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2024-06-30-accounts

Charity number: 1190361

ADVANCE Charity

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Annual report and financial statements For the period ended 30 June 2024

ADVANCE Charity (1190361) For the period ended 30 June 2024

Contents

Contents Contents
Reference and administrative information……………………………………………………………………. 2
Trustees’ annual report……………………………………………………………………………………….………… 4
1 Objectives and activities………………………………………………………………………… …………. 4
1.1 Purposes and aims………………………………………………………………………………………... 4
1.2 Beneficiaries of our services…………………………………………………………………………..6
1.3 Achievements and performance……………………………………………………………………. 7
1.3.1 Achievements and performance of the ADVANCE Charity…………………….. 7
1.3.2 Achievements and performance of the ADVANCE Study…………….…………. 8
1.4 Objects and activities for the public benefit………………………………………………….. 11
2 Finance review…………………………………………………………………………………………………11
2.1 Investments…………………………………………………………………………………………………. 11
2.1.1 Main portfolio………………………………………………………………………………………. 12
2.1.2 Number 2 portfolio – cash account……………………………………………………….. 12
2.2 Reserves policy……………………………………………………………………………………………… 13
3 Going concern………………………………………………………………………………………………….13
4 Principal risks and uncertainties………………………………………………………………………13
5 Fundraising………………………………………………………………………………………….............14
6 Plans for the future……………………………………………………………………………… ………….15
7 Structure, governance and management……………………………………………..............15
7.1 Appointment of trustees………………………………………………………………………………. 16
7.2 Trustee induction and training……………………………………………………………………… 16
7.3 Related parties and relationships with other organisations………………. …………. 16
Statement of responsibilities of the trustees…………………………………………………………………. 17
Independent auditor’s report…………………………………………………………………………………………. 18
Statement of financial activities (incorporating an income and expenditure account)…. 22
Balance sheet…………………………………………………………………………………………………………………. 23
Statement of cash flows…………………………………………………………………………………………………. 24
Notes to the financial statements………………………………………………………………………………….. 25

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ADVANCE Charity (1190361) For the period ended 30 June 2024

Reference and administrative information

Charity number: 1190361 Country of registration: England and Wales

Registered office and operational address:

Guy Scadding Building, National Heart and 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’. 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’.

Trustees:

Trustees who served during the reporting period and up to the date of this report are listed below.

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, Investment Director Conficap Oy

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ADVANCE Charity (1190361) For the period ended 30 June 2024

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 110 Golden Lane London EC1Y 0TG Investment Manager: Investec Wealth & Investment – until November 2023 30 Gresham Street London EC2V 7QN Cazenove Capital – from November 2023 1 London Wall Place EC2Y 5AU

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ADVANCE Charity (1190361) For the period ended 30 June 2024

Trustees’ annual report

The Trustees present their report and the audited financial statements for the period ended 30 June 2024.

Reference and administrative information set out on pages 2 and 3 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.

Initial start-up 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, respectively, and a sub-award of the LIBOR grant was given to King’s College. A substantial grant of £10m from the Headley Court Charity in 2020, which was followed by further significant donations from the Headley Court Charity and other charities, secured the medium-term future of the Study.

The ADVANCE Charity was established as the most efficient and cost effective way of distributing charitable funds to the Study. It exists solely to enable, fund and support the ADVANCE Study research programme and is primarily a grant-making charity.

The Objects of the Charity are:

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ADVANCE Charity (1190361)

For the period ended 30 June 2024

The ADVANCE Study and the ADVANCE Charity are closely interlinked. The differences in their roles, and respective 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.

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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Figure 1. ADVANCE Charity and ADVANCE Study organisation

1.2 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:

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o MRI brain scans and neuropsychological tests (since May 2022).

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 wider 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.

Wider beneficiaries include the national and international medical and rehabilitation organisations that learn from the findings of ADVANCE research.

1.3 Achievements and performance

The Charity's main activities 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.

The ADVANCE Charity and the ADVANCE Study continued to make significant progress during the reporting period, and the Charity continued to fund the Study partners and collaborators.

1.3.1 Achievements and performance of the ADVANCE Charity

The main aims of the Charity during the reporting period, detailed below, were:

a) Continuing funding the ADVANCE Study partner organisations

The Charity continued its support for the three core ADVANCE Study organisations through its annually agreed core ADVANCE grants programme. The three restricted grants to the Traumatic Brain Injury study, the Omics study and the ADVANCE-INVEST study were maintained. The total value of grants committed in 2023/24 was £1,980,461.

b) Refining and developing the ADVANCE Study Annual Scientific Review

The last formal ADVANCE Study Annual Scientific Review was held in May 2023, which gave comfort for the release of the 2024/5 grants. The purpose of the review was two-fold: firstly, It was an opportunity for the Trustees to review the work of the ADVANCE Study and to approve (or otherwise) the following year’s grant payments for the multi-year grants; secondly, it gives all ADVANCE Study research leads the opportunity to discuss their work with each other and the Trustees, and to review and align their research aims.

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Following from the annual review, grant payments for 2024-25 were approved by the Trustees for all multiyear grants funded by the Charity.

In future years the Scientific Review will be replaced by the Independent Scientific Review Group and by an Annual Impact Review by trustees.

c) Monitoring the impact of global economic trends and pressures on investment markets

The Trustees receive regular reports from the Charity’s investment managers, which detail the performance of the Charity’s investment portfolios. These are reviewed in detail by the Investment Committee and shared with Trustees. The Investment Committee meet the fund managers in person on a six monthly cycle.

Reports from the investment managers are accompanied by detailed explanations of trends. The past year has seen markets recover somewhat, and portfolio performance is in line with expectations.

Grant payments have been unaffected by market uncertainty due to the organisation of cash holdings, and the Treasurer and Operations Manager monitor cashflows regularly to ensure sufficient balances are in place. However, the change in global outlook against the environment when investments commenced prompted the Trustees to conduct a review of investment managers to ensure that our strategy and investment policy remain appropriate. The outcome of this review is detailed in the Investments section below.

d) Ensuring appropriate governance

The detailed changes to the Trustee Board are outlined in Section 7. The aim was to maintain a Board focused on enabling the Charity to deliver its objectives through a balance of expertise.

The selection of a new Chairman in 2023, and the decision to seek a Trustee who is expert in fundraising, are the two significant changes to report. The future approach will be to ensure that all Trustees are involved appropriately with the business of the Charity, with sub-committees focusing on the specific areas of Investments and Fundraising.

1.3.2 Achievements and performance of the ADVANCE Study

The ADVANCE Study has continued to make excellent progress in the last year. Cohort retention/recruitment/data collection continues at a very good rate, Study outputs and impact are increasing, and extra funding has been successfully secured. The second of the five follow-up visits started in spring 2023 and should be completed by late 2026/early 2027, and the Study is on schedule to complete in 2040.

a) Follow-up visits and retention of cohort

Baseline recruitment of the ADVANCE cohort (1,145 participants) and baseline visits were completed back in August 2020, and Follow-up 1 was completed in August 2023 with an outstanding 92% retention rate. Follow-up 2 is progressing extremely well with over 400 (40%) recruited/retained so far. Participants have excellent engagement with the Study (see participant engagement below) and are very keen to be involved in further new research and data collection as demonstrated by the very good response to the Traumatic Brain Injury project.

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b) Research outputs, communication and impact

The Study continues to produce high-impact academic papers, which results in highlighting ADVANCE research to academic and clinical audiences. ADVANCE findings are also regularly presented at scientific and clinical conferences and shared with key stakeholders such as relevant government bodies and charities. As more follow-up data is collected, the findings from the Study are likely to have a direct influence on clinical care. Increasingly, as the body of clinically significant findings increases, the aim is to disseminate these findings to those who influence policy and healthcare.

Between July 2023 and August 2024, 9 academic/clinical manuscripts were published from ADVANCE, and ADVANCE findings were presented at 24 national and international conferences.

The papers published since July 2023 are listed below. A full list of ADVANCE publications can be found here: https://www.advancestudydmrc.org.uk/publications/.

In the coming years the ADVANCE Study is intent on broadening the focus of ADVANCE research. This would encompass not only investigating the medical and psychosocial outcomes in combat casualties but also looking at more deterministic hypotheses so as to identify predictors of good and bad outcomes, and to explore the possibilities of interventional sub-studies to increase the clinical, military and societal impact of ADVANCE.

c) New and future funding

The Project Board in conjunction with ADVANCE collaborators and the Charity are continuously looking for funding opportunities and working to secure new funding. The Study has had success in securing funding from Forces in Mind Trust for a grant of £300,000 in collaboration with, and led by, Prof Janet Lord at the University of Birmingham. This will fund further investigation into the effects of combat trauma on premature aging. Funds have also been secured from the National Institute for Academic Anaesthesia for £75,000 in collaboration with, and led by, Dr Harriet Kemp investigating deeper into long-term pain

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outcomes in combat casualties. Further funding applications are being prepared for the Medical Research Council and the Nuffield Trust for the Forces to the Crown.

d) Supplementary studies

Additional supplementary studies are progressing well. Work investigating the biomechanics, strength and imaging of amputees in the Study in comparison to controls has been completed and has confirmed that ADVANCE amputees have excellent physical performance in comparison to uninjured controls, which is presumed to be due to high level rehabilitation and state-of-the-art prosthetics. Another study investigating serum biomarkers of early joint degeneration (osteoarthritis) has identified blood biomarkers that may predict future osteoarthritis. The ADVANCE-TBI (traumatic brain injury) study is looking at evidence and predictors of neurodegeneration in ADVANCE participants who have sustained traumatic brain injury and blast injury and is recruiting very well with 750 or the 1145 cohort recruited. They have also identified a blood biomarker, which is prevalent in this TBI subgroup, which predicts neurodegeneration. Finally, the ADVANCE Omics study investigating proteomic and metabolomic biomarkers (proteins and metabolites in the bloodstream) in the serum of participants has identified a proteomic signature of combat trauma and potential predictors of cardiovascular disease and evidence of combat-related premature aging.

e) Independent Scientific Advisory Group

In the last year the Study has made a significant step by establishing an independent international scientific advisory group, chaired by Prof Alun Hughes from University College London, and comprising 13 relevant subject matter experts from five different countries. The purpose of the group is to give advice on all aspects of the Study from future funding sources, future data collection, data analysis and general strategy. The first meeting in May 2024 was extremely useful and was attended by ADVANCE Trustee Sir Anthony Newman Taylor.

f) Participant engagement and communications

The study participants continue to be at the heart of the ADVANCE Study, and their views and opinions feed into how the Study is run. During the reporting period, ADVANCE moved from set 2-3 participant panel meetings per year to ‘ad hoc’ meetings to meet the needs of the Study. Three meetings have been held, with a fourth planned in Autumn 2024 and it is envisaged that, in the future, the need and frequency for these meetings will increase. With more and more papers being produced, and interventions and nested studies being developed based on study findings, the views of ADVANCE participants will need to be incorporated into the planning of the investigations.

Maintaining momentum

Focusing on strategies to retain the cohort for the duration of the Study is important. The ADVANCE newsletters (three times a year), birthday cards and Christmas cards continue to be sent out along with one-page lay language summaries of the most significant academic papers. The Participant Panel said they wanted to hear about the ‘results’ and how they are disseminated along with their relevance and translation into practice and policy. The newsletter includes this information. At the end of their clinic visit to DMRC Stanford Hall participants are provided with a small gift such as a keyring, pen, or mug with the ADVANCE logo on as a visible reminder that they are part of this important cohort – the participants have indicated that they appreciate these little touches.

Links to the ADVANCE Study web and social media sites are listed below.

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X (previously Twitter): https://twitter.com/AdvanceStudy Website https://www.advancestudydmrc.org.uk/ Newsletter: https://www.advancestudydmrc.org.uk/newsletter/ LinkedIn: http://www.linkedin.com/company/advance-study Facebook: https://www.facebook.com/ADVANCESTUDYDMRC

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 1.3 clearly indicate the benefit that will accrue to the public from:

2 Finance review

The ADVANCE Charity was in a financially secure position at the end of the reporting period. The total charity funds at 30 June 2024 were £7,617,818. The figure should be viewed in the context of the Charity’s new Reserves policy detailed in Section 2.2. £451,470 of the total funds relates to restricted funds, with £1,671,072 designated for future grant commitments which are too early to recognise as expenditure currently.

Expenditure during the reporting period consisted of grant expenditure of £2,048,002 and operating costs of £71,517. The operating costs comprised the Executive Secretary and Operations Manager salary, audit fees, a fundraising review and general expenses. There was also costs of £55,637 relating to investment management fees.

Details of grant expenditure can be found in Note 5.

2.1 Investments

As described above, the Trustees conducted a full investment manager review in the context of the purchase of Investec Wealth & Investment by Rathbones. A full request-for-tender was produced and a competitive process instigated, which culminated in the appointment of Cazenove Capital in November 2023.

The Charity’s investment policy was reviewed and agreed by the Trustees in November 2023. Key points from the current policy include:

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bond “ladder” is monitored by both the charity and Cazenove, who receive instructions to liquidate the funds at the appropriate time. We also maintain sufficient balances in cash at Hoare and Co.

David Miller continues to advise the Trustees as the ADVANCE Charity’s independent investment advisor and participates in regular portfolio reviews.

The Charity’s funds are held in two types of portfolios at Cazenove:

2.1.1 Sustainable Multi-Asset Fund

The primary objective of the SMAF is to produce a certain level of income and for the capital value to be preserved in real terms.

The fund aims to provide income and capital growth in excess of inflation (as measured by the UK Consumer Price Index) plus 4% per annum (after fees have been deducted) over rolling 10-year periods by investing in equities, fixed and floating rates securities and alternative assets worldwide which meet the Investment Manager's sustainability criteria.

Performance of the SMAF has to be seen in the light of the short term of holdings over the reporting period. The past year has seen a number of trends continuing to affect valuations including higher inflation, spiralling wage demands in both private and public sectors, recession threats and the impact of global instability.

The Trustees maintain close contact with their investment advisors and are confident that the underlying investment rationale remains sound.

2.1.2 Bond portfolio - core grants and TBI

Portfolio Value as at 30 June 2024:

The Bond portfolio is held to provide a low risk solution for the anticipated payments of grants in accordance with the Charity’s cashflow forecast.

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2.2 Reserves policy

The Trustees have considered CC19 Charity Reserves; Building Resilience.

The business model of the Charity is unusual, in that there is low operational expenditure on charity support, professional (including investment) fees and sundry office expenditure, which represents a small proportion of the value of the unrestricted and uncommitted funds held by the Charity.

In developing its reserves policy in the Autumn of 2023, and having taken into account restricted funds, designated funds and sums accrued set aside to complete existing funding agreements, the Trustees are left with a ‘strategic reserve’ of around £5.4m. The Trustees are therefore comfortable that the Charity meets all the requirements of a going concern.

However, in practical terms, the Trustees’ intent is that these funds will provide the continuity funding for the next phase of the ADVANCE Study, and are thus ‘programme-related investments’ earmarked to deliver the purposes of the Charity. With this constraint in mind, they are not viewed as free reserves. Whilst significant, and providing medium-term comfort, they are insufficient to fund the Study through to its end point in 2040. The Trustees are thus beginning the process of discussing the appropriate allocation of responsibilities with the ADVANCE Study Project Board regarding seeking funds for the future.

2 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.

3 Principal risks and uncertainties

The current version of the ADVANCE Charity’s risk register was approved by the Board of Trustees in June 2024. The risk register is reviewed annually.

The principal risks that have been identified and mitigation plans are described below in Table 2.

Table 2. Principal risks to ADVANCE and mitigation plans.

Risk Potential impact Mitigationplans
Study cohort numbers fall away The 20-year study could not be Cohort monitoring will provide early
over time. completed. warning. Ensure close liaison with
cohort interest groups e.g. CASEVAC
Club.
The Study fails to demonstrate Insignificant impact for Clear reporting in key academic
significant impact such that current
participants and other battlefield		 journals with an active publication
stakeholders disengage and new casualties; reputational damage. plan. Good, user friendly impact
supporters are not attracted. reporting at timely intervals, at least
annually. New scientific review of all
ADVANCE research annually.
Failure to generate funding post The 20-year study could not be Ensure strong impact reporting to key
2029. completed. potential donors is in place. Recruit a
Fundraising Trustee. Develop a
Fundraising Strategy. Publications
comingon stream in key journals.

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Financial controls processes and Financial loss and reputational Good internal controls documents
rules insufficient to protect against damage. audited by Sayer Vincent. Regular
loss. monitoring by Treasurer and regular
liaison with Exec Sec. Treasurer signs
off bank statements monthly.
Relationshipwith bankers very good.
Reduction in value of invested Financial loss; insufficient funds Robust selection process of
funds impacts on funding of the to complete the Study. investment manager. Prudent
Study. investment policy set with clear
expectations for drawdown. Bond
portfolios in place for current grants
period. Annual review of
performance completed
satisfactorily. Investment manager
review completed. Fundraising
consultants appointed.
Run rate of core grants affected Insufficient funds to complete Close monitoring of Study core grant
adversely by inflation/additional the Study; insignificant impact for lines provides ‘no surprises’.
costs. participants and other battlefield Understanding connection between
casualties; reputational damage. run rate and anticipated duration of
funds.
Core Project Board personnel fall Insignificant impact for Ensure key Project Board personnel
away/move on/become participants and other battlefield discuss this issue regularly. Annual
disengaged. casualties;reputational damage. review byTrustee Board.

4 Fundraising

Responsibility for the Charity’s fundraising efforts lie principally with the Project Board, with active support from the Trustees. To date the fundraising strategy has been focused, successfully, on securing unrestricted funds to enable the core Study aims to become fully operational, with restricted funds being sought for supplementary studies.

With funding secure for the current five-year grants programmed ending in late 2026, the Trustees are looking to the longer term. The Charity and Project Board are conducting a detailed review of the anticipated requirement, with a view to focusing on securing a methodology for raising funds from 2025.

Over the past year the Charity has strengthened its positioning for providing fundraising support:

In 2019 the Headley Court Charity sold the site of the property to Angle Properties. The Headley Court trustees are now considering the future of their charity and in the summer of 2024 invited the ADVANCE Charity to assume the respective Overage and Clawback clauses in their contract with Angle Properties. Legal advice was taken, and the transfer of the clauses was completed in the Autumn of 2024. Any future proceeds are indeterminate in both time and amount but the ADVANCE Charity is most grateful for the faith shown by the Headley Court Trustees in the importance of the Study.

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5 Plans for the future

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

The strategy of the 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 Follow-up 1 visits, the Study is in an excellent position to be able to do so.

The ADVANCE Study’s 2024-25 core priorities include:

6 Structure, governance and management

The Charity has been a charitable incorporated organisation (CIO) 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 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, Dr Maija Maskuniitty. She is not an employee of the Charity but is seconded from Imperial College London to work for the Charity two days a week on an on-going basis. The Charity does not directly employ any staff.

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With a view to the medium-term funding requirements, Trustees led a search for a Trustee with fundraising expertise to join the Board. As described above, after an open search process Jamie Webb joined the Board in Nov 2023.

In 2024 the Board of Trustees moved to a cycle of four Board Meetings, supported by an investment subcommittee and a Fundraising working group.

All Trustees give their time voluntarily and receive no benefits from the Charity. Any expenses reclaimed from the charity are set out in note 7 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. During the year Surgeon Commodore Jason Smith replaced Brigadier Duncan Wilson as the ex-officio Trustee on inheriting his role in the MOD. Surg Cdre Smith subsequently resigned his position as a Trustee due to an emerging recognition that his wider duties might provide a conflict of interest.

7.2 Trustee induction and training

Each trustee of the 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 Charity and being a trustee. New trustees are encouraged to visit ADMR, Stanford Hall, within nine months of joining the Board of Trustees. The trustee induction pack includes:

7.3 Related parties and relationships with other organisations

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

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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 9[th] December 2024 and signed on their behalf.

General Sir Nick Parker

Chair of Trustees

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ADVANCE Charity (1190361)

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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 2024 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.

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

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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. 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.

19

ADVANCE Charity (1190361)

For the period ended 30 June 2024

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.

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.

20

ADVANCE Charity (1190361)

For the period ended 30 June 2024

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.

10 December 2024

Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

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

21

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 2024

Unrestricted
Note
£
2
50,000
3
268,056
318,056
70,037
336,417
4
406,454
(88,398)
10
574,706
486,308
Transfers between funds
14
(449,035)
Net movement in funds
37,273
5,458,003
5,495,276
Total funds brought forward
Net gains on investments
Total funds carried forward
Net (expenditure) / income for the
year
Net expenditure before net gains on
investments
Reconciliation of funds:
Income from:
Charitable activities
ADVANCE Study
Raising funds
Total expenditure
Charitable activities
ADVANCE Study
Investments
Total income
Expenditure on:		 Unrestricted
Note
£
2
50,000
3
268,056
318,056
70,037
336,417
4
406,454
(88,398)
10
574,706
486,308
Transfers between funds
14
(449,035)
Net movement in funds
37,273
5,458,003
5,495,276
Total funds brought forward
Net gains on investments
Total funds carried forward
Net (expenditure) / income for the
year
Net expenditure before net gains on
investments
Reconciliation of funds:
Income from:
Charitable activities
ADVANCE Study
Raising funds
Total expenditure
Charitable activities
ADVANCE Study
Investments
Total income
Expenditure on:		 Designated
£
-
-		 Restricted
£
90,000
-		 2024
Total
£
140,000
268,056		 Unrestricted
£
50,000
288,709		 Designated
£
-
-		 Restricted
£
90,000
-		 2023
Total
140,000
288,709
318,056 - 90,000 408,056 338,709 - 90,000 428,709
70,037
336,417		 -
1,300,811		 -
467,891		 70,037
2,105,119		 51,725
312,412		 -
1,121,268		 -
822,199		 51,725
2,255,879
406,454 1,300,811 467,891 2,175,156 364,137 1,121,268 822,199 2,307,604
(88,398)
574,706		 (1,300,811)
-		 (377,891)
-		 (1,767,100)
574,706		 (25,428)
125,198		 (1,121,268)
-		 (732,199)
-		 (1,878,895)
125,198
486,308
(449,035)		 (1,300,811)
449,035		 (377,891)
-		 (1,192,394)
-		 99,770
-		 (1,121,268)
-		 (732,199)
-		 (1,753,697)
-
37,273
5,458,003		 (851,776)
2,522,848		 (377,891)
829,361		 (1,192,394)
8,810,212		 99,770
5,358,233		 (1,121,268)
3,644,116		 (732,199)
1,561,560		 (1,753,697)
10,563,909
5,495,276 1,671,072 451,470 7,617,818 5,458,003 2,522,848 829,361 8,810,212

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 14 to the financial statements.

22

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Balance sheet

As at 30 June 2024

Note
10
11
Short term deposits
Creditors: amounts falling due within one year
12
13
The funds of the charity:
14
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		 £
24,347
73,577
469,740		 2024
£
9,148,882		 £
17,131
367,885
892,872		 2023
£
9,823,769
9,148,882
(1,531,064)		 9,823,769
(1,013,557)
567,664
(2,098,728)		 1,277,888
(2,291,445)
1,671,072
5,495,276		 2,522,848
5,458,003
7,617,818 8,810,212
451,470
7,166,348		 829,361
7,980,851
7,617,818 8,810,212

Approved by the trustees on 9 December 2024 and signed on their behalf by

General Sir Nick Parker Robert Robson Chair of Trustees Treasurer

23

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Statement of cash flow

For the year ended 30 June 2024

Net cash (used in) operating activities
Cash at bank and in hand
Short term deposits
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 expenses for the reporting period
(as per the statement of financial activities)
Gains on investments
(Increase)/decrease in debtors
Decrease 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
year		 £
£
(1,192,394)
(574,706)
(268,056)
(7,216)
(192,717)
(2,235,089)
268,056
11,452,255
(10,494,231)
1,226,080
(1,009,009)
1,609,523
600,514
At 1 July
2023
£
892,872
367,885
348,766
1,609,523
2024		 £
£
(1,192,394)
(574,706)
(268,056)
(7,216)
(192,717)
(2,235,089)
268,056
11,452,255
(10,494,231)
1,226,080
(1,009,009)
1,609,523
600,514
At 1 July
2023
£
892,872
367,885
348,766
1,609,523
2024		 £
£
(1,753,697)
(125,198)
(288,709)
450
(240,223)
(2,407,377)
288,709
3,795,665
(2,225,736)
1,858,638
(548,739)
2,158,262
1,609,523
Cash flows
At 30 June
2024
£
£
(423,132)
469,740
(294,308)
73,577
(291,569)
57,197
(1,009,009)
600,514
2023		 £
£
(1,753,697)
(125,198)
(288,709)
450
(240,223)
(2,407,377)
288,709
3,795,665
(2,225,736)
1,858,638
(548,739)
2,158,262
1,609,523
Cash flows
At 30 June
2024
£
£
(423,132)
469,740
(294,308)
73,577
(291,569)
57,197
(1,009,009)
600,514
2023
(2,235,089)
1,226,080		 (2,407,377)
1,858,638
Cash flows
£
(423,132)
(294,308)
(291,569)
(1,009,009)
1,609,523		 (548,739)
2,158,262
600,514 1,609,523
At 1 July
2023
£
892,872
367,885
348,766		 At 30 June
2024
£
469,740
73,577
57,197
1,609,523 (1,009,009) 600,514

24

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2024

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.

25

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2024

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.

26

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2024

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.

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.

o) 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.

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.

27

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2024

2
ADVANCE Study
Forces in Mind Trust
Blesma
Total
Income from charitable activities		 Unrestricted
£
-
50,000		 Restricted
£
90,000
-		 2024
Total
£
90,000
50,000		 Unrestricted
£
-
50,000		 Restricted
£
90,000
-		 2023
Total
£
90,000
50,000
50,000 90,000 140,000 50,000 90,000 140,000

3 Income from investments

Income from investments
Interest received
Dividends received		 2024
Total
£
175,824
92,232		 2023
Total
£
62,776
225,933
268,056 288,709

4a Analysis of expenditure (current year)

Grants made (note 5)
Investment management fees
Operating costs
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Raising
funds
£
-
55,637
14,400		 Charitable activities Charitable activities Support
costs
£
-
-
47,817		 2024
Total
£
2,048,002
55,637
71,517		 2023
Total
£
2,224,334
51,725
31,545
ADVANCE
Study
£
2,048,002
-
-		 Governance
costs
£
-
-
9,300
70,037
-
-		 2,048,002
47,817
9,300		 9,300
-
(9,300)		 47,817
(47,817)
-		 2,175,156
-
-		 2,307,604
-
-
70,037 2,105,119 - - 2,175,156 2,307,604
51,725 2,255,879 - -

4b Analysis of expenditure (prior year)

Grants made (note 5)
Investment management fees
Operating costs
Support costs
Governance costs
Total expenditure 2023		 Raising
funds
£
-
51,725
-		 Charitable activities Charitable activities Support
costs
£
-
-
22,845		 2023
Total
£
2,224,334
51,725
31,545
ADVANCE
Study
£
2,224,334
-
-		 Governance
costs
£
-
-
8,700
51,725
-
-		 2,224,334
22,845
8,700		 8,700
-
(8,700)		 22,845
(22,845)
-		 2,307,604
-
-
51,725 2,255,879 - - 2,307,604

28

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2024

5
Cost
Academic Department of Military Rehabilitation
Imperial College London
King's College London
Grant making		 2024
£
256,800
1,484,152
307,050		 2023
£
318,369
1,644,055
261,910
2,048,002 2,224,334

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.

This is stated after charging

This is stated after charging
2024 2023
£ £
Auditor's remuneration (excluding VAT):
Audit 7,750 7,250

7 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 £352 (2023: £436) incurred by 1 member (2023: 2) relating to attendance at meetings of the trustees.

8 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.

Travel costs of £278 were reimbursed to a company owned by one trustee (2023: nil)

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

9 Taxation

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

29

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2024

10 Listed investments

10
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
Overseas equities
Bonds
Property
Alternatives
Cash
11
Debtors
Accrued income		 2024
£
9,475,003
10,494,231
(11,452,255)
574,706		 2023
£
10,919,734
2,225,736
(3,795,665)
125,198
9,091,685
57,197		 9,475,003
348,766
9,148,882 9,823,769
2024
£
137,249
2,773,545
4,827,365
-
512,896
897,827		 2023
£
2,569,023
1,777,498
3,710,180
356,747
1,073,686
336,635
9,148,882 9,823,769
2024
£
24,347		 2023
£
17,131
24,347 17,131

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.

12 Creditors: amounts falling due within one year

Accruals
Grant commitments		 2024
£
68,752
2,029,976		 2023
£
30,432
2,261,013
2,098,728 2,291,445

30

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2024

13a Analysis of net assets between funds (current year)

Restricted
£
Investments
-
Net current assets
451,470
451,470
13b
Restricted
£
Investments
-
Net current assets
829,361
829,361
14a
At 1 July
2023
Income &
gains
£
£
Restricted funds:
73,577
-
755,784
-
-
90,000
Total restricted funds
829,361
90,000
Unrestricted funds:
Designated funds:
336,171
-
2,186,677
-
-
-
-
-
Total designated funds
2,522,848
-
General funds
5,458,003
892,762
Total unrestricted funds
7,980,851
892,762
Total funds
8,810,212
982,762
Net assets at 30 June 2022
Analysis of net assets between funds (prior year)
Net assets at 30 June 2023
Movements in funds (current year)
Forces in Mind Trust
Headley Court - Omics
Headley Court - TBI
Imperial College London -
ADVANCE supplemental grant
King's College London - ADVANCE
core work
Imperial College London -
ADVANCE core work
King's College London - ADVANCE
supplemental grant		 Restricted
£
Investments
-
Net current assets
451,470
451,470
13b
Restricted
£
Investments
-
Net current assets
829,361
829,361
14a
At 1 July
2023
Income &
gains
£
£
Restricted funds:
73,577
-
755,784
-
-
90,000
Total restricted funds
829,361
90,000
Unrestricted funds:
Designated funds:
336,171
-
2,186,677
-
-
-
-
-
Total designated funds
2,522,848
-
General funds
5,458,003
892,762
Total unrestricted funds
7,980,851
892,762
Total funds
8,810,212
982,762
Net assets at 30 June 2022
Analysis of net assets between funds (prior year)
Net assets at 30 June 2023
Movements in funds (current year)
Forces in Mind Trust
Headley Court - Omics
Headley Court - TBI
Imperial College London -
ADVANCE supplemental grant
King's College London - ADVANCE
core work
Imperial College London -
ADVANCE core work
King's College London - ADVANCE
supplemental grant		 Restricted
£
-
451,470		 Designated
£
-
1,671,072		 General
unrestricted
£
9,148,882
(3,653,606)		 Total
funds
£
9,148,882
(1,531,064)
451,470 1,671,072 5,495,276 7,617,818
Designated
£
-
2,522,848		 General
unrestricted
£
9,823,769
(4,365,766)		 Total
funds
£
9,823,769
(1,013,557)
829,361 2,522,848 5,458,003 8,810,212
Income &
gains
£
-
-
90,000		 Expenditure
& losses
£
-
(377,891)
(90,000)		 Transfers
£
-
-
-		 At 30 June
2024
£
73,577
377,893
-
829,361 90,000 (467,891) - 451,470
336,171
2,186,677
-
-

 -
-
-
-		 (149,410)
(971,855)
(45,140)
(134,406)		 -
-
135,421
313,614		 186,761
1,214,822
90,281
179,208
2,522,848 - (1,300,811) 449,035 1,671,072
5,458,003 892,762 (406,454) (449,035) 5,495,276
7,980,851 892,762 (1,707,265) - 7,166,348
8,810,212 982,762 (2,175,156) - 7,617,818

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

31

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2024

Restricted funds:
Total restricted funds
Unrestricted funds:
Designated funds:
Total designated funds
General funds
Total unrestricted funds
Total funds
Headley Court - Omics
Headley Court - TBI
Forces in Mind Trust
Imperial College London - data
managers
King's College London - ADVANCE
core work
Imperial College London -
ADVANCE core work		 At 30 June
2022
£
367,885
1,193,675
-		 Income &
gains
£
-
-
90,000		 Expenditure
& losses
£
(294,308)
(437,891)
(90,000)		 Transfers
£
-
-
-		 At 1 July 2023
£
73,577
755,784
-
1,561,560 90,000 (822,199) - 829,361
-
485,583
3,158,533
 -
-
-		 (149,412)
(971,856)		 -
-
-		 -
336,171
2,186,677
3,644,116 - (1,121,268) - 2,522,848
5,358,233 463,907 (364,137) - 5,458,003
9,002,349 463,907 (1,485,405) - 7,980,851
10,563,909 553,907 (2,307,604) - 8,810,212

Purposes of restricted funds

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

Headley Court - TBI

Purposes of designated funds

The funds are to be used to fund and support ADVANCE work at Imperial College London.

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

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