| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements |
| for the Year Ended 31 October 2025 |
| for |
| THE NEUROSURGICAL FOUNDATION |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements |
| for the Year Ended 31 October 2025 |
| for |
| THE NEUROSURGICAL FOUNDATION |
| THE NEUROSURGICAL FOUNDATION |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2025 |
| 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 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 October 2025. 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 neurosurgery and the neurosurgery community. |
| 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 neurosurgeons and other medical practitioners and all professions allied to health or concerned with the general health of the public, usually 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 neurosurgical disorders; |
| -To facilitate and fund research and mentoring, tuition advice and assistance generally for the relief of sickness of persons suffering from neurosurgical 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 2025 |
| ACHIEVEMENTS AND PERFORMANCE |
| Charitable activities |
| Meetings |
| The Neurosurgical Foundation had one meeting of the board during 2024-2025. Minutes from these meetings are available. |
| 25th February 2025 |
| The meeting discussed achievements and financial status of the charity for the year 24-25 |
| The BJNS performance matrices were discussed. |
| The contract with Taylor and Francis was discussed and agreed that we should renegotiate including increasing the number of issues to 12 per year. |
| Report on Performance of British Journal of Neurosurgery |
| Submissions: There has been a drop in 2022 (Covid) 23, 24 steady and was slightly down for 2025 |
| Acceptance rate: The Acceptance rate for 2024/25 is 2%. Editor confirmed that the acceptance rate will come up to 8-10% as the low quality submissions during COVID pass through the system. |
| Journal Usage: The journal article usage has increased steadily. 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 now down to 150. The Impact Factor drop can be attributed to this. |
| The BJNS will appoint a Spinal Editor and Cranial Editor, Nitin Mukerji will become the Executive Editor. |
| TNF Charity |
| Supporting SBNS bursaries for UK and Irish neurosurgical workforce of the future. A total of around £37,000 was made available in 24-25. |
| Charitable Activities |
| TNF has partnered with SBNS and participated in the breakfast seminar at SBNS Belfast to increase awareness of TNF charitable work, help BJNS Editor Development Program and generally educate scientific paper writing skills. |
| TNF supported a BJNS course on the development of excellence in scientific paper review and how to implement scientific evidence in clinical practice. |
| TNF has funded SBNS members access to the BJNS |
| 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 trustees |
| THE NEUROSURGICAL FOUNDATION (REGISTERED NUMBER: 09273413) |
| Report of the Trustees |
| for the Year Ended 31 October 2025 |
| For charity law, the Foundation's trustees are the directors of the charitable company who are the elected Officers of the Foundation. |
| FINANCIAL REVIEW |
| Principal funding sources |
| The Foundation's principal regular source of funds is its Journal royalties. |
| 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. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| 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 2025 |
| 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 |
| 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 2025. |
| 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 |
| 14 May 2026 |
| THE NEUROSURGICAL FOUNDATION |
| Statement of Financial Activities |
| for the Year Ended 31 October 2025 |
| 2025 | 2024 |
| Unrestricted |
| fund | Total funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Charitable activities |
| Investment income | 2 |
| Total |
| EXPENDITURE ON |
| Raising funds | 3 |
| Charitable activities |
| Other |
| Total |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 384,754 |
| THE NEUROSURGICAL FOUNDATION (REGISTERED NUMBER: 09273413) |
| Balance Sheet |
| 31 October 2025 |
| 2025 | 2024 |
| Unrestricted |
| fund | Total funds |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 8 |
| Unrestricted funds | 384,754 |
| TOTAL FUNDS | 384,754 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 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 2025 |
| 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 |
| THE NEUROSURGICAL FOUNDATION |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2025 |
| 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 2025 |
| 2. | INVESTMENT INCOME |
| 2025 | 2024 |
| £ | £ |
| Deposit account interest |
| 3. | RAISING FUNDS |
| Investment management costs |
| 2025 | 2024 |
| £ | £ |
| Meeting and catering | 988 | - |
| 4. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 October 2025 nor for the year ended 31 October 2024. |
| Trustees' expenses |
| During the year no expenses were paid to Trustees ( 2024 - no expenses paid). |
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted |
| fund |
| £ |
| INCOME AND ENDOWMENTS FROM |
| Charitable activities |
| Investment income |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| Other |
| Total |
| THE NEUROSURGICAL FOUNDATION |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2025 |
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
| Unrestricted |
| fund |
| £ |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 384,754 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Accruals and deferred income |
| 8. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1/11/24 | in funds | 31/10/25 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 384,754 | 5,242 | 389,996 |
| TOTAL FUNDS | 5,242 | 389,996 |
| THE NEUROSURGICAL FOUNDATION |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2025 |
| 8. | 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 | 94,823 | (89,581 | ) | 5,242 |
| TOTAL FUNDS | ( |
) | 5,242 |
| Comparatives for 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 |
| Comparative 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 2025 |
| 8. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net |
| movement | At |
| At 1/11/23 | in funds | 31/10/25 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 376,736 | 13,260 | 389,996 |
| TOTAL FUNDS | 376,736 | 13,260 | 389,996 |
| 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 | 147,825 | (134,565 | ) | 13,260 |
| TOTAL FUNDS | 147,825 | (134,565 | ) | 13,260 |
| 9. | RELATED PARTY DISCLOSURES |