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2021-06-30-accounts

Charity number: 1190361

ADVANCE Charity

The ADVANCE (Armed Forces Trauma Rehabilitation Outcome Study) Charity

Report and financial statements For the period ended 30 June 2021

ADVANCE Charity (1190361) For the period ended 30 June 2021

Contents

Reference and administrative information……………………………………………………………………. 2 Reference and administrative information……………………………………………………………………. 2
Trustees’ annual report……………………………………………………………………………………….………… 4
1 Objectives and activities………………………………………………………………………… …………. 4
1.1 Purposes and aims………………………………………………………………………………………... 4
1.2 Achievements and performance……………………………………………………………………. 7
1.2.1 Achievements and performance of the ADVANCE Charity…………………….. 7
1.2.2 Achievements and performance of the ADVANCE Study…………….…………. 10
1.3 Beneficiaries of our services……………………………………………………………… …………. 12
1.4 Objects and activities for the public benefit………………………………………………….. 12
2 Finance review…………………………………………………………………………………………………13
2.1 Investment……………………………………………………………………………………….. …………. 14
2.1.1 Main portfolio………………………………………………………………………………………. 14
2.1.2 Number 2 portfolio – cash account……………………………………………………….. 15
2.1.3 Number 3 portfolio – TBI funds…………………………………………………………….. 15
2.2 Reserves policy……………………………………………………………………………………………… 16
3 Going concern………………………………………………………………………………………………….16
4 Principal risks and uncertainties………………………………………………………………………16
5 Fundraising………………………………………………………………………………………….............17
6 Plans for the future……………………………………………………………………………… ………….17
7 Structure, governance and management……………………………………………..............17
7.1 Appointment of trustees………………………………………………………………………………. 18
7.2 Trustee induction and training……………………………………………………………………… 18
7.3 Related parties and relationships with other organisations………………. …………. 18
Statement of responsibilities of the trustees…………………………………………………………………. 19
Independent auditor’s report…………………………………………………………………………………………. 20
Statement of financial activities (incorporating an income and expenditure account)…. 24
Balance sheet…………………………………………………………………………………………………………………. 25
Statement of cash flows…………………………………………………………………………………………………. 26
Notes to the financial statements………………………………………………………………………………….. 27

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ADVANCE Charity (1190361) For the period ended 30 June 2021

Reference and administrative information

Charity number: 1190361 Country of registration: England and Wales

Registered office and operational address:

Guy Scadding Building, National Heart & Lung Institute, Dovehouse Street, London, SW3 6LY

The Charity’s context

The ADVANCE Charity was originally set up as a charitable trust in 2018 (Charity Registration Number 1182395) and called the ‘Armed Services Trauma Rehabilitation Outcome Study’ or the ‘ADVANCE Study’. However, the Charity changed its governance structure from a charitable trust to a charitable incorporated organisation (CIO) on 30 November 2020. At the same time, the Charity’s official name was changed to the ‘ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity’, or the ‘ADVANCE Charity’. Operationally, the Charity did not change when the governance structure changed to a CIO.

Trustees:

Trustees who served during the reporting period and up to the date of this report are listed below. They were appointed during June – September 2019, apart from Duncan Wilson who was appointed in March 2021.

A Trustee tenure schedule is maintained to ensure a managed turnover of trustees.

Executive Secretary / Operations Manager: Dr Maija Maskuniitty

Independent Investment Advisor : David Miller (Executive Director, Quilter Cheviot Investment Management)

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ADVANCE Charity (1190361) For the period ended 30 June 2021

Bankers: C. Hoare & Co. 37 Fleet Street London EC4P 4DQ Solicitor: Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Auditor: Sayer Vincent LLP Chartered Accountants and Statutory Auditor Invicta House 108-114 Golden Lane London EC1Y 0TL Investment Manager: Investec Wealth & Investment 30 Gresham Street London EC2V 7QN

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ADVANCE Charity (1190361)

For the period ended 30 June 2021

Trustees’ annual report

The Trustees present their report and the audited financial statements for the period ended 30 June 2021.

Reference and administrative information set out on pages 1 and 2 forms part of this report. The financial statements comply with current statutory requirements, the Charity's constitution and the Statement of Recommended Practice – Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

1 Objectives and activities

1.1 Purposes and aims

The ADVANCE Charity was set up in 2018, with the main aim to enable the ADVANCE Study. The ADVANCE Study itself started in 2014.

The ADVANCE Study – or Armed Services Trauma Rehabilitation Outcome Study – is a 20-year cohort study investigating the long-term physical and psycho-social outcomes of battlefield casualties. The study is a collaboration between Imperial College London (ICL), King’s College London (KCL) and the Academic Department of Military Rehabilitation (ADMR) (Stanford Hall, Ministry of Defence) in Nottinghamshire.

ADVANCE follows more than 550 battlefield casualties, and an equivalent number of matched uninjured servicemen as a control group, from the UK Armed Forces following deployment to Afghanistan between 2002 and 2014. The aim is to use the knowledge gained from the Study to support and plan the best care possible for present and future generations of injured servicemen and women. There is no other study of its kind underway anywhere in the world.

For scientific reasons the difficult decision was made at the start of the study to make ADVANCE a maleonly cohort study, and this was agreed by the research ethics committee. This is because there were only very few female UK military combat casualties in Afghanistan, and consequently no scientifically or clinically meaningful and translatable results could be drawn by studying this small female sub-group. Furthermore, due to the physiological differences between women and men, it is not clinically or scientifically feasible to study females and males as a combined cohort.

Initial funding for the ADVANCE Study was received from Help for Heroes in 2014, and a LIBOR grant was received from the Treasury in 2016. These grants were awarded directly to ADMR and Imperial College London, respectively, and a sub-award of the LIBOR grant was given to King’s College.

The ADVANCE Charity entered on the Register of Charities in England and Wales in March 2019. The Board of Trustees in its current form was appointed mainly during June – September 2019, and the Board replaced the ADVANCE Strategic Steering Group, which used to be the advisory body for the Study before the Charity was set up.

The ADVANCE Charity exists solely to enable, fund and support the ADVANCE Study research programme. It is primarily a grant-making charity and aims to ensure that there are sufficient funds to complete the 20year study.

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ADVANCE Charity (1190361) For the period ended 30 June 2021

The overall objects of the Charity are:

As will be understood from the explanation above, the Study and the Charity are closely interlinked. The differences in their roles and responsibilities are explained in Table 1 and Figure 1.

Table 1. The roles and responsibilities of the ADVANCE Study and the ADVANCE Charity.

ADVANCE Study

ADVANCE Charity

The Trustees review the aims, objectives and activities of the charity each year. This report looks at what the Charity has achieved and the outcomes of its work in the reporting period.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning its future activities.

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ADVANCE Charity (1190361)

For the period ended 30 June 2021

Figure 1. ADVANCE Charity and ADVANCE Study organisation.

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ADVANCE Charity (1190361)

For the period ended 30 June 2021

1.2 Achievements and performance

The Charity's main activities and its beneficiaries are described below. All its charitable activities focus on funding, enabling and supporting the ADVANCE Study and are undertaken to further the ADVANCE Charity’s charitable purposes for the public benefit.

Despite the COVID-19 pandemic, the ADVANCE Charity and the ADVANCE Study made significant progress during the reporting period.

The ADVANCE Charity’s operational structures had been set up in the previous financial year. During the reporting period some of these structures were further optimised and put into practice, new grants were awarded, and a process for reporting by grant holders was put in pace. Together with the ADVANCE Study Project Board we also obtained funds for supplementary studies, as funds for the core ADVANCE Study had been secured the previous year. In addition, the transition from a charitable trust to a charitable incorporated organisation (CIO) in November 2020 was a big milestone.

1.2.1 Achievements and performance of the ADVANCE Charity

The main aims of the Charity during the reporting period were:

See the following paragraphs for details of the above.

a) Completing the transition from charitable trust to CIO

A decision had been made in 2019 to change the governing structure of the Charity from a charitable trust to a CIO, and Farrer & Co had been appointed to guide the Charity through this change. The CIO application was approved by the Charity Commission on 13 July 2020. The formal transition to CIO and transfer of all of the Charity’s assets, liabilities and contracts to the new CIO took place on 30 November 2020.

In addition, a new current account for the CIO was opened with C. Hoare & Co. in December 2020, and the trust’s old HSBC bank account was closed down in January 2021.

b) Monitoring the impact of the COVID-19 shock on investment markets and day-to-day operations

The COVID-19 pandemic has been a challenging time for the ADVANCE Study; this is discussed in section 1.2.2. However, the day-to-day operation of the ADVANCE Charity has not been adversely affected. The Charity’s operations have been run remotely since March 2020, and all meetings have been held as videoconferences.

The impact of the pandemic on the Charity’s investments is discussed in the investment review in section 2.1.

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c) Obtaining funds for ADVANCE supplementary studies

A big milestone for both the ADVANCE Charity and the ADVANCE Study was reached in early 2020 when significant donations were received – mainly from the Headley Court Charity and the Nuffield Trust for the Forces of the Crown – to secure the core ADVANCE Study for the next 15 years. During the reporting period the focus of our fundraising was therefore on additional ADVANCE supplementary studies, in collaboration with the ADVANCE Study Project Board. These projects are not part of the core ADVANCE investigations as such but look at other important aspects within the ADVANCE participant cohort. These are discussed in more detail in section 1.2.2. (c).

Funding was received for three supplementary studies:

*Investigating blood markers related to traumatic injury and disease risk, e.g. cardiovascular and osteoarthritis risk.

The ADVANCE Charity and the ADVANCE Study Project Board had been in discussions with Forces in Mind Trust (FiMT) about funding since 2019, and in October 2020 confirmation of the £500,000 award was received from FiMT. These funds are ring-fenced for the military to civilian transition study led by King’s College London.

In addition, the Headley Court Charity invited further funding proposals from ADVANCE in 2020. The ADVANCE Trustees asked the Project Board to formulate bids for additional studies for which funding could be sought. The Project Board defined two important areas of research, and the TBI and omics proposals were submitted to Headley Court for £1,989,457 and £956,501, respectively. The proposals were approved by the Headley Court trustees in early 2021, and the money was awarded to the ADVANCE Charity.

Details for the supplementary project donations are shown in table 2 below.

Table 2. Donations secured by the ADVANCE Charity during the reporting period.

Donor
Total award		 Received to
date
Award date
Info
Forces in Mind Trust
£500,000		 £45,000
Oct 20
Restricted to King’s College London
military to civilian transition study;
to be received in biannual tranches
Headley Court Charity
£1,989,457		 £1,989,457
Jan 21
Restricted to Imperial College
London and ADMR TBI study; all
funds received in Feb 21
Headley Court Charity
£956,501		 £956,501
Feb 21
Restricted to Imperial College
omics study; all funds received in
Feb 21
Total
£3,445,958		 £2,990,958

In addition to the above income, the ADVANCE Charity also received £25,000 from Help for Heroes in Sept 2020 and £50,000 from Blesma in June 2021 as part of previously awarded grants.

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ADVANCE Charity (1190361)

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d) Awarding new grants to the ADVANCE Study partner organisations

As the ADVANCE Charity is a grant-making charity, one of our main functions is awarding grants to the institutions that carry out ADVANCE Study research. Table 3 below shows the grants that were approved by the trustees during the reporting period. No grant payments were made for the TBI and omics grants during the reporting period. The total value of grants awarded during the reporting period was £4,101,831. £1,231,843 of this was recognised as expenditure.

Table 3. Grants awarded by the ADVANCE Charity during the reporting period.

Grant holder Host Total award
Amount		 Award date Grant name Originating Information
institution recognised in funder
expenditure
Nicola Fear King’s College £625,000
£56,250
Oct 2020		 Military to civilian FiMT Restricted grant from FiMT; £500k in
London transition in the total from FiMT and £125k from
ADVANCE Study ADVANCE Charity to cover university
overheads. To be paid in biannual
tranches in line with payments from
FiMT.
Paul Cullinan Imperial £284,873
£237,394
May 2021		 ADVANCE core – N/A Grant made from the ADVANCE Charity
College London salaries for data core funds for ADVANCE core work. To
managers bepaid inquarterlytranches in advance.
Alex Bennett ADMR £246,000
£246,000
June 2021		 ADVANCE core N/A Grant made from the ADVANCE Charity
core funds for ADVANCE core work. The
grant was paid to ADMR in full in
advance.
David Sharp Imperial £1,889,457
£377,891
June 2021		 ADVANCE TBI Headley Court Restricted grant from Headley Court
College London Charity Charity. To be paid in quarterly tranches
in advance.
Alex Bennett ADMR £100,000
£20,000
June 2021		 ADVANCE TBI Headley Court Restricted grant from Headley Court
Charity Charity. To be paid in annual tranches in
advance.
Marc Dumas Imperial £956,501
£294,308
June 2021		 ADVANCE omics Headley Court Restricted grant from Headley Court
College London Charity Charity. To be paid in quarterly tranches
in advance.

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ADVANCE Charity (1190361)

For the period ended 30 June 2021

Grant applications from Imperial College London and King’s College London for core ADVANCE work were received after the reporting period, in August 2021. These were for a total of £4,859,282 for Imperial College and £747,051 for King’s College, for five years from 1 January 2022. The applications were approved by the ADVANCE trustees.

As the ADVANCE Charity is still relatively new, several of our processes and policies were optimised – and some new ones added – during the reporting period. Some of the changes came about as more grants started being awarded by the Charity, and some were made in response to the findings of the August 2020 audit. The main changes that were implemented during the reporting period were:

1.2.2 Achievements and performance of the ADVANCE Study

Despite continued disruption and challenges brought on by the COVID-19 pandemic, significant achievements were made within the ADVANCE Study in 2020-21.

a) Baseline and follow-up visits

Baseline recruitment of the ADVANCE cohort (1,145 participants) and baseline visits were completed in August 2020. On 15 September 2021, 464 (41%) participants had attended their first follow-up visit, and despite three periods of lockdown due to COVID-19, 307 of those participants were seen between 1 July 2020 and 30 June 2021. Attrition rates are currently lower than were previously predicted.

b) Research outputs

The first paper on ADVANCE baseline results was submitted in June 2021. The paper focuses on cardiovascular risk and outcomes in the ADVANCE cohort. Submission of the second ADVANCE paper, on mental health outcomes, is imminent. This will be followed by a third paper, which focuses on the effects of trauma and amputation on bone mineral density.

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Alex Bennett (Chief Investigator of the ADVANCE Study) and Christopher Boos (ADVANCE Principal Investigator and Consultant Cardiologist) were invited to present ADVANCE results at the Blast Injury Conference 2021 in July 2021, soon after the reporting period. They presented overall results from the baseline data and cardiovascular results, respectively. In addition, in August 2021 Christopher Boos received an invitation to present ADVANCE cardiovascular findings at the American Heart Association's 2021 Scientific Sessions.

Current ADVANCE research also includes the following projects:

In addition to the above, a new PhD Student is due to start in autumn 2021 to investigate heart rate variability – a predictor of cardiovascular disease – in the ADVANCE cohort.

c) Supplementary studies

Research ideas created by the ADVANCE Project Board and their collaborators resulted in two new successful funding proposals during the reporting period – the TBI and omics project proposals to the Headley Court Charity. Both projects are due to start in 2021.

The TBI project will look at the effects of traumatic brain injury on brain health in ADVANCE participants. The hope is that the results will inform disease prevention in the future, in both military and civilian settings, as well as assist in the early diagnosis of neurodegenerative disease.

The omics project will be using proteomics (protein analysis) and metabolomics (metabolite analysis) technologies to look at biochemical markers in the ADVANCE participants’ blood samples to establish the molecular signatures of injury and predict its long-term evolution. One of the long-term aims of the omics project is to identify markers of injury and any underlying predisposition to injury, as well as early predictive markers of potential complications from injury.

d) Participant engagement

The participants are at the heart of the ADVANCE Study, and therefore their views and opinions inform how the Study is run. To facilitate this, the ADVANCE Participant Panel was formed in 2021, and has had two meetings, in January and June 2021. The panel consists of approximately 20 ADVANCE participants, and meetings are held every six months. The ADVANCE Study team have already started implementing changes based on the Participant Panel’s feedback. For example, flexibility for attending ADVANCE clinics has been increased, and a letter to participants containing all individual test results from their ADVANCE visits has been rolled out.

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e) Communications and branding

As the ADVANCE Study has grown and progressed, the importance of communications has become evident. The Study team have been working with a digital marketing and communications consultant (Charlie Charlie One Ltd) since April 2021 to increase and improve the Study’s online and social media presence. In addition, the ADVANCE ‘brand’ has been unified, and all ADVANCE Study communications channels now align with the new ADVANCE brand guidelines. The ADVANCE newsletter also received a makeover in 2020. The newsletter goes out to all ADVANCE participants three times a year.

1.3 Beneficiaries of our services

ADVANCE Study participants – the 550+ battlefield casualties and 550+ matched controls from the UK Armed Forces – directly benefit from the Study. During their six study visits over 20 years they undergo a comprehensive health check, including tests on:

The participants benefit directly from the Study, as several aspects of their health and wellbeing are monitored. Any abnormal or concerning results are immediately flagged up with their primary healthcare providers so that any issues can be addressed as necessary.

A significant amount of data will be collected during the 20 years of the ADVANCE Study which will inform future medical and social care of combat casualties and is anticipated to inform healthcare policies. The results from ADVANCE will therefore provide unique information that will be essential to the care of survivors of serious and complex injuries, military or otherwise, across the world.

ADMR, Imperial College London and King’s College London benefit as direct recipients of research funding from the ADVANCE Charity.

1.4 Objects and activities for the public benefit

The Trustees have noted the Charity Commission guidance on Public Benefit.

The objects of the Charity are set out in section 1.1, and those objects combined with the activities and delivery detailed in section 1.2.2 and 1.3 clearly indicate the benefit that will accrue to the public from:

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ADVANCE Charity (1190361) For the period ended 30 June 2021

2 Finance review

The ADVANCE Charity was in a financially secure position at the end of the reporting period. The total cash and investments held by the charity at 30 June 2021 were £15,461,061 – broken down as shown in Table 4. (These figures do not include grant commitments, other accruals and accrued investment income.)

Table 4. Total cash and investments of the ADVANCE Charity at 30 June 2021.

Account Amount
Current account £2,967,254
Investment cash account £945,373
Investments £ 11,548,434
Total on all accounts £15,461,061

The significant credit balance on the current account at the end of June 2021 was due to the TBI and omics funds from the Headley Court Charity. Soon after the end of the reporting period some of these funds were transferred to separate designated Hoare’s savings accounts, and some of the TBI funds were transferred to Investec to be invested.

Expenditure during the reporting period was significantly higher compared to the previous year, due the new grants awarded. A £25,000 tranche of the existing H4H award was transferred to ADMR, along with £246,000 to cover ADMR’s core ADVANCE costs for another year of the Study. £56,250 was transferred to KCL for the FiMT project, and £47,479 was transferred to ICL for data managers’ salaries (part of core ADVANCE). The total accrued grant payments – for the data managers, TBI and omics grants – were £882,114.

The operating costs of the Charity during the reporting period were £88,814. These consisted mainly of investment management fees, legal expenses relating to the creation of the CIO, audit fees and other professional fees.

Table 5. Expenditure of the ADVANCE Charity during the reporting period (including grant accruals).

Description Amount
Grant to ADMR (core ADVANCE; from the ring-fenced H4H funds) £25,000
Grant to ADMR (core ADVANCE; from general funds) £246,000
Grant to King’s College London (transition project; from the ring-fenced FiMT funds) £56,250
Grant to Imperial College London (data managers; core ADVANCE; from general funds) £237,394
Grant to Imperial College London (TBI project; from the ring-fenced Headley Court funds) £377,891
Grant to ADMR (TBI project; from the ring-fenced Headley Court funds) £20,000
Grant to Imperial College London (omics project; from the ring-fenced Headley Court funds) £294,308
Charity operating costs £88,814
TOTAL EXPENDITURE £1,345,657

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ADVANCE Charity (1190361)

For the period ended 30 June 2021

2.1 Investments

The Charity’s invested funds are managed on a discretionary mandate by Investec Wealth & Investment. A total of £10,730,000 has been transferred to Investec to date for the main portfolio and £1,382,620 for the TBI portfolio.

The Charity’s investment policy was agreed by the Trustees in March 2020 and was integral to the investment manager selection process. Key points from the policy include:

David Miller, Executive Director at Quilter Cheviot Investment Management Limited, continues to advise the Trustees as the ADVANCE Charity’s independent investment advisor. The independent advisor guided the Charity through the investment manager selection process and participates in regular portfolio reviews.

The Charity’s invested funds are mainly held in two portfolios and were invested from cash over the reporting period. In addition, a significant amount of the TBI funds was invested in a separate portfolio after the reporting period, in September 2021. The three portfolios are discussed below.

Environmental, social and governance (ESG) factors are embedded in the Charity’s investment policy and strategy. The Investment Manager uses Sustainalytics scoring when choosing companies to invest in, to ensure that the equities the Charity invests in are of high quality and sustainable.

2.1.1 Main portfolio

Value as at 30 June 2021: £11,548,435 (£11,076,868 in June 2020).

Portfolio Total Return Gross: 16.44% (benchmark return: 14.64%).

a) Portfolio

ADVANCE funds are invested in a balanced portfolio. The primary objective of the portfolio is to produce a certain level of income and for the capital value to be preserved in real terms. The Charity is reliant on the

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income generated by the investments and also seeks to achieve some capital growth. The portfolio is constructed with this in mind.

The main portfolio is managed on a medium risk basis, with a reasonable weighting in more conservative assets to allow for capital withdrawals, and the Charity takes a total return approach to drawdowns. The portfolio risk level reflects the level of risk that the Trustees are comfortable with, following discussions with Investec, which also incorporated the Trustees’ capacity for loss.

b) Performance

The Charity’s invested funds delivered a solid performance above the benchmark during the reporting period – as reflected in the figures in Table 4 above – with the balanced approach across a number of asset classes proving to be effective in providing growth against an uncertain global backdrop. Equity markets proved generally resilient supported by large government stimulus packages, and returns from infrastructure and commercial property reflected the increasing focus on rebuilding aged national networks and the rise of the distribution market in the period.

At 9 September 2021, the total capital gain on the Charity’s invested funds was £2.3m.

The Trustees will monitor the situation carefully as stimulus packages fade away and the reality of COVIDera corporate earnings is revealed. Global inflation outlooks will also feature in the Charity’s next review with Investec.

2.1.2 Number 2 portfolio – cash account

Value as at 30 June 2021: £945,373 (£14,774 in June 2020).

The Number 2 account is held ready for the anticipated payments of grants in accordance with the Charity’s cashflow forecast and receives monthly credits of cash from the main portfolio.

During the reporting period the Trustees considered the cash holdings in the Number 2 portfolio in light of a prudent review of possible outcomes given market uncertainties caused by the COVID-19 pandemic. The Trustees chose to increase the ‘cash buffer’ to mitigate any downturn in value, as COVID-inspired uncertainty in the markets was unknown. In January 2021 a sum of £500k was added to the Number 2 portfolio to provide this buffer.

2.1.3 Number 3 portfolio – TBI funds

Considering the total value (£1,989,457) of the TBI funds and the anticipated length of the TBI project (five years), the Trustees decided to invest a significant portion of these funds. 18 months’ worth of grant payments to ICL and ADMR (£606,837) were kept at C. Hoare & Co., and the rest (£1,382,620) of the money was transferred to Investec to be invested in September 2021.

The TBI money will be managed in a discrete portfolio by Investec on its own mandate. The first drawdown is expected in the first quarter of 2023.

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ADVANCE Charity (1190361) For the period ended 30 June 2021

2.2 Reserves Policy

The Trustees have considered CC19 Charity Reserves; Building Resilience.

The business model of the Charity is that there is very low operational expenditure, largely on investment management and other professional fees and sundry office expenditure, representing a fraction of the value of the unrestricted funds held by the Charity. The funds invested are set aside for spending on the Study over the next ten years, without which the work streams in the Study could not deliver their aims and the beneficiaries of the Charity would suffer. Given the size of the funds invested, the Trustees have decided that it is not appropriate to set aside a reserve to cover operational costs. As the amount of funds fluctuates during the future grant programmes, this policy will be reviewed annually.

3 Going concern

The Trustees have reviewed the financial situation in light of the cashflow forecast for the forthcoming financial reporting period and are comfortable that the Charity has sufficient funds to protect it from any threat to its status as a going concern. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

4 Principal risks and uncertainties

The current version of the ADVANCE Charity’s risk register was approved by the Board of Trustees in October 2020. The risk register will be reviewed annually.

The principal risks that have been identified and mitigation plans are described below in Table 6.

Table 6. Principal risks to ADVANCE and mitigation plans.

Risk Potential impact Mitigationplans
Failure to generate funding post The 20-year study could not be Ensure strong impact reporting to
2028. completed. key potential donors is inplace.
Financial controls processes and Financial loss and reputational Good internal controls documents;
rules insufficient to protect against damage. regular monitoring by Treasurer
loss. and regular liaison with Executive
Secretary.
Reduction in value of invested Financial loss; insufficient funds to Robust selection process of
funds impacts on funding of the complete the Study. investment manager; prudent
Study. investment policy set with clear
expectations for drawdown;
regular review ofperformance.
The Study fails to demonstrate Insignificant impact for participants
Clear reporting in key academic
significant impact such that current
and other battlefield casualties;		 journals; good, user friendly impact
stakeholders disengage and new reputational damage. reporting at timely intervals, at
supporters are not attracted. least annually.
COVID-19 restrictions prevent Decreased momentum and Regular contact with the ADVANCE
cohort attendance. reduced impact of the Study. Study maintained; ADVANCE cohort
kept warm for post-lockdown
engagement.
Lockdown restrictions inhibit the Decreased momentum and Working remotely and enabling
Study. reduced impact of the Study. essential Study work to be
maintained.

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5 Fundraising

The ADVANCE Charity does not use any external fundraisers or fundraising services. The Charity’s fundraising efforts are a task jointly undertaken by the ADVANCE Board of Trustees and the ADVANCE Study Project Board. The fundraising strategy is a targeted one, with strategic bids submitted to funders who are likely to be able to contribute significant funds to ADVANCE.

6 Plans for the future

During the reporting period 2020-2021 the Charity continued funding the ADVANCE Study, obtained significant additional funds for supplementary studies, and established and finalised the Charity’s operating and grant awarding processes and policies.

The strategy of the ADVANCE Study continues to be to produce the highest-level research to influence the clinical care of combat casualties, present and future. With the completion of baseline visits and good progress with the follow-up visits, despite challenges caused by the COVID-19 pandemic, the Study is in an excellent position to be able to do so. The Study’s main aims for the year ahead include publishing the key findings from the baseline visits and progressing with the follow-up visits in order to offset the delays caused by the COVID-19 lockdowns. The supplementary studies are also expected to make significant progress over the next year.

The Charity’s plans for the next year and beyond include:

7 Structure, governance and management

The Charity has been a charitable incorporated organisation founded under a constitution since 30 November 2020 when all assets, liabilities and contracts of the old charitable trust were transferred to the CIO. The CIO was registered as a charity on 13 July 2020 in England and Wales.

The structure of the ADVANCE Charity is a simple one. The Board of Trustees is the decision-making body of the Charity, and they have delegated the day-to-day operations, finance and administrative duties to the Executive Secretary / Operations Manager who – during the reporting period – was Dr Maija Maskuniitty. She is not an employee of the Charity but is seconded from Imperial College London to work for the Charity one day a week on an on-going basis. The Charity does not directly employ any staff.

An informal operating committee of the Chairman, Treasurer, Sir Anthony Newman Taylor, the Executive Secretary and the Chair of the ADVANCE Study Project Board meet prior to ADVANCE Charity Board meetings.

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Board meetings took place quarterly until the end of 2020, but it was then agreed that three meetings per year would be sufficient. Any issue may be determined by a simple majority of the votes cast at a Board meeting, but resolutions may also be passed in writing outside of the meetings. The Chair of Trustees has the casting vote.

All Trustees give their time voluntarily and receive no benefits from the Charity. Any expenses reclaimed from the charity are set out in note 8 to the accounts.

7.1 Appointment of trustees

Trustees are appointed based on their relevant skills, knowledge and experience required for acting as an ADVANCE trustee. All trustee appointments are made by a resolution of the existing trustees.

7.2 Trustee induction and training

Each Trustee of the ADVANCE Charity must sign a declaration stating their willingness to act as a trustee and confirming their eligibility to act as a charity trustee, and all new trustees are given the necessary information and introduction to the ADVANCE Charity and being a trustee. The trustee induction pack includes:

7.3 Related parties and relationships with other organisations

The ADVANCE Charity exists to enable and support the ADVANCE Study. Close collaboration and cooperation with the ADVANCE Study partners – ADMR, Imperial College London and King’s College London – is therefore essential. The Charity awards grants to these three organisations for the sole purpose of carrying out the Study. The relationship between the ADVANCE Charity and the ADVANCE Study partner organisations is discussed in more detail in Section 1.1.

18

ADVANCE Charity (1190361)

For the period ended 30 June 2021

Statement of responsibilities of the trustees

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's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

Sayer Vincent LLP was re-appointed as the charity's auditor during the year and has expressed its willingness to continue in that capacity.

The trustees’ annual report has been approved by the trustees on 6 October 2021 and signed on their behalf by Admiral of the Fleet the Lord Boyce.

Admiral of the Fleet the Lord Boyce, Chair of Trustees

19

ADVANCE Charity (1190361)

For the period ended 30 June 2021

Independent auditor’s report to the trustees of The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Opinion

We have audited the financial statements of The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity (the ‘charity’) for the year ended 30 June 2021 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

20

ADVANCE Charity (1190361)

For the period ended 30 June 2021

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

21

ADVANCE Charity (1190361)

For the period ended 30 June 2021

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

22

ADVANCE Charity (1190361)

For the period ended 30 June 2021

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

21 October 2021

Sayer Vincent LLP, Statutory Auditor

Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

23

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 30 June 2021

Unrestricted
Note
£
2
8,246
3
50,000
4
236,539
294,785
50,265
343,278
5
393,543
(98,758)
11
1,493,827
7
1,395,069
Transfers between funds
15
(237,394)
Net movement in funds
1,157,675
11,114,341
12,272,016
Raising funds
Total expenditure
Charitable activities
ADVANCE Study
Investments
Total income
Expenditure on:
Total funds brought forward
Net gains on investments
Total funds carried forward
Net income / (expenditure) for the
year
Net income/(expenditure) before net
gains on investments
Reconciliation of funds:
Income from:
Donations and legacies
Charitable activities
ADVANCE Study		 Unrestricted
Note
£
2
8,246
3
50,000
4
236,539
294,785
50,265
343,278
5
393,543
(98,758)
11
1,493,827
7
1,395,069
Transfers between funds
15
(237,394)
Net movement in funds
1,157,675
11,114,341
12,272,016
Raising funds
Total expenditure
Charitable activities
ADVANCE Study
Investments
Total income
Expenditure on:
Total funds brought forward
Net gains on investments
Total funds carried forward
Net income / (expenditure) for the
year
Net income/(expenditure) before net
gains on investments
Reconciliation of funds:
Income from:
Donations and legacies
Charitable activities
ADVANCE Study		 Designated
£
-
-
-		 Restricted
£
-
3,015,958
-		 2021
Total
£
8,246
3,065,958
236,539		 Unrestricted
£
30,000
11,050,000
40,502		 Restricted
£
-
175,000
-		 2020
Total
30,000
11,225,000
40,502
294,785 - 3,015,958 3,310,743 11,120,502 175,000 11,295,502
50,265
343,278		 -
189,915		 -
762,199		 50,265
1,295,392		 5,836
347,193		 -
175,000		 5,836
522,193
393,543 189,915 762,199 1,345,657 353,029 175,000 528,029
(98,758)
1,493,827		 (189,915)
-		 2,253,759
-		 1,965,086
1,493,827		 10,767,473
346,868		 -
-		 10,767,473
346,868
1,395,069
(237,394)		 (189,915)
237,394		 2,253,759
-		 3,458,913
-		 11,114,341
-		 -
-		 11,114,341
-
1,157,675
11,114,341		 47,479
-		 2,253,759
-		 3,458,913
11,114,341		 11,114,341
-		 -
-		 11,114,341
-
12,272,016 47,479 2,253,759 14,573,254 11,114,341 - 11,114,341

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15 to the financial statements.

24

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Balance sheet

As at 30 June 2021

Note
11
12
Creditors: amounts falling due within one year
13
14
The funds of the charity:
15
Restricted income funds
Unrestricted income funds:
Designated funds
General funds
Total unrestricted funds
Total charity funds
Fixed assets:
Investments
Total net assets
Net current assets
Liabilities:
Current assets:
Debtors
Cash at bank and in hand		 £
17,972
3,912,626		 2021
£
11,548,435		 £
18,031.00
47,434.00		 2020
£
11,076,868.00
3,024,819 37,473.00
3,930,598
(905,779)		 65,465.00
(27,992.00)
47,479
12,272,016		 -
11,114,341.00
14,573,254 11,114,341.00
2,253,759
12,319,495		 -
11,114,341.00
14,573,254 11,114,341.00

Approved by the trustees on 6 October 2021 and signed on their behalf by

Admiral of the Fleet the Lord Boyce Robert Robson Chair of Trustees Treasurer

25

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Statement of cash flow

For the year ended 30 June 2021

Net cash provided by operating activities
Cash at bank and in hand
Cash held by investment broker
Total
Analysis of cash and cash equivalents and of net debt
Dividends, interest and rent from investments
Cash flows from operating activities
Net income for the reporting period
(as per the statement of financial activities)
Gains on investments
Decrease/(increase) in debtors
Increase in creditors
Net cash used in investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from sale of investments
Purchase of investments
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the		 £
£
3,458,913
(1,493,827)
(236,539)
59
877,787
2,606,393
236,539
4,538,007
(3,539,905)
1,234,641
3,841,034
110,813
3,951,847
At 1 July
2020
£
47,434
63,379
110,813
2021		 £
£
11,114,341
(346,868)
(40,502)
(18,031)
27,992
10,736,932
40,502
2,227,836
(12,894,457)
(10,626,119)
110,813
-
110,813
Cash flows
At 30 June
2021
£
£
3,865,192
3,912,626
(24,158)
39,221
3,841,034
3,951,847
2020		 £
£
11,114,341
(346,868)
(40,502)
(18,031)
27,992
10,736,932
40,502
2,227,836
(12,894,457)
(10,626,119)
110,813
-
110,813
Cash flows
At 30 June
2021
£
£
3,865,192
3,912,626
(24,158)
39,221
3,841,034
3,951,847
2020
10,736,932
(10,626,119)
110,813
-
110,813
At 30 June
2021
£
3,912,626
39,221
3,951,847

26

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2021

1 Accounting policies

a) Statutory information

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity is an charitable incorporated organisation registered with the Charity Commission for England and Wales.

The registered office address and principal place of business is Guy Scadding Building, National Heart & Lung Institute, Dovehouse Street, London, SW3 6LY.

b) 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) 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 assets and liabilities within the next reporting period.

e) 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 measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

27

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2021

1 Accounting policies (continued)

f) 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.

g) 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.

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

i) 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.

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

28

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2021

1 Accounting policies (continued)

k) Allocation of support costs

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

 The ADVANCE Study 100%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

l) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

m) 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.

n) Short term deposits

Short term deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

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.

p) 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.

29

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2021

Income from donations and legacies
Donated services 2021
Total
£
8,246		 2020
Total
£
30,000
8,246 30,000

Donated services represents administrative and management support provided by Imperial College London, all of which are unrestricted.

3 Income from charitable activities

ADVANCE Study
Forces in Mind Trust
Total
Blesma
Help for Heroes
Headley Court Charity
Nuffield Trust for the Forces of the
Headley Court Charity - TBI
Headley Court Charity - Omics		 Unrestricted
£
-
-
-
-
-
-
50,000		 Restricted
£
-
956,501
1,989,457
-
25,000
45,000
-		 2021
Total
£
-
956,501
1,989,457
-
25,000
45,000
50,000		 Unrestricted
£
10,000,000
-
-
1,000,000
-
-
50,000		 Restricted
£
-
-
-
-
175,000
-
-		 2020
Total
£
10,000,000
-
-
1,000,000
175,000
-
50,000
50,000 3,015,958 3,065,958 11,050,000 175,000 11,225,000

4 Income from investments

Income from investments
Interest received
Dividends received		 2021
Total
£
40,528
196,011		 2020
Total
£
36,727
3,774
236,539 40,501

All income from investments is unrestricted.

30

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2021

5a Analysis of expenditure (current year)

Grants made (note 6)
Investment management fees
Operating costs
Support costs
Governance costs
Total expenditure 2021
Total expenditure 2020		 Raising
funds
£
-
50,265
-		 Charitable activities Charitable activities Support
costs
£
-
-
31,349		 2021
Total
£
1,256,843
50,265
38,549		 2020
Total
£
475,000
5,836
47,193
ADVANCE
Study
£
1,256,843
-
-		 Governance
costs
£
-
-
7,200
50,265
-
-		 1,256,843
31,349
7,200		 7,200
-
(7,200)		 31,349
(31,349)
-		 1,345,657
-
-		 528,029
-
-
50,265 1,295,392 - - 1,345,657 528,029
5,836 522,193 - -

5b Analysis of expenditure (prior year)

Grants made (note 6)
Investment management fees
Operating costs
Support costs
Governance costs
Total expenditure 2020		 Raising
funds
£
-
5,836
-		 Charitable activities Charitable activities Support
costs
£
-
-
40,473		 2020
Total
£
475,000
5,836
47,193
ADVANCE
Study
£
475,000
-
-		 Governance
costs
£
-
-
6,720
5,836
-
-		 475,000
40,473
6,720		 6,720
-
(6,720)		 40,473
(40,473)
-		 528,029
-
-
5,836 522,193 - - 528,029

31

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2021

Grant making
Cost
Academic Department of Military Rehabilitation
Imperial College London
King's College London		 2021
£
338,479
862,114
56,250
1,256,843		 2020
£
475,000
-
-
475,000

The ADVANCE Charity is a grant-making charity. Grants are made to the institutions who carry out ADVANCE Study research which are currently the Academic Department of Military Rehabilitation (ADMR, MoD, Stanford Hall), Imperial College London and King’s College London.

7 Net income for the year

This is stated after charging

This is stated after charging
2021 2020
£ £
Auditor's remuneration (excluding VAT):
Audit 6,000 5,600

8 Analysis of staff costs, trustee remuneration and expenses

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year. No charity trustee received payment for professional or other services supplied to the charity.

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £NIL (2020: £116) incurred by no members (2020: 2) relating to attendance at meetings of the trustees.

9 Related party transactions

The ADVANCE Charity exists to enable and support the ADVANCE Study. Close collaboration and cooperation with the ADVANCE Study partners – ADMR, Imperial College London and King’s College London – is therefore essential. The Charity awards grants to these three organisations for the sole purpose of carrying out the Study.

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

10 Taxation

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

32

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2021

11
Listed investments
Fair value at the start of the year
Additions at cost
Disposal proceeds
Net gain on change in fair value
Cash held by investment broker
Fair value at the end of the year
Investments comprise:
UK equities
Bonds
Overseas equities
Property
Alternatives
Cash
12
Debtors
Accrued income		 2021
£
11,013,489
3,539,905
(4,538,007)
1,493,827
11,509,214
39,221
11,548,435
2021
£
4,769,122
1,455,391
3,889,903
448,869
963,900
21,250
11,548,435
2021
£
17,972
17,972		 2020
£
-
12,894,457
(2,227,836)
346,868
11,013,489
63,379
11,076,868
2020
£
2,947,295
1,270,603
2,400,736
-
612,886
3,845,348
11,076,868
2020
£
18,031
18,031

With the exception of listed investments, both assets and liabilities are measured at amortised cost. The carrying values of these are shown above and also in note 13 below.

13 Creditors: amounts falling due within one year

Accruals
Grant commitments		 2021
£
23,665
882,114
905,779		 2020
£
27,992
-
27,992

33

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2021

14a Analysis of net assets between funds (current year)

Investments
Net current assets
Net assets at 30 June 2021		 Restricted
£
-
2,253,759
2,253,759		 Designated
£
-
47,479
47,479		 General
unrestricted
£
11,548,435
723,581
12,272,016		 Total
funds
£
11,548,435
3,024,819
14,573,254

14b Analysis of net assets between funds (prior year)

Investments
Net current assets
At 1 July
2020
£
Restricted funds:
-
-
-
-
Total restricted funds
-
Unrestricted funds:
Designated funds:
-
Total designated funds
-
General funds
11,114,341
Total unrestricted funds
11,114,341
Total funds
11,114,341
Movements in funds (current year)
Imperial College London - data
managers
Net assets at 30 June 2020
Help for Heroes
Forces in Mind Trust
Headley Court - Omics
Headley Court - TBI		 Income &
gains
£
956,501
1,989,457
25,000
45,000
3,015,958
-
-
1,788,612
1,788,612
4,804,570		 Expenditure
& losses
£
(294,308)
(397,891)
(25,000)
(45,000)
(762,199)
(189,915)
(189,915)
(393,543)
(583,458)
(1,345,657)		 General
unrestricted
£
11,076,868
37,473
11,114,341
Transfers
£
-
-
-
-
-
237,394
237,394
(237,394)
-
-		 Total
funds
£
11,076,868
37,473
11,114,341
At 30 June
2021
£
662,193
1,591,566
-
-
2,253,759
47,479
47,479
12,272,016
12,319,495
14,573,254

15a Movements in funds (current year)

The narrative to explain the purpose of each fund is given at the foot of the note below.

34

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2021

15b Movements in funds (prior year)

Restricted funds:
Total restricted funds
General funds
Total unrestricted funds
Total funds
Help for Heroes		 At 11 March
2019
£
-
-
-
-
-		 Income &
gains
£
175,000
175,000
11,467,370
11,467,370
11,642,370		 Expenditure
& losses
£
(175,000)
(175,000)
(353,029)
(353,029)
(528,029)		 Transfers
£
-
-
-
-
-		 At 30 June
2020
£
-
-
11,114,341
11,114,341
11,114,341

Purposes of restricted funds

▪ Headley Court - Omics

The funds are to be used to fund and support the ADVANCE Omics project at Imperial College London.

▪ Headley Court - TBI

The funds are to be used to fund and support the ADVANCE TBI project at Imperial College London and Stanford Hall, ADMR.

▪ Help for Heroes

The funds are to be used to fund and support the ADVANCE Study research programme at Stanford Hall,

▪ Forces in Mind Trust

The funds are to be used to fund and support the ADVANCE FiMT project at Kings College London.

Purposes of designated funds

▪ Imperial College London - data managers

The funds are to be used to fund the costs of data managers at Imperial College London

16 Legal status of the charity

The Charity is a charitable incorporated organisation which was registered on 13 July 2020 with the Charity Commission in England and Wales.

35