THE GUARANTORS OF BRAIN TRUSTEES. REPORT FOR THE YEAR ENDED 31 AIARCH 2025 Th8 trust885 pr8S8nt their annual ￿port and financial stat9ments for th8 y8ar ended 31 March 2025. Reference and administrative inf0M￿li0n sel out on the previous page lomi part of this report. The financial statements have been prepared in 8(xordance with the accounting policies set out in note 1 to the fin8nokql statements and comply with the charitys governino docurngnt, tho Charitias Act 2011 and 'Accounting and Reporting by Charit19s.' Siat8m8nt of Recommended Practice applicable to charities preparing their accounts in accordance with the Finenciol R¢porting Stondord applioablc in thc UK and Ropublic of Irèlsnd IFRS 1021" leffectlve l January 20191. Objectives and activiti•$ Guarantors of Brain is a reoislered charity. The aim of the charity is to prornote leaching, edueabon and research intA thp. %p.IAnr.* nf nAiJrnlr)oy 2nd rplalpd rlinical-academic disciplines. It is funded by profits oeneraled from the publication of th8 journals BRAIN and Brain Communications. The Charity's activitie5 include.. 1. Contribulinq to the ￿51 for neuros¢ients'sts, whether clinical or preclinical, lo travel lo scientific conferences or meetings. to visit other laboratofies 8nd departménts. in the UK or abroad. Awards are made to individuals at an earty Stage of their ca￿er, in support ol work undertaken in the UK. 2. Scholarships for trainee neurologists ftsr one yearfs salary support. enabling Ihern to bridg8 b8twe8n clinical and research tfdining, either lil irnm8diately beforè a higher ￿Sea￿h degree.. or lill after a higher r8S8arch degree but hpfarp A perrnanent facumy appointmènt. 3. Clinit81 rèsèsrch training fellowships for UK roglsterod train09$ in n&urolo9y lor elos•ly r•lated specialities such as paediatriG neurology) for three years, salary and modest reJearGh oxpenwa, in order for th¢m to underteke e PhD in an acad8mic centre of excellence in the UK. 4. Non-clinical post-doctoral rese8r¢h fellow5hip5 in neurological science in an acadernic centre of exc9118neè in thè UK, where they will work wthin 8 clinical or trsnglational rgs&areh prograrn led by a NAurnlryJiqt Iiip thrA* y&xrA. 5. Flnanclal 5upwn for meeiings la the UIK, pspeclally those ol inteiE51 tD I1￿UlL￿#￿iEiII1¥ts vi Iloili￿5 iii ii¥urvltrJy, neurosurgery or n8uropsychiatry. 6. Support lor internationally distinguished acadernic clinical scientists to visit the UK. lor special ledure5 or short 7. Suvvvil fvi UK Iivuiuluyibts tv IirJv¥I tv 1vwv-iii￿liie countiies foi leaGhing and reseafGh, and the NewscATrDavis Fellowship scheme to supptsrt stU(Jy visbts to ￿8 UK Dy researchers or diniaans working in low an(J miaaie-lncome countries. Developments, Actlvltl•s and AchI￿8M?￿ts of the Charity in th• P•rlod Braln- Journal of Nèurology: The jtsumsl BrAin 18 publiÈhèd by Oxford Univorsity Pross IOUPI. Brain Joumal continu•s to be highly successful, both acad8mically and financially. Profrt for the ¢alendar year 2024 was £1,065.251 comp8r8d to E1,066.538 in 2023. down by £1,287. Profit shar8 for th8 Guarantors of Brain is 85°h for the Brain Journal. Th8 five -year itnpa¢t factor of Brain is 11.7 reflecting th8 h￿gth c81ibre and range ol publications and utatyons under Editorshlp ol Masud Husain. The Brain Journal editorial te8m consist of.. ono @dilorial Manager and foiir editorial A4qlqtxnt* twn deputy editora a¥aociate editors. The 898ociete editor3 ere drewn from cliniwl ond prcclinieal Th¥Gionti- r8flect th8 range of expert15e and knDwledge Govered by the joumal. Editorial expens8s arise mainly from the stsff salary wsts, expenses ft>r Èditors and 8(litorfal assistants, together with the office lease, misc911an80us expenses and insurance of oifice $pa¢e. Brain Communications.. Brain Communications was launched in 2019 by OUP ￿th Tara spi￿>Jones as the founding Editor. Brain Cornmunications is an Open access joumal. and has exceeded OUPS projections for performance in terms of subrnissions anoj income. Submis5iolls are growng. Citstlons ol Brain Comms papers are also incr885ing. We have two programmes lo benefrt early career researchers, a Reviewer Academy lo train people in best practi￿ in peer revipw and an Observer Prooramma to givè pBtsple insights into working in scientific publishino. Overall. there has baèn very positiva feedback from authors and readers about thèir expÈrionea with Brain Comrns. The profit share inc0ffl8 for Brain Cotnrnunicalions in the calendar year 2024 was £429,494, an increas8 01 £105.548 from the previous year 2023 of £323,946. Guarantors ol Brain has a 50% profrt share wth OUP for Brain Communicatlons. THE GUARANTORS OF BRAIN TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 GuarJntors of Braln Board ol Management The current Board ol Managemenl ¢onsists of 7 members. Members include the Editors of Brain and Brain iommunications. the Secreiary & Treasurer Of ihe Guaraniors, tne cnair of Ihe Guarantor5 of Braln anLJ three elected Guarantors. The Editor ol the Brain Journal, Brain Comrns and Secretary & Treasur8r on the Board of Managernent arè paid an annual stipend. The two Deputy Editor5 are paid an annual stipend. The Board members and Editor 8nd As5o￿al￿ 8drtors are entrtled tts daim travel expenses in addition to the stipends. Charltable Actlvltle5 The broad portrolio of charitable actimties during 2V24125 Inciuaea.. {al JT In 2024125, 483 travel grants were awarded (versus 354 in 20231241 with an average value of £750 (total £361.8681. Projections for 2025126 is 450+ awards. The Carbon offset scheme is active and a donation to a UK tree plants.ng scheme with Carbon Footpn'nt Ltd was made for 202412025. vbl)i tiwards 20241101. ABN fellowships 3-years funded by the Guarantors weTe awarded to.. Dr Stephany Taylor IUCLI, Dr S8rKJeerthana Raj8gopal IUCLI. Entry clinical fèllowship 1.￿ar.. Dr Ali B?khsh Ilivprpmll. nr MArm MxnrAJsn IUCLI, Dr Rachèl Matthèws {Liverpooll, Dr S96od KayhoniÉJn Icombridgcl. P05t-dodoral Clinical FelkJw$hip. l-year.. Dr Benjamin Jacobs IGMULI DrThomas Williams IUCLI. Non-clinlcal post-doctoral fellowships, 3-years'. DrAnna-L8igh Brtswn IUCLI, Dr Denis Halhazi (Camb￿ge). Icl rt.. UK instituts.onal meetings supported in 202412025.. - DNA ConferenGe 2025 Gar¢r¥ 9r8nty BNA Festival Aprfl 2025 . BNA Festival Syrnposium Dec 2024 . ABN Gordon Holmes lecture May 2024 (Christian Lueckl . MEC-UK Confor¢nec Oct 2024 Gla5guvw Neuru Nvv 2024 . Annu81 Auditory Science Meebng bep 2U24 R8ading Emotions 2025 Feb 2025 (Reading). Olobal N Initi Cambodla Project - UK Professlijnal Developtnenl Suppoil iu IIIE CliilEJ N¥uivluyy S¥1vi￿ al An9kor Hospital foi Children IAHCI. Cambodia (Prof Michael Pikal . Acute Flaccid Myelitis proj8Ct- Uganda Dr Darshan Van(Jya, Mumoai Inuia, Jan iVi>, Vlsli io UCL Dr Nigara Yerkhojaveva, Kazak￿T￿rk1$h University, Kazakhstsn, Sep 2024 visit, to UCL. lllzsclence wntlnued io be ¥uvw)IlEd willi o Tjuiialivii vr e50.000. We moved to an annual rewew Pro￿￿$ whereby In2Sc1ence will provide Guarantors wilh data on the potential value oi tneir aonaiion. Tnis Charry supports students frorn disadvantaged backgrounds through their applications for STEM subjects at university. Our sUPPOrt funds a number of'Guarantors of Brain scholars, who apply to neuroscien(x subject5 and mèdicine. Summer CAMP project- residential ¢amp for undergraduate students from diverse, ynd8r-setved backgrounds to eveiop tne nec8ssary SKills io reach posi-graduaie eaucauon ana Duiia connectlons vAthln academla an(J aGaUervlG careers. Publlc Beneflt In order to fulfil its charitable objects and for the public benefit. The Gu8rantor¥ of Br8in promdès financial grants for variety of events, meetinqs and study in the fiel¢J of nueroscience. The Trustees ￿fer to the Charity Commission s genèral guidancè on Public Bgnefit when reviewing the aims anil objectives of the Charity an¢J in planning ts future activities. THE GUARANTORS OF BRAIN TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Flnanel•l rèvlew The objective ol this annual reDOrt and accounts is to Drovide infomiation about the Charivs financAal perfomance and financial wsition $0 as to be usèful to s wid@ rango of gtakeholdo.rs in 84q9.￿tIn0 th& Trti*tAA%' &toward8hip and m8n8gernent of charitable funds, and to assist tho user of the aceounts to make economic de¢ision$ in r81ation to the charity. Th8 Tru5te8s' power to invest is governed by the Trustee Act 2000. The Charity Cornmission, Statement of Recommended Practicè ISORPI applies to the Charity's activitie5, and tho Charity's polry on the use of income and assets, and the reportin9 of the Charity's financial activity. For reporting purp0585, our assets and small ?tsff meon thot thc Guarantor- of Brain Charity 1¢ 3 Smallèr Entity. Tho Chariws funds arg #lmost all uriiEslriLled. Iii i¥￿17t y¥dii. Ili¥ iiiv¥sliiiviit ubjeGtive5 weie to generat6 inGorn¢ to fund the Gharitable activities, reinvesting Income wher8 it is not required, and 10 maintsin the ¢apilal value of the funds. The active management policy accepts rnoderate risk and aims for long terrn growth and incorne options. In 2024125 100QA of investment incorne was spent. The investment poliw indudes thè avoidance ol dI￿¢t investment of companies with a sKJnificant intere&t in tobaGto and armaments. The investment policy i¥ reviewed on behelf of the Tru3teea by the tsoara of Managemeni, ai Iniervals Of no more Than 15 monins. Approxlrnately 3.5% of the fun¢515 hel¢ 33 cash liquid assets. providing credit and liquidity requirements necessary to support th8 activitiès of the Charity. The laiter raquirements indude the ability to meet short- and m8dium-tarm salary commitments and fellowships of the Charity. in the ev8nt of a Sudden drop in income or sudden devaluation of investments. The Secretsry and Tre88urer 1$ authortsed io au on LEhalf ol the Tru5tpes in cunnEGlioii willi Ilie iiivgbliTi¥iit fuiid¥. tiiid for day-to-day finanGial adminislr8tion of the Charity. As of 31 March 2025 the chanty an investment porttolio oi £fi,2Y2,21¥ unagr management by Coutts & Co. Approximat8W £218,487 are held in cash investments. AS of 31 March 2025. the charity has unrestricted reserves of £6,096,77312024 rest8ted.. £7,314,652) and duriry th9 year, made 8 daficlt of £1,217,87912024 restated.. £107.115 Isurplusll. Plang for the futur? The Ghamty will ronlinuE iu wiitsidEf ii¥w Wdyb lu buypuil l¥b¥¢iibli aiid teaGliing in neurology aD(J rEuro&¢i¢nce. both cllnical and basic science. We will seek to Ènhance Ixjr income, ttirough the suprx)rt of the Brain and 8rai Communieations joumals, and through investment of th9 Charitys reseNes. The Board of Management and thè Guarantors will wn6idar nèw ways to moot tho aim6 of tho Charity, includin9 btst not r•stricted to revisions of th F¥llu¥vbliiys aiid SGliolarships 5Gherne&. The Gurr¢nt ov¢rspend on the fdiowjhips Ydll be redu¢¢d frtsm 2026, 30 LX)sts ana Income Daiance. Structure. governance and manag•ment Governing Do¢ument and Gov•rnlng Bodies Th• Charity was founded in 1g55 and transitsonéd into a Chgritable Incorporated Oro8ni48tif)n Ir.Ini At midnioht ?1 March 2022. Th8 rnaximum number ol Guarantors under the new CIO structure is 50 Icurrently 491. Curr8nt Guarantor5 serve for a rellewable five-year term and are required to atten(J 8t least two out ol five Annual Gen8ral Meetings and be primarily r8sid8nt and professionally acts.ve in the UK. Ngw Guarantor5 are invited following an eltr¢tion by the Guarantors ltransferable vote syst8ml. Tho Charity is rnanagod by a Board of Manag•ment that Consists of Trustees @l&et￿ from tho Guarantorq: th Chairman. Editor of Brain, Editor of Br8in Comms, Secretary￿reaSurer and thre? oth8r members. The P*)ard of Management meet three times a year. None of the trustees ha5 any beneficial interest in the Charity. ReSe￿e Pollcy and rlsk managèment The Charity has established res8rw8S that would enablè conb"nuity of current and plann8d aclivitles even in the event of a significant loss ol income. Potential risks lo income are r8viewed by the Trustees on the Board ol ManaGernent. No significant change in risk was identrfied in the current financial year. Coutts&Co Bank is eng8ged to provide long term active asset managgment with medium risk exposure Jong- terrn growth airns. Caprtal aPP￿Clarion and re-lnvestment of irwrne has led to 8 substantial Increase in Ihg Charity's finantyal security, despite thè challèngin9 economic clirnate of recent years. Th85e assets minimise the risk to the artivitios of thp. fhArity in thp. p.vp.nt nf A *iihqtantlAI In$8 nf incnme. Incomè from thè jokjrnal Brain has bsen thc major Murcc of funds to ￿UppOrt individuals with 6htsrt, intèmièdiato and long-lerm awards 8nd fgllowships and provide new ways to 5UPPOrt teaching and re$e8r¢h a¢ro8S th8 dis￿p1¢nes of neurology, psychiatry and re18t8d preclinical neurosTh9nc8. THE GUARANTORS OF BRAIN TRUSTEES. REPORT {CONTINUED FOR THE YEAR ENDED 31 AIARCH 2025 Dlselosur• of Informatlon to audltor Each DI the trustees has confirTned Ihal Ihtrie is nr) Information ol which they are aware which is relevant lo the audit, bul ol which the auaitor Is unaware. I hey have iurther conlimiea tnat tney nave iaken 8ppropriaTe steps TO identify such relevant information and lo establish that the auditor is aware of such information. Thè trustses, raport was approved by the Board of Tru8t80$. Dr E Tallantyre Date.. 1..4....D.t C ..2o.IC Char￿Y règlstratlon number 1197319 THE GUARANTORS OF BRAIN ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 THE GUARANTORS OF BRAIN LEGAL AND ADMINISTRATIVE INFORMATION Trustees Profes50r M Husain (Editor and Board ol Management) Professor M Reily Ichair and Board ol Management) Dr E TallantyT8 IS8cr8tary and Treasurer, Board of Management) Professor T L Spires-Jones (Editor and Board ol Managernenti Professor JaTnès Rowè Professor Elizabeth Fisher Professor Kevin Talbot Charlty number 1197319 Prlnclpal addr¢ The Guarantors of Brain Herchel Smith Building, Forvie Site Robinson Way Cambridge C82 OSZ Audltor Azets Audit S8niic•s Weslpoint Lynch Wood P8terbomugh Cambridgeshire United Kingdom PE2 6FZ Bank•rs Coutts & Co 440 Strand London WC2R OQS THE GUARANTORS OF BRAIN CONTENTS Pagè Trustee5' report ststement of twstees, responsibilities In(Sep8ndent audittirfs report ststement ol firsanrial activthe$ Balance sheet 10 Statement of cash flow8 11 Notes to the financial statements 12.23 THE GUARANTORS OF BRAIN TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The truste85 pr8S8nt their annual ￿port and financial statements forthe year ended 31 M8rch 2025. R8ference and administral've inforrnation sel out on the previous page form part ol this report. The financial statements have been prepared in 8(xordance with the accounting poliaes set out in note 1 to thè financial statements and comply with the charity's governing document, th8 Charit￿s Act 2011 and"Aceounts"ng and Reporting by Charities.. Statement of Recornmended Practice applieable to charities prepariTrg their accounts in ac(x)rd8nc8 With the Financial Reporting Standard applicable in th8 UK and Republic ol Ireland IFRS 1021. (effective 1 January 20191. Objecllves and activities Guarantors of Brain is a registered charity. The aim ol the charity is to promote teaching, education and ￿searCh into the science ol neurologyand related cliniral-aGgdemic disciplintrs. It is funded by profits generated frorn the publirAtion of thè joumaks BRAIN and Brain CornmunicatNWS. The Charitys activitie5 includè.. 1. Contributing lo the c05t for neuFoscientists. whether clinical or precliniul, to travel to Scientific Confe￿nceS or meetings. to visit other laboratOri8S 8nd d8Parttnènts, in the LIK or abroad. Awards are Made to individuals at an early Stage of thèir ca￿er, In support ol work undertaken in the UK. 2. Scholarships for trainee n8urologists for onè yèarfs salary support, enabling them to bridge between clinical and research training, either lil immediately before a higher research deg￿e.. or lill after a higher research degree but before a p8rfflanent faculty appointment. 3. Clinical ￿search training fellowship5 for UK regi5ter8d trainees in neurology lor closely related spe¢i81ities such as paèdiatrie neurologyl for th￿e years. salary and rnodgst resgarch expansès, in order for them to undertake a PhD in an academi¢ ¢entre of excellence in the UK. 4. Non-clinical FM)St-docloral research fellowships in neurological scienc8 in an acadèmic centre of excellence in the UK, where they will work wthin a clinical or tran￿atIonal research progr8m led by 8 Neurologist lup to three years. salary costs). 5. Financial 5UPPOrt for meetings In the UK. especially those of interest to wurosc*ntists or trÈlnees In neurology. neurosurgery or neuropsychiatry. 6. Support tor internationally distinguished academic clinical 5ci8nts'5ts to visit the UK, for special lectures or short tours. 7. Support for UK neurologists to travel lo low-income countries for teaching an¢J research. and the Newsom-Davi5 Fellowship schèma to support stu(Jy visits to the UK by researchers OT clinicians working ￿n low and mhJdle4ncome countries. Developments. Activities and Achoèvements olthe Charlty In the Perl¢xl Braln- Joumal of Neurology.. The Jtsurnal 8rain is publishe(I by Oxford UnNersty Press IOUPI. Brain Journ81 eonlinues to be highly successful, both academically and financially. Profit for tho calendar year 2024 was £1.065,251 comp8r8d to £1,066,538 in 2023. down by £1.287. Profit share lor the Guarantors of Brain is 85V/ts for the Brain Journal. The live -year impact factor of Brain is 11.7 reflecting ltte high calibre and range of publications and at8tions under tf* Editorship of Masud Husain. The Brain Journ818ditorial team consist of-, one editorial manager and four editorial as515tants, two deputy editors and associate editors. The associate editors are dr8wn from clinical and preClin￿¢al scientists to reflect the range of expertise and knowledge covered by the joumal. Editorial ex￿nSeS arise mainly from the staff salary costs, expenses for editors and editorial assist8nt5, togethèr with the office lease. miscellaneous expensès and insurance of oifiee space. Braln Communlcatlons.. Brain Cornmunications wa5 launched in 2019 by OUP with Tara Spir8S-Jon8s a5 the founding Editor. Brain Communicaty'ons is an op9n acc855 joum81, and has exceeded OUPS projections for p8rformanc8 In terms of submissions and income. Submissions are growing. Citations of Brain Comms p8pers are also Increasing. We have two programmes to b8n8fit early car8ér rèsearchers, a Reviewer Academy to train p8op18 in b85t practice in peer review and an Observer Programme to give people insights into Wotking in scientific publishing Overall, there has baen vary posits'vè feedback from authors and readers about their 8XP8rienc8 With Brain Comms. The profil share income for Brain Communications in th8 calendar year 2024 was £429,494. an in(Yease of £105.548 from the p￿VIouS year 2023 of £323,946. Guarantors of 8r8in has a 50% profit share with OUP for Brain Communications. THE GUARANTORS OF BRAIN TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Guarantors of BrBln Board of Managemont The current Board of Managernent consists of 7 members. Members include the Editors of Brain arnd Brain Cornrnunications, the Seuetary & Treasurer ol the Guarantors, the Chair ol the Guarantors of Brain and three elected Guarantors. The Editor of th8 Brain Journal, Brain Comms and Se¢retsry & Treasurer on the Board of Management 2re paid an annual stipend. The two D9puty Editors arè paid an annual stipend. The Board mgmb8rs and Editor and Associat8 edrtors are entitled to daim travel expenses in addition to the 5tipend5. Charltabl• Actlvlues The broad porttolio ol charftable activities during 2024125 included.. lal I[LL£W￿￿.. In 2024125, 483 travel grants were awarded (versus 354 in 20231241 with an average value of £750 (total £361,8681. Projedions for 2025126 is 450+ award5. Thè Carbon offset scheme is active and a don8tion to a UK tree planting scheme with Carbon Footwnt Ltd was made for 202412025. ABN fellowships 3-years funded by th8 Guarantors were awarded to.. Dr Stephany Taylor IUCLI, Dr SaNJeerthana Rajagop81 IUCLI. Entry clinical lellowship 1-year'. Dr Ali B8khsh ILiverpooll, Dr Marco Mancuso IUCLI. Dr R8¢hel Matth6WS {Liv8rpooll, Dr Saeed Kayhanian (Cambridge) Post-doctoral Clinical Fellowship. 1-ye&r.' Dr Benjamin Jacobs IGMULI Dr Thomas William5 IUCLI. Non-elinical post-doctoral fellowships. 3-years' DrAnna-L8igh Brown IUCLI, Dr Denis Hathai (Cambridgel. Icl rt.. UK irtstitutional m8etings supported in 2024r2025'. . BNAConfor0n￿ 2025 carers grants BNA Festival April 2025 * BNA Festival Syrnposium Dec 2024 . ABN Gordon Holmès lecture May 2024 (Christian Lueckl . MEG-UK Conference Oct 2024 Glasgow Neuro Nov 2024 . Annual Auditory Science Meeting Sèp 2024 Reading Emotions 2025 Feb 2025 (Reading). Cambodia Project- UK Professional Development Support to the Child Neurology Serwce at An￿[￿ Hospital for Child￿n IAHCI, Carnbodia (Piol Michael Pikal . Acute Flaccid Myelitis project- Ugand8 Dr Darshan Pan(Jya. Mumbai India. Jan 2025. visit to UCL Dr Nigara Yerkhojaveva, K8zakh-Turkish University, Kazakhstan. Sep 2024 wsit, to UCL. In2S¢ience ¢ontinued to be supported wth è donation ol £S0.000. We moved to an annual revlew prO￿$S whèreby In2ScIen￿ will provid8 Guar8ntors with data on the potential value ol their donation. This Charity SUPPOrts students frorn disadvantaged backgrounds through their applications for STEM subjects at university. Our 5UPPOrt funds a number of'Guarantors of Brain scholars. whts apply lo neuroscien￿ subjects and rnedicin8. Surnmer CAMP project- ￿sidential camp for undergraduate students from divetse. under-served backgroufjds to develop the necessary 5ki1I5 to reach ptssl-graduate education and build connections wilhin academia and academic careérs. Publlc Beneflt In order to fullil its charitable objects and for the public b&n8fit, The Guarantors of Brain prowdes financial grants for a variety of events, m8etings and study In the field ol nueroscience. The Truste85 refer to the Chanty Commission's general guidance on Public B•nafit when reviewing the airns and objectives of the Charity an¢J in planning rts future activities. THE GUARANTORS OF BRAIN TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Flnanelèl rèvl•w Th8 objectivè ol this annual report and accounts is io provide infixmation about the Charity's financial p8rformance and financial position 50 8$ to be useful to a wide range of stakehold8fS in assessing the Trustees, stewardship and management of charitable funds, and to assist the u58r ol the accounts to make economic decisions in relation to the charity. Th8 Tru5tees' power to invest is governed by the Trustee Act 2000. The Charity Cornmission's Statement of Recommended Practi(x ISORPI applies to the Charity's activities, and th8 Charity's poI￿Y on the use of income and assets, and the reporting of the CharWs financial activity. For reporting purposes. our 3ss8ts and small staff mean that the Guarantors of Brain Charity is a Smaller Entity. The Charitys funds are almost all Unres1￿Cted. In ￿cent years. the investment objectives were to generate income to fund the charitablè activities, reinvesting income wher8 It is not required, and lo maintain the capital value of thè funds. The acts.ve management policy accepts mo(Jerale risk and aims for long t8rrn growth and income options. In 2024125 100Qkn of investment income was spent. The investment policy includes the avoidance ol d1￿ct investment of companies with significant interest in tobacco and armamerEls. The investment policy is reviewed on behalf of the Trustees by the Board of Managemènt, at intervals of no more than 15 months. Approximately 3.5% of the funds is held as cash and liquid assets. providing credit and liquidlty requirements necessary to support th8 activities of the Charity. The latter r8quiiemènts inciude the ability to meet short- and m8diurTrtorm salary commitments and fellowships of the Charity. in the event of a sudden drop tn Income or sudden deValuat￿n of inv93trn8nt5. The Secretary and Treasurer is aulhorised to act on behall ol the Truste8s ir¥ connection with the investment fund5, and for day-t04Jay financial administration of the Chanty. As of 31 March 2025 the charity had an investment portlolio of £6,292,218 under management by Coutts & Co. Approximat8ly £218,487 are held in cash investm8nts. As of 31 March 2025, the charity has unrestricted reserves of £6.096,77312024 restatèd.. £7.314,6521 and during the year, made a deficit ol £1.217,87912024 r8Statad.. £107,115 Isurplusll. Plans for the fuiurè The charity will continue to consider new ways to support research and teaching IN n8urology and ￿ur0$clenCe, both clinical and basic scien￿. We will seek to enhance our income, through the support ol the Brain and Brain Communications joumals, and through investment of the Charitys reserves. Thè Board ol Management and the Guarantors will consider new ways to meet th8 airns of the Chanty, including but not restriotgd to revisions ol the Fellowships and Scholarships schemes. The current overspend on the Fallowships will be reduced frorn 2026, so costs and income bakqn¢e. Structure, 9overnance and management Governing Document and Governsng Bodles The Chanty was founded in 1955 and transitioned into a Charitable Incorporated Organisation ICIOI at midnight 31 March 2022. The rnaximum number ol Guarantors under the new CIO Structu￿ is 50 Icurrently 491. CLJrr8nt Guarantors serve for a r8n8wable fivè-year term and are ￿Qui￿d to attend 8t least two out of five Annual General M8elings and be primanly resident ar￿ professionally 8CtiV8 in the UK. New Guarantors are invited following an election by the Guar8ntors (transferable vote system). The Charity is managed by a Board of Management that consists ol Twst88S 818Ct8d frtsm the Guarantors.. the Chairman, Editor ol Brain, Editor of Brain Comrns, Secretarytfreasurer and three othgr m8mber5. The eoard ol Manag8m9nt m8et thr8e times a year. Nonè ol thè trustees has any beneficial interest in the Charty. Reserve Pollcy and rlsk managemont The Charity has established resetves that would enable continuity of Current and planned activities even in the event of a Signif￿Cant 1085 of inc¢imè. Ptstèntial risks to income are revi9W8d by th8 Trustaes on the Board of Managernent. No significant chang8 in risk wa5 identified in the current financial year. Coutts&Co Bank is engaged to provide Song tem active asset rnanagernent with medium llsk exposure lon term growth aims. Capital appreciation and r9-investtn6tTrt of income has led to a substsntial incr8as8 In the Charity's finanri81 security, despite the challenging economic climate of recent years. These assets minimise the risk to the acliwties of the Ch8rity in th8 event of a substantial bss of in¢orne. In¢om8 from the ioumal Brain has b88n the majtsr SOU￿ of funds to support individua15 With Short, inteimediate and lon*temi awards and f8llowships and provide new ways to supwrt teaching and research across the disciplines ol neurology, psychiatry and ￿lated prec5inical neurosaence. THE GUARANTORS OF BRAIN TRUSTEES, REPORT {CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Dlselosur• of Informallon to audltor Each of the trustees has confirmed that there is no inlorrnation of which they are aware which 15 relevant lo the audit, but of which the auditor is unaware. They have further confirrned thèt they have taken appropriate steps 10 Identify such relevant infomation and to est8blish that the auditor +s awa￿ of such inforrnats'on. The trustees, rerK)rt Wd5 approved by the Board of Trusiees. Dr E Tallantyr8 Date.. THE GUARANTORS OF BRAIN STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The trusiees are re8pon$ible for preparing the Trustees. Report and the fin8nrial statèments in accortjance with applicable law and United Kirydorn Accounting Stanijards Iunlted Kingdorn Generally ArL8Pt8d AccoLtnting Practice). The law applicable to charities in England and W81e$ requir8S the trustees to prepare finanual ststernents ftx each financial year which give a true and fair view of the slate ol affairs ol the charity and of th8 incoming ￿sOUrceS and ap￿IcAtion of r85wrces ol the charity lor that year. In prèparing these fjnancial statemellts, the trustees 8re required to.. - select suitable accountiro Oioes and then appty them conslstentw., - obseNe the methods and principl88 in the Charities SORP- - make judgements and ests'mates that are wsonable and prudent., state whether applicable accounting standards have been followed. subject to arry material departures discbsed and explained in Ihe financial stst8m8nts' and prepa￿ the financial ststern8nis on thè going concem basis unless it is inappropriate to presumè that the charity will continue in operation. The tfustees are restM)nsible for keeping 8uffiuent accounting records that dlsclose wrth reasonable accur8ey at any time th8 financial position of the charity and enable them to ensure that the finantsal statements comply with th8 Charities Act 2011. the Charity (Accounts and Reports) Regulations 2(N)8 and th8 provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking ￿8$Onable steps for thè prevenlK)n and detection of fraud and othw irregularities. THE GUARANTORS OF BRAIN INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE GUARANTORS OF BRAIN Opinlon We have audited the financial stataments of The Guarantors of Brain Ithe 'charity'l for the year ￿ded 31 March 2025 which comprise the statement of firlancial activilles, the balan￿ sheet. the statement of cash flows and notes to th8 financial ststefflefils, including significant accounting pdicies. The financial reporting framework that has been applied in their p￿paratiOn is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ol 1Tr18nd (Unrted Kingdom GenerallyAccepted Accounting Practicel. In our opinion. the ffin8ncial statements.. give a true and fair vi8w of the state ol the charitys affairs as at 31 March 2025 8nd ol its Incoming resources and application ol resources. for the year th8n ended., have been property prepared in 8ccordanee with Unrted Kingdom Generally Accepted Accounts'ng Practi￿. and have been pr8pared in accordance with the requirements of the Charitsas Act 2011. Basis for opinion We conducted our audrt in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibiliti8s und8r those standards a￿ further described in the Auditoffs responsibilrties for the audrf ot tl)e financial statements section of our report. WÉ 8re independent ol the charity in a¢cord8n¢8 Wlth th6 ethical requirements that ar8 r&￿vant to our audit of the financial ststements in the UK, ineluding the FRC'S Ethical Standard. and we have fulfilled our other 8thical responsibilities in accordance with these requirerllènts. We believe that thg audit evidence we have obtained is sufficient and appropriate to prowde a basis for our opinion. Conclusiofts relating to golng ¢on¢ern In auditing the finan￿al statements. W8 have conduded that the trustees, use ol the goiTrg ¢onc8m basis of accounting in the preparation of the finandal statements is appropriate. Based on the work we have perfomed. we have not id8ntified any matèrial uncertainties relating to events or conditions that. indivKlually or ¢0118Ctively, rnay cast significant doubt on the charity's abilty to (x)ntinue as a going concem for a period ol at least ￿e1ve months froTn wh8n thé financial statements are aulhorised for i55Ue. Our responsibilities and the reSpOr￿1b1lltles of thè trustèas with respect to going concern are describad in thè relevant sections of this report. other inforrnation The other Information cornprises the information induded in the annual ￿port other than Ihe lin8rcial st8tements and our auditorfs r8POrt th8reon. The trustees are responsible lor th8 Other information contained within the annual report. Our opinion on the financial statern8nts does not cover the other information and we do not eKpres5 any form of 8ssur8nee eonclusion thereon. Our responsibilily is lo r8ad thè Other information and, in doing so, consider whether the other inforrnab'on is rnaterially Inconsistent with the financial stslements or our knowledge obtained in the course ol the audit, or otherwise appears to be mat8rially misstated. If we identify such material incon5IStencies or apparent m8t8rial rnis5tatements, we are reQui￿d to determine whether this give5 rise to a mate￿1 misstatement in the financial statements thernselve5. If, basad on the work we have performed. we conclud8 that there is a rnalerial Misstate￿￿t tsf this other infomiation. we are required lo r8W)rt that faet. We have nothing to report in this regard. Matters on whlctt we are required to report by •xcÈptlon We have nothing lo rerort In re5P8Ct ol the ftsllowing matters in relation to which the Ch8llties (Accounts and Reports) Règulations 2008 require us to report to you if, in our opinion.. the infom)ation given in the financial 51atemènls is inconsistent in any material respect with the trustees, report., or sufficient 8ccounts.ng records have not been kept,. or the fin8nci815tatements a￿ not in agreement with the actx)unting ￿eD[d$., or we have not rtTrived all the information and explanations we requi￿ for our audit. THE GUARANTORS OF BRAIN INDEPENDENT AUDITOR'S REPORT (CONTINUEDI TO THE TRUSTEES OF THE GUARANTORS OF BRAIN Rèsponslbolltks of trustees As explained MO￿ fully In the ststern9nt of trustees, respons1bilitses. the trustees are r8spon5ibl& for the preparation of the linancial statements and lor being satisfied that they give a true and fair view. and for such int8mal control as the trustees detemiine is necessary to enable the preparation of financial 8tat8fflents that a￿ free from material misstal8m8nt, whether due to fraud or error. In preparing the financial stalemenls. the trustees are responsible for assessing the charity's ability to contsnue as a going concern. disclosing, as applicable. rnatters related to going concem and using the going concem basis of accounting unless the trustees either intend to cease OPerat￿nS. or have no realistic alternativ8 but to do so. Auditorf¥ respon#lbllM￿s lor the audlt of the finan¢lal statèmènts We have been appointed as auditor under sedion 144 of the Charities Act 2011 and rgport in accordan￿ wth the Act and relevant regulations madè or having effect thereunder. Our objectives 8r8 to obtain reasonable assurance about whether thè fin8ncial statements as a wlK)le arè free from material misstatement. whether du8 to fraud or error. and to issue an auditorfs r8port that includes our opinion. Reasonable assurance 15 a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always d8t8Ct a material misstatement when it exists. Mi5Statemenls can arise frorn fraud or 8rror and arè considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of us8rs taken on the basis ol these financial $t8ternents. A furth8r description of our responsibilities is available on thé Financial Reporting Council's websitè at.. https'.11 MW.Irc.org.ukJauditorsresponsibilitie5. This description fomis part ol our auditorfs report. E¥tgnt to whlch the audit was considered capable of detecting irregularftlts, Sncludlng fraud If￿gUlaritIes. including fraud. ar8 instancas of non-compliance with laws and r8gulations. Wè design procedures in lin& with our r8spon5ibililies, ou11ined above and on the Financial Reporting Council's website, to detect material misslalements in respect of irregularitias, including Imud. We obtsin and update our underslandiro of the entity, its aCt￿￿eS, its control environment. and likely future developments, including in relation to th8 legal and regulatory Irarnework applicable and how the entity Is complying with that framework. Based on this understanding, we identify and assess the risks of material rni5siatement of the financial statements. whether duè to fraud or error. ¢esign and perform 8udit procedu￿$ responsive lo thos8 risks, and obtain audit evidence that is suffioient and 3ppropiiate to provi¢Je a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable lèws and wulations. including fraud. In respon58 to the risk of irregularities and non-cornpli8n¢e with laws and regulations. including fr8ud, wa designed procedures which included.. Enquiry of managsment an¢J those charged with governance around actual and potential I￿lgat￿)n and claims as well as actual, $uspect8d and alleged fraud.. Rèviewing minutes ol meetings of thos8 charged with governance., Assessing the 8Xtent of compliance w1th the laws and regulatlOn5 considerart to have a direct m8terial effect on the financial slaternents or the operations ol the entity through enquiry and inspection., Reviewing financial staternent disclosures and testing tts supporting documentstk)n to 8ss8ss complianco with applicable laws and r8gulations', Performifig audit work over the risk of rnanagement blas and overrhle ol controls. induding testing ol journal 8ntri8s and other adjustments for appropriateness, 8valuating the business rationale of signific8nt transactions outside the n(Ym81 course ol business and reviewing accounting 8Stirnatès for Indicators of potential bias. Because ol the Inhe￿nt limitations of an audit, thère is a risk that we will not delect 811 irr8gu18ritiès, induding those leading to a mat8rial tni5Statement in the financial statements or nonn The financial statements have been prepared ￿n accordance with the charity's goveming dowrnent. th8 Charities Acl 2011. FRS 102 Vhe Financial Reporting Standard applir2ble in th8 UK and Republic of Ireland. I"FRS 102.1 and the Charities SORP 'Accoullting and Reporting by Charities.. StateFn8nt of Rewrnrnend8d Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021. leffective 1 Janu8ry 20191. The Charity is a Public BÈnefit Entty as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 200e only to the extent requir8d to provide 8 true and fair view. This departure has involv8d followng the Statement ol Rècommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Prdctice which is referred to ITh the Regulations but which h88 8ineÈ batrn withdrawn. Th8 financial statements are prepared in sterling, which is thè funthon81 ryjrrency ol the charity. Monet8ry amounts in these financial stat8m8nts 8r8 rounded lo the nearest £. The financial staternents havè beèn prepared under the historical cost convention. Tha principal accounting pdicies adopted are set out below. 1.2 Golng concern At the time of 8pproving the financial statements. the trustegs have a reasonable Èxpsetation that the charity has adequate resour￿$ to Continue in operational existence for the foreseeable future. Thus th8 trLStees conlinue to adopt thè going eoncem basis ol accounting in preparing th8 finsncial stat•ments. However, because not all future events or condrtions can be predicted, this ststement is not 8 guarantee as to the charity'5 ability tts continue as a going concern. 1.3 Charitable funds Unrestricted fund5 s￿ available for use at the discretion ol the trustaès in lurthèrance of their charitable objectives. Restncted funds are subject to specific conditions by donors as to how they may be vsed. The purw)sés and U8es of the restricted lunds are set out in the notes to the financial statgm8llt8. 1.4 Income Income is recognisÈd when the charty is legally entitled to it 8lter any perforrnanc8 eonditions have been met, tha amounts can be measured reliably, and it is prtsbablè that income %4AII be re￿ived. 12 THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Ac¢ountlng pollel•s Icontlnuedl l.S Expendlture Liabilities are ￿cognise{l as expenditure as s(>Jn 8S there is a legal or ch)nslructive oblig8tw comFnitting the harity to that exp8nditu￿, It is probable that a transfer of economic b8nefit5 will bè required in settlement and the amount of the obligation can be rneasuFed ￿lIablY. Expenditure is accountsd for on an aceruals basis and h89 bèen classified under headings that aggregat8 811 c05t related to the category. Where costs cannot b8 directly attributed to particular hè8dings they have been allocated lo activities on a b88iS Wllsistent with the use ol resources. Govemance costs ccvnprise the cost ol running the charity, including external audit and all costs cornplying with constitutional and statutory requirements. such as (X)8ts of Board and Committee meetings and the preparation of ststutory financial statèmènts. Grants ofler8d subjèet to conditions which have not t*en met at the year end d8t8 ara notad as a comrnifftnt but not accrued as expenditure. 1.fj Fixed asstt inv•stm•nts Fixad asset investments are initially measured * transaction pr￿e exduding transaction costs. and are subsequenlly me8sur8d at lair valua at each reporting date. Changes in fair valu8 are r8cognised In net incomellexpenditurel for the year. Transaction costs ar8 Èxpènsed as incurred. Re&ll$ed galns and losses All gain5 ènd losses are taken lo the Sta¢errent ol Financial Activitie5 as they arisa. Roalise¢J gains and losses on investrnents are calculated as the differen￿ between s31es proceeds and opening market V81ue (purchase date if later). Unrealised gains and losses are calculat8d as thè differern￿ be￿een the market Value at th8 year end and opening market value lor purchase date if later). Realised and unrealised gains are not separated in the StsLement of Financial Activitias. 1.7 Cash and Cash equlvalents Cash and cash equivalents include cash in hand. d8POSits hal¢J at call wllh banks, other short-term IiquKI inves1ffl8nts with original malurilies ol three months or less. arKS bank overdrafts. 8ank overdrafts are shown within borrowings in Current liabilits'es. 1.8 Flnancial instruments The oharty has elected to appty the provisions ol Section 11 'Basi¢ Financial Instrum8nts' and Section 12 'Other Finanual Instrurnents Issues. of FRS 102 to all of its financial instruments. Financial instrum8nt5 are recognised in ffte charitys balance sheet when the charty bewmès party to the contractual provisions ol the instrument. Financial assets and liabiliti88 ar8 offs8t, with the net amounts p￿sented in the financial slat8ffl8nts, when there is a legally enforceable right lo sel off the rewgnised 8rYK)Unts and thère is an intention lo settle on a n8t basis OT to reali58 the assèt and sattle the liability sirnultsneously. Basic finaneial assets Basic financial assets. which include debtors and cash and bank balances. a￿ initially rneasured at transadion price including transaCt￿n costs and are subsequently carried at amortlS8d e05t using the effective interest method unless the arrang8menl constitutes a finanung transaction. where the tr8n5action is rne85ured Èt the present value ol the future receipts dis(x)uNtsd at a rnarkèl ratè of interest. Financial assets classified as receivab￿ within on8 y8ar are rnot amoitised. 13- THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢countlng pollelès IConflnu8dl Baslc flnancl•l liabililies Basic financial liabilities. including creditors and bank loans are inits.ally recognised at transaction pri￿ unless the arrangèmant constitutes a financing tranSaCt￿n. wher8 the debt instrurnènt Is measured al the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within onè year are not amortised. Debt Instruments are subsequendy carr￿d at arTK)rti58d cost, using the effective interest rate method. Trad6 cre¢Jitors are oblNJations to pay for goods or s8rvic8S that have been acquired in the ordin8ry course ol op&ration5 frorn suppliets. Amounts payable are classified a5 current liabilities il ￿Yment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are r8cognised initially at tr8nsactiOfTr pThce ar￿ subsequently measured at amortised wst using the effective Interest method. Der•counltion of flnanclal Ilabilltles Financial liabilities are derecognised ￿en the charity's contr8Ctual obligations expire or are dis¢h8rg8d or cancelled. 1.9 T•xatlon Th8 tharity Is exempt from tax on its charilable activities. 1.10 Employ4• benèflts The cost ol any unused holiday entitlemgnt is recognisad in the period in whKh the employee s s8rvic85 are Teceived. Termination benefrts a￿ reccgnised irnmediatdy a5 an expense when the chanty is denN)nstrably committèd to terminate the employment ol an ernpl0￿& or lo provtde termination benefits. 1.11 R¢tlr•ment beneffts Paymgnts to dafinèd Contribution ret1￿meTrt benefrt schemes are charged a5 an expense as they fall due. 1.12 Irrècov•rablo VAT Irreeovèrable VAT Is charged against the category of re50urc8s axpènded for which it was incurred. 1.13 Allocatlon of overhead and support costs Overhead and support costs have been allocated first befften charitable activity and ￿vernan¢e. Overhead and SUPkKJrt costs ￿lating to Charitable Activities have b88n apportioned based on the number of individual grant awards rnade in recognition that the administrative costs of awarding, rnonitollng and assessing fellowships are broadly equivalent. The allocatitsn of overhead and support costs is analysed in not6 8. 1.14 Costs of generating funds The costs of generating funds eonsist ol investment marsagernent and certain legal 168s. 14- THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Crftkol o¢¢ountlng estSmat•s and ludg•ments In th8 application of the chantys accounting policies. the trystees arè requlred to make judgements. estirnates and assumptions about the carrying 8rnOUnt of as5els and liabilities that are not readily spparent frorn other sources. The estlmates and associated assumptions are basad on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estim8t85 and Underf￿ng assumptions are rewewed on 8n I￿goIng basis. Revisions to accounty'ng eS￿MateS are rec￿gniSed in the period in which thè estimate Is ￿ViSed where the revision affects C￿lY that period, or in the period of the revision and future periods where th8 rewsion affects both current and future peric#Js. The onty significant estimate includad within the ftnancial staternen¢s is.. Deferre(l and 8(Lru8d incoma Deferrèd and aecruad Journal ino)me is calculated b8s8d on thè Oxford University Press IOUPI budggted profit for the year ended 31 Dec8rnber 2024. The quarterty payments are made bas8d on the budgeted profit. Th8 atnount is recalculated t)ased on the OUP actual final profit and loss accounts and paid in the naxt finanryal year. With the exception of the estimate described above. the trustees ci)n5ider that there are no other significant judgements or estimates in the preparation of thèsè financlal statements. ¢I￿￿table a¢tlvltle$ 2025 2024 as restated Incorne from Oxford University Press 1,879,797 1.658,840 Invg•tments Unreslrlcted Unrgstrlct•d fund$ funds 2025 2024 Income from Ih%téd investments Inte￿$t receivab 139.183 9.676 232.657 16.904 148,859 249,561 15 THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Other Income Unrestrlcled Unrestricted funds funds 2025 2024 Elsevier Braln conferen 2,693 12,692 3,520 9,116 15,385 12,636 Ralslng funds Unrestrfcted Unrgstrided funds funds 2025 2024 Investment management 56,668 54,273 56.668 54,273 16- THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 CharStable a¢ttviti¢s Charltable Expenditurg 2025 Grants Total 2025 Charltable Expenditure 2024 Grants Totsl 2024 2025 2024 Editorial board expenses lincluding stipends) Brain Joumal staff costs Brain Comms staff costs Websts costs Administration and office expenses IT Software and onsumables Insurancè Rent 89,346 335,012 89.346 335,012 58,471 306,369 58.471 306,369 21,284 44,909 21,284 44.909 32,852 51,208 32.852 51.208 20,281 20,281 45,949 45,949 733 1.694 16.640 733 1,694 16,640 1.619 20,777 1,619 20.777 529,899 529,899 517.725 517,725 Grant funding of ctivitiès Ise8 note 81 2,566.063 2,566,063 1.915.441 1,915.441 Share of support costs (see note 91 Share of govemance Costs Isee note 91 29,298 29,298 22,248 22,248 37,507 37.507 34.267 34.267 596,704 2.566.063 3,162,767 574,240 ?,915,441 2.489.681 Grant5 payabl• Grants 2025 Grants 2024 Charity grants.. Brain scholarships Travel grants Conlerence & other sponsorship Brain conference hostiry 1.937.234 480.263 102.860 45,706 1.495,230 246,969 142,970 30.272 2,566.063 1,915.441 17 THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payable Icontlnuedl Thè total grants paid to institutl0ll5 of £10,000 and above during the year was 85 follows.. Ulster UnNersity University College Lonth)n University ol Oxford University of Liverpool The Waltt)n Centre NHS Foundath)n Trust Imperial College Lonijtsn University of Edinburgh un￿erSty of Cambndge Univer&ty of Bristol Kings Co118ge London Queen Mary Univers+ty ol Lond Cardiff & Vale ULHB In2scienceUK 16.570 795.508 577.504 11,865 46.443 15.011 11.386 368.185 28.732 26.760 29,073 14.402 50,000 Support costs Support Gov•rnanc? costs costs 2025 Support Govemanc¢ costs costs 2024 Annual dinnèr 29.298 29,298 22,248 22,248 Audit fees Accountancy Bank charges 30.880 6,609 18 30,880 6.609 18 23,630 10,044 S93 23,630 10.044 593 29,298 37,507 66,805 22,248 34.267 56,515 Analysed b81ween Charitable activities 29.298 37.507 66.805 22.248 34,267 56.515 Governance costs includes payrnents to the auditors 01 £30,88012024- £23,630) for a￿dit f8e5. 10 Tru#tee$ None of the trustees lor any pgrsons ctsnnected with theml ￿ceiVed 8ny remuneration from the charity during the ygar 12024." £Nill. However, four Iruslees have been r6irnbursed a total of £53.693 for stipend. travel. subsistence and accom￿latIon 8xpenses12024 - five ￿1MburSe￿ £66,551). 18 THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 11 Employ••s The average monthly number ol ernploy8es during th8 yèar was,. 2025 Number 2024 Number Managin9 Editor Scientific Editor Assistsnt Scientific Editor Comrni$5ioning Editor Subrnissions Editor Lead Administrator Total Employment costs 2025 2024 Wages 8nd salarie5 Social security costs Other p8nsion cost5 297,547 25,413 12.052 272,776 22.461 11.132 335.012 3(6.369 The number of employees whose annual remun8r8tion was more than £60,000 18 as follows.. 2025 NuM￿r 2024 Number £60,0(KI- £70.000 12 Net galnsll105s85) on In¥•stmonts Unrastricted Unrsstrict•d funds funds 2025 2024 Revaluation of investments Gainll105sI on sale of investments 142,8571 797 668,198 61,834 142,0601 730,032 13 Taxation Th8 charity 15 8X8mpt from tax on Income and gains falling wthin section 505 of th8 Tax8s Act 1988 or section 252 of the Taxationol Charg88ble Gains Act 1992 to the extent that these are applied to its charit8b18 obi8Cts. 19- THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Other galns or losses Unrestrlct•d funds Total 2025 2024 Foreign exchange k)s5e8 425 15 Flx•d asset Inveslmonts Listed investments Cost or valuatlon At 1 April 2024 Additions Valuation ch8ng88 Disposals 7,382,273 1.203.651 142,8571 12.469,3361 At 31 March 2025 6,073.731 Carrylng amount Al 31 March 2025 6,073,731 At 31 M8r¢h 2024 7,382,273 2025 2024 Investments at fair value compris8'. Equities D8posiIs Government and agènci8s bonds lllvestment grade bon¢Js High yield bonds 4,459,559 5,572,414 100,000 886,322 609,624 213,913 908,514 490,113 215,545 6,073,731 7,382.273 -20- THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Fixed asset investments Icontlnugdl All investrnents are carried at their lair value. The total market valug of thesè investments as at 31 March 2025 amounted to £6,073,731 12024.. £7,382,273>. The total market value of investrnent h9kl tsytsidè the UK as at 31 March 2025 amounted to £3,747,314 12024.. £4,562.0761. The charitable funds committee set 5% ol market val￿8 as at 31 March 2025 as the th￿S￿)Id for reForting material inve8trnents. As 8t 31 March 2025 the following investments wer8 (x)nsider8d makrial: UK and Northem Ir818nd Trèasury Gilt amounts to 11.14% of the totsl portfolio The significanc8 of financial instruments to the ongoing fillafjci81 sustainability of the Guarantor5 of Brain is considered in the risk analysis section ol the annual report. 16 Financial Instrurnents 2025 2024 Carrying amount of financlal assets In5trurnent5 measured at lair value through profit or bs 6,073.731 7.382,273 17 Analysls of cash and c8sh equivalents 2024 2023 Cash within investment portfolio Cu￿ent a(xounts 218,487 64,917 62.700 63.217 283,404 125,917 18 D•btors 2025 2024 as rostatod Amounts fallin9 du¢ within one y•ar- Prepayments and acerued ino)me 820,799 757,538 19 Credotors: amounts falling due withln onè year 2025 2024 Other Creditors Ac¢ruals and delerred Income 3,679 1,077.482 12.796 938,280 1,081,161 951,076 21 THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 R•tlr•m•nt benefit schernes D•fin•d eontrlbutlon schemes The Charity operates a defined contributK)n pension sch8m8 for all qualifying employeès. The assets of the sch8m8 are hel(J sèparately from those of the chadty in an indepen¢Jently administerod fund. The charg8 to profrt or105s in ￿sPeCt ol d9fined contributs'on schemes was £12.05212024- £11,132). 21 Analysis of net ass•ts between funds Unr•$tricted Unrestrlctad funds funds as rèstated 2024 2025 Fund bal8nces at 31 March 2025 are represenled by.. Invèstments Current as5etsllliabilitiesl 6.073,731 23,042 7,382,273 167,6211 6,096,773 7,314,652 22 Relatsd party transactions There w8r8 no disclosable related party transactions during th8 year12024 - none). 23 Prfor perfjod adjustment Ch•nges to thè balance she•t At 31 Ma￿h 2024 A5 pr•vlou$ly Adlu8tm¢nt reported As re8tat•d Current assets Debtors due within one yea 577.649 179,889 757,538 Funds un￿strICted funds 7.134.763 179,889 7,314,652 Changes to th• profit and loss aecoun¢ Perlod ended 31 March 2024 As pr•viou8ly Adjustment As r¢$tated r¢p¢*rt•d Charitable acb'vities Nel movemant in funds 1,607,975 56,250 50.865 50,865 1.658,840 107.115 The abov8 adjustment relatss to a￿rUed incorne. -22- THE GUARANTORS OF BRAIN NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 24 Cash generat•d from operntion$ 2025 2024 as rnstated IDefvt)Isurpus for th8 year 11.217,4541 107.115 Adjustrnents for.. Investrnent incorne recognised in statement of finanri818divit￿8 Foreign exchange diffe￿nceS Gain on disposal ol investments Fair value galns an(J losses on investments 1148,8591 14251 17971 42.857 1249,5611 161,8341 1668,1981 Movements in working capital.. Ilncreasel in debtors Increase in creditors 163.2611 130,085 152,3261 124,434 Cash absorbed by operations 11,257.8541 18(NJ,3701 25 Analysis Ot changes in ntt funds Th8 charity had no debt during the year. -23- # **Audit findings report The Guarantors of Brain Year ended 31 March 2025** ## **Strictly Private & Confidential** The Board of Trustees The Guarantors of Brain Cambridge University Department of Clinical Neuroscience Herchel-Smith Building, Forvie Site Cambridge Biomedical Campus Cambridge CB2 0SZ Our ref: TLR/CR/HFGU1614 26 September 2025 Dear Trustees ## **The Guarantors of Brain Audit findings for the year ended 31 March 2025** This Audit Findings Report highlights the significant findings arising from the audit for the benefit of those charged with governance. We appreciate that you may be aware of some of the matters contained in this report, however as required by International Standard on Auditing (UK) 260 we are communicating them to you formally. As auditor we are responsible for performing the audit, in accordance with International Standards on Auditing (UK) (ISAs UK)), which is directed towards forming and expressing an opinion on the financial statements. The audit of the financial statements does not relieve management or those charged with governance of their responsibilities, including those in respect of the preparation of financial statements. There is more detail in respect of the responsibilities of the auditor and those charged with governance within our engagement letter. Our standard terms and conditions can be found at https://www.azets.co.uk/terms-of-business. The contents of this report relate only to those matters which came to our attention during the conduct of our normal audit procedures which are designed primarily for the purpose of expressing our opinion on the financial statements. We do not accept any responsibility for any loss occasioned to any third party acting or refraining from acting on the basis of the content of this report, as this report was not prepared for, nor intended for, any other purpose. We would like to take this opportunity to record our appreciation for the kind assistance provided by your team during our audit. If we can be of any further assistance, please contact Tracey Richardson. Yours sincerely Tracey Richadson Senior Statutory Auditor ## **Azets Audit Services** ## **Contents** |1.|Executive summary|1| |---|---|---| |2.|Significant audit findings|2| |3.|Going concern|4| |4.|Audit communication|5| |5.|Misstatements|6| |6.|Internal controls|7| |7.|Independence and ethics|8| ## **1. Executive summary** ## Audit overview This table summarises the significant matters arising from the statutory audit of The Guarantors of Brain for the year ended 31 March 2025 for those charged with governance. |**Audit**
**opinion**|We do not propose any modifications to our audit opinion which is unqualified.
We have no matters to report regarding the adoption of the going concern basis
or inadequate disclosures relating to material uncertainties.
Our audit work is substantially complete and there are currently no matters which
would require modification of our audit report.| |---|---| |**Audit**
**approach**|There were no changes to our audit approach as set out to you in our letter dated
24 April 2025.| |**Significant**
**audit**
**findings**|We have reported our significant audit findings on pages 2-3 and audit
adjustments on page 6. The impact on the charity’s deficit is an increase of
£336,623.
We are pleased to report that the audit progressed well from our perspective and
in accordance with the agreed timetable.| |**Audit**
**adjustments**|We are required to communicate all potential adjustments, other than those
considered to be clearly trivial, to management and to request that management
corrects them.
Audit adjustments can be seen on page 6.
Presentational and reclassification adjustments were proposed and accepted by
management.
The aggregate impact of unadjusted misstatements on the statement of financial
activities, were they to be processed, would result in a combined increase to the
deficit of £Nil which is immaterial to the financial statements. All unadjusted
differences are collectivelyand individuallyunder materiality.| |**Internal**
**controls**|The purpose of the audit was for us to express an opinion on the financial
statements. The audit included consideration of internal controls relevant to the
preparation of the financial statements in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of internal control.
Our audit is, therefore, not designed to identify all control weaknesses. However,
where, as part of our testing, we identify deficiencies in internal control, we have
reported these to you on page 7. No material weaknesses or significant
deficiencies were noted.| 1 ## **2. Significant audit findings** This section of our report includes a summary of significant audit findings relating to significant risk areas identified at planning and other risk areas that required special consideration or arose during the course of the audit. ## Significant risk areas identified at planning Significant risks are risks that require special audit consideration and include identified risks of material misstatement that: - our risk assessment procedures identified as being close to the upper range of the spectrum of inherent risk due to their nature and a combination of the likelihood and potential magnitude of misstatement; or - are required to be treated as significant risks due to requirements of ISAs (UK), for example in relation to management override of internal controls. ## **Significant risks at the financial statement level** The below table summarises conclusions in relation to significant risks of material misstatement identified at the financial statement level. These risks are considered to have a pervasive impact on the financial statements as a whole and potentially affect many assertions for classes of transaction, account balances and disclosures. |**Key risk area**|**Audit Approach**|**Conclusions**| |---|---|---| |**Management override of controls**
Management is in a unique position
to perpetrate fraud because of
management's ability to manipulate
accounting records and prepare
fraudulent financial statements by
overriding controls that otherwise
appear to be operating effectively.
Although the level of risk of
management override of controls will
vary from entity to entity, the risk is
nevertheless present in all entities.
Due to the unpredictable way in
which such override could occur, it is
a risk of material misstatement due to
fraud and thus a significant risk.
Risk of material misstatement:
Medium
Procedures performed to
mitigate risks of material
misstatement in this area will
include:
•Review of accounting
estimates, judgements
and decisions made by
management;
•Testing of journal entries;
•Review of any unusual
significant transactions.
No issues identified.||| 2 ## **Significant risks at the assertion level for classes of transaction, account balances and disclosures** The below table summarises conclusions in relation to significant risks of material misstatement assertion level for classes of transaction, account balances and disclosures. |**Key risk area**|**Audit Approach**|**Conclusions**| |---|---|---| |**Fraud in income recognition**
Material misstatement due to
fraudulent financial reporting
relating to revenue recognition is a
presumed risk in ISA 240 (The
Auditor's Responsibilities Relating
to Fraud in an Audit of Financial
Statements).
**Inherent risk of material**
**misstatement:**
•
Accuracy:Medium
•
Occurrence:Medium
•
Completeness:Medium
Procedures performed to
mitigate risks of material
misstatement in this area will
include:
•
Review and testing of
income recognition
policies;
•
Detailed substantive
testing on material
income streams
•
Substantive analytical
procedures
No issues identified.||| ## Other identified risks Other identified risks are those which although are not considered to be significant, required specific consideration during the audit, or were risks otherwise identified during the course of the audit. Conclusions in relation to other identified risks are listed below: |**Key risk area**|**Audit Approach**|**Conclusions**| |---|---|---| |**Going concern**
Under ISA 570 there is a
presumed risk of the entity’s
going concern.
**Inherent risk of material**
**misstatement:Low**
Procedures performed to mitigate risks of
material misstatement in this area will include:
•
Reserves at the year end will be
reviewed for reasonableness.
•
Budgets will be reviewed for the 12
months following the date the accounts
are signed.
•
Future commitments will be reviewed to
ensure sufficientreserves to cover.
No issues
identified.||| 3 ## **3. Going concern** As auditors, we are required to “obtain sufficient appropriate audit evidence about the appropriateness of management's use of the going concern assumption in the preparation and presentation of the financial statements and to conclude whether there is a material uncertainty about the entity's ability to continue as a going concern” (ISA (UK) 570). ## **Management’s assessment of going concern** The Guarantors of Brain has prepared its financial statements on the going concern basis. Management believe that the financial statements should be prepared on the going concern basis. Management’s assessment covers a period of at least 12 months from expected date of approval of the accounts. ## **Audit work performed** ISA 570 (revised) specifies mandatory procedures that we are required to carry out on going concern. We have reviewed the charity’s budgets and forecasts for 2026. We are not expecting any material changes in business and there have been no key uncertainties identified which could give rise to material uncertainties. ## **Disclosures** We have reviewed the disclosures set out in note 1.2 and do not propose any modification. ## **Conclusion** We concur with management’s assessment that it is appropriate to continue to adopt the going concern basis and there are no material uncertainties relating to going concern which should be disclosed in the financial statements. 4 ## **4. Audit communication** ## **Materiality** Whilst our audit procedures are designed to identify misstatements which are material to our audit opinion, we also report to those charged with governance and management any uncorrected misstatements of lower value errors to the extent that our audit identifies these. Under ISA (UK) 260 ‘Communication with those charged with governance’, we are obliged to report uncorrected omissions or misstatements other than those which are ‘clearly trivial’ to those charged with governance. ISA (UK) 260 defines ‘clearly trivial’ as matters that are clearly inconsequential, whether taken individually or in aggregate and whether judged by any quantitative or qualitative criteria. any incidents in the period nor have any incidents come to our attention as a result of our audit testing. Our work as auditor is not intended to identify any instances of fraud of a non-material nature and should not be relied upon for this purpose. In the event that the trustees wish to obtain enhanced assurance with regard to the effectiveness of internal control in preventing and detecting fraud we should be happy to provide additional services. ## **Written representations** We will present the final letter of representation to the Board to sign at the same time as the financial statements are approved. ## **Related parties** An omission or misstatement is regarded as material if it would reasonably influence the users of the financial statements. The assessment of what is material is a matter of professional judgement and is affected by our assessment of the risk profile of the business and the needs of the users. We are not aware of any related party transactions which have not been disclosed. ## **Confirmations from third parties** All requested third party have been received. ## **Accounting policies** The accounting policies used in preparing the financial statements are unchanged from the prior year. These have been deemed appropriate for the audited period. ## **Presentation and disclosures** Our work included a review of the adequacy of disclosures in the financial statements and consideration of the appropriateness of the accounting policies and estimation techniques adopted by the entity. We identified a number of reclassification adjustments and some minor presentational issues, and these have all been amended by management. Overall, we found the disclosed accounting policies, significant accounting estimates and the overall disclosures and presentation to be appropriate. ## **Fraud and suspected fraud** We have previously discussed the risk of fraud with management. We have not been made aware of 5 ## **5. Misstatements** ## Adjusted audit differences Our summary of adjusted audit differences is presented below. |**No**
**Detail**|**Balance**
**Sheet**|**SOFA**|**Surplus /**
**(deficit)**| |---|---|---|---| |**Details of adjusted audit differences**
**Dr / (Cr) £**
**Dr / (Cr) £**
**Dr / (Cr) £**|||| |Deficit as presented for audit per Xero
(881,256)|||| |1
Include payroll costs in expenditure
(323,036)
323,036
(323,036)|||| |2
Remove duplicate bank transaction
3,683
(3,683)
3,683|||| |3
Reverse previous year’s accruals b/fwd
938,280
(938,280)
938,280|||| |4
Reverse previous year’s accrued income b/fwd
(516,092)
516,092
(516,092)|||| |5
Reverse previous year’s prepayments b/fwd
(61,557)
61,557
(61,557)|||| |6
Reverse prior year adjustment for additional accrued
income b/fwd
(179,889)
179,889
(179,889)|||| |7
Reanalyse investment income re HSBC to income
918
(918)
918|||| |8
Include movements in investment portfolio –
Investment income
146,181
(146,181)
146,181|||| |9
Include movements in investment portfolio –
Investment management fee
(45,943)
45,943
(45,943)|||| |10
Include movements in investment portfolio –
Revaluations
(42,486)
42,486
(42,486)|||| |11
Include year end accruals c/fwd (costs incurred but
not yet paid)
(1,077,481)
1,077,481
(1,077,481)|||| |12
Include year end prepayments c/fwd
48,609
(48,609)
48,609|||| |13
Include year end accrued income c/fwd
772,190
(772,190)
772,190|||| |**Deficit per Statement of Financial Activities**
**(1,217,879)**|||| ## Unadjusted audit differences Our summary of unadjusted audit differences is presented below. We have discussed these with management and confirmed that all unadjusted differences are collectively and individually under materiality. |**No**
**Detail**|**Balance**
**Sheet**|**SOFA**|**Surplus /**
**(deficit)**| |---|---|---|---| |**Details of unadjusted audit differences**
**Dr / (Cr) £**
**Dr / (Cr) £**
**Dr / (Cr) £**|||| |None
-
-
-|||| |**Total**
-
-
-|||| 6 ## **6. Internal controls** ## Control environment The purpose of the audit was for us to express an opinion on the financial statements. The audit included consideration of internal controls relevant to the preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control. Our audit is, therefore, not designed to identify all control weaknesses and the matters reported below are limited to those deficiencies that we have identified during the audit. ## Control weaknesses and recommendations Control weaknesses and recommendations identified from our current year work are summarised below. The control weaknesses are categorised into three risk ratings as shown in the key. ## **Key** **1. Significant deficiency** **2. Other deficiency** **3. Other observations** **Table of control weaknesses and recommendations** |**Risk**
**rating**|**Control weakness**
**identified**|**Implication**|**Recommendation**|**Management**
**Response**| |---|---|---|---|---| None. 7 ## **7. Independence and ethics** In accordance with our profession’s ethical requirements and further to our audit planning letter issued confirming audit arrangements there are no further matters to bring to your attention in relation to our integrity, objectivity, and independence. We confirm that Azets Audit Services and the engagement team complied with the FRC’s Ethical Standard. We confirm that all threats to our independence have been properly addressed through appropriate safeguards and that we are independent and able to express an objective opinion on the financial statements. ## Audit and non-audit services The following services were provided in the year to 31 March 2025 and to 31 March 2024. |**Audit services**|**Fees 2025 £**|
**Fees 2024 £**| |---|---|---| |Audit of charity|£17,850|
£22,395| |||| |**Total audit services**|**£17,850**|
**£22,395**| |||| |**Non-audit service**|**Fees**|**Fees**|**Type of**|**Safeguard**| |---|---|---|---|---| ||**2025**|**2024**|**threat**|| |Preparation of statutory|£2,120|£2,060|Management/|Board to sign and approve all| |accounts|||self-review|adjustments made to the| |||||financial statements.| |||||Whilst the preparation of the| |||||statutory financial statements is| |||||carried out by members of the| |||||audit team, it is reviewed by a| |||||reviewer separate from the audit| |||||team.| |Payroll|£380 per|
£380 per|
Self-review|Payroll services are performed| ||quarter|quarter||by a separate team.| |Bookkeeping advisory|£nil|£3,690|Management/|Bookkeeping advisory services| |following transition to Xero|||self-review|were provided by a separate| |software||||team outside of the audit| |||||engagement.| |||||All adjustments were approved| |||||before posting, with no| |||||management decisions| |||||undertaken.| 8 AJ AZETS