Charlty r•gl¥trallon number 1197319 THE GUARANTORS OF BRAIN ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Registered Charitable Incorporated Organisation Number 1197319 (Fomierly Charity Registration Number 264139) THE GUARANTORS OF BRAIN LEGAL AND ADMINISTRATIVE INFORMATION Tru8t•e• Pmfessor M Husain IEdrtor and Board of Management Professor M Reily (Chair ?nd Board of Manajementi Dr E Tallantyre (S￿retary and Treasurer, Board of Man&Jementi Professor T L Spir8s-Jon8s {Editor aThJ Board of Manag8menti Profess￿ James Rowe Profe3s¢x Elvzabgth Fisher Professor Kevin Talbot Charlty numb•r 1197319 Audltor AzetsA￿jit SeTric8s 5 Yeomans Court Ware Road Hertford Hertfordshire United Kingdom SG13 7HJ THE GUARANTORS OF BRAIN CONTENTS P498 Tru8te8s' report staternent of trustees, responsibilities Independent audltorfs report Stslement of ￿nAnCIal 8ctiM118S Balantx sheet 10 Ststernent of cash flovrJ 11 Notes to finan¢i81 Btatements 12-23 THE GUARANTORS OF BRAIN TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The ￿$tee$ pregent their annual report and fi'nanrial gtatements for the year ended 31 March 2024. The Iinaneial statements have been prepared in acterda￿ wth the acL¥Junb"ng pokns set out in ntst• 1 to th8 financial statemenls aTrd wmply with the Charits'es Act 2011 and 'Accounling arKI Reporting by Chor￿e$. Statsment of Recommended Practi￿ applicable to charities p￿parIng theii aeeounts in aecordanr* wrfth the Financial RepoitiThJ Stsr¥Jatd 8pplirJble lh8 UK and Repubtic of Ireland {FRS 1021" (effective 1 January 20191. Ob￿CtIVeS and ad1vI￿e* The Chartys athtres includo.. 1. Contnbuting to Ihe cost lor neurosuentists, whether clinical or p￿In1(￿l, to travel Io 8cpnbfic cOnfe￿n￿S or rne8ting5. to viwt other laboratories and d8partrn8nt5, In the UK or 8broad. Awards are made to individuals at an eady stsge of their career, in support of work vndertaken in the UK. 2. Scholatships for trainee neurologists for one yearfs salary support, enabling thewn to bridy? b8Nveen clinical and researth training, either lil immediately before a higher rèseareh d￿[88, or lill 8ft8r a hvJher r&qe8rch degree t￿t befo￿ a pemi8nent facuty appointmenL Trainees on the cusp of thelr CCT wlll b8 conskjered. but the posts are not intended for established consultants. 3. Clinical research training fellowships for UK ￿giStered trainee5 in neurology lor closely rela￿ SP￿alItIeS suth as pa&diatric neurology) for thr8e years. salary and modest ras•arch èxp•n585, in order tor thern to undertake a Pho in an 8cademic centra of eX￿llenCe In the UK. 4. Non meet short- and medium- temi sak8ry Comrnthents aThJ felowships of the Charity, in the event ofa suddèn drop in income or dtrv8lu8b"c ol Investments. The Secretary and Treasurar is authorizwj to act on baham of the Trustees in conno¢tion wth the Investment lunds, and for day4o48y financial administration of the Charity. As 0131 March 2024 the charity had an investment portfolio of £7.444.972 und8r management by Coutts&Co. Appr0￿mat&1Y £62,700 are hehj in cash investments. As of 31 March 2024. the charity has unrestricted reserves of £7,134.76312023 restated.. £7.078.5131 ar¥J during the yaar, made a suiplus of £56,25012023 r85tat8d." £1,312,583 Id8fiatll. Plans for the future The charty will continu? io corBider rew ways to support ￿Search and ta8chlNJ in neurology and neuroscience, both dinical and basic saen￿. We will sed( to enhance our incorne, through the support of the Brain and Brain Corntnunic*ons journals, at¥J through investment ofthe Charity's reserves. The Board of Man8gèmènt and th8 Gu8r8ntors wlll ¢on$ider w ways to meet the aims of the Charty, induding bLrt not re5trict8d to revisions of the Fell(ywshps and Stholarships schernes. str￿￿re, governanca and managernent Gov•mlng Dts¢um•nt and Gtsveming Bodie• The Chatty wa$ found8LI in 1955 arvj tr8n3itioned into a Charitsble Incorporated OrganisatiorTr ICIOI 8t midnvJht 31 March 2022. The rnaxirnum number of Guarantors under the new CIO structurè 15 50 Icurrendy 421. Current Guarantors serve for a renewable five-year tertn and ate requI[￿j to attend at le8St iwo out of fiveAnnual General Meetings and be pn'marity ￿Ident and professionally active in the UK. New Guarantws are invited followiro an ekntion by 1he Guarantors Itr8nsfarabl• vote Sy5teml. The Charty is managed by a eoard ofM8nagèment that consists of Trustees elected from thv Guarantors. the Chairman, Editoi ol Brsin, Editor of Brain Comrn5, SecretarylTreasurer aTrJ three other m8mber5. The Board of M8nag•ment meet ihreg times a year. Reserve pollcy and r￿k m8nagement The Charty has 8Stablish8d reserves that WOLJld enable contr"nuity of current and plannèd aCtiv￿.eS even in the event of a significant loss of income. Potenb'al risks to income are reviewed by the Trust8es on the Board ol ManwJern8nt. No svJnificant change in risk was identifi8d in the curr6nl finanGi¥l Y￿r. Coutt5&Co Bank 15 engaged to provide lorg tsrm a¢tNe asset management with medium risk exposure arKI long-tenn growth aims. Capitsl appreciatron and r¢>investment of income has led tts a 8ubstanti81 increase in the Charrty. finanrial security, despite the challènging economic clirnatè ol recent years. These assets minSmlse the ri$k to the 9ctivit￿ of the Charity in the event of a substantial loss of income. Income frorn tsioumal Brain has btsn the major source of lunds to support indwidu81s with short. intewmedia¢e and long4erm awards and fellowships and provhl6 n Ways to support teaching and r&8earch across the disaplines of neurolcw, p$y¢hiatry and relatsd preclinical neuroscien￿. THE GUARANTORS OF BRAIN TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DEfAILS R•giJtered Charity Number 1197319 Prlnclpal Addrès8 Tne Guarantors ol Brain H&rchel Srnilh Building, Forvia Sit0 Robinson Way CAMBRIDGE CB2 OSZ Auditor AzetsAudit Sèrvic85 StaluloryAuditor Chartered Accountants 5 Yeomans Court Ware Road H8rtford Plertfordshire SG13 7HJ Bankern HSBC 88nk PLC 431 Oxford Street London W1C2DA S•cr8tary and Tr•asur•r Dr E Tallantyr8 Seffttsry and Trea5urerto the Guarantors of Brain Department ol clin￿al Neurosryern￿S Her¢￿1 Smith Building. Forvi9 Site Cambridge BKJmedicAI Campus Cambridge C82 OSZ DlscloBure of Informatlon to audltor Each of the trustees has confirmed that there is no information of which th8y are aware which is ￿e¥an* to the aLhlit, but ofwhich th8 audrtor is unawarè. They have further confirmed that they have taken appropriate steps to Identify such rs￿Vant infomiaty)n and to 95tablish that auditor Is aware of such infom)ab"on. The trustees. report wa5 approved by the Board of Trustees. Dr E T•ll•ntyre 12 DEC 2DZ* THE GUARANTORS OF BRAIN STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 Th8 trust•8s aT8 r•spon5ib18 for preparing tha Truste•s' Report and the fina￿la1 $ts18rn8nts in acwrdance wth )pllcabb law aThJ United Kin￿10￿￿ Accountirvj Stsndards Iunitsd lfjngdutn Ge￿rallY A¢¢epted A¢counb"ng Pre￿￿e1. The law applleable to ehÈrities in EnglaThJ and Wales requires the twsteeg to prepa￿ financial statements for each nanci31 year which give 8 true and tair of the ststs of affairs ol the th8rty 8n¢J of the incoming resour￿ and application of reSoUr￿S of charty for that year. In prgparing Ihg¥e fin3ncaal ststgments, the trustses are required to.. -sel8Ct suitable accountiNJ policies then appty them consF¥t¢nlty', - observe the methods and principles in the Charities SORP,. - rnako I￿￿3•monts and 8sb"m8tes that are reasonable prudent.. state whether applicable accounbng standards have been followod, su￿.8ct to any material dapartur8s disc4osod and explalned In the flnandal statements,. and - prepare th¢ financial staternents on tho going ￿ncern basis unless rt Is In8ppropnats to pwsun* that the chai6ty 11 continue in operation. The trusteès are ￿ponsibl8 for kaaping sufficient accounting records that d￿dOse wAth re&8ornab￿ accuracy at any me the financial Pos￿0￿ of the tharity and enable them to ensure that th8 financial 51at8rnents CA)Mp￿ with the Charities Act 2011. the Charty (Accounts and Reports) Regulations 2008 atKI th8 provisions ol the Trust Deed. They are also responsible for safeguarding tt)e assets of the charity and henc8 for t8king reasonable steps for the pr8v8nb.on and d6tsction of fraud aThJ other irregularib'8S. THE GUARANTORS OF BRAIN STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR EAIDED 31 MARCH 2024 Unreslricted unl￿trIcted fundg funds 08 rv8tstsd 2023 2024 Notss charitab￿ 8¢tivi118S Investments Oth&r incorne 1,607.975 249,561 12,636 1.659,079 155.752 12,264 Total income 1,870.172 1,827,095 Raisiro funds 54.273 55,149 Charrtablp activ￿86 2.489,681 2,801.687 Total &xpondlturè 2,543,954 2,856.836 Nel gain￿110$$￿$} on invostrnenls 13 730,032 1282,8421 Net mo¥emgnt In lund8 56.250 11.312,5831 Funth balanc￿ at 31 March 2023 7,078,513 8,409.578 Fund bala11c￿ •t 31 M•r¢h 2024 7, 134.763 7,096.993 The statemènt of financial ac11v￿.es includ69 all 9airn and losses ieco9ni¥ed itt the year. Al incom8 8rKI expend￿tijre derfve from Continuing activilTes. THE GUARANTORS OF BRAIN BALANCE SHEET ASAT31 MARCH 2024 2024 2Q23 as r•stated Flx8d ass•ts Investrnents 1S 7.382,273 7,148,095 Curront asgets Debtor Cash at bank and in hand 577,649 125.917 578,189 180.871 703,566 757,(￿0 Credltorn.. amounts fAlllng dué wlthln one year 19 19S1,0761 1826.642) Net Cu￿nt liabil￿e9 1247.5101 {69,582} Totsl assots1899 eurrnnt IIAbllltl89 7,134,763 7.076.513 Incom• lunda Unrestrict8d lunds- ￿neral 7.134,763 7.078.513 7,134,763 7,078.513 The finan¢iql $t8tem&nts were approved by the Trustees on......................... Dr E Tallantyre Twstee io DEC 2L2y 10- THE GUARANTORS OF BRAIN STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash Ilows from operatlng a¢tlvltles Cash ab¥orbed by operatsons 26 1800,3701 1865,6241 Inv•stlng attl¥ltlo• purcha￿ of IrTrv85tsnents Proceeds from disPOS81 of inveslments Investment incom• r8ceN8d 114,561,797} 15,OS7,653 249,561 13,357,089) 3,476,304 155,752 Net eash gener¥ted from invesllng activliles 745,417 274,967 N•t eaah uaed in fin•nclno aetlvtti•s Net decrease In fAsh and ￿•h equivalents 154.9541 1590.65n CAsh and c85h equivalents at beginning ol yèar 180.871 771,528 Cash and ¢￿h wul¥•l•nts at •nd of y•ar 125.917 180,871 THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AIARCH 2024 Ac¢ouNtlng pollel 1.1 Accountlng conventlon The ￿nancIal statements hav& tr*en prepared In accordan￿ with the charity's SORP IFRS 1021, the Chariues Act 2011 and 'A￿UntIlyj and Reporbng by Charrhes. Statement of Recomrnended Practice applicable to charities preparing their accountg in accordance wilh the Financial Reporting Stsndard applicabje in the UK and Rapublic of Ir6lan¢J IFRS 1021 {eff8Ctive 1 January 20191". The tharity is a Public Benefit Entrty as d8fin8d by FRS 102. The significant accounting poli￿e$ appli&J in Ihg prep8ratioTr of Ihase financial ststements are set out below. These pollcl8s b89n consistsnuy appl￿ to all years p￿ent¢d unles5 Otherwi8e ststed. Th8 finanaal ststements are prepared in stèrling. which is the fu￿tIonal currerw ¢f the charty. Morfitsry amounts in these financial statements are rDuTrJed to the rearest£. The financi81 statemonts hgve been prepared under the historicol Cost convention. The prinapal aceounti poliri93 Bdoptsd are set out bebw. 1.2 Golng concern At the time of approwro the finanaal statements, the trustses have a ￿3$On#b￿ expactalion that the charty has adequate resources to conts.nua In operational eXIster￿ fur t￿ foreseeable fiJtur&. Thu5 the tn6tees continua to adopt the going concern basi5 01 a￿OUntIng in prepariThJ the fjnancial statemÈnts. However, because not all futurè 8V8nts or condthDns Can be predlctéd, thi5 ststement is not a guarantee as to the ch8rrtY$ ability lo continue as a goiNJ concern. 1.3 Charitsble fund Unrestricted fvnd5 are av8i18bJe lor use at the discr6tion ol the trustees In fiJrth8rarts of their charltable objactives. Restricted fijnds are subj8Ct to specfft ￿)ndrtIons by (knnors as to thow they may be used. Thè purtw)ses and uses of the resthctèd funds are set out in the notes to the financial ststements. 1.4 Income Income is recognised when recreved as part of a profil Sha￿ binth'ng agreement, it is probabl8 that income wll be r8a•ved through sale oftht OUP joumaL8. 1.5 EKp•ndSturn Liabilth'es are recognised as expenditure as soon as there is a legal or COnStrUdiv8 obligation commltting the harity to that expenditure, rt Is probable that a transfer ol economic bemeffts will be wuired in settlement a￿1 amount ol the obligatson can b8 measured reliabty. Expenditura is accountsd lor on an a¢¢ruals basi8 and has been dassffjsd under hgadings that aggregate all cost related to the category. Wh8￿ costs cannot be direclly at￿bU￿j to P8rb'cuk8r headings they have baen 81ocaled to activ￿85 on 8 basis consistent wrth th? us• of resource& Govornanca cosls Eomprise Cost of runnlng tho chanty, induding external aLKIit 3rTrd all costs eornplyir wlth con5ty'tutiDnal and statutory requirements, such as costs ol Board &nd Commrttee rneetings and the praparaty'on of statutory fsnancial stat8rn•nts. Grants offered subJ8Ct to ￿n¢11t10n$ which hav8 not been [r￿t at ￿ year end d* are noted as a commthent bul not accrued as expeThYituf6. 12- THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢tsuntinq pollcle• {Continuod 1.6 Flx•d as58t invB¥lrnenl¥ Fixed asset investments ar8 inth'?lty rneasured at tran&￿tKIn price ?xdLhding trartsat*on ￿$1￿. and are subs$quent￿ measured at f8ir value at each repo￿n9 date. Chawes in fair value are recognised In net Incomellexpenditurel for the yeai. Transaction costs are expensed as intdjrrwj. Realls•dg8lns andlosses JI gains and losses are taken to thè Stslgrngnt of Finanryal Athibes as they arfse. Re81ised gains and lossè8 on investments are calcuLqted as thè dlfferern￿ be￿n sales pro￿ed5 and opening rnarket Vslu8 (purchase date if lat6rl. Unr8ali5ed gains aTrJ losses are calculated as thg difference be￿n the market value at the year end and opening markel valu8 lor purchase date W laterl. Realised and un￿aliSed gal￿ ore not separated in the Ststement of FinancialAcb"vibe5. 1.7 Ca¥h and cash equi¥•l•nts Cash and cè5h equNalents include cash in hand. deposits at ca¥ with banks, other 5hort-t&rm Ilquld Investrngnts with original maturities of month8 or kns. and bank overdrafts. Bank overdralts are shown vAlhln borrowings in current liabil￿e5. 1A Fln&n¢lal Inatrum•nts Tha charity has elect&1 to apply Ihe provisKJns of secb.on 11 'Ba3ic Financial Instrumerrt8' an¢J Secb'on 12 'Othar Financial Instruments Issues. ot FRS 102 to all of ts financial instruments. Financial instrumènts are recognised in the charitys balanr2 Sheet when the charity becomes party to the cy)ntr8ctU81 prowsions ol the irtstrum6nt. Financial assets and liabilit189 are offse( with the net amovnt5 presented in the fiThonclal statements, when there is 8 kgally enfor￿able right to set off the r&cognis8d amounts and there is an intention to setde on a net bgsi5 or to realise the asset aNI setlle th8 liabilty simultaneously. Bas1¢ flnanelalassets Basic financial assets, which include debtors and cash aNI bank baLqnces, ar? initk8lly measured transaction price including transaction costs arLI are subsw4U8ntty carrk8d at amorhsed cost using the effects've interest rnethlxl unbss the arrangement constitLrtÈS 8 ffnanciro transaction, where the tran5actFOn i5 rn88sured at the present value of the future re￿ipts di$￿￿nted at a market rats of intsre51. Financial as89ts SSIf￿ as re￿1vable ￿thin one year are not amortised. 8a$l¢ 11n4￿181114bIIftI?s Baslc financlal 1lab1liti￿. iThduding creditors and bank 108ny ar9 initkqlty recognised at tra￿aCtIon price Un￿83 Ihe aNan9èmènl ¢on3titutes 8 finanung transathon, where the debt instrum•nt LS rn8asur8d at tha P￿sent value of the ￿re payments discountgd at a market rate of Inte￿$t. Financl81 liabiliti8s classifi￿ 83 pay8bJ8 thin one year are not amortisad. 1.9 Taxaiion The chanty is exfjmpl from tax on its charitabb activit￿$. 1.10 Employee beneffts The cost of any unused holiday ents'd8m8nt Is ￿cognised in the p8ri¢)J in whth the ernployee's seNc8¥ org received. Termination benefits ro￿gnis￿l immediatety as an •yns• when the charity is demonstrabty CLJmmitted to tèmiSnats the employment ofan employee orto p[ov￿le terrnination benefits. 1.11 Retlr?ment benellth Poyrnents to d8h.ned contributlon retlremènt benefjt 8chemes are charged as An èxpense as ￿ fall due. 13- THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcl Icontinugd) 1.12 IrrocovarablB VAT Irrecoverable VAT 15 thatged against tho category DI resour￿5 ?￿nded forwhich it Wa5 incurred. 1.13 Allotatlon of ts￿￿¥•ad and support costs Overhe&Y aThJ support costs have b&an allocat8d first betyveers Charita)￿ activty and govem8nco. Ovethead and support costs re￿ts.ng to Charitabl¢ A¢tivib'e$ have be8n apportioned basad on th8 number of Indmdual grÉnt awards made in recognition that the adrninistrath.ve costs of aw8rding. monitoring ar¥J 85sessing fellowships are broadly equivalenL The allocation ol overhead and support costs is analysed in note 8. 1.14 Costs ofgeneratiry funds The costs ofgernerating fu￿$ consist ofinve51ment rnanaaèment and ￿rtain ￿gaI f8e5. crftlul a¢¢ounllng •Stlm•ts$ •nd judgements In the application ol the thartys accounting polic*s, the trustee$ are required to make judgements. estimates and assurnpts.ons about th• carryiThJ amount of assets and liabilrties that are not rgadily apparent from othar source5. The eslinates and associated assumptions are based on historftrAI éxpèrien￿ and other factc￿ that are con8id&red to be relevant. AcbJal ￿sU[ts may differ from th8sa èslinates. The e5brnates Under￿ThJ 885iwnptiorts are reviewed on an ongoing basis. Revisions to accounting estimates are recognis&l in the period in which th8 estimate is ￿ViSed where the revision affects cmty that griod. or in the period ol the revision and penods where the revision affects both current and futu periods. The onty significant estimate included within the financial statsménts Is.. tkferred and accnted incL)me Deferred and accnted joumal inmme i8 CBlwl8tsd based on the Oxford UnNèrsty Pr88s IOUPI buduwt￿I profft for the year ended 31 December 2023. The quarterfy payments are made based on the budgeted prDfiI. The amount is recalculated based on the OUP actual final profit and loss accnunts and paKI In the n&Kt finanoal year. Vblth tho extsp1K)n of the estirnato descrited above, the trustees CL)nsider that there are no other %gnificant judgements or Qstrrnates in th? preparation ofthe86 financial statsments. Cha￿table actfvMle$ 2024 2023 Income Oxford Universty Pr8 1,607,975 1,659.079 14- THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS IcoKfiNUED} FOR THE YEAR ENDED 31 MARCH 2024 Inv•8trn•nts Unrestrlcted Unre•trlcted funds fund8 g•nor¥l g•neral 2024 2023 IncDme frorn listed investments Int8￿5t receNable 232,657 16,904 109,258 46,4 249,561 155,752 Rahlny funds Unr•strlct•d Unr•strlct•d funds funds general general 2024 2D23 Inveslrnent rn6n8gemenl 54,273 55.149 54,273 55, 149 other income Unrestricted Unrestricted lund8 funds general general 2023 2024 E166wiar Brain confarencs 3,520 9,116 4,744 7,520 12,636 12,264 1s- THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Charttable actSvttlog R8Stated Total Clmrftab 8xpondrlure 2023 ft￿tated Totsl CIArllable •xponditure Grants 2024 2024 2024 2023 2023 Editorial board expenses linduding stipeThJsl Bra￿ Joumal staff costs Brain Cornrns stsff costs Èbslte costs Depreath'on aTrJ loss on disp0581 of fixed ass8ts Administration and office eXP8nses IT SoltyMr8 and nsumables Insurance Rent 58,471 306,369 32,852 51.208 58,47f 3C6.369 32.B52 51.208 ICQ,338 217.042 56,218 33.982 109,336 217,042 56,218 33,982 1,433 1,433 45,949 45,949 43.031 43,031 108 1,423 12,480 108 1,423 12,480 1.619 20,777 1.619 20,777 517,725 517,725 475,053 475,053 Grant funding of xtNithe5 {seg notg 81 1.915,441 1,915.441 2,279,657 2.279,657 Share of support costs Isee note 91 Share ofgov8rnance cL)sts (see note 91 22,248 22,248 19,979 19.979 34.267 34,267 26,998 26.998 574.240 1,915,441 2,489,681 522,030 2,279,657 2.801,887 Administration and office ey8nsas comparative figure8 have been rest&tsd to $pltt1he expendthre in further detail uThJ8r the ¢*￿iE? ￿b￿rte costs, IT SolNYare and concumables, InSurPn￿ a￿1 Rent Grnnto p¥y•ble Grant8 2024 Grants 2023 Charity grants". Brain scholarships Travel grants COnfe￿nce & other sponsorship Brain conferenc8 hosting 1,495,230 246.969 142.970 30.272 1,841,184 226.510 181,052 50,911 1.915,441 2,279,657 RefEr to Twstees Report fr)r detsils of grants rnade to Insbtubons. 16- THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support cost• Support Gov•m8n co•ts costs 2024 Support GovKnanc• coBts 2023 118 mtsted Annual dinner 22,248 22,248 19.979 19,979 Audit 1895 Accountanty 8ank charg&s 23.630 10,044 593 23,830 10,044 593 18,500 8.073 425 18,5CK) 8,073 425 22,248 34.267 56,515 19,979 26,998 46,977 Analysed be￿n.. Charftable actiwl 22,248 34,267 56,515 19,979 26,￿8 46,977 10 N•t movement In funds 2024 2023 Net movement in funds 15 Statsd after chargingllcrediting) Fees paY8b￿ to the comp8nVs aL¥Jitor fDr the audit of the company's financial 23,630 36,980 313 1,120 389 Depwiab"on ol owned tary1b￿ fixed asgets Loss on disposal of tangible fixed a6sets Amortisats"on of Intangible ￿sets 11 Trusts• None of ts trustees lor any kErsons connected with them) receNed any ￿MuntratIOn durfng th8 year12023.. £Nill. However, five truste8s have been reimbursod a total of £66,551 for stip8nd, travel. subsistence arnl acC￿nMOd3kn.on oxpgnses12023- fve rambursed £56,477). 12 Employ￿$ Thè average monthly number of empk)ye6s durtng th6 year wos: 24 Number 2023 Number Managing Editor Scientific Editor Assistant Scientffic Editor CornmissioniThJ Edltc Cornmissionirvj Editor Total 17_ THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 11 Employ••s (Continu•dl Ernployrnent costs 2024 2023 Wagg$ and sal?rio$ Sociql security costs Pension and off payroll staff costs 272,776 22,461 11,132 192,033 15,403 9.6( 306.369 217.042 The number ofernployees whose annual remurEration was more than £60,0 is as follows.. 2024 Numb•r 2023 Numb•r £60,000- £70,0 13 N•t g•Sn•Ill￿￿l on Inv￿lM¥nI$ Unr•8tricted Unr•stricted fuFbd¥ lunds genornl general 2024 2023 Revaluation of invesknents G&inllb8sl on sab ol investments 668,198 61,834 64,112 1346,954 730,032 1282,8421 14 Taxatlon The ¢h8rty LI exempt from tsx on income and gains falling wthin section 505 01 the Taxes Act 1988 or section 252 of the Taxationol chargeab￿ G8insAct 1992 to the extent that th858 are applied to rfs tharitable objects. 18 THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Flxed ag$Ot Inmtments Llsted Snv•8tm•nts Cost OT vzluatlon At 1 April 2023 AthYiti0rt5 Valuation changeg 7,148,095 14.500,126 730,032 At 31 March 2￿24 22,378,253 Impalrn)•nt Al 1 April 2023 Disp950L 14,995,818 At 31 Marth 2024 14,995,818 Carrylng amount At 31 March 2024 7,382,435 At 31 March 2023 Transferred from uninco￿r#tttd charty 7,148,095 21124 2023 Investments at fair value compris8'. Equ￿.e$ Fixed interest securitites Amemative investments Hedge fvnds Money Market DepDsits Government and agèneAe$ borKI$ Investment grade bonds HKJh ybld ￿rn￿$ 5.S72,413 S.SC6,703 1,oe7.459 380,63S 1e3.213 30,083 100.000 886,322 e09,624 213,913 7,382.272 7,148,095 All inveskn•nts are &4rried at their fair Wak￿. The total Ma￿et value ol thèsg investrnents as at 31 March 2024 8rnounted to £7,382,272 12023.. £7.148.0951. The total c05t of investment h8kl outside the UK as at 31 March 2024 amountsd lo £4,562,076 12Wd3.' £5,487.02n. Th8 market value of the8e investments as at 31 2024 amounted lo £4,562.076 12023.. £5,367,029). Thé lot81 market value of the Hedge fvnds as at 31 March 2024 amounted to £nil12023.. £183.213I and the cost of the H•dg• funds a¥ 8t 31 March 2024 amounted lo £nll12023' £153,137). The amount ol change in lair value hedging inslrurnent has been fftcognised in the ststement of finanaal aCtiv￿.*S for tha p8ri0d. 19- THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Flxod ai•èt Imi•8tménts (Continuodl The charitable funds commrrtee sel 5Yo ol matkel value as at 31 March 2024 85 the threshoky for reporting matyiial in￿$1m6nts. As ot 31 March 2024 thg followng invgstmgnts wgre considered material.. UK and North&m Ir61and Treasury Gilt amounts to 9.09% Olthe total portfolio The significance of financial instrurnents to the ongoiThJ financral su5tain*Jilty of th• Guarantors of Brain is consyjel￿j in the risk analysis section of tho annual r8porL 18 Financiol instruments 2024 2023 Carrylng amount olllnanelal 8s8ets Instruments m6asurad at fair value through wofit or kJ5S 7,382,273 7,148,095 17 An￿￿19 of ea•h and cash •qulval•nt• 2024 2023 Editorial CurrentAccount Cash wthin investment portfolio Current accounts 3,463 44,433 132,975 62.700 63,217 125,917 180,871 18 D•btors 2024 2023 Amounts fallng due within on• year: Prepayments acuued income STI,849 576,189 19 Cr•dltorn: amounts falllng du• wlthln on• y￿r 2024 2023 re&tsted Other credrtors Accruals 12,796 938,280 11,858 814,984 951,076 82$,642 -20- THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 R•tirnm?rrt benefft schèmès D•finèd contrlbutlon 8cheme6 The charity opetates a defined contributhtin pén8ion Scheme for all qualifying employags. The assets of the SL*eme are held separatety from Ih¢Be of the tharity in an indapèndenly administered fuThJ. The Char￿ to profit or loss in ￿pect ofdèfinÈd wntribution schemes was £11.13212023.' £9.6Ck81. 21 Analysls of net ￿ets lundg Unrestrlcted Unrn•trlctsd fund8 lunds 2024 2023 baL9n￿$ at 31 March 2024 are represented by.. Invgstments Curr8nt aSse￿IllabIlitI6GI 7.382,273 1247,510) 7,148,095 169.5821 7.134,763 7,078.513 22 R•latsd party transactlon• Th8rg were no related party transactions for the year ènd*1 31 March 2024. 23 Prlor p•riod adjustment Certain costs have been h*nlTfEd as being incurred in the previous financial perlod. Although èach Indhrfdual item is considered immaterial on its own, the aggr@gate effect of these costs, when t8k6n collectNely, resutted in 8¢cwualg being matèrially uThJerststed in the prior yearfs ffnanci818tstements. As a resu￿, a prhjr per adjustrn&nt h89 bwn rnade ts ojrreci the undetstst8rnent of 8ccruaL8 and ensu￿ that the frnanaal stafrments present 8 trug and fair view of thg eornpanls financial positK)n. Th• Impact is a defiryt of £59,314 to the net rnovernent in fvnds, affethng audit ond accountancy £18,480, Brain Comms stafF costs £13.950 and sty'FenLYs £26.884. .21 THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 26 Calh gen•rntsd from 0￿￿tIOn• 2024 2023 SuWuWld$fldll for the year 56.250 11,312,583) Adjustsnents for.. Investment inconE r￿gnised in statsmant of finarrial actNities IGain)A03s on dispos81 of tangible fixed assets IG8in)Ao8$ on disposal ot Investments Falr v8lL* gains and bsses on inve6trnents DepreciatK)n and amortisatron {249,5611 1155.7521 1.119 346.954 164,1121 7cI2 181,8341 16e8,1981 Movements in working rapital." I1￿￿£8&) in debtor5 Incre85è in creditors Increase in deferred income 11,4611 1,138 123.296 17,4831 6,451 319,080 C￿h absorbed by operatlons 1800.3701 1865.6241 26 Analys1$ of chonggs In net funds Tho thanty had no dtrbt during th• yèar.