OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-06-30-accounts

Charity number: 1190361

ADVANCE Charity

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Annual report and financial statements For the year ended 30 June 2025

ADVANCE Charity (1190361) For the year ended 30 June 2025

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 Sustainable Multi-Asset Fund…….…………………………………………………………. 12
2.1.2 Bond portfolio – core and TBI grants…………………………………………………….. 13
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……………………………………………..............16
7.1 Appointment of trustees………………………………………………………………………………. 16
7.2 Trustee induction and training……………………………………………………………………… 16
7.3 Related parties and relationships with other organisations………………. …………. 17
Statement of responsibilities of the trustees…………………………………………………………………. 18
Independent auditor’s report…………………………………………………………………………………………. 19
Statement of financial activities (incorporating an income and expenditure account)…. 23
Balance sheet…………………………………………………………………………………………………………………. 24
Statement of cash flows…………………………………………………………………………………………………. 25
Notes to the financial statements………………………………………………………………………………….. 26

1

ADVANCE Charity (1190361) For the year ended 30 June 2025

Reference and administrative information

Charity number: 1190361 Country of registration: England and Wales

The principal office of the Charity:

167-169 Great Portland Street, 5th Floor, London, W1W 5PF

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 year 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: The Charity’s Executive Secretary / Operations Manager Dr Maija Maskuniitty was on maternity leave for the reporting year. Trustee and Treasurer, Robert Robson, covered finance and operations duties during this year on a voluntary basis. Katy Tytler was hired to cover administrative duties, such as meeting organisation and minuting.

Independent Investment Advisor : David Miller, Investment Director Conficap Oy

2

ADVANCE Charity (1190361) For the year ended 30 June 2025

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: Cazenove Capital 1 London Wall Place London EC2Y 5AU

3

ADVANCE Charity (1190361) For the year ended 30 June 2025

Trustees’ annual report

The Trustees present their report and the audited financial statements for the year ended 30 June 2025.

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 longitudinal cohort study investigating the life-long effects of combat injury. The Study is a collaboration between Imperial College London, King’s College London 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 this 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 Charity is now embarking on a fundraising campaign to acquire funds for the next phase 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:

4

ADVANCE Charity (1190361)

For the year ended 30 June 2025

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

5

ADVANCE Charity (1190361)

For the year ended 30 June 2025

Figure 1. ADVANCE Charity and ADVANCE Study organisation

ADVANCE Study participants – the 579 battlefield casualties and 566 matched controls from the UK Armed Forces directly benefit from the Study. During their regular study visits they undergo an extensive set of tests, including tests on:

6

ADVANCE Charity (1190361)

For the year ended 30 June 2025

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 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 year, 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 year 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. In addition, two restricted grants to the Traumatic Brain Injury study and the ADVANCE-INVEST study were maintained. The total value of grants paid in 2024/25 was £1,651,930.

7

ADVANCE Charity (1190361)

For the year ended 30 June 2025

b) Re-defining the duration of the ADVANCE Study to ensure robust findings are in line with the Study’s aims and commensurate with appropriate funding levels

As the current funding phase concludes in 2026, the Charity conducted a forward planning exercise with the ADVANCE Study Project Board, which led to a reassessment of the planned end date of the Study, ensuring that the robustness of the data gathering programme remains and that the funding requirement is achievable. The Charity remains responsible for the "core" elements of the Study; the responsibility for sourcing funding to support individual post-graduate research studies lies with the academic institutions.

c) Gearing up for a fundraising campaign to acquire funds for the next phase of the ADVANCE Study

See section 5 for details on progress towards the ADVANCE Charity’s fundraising campaign for the next phase of the ADVANCE Study.

d) 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 all 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 proving more resilient to shocks than was expected, and portfolio performance is in line with expectations. Global pressures and political developments are monitored in the six-monthly reviews, and the Charity’s risk appetite is reviewed at the same time.

Grant payments have been unaffected by market uncertainty due to the allocation of current committed funds into a discrete gilts portfolio, together with funds held at the bank. The Treasurer and Operations Manager monitor cashflows regularly to ensure sufficient balances are in place.

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 and data collection have continued at a very good rate, and study outputs and impact have continued to increase. The second follow-up visits started in spring 2023 and are anticipated to be completed by summer 2026.

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 well, with over 800 participants (approximately 70%) recruited/retained by August 2025.

Follow-up 3 is planned to start in summer 2028, with an expectation to complete this phase in mid-2031. This follow-up will allow the Study’s primary objective to be met: to investigate the physical and psychosocial effects of combat injury 20 years post-injury.

8

ADVANCE Charity (1190361)

For the year ended 30 June 2025

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 2024 and September 2025, 16 academic/clinical manuscripts were published from ADVANCE, and ADVANCE findings were presented at several national and international conferences. A selection of the papers published since July 2024 is listed below. A full list of ADVANCE publications can be found here: https://www.advancestudydmrc.org.uk/publications/.

9

ADVANCE Charity (1190361)

For the year ended 30 June 2025

The ADVANCE Study has recently broadened the focus of ADVANCE research. This encompasses not only investigating the medical and psychosocial outcomes in combat casualties, but also looking at more deterministic hypotheses to identify predictors of good and bad outcomes, and explores the possibilities of interventional sub-studies to increase the clinical, military and societal impact of ADVANCE.

c) Supplementary studies

The ADVANCE supplementary studies are progressing well. Work investigating the biomechanics, strength and imaging of amputees in comparison to uninjured controls has been completed and has confirmed that ADVANCE amputees have excellent physical performance in comparison to uninjured controls. This is presumed to be due to high level rehabilitation and state-of-the-art prosthetics. Another supplementary study investigating serum biomarkers of early joint degeneration (osteoarthritis) has identified blood biomarkers that may predict future osteoarthritis.

Furthermore, 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. The TBI study is recruiting very well; 88% of the 1145 baseline cohort have been recruited to the TBI study. The TBI team have identified a blood biomarker which is prevalent in this TBI sub-group, which predicts neurodegeneration.

Finally, the ADVANCE Omics study investigating proteomic and metabolomic biomarkers (proteins and metabolites in the bloodstream) in serum has identified a proteomic signature of combat trauma and potential predictors of cardiovascular disease and evidence of combat-related premature aging.

d) Independent Scientific Advisory Group

The second ADVANCE Independent Scientific Advisory Group meeting was held in June 2025. This group was established in May 2024 and comprises of 13 relevant subject matter experts from five different countries and is chaired by Prof Alun Hughes from University College London. The purpose of the group is to give advice on all aspects of the Study, including future funding sources, future data collection, data analysis and general strategy. The meeting in June allowed the ADVANCE Study team to feed back on progress made in the previous year based on the advisory group’s recommendations and to review the ongoing strategy on data linkages, comparison cohorts, remote data collection and available funding opportunities to consider for the future.

f) Participant engagement and maintaining momentum

The study participants continue to be at the heart of ADVANCE, and their views and opinions feed into how the Study is run. The participant panel meetings are held on an ad hoc basis and new participants are encouraged to join the group. With 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.

The ADVANCE Study Project Board is very keen to maximise the benefits of the Study for combat casualties and non-injured military personnel and veterans. New appropriate subject matter experts to

10

ADVANCE Charity (1190361)

For the year ended 30 June 2025

either join ADVANCE or to collaborate with are therefore continuously sought. Consequently, Dr Harriet Kemp, Senior Lecturer at Imperial College London and a pain specialist, joined the Project Board in April 2025.

The ADVANCE Study continues to focus on strategies to retain the cohort for the duration of the Study. The ADVANCE newsletters (three times a year), birthday cards and Christmas cards continue to be sent out to the participants, along with one-page lay language summaries of the most significant academic papers. As the year where there is a gap between the second and third follow-up visits approaches, engaging and informative communications with the cohort continue to be developed.

ADVANCE online platforms and resources:

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 year. The total charity funds at 30 June 2025 were £6,416,576. The figure should be viewed in the context of the Charity’s Reserves policy detailed in Section 2.2.

Expenditure during the reporting year consisted of grant expenditure of £1,651,930 and operating costs of £32,821. The operating costs comprised investment management fees, the Executive Secretary and Operations Manager salary, audit fees, legal expenses, fundraising costs and general expenses.

Details of grant expenditure can be found in Note 5 and note 14a.

2.1 Investments

The Trustees appointed Cazenove Capital in November 2023. The Charity’s funds were held in two types of portfolios at Cazenove during the reporting year: bond portfolios and multi-asset funds.

11

ADVANCE Charity (1190361)

For the year ended 30 June 2025

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

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

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 during the reporting year was below target, and the past year has seen a number of trends continuing to affect valuations, including political decisions in the US affecting global trade, stubborn inflation, spiralling wage demands in both private and public sectors, lacklustre growth and the impact of global instability.

The Trustees maintain close contact with their investment managers and in November 2025 switched to the sister fund for Charities at Cazenove (the CMAF – see above).

12

ADVANCE Charity (1190361)

For the year ended 30 June 2025

2.1.2 Bond portfolio – core and TBI grants

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.

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.

Taking into account restricted funds and designated funds, the Charity is left with £5.8m general unrestricted funds. 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. The anticipated additional requirements for core funding to complete the Study has led the Trustees to set a £5m fundraising target (see section 5).

3 Going concern

The Trustees have reviewed the financial situation in light of the cashflow forecast for the forthcoming financial reporting year 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 June 2025. The risk register is reviewed annually.

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

13

ADVANCE Charity (1190361) For the year ended 30 June 2025

Table 2. Principal risks to ADVANCE and mitigation plans.

Risk Potential impact Mitigationplans
Study cohort numbers fall away The 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 Study could not be Ensure strong impact reporting to key
2028. completed. potential donors is in place.
Publications coming on stream in key
journals. Fundraising discussions
active on Board agenda. Fundraising
consultants appointed.
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 Executive Secretary.
Treasurer signs off bank statements
monthly. Relationship with 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 saw change to
Study. Cazenove in Jan 24. Investment
Committee now in place. Strategy
now locks in grant payment dates to
gilt portfolios with a separate growth
portfolio. Monthly informal
monitoring and six monthly
committee meetings. Market
volatility in H12025 affected
balances, and the structure of the
portfolio has been changed.
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.

5 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.

14

ADVANCE Charity (1190361)

For the year ended 30 June 2025

With funding secure for the current five-year grants ending in late 2026, the Trustees are looking to the longer term, led by the Fundraising Trustee Jamie Webb. Gifted Philanthropy were commissioned to deliver a fundraising feasibility study for the ADVANCE Charity, which was completed in September 2024. This generated a review of the funding requirements for the Study’s next phase (2027–2032) which is likely to require raising approximately £5m. Discussions between the Trustees and the Project Board are ongoing, and the aim is to kick of the fundraising campaign in early 2026, after finalising the fundraising strategy and implementation plan by the end of 2025. Gifted Philanthropy has been contracted until summer 2026 to support the development of the fundraising campaign, with support from Imperial College’s fundraising department who have committed to supporting the ADVANCE Charity in its fundraising endeavours. Early discussions with potential funders have already started.

The Charity’s investment strategy beyond 2026 will depend on the fundraising requirement and strategy.

In 2019 the Headley Court Charity sold the site of the property to Angle Properties, and in the summer of 2024, they 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 ADVANCE Study.

6 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 2025-26 core priorities include:

15

ADVANCE Charity (1190361)

For the year ended 30 June 2025

7 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 was on maternity leave during the reporting year, and the Treasurer covered day-to-day operations and finances on a voluntary basis. Katy Tytler was hired by the Charity on a consultancy basis to cover administrative duties in Maija Maskuniitty’s absence and during her phased return to work in the second half of 2025.

The Charity does not directly employ any staff, and Maija Maskuniitty is seconded from Imperial College to work for the Charity two days a week.

The Board of Trustees have four Board Meetings a year, supported by an investment sub-committee 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.

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:

16

ADVANCE Charity (1190361)

For the year ended 30 June 2025

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.

17

ADVANCE Charity (1190361)

For the year ended 30 June 2025

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 year and of its financial position at the end of the year. 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 8[th] December 2025 and signed on their behalf.

General Sir Nick Parker

Chair of Trustees

18

ADVANCE Charity (1190361) For the year ended 30 June 2025

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 2025 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

19

ADVANCE Charity (1190361)

For the year ended 30 June 2025

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.

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

20

ADVANCE Charity (1190361)

For the year ended 30 June 2025

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.

21

ADVANCE Charity (1190361)

For the year ended 30 June 2025

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.

Date: 18 December 2025

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

22

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 2025

Unrestricted
Note
£
2
20,000
3
92,331
112,331
12,249
43,072
55,321
57,010
10
281,178
338,188
Transfers between funds
14
-
Net movement in funds
338,188
5,495,276
5,833,464
ADVANCE Study
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:
Charitable activities
4		 Unrestricted
Note
£
2
20,000
3
92,331
112,331
12,249
43,072
55,321
57,010
10
281,178
338,188
Transfers between funds
14
-
Net movement in funds
338,188
5,495,276
5,833,464
ADVANCE Study
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:
Charitable activities
4		 Designated
£
-
-		 Restricted
£
90,000
-		 2025
Total
£
110,000
92,331		 Unrestricted
£
50,000
268,056		 Designated
£
-
-		 Restricted
£
90,000
-		 2024
Total
140,000
268,056
112,331 - 90,000 202,331 318,056 - 90,000 408,056
12,249
43,072		 -
1,256,010		 -
373,420		 12,249
1,672,502		 70,037
336,417		 -
1,300,811		 -
467,891		 70,037
2,105,119
55,321 1,256,010 373,420 1,684,751 406,454 1,300,811 467,891 2,175,156
57,010
281,178		 (1,256,010)
-		 (283,420)
-		 (1,482,420)
281,178		 (88,398)
574,706		 (1,300,811)
-		 (377,891)
-		 (1,767,100)
574,706
338,188
-		 (1,256,010)
-		 (283,420)
-		 (1,201,242)
-		 486,308
(449,035)		 (1,300,811)
449,035		 (377,891)
-		 (1,192,394)
-
338,188
5,495,276		 (1,256,010)
1,671,072		 (283,420)
451,470		 (1,201,242)
7,617,818		 37,273
5,458,003		 (851,776)
2,522,848		 (377,891)
829,361		 (1,192,394)
8,810,212
5,833,464 415,062 168,050 6,416,576 5,495,276 1,671,072 451,470 7,617,818

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.

23

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Balance sheet

As at 30 June 2025

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
Investments
Total net assets
Net current liabilities
Liabilities:
Current assets:
Debtors
Cash at bank and in hand
Fixed assets:		 £
5,406
73,577
551,147		 2025
£
7,450,032		 £
24,347
73,577
469,740		 2024
£
9,148,882
7,450,032
(1,033,456)		 9,148,882
(1,531,064)
630,130
(1,663,586)		 567,664
(2,098,728)
415,062
5,833,464		 1,671,072
5,495,276
6,416,576 7,617,818
168,050
6,248,526		 451,470
7,166,348
6,416,576 7,617,818

Approved by the trustees on 8 December 2025 and signed on their behalf by:

General Sir Nick Parker Chair of Trustees

Robert Robson Treasurer

24

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Statement of cash flow

For the year ended 30 June 2025

Net cash (used in) operating activities
Cash at bank and in hand
Short term deposits
Cash held pending reinvestment
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
Decrease/(increase) in debtors
Decrease in creditors
Net cash provided by 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		 £
£
(1,201,242)
(281,178)
(92,331)
18,941
(435,141)
(1,990,951)
92,331
3,851,107
(1,904,100)
2,039,338
48,387
600,514
648,900
At 1 July
2024
£
469,740
73,577
57,197
600,514
2025		 £
£
(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
Cash flows
At 30 June
2025
£
£
81,407
551,147
-
73,577
(33,021)
24,176
48,386
648,900
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
Cash flows
At 30 June
2025
£
£
81,407
551,147
-
73,577
(33,021)
24,176
48,386
648,900
2024
(2,235,089)
1,226,080
(1,009,009)
1,609,523
600,514
At 30 June
2025
£
551,147
73,577
24,176
648,900

25

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2025

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 is 167-169 Great Portland Street, 5th floor, London, W1W 5PF.

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. Investment assets can be accessed to support working capital requirements as necessary.

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.

26

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2025

1 Accounting policies (continued)

e) Income (continued)

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.

f) Investment income receivable

Interest and dividends on investments are 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 institution.

g) 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.

h) 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.

i) 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.

27

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2025

1 Accounting policies (continued)

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.

k) 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.

l) 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.

m) Short term deposits

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

n) 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.

o) 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.

28

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2025

2
ADVANCE Study
Forces in Mind Trust
Headley Court Charity
Blesma
Total
Income from charitable activities		 Unrestricted
£
-
20,000
-		 Restricted
£
90,000
-
-		 2025
Total
£
90,000
20,000
-		 Unrestricted
£
-
-
50,000		 Restricted
£
90,000
-
-		 2024
Total
£
90,000
-
50,000
20,000 90,000 110,000 50,000 90,000 140,000
Income from investments Income from investments
Interest received
Dividends received
Raising
funds
£
Grants made (note 5)
-
Investment management fees
5,649
Operating costs
6,600
12,249
Support costs
-
Governance costs
-
Total expenditure 2025
12,249
Total expenditure 2024
70,037
Analysis of expenditure (current year)		 Charitable activities Support
costs
£
-
-
10,792		 2025
Total
£
59,899
32,432		 2024
Total
£
175,824
92,232
92,331 268,056
2025
Total
£
1,651,930
5,649
27,172		 2024
Total
£
2,048,002
55,637
71,517
ADVANCE
Study
£
1,651,930
-
-		 Governance
costs
£
-
-
9,780
12,249
-
-		 1,651,930
10,792
9,780		 9,780
-
(9,780)		 10,792
(10,792)
-		 1,684,751
-
-		 2,175,156
-
-
12,249 1,672,502 - - 1,684,751 2,175,156
70,037 2,105,119 - -

4a Analysis of expenditure (current year)

4b Analysis of expenditure (prior year)

Analysis of expenditure (prior year)
Grants made (note 5)
Investment management fees
Operating costs
Support costs
Governance costs
Total expenditure 2024		 Raising
funds
£
-
55,637
14,400		 Charitable activities Support
costs
£
-
-
47,817		 2024
Total
£
2,048,002
55,637
71,517
2,175,156
-
-
2,175,156
29
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)
-
70,037 2,105,119 - -

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2025

5
Cost
Academic Department of Military Rehabilitation
Imperial College London
King's College London
Grant making		 2025
£
64,000
1,280,880
307,050
1,651,930		 2024
£
256,800
1,484,152
307,050
2,048,002

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.

6 Net income for the year

This is stated after charging
2025 2024
£ £
Auditor's remuneration (excluding VAT):
Audit 8,150 7,750

7 Analysis of staff costs, trustee remuneration and expenses

The charity had no employees in either year.

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

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £609 (2024: £352) incurred by 2 members (2024: 1) 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.

No travel costs were reimbursed to a company owned by 1 trustee in the current year (2024: £278).

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.

30

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2025

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 pending reinvestment
Fair value at the end of the year
Investments comprise:
UK equities
Overseas equities
Bonds
Alternatives
Cash
11
Debtors
Accrued income		 2025
£
9,091,685
1,904,100
(3,851,107)
281,178
7,425,856
24,176
7,450,032
2025
£
106,247
2,953,455
2,768,532
555,382
1,066,416
7,450,032
2025
£
5,406
5,406		 2024
£
9,475,003
10,494,231
(11,452,255)
574,706
9,091,685
57,197
9,148,882
2024
£
137,249
2,773,545
4,827,365
512,896
897,827
9,148,882
2024
£
24,347
24,347

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		 2025
£
12,332
1,651,254
1,663,586		 2024
£
68,752
2,029,976
2,098,728

31

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2025

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

Investments
Net current assets/(liabilities)
13b
Investments
Net current assets/(liabilities)
14a
At 1 July
2024
£
Restricted funds:
73,577
377,893
-
Total restricted funds
451,470
Unrestricted funds:
Designated funds:
186,761
1,214,822
90,281
179,208
Total designated funds
1,671,072
General funds
5,495,276
Total unrestricted funds
7,166,348
Total funds
7,617,818
King's College London - ADVANCE
core work
Imperial College London -
ADVANCE core work
King's College London - ADVANCE
supplemental grant
Movements in funds (current year)
Forces in Mind Trust
Headley Court - Omics
Headley Court - TBI
Imperial College London -
ADVANCE supplemental grant
Net assets at 30 June 2024
Analysis of net assets between funds (prior year)
Net assets at 30 June 2025		 Restricted
£
576,415
(408,365)
168,050
Restricted
£
923,834
(472,364)
451,470
Income &
gains
£
-
-
90,000
90,000
-
-
-
-
-
393,509
393,509
483,509		 Designated
£
1,708,424
(1,293,362)
415,062
Designated
£
2,971,884
(1,300,812)
1,671,072
Expenditure
& losses
£
-
(283,420)
(90,000)
(373,420)
(149,410)
(971,856)
(45,140)
(89,604)
(1,256,010)
(55,321)
(1,311,331)
(1,684,751)		 General
unrestricted
£
5,165,193
668,271
5,833,464
General
unrestricted
£
5,253,164
242,112
5,495,276
Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
£
7,450,032
(1,033,456)
6,416,576
Total
funds
£
9,148,882
(1,531,064)
7,617,818
At 30 June
2025
£
73,577
94,473
-
168,050
37,351
242,966
45,141
89,604
415,062
5,833,464
6,248,526
6,416,576

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

32

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2025

14b Movements in funds (prior year)

Restricted funds:
Total restricted funds
Unrestricted funds:
Designated funds:
Total designated funds
General funds
Total unrestricted funds
Total funds
King's College London - ADVANCE
core work
Imperial College London -
ADVANCE core work
King's College London - ADVANCE
supplemental grant
Imperial College London -
ADVANCE supplemental grant
Headley Court - Omics
Headley Court - TBI
Forces in Mind Trust		 At 1 July
2023
£
73,577
755,784
-
829,361
336,171
2,186,677
-
-
2,522,848
5,458,003
7,980,851
8,810,212

 Income &
gains
£
-
-
90,000
90,000
-
-
-
-
-
892,762
892,762
982,762		 Expenditure
& losses
£
-
(377,891)
(90,000)
(467,891)
(149,410)
(971,855)
(45,140)
(134,406)
(1,300,811)
(406,454)
(1,707,265)
(2,175,156)		 Transfers
£
-
-
-
-
-
-
135,421
313,614
449,035
(449,035)
-
-		 At 30 June
2024
£
73,577
377,893
-
451,470
186,761
1,214,822
90,281
179,208
1,671,072
5,495,276
7,166,348
7,617,818

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. The final payment will be released after the end of the project and the final report has been submitted.

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. The final payment will be released after the end of the project and the final report has been submitted.

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

33

The ADVANCE (Armed Services Trauma Rehabilitation Outcome Study) Charity

Notes to the financial statements

For the year ended 30 June 2025

14 Movements in funds (continued)

Purposes of designated funds

The funds are to be used to fund and support ADVANCE core work at King’s College. London

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

The funds are to be used to fund and support ADVANCE core work at King’s College. London

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

The trustees' intent is that unrestricted reserves will provide continuity funding for the next phase of the ADVANCE study. Grantees will apply for funding on an annual basis. Although it is not possible to quantify the potential applications, unrestricted reserves are viewed to be earmarked for contingent funding liabilities.

15 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.

34