, who always go above and beyond our expectations with their support by taking part in Wheels at Work™ (spending the day in a wheelchair), creating podcasts, sponsoring additional events, and taking part in physical challenges:
|**Aspire Law**|**Simpson Millar**|
|---|---|
|**Bolt Burdon Kemp**|**Slater and Gordon**|
|**Brethertons**|**Stewarts**|
|**Gerald Simonds Healthcare**|**Waterside Theatre, Aylesbury**(_who_|
|**Hugh James**|_continued to support us during the year_|
|**Leigh Day**|_raising funds through their ongoing_|
|**Melcombe Partners**|_‘booster cushion scheme’_)|
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In December 2023, we were pleased to be invited to the **Urenco Global** offices with our Ambassadors, during their ‘Safety Week’, to deliver a presentation and Q&A on spinal cord injury and its impact on the SCI community: Urenco staff also took on our **Wheels at Work** ™ challenge.
## **Individual supporters**
We also wish to thank the fantastic intrepid fundraisers who took up challenges for us over the year, in particular: **Reuben Todd** , who ran in the Brighton Marathon in April; **Julian Hood** , who, for the 2[nd] year in a row, completed the Ride London Bike Ride in May; the **Favell Family** , who took part in the brilliant Superhero Triathlon at the Olympics Rowing Lake at Dorney in August; and **Kate Favell** , who ran the Royal Parks half marathon in October.
Having identified **Individual Giving** as an area to develop in 2023/24, SMSR saw an increase of over 300% in the number of regular givers up to 31 Oct 2024.
## **Community support**
We have continued raising awareness of SCI through talks in **local schools** : SMSR Ambassador, **Kat Panagaki** , a C5 tetraplegic, gave inspiring talks to pupils at **Goldfield Primary School** and **William Harding School (** with **Mayor of Aylesbury** , **Cllr Alan Sherwell** , in attendance) about life in a wheelchair, and why future research is vital in helping the SCI community lead healthier, more fulfilling lives.
_SMSR staff member and Ambassador visit Goldfield Primary School, Tring (June 2024)_
Between April and September, we gave talks to members of
**5 Women’s Institutes** who kindly reciprocated with donations to our charity. We were also fortunate to receive generous donations from members of two local **Bucks Masonic Lodges** in December 2023 and May 2024.
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.
## **Grants and Trusts**
Once again, SMSR was fortunate last year to be awarded a further **£30,119** by the **UK Government Covid Medical Research Charity Support Fund** to support early career researchers taking part in the projects we are funding.
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Trusts continue to be a valuable source of income. Amongst many generous donors, we would especially like to acknowledge with enormous thanks, the trustees of the Clare Foundation and the RS Macdonald Charitable Trust.
## **Networking and awareness-raising**
In January 2024, we took part in **Bolt Burdon Kemp's "Free Speech" podcast** . In it, Derek Cutler, Research Grants Manager and Kate Favell, Corporate and Community Fundraiser at SMSR talk to BBK's Alex Dabek about the work of the charity, and how we help to improve quality of life for people with spinal cord injury.
_Demonstrating ‘Neuromap' - measuring potential recovery of function following SCI_
In February 2024, we hosted our first **'Quality of Life Matters' Study Day** (kindly sponsored by **Stewarts)** , which was attended by 70 delegates from across the country, and from a range of disciplines, all in some way related to spinal cord injury. Our varied programme included: ‘Living with UTIs’; ‘Psychosocial Issues with SCI’; ‘Sex & Relationships’; and ‘Upper Limb Restorative Therapies’. It was wonderful to hear researchers, clinicians, and people with lived experience of spinal cord injury combining their insights to give delegates a full day of fascinating talks. The overwhelmingly positive feedback from those who attended inspired us to make these Study Days an annual fixture.
In May, we held our second **Supporter Reception** at the Institute for Government, sponsored by **Melcombe Partners** . It was a wonderful evening, attended by supporters, trustees, ambassadors and new faces to celebrate the charity’s achievements.
Thanks to the support of the **National Spinal Injuries Centre** (in particular, **Café Oasis** ), and the generous sponsorship of our corporate partners, we hosted **three patient social evenings** in 2023/24. Fish and chips as well as hot and cold drinks are laid on for inpatients and their families to enjoy, while hearing about SMSR and taking part in a Q&A session with our ambassadors (former patients of the NSIC): as always, our ambassadors were at the heart of
_SMSR Ambassadors at one of our Patient Fish & Chips evenings at the NSIC_
the events, sharing wisdom and encouragement with current patients.
2023/4 also saw the SMSR team proactively promoting our research at various conferences and events, at many of which we were guest speakers, including: the **Case Managers Society UK conference (** 14-15 March); **Neuro Convention** at Birmingham NEC (20-21 March); and **AMRC Essentials of Research Funding** training workshop.
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The importance of our reserves in seeing us through times of economic uncertainty was demonstrated once again in 2023/24. 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 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 and 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 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.
## **International 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 a continued era of economic uncertainty.
## **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.
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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 2024, our reserves amounted to £803,460 (previous year £813,787), of which £230,664 is in cash at the bank and in hand (previous year £301,596). This cash portion represents 0.9x our projected net operating and research costs for the year 2024/25.
## **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;
2. Increase the capital protection, even at the expense of a reduction of the investment returns; and
3. 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 (59%), fixed income funds (12%) and cash (29%).
## **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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## **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:
- Select suitable accounting policies and apply them consistently
- Observe the methods and principles 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 concern basis unless it is inappropriate to consider that the charity will continue in business
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 and signed on their behalf by:
## **Richard Tolkien**
## **Nigel Henderson**
## **Dated: 11 March 2025**
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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 2024.
## **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
## **13 March 2025**
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## **Stoke Mandeville Spinal Research**
## **Statement of financial activities**
(incorporating an income and expenditure account)
## **For the year ended 31 October 2024**
|**Note**
**Income from:**
Donations
**3**
Investment income
**4**
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
**5**
Net Gains/(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**
**2024**
**2024**
**2024**
**2023**
**£**
**£**
**£**
**£**
72,190
40,119
112,309
225,373
21,818
-
21,818
16,146|
|---|---|
||**94,008**
**40,119**
**134,127**
**241,519**|
||45,949
-
45,949
40,006
107,374
46,530
153,904
154,812|
||**153,323**
**46,530**
**199,853**
**194,818**|
||**(59,315)**
**(6,411)**
**(65,726)**
**46,701**
55,399
**-**
**55,399**
(7,273)|
||**(3,916)**
**(6,411)**
**(10,327)**
**39,428**
668,772
145,015
813,787
774,359|
||**664,856**
**138,604**
**803,460**
**813,787**|
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 2024**
|**2024**
**Note**
**£**
**Fixed assets:**
**9**
**15,571**
Investments
**10**
**563,229**
**Current assets:**
Debtors
**11**
**2,000**
**16**
**230,664**
**232,664**
**Liabilities:**
**12**
**(8,004)**
**14**
**664,856**
Total unrestricted funds
**Total funds**
**Funds**
Restricted funds
Unrestricted funds:
General funds
Cash at bank and in hand
Creditors: amounts falling due within one year
**Net current assets**
**Total net assets**
Tangible assets|**2024**
**Note**
**£**
**Fixed assets:**
**9**
**15,571**
Investments
**10**
**563,229**
**Current assets:**
Debtors
**11**
**2,000**
**16**
**230,664**
**232,664**
**Liabilities:**
**12**
**(8,004)**
**14**
**664,856**
Total unrestricted funds
**Total funds**
**Funds**
Restricted funds
Unrestricted funds:
General funds
Cash at bank and in hand
Creditors: amounts falling due within one year
**Net current assets**
**Total net assets**
Tangible assets|**2024**
**£**
**578,800**
**224,660**|**2023**
**£**
1,788
507,830|**2023**
**£**
509,618
304,169|
|---|---|---|---|---|
||**2,000**
**230,664**||9,594
301,596||
||**232,664**
**(8,004)**||311,190
(7,021)||
||**664,856**||668,772||
||||||
|||**803,460**||813,787|
|||**138,604**
**664,856**||145,015
668,772|
||||||
||||||
|||**803,460**||813,787|
**11 March 2025** 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 2024**
||**Note**|**2024**|**2024**|**2023**|**2023**|
|---|---|---|---|---|---|
|||**£**|**£**|**£**|**£**|
|**Cash flows from operating activities:**||||||
|Net cash provided by / (used in) operating activities|**15**||(73,583)||23,427|
|**Cash flows from investing activities:**||||||
|Interest/ rent/ dividends from investments||21,818||16,146||
|Purchase of property, plant and equipment||(19,167)||(1,002)||
|**Cash provided by investing activities**|||2,651||15,144|
|**Change in cash and cash equivalents in the year**|||(70,932)||38,571|
|Cash and cash equivalents at the beginning of the year|||301,596||263,025|
|**Cash and cash equivalents at the end of the year**|**16**||**230,664**||**301,596**|
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**Stoke Mandeville Spinal Research Notes to the financial statements For the year ended 31 October 2024**
## **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:
- Costs of raising funds comprise of trading costs and the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a
- Expenditure on charitable activities includes the costs of delivering services to further the purposes
- Other expenditure represents those items not falling into any other heading.
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 2024**
## **1 Accounting policies (continued)**
## **h) Allocation of support costs**
- Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance and governance costs which support the Trust's charitable activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities.
## **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 2024**
|**2**|**Detailed comparatives for the statement of financial activities**|**Detailed comparatives for the statement of financial activities**|||
|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Total**|
|||**funds**|**funds**|**funds**|
|||**2023**|**2023**|**2023**|
|||**£**|**£**|**£**|
||**Income from:**||||
||Donations|110,867|114,506|225,373|
||Investment income|16,146|-|16,146|
||**Total income**|**127,013**|**114,506**|**241,519**|
||**Expenditure on:**||||
||Raising funds|40,006|-|40,006|
||Charitable activities|99,452|55,360|154,812|
||**Total expenditure**|**139,458**|**55,360**|**194,818**|
||**Net income / (expenditure) before**||||
||**net gains / (losses) on investments**|**(12,445)**|**59,146**|**46,701**|
||Net losses on investments|(7,273)|**-**|(7,273)|
||**Net expenditure for the year**|**(19,718)**|**59,146**|**39,428**|
||**Reconciliation of funds:**||||
||Total funds brought forward|688,490|85,869|774,359|
||**Total funds carried forward**|**668,772**|**145,015**|**813,787**|
20
**Stoke Mandeville Spinal Research Notes to the financial statements For the year ended 31 October 2024**
## **3 Income from Donations**
|Donations and grants
**Income from investments**
Bank interest
Investment income|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**Total**
**funds**
**2024**
**2024**
**2024**
**2023**
**£**
**£**
**£**
**£**
72,190
40,119
112,309
225,373|
|---|---|
||**72,190**
**40,119**
**112,309**
**225,373**|
||**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**Total**
**funds**
**2024**
**2024**
**2024**
**2023**
**£**
**£**
**£**
**£**
5,739
-
**5,739**
1,285
16,079
-
**16,079**
14,861|
||**21,818**
**-**
**21,818**
**16,146**|
- **4 Income from investments**
21
**Stoke Mandeville Spinal Research Notes to the financial statements For the year ended 31 October 2024**
## **5 Analysis of expenditure current year**
|Research Project Expenses
Staff costs
Accountancy & Bookkeeping Cost
Communications and IT
Recruitment
Legal and professional
Fundraising costs
Insurance
Rent
Other Expenses
Support costs
**Total expenditure 2024**
**Total expenditure 2023**|**Basis of**
**allocation**
**Cost of**
**raising**
**funds**
**Charitable**
**activities**
**Support**
**costs Total 2024 Total 2023**
**£**
**£**
**£**
**£**
**£**
Direct
-
63,501
-
**63,501**
68,493
Staff time
-
24,395
41,663
**66,058**
57,904
Direct
-
-
6,320
**6,320**
4,500
Direct
-
-
6,184
**6,184**
5,720
Direct
-
-
-
**-**
1,800
Direct
-
-
1,125
**1,125**
-
Direct
45,949
-
-
**45,949**
40,006
Direct
-
-
2,199
**2,199**
2,036
Direct
-
-
5,076
**5,076**
11,901
Direct
-
-
3,441
**3,441**
2,458|**Basis of**
**allocation**
**Cost of**
**raising**
**funds**
**Charitable**
**activities**
**Support**
**costs Total 2024 Total 2023**
**£**
**£**
**£**
**£**
**£**
Direct
-
63,501
-
**63,501**
68,493
Staff time
-
24,395
41,663
**66,058**
57,904
Direct
-
-
6,320
**6,320**
4,500
Direct
-
-
6,184
**6,184**
5,720
Direct
-
-
-
**-**
1,800
Direct
-
-
1,125
**1,125**
-
Direct
45,949
-
-
**45,949**
40,006
Direct
-
-
2,199
**2,199**
2,036
Direct
-
-
5,076
**5,076**
11,901
Direct
-
-
3,441
**3,441**
2,458|
|---|---|---|
|||**45,949**
**87,896**
**66,008**
**199,853**
**194,818**
-
66,008
(66,008)
**-**|
|||**45,949**
**153,904**
**-**
**199,853**
**40,006**
**154,812**
**-**
**194,818**|
Of the total expenditure £46,530 was restricted (2023: £55,360) and £153,323 was unrestricted (2023: £139,458).
## **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 2023**|**Basis of**
**allocation**
**Cost of**
**raising**
**funds**
**Charitable**
**activities**
**Support**
**costs Total 2023**
**£**
**£**
**£**
Direct
-
68,493
-
**68,493**
Staff time
-
15,954
41,950
**57,904**
Direct
-
-
4,500
**4,500**
Direct
-
-
5,720
**5,720**
Direct
-
-
1,800
**1,800**
Direct
40,006
-
-
**40,006**
Direct
-
-
2,036
**2,036**
Direct
-
-
11,901
**11,901**
Direct
-
-
2,458
**2,458**|**Basis of**
**allocation**
**Cost of**
**raising**
**funds**
**Charitable**
**activities**
**Support**
**costs Total 2023**
**£**
**£**
**£**
Direct
-
68,493
-
**68,493**
Staff time
-
15,954
41,950
**57,904**
Direct
-
-
4,500
**4,500**
Direct
-
-
5,720
**5,720**
Direct
-
-
1,800
**1,800**
Direct
40,006
-
-
**40,006**
Direct
-
-
2,036
**2,036**
Direct
-
-
11,901
**11,901**
Direct
-
-
2,458
**2,458**|
|---|---|---|
|||**40,006**
**84,447**
**70,365**
**194,818**
-
70,365
(70,365)
**-**|
|||**40,006**
**154,812**
**-**
**194,818**|
22
**Stoke Mandeville Spinal Research Notes to the financial statements For the year ended 31 October 2024**
## **6 Net income / (expenditure) for the year**
This is stated after charging / (crediting):
|This is stated after charging / (crediting):
Depreciation
Independent Examination Fee|**2024**
**2023**
**£**
**£**
5,384
644
2,650
2,650|
|---|---|
## **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|**2024**
**2023**
**£**
**£**
64,289
56,589
1,769
1,315|
|---|---|
||**66,058**
**57,904**|
None of the employees received employee benefits in excess of £60,000 during the year (2023: None).
The total employee benefits including pension contributions of the key management personnel were £46,198 (2023: £44,061).
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: £nil) neither were they reimbursed expenses during the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).
## **Staff numbers**
The average number of employees (head count based on number of staff employed) during the year was 2 (2023: 2).
## **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 2024**
## **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|2,338|63,832|
|Additions in year|19,167|-|-|19,167|
|Disposals in year|-|-|-|-|
|At the end of the year|77,557|3,104|2,338|82,999|
|**Depreciation**|||||
|At the start of the year|58,390|2,553|1,101|62,044|
|Charge for the year|4,792|310|282|5,384|
|At the end of the year|63,182|2,863|1,383|67,428|
|**Net book value**|||||
|**At the end of the year**|**14,375**|**241**|**955**|**15,571**|
|At the start of the year|-|551|1,237|1,788|
|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 gain (loss) on revaluation
Market value at the end of the year
**Debtors**
Trade debtors
Accrued income
Prepayments|**2024**
**2023**
**£**
**£**
261,339
229,027
97,619
94,158
204,271
184,645|
|---|---|
||**563,229**
**507,830**|
||507,830
515,103
-
-
-
-
55,399
(7,273)|
||**563,229**
**507,830**|
||**2024**
**2023**
**£**
**£**
2,000
3,250
-
4,164
-
2,180|
||**2,000**
**9,594**|
## **11 Debtors**
24
**Stoke Mandeville Spinal Research Notes to the financial statements For the year ended 31 October 2024**
## **12 Creditors: amounts falling due within one year**
|Trade creditors
Other creditors
Accruals|**2024**
**2023**
**£**
**£**
2,411
2,988
1,413
853
4,180
3,180|
|---|---|
||**8,004**
**7,021**|
## **13 Analysis of net assets between funds**
||||**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|
||||**Funds**|**Funds**|**funds**|
||||**£**|**£**|**£**|
|Tangible fixed assets|||15,571|-|15,571|
|Investments|||563,229|-|563,229|
|Net current assets|||86,056|138,604|224,660|
|**Net assets at the end of the year**|||**664,856**|**138,604**|**803,460**|
|**Analysis of net assets between funds for the**||**previous year**||||
||||**Unrestricted**|**Restricted**|**Total**|
||||**Funds**|**Funds**|**funds**|
||||**£**|**£**|**£**|
|Tangible fixed assets|||1,788|**-**|1,788|
|Investments|||507,830|-|507,830|
|Net current assets|||159,154|145,015|304,169|
|**Net assets at the end of the year**|||**668,772**|**145,015**|**813,787**|
|**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|35,503|-|-|-|35,503|
|Exoskeleton Project|69,255|-|(26,176)|-|43,079|
|PhD Reality Project|18,318|40,119|(20,354)|-|38,083|
|UTI Project|6,720|-||-|6,720|
|UTI Project (Knight and Hamid)|15,219|-|-|-|15,219|
|**Total restricted funds**|**145,015**|**40,119**|**(46,530)**|**-**|**138,604**|
|**Unrestricted funds:**||||||
|General funds|668,772|149,407|(153,323)|-|664,856|
|**Total unrestricted funds**|**668,772**|**149,407**|**(153,323)**|**-**|**664,856**|
|||||||
|**Total funds**|**813,787**|**189,526**|**(199,853)**|**-**|**803,460**|
## **14 Movements in funds for the current year**
25
**Stoke Mandeville Spinal Research Notes to the financial statements For the year ended 31 October 2024**
## **14 Movements in funds for the previous year**
|**Restricted funds:**
**Total restricted funds**
**Unrestricted funds:**
General funds
**Total unrestricted funds**
**Total funds**
Exoskeleton Project
PhD Reality Project
UTI Project (Knight and Hamid)
UTI Project
Neuropathic Pain
Cingulotomy Project|**Start of the**
**year**
**Income and**
**gains**
**Expenses**
**and losses**
**Transfers**
**At the end**
**of the year**
**£**
**£**
**£**
**£**
**£**
35,985
(482)
-
-
35,503
43,257
25,998
-
69,255
-
47,377
(29,059)
-
18,318
-
6,720
-
6,720
6,627
30,411
(21,819)
-
15,219
-
4,482
(4,482)
-
-|
|---|---|
||**85,869**
**114,506**
**(55,360)**
**-**
**145,015**|
||688,490
127,013
(146,731)
-
668,772|
||**688,490**
**127,013**
**(146,731)**
**-**
**668,772**|
|||
||**774,359**
**241,519**
**(202,091)**
**-**
**813,787**|
## **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
(Gain)/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**|**2024**
**2023**
**£**
**£**
**(10,327)**
**39,428**
5,384
644
(55,399)
7,273
(21,818)
(16,146)
7,594
(9,594)
983
1,822|
|---|---|
||**(73,583)**
**23,427**|
## **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**
**£**
**£**
**£**
301,596
(70,932)
-
**230,664**|
|---|---|
||**301,596**
**(70,932)**
**-**
**230,664**|
## **17 Related party transactions**
There are no related party transactions to disclose for the year (2023: none).
26