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REGISTERED COMPANY NUMBER: 01774753 (England and Wales)

REGISTERED CHARITY NUMBER: 288438

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

ATKINSON MORLEY'S HOSPITAL

NEUROSCIENCES RESEARCH FOUNDATION (THE)

| ATKINSON MORLEY'S HOSPITAL |

| NEUROSCIENCES RESEARCH FOUNDATION (THE) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

| Page |

| Report of the Trustees | 1 |  | to |  | 5

| Report of the Independent Auditors | 6 |  | to |  | 8

| Statement of Financial Activities | 9 |

| Balance Sheet | 10 |

| Notes to the Financial Statements | 11 |  | to |  | 18

| ATKINSON MORLEY'S HOSPITAL |

NEUROSCIENCES RESEARCH FOUNDATION (THE) (REGISTERED NUMBER: 01774753) |

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2025

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 March 2025 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes. 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 principal aims of the Foundation are to undertake and promote, for the public benefit, research into the development of the clinical neurosciences at the Atkinson Morley's Neurosciences Unit at St Georges Hospital and, in particular, to provide for research staff, equipment and buildings, and the publication of the useful results of such research.

The council members confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the guidance on public benefit published by the Charity Commission.

In furtherance of these aims, the Foundation raises funds to finance patient-care orientated activities which include:

- Research into methods of treatment and their effectiveness.

- The conduct of trials of new equipment and techniques to increase their diagnostic accuracy and safety, as well as continuously improving the treatment methods flowing from them.

- The purchase or construction of new equipment of proven value or when other experience justifies.

- The funding of a neurosurgery research fellow to undertake research potentially leading to a higher degree/PhD (co -funded with NIHR and Wings for Life)

Breakthroughs in treatment from money supplied by the Charity include:

- Intraspinal pressure monitoring and microdialysis monitoring to improve the management of patients with spinal cord injury.

- New surgical treatment for spinal cord injury (expansion duroplasty). This research has led to an international multi-centre clinical trial termed DISCUS.

- New treatments for subarachnoid haemorrhages.

- New medical equipment (microdialysis analyser, Laser Speckle imager) used in research and during routine surgery to increase safety.

- Completion of his PhD by the Mcissock Fellow, Mr Hasan Asif.

All these areas of research are for the benefit of patients.

The Foundation's principal activity during the year was the continued funding of research fellowships, to which it contributed a total £36,185 (2024: £33,345). It has also funded the purchase of equipment and consumables totalling £34,618 (2024: £12,223), and facilitated attendance at local and international conferences by providing travel and subsistence support totalling £30,862 (2024: £14,635). The financial statements and accompanying notes fairly reflect the totality of income and costs of the Foundation; it is not dependent on the service's of unpaid volunteers, donations-in-kind or other intangible income, other than the administrative services of the council of members which is given free of charge.

During 2020 the Neurosciences Research Foundation was required by the AMRC to reapply for membership. The NRF was delighted to receive continued membership for a further five years. Membership is only given when charities comply with stringent requirements regarding their governance and working practices and this therefore is a reflection of the high standards practised by the NRF. The NRF has recently applied for continued recognition by the AMRC.

| ATKINSON MORLEY'S HOSPITAL |

NEUROSCIENCES RESEARCH FOUNDATION (THE) (REGISTERED NUMBER: 01774753) |

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

Grantmaking

The Grants Review Committee meets periodically to assess applications for funding. There were no new grants awarded in the year to 31 March 2025.

The 'Injured Spinal cord pressure evaluation' project originally funded by the now closed the Fletcher Fellowship Fund, continues to be led by Prof Marios Papadopoulos. This has led to a large international clinical trial termed DISCUS which is funded by the NIHR and Wings for Life (https://discus.octru.ox.ac.uk/discus/welcome-to-the-discus-trial).

Donations and fees may also be received directly from donors for specific projects. In such cases the funds are allocated to the appropriate restricted fund and used without the need for specific approval from the Grant Review Committee.

Existing projects

McKissock Research Fellow

The current McKissock research fellow, Mr Hasan Asif appointed on 1st August 2022 is about to submit the PhD thesis to City St. George's, university of London. He will be finishing his PhD on 31 July 2025.

Francesca Morgante Fund Report

I am happy to report that thanks to the donations received and grants from outside institutions held and managed by the NRF The Francesca Morgante Fund was able to cover the following:

- Dr Tom Hart's salary and his PhD fees. Dr Hart has completed the experiments on the Kinematic of Cervical Dystonia and has started a new project on Local Fields Potentials recording in Cervical Dystonia. Also this year, he has been selected for oral platform at the next congress of the International Parkinson's disease and Movement Disorders Society which will be held in Honolulu, Hawaii (5th-9th October 2025). He has submitted for publications 2 of the papers of his PhD. This is a congress gathering of 6000 delegates. Dr Hart will present the study; it is really a great honour to have been selected.

- Dr Peter Pawlakowitsch's accommodation for two months. He is a new research fellow who has started a project on imaging based DBS programming in Parkinson's disease and another project on adaptive DBS for freezing of gait in Parkinson's disease. We were able to extend his funding by two months in London in addition to the current funding which is provided by the trust.

- Prof Francesca Morgante's travel and accommodation for the 5th International Conference on Functional neurological Disorder to which she has been invited as Chairperson.

https://www.eapm.eu.com/event/fnds-annual-conference-on-functional-neurological-disorder/

- Ms Roberta Di Fraia's salary as research coordinator. Roberta is in charge of the DBS database and coordinates all the research studies in people with Parkinson's disease, Dystonia and Tremor under Prof Morgante, Dr Ricciardi and Mr Pereira.

Mike Hart Fund

In the past 12 months, I have used my NRF fund to develop my lab and research infrastructure in image guided neuromodulation. This has led on to conference abstracts and presentations at international meetings e.g., 4th year medical student Stephanie Fang presenting at the Internation Neuromodulation Society meeting in Vancouver this May. Our goal now is to translate these works into open-access journal publications which can then be used as the foundation for more substantive funding applications. Additionally, we will use a portion of these funds to encourage continuing professional education and research skill acquisition within the lab.

There has also been a strong focus on acquisition of relevant skills for our team, such as Rahul's attendance at the World Conference in Pain, Finally, we help St George's 2nd patient and public involvement and engagement event, co-sponsored by industry with additional resources from my NRF fund.

Erlick Pereira Fund

In 2024, the neuromodulation research group hosted the British Society of Stereotactic and Functional Neurosurgery annual meeting. 130 people attended. We bought an electrophysiological recording rig that enabled more complex deep brain and spinal cord stimulation and recording experiments in patients. We continued to fund PhD students Alex Alamri and Bryony Ishihara in their final years and Teresa Scott in her first MD(Res) year. Aditya Nair has commenced as a postgraduate engineer on a stipend funded by donations from Saluda. We again hosted the Royal Marden Cancer pain interventions course. 17 papers were published in 2024-2025 and a further 10 have been submitted.

Plans for future periods

The aim of the charity is to continue to raise funds to finance patient-care orientated activities.

| ATKINSON MORLEY'S HOSPITAL |

NEUROSCIENCES RESEARCH FOUNDATION (THE) (REGISTERED NUMBER: 01774753) |

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2025

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

During the year, £80,500 (2024: £47,256) of the Foundation's incoming resources comprised individual and corporate donations including Gift Aid. A further £50,915 (2024:£ 14,400) of grant income was received and £19 (2024: £13,516) of contributions were received to research projects. The remaining £5,778 (2024: £5,421) comprised investment income.

Charitable expenditure totalled £134,693 (2024: £94,367). The unrestricted funds had net income of £7,221 (2024: net expenditure of £913), and the restricted funds had net expenditure of £4,418 (2023: £13,077), making an aggregate net income of £2,803 (2023 net expenditure: £13,990).

FINANCIAL REVIEW

Investment policy and objectives

The charity's funds are currently held as cash and on short term deposit.

Reserves policy

The long term policy of the foundation is to accumulate reserves to a sustainable level, sufficient to cover the charity's annual expenditure on meeting its objects. This position will be reviewed regularly, in light of the charity's circumstances and the level of its income security.

At the year end, unrestricted funds amounted to a surplus of £93,662 (2024: £86,441), this amount is considered to be freely available reserves and is sufficient to fund several years of annual expenditure (based on the level of unrestricted costs in the current year).

Additionally, the charity held restricted funds of £153,212 (2024: £157,630) which will be expended in future periods. Further information on the purpose of each restricted fund can be found in the notes to these financial statements.

Principal Funding Source

The principal funding source for the charity is voluntary donations. Most of the donations are through restricted funds and are used for undertaking research into the neurosciences at the Atkinson Morley's Neurosciences Unit at St Georges Hospital.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status

The Atkinson Morley's Hospital Neurosciences Research Foundation is a company limited by guarantee, number 017774753 and the liability is limited to not more than 50p per member of the company.

Governing document

The company was incorporated on 1 December 1983, as a company limited by guarantee (company number 01774753), with the members to contribute up to 50 pence in the event of the company being wound up. Under clause 4 of its Memorandum of Association, the company is not permitted to pay dividends to its members.

The company is a registered charity, number 288438.

Recruitment, induction and training of new trustees

Potential new trustees are selected from those known to the council to have the appropriate experience and qualifications. New trustees are provided with a copy of the Memorandum of Association and are fully informed of their legal obligations under charity and company law. Trustees are encouraged to attend appropriate external courses to enable them to carry out their role.

Organisational structure

The charity has a council of six members consisting of five professionals and one lay member. The council members come from a variety of professional backgrounds relevant to the work of the charity. The council are responsible for the broad strategy and areas of activity for the charity, including consideration of grant making, investment, reserves and risk management policy and performance. The day-to-day administration of the charity is delegated to the secretary who will invoice the Charity monthly for their time. Any complex issues being referred to the Chairman and Chief Executive, the latter receiving an annual honorarium for their time and expertise.

The charity is also a member of the Association of Medical Research Charities (AMRC). The AMRC provides much helpful information on good practice, changes in the law affecting charities, and acts as an authoritative lobby on behalf of the medical research foundations with government and regulators.

| ATKINSON MORLEY'S HOSPITAL |

NEUROSCIENCES RESEARCH FOUNDATION (THE) (REGISTERED NUMBER: 01774753) |

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The management committee conduct a review of the major risks to which the charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by its implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety regulations.

The main risks going forward are drop in donations to the charity and the unpredictable nature of donations. To encourage donations we continually update our new website and remain a member of JustGiving. Leaflets are sent out regularly to ex patients who have shown an interest in the work of the charity.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01774753 (England and Wales)

Registered Charity number

288438

Registered office

St George's University of London

Academic Neurosurgery Unit

Cranmer Terrace Tooting

London

Trustees

Mr M Papadopoulos

Mr P Garrard

Mr P S Minhas

Dr J Madigan (resigned 1.8.24)

Dr A Zoumprouli

Mr A J Dennis

Prof B M Austen

Company Secretary

Mr R Evans

Auditors

Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

Hampshire

SO16 7JQ

Solicitors

Cooke Matheson

7-8 Gray's Inn Square

London

WC1R 5JQ

Bankers

HSBC Bank Plc

117 Balham High Road

London

SW12 9AS

CAF Bank

25 Kings Hill Avenue

Kings Hill

West Malling

Kent

ME19 4JQ

| ATKINSON MORLEY'S HOSPITAL |

NEUROSCIENCES RESEARCH FOUNDATION (THE) (REGISTERED NUMBER: 01774753) |

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Atkinson Morley's Hospital Neurosciences Research Foundation (The) for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

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 those financial statements, the trustees are required to

- | select suitable accounting policies and then apply them consistently;

- | observe the methods and principles in the Charities SORP;

- | make judgements and estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 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.

In so far as the trustees are aware:

- | there is no relevant audit information of which the charitable company's auditors are unaware; and

- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 3 December 2025 and signed on its behalf by:

Mr M Papadopoulos - Trustee

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ATKINSON MORLEY'S HOSPITAL

NEUROSCIENCES RESEARCH FOUNDATION (THE)

Opinion

We have audited the financial statements of Atkinson Morley's Hospital Neurosciences Research Foundation (The) (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

- | give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- |  | the information given in the Report of the Trustees, which includes the directors report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and |

- |  | the directors report included within the Report of the Trustees has been prepared in accordance with applicable legal requirements. |

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ATKINSON MORLEY'S HOSPITAL

NEUROSCIENCES RESEARCH FOUNDATION (THE)

Matters on which we are required to report by exception

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 directors report included within the Report of the Trustees.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- |  | adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |

- |  | the financial statements are not in agreement with the accounting records and returns; or |

- |  | certain disclosures of trustees' remuneration specified by law are not made; or |

- |  | we have not received all the information and explanations we require for our audit; or |

- |  | the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Report of the Trustees and from the requirement to prepare a strategic report. |

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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.

Our 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 a Report of the Independent Auditors 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.

The objectives of our audit, in respect of fraud or error are: |

- |  | To identify and assess the risks of material misstatement of the financial statements due to fraud. |

- |  | To obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses. |

- |  | To respond appropriately to fraud or suspected fraud identified during the audit. |

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows:

- |  | Enquiring of management, including obtaining and reviewing supporting documentation, concerning the Charity's policies and procedures relating to:-identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;-detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and-the internal controls established to mitigate the risks related to fraud or non-compliance with laws and regulations. |

- |  | Discussing among the engagement team how and where fraud might occur in the Financial Statements and any other potential indicators of fraud. |

- |  | Obtaining an understanding of the legal and regulatory frameworks that the charity operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on operations. These included the Companies Act 2006, the Charities Act 2011 and sanctions and conflict checks. |

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ATKINSON MORLEY'S HOSPITAL

NEUROSCIENCES RESEARCH FOUNDATION (THE)

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be with the, recognition of income and the override of controls by management. To address the risk of fraud in these areas:

- |  | We have reviewed all material estimates affecting income, including completeness and accuracy of deferred and accrued income; |

- |  | We have selected a sample of transactions from material income streams and compared expected income to that recorded within the financial statements; |

- |  | We have performed analytical procedures to identify any unusual or unexpected relationships; |

- |  | We have tested journal entries during the year and at the year-end to identify unusual transactions; |

- |  | We have assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; |

- |  | We have investigated the rationale behind significant or unusual transactions; |

- |  | We have reviewed minutes of meetings; and |

- |  | We have compared results of previous estimates to outcomes. |

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 non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors 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 Report of the Independent Auditors.

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. 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 auditors' 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, or for the opinions we have formed.

Lisa Wilson FCA (Senior Statutory Auditor)

for and on behalf of Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

Hampshire

SO16 7JQ

4 December 2025

| ATKINSON MORLEY'S HOSPITAL |

| NEUROSCIENCES RESEARCH FOUNDATION (THE) |

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Unrestricted |  | Restricted |  | Total |  | Total

| fund |  | funds |  | funds |  | funds

| Notes | £ | £ | £ | £ |

INCOME AND ENDOWMENTS FROM

Donations and legacies | 3 | 14,855 |  | 116,560 |  | 131,415 |  | 61,656 |

Charitable activities

Funding of research projects at St George's Hospital, London | - |  | 19 |  | 19 |  | 13,516 |

Other trading activities | 4 | - |  | 500 |  | 500 |  | - |

Investment income | 5 | 5,778 |  | - |  | 5,778 |  | 5,421 |

Total | 20,633 |  | 117,079 |  | 137,712 |  | 80,593 |

EXPENDITURE ON

Raising funds | 216 |  | - |  | 216 |  | 216 |

Charitable activities | 6

Funding of research projects at St George's Hospital, London | 13,196 |  | 121,497 |  | 134,693 |  | 94,366 |

Total | 13,412 |  | 121,497 |  | 134,909 |  | 94,582 |

NET INCOME/(EXPENDITURE) | 7,221 |  | (4,418 | ) | 2,803 |  | (13,989 | )

RECONCILIATION OF FUNDS

Total funds brought forward | 86,441 |  | 157,630 |  | 244,071 |  | 258,060 |

TOTAL FUNDS CARRIED FORWARD | 93,662 |  | 153,212 |  | 246,874 |  | 244,071 |

| ATKINSON MORLEY'S HOSPITAL |

NEUROSCIENCES RESEARCH FOUNDATION (THE) (REGISTERED NUMBER: 01774753) |

BALANCE SHEET

31 MARCH 2025

| 2025 |  | 2024

| Unrestricted |  | Restricted |  | Total |  | Total

| fund |  | funds |  | funds |  | funds

| Notes | £ | £ | £ | £ |

CURRENT ASSETS |

Debtors | 12 | 10,000 |  | - |  | 10,000 |  | 16,298 |

Cash at bank | 95,306 |  | 153,212 |  | 248,518 |  | 261,819 |

105,306 |  | 153,212 |  | 258,518 |  | 278,117 |

CREDITORS |

Amounts falling due within one year | 13 | (11,644 | ) | - |  | (11,644 | ) | (34,046 | )

NET CURRENT ASSETS | 93,662 |  | 153,212 |  | 246,874 |  | 244,071 |

TOTAL ASSETS LESS CURRENT LIABILITIES | 93,662 |  | 153,212 |  | 246,874 |  | 244,071 |

NET ASSETS | 93,662 |  | 153,212 |  | 246,874 |  | 244,071 |

FUNDS | 14

Unrestricted funds | 93,662 |  | 86,441 |

Restricted funds | 153,212 |  | 157,630 |

TOTAL FUNDS | 246,874 |  | 244,071 |

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 3 December 2025 and were signed on its behalf by:

Mr M Papadopoulos - Trustee

| ATKINSON MORLEY'S HOSPITAL |

| NEUROSCIENCES RESEARCH FOUNDATION (THE) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | CHARITY INFORMATION

| The Atkinson Morley's Hospital Neurosciences Research Foundation is an Incorporated Charity, limited by guarantee, incorporated in England and Wales. The registered company number is 01774753.

| The registered office address of the charity is St Georges University of London, Academic Neurosurgery Unit, Cranmer Terrace, Tooting, London, SW17 0RE.

| The Atkinson Morley's Hospital Neurosciences Research Foundation is registered as a charity with Charity Commission under registration number 288438.

| The principal activity of the Charity is the diagnosis and treatment of disorders affecting the brain, skull, spine and nervous system.

| The presentation currency used in the financial statements is the Pound Sterling (£).

2. | 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.

| Going Concern

| The trustees consider it appropriate to prepare the financial statements on a going concern basis.

| INCOME

| All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income, the receipt of such income is probable and the amount can be measured with sufficient accuracy.

| Donations and other voluntary income, represents donations and is recognised when the charity is entitled to

| receive the donation.

| Legacies are recognised when the charity is entitled to the legacy and the amount of the legacy can be reliably measured.

| Research income represents income generated from the provision of scientific lectures and conferences has where it has been agreed any income arising will be donated to the charity. Income is recognised when the service has been provided and so the charity is entitled to the income.

| Grants are recognised once the charity is entitled to the grant and is able to accurately measure the amount receivable.

| Trading income represents the provision of lectures and events when this is invoiced directly from the charity, it is recognised once the service has been provided and the charity is entitled to the income.

| Investment income represents interest from cash held. Interest receivable and other investment income is recognised on an accruals basis.

| 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.

| Allocation of support costs

| Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. The costs are allocated to each fund in direct proportion to the fund value. Funds with a value of less than £1,000 do not receive an allocation of support costs. All support costs are allocated to charitable activities and none are allocated to raising funds.

| ATKINSON MORLEY'S HOSPITAL |

| NEUROSCIENCES RESEARCH FOUNDATION (THE) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| EXPENDITURE

| There is only one charitable activity being the funding of research projects at St George's Hospital and so all support costs are allocated to this activity.

| CHARITABLE ACTIVITIES

| Direct charitable expenditure comprises services supplied and activities undertaken which are identifiable as wholly or mainly in support of the Charity's objectives.

| GOVERNANCE COSTS

| Governance costs comprise the costs which are directly attributable to the management of the Charity's assets, organisational procedures and the necessary legal procedures for compliance with statutory requirements.

| TAXATION

| The company is a charity within the meaning of Part 1 of Schedule 6 to the Finance Act 2010. Accordingly the charity is potentially exempt from taxation in respect of income or capital gains within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. No tax charge arose in the period.

| Irrecoverable VAT is charged to the Statement of Financial Activities when incurred and is included within the expenditure category to which it relates.

| Tax recovered from voluntary income received under Gift Aid is recognised when the related income is

| considered receivable and is allocated to the income category to which it relates.

| FUND ACCOUNTING

| Funds held by the charity are either:

| Unrestricted funds

| Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

| Restricted funds

| Restricted funds are those where specific conditions have been imposed by the donor, or when funds are raised, regarding the fund's use or purpose.

| DEBTORS

| Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

| Cash at bank and in hand

| Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

| Creditors

| Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

| Financial instruments

| The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

| Judgements and Estimates

| The trustees do not consider there to be any material judgements. Estimates include:

| -expense accruals which are based on pre-agreed rates and historical costs

| -accrued income which is recognised once the charity is entitled to the funds and the amount can be reliably measured

| ATKINSON MORLEY'S HOSPITAL |

| NEUROSCIENCES RESEARCH FOUNDATION (THE) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | DONATIONS AND LEGACIES

| 2025 |  | 2024

£ | £ |

| Donations, legacies & similar | 19,656 |  | 22,566 |  |

| Grants | 50,915 |  | 14,400 |  |

| Research income | 60,844 |  | 24,690 |  |

131,415 |  | 61,656 |  |

| Legacies included in the above are as follows:

|  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

|  | 10,000 |  |  | 5,652 |

| Grants received, included in the above, are as follows:

| 2025 |  | 2024

£ | £ |

| Other grants | 50,915 |  | 14,400 |  |

4. | OTHER TRADING ACTIVITIES

| 2025 |  | 2024

£ | £ |

| Lecture income | 500 |  | - |  |

5. | INVESTMENT INCOME

| 2025 |  | 2024

£ | £ |

| Bank interest receivable | 5,778 |  | 5,421 |  |

6. | CHARITABLE ACTIVITIES COSTS

| Direct | Support |

| Costs (see | costs (see |

| note 7) | note 8) | Totals

£ | £ | £ |

| Funding of research projects at St George's Hospital, London | 111,749 |  | 22,944 |  | 134,693 |  |

7. | DIRECT COSTS OF CHARITABLE ACTIVITIES

| 2025 |  | 2024

£ | £ |

| Equipment & Consumables | 34,618 |  | 12,223 |  |

| Conferences, courses & meetings | 30,862 |  | 14,635 |  |

| Subscriptions | 603 |  | 888 |  |

| Other | 9,481 |  | 11,115 |  |

| Research salaries and costs | 36,185 |  | 33,345 |  |

111,749 |  | 72,206 |  |

| ATKINSON MORLEY'S HOSPITAL |

| NEUROSCIENCES RESEARCH FOUNDATION (THE) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

8. | SUPPORT COSTS

| Governance |

| Management |  | Finance |  | costs |  | Totals

£ | £ | £ | £ |

| Funding of research projects at St George's Hospital, London | 14,500 |  | 2,396 |  | 6,048 |  | 22,944 |  |

9. | NET INCOME/(EXPENDITURE)

| Net income/(expenditure) is stated after charging/(crediting):

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Auditors' remuneration |  | 4,820 |  |  | 4,680 |  |

| Staff Costs

| The charity has no employees (2024: none) and therefore there have been no employee benefits paid in the current or prior year.

| Honorariums

| During the year Mr Roger Evans (company secretary) was paid £2,500 (2024: £2,500) for his secretarial services to the charity.

10. | TRUSTEES' REMUNERATION AND BENEFITS

| There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

| TRUSTEES' EXPENSES

| There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

| Unrestricted |  | Restricted |  | Total

| fund |  | funds |  | funds

£ | £ | £ |

| INCOME AND ENDOWMENTS FROM

| Donations and legacies | 11,137 |  | 50,519 |  | 61,656 |

| Charitable activities

| Funding of research projects at St George's Hospital, London | - |  | 13,516 |  | 13,516 |

| Investment income | 5,421 |  | - |  | 5,421 |

| Total | 16,558 |  | 64,035 |  | 80,593 |

| EXPENDITURE ON

| Raising funds | 216 |  | - |  | 216 |

| Charitable activities

| Funding of research projects at St George's Hospital, London | 17,255 |  | 77,111 |  | 94,366 |

| Total | 17,471 |  | 77,111 |  | 94,582 |

| NET INCOME/(EXPENDITURE) | (913 | ) | (13,076 | ) | (13,989 | )

| ATKINSON MORLEY'S HOSPITAL |

| NEUROSCIENCES RESEARCH FOUNDATION (THE) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

| Unrestricted |  | Restricted |  | Total

| fund |  | funds |  | funds

£ | £ | £ |

| RECONCILIATION OF FUNDS

| Total funds brought forward | 87,352 |  | 170,708 |  | 258,060 |

| TOTAL FUNDS CARRIED FORWARD | 86,439 |  | 157,632 |  | 244,071 |

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025 | 2024 |

£ | £ |

| Other debtors | 10,000 |  | 5,652 |  |

| Prepayments | - |  | 10,646 |  |

10,000 |  | 16,298 |  |

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025 | 2024 |

£ | £ |

| Other creditors | - |  | 32 |  |

| Accruals and deferred income | 11,644 |  | 34,014 |  |

11,644 |  | 34,046 |  |

| In 2024 £12,090 of deferred income was included in the above. This related to a conference held after the year end the proceeds of which were agreed to be donated to the charity. At the 2024 year end £12,090 of income relating to this conference had been received in advance and so was deferred. All of this income was then released in 2025, and no deferred income arose in 2025.

14. | MOVEMENT IN FUNDS

| Net |  |

| movement |  | At |

| At 1.4.24 |  | in funds |  | 31.3.25 |

£ | £ | £ |

| Unrestricted funds

| General fund | 86,441 |  | 7,221 |  | 93,662 |  |

| Restricted funds

| Harrison Legacy | 4,745 |  | (1,677 | ) | 3,068 |  |

| The Henry Marsh Neurosurgery Fund | 4,250 |  | (751 | ) | 3,499 |  |

| Clinical Neuro-Sciences Fund | 13,397 |  | (3,542 | ) | 9,855 |  |

| Andy Nicolau Fund | 188 |  | - |  | 188 |  |

| Henry Marsh Project Fund | 25,537 |  | (2,856 | ) | 22,681 |  |

| Erlick Pereira | 12,405 |  | 3,345 |  | 15,750 |  |

| M Lucas | 6,515 |  | (553 | ) | 5,962 |  |

| P Garrard | 947 |  | - |  | 947 |  |

| Mike Hart | 2,693 |  | 3,936 |  | 6,629 |  |

| F Morgante | 19,416 |  | 4,806 |  | 24,222 |  |

| Neuro-surgical | 58,924 |  | (8,161 | ) | 50,763 |  |

| Markus | 1,153 |  | (128 | ) | 1,025 |  |

| Neuroradiology | 866 |  | - |  | 866 |  |

| NAS 2000 | 393 |  | - |  | 393 |  |

| SAH Research | 6,201 |  | (527 | ) | 5,674 |  |

| Lucia Ricciardi | - |  | 1,598 |  | 1,598 |  |

| Glenn Nielsen Fund | - |  | 92 |  | 92 |  |

157,630 |  | (4,418 | ) | 153,212 |  |

| TOTAL FUNDS | 244,071 |  | 2,803 |  | 246,874 |  |

| ATKINSON MORLEY'S HOSPITAL |

| NEUROSCIENCES RESEARCH FOUNDATION (THE) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

14. | MOVEMENT IN FUNDS - continued

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

| Incoming |  | Resources |  | Movement |

| resources |  | expended |  | in funds |

£ | £ | £ |

| Unrestricted funds

| General fund | 20,633 |  | (13,412 | ) | 7,221 |  |

| Restricted funds

| Harrison Legacy | - |  | (1,677 | ) | (1,677 | ) |

| The Henry Marsh Neurosurgery Fund | 20 |  | (771 | ) | (751 | ) |

| Clinical Neuro-Sciences Fund | - |  | (3,542 | ) | (3,542 | ) |

| Henry Marsh Project Fund | - |  | (2,856 | ) | (2,856 | ) |

| Erlick Pereira | 54,341 |  | (50,996 | ) | 3,345 |  |

| M Lucas | - |  | (553 | ) | (553 | ) |

| Mike Hart | 35,315 |  | (31,379 | ) | 3,936 |  |

| F Morgante | 24,504 |  | (19,698 | ) | 4,806 |  |

| Neuro-surgical | 801 |  | (8,962 | ) | (8,161 | ) |

| Markus | - |  | (128 | ) | (128 | ) |

| SAH Research | - |  | (527 | ) | (527 | ) |

| Lucia Ricciardi | 1,598 |  | - |  | 1,598 |  |

| Glenn Nielsen Fund | 500 |  | (408 | ) | 92 |  |

117,079 |  | (121,497 | ) | (4,418 | ) |

| TOTAL FUNDS | 137,712 |  | (134,909 | ) | 2,803 |  |

| Comparatives for movement in funds

| Net |  | Transfers |  |

| movement |  | between |  | At |

| At 1.4.23 |  | in funds |  | funds |  | 31.3.24 |

£ | £ | £ | £ |

| Unrestricted funds

| General fund | 87,352 |  | (911 | ) | - |  | 86,441 |  |

| Restricted funds

| Harrison Legacy | 5,164 |  | (419 | ) | - |  | 4,745 |  |

| The Henry Marsh Neurosurgery Fund | 10,585 |  | (6,335 | ) | - |  | 4,250 |  |

| Clinical Neuro-Sciences Fund | 14,693 |  | (1,296 | ) | - |  | 13,397 |  |

| Andy Nicolau Fund | 188 |  | - |  | - |  | 188 |  |

| Henry Marsh Project Fund | 28,253 |  | (2,716 | ) | - |  | 25,537 |  |

| Fletcher Fellowship | 2,909 |  | (2,909 | ) | - |  | - |  |

| Mark Edwards | 5,163 |  | (619 | ) | (4,544 | ) | - |  |

| Erlick Pereira | 12,529 |  | (124 | ) | - |  | 12,405 |  |

| M Lucas | 7,091 |  | (576 | ) | - |  | 6,515 |  |

| P Garrard | 1,031 |  | (84 | ) | - |  | 947 |  |

| Mike Hart | 3,575 |  | (882 | ) | - |  | 2,693 |  |

| F Morgante | 9,912 |  | 4,960 |  | 4,544 |  | 19,416 |  |

| Neuro-surgical | 67,068 |  | (8,144 | ) | - |  | 58,924 |  |

| Markus | 1,288 |  | (135 | ) | - |  | 1,153 |  |

| Neuroradiology | 866 |  | - |  | - |  | 866 |  |

| NAS 2000 | 393 |  | - |  | - |  | 393 |  |

| SAH Research | - |  | 6,201 |  | - |  | 6,201 |  |

170,708 |  | (13,078 | ) | - |  | 157,630 |  |

| TOTAL FUNDS | 258,060 |  | (13,989 | ) | - |  | 244,071 |  |

| ATKINSON MORLEY'S HOSPITAL |

| NEUROSCIENCES RESEARCH FOUNDATION (THE) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

14. | MOVEMENT IN FUNDS - continued

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

| Incoming |  | Resources |  | Movement |

| resources |  | expended |  | in funds |

£ | £ | £ |

| Unrestricted funds

| General fund | 16,558 |  | (17,469 | ) | (911 | ) |

| Restricted funds

| Harrison Legacy | 1 |  | (420 | ) | (419 | ) |

| The Henry Marsh Neurosurgery Fund | 112 |  | (6,447 | ) | (6,335 | ) |

| Clinical Neuro-Sciences Fund | - |  | (1,296 | ) | (1,296 | ) |

| Henry Marsh Project Fund | - |  | (2,716 | ) | (2,716 | ) |

| Fletcher Fellowship | - |  | (2,909 | ) | (2,909 | ) |

| Mark Edwards | - |  | (619 | ) | (619 | ) |

| Erlick Pereira | 23,505 |  | (23,629 | ) | (124 | ) |

| M Lucas | - |  | (576 | ) | (576 | ) |

| P Garrard | - |  | (84 | ) | (84 | ) |

| Mike Hart | - |  | (882 | ) | (882 | ) |

| F Morgante | 28,991 |  | (24,031 | ) | 4,960 |  |

| Neuro-surgical | 5,225 |  | (13,369 | ) | (8,144 | ) |

| Markus | - |  | (135 | ) | (135 | ) |

| SAH Research | 6,201 |  | - |  | 6,201 |  |

64,035 |  | (77,113 | ) | (13,078 | ) |

| TOTAL FUNDS | 80,593 |  | (94,582 | ) | (13,989 | ) |

| The purposes of the restricted funds are as follows:

| TABAA The Harrison Legacy is reserved for research, travel, or education in neuroscience.

| TAGAA The Henry Marsh Neurosurgical Fund is reserved for expenditure on equipment and expenses related to the education and advancement of neurosurgeons both in the UK and abroad.

| TAFAA The Clinical Neurosciences Fund constitutes a large number of smaller restricted funds which are not analysed individually. Each fund is reserved for expenditure in line with some or any of the aims of the Foundation, but at the discretion of the individual fund-holders rather than the Council Members as a whole.

| TAHAA The Henry Marsh Project Fund covers expenditure on equipment and expenses related to projects that enhance neurosurgical patient care.

| TAXAA The Fletcher Fellowship Fund is reserved for contributions to the salary and expenses of a neurosurgical researcher.

| TAEAA The Andy Nicolaou Fund is for spinal interventional pain management research

| TADAA The Mark Edwards Fund is for research into Blood derived dendritic cells and brain metabolism in Tourette syndrome. The balance of this fund has been transferred to TAJAA The F Morgante Fund, as Mark Edwards is retiring the fund will be closed, and The F Morgante Fund continues to support the same field of research.

| TAPAA The Erlick Pereira Fund is to support research equipment and conference presentations of research

| TANAA The Marjorie Lucas Fund is for Head Injury Research

| TAOAA The P Garrad Fund is for Dementia Research

| TAQAA The Mike Hart Fund is for research into neuroimaging for functional neurosurgery

| TAJAA The F Morgante Fund is for Research in Parkinson's Disease and Movement Disorders

| TACAA The Neuro-surgical Fund is to support research into new forms of diagnosis and procedures in neurosurgery, travel and conference to present and advance that research.

| ATKINSON MORLEY'S HOSPITAL |

| NEUROSCIENCES RESEARCH FOUNDATION (THE) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

14. | MOVEMENT IN FUNDS - continued

| TARAA The Markus Fund is for Dr Hugh Markus Neurology Fund

| TAMAA The Neuroradiology Fund is for Jeremy Madigan Neuroradiology Fund

| TATAA The NAS 2000 Fund is the Platon Razis fund for Neuranaesthesia

| TASAA The Annelies Freeriks Fund for SAH is to support research into Subarachnoid Hemorrhages

| TAVAA Lucia Ricciardi Fund for Research into Movement Disorders

| TAUAA Glenn Nielsen Fund for Physiotherapy for Functional Motor Disorder Research

15. | RELATED PARTY DISCLOSURES

| There were no related party transactions for the year ended 31 March 2025 (2024: £nil).

| Several trustees however are employed in projects which benefit from funding from the charity, or have funds set up to support their research, as listed below:

| Trustee |  |  | Fund |  |

| Marios Papadopoulos |  |  | Neurosurgery |  |

| Jeremy Madigan |  |  | Neuroradiology |  |

| Peter Garrard |  |  | P Garrard |  |

| Details of the expenditure made on these funds during the year is given in Note 14 of these accounts.

16. | ULTIMATE CONTROLLING PARTY

| There is no ultimate controlling party.

17. | MEMBER'S GUARANTEES

| The Foundation is a company limited by guarantee, the liability of each member being limited to 50 pence.