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2022-04-30-accounts

Charity Registered No: 296284 Scottish Charity No: SC048863

THE INSPIRE FOUNDATION

ANNUAL REPORT

FOR THE YEAR ENDED 30 APRIL 2022

FLETCHER & PARTNERS CHARTERED ACCOUNTANTS CROWN CHAMBERS

BRIDGE STREET SALISBURY

THE INSPIRE FOUNDATION

ANNUAL REPORT

FOR THE YEAR ENDED 30 APRIL 2022

Pages
Trust Information 1
Report of the Trustees 2 - 6
Independent Auditor's Report to the Trustees 7 - 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 - 17

Page 1

THE INSPIRE FOUNDATION

TRUST INFORMATION

REGISTERED CHARITY NUMBERS:

Charity Commission: 296284 OSCR Scotland: SCO48863

BOARD OF TRUSTEES

David Reddin MBE (Chairman, effective 30 June 2021) Mrs Susan Borrett * (Treasurer) Mrs Sarah Cann (retired 28 April 2022) Prof Emeritus Peter Ellaway, BSc PhD Mrs Mary Mullin Dr Jonathan Rudge *, PhD MSc Dr Richard Smith, MSc FRCP MBBS BSc (Hons) PGDip SEM Ms Joanne Suddaby-Smith BSc (Hons), MSc, C.Psycol David Temple *

DIRECTOR

Rory Steevenson

TRUST OFFICE

INSPIRE Foundation Duke of Cornwall Spinal Treatment Centre Salisbury District Hospital Salisbury SP2 8BJ

REGISTERED AUDITORS

Fletcher & Partners Crown Chambers Bridge Street Salisbury SP1 2LZ

BANKERS

The Royal Bank of Scotland 156 High Street Southampton SO14 2NP

Page 2

THE INSPIRE FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2022

The Trustees present their report with the financial statements for the year, which have been prepared in accordance with the accounting policies set out on page 11, complying with the charity's trust deed, the Charities Act 2011, FRS 102, and the Accounting and Reporting by Charities: Statement of Recommended Practice (FRS 102).

Background

The INSPIRE Foundation, an unincorporated association, began operating in 1986. The Foundation is governed by a Constitution which was rewritten in 2016 and approved by the Charity Commission on 23rd April 2017, amended on 12th November (Ref No. 39685), and further approved by the Office of Scottish Charity Regulator on 23rd November 2018.

In 2000, INSPIRE became a member of the Association of Medical Research Charities (AMRC) and this de facto ‘licence to operate’ was renewed on 2nd September 2021. INSPIRE is also audited (every 5 years) by AMRC. In 2007 INSPIRE was given partnership status at the National Institute for Health Research (NIHR). The Director and individuals within the INSPIRE Foundation are also members of the Multidisciplinary Association of Spinal Cord Injury Professionals (MASCIP).

INSPIRE was created to provide publicity and funding for a research programme focused on addressing independence and quality of life issues for people who live with the effects of Spinal Cord Injury (SCI), approximately 50,000 people in the UK with three new cases each day.

Trust Information

Details of INSPIRE's Charity Registration Number, office location, Registered Auditors, the names of the Trustees and Committee Members are shown on page 1. Details are also on our website at: www.inspire-foundation.org.uk.

Objective

`To promote research into the development of practical systems for people with damage to the spinal cord, by the use of the latest advances in electronic, mechanical and medical technology.’

Selection of Trustees

Trustees (Page 1) are proposed, vetted and selected by current members of the Board to represent professional and scientific networks, harnessing a broad spectrum of talents. All new trustees follow an induction programme to make them aware of the Foundation's work and their legal responsibilities as trustees. On Wednesday 30th June 2021 and following the retirement of Mr David McCreath, the chair was assumed by Mr David Reddin MBE, a retired barrister. The handover conformed with the charity’s Constitution (paragraph 7.2). As a founding member of the charity with 30+ years' experience in its affairs, Mr McCreath has accepted an ex–officio appointment as Life Patron. His ‘numerical’ replacement on the Board of Trustees is now being sought.

National Scientific Committee

INSPIRE has a second board of subject matter experts, the National Scientific Committee (NSC). It normally meets formally twice each year to assess progress of INSPIRE funded projects or to analyse proposed submissions. While the scientists give their time freely to INSPIRE, the major part they play should not be underestimated. It is the Trustees’ collective view that the quality of new scientists, willing to contribute to the research programme, is in itself indicative of the quality of projects for which INSPIRE is becoming recognised.

In accordance with AMRC’s preferred rotational policy, the NSC must officially bid farewell to Professor Emeritus Michael Craggs PhD BSc (Hons) MSB CBiol CSci MIPEMP, UCL and Professor Paul Taylor CSci IPEM PhD CEng MIPEM MSc BSc (Hons), Salisbury District Hospital & Bournemouth University. In recognition of his major global contribution to scientific research as well as the NSC, Prof Craggs was subsequently invited to assume the appointment of Life Patron. During this reporting year, the NSC has welcomed Emeritus Professor Alan Cottenden, Mr John Spensley and Dr Henry Lancashire.

Page 3

THE INSPIRE FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2022

As at 30 May 2022 members of the NSC are:

Public Benefit

The Trustees confirm that they have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Achievements and Performance

This has been a second difficult year with the global pandemic affecting all activity including the research programme, events and fundraising. All projects within the National Research Programme were extended due to COVID, primarily because no access to inpatients or outpatients was possible as 'SCI patients' were shielded. Where possible, project teams used the Government Furlough scheme or placed their projects on hold thereby minimising any financial demands on INSPIRE.

The only fundraising publicity event possible during the period was Wine Tasting and Supper which followed the AGM on Wednesday 25th November 2021 in Salisbury Guildhall

Notwithstanding this unprecedented and challenging reporting period, the Director and his small team have continued to embrace the need for fundraising. Our income of approximately £240,000 shows an increase of approximately 12% on the previous year and in the Directors view, is indicative of things to come.

SCIENTIFIC RESEARCH

ONGOING PROJECTS. The current National Research Programme consists of nine projects itemised hereto:

1. SPINAL PAIN Understanding causes and solutions of SCI Pain.

Research Team: PI, Dr John Riddell, Dr Joziem Goense, Dr Guillaume Rousselet, Dr Aleksandra Vuckovic, Prof Bernard Conway, Dr Margaret Purcell, Mr Matthew Fraser Locations: University of Glasgow & Queen Elizabeth University Teaching Hospital Glasgow Duration/Dates/Cost: 42 months/ Oct 2017 – Mar 2021 extended to Nov 2023/ £153,636. Additional funds approved in Nov 2020 (£15,034) and May 2021 (£15,840) with an adjusted end date agreed by Trustees on 30 April 2022. Adjusted Total costs £184,510 Current Status: Extended end date: Nov 2023. Adjusted Total costs £184,510

Page 4

THE INSPIRE FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2022

2. Development of a Functional Electrical Stimulation (FES) Device for the Promotion of Hand Development of a Functional Electrical Stimulation (FES) Device for the Promotion of Hand
Function in incomplete tetraplegia: TETRAGRIP II
Research Team: PI, Professor Ian Swain, Dr Paul Taylor
Locations: Salisbury District Hospital, Bournemouth University
Duration/Dates/Cost: 36 months / Jan 2018-2021 / £240,883.
Current Status: Unfunded extension with new completion date Dec 2022.
3. Development of Abdominal Functional Electrical Stimulation (FES) to improve respiratory
function in acute SCI: Abdominal FES.
Research Team: PI, Dr Henrik Gollee, Dr Mariel Purcell, Dr Chris Hawthorne
Location: Queen Elizabeth National Spinal Injuries Unit, Glasgow
Duration/Dates/Cost: 18 months / Aug 2018 – Jan 2020 / £112,332. Additional £11,820 approved by Trustees. Total
costs £124,152.
Current Status: Funded extended to Nov 2022 confirmed by Trustees 28 Apr 2022.
4. Recruitment of Antagonist Muscle Pairs (RAMP) using electrical stimulation to maximise
bone stimulation in paralysed limbs of people with SCI: RAMP ES
Research Team: PI, Dr Sylvie Coupaud University of Strathclyde Glasgow, Dr Alex Ireland Manchester
Metropolitan University, Queen Elizabeth National Spinal Injuries Unit, Glasgow
Location: Queen Elizabeth National Spinal Injuries Unit, Glasgow
Duration/Dates/Cost: 36 months / June 2018 – May 2021. £103,178, increased by Trustees (11th April 2018) to
£108,238.
Current Status: Final report due Sep 2022.
5. Neuromodulation to control bladder over-activity following Spinal Cord Injury with the
development and long term assessment of wearable devices: NEUROMOD II
Research Team: PI, Dr Lynsey Duffell, Dr Sarah Knight, Dr Anne van Hoestenberghe, Dr Sean Doherty MEng,
Winner of the INSPIRE Foundation PhD Scholarship in 2016.
Locations: University College London, London Spinal Cord Injury Centre, Royal National Orthopaedic
Hospital Stanmore
Duration/Dates/Cost: 24 months / Jan 2019-2021. Total project costs: £201,720
Current Status: On 19 May 2021 Trustees approved an unfunded extension to Apr 2023 to enable an exciting
industrial secondment for tetraplegic Dr Sean Doherty at no cost to INSPIRE.
6. Abdominal Functional Electrical Stimulation (ABFES) for Bowel Management: BOWMAN
Research Team: PI, Dr Tamsyn Street, Dr Richard Earl, Dr Chalil Vinod, Ms Mel Williams, Dr Sean Doherty,
Dr Paul Strike, Dr Samir Vyas.
* SCI Patient Perspective Advisors
Location: Salisbury NHS Foundation Trust
Duration/Dates/Cost: 36 months/ Sep 2019-2022 / £163,806
Current Status: After a hesitant start, this project is now back on track with excellent SCI Volunteer recruiting
already in place.
7. Recovery of function through cycling therapy with virtual reality bio-feedback in chronic SCI: iCYCLE II
Research Team: PI, Prof Nick Donaldson, Dr Lynsey Duffell, Prof Jane Burridge, Mr Maurizio Belci
Locations: Royal National Orthopaedic Hospital, Stanmore & Stoke Mandeville Hospital
Duration/Dates/Cost: 18 months / Nov 2019 – April 2021 / £86,456, with additional £4,760 awarded by Trustees in Nov
2020. Note: funding shared 50:50 with RFU Twickenham. INSPIRE’s original costs £91,215.
Additional funded extension £7,837 approved by Trustees 28 Apr 2022. Total costs: £99,053.
Current Status: Funded extension to March 2023

Page 5

THE INSPIRE FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2022

  1. Electroencephalograph predictors of central neuropathic pain in subacute SCI: PAIN PREDICT Research Team: PI, Dr Aleksandra Vuckovic, Dr Mariel Purcell Locations: University of Glasgow & Queen Elizabeth National Spinal Injuries Unit Duration/Dates/Cost: 30 months / Start date TBC post Covid-19 / £190,988 Current Status: Project delay due to COVID. New start date: May 2021 and good progress is now evident.

  2. Functional activity of upper extremities for improved trunk function after SCI: TRUNK FUNCTION Research Team: PI, Dr Shin-Yi Chiou, Dr Paul Strutton, Mr JR Chowdhury, Prof Deborah Falla, Dr Eduardo M- Valdes Location: University of Birmingham, with costs shared Duration/Dates/Cost: 36 months/Jan 2021 – Jan 2024 / Inspire's share £98,745 Current Status: 12 month extension to Jan 2025 approved by Trustees 19 May 2021.

FINANCIAL

The majority of our income continues to come from grant making trusts and the Director, aided by a part time research consultant has focused his endeavours on new sources of funding, leaving the longstanding supportive trusts for the post pandemic months after the country ‘unlocks’. As a guide our figures:

Year Income Research Expenditure
2019 497,711 263,735
2020 257,787 259,921
2021 214,904 119,050
2022 234,122 168,835

FUTURE PLANS

As the country continues to 'unlock', we anticipate the return of supportive trusts; there are already indications this is happening. In their meeting on 28 April 2022, Trustees believed the financial climate was right for expansion of the research programme and we anticipate at least 3 new project applications at the next round.

INSPIRE's commitment remains focused on practical measures to enhance quality of life and independence for those resigned to disabilities due to spinal cord injuries. Our research programme remains committed to this singular objective.

RISK MANAGEMENT

The Trustees have examined the major strategic, business and operational risks presented by the Director and confirm that systems have been established to enable regular reports to be produced in an effort to minimise these risks.

Page 6

THE INSPIRE FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2022

Reserves Policy

The Trustees' policy is to maintain the Charity's unrestricted free reserves of at least £100,000. When the reserves exceed this figure, the excess is available to give grants to appropriate projects. As the timing of anticipated grant awards can be variable and the charity fundraises for projects that have been approved but not yet funded, the Trustees have earmarked a notional 25% of their anticipated grant commitment to designated funds.

Investment Powers and Policy

The Trustees' policy is to invest in the Stock Market, RBS Deposit accounts, CAF account and Quilter Cheviot portfolio. The aim of the Quilter Cheviot portfolio is to achieve a balanced return from income and capital growth, subject to a medium degree of risk. The investments reported unrealised losses of £2,065 in the year to 30 April 2022.

Statement of Trustees' Responsibilities

The Trustees are responsible for the preparation of financial statements for each financial year which give a true and fair view of the Foundation's incoming resources and application of resources during the year and of its state of affairs at the year end. In preparing those financial statements the Trustees are required to:

The Trustees are responsible for ensuring that proper accounting records are kept which disclose with reasonable accuracy at any time the Foundation's financial position and enable it to ensure that the financial statements comply with the Charities Act 2011. The Trustees are also responsible for safeguarding the Foundation's assets and hence for taking reasonable steps for the prevention and detection of fraud and breaches of law and regulations.

By order of the Board of Trustees :

D G Reddin MBE Date : Chairman

Page 7

THE INSPIRE FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE INSPIRE FOUNDATION

Opinion

We have audited the financial statements of the INSPIRE Foundation (the Charity) for the year ended 30 April 2022 which comprise the Statement of Financial Activities, Balance Sheet, and the notes to the financial statements, including a summary of the significant accounting policies, set out on pages 9 to 17. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorʼs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 8

THE INSPIRE FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE INSPIRE FOUNDATION CONTINUED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Annual Report.

We have nothing to report in respect of the following matters where Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008 requires us to report to you, if in our opinion:

Responsibilities of the Trustees

As explained more fully in the Trustees' Responsibilities Statement, set out on page 6, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We ensured the engagement team collectively had appropriate competence and capabilities to recognise non-compliance with applicable laws and regulations. we identified the key laws applicable to the charity as those established in the Charity's constitution and wider Charity law, employment law and Health and Safety regulations. We assessed the suspectability of the charity's accounts to material misstatement by making enquiries of management and reviewing internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Fletcher & Partners

Chartered Accountants and Statutory Auditors Salisbury

Fletcher & Partners are eligible to act as auditor in terms of section 1212 of the Companies Act 2006

Page 9

THE INSPIRE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 APRIL 2022

Notes
Income from:
Donations and legacies:
Donations
Charitable activities:
Fund raising events
Other trading activities:
Sale of prints, cards and sweatshirts
Investments
Other income - Government grants
Total income
Expenditure on:
Charitable activities
2
Raising funds
3
Total expenditure
Net income/(expenditure) before gains
and losses on investments
Realised profits/(losses) on investments
Unrealised profits/(losses) on investments
Net income/expenditure for the year
Transfers between funds
Net movement in funds
Balances brought forward at 1 May 2021
Balances carried forward at 30 April 2022
11 & 12		 Unrestricted
Funds
111,877
5,929
2,313
5,603
-
125,722
50,087
34,929
85,016
40,706
590
(2,065)
39,230
-
39,230
251,365
290,595
£

Page 10

THE INSPIRE FOUNDATION

BALANCE SHEET

FOR THE YEAR ENDED 30 APRIL 2022

Fixed Assets
Tangible Assets
Investments
Current Assets
Stock
Debtors
Cash at bank and in hand
Creditors:amounts falling due within one year
Net current assets / (liabilities)
Net Assets
Unrestricted Funds
General fund
Designated funds
Restricted Funds		 Notes
6
7
8
9
10
11
11
12		 2022
990
456,426
457,416
2,884
2,691
56,018
61,592
40,787
20,805
478,221
£
153,902
136,693
290,595
187,626
478,221
£		 2021
1,470
456,756
458,226
2,602
2,912
74,817
80,330
26,365
53,965
512,191
£
96,496
154,869
251,365
260,826
512,191
£		 2021

The financial statements on pages 9 to 17 were approved by the Board of Trustees on and were signed on its behalf by:

D G Reddin MBE Chairman

Page 11

THE INSPIRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022

1) Accounting Policies

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts are rounded to the nearest £.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Preparation of the Financial Statements on a Going Concern Basis

The Trustees have reviewed financial projections for the charity and considers that there are sufficient funds at the date of signature of the financial statements to manage any foreseeable downturn in the economy. The Trustees consider that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and therefore continues to adopt the going concern basis in preparing the financial statements.

Donations and Subscriptions

Donations and subscriptions are included as income in the year of receipt. Donated assets are recognised as income when the Trust becomes entitled to the assets, when it is probable that the associated economic benefits will flow, and the fair value of the assets can be measured reliably.

Legacies

Legacies are included when probable, i.e. the charity is advised by the personal representative of an estate, that payment will be made or property transferred, and the amount involved can be quantified.

Expenditure

Expenditure is accounted for on an accruals basis. The charity is not registered for VAT and all costs include input VAT where this has been charged. Costs of generating funds are attributable to the one charitable activity. Governance costs are costs of managing the charity and include a proportion of the salaries of members of staff who are engaged in these activities, apportioned on the basis of the time spent.

Stocks

Stocks comprise goods for resale and are stated at the lower of cost and net realisable value.

Tangible Fixed Assets

The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated so as to write off the cost of tangible fixed assets, less their estimated residual values, on a straight line basis over the expected useful economic lives of the assets concerned. The principal annual rate used for this purpose is 20% for all office equipment.

Investments

Investments are stated at market value, based on the value of cash deposits and the mid-market price of investments as provided by the relevant investment managers at the year end. Unrealised profits and losses on investments for the year are taken to the Statement of Financial Activities.

Debtors

Debtors are measured at the amounts the charity anticipates it will receive from a debt or the amount it has paid in advance for goods or services.

Creditors

Short-term creditors are measured at the transaction price

Grant expenditure

Grants expenditure is recognised in the year that the expenditure is incurred. Grants are awarded are conditional and subject to biannual reviews. Accordingly future payments of grants are not provided in the accounts but are noted in the summary of future commitments in Note 14.

Grant income

Grant funding received under the Coronavirus Job Retention Scheme, under the accrual model, are considered revenue grants and are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Page 12

THE INSPIRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022 CONTINUED

1) Accounting Policies (continued)

Research and Development

All research and development costs are written off in the year in which they are incurred. Research and development costs include research salaries and equipment purchased to enable pioneering operations to take place.

Taxation

As a charity, the Foundation is not liable to income or corporation tax on income and gains which are applied to charitable purposes.

Cash Flow Statement

Under the current accounting requirements the Foundation does not have to prepare a cash flow statement.

Restricted and Unrestricted Funds

Restricted funds comprise money that is earmarked either by the donor or the Trustees for particular projects. Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charity.

Unrestricted
Funds
2) Direct Charitable Expenditure
Grants for medical research
32,109
Costs of research programme
10,538
Governance costs (Note 4)
7,439
£50,087
3) Cost of Generating Funds
Unrestricted
Funds
Promotion and fund raising
11,679
Cost of prints, cards and sweatshirts
853
Overheads and governance costs (Note 4)
22,397
34,929
£		 Restricted
Funds
136,726
44,873
-
£181,599
Restricted
Funds
-
£		 Total
2022
168,835
55,411
7,439
£231,686
Total
2022
11,679
853
22,397
34,929
£		 Total
2021
119,050
58,935
7,681
£185,666
Total
2021
9,382
1,066
24,053
34,500
£		 Total
2021
£

4) Governance Costs

The charity has a relatively low level of fixed overheads, these are predominantly salary costs as detailed in Note 5. The costs of managing the charity have been apportioned over the relevant activities. Salaries are apportioned based on time spent on different activities.

Direct charitable expenditure
Cost of generating funds
Governance costs - medical research
Governance costs - fundraising		 2022
55,411
21,312
7,439
1,086
85,248
£		 2021
58,935
22,667
7,681
1,386
90,669
£		 2021

Page 13

THE INSPIRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022 CONTINUED

5) Trustees' Remuneration, Related party Transactions and Employee Information

None of the Trustees received any emoluments in either year. Expenses relating to travel and subsistence costs reimbursed to Trustees totalled £86 (2021: £NIL).

In the previous year wine worth £365 was provided for fund-raising events by Sovereign Wines Ltd, owned by the Director's brother in the previous year

The Foundation employed an average of 3 people during the year (2021: 3)

Staff costs
Salaries and wages
Social security costs
Pension costs		 2022
70,923
1,072
1,569
73,564
£		 2021
72,569
6,417
1,468
80,454
£		 2021

There were no employees who received emoluments (excluding employer's NI and employers pension contributions) above £60,000 (2021 - 0).

The total remuneration paid to key management personnel in the year was £53,761 (2021 - £59,605)

6) Tangible Fixed Assets

6) Tangible Fixed Assets
Cost
At 1 May 2021
Additions
Disposals
At 30 April 2022
Depreciation
At 1 May 2021
Charge for the year
On Disposals
At 30 April 2022
Net Book Value
At 30 April 2022
At 30 April 2021
7) Investments
Market value as at 30 April 2021
Additions
Disposals
Revaluation
Increase/(decrease) in cash
Market value as at 30 April 2022
Historic cost		 Office
Equipment
3,675
-
-
3,675
2,205
480
-
2,685
990

1,470

2022
456,756
44,276
(38,804)
(2,065)
(3,736)
456,426

374,343
 Total
3,675
-
-
3,675
2,205
480
-
2,685
990
£
1,470
£
2021
474,606
32,631
(30,020)
59,556
(80,017)
456,756
£
364,817
£		 Total
£
£
£
£

Page 14

THE INSPIRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022 CONTINUED

7) Investments (cont'd)

Investments by market value
Charities Aid UK Equity Income Units Fund B
Royal Bank of Scotland Deposit account
Quilter Cheviot Portfolio
Other Bank Deposits accounts
8) Stock
Prints
Branded products
Cards
9) Debtors
Gift aid
Prepayments and accrued income
10) Creditors: amounts falling due within one year
Salaries
Other creditors
Accruals and deferred income		 2022
173,251
861
150,289
132,025
456,426
£
2022
169
2,495
220
2,884
£
2022
-
2,691
2,691
£
2022
-
862
39,926
40,787
£		 2021
171,657
861
152,283
131,954
456,756
£
2021
169
2,042
391
2,602
£
2021
-
2,912
2,912
£
2021
6,014
1,045
19,306
26,365
£

11) Unrestricted Funds - Year ended 30 April 2022

Unrestricted funds are spent or applied at the discretion of the Trustees to further any of the charity’s purposes. Unrestricted funds can be used to supplement expenditure made from restricted funds. Trustees may choose during the reporting period to set aside a part of the unrestricted funds to be used for a particular future project or commitment. By earmarking funds in this way, the Trustees set up a designated fund that remains part of the unrestricted funds of the charity.

General fund
Designated for medical research		 Balance
1 May 2021
£96,496
£154,869
251,365
£		 Income
126,311
-
126,311
£		 Expenditure
(87,081)
-
(£87,081)		 Balance
Transfers
30 April 2022
18,176
153,902
£
(18,176)
136,693
£
-
£
290,595
£		 Balance
Transfers
30 April 2022
18,176
153,902
£
(18,176)
136,693
£
-
£
290,595
£
290,595
£

The Trustees are currently earmarking a notional 25% of the balance of outstanding grant commitments.

Page 15

THE INSPIRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022 CONTINUED

11.1) Unrestricted Funds - Year ended 30 April 2021

Balance
1 May 2020
General fund
£15,228
Designated for medical research
£173,045
£188,273		 Income
Expenditure
182,652
(119,560)
-
-
£182,652 (£119,560)		 Transfers
18,176
(18,176)
-
£		 Balance
30 April 2021
£96,496
£154,869
£251,365

12) Restricted Funds - Year ended 30 April 2022

The income funds of the charity include restricted funds comprising the unexpended balances of donations and other income held on trust to be applied for specific purposes.

Balance
1 May 2021
Medical research
£260,826
12.1) Restricted Funds - Year ended 30 April 2021
Balance
1 May 2020
Medical research
£267,930		 Income
Expenditure
108,400
(181,599)
Income
Expenditure
93,502
(100,606)		 Transfers
-
Transfers
-		 Balance
30 April 2022
187,626
£
Balance
30 April 2021
£260,826

13) Analysis of net assets between Funds - Year ended 30 April 2022

Fund balances as at 30 April 2022 are represented by:

Unrestricted
Funds
Tangible fixed assets
990
Fixed asset investments
268,800
Net current assets / (liabilities)
20,805
Total net assets
290,595
£		 Restricted
Funds
-
187,626
-
187,626
£		 Total
990
456,426
20,805
478,221
£

13.1) Analysis of net assets between Funds - Year ended 30 April 2021

Fund balances as at 30 April 2021 are represented by:

Unrestricted
Funds
Tangible fixed assets
1,470
Fixed asset investments
195,930
Net current assets / (liabilities)
53,965
Total net assets
£251,365		 Restricted
Funds
-
260,826
-
£260,826		 Total
1,470
456,756
53,965
£512,191

Page 16

THE INSPIRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022 CONTINUED

14) Future Commitments

The Trustees have conditionally endorsed future projects with funding being confirmed on a bi-annual basis during the life of each project. Funding by the Charity is subject to the project teams meeting their objectives and contractual obligations which are closely monitored by the Director, National Scientific Committee and the Board of Trustees. The amounts shown have not been provided in the accounts as payment is under the control of the Charity's governing bodies. The commitments are stated excluding overheads.

Future projects endorsed for medical research, subject to biannual review:

Year end 30 April 2023
Year end 30 April 2024
Year end 30 April 2025
Year end 30 April 2026
Year end 30 April 2027		 305,247
108,103
40,271
11,041
-
464,662
£

Page 17

THE INSPIRE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022 CONTINUED

16 ) Comparative Statement of Financial Activity - Year ended 30 April 2021

Income from:
Donations and legacies:
Donations
Charitable activities:
Fund raising events
Other trading activities:
Sale of prints, cards and sweatshirts
Investments
Other income - Government grants
Total income
Expenditure on:
Charitable activities
Raising funds
Total expenditure
Net income/(expenditure) before gains
and losses on investments
Realised profits/(losses) on investments
Unrealised profits/(losses) on investments
Net income/expenditure for the year
Transfers between funds
Net movement in funds
Balances brought forward at 1 May 2020
Balances carried forward at 30 April 2021		 Notes
 Unrestricted
Funds
104,088
2,019
2,269
5,604
7,423
121,402
85,060
34,500
119,560
1,842
1,694
59,556
63,092
-
63,092
188,273
251,365
£