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REGISTERED COMPANY NUMBER: 09273413 (England and Wales)
REGISTERED CHARITY NUMBER: 1162599



















Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 October 2024

for

THE NEUROSURGICAL FOUNDATION

THE NEUROSURGICAL FOUNDATION

Contents of the Financial Statements
for the Year Ended 31 October 2024










Page

Report of the Trustees 1 to 4

Independent Examiner's Report 5

Statement of Financial Activities 6

Balance Sheet 7 to 8

Notes to the Financial Statements 9 to 13

THE NEUROSURGICAL FOUNDATION (REGISTERED NUMBER: 09273413)

Report of the Trustees
for the Year Ended 31 October 2024



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2024. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The Foundation's purpose as set out in the object in the charitable company's Memorandum Of Association is the advancement of neurosurgery for the public benefit and the benefit of the community generally.

The aims of the Foundation are:

-To publish an internationally-recognised Neurosurgical journal, consisting of peer-reviewed articles, case reports and editorial and educational articles;

-Thereby to advance and improve generally the education, knowledge and training among surgeons and other medical practitioners and all professions allied to health or concerned with the general health of the public generally having a qualification recognised by the National Health Service;

-To advance expertise, knowledge and understanding of neurosurgery by promotion and study of
Neurosurgery for the relief from sickness of persons suffering from neurological disorders;

-To facilitate and fund research and mentoring, tuition and advice and assistance generally for the relief of sickness of persons suffering from neurological disorders;

-To work for the benefit of the international community by assisting with funding of educational opportunities for both British and International Neurosurgeons and trainees.


THE NEUROSURGICAL FOUNDATION (REGISTERED NUMBER: 09273413)

Report of the Trustees
for the Year Ended 31 October 2024


ACHIEVEMENT AND PERFORMANCE
Charitable activities
Meetings
The Neurosurgical Foundation had one meeting of the board during 2023-2024. Minutes from these meetings are available.

Feb 8th 2024
The meeting discussed achievements and financial status of the charity for the year 23-24.
The BJNS performance matrices were discussed.
The TNF board agreed to support the continuing medical education of local neurosurgeons by supporting the journal access to SBNS members. The TNF proposed to pay its (BJNS) journal access charge to the SBNS members.

The board recommended minor changes to the aims and objectives of the society to highlight neurosurgery and the neurosurgical community as its focus of activity.
The BJNS editor remits the role of a trustee. He continues to be a member of the board.

Report on Performance of British Journal of Neurosurgery
Submissions: There has been a steady decrease in submissions since 2021; this is partly due to the passing of the Covid peak. There is a move towards accepting only papers of good quality.
Acceptance rate: The Acceptance rate for 2023 is 10%. Currently it is 2%. Editor confirmed that the acceptance rate will come up to 8-10% as the low quality submissions during COVID passes through the system.
Journal Usage: The journal article usage remains stable. Most online downloads are from USA and Europe. 56% submissions are from The articles are being accessed differently.
Impact factor: There has been a drop in the impact factor over the past two years. However, we are doing better when compared to peer journals.
Publication backlog: The publication backlog is 250 from 800 a year ago. The Impact Factor drop can be attributed to this.

The BJNS will appoint a deputy editor

TNF Charity
Supporting SBNS bursaries for UK and Irish neurosurgical workforce of the future. A total of around £30000 was made available in 23-24.

Charitable Activities
TNF has partnered with SBNS and has agreed to participate in the SBNS breakfast seminar at least once a year to increase awareness of TNF charitable work, help BJNS Editor Development Program and generally educate scientific paper writing skills.
TNF pledges to support in 24-25, a BJNS course on the development of excellence in scientific paper review and how to implement scientific evidence in clinical practice.

FINANCIAL REVIEW
Principal funding sources
The Foundation's principal regular source of funds is its Journal royalties.


THE NEUROSURGICAL FOUNDATION (REGISTERED NUMBER: 09273413)

Report of the Trustees
for the Year Ended 31 October 2024


FINANCIAL REVIEW
Investment policy and objectives
TNF has invested £280K in a 5% FD with HSBC. TNF charity aims to utilise the interest earned to increase bursaries available to UK and Ireland applicants of SBNS bursaries.

Reserves policy
The Foundation seeks to maintain its uncommitted reserves at five times its annual standing costs. This amount is £60K

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The Foundation is a charitable company limited by guarantee as defined by the Companies Act 2006,
Incorporated on 21 October 2014 and registered as a charity on 9 July 2015. The Foundation's objects and powers were established by its Memorandum and it is governed under its Articles of Association.

Recruitment and appointment of new trustees
For charity law, the Foundation's trustees are the directors of the charitable company who are the elected Officers of the Foundation.

The Editor of the BJNS will remit his role as a trustee. The editor will continue as a member of the board.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
09273413 (England and Wales)

Registered Charity number
1162599

Registered office
Society Of British Neurological Surgeons
35-43 Lincoln's Inn Fields
London
WC2A 3PE

Trustees
Professor M D Jenkinson
N Mukerji (resigned 23.2.2024)
S Basu
P C Whitfield (appointed 28.6.2024)

In addition, Sue Woodward is a lay member on the committee, providing a non-medical opinion in board meetings.


THE NEUROSURGICAL FOUNDATION (REGISTERED NUMBER: 09273413)

Report of the Trustees
for the Year Ended 31 October 2024


REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Mr Ryan Cottington, ACA
Sandison Lang Limited
2 St Marys Road
Tonbridge
Kent
TN9 2LB

Approved by order of the board of trustees on 13 May 2025 and signed on its behalf by:





S Basu - Trustee

Independent Examiner's Report to the Trustees of
The Neurosurgical Foundation


Independent examiner's report to the trustees of The Neurosurgical Foundation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








Mr Ryan Cottington, ACA

Sandison Lang Limited
2 St Marys Road
Tonbridge
Kent
TN9 2LB

13 May 2025

THE NEUROSURGICAL FOUNDATION

Statement of Financial Activities
for the Year Ended 31 October 2024

2024 2023
Unrestricted
fund Total funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Charitable activities
Royalties 12,882 35,530
Editorial income 25,997 22,283

Investment income 2 14,123 3,627
Total 53,002 61,440

EXPENDITURE ON
Charitable activities
Editorial expenses 41,888 22,399

Other 3,096 2,568
Total 44,984 24,967

NET INCOME 8,018 36,473


RECONCILIATION OF FUNDS
Total funds brought forward 376,736 340,263

TOTAL FUNDS CARRIED FORWARD 384,754 376,736

THE NEUROSURGICAL FOUNDATION (REGISTERED NUMBER: 09273413)

Balance Sheet
31 October 2024

2024 2023
Unrestricted
fund Total funds
Notes £ £
CURRENT ASSETS
Debtors 5 29,283 47,980
Cash at bank 357,971 331,121
387,254 379,101

CREDITORS
Amounts falling due within one year 6 (2,500 ) (2,365 )

NET CURRENT ASSETS 384,754 376,736

TOTAL ASSETS LESS CURRENT LIABILITIES 384,754 376,736

NET ASSETS 384,754 376,736
FUNDS 7
Unrestricted funds 384,754 376,736
TOTAL FUNDS 384,754 376,736

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


THE NEUROSURGICAL FOUNDATION (REGISTERED NUMBER: 09273413)

Balance Sheet - continued
31 October 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 13 May 2025 and were signed on its behalf by:





S Basu - Trustee

THE NEUROSURGICAL FOUNDATION

Notes to the Financial Statements
for the Year Ended 31 October 2024


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.


THE NEUROSURGICAL FOUNDATION

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


2. INVESTMENT INCOME
2024 2023
£ £
Deposit account interest 14,123 3,627

3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 October 2024 nor for the year ended 31 October 2023.


Trustees' expenses

During the year no expenses were paid to Trustees ( 2023 - no expenses paid).

4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Royalties 35,530
Editorial income 22,283

Investment income 3,627
Total 61,440

EXPENDITURE ON
Charitable activities
Editorial expenses 22,399

Other 2,568
Total 24,967

NET INCOME 36,473


RECONCILIATION OF FUNDS
Total funds brought forward 340,263


THE NEUROSURGICAL FOUNDATION

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
fund
£
TOTAL FUNDS CARRIED FORWARD 376,736

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 29,283 47,980

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Accruals and deferred income 2,500 2,365

7. MOVEMENT IN FUNDS
Net
movement At
At 1/11/23 in funds 31/10/24
£ £ £
Unrestricted funds
General fund 376,736 8,018 384,754

TOTAL FUNDS 376,736 8,018 384,754

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 53,002 (44,984 ) 8,018

TOTAL FUNDS 53,002 (44,984 ) 8,018


THE NEUROSURGICAL FOUNDATION

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


7. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1/11/22 in funds 31/10/23
£ £ £
Unrestricted funds
General fund 340,263 36,473 376,736

TOTAL FUNDS 340,263 36,473 376,736

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 61,440 (24,967 ) 36,473

TOTAL FUNDS 61,440 (24,967 ) 36,473

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1/11/22 in funds 31/10/24
£ £ £
Unrestricted funds
General fund 340,263 44,491 384,754

TOTAL FUNDS 340,263 44,491 384,754

THE NEUROSURGICAL FOUNDATION

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


7. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 114,442 (69,951 ) 44,491

TOTAL FUNDS 114,442 (69,951 ) 44,491

8. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 October 2024.