Docusign Envelope ID." FA5D4BF&D74C44cA67EFD30BF403g Charity number.. 1203012 RE:COGNITION HEALTH BRAIN AND MIND FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Docusign Envelope ID." FA5D4BF&D74C44cA67EFD30BF403g RE:COGNITION HEALTH BRAIN AND MIND FOUNDATION CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers Trustees. Report Independent Examiner's Report statement of Financial Activities Balance Sheet statement of Cash Flows Notes to the Financial Statements 8-13
Docusign Envelope ID." FA5D4BF&D74C44cA67EFD30BF403g RE:COGNITION HEALTH BRAIN AND MIND FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Mr T S Dent, Chair Dr D M Nolan, Trustee Ms L Fennah, Trustee (resigned and reappointed on 8 November 20241 Mr F W Evans, Trustee Charity reglstered number 1203012 Prlnclpal offlce 62-64 New Cavendish Street London W1G 8TA Accountants James Cowper Kreston 8th Floor, Reading Bridge House George Street Reading Berkshire RG18LS Bankers Lloyds Bank 98 Victorica Street London SW1E SJL Page 1
Docusign Envelope ID." FA5D4BF&D74C44cA67EFD30BF403g RE:COGNITION HEALTH BRAIN AND MIND FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the financial statements of the Charity for the year 1 Januaryto 31 December 2024. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charitls governing document, the charity's constitution dated 11 April 2023, and the provisions of the Statement of Recommended Practice ISORPI applicable to charities, preparing their accounts in accordan with the financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. Objectives and Activities The relief of sickness for the public benefit in particular those suffering because of neurological condttions affecting the brain and mind by promoting awareness of, and supporting and disseminating the results of, research into the causes, prevention, diagnosis, treatment, and cure of conditions affecting the brain and mind. We promote awareness and support research into the causes, prevention, diagnosis, treatment, and cure of brain and mind conditions. We support charities and not-for-profil organisalions within the brain and mind medical sphere.. offering grants to researchers conducting their work al registered institutions, providing advocacy and advice as well as sharing outcomes. We operate in the UK and USA. Trustees are aware of the Charity Commission's general guidance on public benefit which has been considered when reviewing policy and objectives. Achievements and Perfomiance Since the Charity has not commenced operation during the period 1 January 2024 to 31 December 2024 il is not possible lo report any achievements or performance details. The Charity focused on establishing tts infraslruclure during this period. Financial Review The Charity has been in a planning phase and working on ils strategy but has not commenced tts fundraising operations in the 2024 year. The Charity has not commenced fundraising operations in the 2024 year and only received one donation from a member organisalion of £33,840 {2023.. £nill. The accounts for the year ended 31 December 2024 show income of £33,84012023.. £nill and expenditure of £15,97212023.. £nill. The excess of income over expenditure was £17,868. The general fund balance as at 31 December 2024 stood at £17,86812023.. £nill. After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Structure, Govemance and Management This charitable incorporated organisalion was registered on 10 May 2023 under charity number 1203012. Constitution of a charitable incorporated organisation with voting members other than it's charity trustees. Govemed by section 12 and 13 of the Constitution. Approved by order of the members of the board of Trustees and signed on their behalf by.. .PIWX+XVql............................... MrTSDent Ichair of Trusleesl Dale.. 101712025 Page 2
Docusign Envelope ID." FA5D4BF&D74C44cA67EFD30BF403g RE:COGNITION HEALTH BRAIN AND MIND FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent Examinerfs Report to the Trustees of Re:Cognition Health Brain and Mind Foundation {'the Charity'l report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'Ihe 2011 Act'l. I report in respect of my examination of the Charitys accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515}Ibl of the 2011 Act. Independent Examiner's Statement Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulatsons but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance wtth the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come lo my attention in connection wth the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page 3
Docusign Envelope ID." FA5D4BF&D74C44cA67EFD30BF403g RE:COGNITION HEALTH BRAIN AND MIND FOUNDATION INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. My work has been undertaken so that I might slate to the Charity's Trustees those matters l am required to stale to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Mr Darren O'connor Bsc (Honsl FCCA ACA Dated.. 0811012025 James Cowper Kreston 8th Floor, Reading Bridge House George Street Reading Berkshire RG1 8LS Page 4
Docusign Envelope ID." FA5D4BF&D74C44cA67EFD30BF403g RE:COGNITION HEALTH BRAIN AND MIND FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies 33.840 33.840 Total income 33.840 33.840 Expenditure on: Charitable activities 15.972 15.972 Total expenditure 15,972 15,972 Net movement in funds 17.868 17,868 Reconciliation of funds.. Nel movement in funds 17,868 17,868 Totsl funds Carri foThvard 17.868 17.868 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 10 13 form part of these financial statements. Page 5
Docusign Envelope ID." FA5D4BF&D74C44cA67EFD30BF403g RE:COGNITION HEALTH BRAIN AND MIND FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Current assets Debtors Cash at bank and in hand 710 29,864 30.574 Creditors.. amounts falling due within one year {12.7061 Net current assets 17,868 Totsl a$$ets les$ current liabilities 17,868 Total net assets 17.868 Charity funds Restricted funds Unreslricled funds 17.868 Total funds 17,868 The financial stalemenls were approved and aulhorised for issue by the Trustees and signed on their behalf by= MrTSDent Ichair of Trusleesl Dale.. 101712025 The notes on pages 8 10 13 form part of these financial statements. Page 6
Docusign Envelope ID." FA5D4BF&D74C44cA67EFD30BF403g RE:COGNITION HEALTH BRAIN AND MIND FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operating activities Nel cash used in operating activities 29,864 Change in cash and cash equivalents in the year 29,864 Cash and cash gquivalents at the end ofthg year 13 29,864 The notes on pages 8 10 13 form part of these financial statements Page 7
Docusign Envelope ID." FA5D4BF&D74C44cA67EFD30BF403g RE:COGNITION HEALTH BRAIN AND MIND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General infomiation Re.'Cognition Health Brain and Mind Foundation is a charitable incorporated organisation registered on 10 May 2023 with the Charity Commission in England and Wales. The office address is 62-64 New Cavendish Street, London, W1 G 8TA. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordan with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports} Regulations 2008 only lo the extent required to provide a 'true and fair, view. This departure has involved following the Charities SORP IFRS 102) published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Re.'Cognilion Health Brain and Mind Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless olhetwise staled in the relevant accounting policy. 2.2 Income All income is recognised once the Charity has enlillemenl lo the income, il is probable that the income will be received, and the amount of income receivable can be measured reliably. 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in selllement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs atlribulable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not allributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.4 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.5 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 8
Docusign Envelope ID." FA5D4BF&D74C44cA67EFD30BF403g RE:COGNITION HEALTH BRAIN AND MIND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontinuedl 2.6 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates il will pay lo settle the debt or the amount il has received as advanced payments for the goods or services it must provide. 2.7 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.8 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 33,840 33,840 Total 2024 33,840 33.840 Analysis of expenditure by activities Support Costs Total funds 2024 Tol81 funds 2023 2024 Charitable activities 15,972 15,972 Total 2024 15,972 15.972 Page 9
Docusign Envelope ID." FA5D4BF&D74C44cA67EFD30BF403g RE:COGNITION HEALTH BRAIN AND MIND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities Icontinuedl Analysis ofsupport costs Total funds 2024 Total funds 2023 Insuran Bank charges Legal and professional fees Governance costs 65 136 9.61 S 6,156 Total 2024 15,972 Independent examinerfs remuneration 2024 2023 Fees payable lo the Charills independent examiner for the independent examination of the Charity's annual accounts Fees payable lo the Ch8rills independent examiner in respect of.. Accountancy ServIS 2,016 4,140 Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefils12023 - £NILI. During the year ended 31 December 2024, no Trustee expenses have been incurred12023 - NIL). Page 10
Docusign Envelope ID." FA5D4BF&D74C44cA67EFD30BF403g RE:COGNITION HEALTH BRAIN AND MIND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Debtors 2024 2023 Prepayments and accrued income 710 Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income 8,560 4,146 12.706 Statement of funds Statement of funds - current year Balance at 31 December 2024 Income Expenditure Unrestricted funds General Funds - all funds 30,000 112,1321 17,868 10. Summary offunds Summary offunds - current year Balance at 31 December 2024 Income Expenditure General funds 30,000 112,1321 17,868 Page11
Docusign Envelope ID." FA5D4BF&D74C44cA67EFD30BF403g RE:COGNITION HEALTH BRAIN AND MIND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Current assets Creditors due within one year 30,574 112,7061 30,574 112.7061 Totsl 17,868 17,868 12. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Nel income for the period las per Statement of Financial Activities) 17.868 Adjustments for: Decreasellincreasel in debtors Increase in creditors {7101 12.706 Net cash provided by operating activities 29,864 Analysis of¢a$h and cash equivalgnts 2024 2023 Cash in hand 29,864 Total cash and cash equivalents 29,864 Page 12
Docusign Envelope ID." FA5D4BF&D74C44cA67EFD30BF403g RE:COGNITION HEALTH BRAIN AND MIND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Analysis of changes in net debt At31 December 2024 Cash flows Cash at bank and in hand 29.864 29,864 29,864 29,864 15. Related party transactions During the year, the Charity received £30,000 {2023'. £nill in donations without conditions from member Company Re.'Cognilion Health Limited. On behalf of the Charity, Re.'Cognition Health Limited paid for legal costs during the year tolalling £3,84012023.' £nil}. Page 13