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2025-03-31-accounts

International Spinal Research Trust trading as

Annual report and financial statements to 31 March 2025

Charity registration number 1151015; (England and Wales), SC050578 (Scotland) Company Limited by Guarantee, registration number 08409361 (England and Wales)

Table of contents

Chair’s report for the year ended 31 March 2025 ................................................................. 1 Trustees’ report ........................................................................................................................ 4 Independent auditor’s report ................................................................................................ 15 Statement of financial activities ............................................................................................ 19 Balance sheet .......................................................................................................................... 21 Cash flow statement ............................................................................................................... 22 Notes to the financial statements ......................................................................................... 23 Reference and administrative information .......................................................................... 42 Acknowledgments .................................................................................................................. 44

Chair’s report for the year ended 31 March 2025

I’m delighted to report that the 2024/25 has been a fantastic year with some exceptional achievements and events thanks to the efforts of our wonderful team and supporters. Here are some of the key highlights:

Research

Spinal Research’s Mission is to harness the power of international research to accelerate the delivery of revolutionary treatments. We do this in order to achieve our Purpose of beating paralysis and this year we achieved the following:

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Fundraising

2024/25 saw our fundraising continue to climb. Highlights here included:

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Last but by no means least, as ever, a huge thank you must go to the Spinal Research team led by our CEO, Louisa McGinn, all the Trustees and our many dedicated supporters. Without their hard work and dedication none of the above would be possible and I thank them for giving us their valuable time, effort and expertise.

Tara Howell Chair of Trustees

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Trustees’ report

The Trustees of International Spinal Research Trust (“the charity”, “Spinal Research”) present their report together with the financial statements for the year ended 31 March 2025.

This report has been prepared in accordance with part 8 of the Charities Act 2011. The report is also a directors’ report required by s419 (2) of the Companies Act 2006. All of the Trustees are also directors of the charitable company.

The Trustees confirm that the report and financial statements presented here have been prepared on the basis of the accounting policies set out in note 21 and comply with the charity’s memorandum and articles of association, applicable law and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the United Kingdom and Republic of Ireland (FRS 102).

Objectives and activities

We fund groundbreaking research that will cure paralysis, ensuring people living with spinal cord injuries will get life-changing treatments.

We are dedicated to funding the brightest minds and most promising lines of spinal cord injury research.

We lead the global conversation on spinal cord injury and recovery. By amplifying awareness of research, we inspire the support needed to fund future breakthroughs.

We invest in the future by shaping the next generation of spinal research scientists, fostering ongoing innovation, and bringing us closer to a cure.

We will not stop until we achieve our goal of a future where paralysis can be cured.

We do this by:

More than 15 million people around the world are living with paralysis caused by a spinal cord injury, according to the World Health Organization. In the UK alone, NHS England estimates that 105,000 people of all ages are affected, and every year, that number grows by around 4,000. Globally, up to half a million new cases are added each year.

Despite these growing numbers, medical research into new treatments is still largely funded by charities like Spinal Research.

At Spinal Research, we believe the true cost of spinal cord injury goes far beyond the statistics. The impact on individuals, their families and friends is not only emotional and life-changing, it also places a heavy financial burden on society as a whole.

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That’s why our strategy is focused on making a real difference. We support cutting-edge scientific research, work to build research capacity, and collaborate with national and international partners to help bring promising ideas from the lab to the clinic.

We raise funds to support high-quality, peer-reviewed research in the UK and abroad. We also bring researchers together through events like workshops, training schools and networking meetings, helping to share knowledge and accelerate progress. By contributing to expert groups at home and overseas, we aim to keep spinal cord injury research moving forward, and to give hope to those affected. The Trustees confirm that in reviewing the charity’s aims and objectives and in planning future activities they have referred to the Charity Commission’s general guidance on public benefit.

Our Vision

Our vision is a world where paralysis can be cured. To restore hope, independence, and quality of life to people living with a spinal cord injury.

We will achieve this by funding the most innovative and promising research globally and by pushing the boundaries of science to develop function-restoring treatments and find a cure.

Achieving our Vision

With the support of our fundraisers, donors, and community, we will:

Invest in Groundbreaking Research: Allocate resources to studies and clinical trials that have the highest potential to lead to a cure.

Support Brilliant Minds: Empower the next generation of spinal research scientists through scholarships, grants, and collaborative opportunities.

Foster Global Collaboration: Partner with leading researchers, institutions, and organisations worldwide to share knowledge and accelerate discoveries.

Raise Awareness: Through campaigns and education, increase public understanding of spinal cord injuries and the urgent need for research funding.

Change Perception: Transform how paralysis is viewed by society, fostering the belief that spinal cord injuries will one day be cured.

Inspire Action: Mobilise our community of supporters and inspire them to raise the crucial funds for our mission.

Strategic Focus

Our strategy focuses on three main objectives:

  1. Convening the brightest minds in neuroscience, engineering and medicine with all key stakeholders to develop novel ideas and foster collaboration to affect the whole R&D pipeline, from hypothesis to clinical trial.

  2. Catalysing new areas of innovation, novel approaches to translation and field enablers to affect the whole R&D pipeline, from hypothesis to clinical trial.

  3. Accelerating the development of the most promising and meaningful therapeutics by creating translational capacity, developing translational tools, and supporting early-stage ventures to deliver real-world impact.

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Convening

Objective: Convening the brightest minds in neuroscience, engineering and medicine with all key stakeholders to develop novel ideas and foster collaboration to affect the whole R&D pipeline, from hypothesis to clinical trial .

Why is this important?

Restoring function and independence after spinal cord injury is a highly complex endeavour. To develop the most impactful future therapeutics, we need interdisciplinary and international collaboration, bringing together the skills of neuroscientists, engineers, materials scientists, data and computer scientists, rehabilitation specialists, physiologists and neurosurgeons. In addition, we need to bring together public and private funders, patient community representatives and public health experts to ensure that the movement to cure paralysis can sustain momentum to deliver and iterate.

What did we do about it in 2024-25?

We're excited to share that we've officially launched the SPARC ( Spinal Cord Research Collaborative) initiative, which is part of our dedicated efforts to improve clinical research and strengthen clinical trial networks across the UK.

The first phase of this exciting initiative has successfully established an executive committee, expanded the membership to over 100 members, and set up regular quarterly clinical research network meetings. These gatherings bring together both clinical and academic researchers from the UK and beyond, fostering collaboration and innovation.

Additionally, our Clinical Research Network Manager, Shajia Shahid , collaborated with NHS England colleagues, Back Up Trust , and other charity partners to update SCI incident and prevalence statistics for the UK.

Continuing our track record for convening international SCI experts, we held our annual 24[th] Spinal Research Network meeting in Surrey, UK in late summer. The meeting was attended by over 100 international scientists, engineers and clinicians with themes such as avenues for gene therapy, repair & inflammation, autonomic & sexual function, microbiome & exercise, motor function & plasticity and pain covered through presentations, posters and panel debates. A special thanks goes to the RFU Injured Players Fund for supporting this Clinical Research Network activity.

Catalysing

Objective: Catalysing new areas of innovation, novel approaches to translation and field enablers to affect the whole R&D pipeline, from hypothesis to clinical trial

Why is this important?

It is vital to continue stimulating and igniting parts of the research field to develop and nurture new ideas. Without this continued impetus, the field could become stale and biased, hindering or skewing progress. A healthy field needs to keep innovating and disrupting to ensure it attracts both funding and talent and continues momentum toward next-generation therapeutics.

What did we do about it in 2024-25?

In partnership with our friends at Wings For Life , we held our first Neurotrauma Summer School since the pandemic at Balgrist University Hospital in Zurich, Switzerland. The course hosted 29 attendees from all over Europe, with 20 world-class experts delivering the course material.

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As part of our prestigious annual PhD Studentship round, we made two new awards this year, one with a clinical focus and the other with basic and translational focus in spinal cord injury.

The first award was to Prof Sven Bestmann , Professor of Clinical and Movement Neurosciences at University College London . This studentship will focus on investigating how cortico-spinal circuits in humans control the activation and silencing of muscles, and the changes in this control following injury. The work will leverage two complementary approaches – Magnetospinoencephalography (MSEG) and High-density surface electromyography (hdEMG) – to establish a framework for studying interactions between muscles, spinal cord and the brain in SCI and will involve international collaborators from the University of Zurich and the University of Zaragoza.

The second award was to Dr Richard Eva , Principal Investigator at the Wolfson Sensory Pain and Regeneration Centre at Kings College London . This studentship will focus on targeting Protrudin and NMNAT2 after SCI. The work will test a new pharmacological strategy to combine two therapeutic approaches—providing neuroprotection immediately after an injury and regenerating the axons from the brain that control movement. The work will include international collaborators from the Department of Clinical Neuroscience at the Karolinska Institute.

Accelerating

Objective: Accelerating the development of the most promising and meaningful therapeutics by creating translational capacity, developing translational tools, and supporting early-stage ventures to deliver real-world impact

Why is this important? As the scientific field advances its understanding of the biology of the spinal cord there is an increasing need to translate these important discoveries into meaningful treatments. Translation is an extremely challenging process which includes developing clinical candidate therapeutics, validating these candidates in multiple experimental models, establishing pilot data, liaising with regulators, engaging with the clinical and patient communities, developing an investible commercial strategy, securing venture funding, navigating the regulatory pathways and designing and executing innovative clinical trials through to regulatory approval.

Given this huge challenge with many potential points of failure, it is important to focus on developing an R&D ecosystem to help therapeutics translate more rigorously, efficiently and quickly. Such an ecosystem would accelerate the processes involved in translation and ultimately derisk research and development for the most promising therapeutics.

What did we do about it in 2024-25?

As part of our continued partnership with the Christopher & Dana Reeve Foundation , we have cofunded a new scientific call for pre-clinical proposals. This scientific call seeks translational proposals for new or repurposed drugs and biologics, gene therapy approaches, non-clinical research for medical devices, neuroprotection, regeneration and plasticity. The first round of this call will support up to 6 projects, with awards to be made by the end of 2025.

Alongside our grant-based research projects, we have continued to focus on growing our commercial investment portfolio through SCI Ventures , the world’s first venture philanthropy expert fund focused on supporting early-stage startups developing meaningful therapeutics for SCI.

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With that, we have made grants in the year to SCI Ventures, who have made further investments in Onward Medical (a neuromodulation and BCI technology company), Axonis Therapeutics (a novel circuit balancing drug development company), Sania Therapeutics (a spinal circuit targeting gene therapy company), and Augmental (an in-mouth human-computer interaction technology company).

The first is EG 427 , a gene therapy company that treats neurogenic detrusor overactivity, a form of spastic bladder common in SCI and other neurological conditions. The second is Healx , an AI-based drug development company that aims to find novel connections between drugs and diseases/conditions.

In late December, we were thrilled to hear that our first portfolio company, Onward Medical , received FDA approval of its ARC-EX Spinal Stimulation platform to treat upper-limb impairment in incomplete SCI. Thus, it became the first function-restoring therapy for chronic SCI in history.

Education & Awareness

We continue to develop our supporter outreach to bring them closer to our cause, mission and the science.

Our online supporter sessions with lively Q&A are becoming more popular every time, and our February session attracted over 700 participants from all over the world.

Our other communication channels, including our Facebook Group, e-newsletters and Connections newsletter, continue to gain traction and help us build awareness of the mission and the science.

In parallel, our scientific outreach also continued to healthcare, research, and other SCI-related professionals. In addition to participating in the SIA Rebuilding Lives expert panel, we have delivered talks at the International Functional Electrical Stimulation Society (IFESS) annual meeting to Irwin Mitchell and Stewarts Law .

Our Fundraising

After a brilliant London Marathon in 2023, 2024 was even better! We had a record year with 184 runners raising over £420,000. We also extended our running portfolio to include more places in The Great North Run and the Berlin Marathon, raising almost £50,000 through those two events.

Our 32[nd] annual Raceday at Wetherby Racecourse was the best since the pandemic, attracting over 150 attendees who raised over £50,000. The Cycle for Caroline event in memory of Caroline March raised an incredible £160,000 for us in total, our dedicated and essential community and event supporters raised £765,000 during the year, and we were thrilled to see their enthusiasm for supporting us grow.

Our Individual Giving supporters continued to give to us generously. The combination of our loyal regular givers, and our spring, summer and Christmas appeals raised a total of £227,000, so the upward trend is continuing.

We are extremely grateful to the many trusts and foundations that support our work. This included a new agreement with RFU Injured Players Foundation, and the first part of a £300,000 pledge from Injured Jockeys Fund. We received £45,000 from Garfield Weston, representing the

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first tranche of a two-year £90,000 pledge. Fieldrose Charitable Trust gave us £20,000, £10,000 from Childwick Charitable Trust was matched to make £20,000. We are also extremely thankful to those who left us a legacy. These are truly wonderful and generous gifts. Income from legacies during the year totalled £924,766.

We were able to raise £848,607 in restricted gifts to the SCI Ventures Fund.

And finally, we are thankful for the significant gifts that have been made by private individuals who hold Spinal Research and our work close to their hearts.

Our fundraising standards

Public trust in charities is more important than ever — and rightly so. At Spinal Research, we’re committed to maintaining the highest standards in all our fundraising efforts. We aim to connect with the thousands of people who support our work in a way that is always professional, respectful, and sensitive.

As a charity that relies entirely on voluntary donations, we fundraise in a variety of ways — including direct mail, email campaigns, corporate partnerships, events, and applications to trusts and foundations. All of our fundraising is carried out in-house by our dedicated team; we don’t outsource these activities.

Spinal Research is registered with the Fundraising Regulator, and several of our staff are members of the Chartered Institute of Fundraising. We strictly follow the Fundraising Regulator’s Code of Fundraising Practice to ensure all our activities are open, honest, and ethical.

We’re proud to say that in 2024/25, we received no official complaints regarding our fundraising. To protect those who may be vulnerable, we have a clear Vulnerable Persons Policy that all staff are trained to follow. We also make it easy for anyone to change how they hear from us — or to opt out entirely — and we fully comply with the Mailing Preference Service and Fundraising Preference Service.

At Spinal Research, we’re committed to doing things the right way — because our supporters deserve nothing less.

Looking forward

Our two main priorities going forward are to (i) continue to build and execute our bold strategy to accelerate the delivery of meaningful therapeutics to our SCI community and (ii) build the revenues required to support the strategy.

These two priorities go hand in hand and the ability to execute the strategy will be determined by our ability to raise sufficient capital.

While we have been wary of the impact of the cost-of-living crisis, we have successfully adapted our fundraising strategy to focus on the income streams that we feel will be least impacted by the recession, as well as diversifying, which has led us to have an incredibly successful year.

As we look ahead, it’s more important than ever that we bring together the spinal cord injury (SCI) community and our dedicated supporters. Their continued support is essential to keeping

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up momentum and moving closer to our goal: restoring function and independence to those living with SCI.

Technology will remain a key focus for us, helping us to reach and engage with more supporters across the UK and beyond. That’s why our work in digital transformation, data strategy, and digital marketing will stay high on our list of priorities.

We’re also continuing to explore opportunities for government funding, particularly through the UK Life Sciences 2030 agenda, to ensure SCI research has the national support it deserves.

In addition, we’re committed to building on our alliance with the Christopher & Dana Reeve Foundation. There’s still much work to do, but together, we aim to create a stronger, faster, and more efficient research ecosystem, one that upholds the highest standards of scientific excellence and delivers real progress for the SCI community.

Financial review

Income

The total income for the year was £3,411k (2024 - £3,951k). Excluding income in relation to SCI Ventures income totalled £2,562k (2024 - £1,762k), representing huge growth year-on-year. This growth was led by volunteer-led fundraising, which increased 75% to £765k. Corporate income increased to £46k. Legacy income continued to grow, up to £925k compared to £474k in the previous year, and Individual Giving held steady.

Income from Trusts and Institutions continued to perform well, with some large gifts coming from RFU Injured Players Foundation Injured Jockeys Fund, Garfield Weston and Fieldrose Charitable Trust.

Expenditure

We continued to invest our money wisely, with continued efficiencies meaning we were able to keep costs as low as possible.

The grants payable figure was £846k this year (2024 - £3,880k). Overall, we report expenditure on charitable activities at £1,491k against £4,242k in the previous year. This year included £849k (2024: £3,298k) relating to the SCI Venture Fund transactions in relation to donations. We are holding £2,032k in designated funds earmarked to be spent on planned research programmes.

Reserves and investments

The charity funds research only when funds are available, and the Trustees do not consider it necessary to hold long-term reserves. They deem it prudent to retain a reserve within general funds to cover the costs of unforeseen administrative expenses and contingent liabilities - currently set at a figure of £65k. The year-end free reserves calculated as general funds not represented by fixed assets of £402k adequately cover this reserve.

The investment portfolio valuation at year end is £152k. The portfolio is available to support research grants payable after more than one year, if required. Our inevitably high cash assets covering our grant-related creditors are diversified over a number of banks and building societies to take advantage of the FCSC umbrella protection of £85k per institution whilst maintaining sufficient liquidity.

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There are no restrictions on the charity’s power to invest. The investment strategy is set by the Trustees and the overall policy is to balance risk with return.

Going concern

The Trustees can confirm that they are of the opinion that there are no material uncertainties related to events or conditions that may cast significant doubt over the ability of the charity to continue as a going concern.

Governance, structure and management

Legal structure

International Spinal Research Trust is a charitable company limited by guarantee. It is governed by its Memorandum and Articles of Association.

Organisational structure

The Trustees (who are also directors of International Spinal Research Trust for the purpose of company law) set the strategy of the charity and oversee its implementation. They are supported by expert committees and advisers. The Board meets quarterly, and members of the executive attend.

The Chief Executive is responsible for implementing the agreed policy and strategy, as delegated by the Trustees.

Committees

Four committees made up of experts and advisors make recommendations to the Chief Executive and Board of Trustees:

Executive Committee of the Board of Directors (the Trustees) monitors the financial performance and risks of the charity and ensures the charity has in place appropriate policies, financial procedures and controls; oversees governance and advises on Trustees and key employees.

Remuneration Committee approves the framework used by the charity to benchmark and monitor remuneration and reviews and approves salary and benefit packages available to employees.

Scientific Advisory Committee advises on the overall research strategy of the charity and is also called into action with research matters.

Grant Advisory Committee proposes to the Board how available funds are allocated to applications. In all instances where there is a conflict of interest, a committee member will be excluded from the related discussion and decision.

Trustees

The Memorandum of Association states that there should be not less than three and not more than fourteen Trustees at any one time. One third of the Trustees retire at the Annual General Meeting each year and may be re-appointed. Those in the longest service retire first. The Trustees who were in office during the year are listed in the reference and administrative section towards the end of this document.

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Trustees are expected to keep abreast of charity legislation and best practice by reading Charity Commission and specialist press documents, and by attending appropriate seminars.

Trustees are appointed by resolution of the Trustees and they may resign by written notice to the Trustees. It is usual for the Trustees to appoint from their number a Chair and Honorary Treasurer.

All prospective Trustees are interviewed by the Chair and an existing Trustee to determine whether they have a particular interest in the work of the charity and are able to devote the time required to fulfil a Trustee’s duties. These requirements satisfied, the candidate is invited to attend the next Trustees’ meeting and, if all are agreeable, is elected Trustee by resolution of the meeting. Following the election, the new Trustee is invited to the charity’s office to meet the staff and learn more about day-today day running of the charity. At that time, they are furnished with copies of the Memorandum and Articles of Association, the office manual and the Charity Commission’s guidance booklets for Trustees.

Key management personnel

The Trustees consider that they, together with the Chief Executive, comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis.

The Trustees receive no remuneration with respect to their role as Trustees. The remuneration of the Chief Executive is set by the Board of Trustees, based upon an annual appraisal of performance against set objectives by the Chair of the Board of Trustees.

Employees

The charity is an equal opportunities employer. It aims to ensure that no job applicant or employee receives less favourable treatment on the grounds of age, race, colour, nationality, religion, ethnic or national origin, gender, marital status, sexual orientation or disability.

Selection criteria are reviewed regularly to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities. All employees are given equal opportunity and, where appropriate and possible, special training to enable them to progress both within and outside the organisation.

Risk management

The Trustees have considered the major risks to which the charity is exposed. They have formulated a risk management schedule and established systems and procedures for managing different risks. These are reviewed annually by the Committee of the Board of Directors (the Trustees) and reported at the Board meetings of the Trustees.

The Trust continues to recognise the risk of rapidly changing legislation and guidelines governing the charity sector and monitors accordingly.

Of note, the cost-of-living crisis has required the charity to take careful stock of the fundraising and research landscapes. This crisis has had a material impact on the charity sector, with income raised from events, community and general giving being affected. We continue to revise budgets, plan staff and resources, location and facilities planning and technology co-ordination whilst increasing the frequency of operation staff, fundraiser and board interaction to ensure agility and responsiveness to any uncertainty.

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Subsidiary companies

The charity has no subsidiary companies.

Statement of Trustees’ responsibilities

The Trustees (who are also directors of International Spinal Research Trust for the purposes of company law) are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, and the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Trustees confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

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The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Board of Trustees on 13 May 2026.

Tara Howell Chair

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Independent auditor’s report to the members of International Spinal Research Trust

Qualified opinion

We have audited the financial statements of International Spinal Research Trust (the ‘charitable company’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the notes to the financial statements including the principal accounting policies. 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, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the financial statements:

Basis for qualified opinion

With respect to one of the charity’s bank accounts, the audit evidence available to us was limited because we have been unable to obtain sufficient appropriate audit evidence of the amount held in the account at the balance sheet date and consequently, we were unable to determine whether any adjustment to this amount was necessary. The amount included on the balance sheet within cash at bank and in hand with respect to this account is £226,000.

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

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Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. Our qualified 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.

As described in the Basis for Qualified Opinion section of our report, we were unable to obtain sufficient appropriate audit evidence concerning a bank balance of £226,000 held at the balance sheet date. We have concluded that where the other information refers to the bank balance or related balances such as reserves levels at the balance sheet date, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies

Act 2006

Except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by

exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

Arising solely from the limitation on the scope of our work relating to bank balances, referred to above:

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

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Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’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 charitable company 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:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included but were not limited to:

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There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charity’s trustees as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, for the opinions we have formed.

Alison Pyle (Senior Statutory Auditor) For and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 14 May 2026

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Financial statements and notes

Statement of financial activities year to 31 March 2025 (including an Income and Expenditure Account)

Notes Unrestricted Unrestricted Restricted
funds
£’000		 Total
funds
2025
£’000		 Restated
Total
funds
2024
£’000
General
£’000		 Designated
£’000
Income from:
Donations and legacies
1
Other trading activities
Investment income and interest
receivable
2
Total income
Expenditure on:
Raising funds
. Donations and legacies
3
Funds generated for charitable
activities
Charitable activities
Research
. Grants payable
14
. Conferences and other awards
14
. Research division costs
4
Awareness raising
5
Total expenditure
Net income/(expenditure) before
investment gains
Gains on investment assets
13
Net income/(expenditure) and net
movement in funds before transfers
Gross transfers between funds
15,16
Net movement in funds
Reconciliation of funds
Total funds brought forward at
1 April 2024
Total funds carried forward at
31 March 2025		 2,308
—
26		 —
—
—		 1,077
—
—		 3,385
—
26		 3,934
2
15
2,334 — 1,077 3,411 3,951
649 — — 649 778
649 — — 649 778
1,685 — 1,077 2,762 3,173
(431)
97
308
240
—
—
—
—		 1,277
—
—
—		 846
97
308
240		 3,880
17
152
193
214 — 1,277 1,491 4,242
863 — 1,277 2,140 5,020
1,471
9		 — (200)
—		 1,271
9		 (1,069)
66
1,480

(1,214)		 —

1,214		 (200)
—		 1,280
—		 (1,003)
—
266
167		 1,214
818		 (200)
200		 1,280
1,185		 (1,003)
2,188
433 2,032 — 2,465 1,185

All of the charity’s activities derived from continuing operations during the above two periods. The charity has no recognised gains and losses other than those shown above and therefore no separate statement of total recognised gains and losses has been presented.

Annual Report and Accounts | 19

Statement of financial activities year to 31 March 2024 (including an Income and Expenditure Account)

Notes Restated Restated Restated
Unrestricted Restricted
funds
£’000		 Total
funds
2024
£’000

General
£’000		 Designated
£’000
Income from:
Donations and legacies
1
Other trading activities
Investment income and interest receivable
2
Total income
Expenditure on:
Raising funds
. Donations and legacies
3
Funds generated for charitable activities
Charitable activities
Research
. Grants payable
14
. Conferences and other awards
14
. Research division costs
4
Awareness raising
5
Total expenditure
Net (expenditure) income before
investment gains
Gains on investment assets
13
Net (expenditure)/ income and net
movement in funds before transfers
Gross transfers between funds
15,16
Net movement in funds
Reconciliation of funds
Total funds brought forward at
1 April 2023
Total funds carried forward at
31 March 2024		 1,566
2
15		 —
—
—		 2,368
—
—		 3,934
2
15
1,583 — 2,368 3,951
778 — — 778
778 — — 778
805 — 2,368 3,173
1,612
17
152
193		 —
—
—
—		 2,268
—
—
—		 3,880
17
152
193
1,974 — 2,268 4,242
2,752 — 2,268 5,020
(1,169)
66
—
—		 100
—		 (1,069)
66
(1,103)
1,118
—
(1,118)		 100
—		 (1,003)
—
15
152		 (1,118)
1,936		 100
100		 (1,003)
2,188
167 818 200 1,185

Annual Report and Accounts | 20

Balance sheet 31 March 2025

Restated
Notes 2025
£’000		 2024
£’000
Fixed assets
Tangible assets
10
Intangible assets
10
Investments
13
Current assets
Debtors
11
Short term deposits
Bank deposits and cash
Creditors:amounts falling due within one year
Grants payable
14
Other creditors
12
Net current assets
Total assets less current liabilities
Creditors:amounts falling due after more than one year
Grants payable
14
Total net assets
The funds of the charity:
Funds and reserves
Income funds
Restricted funds
15
Unrestricted funds
. Designated funds
16
. General funds		 4
27
322		 1
36
313
353 350
287
610
3,157		 325
595
2,057
4,054 2,977
(320)
(855)		 (1,183)
(419)
(1,175) (1,602)
2,879 1,375
3,232 1,725
(767) (540)
2,465 1,185
—
2,032
433		 200
818
167
2,465 1,185

Approved by the Trustees of International Spinal Research Trust, Company Registration Number 08409361 (England and Wales), on 13 May 2026 and signed on their behalf by:

Tara Howell Chair

Rob Shelton Trustee

Annual Report and Accounts | 21

Statement of cash flows 31 March 2025

Statement of cash flows 31 March 2025
Notes 2025
£’000		 2024
£’000
Cash flows from operating activities:
Net cash provided by operating activities
A
Cash flows from investing activities:
Investment income and interest receivable
Purchase of intangible fixed assets
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 April 2024
B
Cash and cash equivalents at 31 March 2025
B
1,094		 513


26
(5)		 15
(46)
21 (31)

1,115
2,652
482

2,170
3,767 2,652

Notes to the statement of cash flows for the year to 31 March 2025.

A Reconciliation of net movement in funds to net cash provided by operating activities

2025
£’000		 2024
£’000
Net movement in funds (as per the statement of financial
activities)
Adjustments for:
Depreciation and amortisation charge
Gains on investments
Donations received as investments
Investments granted to SCI Ventures
Investment income
Decrease in debtors
(Decrease)/increase in creditors
Net cashprovided by operating activities		 1,280
11
(9)
—
—
(26)
38
(200)		 (1,003)
9
(66)
(346)
1,455
(15)
375
104
1,094 513

B Analysis of changes in net debt

Analysis of changes in net debt
2024
£’000		 Cash flows
£’000
1,100
15
1,115		 2025
£’000
Cash at bank and in hand
Short term deposits (less than three months)
Total cash and cash equivalents		 2,057
595		 3,157
610
2,652 3,767

22 | Annual Report and Accounts

1 Donations and legacies

1
Donations and legacies
Unrestricted
£’000		 Restricted
£’000		 2025
£’000
Donations
Volunteer-led fundraising activities
Trusts
Companies
Private individuals, schools, universities and other
bodies
SCI Ventures
Legacies
2025 Total funds		 765
130
46
442
—		 —
228
—
—
849		 765
358
46
442
849
1,383 1,077 2,460
925 — 925
2,308 1,077 3,385
Unrestricted
£’000		 Restricted
£’000		 2024
£’000
Donations
Volunteer-led fundraising activities
Trusts
Companies
Private individuals, schools, universities and other
bodies
SCI Ventures
Legacies
2024 Total funds		 436
108
30
518
—		 —
179
—
—
2,189		 436
287
30
518
2,189
1,092 2,368 3,460
474 — 474
1,566 2,368 3,934

2 Investment income and interest receivable

Unrestricted
£’000		 Restricted
£’000		 2025
£’000
Interest receivable
2025 Total funds		 26 — 26
26 — 26
Unrestricted
£’000		 Restricted
£’000		 2024
£’000
Interest receivable
2024 Total funds		 15 — 15
15 — 15

Annual Report and Accounts | 23

3 Raising funds

3
Raising funds
Unrestricted
£’000
439
18
53
7
132
649
Restricted
£’000
—
—
—
—
—
—		 2025
£’000
439
18
53
7
132
649
Staff costs (see note 8)
Publications and mailings
Fundraising expenditure
Other direct costs
Support costs (see note 7)
2025 Total funds
Unrestricted
£’000
477
15
122
13
151
778
Restricted
£’000
—
—
—
—
—
—		 2024
£’000
477
15
122
13
151
778
Staff costs (see note 8)
Publications and mailings
Fundraising expenditure
Other direct costs
Support costs (see note 7)
2024 Total funds

4 Research division

4
Research division
Unrestricted
£’000		 Restricted
£’000		 2025
£’000
Staff costs (see note 8)
Direct costs
Support costs (see note 7)
2025 Total funds		 255
8
45		 —
—
—		 255
8
45
308 — 308
Unrestricted
£’000		 Restricted
£’000		 2024
£’000
Staff costs (see note 8)
Direct costs
Support costs (see note 7)
2024 Total funds		 100
10
42		 —
—
—		 100
10
42
152 — 152

5 Awareness raising

5
Awareness raising
Unrestricted
£’000		 Restricted
£’000		 2025
£’000
Staff costs (see note 8)
Direct costs
Support costs (see note 7)
2025 Total funds		 112
52
76		 —
—
—		 112
52
76
240 — 240

24 | Annual Report and Accounts

5 Awareness raising (continued)

Staff costs (see note 8)
Direct costs
Support costs (see note 7)
2024 Total funds		 Unrestricted
£’000
100
60
33
193		 Restricted
£’000
—
—
—
—		 2024
£’000
100
60
33
193

6 Governance costs

6
Governance costs
Unrestricted
£’000
Restricted
£’000		 2025
£’000
19
48
23
90
Auditor’s remuneration
Consultancy
Direct costs
2025 Total funds		 19
48
23		 —
—
—
90 —
Unrestricted
£’000
Restricted
£’000		 2024
£’000
22
45
1
18
86
Auditor’s remuneration
Consultancy
Legal fees
Direct costs
2024 Total funds		 22
45
1
18		 —
—
—
—
86 —

7 Support costs

7
Support costs
Raising
funds
£’000
—
50
17
49
16
132		 Research
division
£’000
11
13
4
13
4
45		 Awareness
raising
£’000		 2025
Total
£’000
Depreciation and amortisation
Premises costs
Office running costs
Governance costs (note 6)
Other costs
2025 Total funds		 —
29
10
28
9		 11
92
31
90
29
76 253

Annual Report and Accounts | 25

7 Support costs (continued)

Raising
funds
£’000		 Research
division
£’000
9
14
4
13
2
42		 Awareness
raising
£’000
—
14
4
13
2
33		 2024
Total
£’000
Depreciation and amortisation
Premises costs
Office running costs
Governance costs (note 6)
Other costs
2024 Total funds		 —
65
18
60
8		 9
93
26
86
12
151 226

8 Staff costs and Trustees’ remuneration

2025
£’000		 2024
£’000
Staff costs during the year:
Wages and salaries
Social security costs
Recruitment and severance costs
Pension costs (personal pension plans)
Permanent Health Insurance
Staff costs by function:
Raising funds
Research division
Awareness raising		 668
67
10
51
10		 563
56
2
47
9
806 677
439
255
112		 477
100
100
806 677

The average number of employees during the year on a head count basis was 15 (2024 – 13).

2025 2024
The number of employees who earned £60,000 per annum or
more (including taxable benefits but excluding employers
pension contributions) during the year:
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000		 1
1
—		 1
—
1

The employer’s contribution to a personal pension in respect of the above employees amounted to £15,266 (2024 - £14,054).

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis comprise the Trustees and the Chief Executive of the charity. The total remuneration (including taxable benefits and employer's pension contributions and employer’s National Insurance Contributions) of the key management personnel for the year was £121,160 (2024 - £120,003).

26 | Annual Report and Accounts

9 Related parties

During the year, donations totalling £23,383 were received from Trustees (2024 - £1,445,000, of which £1,416,018 were in relation to SCI Ventures).

During the year the charity made grants totalling £849,000 (2024 - £3,298,000) to SCI Ventures. One member of the charity’s Board of Trustees is a member of the board of SCI Ventures.

During the year no other grants were awarded to any other related parties (2024 - one grant of £300k was awarded to an institution where David Baxter is part of the investigation team).

There were no other related party transactions.

10 Tangible and intangible fixed assets

Equipment,
fixtures
and fittings
2024
£’000		 Intangible
assets
2024
£’000
Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for year
At 31 March 2025
Net book values
At 31 March 2025
At 31 March 2024		 35
5		 45
—
40 45
34
2		 9
9
36 18
4 27
1 36
11
Debtors
11
Debtors
2025
£’000		 2024
£’000
Prepayments and accrued income
Other debtors		 281
6		 325
—
287 325

Annual Report and Accounts | 27

12 Other creditors: amounts falling due within one year

year
2025
£’000		 2024
£’000
Accruals
Deferred income (note 12a)
Other creditors (note 12b)		 352
343
160		 39
266
114
855 419

12a Deferred income

12a Deferred income
2025
£’000		 2024
£’000
Brought forward
Released in year
Deferred in year		 266
(266)
343		 128
(128)
266
343 266

12b Other creditors

12b Other creditors
2025
£’000		 2024
£’000
HMRC payroll liability
Purchase ledger control
Sundry creditors – pension liability		 22
133
5		 17
93
4
160 114

28 | Annual Report and Accounts

13 Investments

13
Investments
2025
£’000		 2024
£’000
Listed investments
Market value at 1 April 2024
Unrealised investment gains
Market value at 31 March 2025
Fixed term bonds
Total investments		 143
9		 143
—
152
170		 143
170
322 313

The cost of listed investments held at 31 March 2025 was £75,890 (2024 - £75,890). Listed investments held at 31 March 2025 comprised Charishare Distribution units.

The charity has two wholly owned subsidiaries incorporated in the UK, Spinal Research (Trading) Limited and ISRT Limited. Both were dormant companies throughout 2024/25 and 2023/24.

Reconciliation of movements in
unrealised investmentgains		 General
funds
£’000		 Restricted
funds
£’000
—
—
—
—		 Total
£’000
Unrealised gains at 1 April 2024
Net gains arising on revaluations
Net gains released on disposal
Total unrealisedgains at 31 March 2025		 67
9
—		 67
9
—
76 76

Annual Report and Accounts | 29

14 Grants payable

14
Grants payable
Unrestricted
funds
£’000		 Restricted
funds
£’000		 2025
£’000
Projects
University of Toronto
Studentships
Imperial College London
King’s College London
University of Birmingham
Programmes
Bradbury
Ichiyama
Knight
Neuromodulation Initiative
Clinical Trials
Ichiyama
Other
Clinical Research Network Budget Expenses
ISCoS Keynote lecture fund
SCI Ventures
Grant of restricted donations to Venture Fund
Total grants payable for the year
Conferences
Network Meetings
Summer School
Total Conferences
Total		 7 — 7
7 — 7
(11)
(37)
(30)		 11
37
30		 —
—
—
(78) 78 —
(3)
(11)
(1)
(175)		 —
—
—
175		 (3)
(11)
(1)
—
(190) 175 (15)
(100) 100 —
(100) 100 —
(75)
5		 75
—		 —
5
(70) 75 5
— 849 849
— 849 849
(431) 1,277 846
70
27		 —
—		 70
27
97 — 97
(334) 1,277 943

30 | Annual Report and Accounts

14 Grants payable (continued)

Unrestricted
funds
£’000		 Restated
Restricted
funds
£’000		 2024
£’000
Projects
University of Ohio
Studentships
University of Leeds
University of Cambridge
University of Glasgow
University of Birmingham
Imperial College London
University of Birmingham
Imperial College London
King’s College London
Clinical Trials
Purcell
Ichiyama
IMPress Trial
SCI Ventures
Grant of restricted donations to Venture Fund
Transfer of Axonis and Onwards investments to Venture Fund
Transfer of restricted donated Onward investments to
Venture Fund
Total grants payable for the year
Conferences
Network Meetings
Summer School
ASNTR
Total Conferences
Total		 (1) — (1)
(1)
—
(1)
(1)
(8)
(4)
(4)
(52)
135
(2)
151		 1
3
4
4
52
2
2
—		 —
(5)
—
—
—
137
—
151
215
68
283
(3)
(8)
300		 3
8
—		 —
—
300
289
11
300
—
1,109
—		 1,843
—
346		 1,843
1,109
346
1,109
2,189
3,298
1,612
2,268
3,880
18
3
(4)		 —
—
—		 18
3
(4)
17
—
17
1,629
2,268
3,897

Annual Report and Accounts | 31

14 Grants payable (continued)

Reconciliation of grants and awards payable

Reconciliation of grants and awards payable
2025
£’000		 Restated
2024
£’000
Grants awarded in year
Grants cancelled
Grants written back/on
Grants payable for year
Conferences and other awards
Conferences written back/on
Total conferences
Commitments at start of year
Commitments at end of year excluding payments made
Grants paid during the year
Exchange rate gains on foreign grants
Commitments at end of year
Commitments at 31 March 2025 are payable as follows:
Within one year
After more than one year		 849
—
(3)		 3,887
(7)
—
846
110
(13)		 3,880
3
14
97
1,723		 17
1,764
2,666
(1,579)
—		 5,661
(3,946)
8
1,087 1,723
320
767		 1,183
540
1,087 1,723

15 Restricted funds

15
Restricted funds
At
1 April
2024
£’000		 Income
£’000		 Grants
made in
year
£’000		 Transfers
£’000		 At
31 March
2025
£’000
Donations for Di Giovanni Studentship
Donations for Chiou Studentship
Donations for Warren Studentship
Donations for Welch Studentship
Donations for Baxter
Donations for research into the
Neuromodulation Initiative
Donations for research into the Clinical
Research Network
Donations for investment in Ventures		 —
—
—
—
—
125
75
—		 11
19
37
11
100
50
—
849		 (11)
(19)
(37)
(11)
(100)
(175)
(75)
(849)		 —
—
—
—
—
—
—
—		 —
—
—
—
—
—
—
—
200 1,077 (1,277) — —

Donations received for programme-related investments are transferred from restricted funds when the funds have been invested in line with the donors’ intentions and the restrictions on the funds have been met.

32 | Annual Report and Accounts

15 Restricted funds (continued)

At
1 April
2023		 Income
£’000
52
2
3
3
4
1
4
2
8
75
25
1,843
346
2,368		 Grants
made in
year
£’000		 Transfers
£’000		 At
31 March
2024
£’000
£’000
Donations for Di Giovanni Studentship
Donations for Chiou Studentship
Donations for research at SCI Centre Stanmore
Donations for research at the University of
Cambridge
Donations for research at the University of
Glasgow
Donations of below for research at the
University of Leeds
Donations for research at the University of
Birmingham
Donations for Imperial collage PHD
Donations for Ichiyama
Donations for research into the
Neuromodulation Initiative
Donations for research into the Clinical
Research Network
Donations for investment in Ventures
Donations of transfers of shares for investment
in Ventures		 —
—
—
—
—
—
—
—
—
50
50
—
—		 (52)
(2)
(3)
(3)
(4)
(1)
(4)
(2)
(8)
—
—
(1,843)
(346)		 —
—
—
—
—
—
—
—
—
—
—
—
—		 —
—
—
—
—
—
—
—
—
125
75
—
—
100 (2,268) — 200

16 Designated funds

16
Designated funds
Monies set aside for Translational Awards
Monies set aside for IRST studentships
Monies set aside for Covid19-
Contingency fund
Monies set aside for Travel Fund
Monies Set aside for First Impetus grants
Monies set aside for Neuromodulation
Fund
Monies set aside for Clinical Research
Monies Set aside for SPARC-UK
Monies Set aside for Community
Research Network
Monies Set aside for Hive
Monies Set aside for Institute for
Translation
Monies Set aside for Virtual Spinal Cord
Monies Set aside for Network Meeting		 At
1 April
2024
£’000
New
designations
£’000
Utilised
in year
£’000

At
31 March
2025
£’000
500
150
3
5
—
—
50
—
—
—
—
—
110		 50
—
150
—
—
—
—
—
100
—
50
—
—
(6)
250
—
400
—
200
—
10
—
10
—
70
(70)		 550
300
3
5
100
50
44
250
400
200
10
10
110
818 1,290
(76)		 2,032

Annual Report and Accounts | 33

16 Designated funds (continued)

Restated

At
1 April
2023
£’000
New
designation
s
£’000
—
500
140
150
3
—
—
5
860
—
183
—
100
—
300
—
300
—
50
—
—
110
1,936
765		 At
1 April
2023
£’000
New
designation
s
£’000
—
500
140
150
3
—
—
5
860
—
183
—
100
—
300
—
300
—
50
—
—
110
1,936
765		 Utilised
in year
£’000		 At
31 March
2024
£’000
Monies set aside for Translational
Awards
Monies set aside for IRST studentships
Monies set aside for Covid19-
Contingency fund
Monies set aside for Travel Fund
Monies set aside for Onward Fund
Monies set aside for Axonis Therapeutics
Monies Set aside for First Impetus grants
Monies set aside for I-OSCIRS seminars
Monies set aside for Neuromodulation
Fund
Monies set aside for Clinical Research
Monies Set aside for Network Meeting		 —
140
3
—
860
183
100
300
300
50
—		 500
150
—
5
—
—
—
—
—
—
110		 -
(140)
—
—
(860)
(183)
(100)
(300)
(300)
—
—		 500
150
3
5
—
—
—
—
—
50
110
1,936 765 (1,883) 818

Translational Awards – monies set aside to fund future research. These designated funds will be awarded during the next financial year in grant awards to Translational Awards successfully completing review process.

Spinal Research studentships – monies set aside to fund the grant round advertised during the financial year. These designated funds are utilised withing 12 months through PhD studentship grant giving.

Covid-19 contingency fund – monies set aside to cover additional unbudgeted costs arising as a result of the ongoing Covid-19 pandemic.

Travel Fund – monies set aside to support travel costs for recipients of Spinal Research PhD Studentships.

First Impetus Grants – monies set aside to fund future research. These designated funds will be awarded during the next financial year in grant awards to Impetus Grant applicants successfully completing review process.

Neuromodulation Fund – monies set aside to fund this area of Special Emphasis.

Clinical Research - Project to catalyse UK Clinical Trial Network & Active Clinical Research Ecosystem

SPARC-UK – monies set aside to support the establishment and growth of the Spinal Cord Injury Research Collaborative over the course of 2025/26 and 2026/27.

Community Research Network – monies set aside to develop a community-based research platform & decentralised platform trial over the course of 2025/26 and 2026/27.

Hive – monies set aside to develop a digital translational research community over the course of 2025/26 and 2026/27.

Institute for Translation – monies set aside to scope the development of a translational institute and CRO for translating therapeutics.

34 | Annual Report and Accounts

16 Designated funds (continued)

Virtual Spinal Cord – monies set aside to catalyse a Virtual Spinal Cord initiative to power SCI frontier research.

Network Meeting 2025 – monies set aside to deliver the Spinal Research Annual Network Meeting.

Onward Fund – represented the carrying value of the charity’s Onward related investments, which were transferred to SCI Ventures in 2023/24.

Axonis Therapeutics – represented the carrying value of the charity’s Axonis Therapeutics related investments, which were transferred to SCI Ventures in 2023/24.

I-OSCIRS seminars – monies set aside to fund seminars. These designated funds were awarded during the 2023/24.

17 Analysis of net assets between funds

General
funds
£’000		 Designated
funds
£’000		 Restricted
funds
£’000		 2025
Total
£’000
Tangible and intangible fixed assets
Fixed assets investments
Current assets
Creditors: amounts falling due within
one year
Creditors: amounts falling due after
more than one year
Total net assets		 31
322
2,022
(1,175)
(767)		 —
—
2,032
—
—		 —
—
—
—
—		 31
322
4,054
(1,175)
(767)
433 2,032 — 2,465
General
funds
£’000		 Restated
Designated
funds
£’000
Restricted
funds
£’000
—
—
—
—
818
200
—
—
—
—
818
200		 Restated
Designated
funds
£’000
Restricted
funds
£’000
—
—
—
—
818
200
—
—
—
—
818
200		 2024
Total
£’000
Tangible and intangible fixed assets
Fixed assets investments
Current assets
Creditors: amounts falling due within
one year
Creditors: amounts falling due after
more than one year
Total net assets		 37
313
1,959
(1,602)
(540)		 —
—
818
—
—		 —
—
200
—
—		 37
313
2,977
(1,602)
(540)
167 818 200 1,185

Annual Report and Accounts | 35

18 Operating leases

The charitable company had future minimum commitments in respect of the land and buildings under noncancellable operating leases as follows:

Operating leasepayments due: 2025
£’000		 2024
£’000
Within one year
Within two to five years		 73
99		 23
—
172 23

19 Prior year adjustment

Reconciliations of the opening fund balances at 1 April 2024 and 1 April 2023, with the amounts previously reported are presented below.

Reconciliation of total funds

Reconciliation of total funds
General
funds
£’000		 Designated
funds
£’000		 Restricted
funds
£’000		 2024
Total
£’000
Fund balances as previously stated
Adjustment in relation to grant awards
Fund balances as restated		 150
17		 768
50		 200
—		 1,118
67
167 818 200 1,185
General
funds
£’000		 Designated
funds
£’000		 Restricted
funds
£’000		 2023
Total
£’000
Fund balances as previously stated
Adjustment in relation to grant awards
Fund balances as restated		 135
17		 1,886
50		 100
—		 2,121
67
152 1,936 100 2,188

The comparative figures have been adjusted to reflect the correct treatment of amounts which were incorrectly recognised as grants awarded at 31 March 2023 as the criteria to award the grant had not been met at that date. This adjustment had no impact on the net income for the year ended 31 March 2024.

20 Taxation

International Spinal Research Trust is a registered charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

36 | Annual Report and Accounts

21 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 31 March 2025.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts 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 United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest thousand pounds.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the Trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Assessment of going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The Trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above.

Income recognition

Income is recognised in the period in which the charity is entitled to receipt, the amount can be measured with reasonable certainty and it is probable that the income will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Annual Report and Accounts | 37

Income comprises donations and legacies, income from fundraising events, charitable activities, other trading activities and investment income.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Gifts in kind donated to the charity are included in income and expenditure at the value the charity would have otherwise paid for them at the time of the gift. Donated services are not included in income and expenditure where it is not possible to place such a value on those services.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income from fundraising events and charitable activities is recognised in the period the event or activity takes place.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

38 | Annual Report and Accounts

make contributions to it, costs incurred organising the efforts of our fundraising supporters, the direct costs of fundraising events run by the charity and the costs of the charity’s commercial trading operations. These costs include direct staff costs attributable and an apportionment of overhead and support costs.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support costs and governance costs are apportioned based on the same proportions as directly attributable staff costs.

Research grants

Grants, conferences and other awards payable are recognised as resources expended once there is a legal or constructive obligation committing the charity to the expenditure.

Research grants are recognised in full in the year that they are awarded. The liability is split between one or more than one year.

The charity receives income from third parties in respect of some research grants. These are recognised in full as income in the period in which they are received.

Annual Report and Accounts | 39

Intangible fixed assets

Intangible fixed assets are stated at cost less amortisation. All intangible assets costing more than £500 and with an expected life exceeding one year are capitalised.

The cost of intangible fixed assets is amortised over the expected useful lives of the assets.

Tangible fixed assets

Tangible fixed assets are stated at cost. All assets costing more than £500 and with an expected life exceeding one year are capitalised.

Depreciation is provided in order to write off each asset over its estimated useful life at rates between 20% and 33% on cost.

Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire options, derivatives or other complex financial instruments.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise).

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Short term deposits

Short term deposits comprise cash held in bank or investment accounts where the notice period for access to the funds exceeds one working day. All amounts are accessible within three months, and included within cash and cash equivalents.

40 | Annual Report and Accounts

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Foreign currencies

Foreign currency deposits are held to match overseas grant awards. The resulting assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

Fund accounting

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions.

The designated funds are monies set aside out of general funds and designated for specific research awards by the Trustees.

The general fund comprises tangible fixed assets and monies which are freely available and may be used towards meeting the charitable objectives of the charity at the discretion of the Trustees.

Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the lease term.

Pensions

Contributions in respect of the charity’s defined contribution pension scheme are charged to the statement of financial activities when they are payable to the scheme. The charity’s contributions are restricted to the contributions disclosed in note 8. There were no outstanding contributions at the year end. The charity has no liability beyond making its contributions and paying across the deductions for the employees’ contributions.

Annual Report and Accounts | 41

Reference and administrative details of the charity, its Trustees and advisers

Company registration
number		 08409361 (England and Wales)
Charity registration number 1151015 (England)
SC050578(Scotland)
Registered Address
Telephone
Email
Website		 201 Borough High Street
London
SE1 1JA
0203 824 7400
info@spinal-research.org
www.spinal-research.org
Trustees Mrs T Howell - Chair
Mr W R Shelton - Treasurer
His Honour PC Benson (resigned October 2024)
Miss E F M Blois
Mr I Curtis BA FCA (resigned July 2025)
Mr M Reeve (resigned February 2026)
Professor R M Brownstone MD PhD
Professor S Smith
Lieutenant Colonel D Baxter MBChB PhD FRCS (SN) FFSEM
Mr M Lund
Ms A Krishnan (appointed July 2025)
Mr RW James (appointed October 2025)
Patrons Ms Barbara Broccoli OBE
Mrs Ginny Elliot MBE
Mr Jason Leonard OBE
Dr Ruth McKernan CBE
Rt Hon Lord Tebbit CH PC (deceased July 2025)
Mr Guy Martin
Committee of the Board of
Directors (the Trustees)		 Mrs T Howell (Chair)
Mr W R Shelton (Treasurer)
Lieutenant Colonel D Baxter MBChB PhD FRCS (SN) FFSEM
Mr I Curtis BA FCA
Remuneration Committee Mr W R Shelton (Chair)
Mrs T Howell
Miss E F M Blois
Professor S Smith

42 | Annual Report and Accounts

Scientific Advisory
Committee		 Prof J Guest MD PhD FRCS(C) (Chair)
Dr L Jones PhD
Prof R Brownstone MD PhD
Grant Advisory Committee Prof E Bradbury PhD (Chair)
Dr F Bareyre PhD
Prof S Barnett PhD
Prof A Blesch PhD
Dr M Bolliger PhD
Prof D Chari PhD
Prof S Di Giovanni PhD
Dr R M Ichiyama PhD
Dr J Kwok PhD
Dr A Lakatos MD PhD
Dr L Moon PhD
Dr M Purcell MD
Honorary Scientific Advisor Prof J W Fawcett PhD FRCP
Chief Executive Officer Ms L McGinn
Independent auditor Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
Investment managers BlackRock Investment Management (UK)
33 King William Street
London
EC4R 9AS
Bankers Bank of Scotland
38 St Andrew Square
Edinburgh
EH2 2YR

Annual Report and Accounts | 43

Acknowledgements

A big thank you to all of you helping us find a cure for paralysis

Without our supporters there would be no research and no breakthroughs. You are all helping to bring closer the day when we can end spinal cord paralysis forever. We are hugely grateful for the support you have all given us this year and are only sorry we cannot mention everybody’s names here.

Thank you to those suffering from spinal cord injury, and their families, for their inspiration, their stories and helping raise awareness of what it means to live with paralysis. The hundreds of volunteers who help in so many and varied ways. All those amazing people who run, cycle, jump or undertake other challenges, inspiring and inviting those they know to sponsor them.

The Anna Rosa Forster Charitable Trust The Hall Hunter Foundation The Eddleston Settlement The John Beckwith Charitable Trust RFU Injured Players Foundation P F Charitable Trust The Fieldrose Charitable Trust Joseph Ettedgui Charitable Foundation The Lord Faringdon Charitable Trust The W E Dunn Trust Sandra Charitable Trust The James Weir Foundation The Red Rose Charitable Trust Mrs J B Wood’s Charitable Trust The Injured Jockeys Fund Garfield Weston Foundation The Belstead Ganzoni Charitable Settlement James T Howat Charitable Trust Sir Donald and Lady Edna Wilson Charitable Trust The Felicity Wilde Charitable Trust The Frank Litchfield General Charitable Trust E A Timson Family Trust The Vandervell Foundation The Edward Cadbury Charitable Trust The Lord Cozens-Hardy Trust The Hearth Foundation The Grace Trust

We would also like to express our gratitude to those who remembered us in their Will and from whom we received a generous legacy this past year. Many thanks.

44 | Annual Report and Accounts

Spinal Research

201 Borough High Street, London SE1 1JA 0203 824 7400 info@spinal-research.org spinal-research.org

A company limited by guarantee (registered in England and Wales 8409361) Registered charity in England (1151015) and Scotland (SC050578)

Annual Report and Accounts | 45