Company no. 03005230 Charity no. 1043280
M. S. Research Treatment and Education Limited
Report and Unaudited Financial Statements
31 March 2021
M. S. Research Treatment and Education Limited
Reference and administrative details
For the year ended 31 March 2021
| Company number | 03005230 | |
|---|---|---|
| Charity number | 1043280 | |
| Registered office and | The Vassall Centre | |
| operational address | Gill Avenue | |
| Fishponds | ||
| Bristol | ||
| BS16 2QQ | ||
| Trustees | Trustees, who are also directors under company law, who served during | |
| the year and up to the date | of this report were as follows: | |
| Ben Clacy | Director for Professional Health Partnerships, | |
| Company Secretary | ||
| Rosie Jones | Chair, Director for Research | |
| Brian Pagington | Community representative | |
| Olga Pagington | HR and Community representative | |
| Laurence Robb | Director for Patient Representation | |
| Bankers | CAF Bank Ltd | National Westminster Bank Plc |
| 25 Kings Hill Avenue | PO Box 30038 | |
| Kings Hill | Victoria Street | |
| West Malling | London | |
| ME19 4JO | SW1H 0H | |
| Independent | Godfrey Wilson Limited | |
| examiners | Chartered accountants and | statutory auditors |
| 5th Floor Mariner House | ||
| 62 Prince Street | ||
| Bristol | ||
| BS1 4QD |
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M. S. Research Treatment and Education Limited
Chair's report
For the year ended 31 March 2021
The months spanning November 2019 to August 2021 have been described as a “once in a lifetime era”. Certainly, the advent of the coronavirus pandemic has changed most of our perceptions as to how medical research can be sustained, and how charitable organisations need to adapt and change to avoid being destroyed through lack of funding and the unintended consequences of the impact of Covid-19 on NHS and university research staff and resources. The impact of the pandemic on research funders was immediate and prolonged, as public fundraising events were cancelled. Other fundraising opportunities were re-focused on supporting people through the pandemic and funding research into the virus Covid-19 and its consequences for the population at large many charities faced the prospect of closure. MS Research might well have been one of the casualties of this unprecedented time had it not been for a long-standing commitment to levels of reserve funds designated to sustain activity through just such an unpredictable threat.
The Furlough scheme was helpful, and the trustees discussed how best to utilise its support in March 2020. Two staff members were placed on furlough during April 2020 to allow time to judge how far the pandemic would affect our donor income. During August 2020 the trustees reluctantly decided that these staff members would be placed under redundancy consultation. This was before the extension of the furlough scheme had been announced. Having carried out a “going concern” exercise, and considering the extreme drop in income, staff were informed of redundancies on 27 August 2020. This put great pressure on our remaining staff who had to take on a wider range of responsibilities and activities. Nevertheless, we remained very active during the pandemic, switching much of our focus to communication on social media and our website with the aim of supporting people with MS, especially during the most difficult months at the height of the pandemic.
Active research projects also had to be adapted rapidly. Two major projects were suspended in line with NHS and NIHR policy to avoid bringing patients into hospital departments while the risk of infection was at its highest. Many clinical staff were re-deployed during the periods of highest intake of covid patients and outpatient clinics were largely suspended with patients being managed remotely by phone or by using on-line visual platforms where needed.
Our patient information and support activities had previously been run mostly as face-to-face groups, and these courses also had to be suspended in compliance with national Covid-19 guidelines for much of the year. Fortunately, we were able to move some of this work to virtual platforms so that they could continue. We increased the rate of social media posts to try and keep people up to date with the ever-changing picture especially during periods of lock-down. We were also able to move much of our fundraising appeals to on-line platforms such as Facebook.
In all, although the losses in terms of time and progress of research programmes and patient support programmes were significant, it was necessary to re-think many established procedures and practices, especially regarding fundraising and communications with people coping with MS during the pandemic.
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M. S. Research Treatment and Education Limited
Chair's report
For the year ended 31 March 2021
Our 5-year development plan, set up in 2015 was coming to an end and the decision was made to suspend the development of the next plan until we were more able to assess the impact of the pandemic on our operations and how far they were affected by societal and operational changes more generally. During the period April 2020 to March 2021 therefore our attention focused on how to deliver support to people with MS remotely and in compliance with general regulations and clinical and scientific advice during periods of lockdown. We also took advice from University and NHS research managers where we had active research programmes as to how their organisations were coping with the pandemic and from national research support agencies such as NIHR on best procedures especially during periods of lockdown.
Date: 10 December 2021 Rosie Jones - Chair
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M. S. Research Treatment and Education Limited
Report of the trustees
For the year ended 31 March 2021
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).
1. Objectives and Activities
The focus of MS Research remains provision of grant funding for research projects and programmes that aim to advance the treatment and management of the condition Multiple Sclerosis. The charity also supports further development of some successful treatment strategies beyond the research phase, providing “real world” evidence to support the aims of promoting the introduction of better treatment strategies and encouraging NHS healthcare commissioners to fund the introduction of new treatments especially in areas of patient support and rehabilitation where research has shown benefit.
Supporting ongoing work where possible
The study (CHARMED MS, CHARactersation of Movement to predict Efficacy DBS in MS), is a multidisciplinary project based at The Brain Centre at North Bristol NHS Trust and University of the West of England. Researchers include MS and movement disorder specialists, software engineering and rehabilitation experts. Patient recruitment began in June 2019 but the study had to be suspended at the end of March 2020 as clinical research teams were advised not to bring patients recruited into research projects to hospital sites during periods of high pressure on NHS resources and general lockdown. This was compliant with general covid regulations, and the advice of NIHR (National Institute for Health Research) as well as local research management teams. CHARMED MS investigates identification of MS-related tremor characteristics that might benefit from DBS (Deep Brain Stimulation) by determining the key characteristics of tremor that respond to DBS. We were informed that recruitment for this study would probably be able to re-start in March 2021.
We also intended to continue to fund projects based at the University of Bristol’s Clinical Research Imaging Centre (CRIC) to extend the exploration of causes of debilitating fatigue in MS using functional MRI (fMRI) techniques. Recruitment for next phase studies were started in January 2020 but unfortunately, we were informed that the University of Bristol was closing the CRIC temporarily to non-covid research in March 2020. In August 2020 we were informed that all the CRIC research resources and staff would be withdrawn for the foreseeable future. We will seek to place functional fMRI research studies at other CRIC centres in the UK. We expect studies completed to date to be published during 2021/2022 and given the importance of the data obtained to date, sought assurance from the University of Bristol Pro Vice Chancellor and Head of Research for University Hospitals NHS Trust that data and resources would be made available to research staff at least until December 2020. This assurance was given in August 2020.
Our face-to-face patient support and education activities were also suspended in March 2020 although the FACETS fatigue management course was transferred to an on-line virtual format and groups continued through the year. Continence and impaired upper limb face to face activities could not be continued under the covid regulations and reorganisation of these and other virtual MS support programmes are being developed.
Angela Davies Smith who runs the FACETS courses continued to work on on-line FACETS support developments with the University of Bournemouth throughout the lock-down period and she also provided a series of on-line support seminars to enable clinical specialists to develop their own clinical FACETS programmes internationally.
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M. S. Research Treatment and Education Limited
Report of the trustees
For the year ended 31 March 2021
Operations and staffing
During the periods of lock-down trustee meetings were held using email and zoom. A brief resume of these communications is outlined below. Important decisions were made regarding staffing. On 31 March 2020 the proposal was put to the trustees that two members of staff (Elizabeth Martens and Stephanie Crossland) be put on furlough until such time as future plans became clearer. The Vassall Centre remained open during lockdown (strictly adhering to Government guidelines) as many of the tenants offered essential services. However, MS Research closed our offices from 16 March 2020 and observed the Government lockdown guidelines throughout 2020 and into 2021. James Cox (Community Fundraiser) and Abi Wiltshire (Operations Manager) worked from home during the initial lockdown and returned to the office, with restrictions in place during June and July 2020. During subsequent local and national restrictions Abi worked from home and alone in the Vassall Centre office, when necessary. James Cox worked from home. As there were no public fundraising events during this period, James turned his attention to setting up on-line giving options and encouraging individuals to set up their own fundraising events.
As people were encouraged to return to work and the Vassall Centre re-opened more fully in August 2020, further decisions were made as to how to proceed. After much deliberation and discussion, the decision was made to offer redundancy to Stephanie Crossland and Liz Martens. Both accepted.
2. Governance and structure
The organisation is a company limited by guarantee, incorporated on 23 December 1994 and is governed by its Memorandum and Articles of Association. The company was registered with the Charity Commission on 12 January 1995. Since 2013 it has operated from offices at the Vassall Centre in Bristol, a barrier free workspace initially set up as a not-for-profit social concern in disused hospital buildings fully accessible to people who have disability.
The Charity’s Public Benefit statement set out in accordance with the Charity Commission's Guidelines has referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives during this unusual time. This particularly includes seeking to make advice and patient support more readily available on-line to reach a wider audience of those who have MS and those who care for them. This includes extending advice and support sections on our website to help people through the difficult regulations imposed to help control spread of the virus, and to provide up to date bulletins on medical and scientific opinion on MS care and support as provided in a range of formal documents produced by government and their advisers, senior medical and scientific personnel, and other authoritative sources. Most NHS centres treating MS set up helplines so that those seeking help could get advice from medical, nursing or therapy practitioners remotely. Over time, telephone or virtual appointments became available as the NHS moved to minimal contact patient resources to avoid the spread of the virus. MSRTE offered suggestions as to how patients could make best use of the new approaches to patient support and advised looking to local MS teams for the best options to meet their medical support needs locally.
MS Research follows the Charity Commission’s guidance on trustee recruitment and are currently actively and consistently seeking new trustees. We periodically advertise using our website, social media forums, and national trustee recruitment sites such as Charity Job, REACH and trustees Unlimited as advised by NCVO. The chair of trustees has contacted several possible candidates during the year and held a preliminary interview with one interested party but in general people have been reluctant to take on new roles while pandemic restrictions limited travel and face to face discussion.
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M. S. Research Treatment and Education Limited
Report of the trustees
For the year ended 31 March 2021
3. Achievements and performance
Like most organisations we had to cope with a continuously changing background to fundraising and normal operations. More emphasis was placed on on-line fundraising methods and the rate of information posts on all social media and our website were increased. The staff still working needed to adjust rapidly to new ways of operating and reaching supporters. Their response was admirable and slowly new donors were reached and new donor support methods were adopted including successfully encouraging remote fundraising using platforms such as Facebook Giving. This included some larger donations aimed at restoring work on the suspended research programmes under the online “Return to Research” campaign. Some donations were restricted to general or specific research programmes, and these are noted in the accounts. During June 2020 we received notification of a one fifth share of a large legacy. Although this estate is yet to be finalised an interim payment of £75,000 was paid to MS Research on 12 March 2021.
Aside from adapting to new ways of working around the difficulties in coping during the pandemic and supporting fewer staff, the trustees were also able to start discussions on future operational developments and fundraising approaches. Normally a 5-year plan is put in place as the previous planning and strategies close. On this occasion it was decided to delay any confirmation of plans for the next 5 years until we had a clearer idea of what funds might be available once the pandemic restrictions were removed. We anticipate that the next 5-year plan will commence during 2022 when it will be clearer whether any gaps or changes in research management in universities and the NHS have emerged.
Despite the very difficult environment created by the second Covid-19 lockdown, some evidence of increasing levels of donations and interest in new and possibly better working arrangements began to evolve.
Our “new look” website was launched in May 2020 enabling us to share more in-depth information, images and video as well as receive grant applications for research, treatment and education.
4. Financial review
Reserves Policy
Our policy on managing reserves has been two-fold, committed funds and contingency reserves:
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Committed funds: To keep in hand a sum of money to enable the completion of on-going research studies, or to initiate new studies with appropriate funds in hand to ensure there are no delays in starting or funding approved new research studies or to continue essential treatment and education programmes to the end of a financial year. These are referred to as committed funds. Funds committed to the Tremor study CHARMED MS in 2019/20 were only partially spent in the financial year 2020/21 as the project was put on hold during the pandemic lockdown period. The sum of £34,000 has been allocated to this project in the hope of being able to re-start it in 2021. As explained in "supporting ongoing work where possible" it was not possible to restart Charmed-MS in 2020/21 and discussions are still underway to decide how to move forward with this research project.
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Contingency reserves: To enable a basic office service to continue with the aim of promoting recovery or other actions as needed in the case of income failure. A contingency fund of £32,000 was agreed for skeleton office staffing, essential running costs and rent to ensure time for recovery in the case of the force majeure disruption of income. The charity also holds £14,000 in designated reserves for future projects and growth.
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M. S. Research Treatment and Education Limited
Report of the trustees
For the year ended 31 March 2021
The charity held £76,562 in unrestricted general funds at the end of the year due to receipt of an interim legacy payment of £75,000 in March 2021. The final amount of the legacy is not yet known. When the estate and legacy payments are finalised the trustees will meet to determine how these funds will be allocated. Holdings in reserve are reviewed annually alongside the annual budget and a suitable sum agreed in line with our responsibilities and to meet our legal obligations.
Many areas of expenditure were difficult to predict, and income could not be estimated but we suggest these were realistic figures for the financial year in question and have enabled, alongside other measures, to maintain on-going work to continue despite a precipitous drop in income towards the end of the previous financial year and due to a second lockdown in 2020. Fortunately, notification of pending legacies helped to clarify how the year might end financially and what reliable predictions might be made although exact financial predictions could not be made.
Given that all our ongoing research programmes were halted during the pandemic, charges for research staff were also held over as agreed with the hosts of the research and under the guidance of NIHR to NHS research managers. This meant that research programmes previously agreed with the University of Bristol at CRIC Bristol did not start as the provisional start date was during the first national lockdown. In fact, the University of Bristol has now closed the CRIC to all non-covid research and disbanded the staff responsible for running a range of promising research projects including those we were preparing to fund.
Temporary suspension of the project CHARMED MS also occurred during the first lockdown and no patients were therefore recruited between November 2019 and July 2020. It was agreed with University of the West of England and MS Research that no charges would be made for their staff input to the project until it was up and running again. In fact, because of the risks to patients travelling and coming into the hospital environment, it was agreed that more time was needed to ensure appropriate safety for both NHS patients and staff. This turned out to be a wise move as covid levels began to rise again at the end of 2020 and a further lockdown was instigated in early 2021. The last invoice for all staff engaged in CHARMED MS is invoice No 369985 for 2019 to 2020 taking due payments up to the end of March 2020. No further invoices have been received. Regular meetings have continued to keep everyone involved updated on the CHARMED MS project status.
Other projects such as FACETS fatigue programmes did continue online during the year, and these are accounted for as payments to Angela Davies Smith up to March 2021.
Income was heavily impacted during the first lockdown in 2020 as many planned fundraising events were cancelled. When it was clear that lockdown would be lifted during the summer of 2020 MS Research posted a number of social media posts and newsletters encouraging people to start fundraising again and the income began to build up during late summer and autumn 2020.
Although for the saddest of reasons, our income was also boosted by several larger donations arising from legacies and the notification and part payment of a large legacy during March 2021. Our income for the year ending 31 March 2021 was £124,005, expenditure £60,226 leaving a surplus of £63,779.
In all we were heartened by the responses of our donors to our plea for fundraising and pleased to be able to catch up on donated income during this very unpredictable time. Similarly, our costs were reduced as we instigated redundancies following furlough and reduced our staff numbers from 4 to 2, both part time.
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M. S. Research Treatment and Education Limited
Report of the trustees
For the year ended 31 March 2021
Statement of responsibilities of the trustees
The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with 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).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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▪ observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
Independent examiners
Godfrey Wilson Limited were re-appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.
Approved by the trustees on 10 December 2021 and signed on their behalf by
Rosie Jones - Chair
8
Independent examiner's report
To the trustees of
M. S. Research Treatment and Education Limited
I report to the trustees on my examination of the accounts of M. S. Research Treatment and Education Limited (the charitable company) for the year ended 31 March 2021, which are set out on pages 10 to 22.
Responsibilities and basis of report
As the trustees of the charitable 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 charitable 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 the charitable company'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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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(1) accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
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(2) the accounts do not accord with those records; or
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(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
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(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.
Date: 10 December 2021 Rob Wilson FCA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited
Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
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M. S. Research Treatment and Education Limited
Statement of financial activities (incorporating an income and expenditure account)
For the year ended 31 March 2021
| Restricted Unrestricted Note £ £ Income from: Donations and legacies 3 - 123,989 Charitable activities 4 - - Investments - 16 Total income - 124,005 Expenditure on: Raising funds - 34,539 Charitable activities - 25,687 Total expenditure 6 - 60,226 Net expenditure - 63,779 Transfers between funds - - Net movement in funds 9 - 63,779 Reconciliation of funds: Total funds brought forward 10,500 92,783 Total funds carried forward 10,500 156,562 |
2021 Total £ 123,989 - 16 124,005 34,539 25,687 60,226 63,779 - 63,779 103,283 167,062 |
2020 Total £ 55,504 500 81 |
|---|---|---|
| 56,085 | ||
| 31,090 64,902 |
||
| 95,992 | ||
| (39,907) - |
||
| (39,907) 143,190 |
||
| 103,283 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 16 to the accounts.
10
M. S. Research Treatment and Education Limited
Balance sheet
As at 31 March 2021
| Note Fixed assets Tangible assets 12 Current assets Debtors 13 Cash at bank and in hand Liabilities Creditors: amounts falling due within 1 year 14 Net current assets Net assets 15 Funds 16 Restricted funds Unrestricted funds Designated funds General funds Total charity funds |
£ 2,886 171,516 174,402 (7,949) |
2021 £ 609 166,453 167,062 10,500 80,000 76,562 167,062 |
2020 £ 1,341 4,155 125,524 |
|---|---|---|---|
| 129,679 (27,737) |
|||
| 101,942 | |||
| 103,283 | |||
| 10,500 57,882 34,901 |
|||
| 103,283 |
Total charity funds
The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.
The directors acknowledge their responsibilities for:
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(i) ensuring that the Company keeps proper accounting records which comply with section 386 of the Act; and
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(ii) preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the company.
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.
Approved by the trustees on 10 December 2021 and signed on their behalf by
Rosie Jones - Chair
11
M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2021
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
M. S. Research Treatment and Education Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
b) Going concern basis of accounting
The accounts have been prepared on the assumption that the charity is able to continue as a going concern. However, the COVID-19 pandemic has had a profound impact on the global economy, and has in turn affected the charity. The trustees have considered the impact of this issue on the charity’s current and future financial position. The charity held unrestricted net funds of £156,562 and a cash balance of £171,516 at 31 March 2021. The charity has taken measures to reduce costs and has also received notification of a substantial legacy following the year end. The trustees therefore consider that the charity is a going concern for a period of at least 12 months from the date on which these financial statements are approved.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
For legacies, 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 executors to the Trust 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 probably 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, and the criteria for income recognition have been met, then the legacy is treated as a contingent asset and disclosed if material.
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M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2021
1. Accounting policies (continued)
d) Donated services and facilities
- Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
e) Interest receivable
- 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.
f) Funds accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
g) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
h) Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis, being the respective proportion of total costs:
| 2021 | 2020 | |
|---|---|---|
| Raising funds | 57.3% | 32.4% |
| Charitable activities | 42.7% | 67.6% |
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M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2021
1. Accounting policies (continued)
i) Tangible fixed assets
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: Computer equipment 4 years
Items of equipment are capitalised where the purchase price exceeds £500.
j) 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.
k) 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.
l) Creditors
Creditors and provisions 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
m) Redundancy and termination costs
Where an employee receives a termination benefit the full cost is recognised at the date the employee is notified.
n) Pension costs
The charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.
o) Accounting estimates and key judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Depreciation
As described in note 1i to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.
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M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2021
2. Prior period comparatives: statement of financial activities
| Income from: Donations and legacies Charitable activities Investments Total income Expenditure on: Raising funds Charitable activities Total expenditure Net income/(expenditure) and net movement in funds 3. Income from donations and legacies Donations from online platforms Donations from purchasing partners Regular donations One-off donations Legacies In memoriam Coronavirus Job Retention Scheme Prior period comparative Donations from online platforms Donations from purchasing partners Regular donations One-off donations Legacies In memoriam Total income from donations and legacies Total income from donations and legacies |
Restricted £ £ 10,000 45,504 500 - - 81 10,500 45,585 - 31,090 - 64,902 - 95,992 10,500 (50,407) Restricted £ £ - 8,568 - 9,219 - 20,198 - 3,846 - 75,000 - 622 - 6,536 - 123,989 Restricted £ £ - 16,146 - 521 - 3,257 10,000 14,390 - 500 - 10,690 10,000 45,504 Unrestricted Unrestricted Unrestricted |
2020 Total £ 55,504 500 81 |
|---|---|---|
| 56,085 | ||
| 31,090 64,902 |
||
| 95,992 | ||
| (39,907) | ||
| 2021 Total £ 8,568 9,219 20,198 3,846 75,000 622 6,536 |
||
| 123,989 | ||
| 2020 Total £ 16,146 521 3,257 24,390 500 10,690 |
||
| 55,504 |
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M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2021
4. Income from charitable activities
There was no income from charitable activities during the year (2020: restricted grants £500).
5. Government grants
The charity receives government grants, defined as funding from the Coronavirus Job Retention Scheme to fund charitable activities. The total value of such grants in the period ending 31 March 2021 was £6,536 (2020: nil). There are no unfulfilled conditions or contingencies attaching to these grants in 2020/21.
6. Total expenditure
| Total expenditure | |||
|---|---|---|---|
| Grants payable (note 7) Staff costs (note 10) Online platform fees Fundraising event costs Subscriptions Premises costs Office running costs Accountancy Bank charges Travel and subsistence Depreciation Sub-total Allocation of support and governance costs Total expenditure |
Raising funds £ - 15,409 282 270 - - - - - - - 15,961 18,578 34,539 |
Charitable activities £ £ 5,648 - 6,349 14,930 - - - - - 676 - 10,060 - 2,233 - 3,558 - 187 (127) 19 - 732 11,870 32,395 13,817 (32,395) 25,687 - Support and governance costs |
2021 Total £ 5,648 36,688 282 270 676 10,060 2,233 3,558 187 (108) 732 |
| 60,226 - |
|||
| 60,226 |
Total governance costs in the period were £2,340 (2020: £1,990).
16
M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2021
| 6. Total expenditure (continued) Prior period comparative Grants payable (note 7) Other activity costs Staff costs (note 10) Online platform fees Fundraising event costs Fundraising consultancy Subscriptions Premises costs Office running costs Accountancy Bank charges Travel and subsistence Depreciation Sub-total Allocation of support and governance costs Total expenditure |
Raising funds £ - - 19,452 526 610 25 - - - - - - - 20,613 10,477 31,090 |
Charitable activities £ 33,786 133 7,237 - - - - - - - - 1,875 - 43,031 21,871 64,902 |
£ - - 12,881 - - - 540 10,046 2,737 4,604 185 624 731 32,348 (32,348) - Support and governance |
2020 Total £ 33,786 133 39,570 526 610 25 540 10,046 2,737 4,604 185 2,499 731 |
|---|---|---|---|---|
| 95,992 - |
||||
| 95,992 |
7. Grants payable
Grants made during the year were as follows:
| Grants payable Grants made during the year were as follows: |
||
|---|---|---|
| Grants to organisations: North Bristol NHS Grants to individuals: No research and education grants made to individuals (2020: 3) |
2021 £ 5,648 - 5,648 |
2020 £ 31,320 2,466 |
| 33,786 |
17
M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2021
| 8. Grant commitments Grants payable to organisations: Grant commitments brought forward Grants committed to during the period Grants paid during the period Grant commitments carried forward Grants payable to individuals: Grant commitments brought forward Grants committed to during the period Grants paid during the period Grant commitments carried forward 9. Net movement in funds This is stated after charging: Depreciation Operating lease payments Trustees' remuneration Trustees' reimbursed expenses* |
2021 £ 22,118 5,648 (27,766) - - - - - 2021 £ 732 7,762 Nil Nil |
2020 £ 3,286 31,320 (12,488) |
|---|---|---|
| 22,118 | ||
| - 2,466 (2,466) |
||
| - | ||
| 2020 £ 731 7,760 Nil 101 |
*No trustees received reimbursed expenses during the year (2020: one trustee received reimbursed travel costs)
10. Staff costs and numbers
Staff costs were as follows:
| Salaries and wages Pension costs |
2021 £ 36,160 528 36,688 |
2020 £ 39,042 528 |
|---|---|---|
| 39,570 |
No employee earned more than £60,000 during the year.
Two employees were made redundant during the year. Redundancy payments which totalled £890 have been included within the salaries and wages figure above. All redundancy and termination costs were statutory, were agreed and paid during the year, were funded from general unrestricted reserves and there were no amounts outstanding at 31 March 2021.
18
M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2021
10. Staff costs and numbers (continued)
The key management personnel of the charitable company comprise the trustees and Fund Development Manager. The total employee benefits of the key management personnel were £18,125 (2020: £18,125).
| Average head count | 2021 No. 3.0 |
2020 No. 4.5 |
|---|---|---|
11. Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
12. Tangible fixed assets
| Tangible fixed assets | |||
|---|---|---|---|
| Cost At 1 April 2020 and at 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 Debtors Prepayments Other debtors |
£ 1,219 305 305 610 609 914 Computer equipment |
£ 1,705 1,278 427 1,705 - 427 2021 £ 2,886 - 2,886 Fixtures and fittings |
Total £ 2,924 |
| 1,583 732 |
|||
| 2,315 | |||
| 609 | |||
| 1,341 | |||
| 2020 £ 2,927 1,228 |
|||
| 4,155 |
13. Debtors
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M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2021
14. Creditors : amounts due within 1 year
| Creditors : amounts due within 1 year | ||
|---|---|---|
| Trade creditors Grant commitments (note 8) Accruals Pension |
2021 £ 4,860 - 3,036 53 7,949 |
2020 £ 3,573 22,118 1,993 53 |
| 27,737 |
15. Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Net assets at 31 March 2021 Prior year comparative Tangible fixed assets Current assets Current liabilities Net assets at 31 March 2020 |
£ - 10,500 - 10,500 £ - 10,500 - 10,500 Restricted funds Restricted funds |
£ - 80,000 - 80,000 £ - 80,000 (22,118) 57,882 Designated funds Designated funds |
£ 609 83,902 (7,949) 76,562 £ 1,341 39,179 (5,619) 34,901 Unrestricted funds Unrestricted funds |
Total funds £ 609 174,402 (7,949) |
|---|---|---|---|---|
| 167,062 | ||||
| Total funds £ 1,341 129,679 (27,737) |
||||
| 103,283 |
20
M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2021
16. Movements in funds
| Restricted funds British Science Week Grant The Hollister Research Fund Total restricted funds Designated funds: Contingency fund Specific projects Future projects & growth Total designated funds General funds Total unrestricted funds Total funds Unrestricted funds |
At 1 April 2020 £ 500 10,000 10,500 32,000 11,882 14,000 57,882 34,901 92,783 103,283 |
Income £ - - - - - - - 124,005 124,005 124,005 |
£ - - - - - - - (60,226) (60,226) (60,226) Expenditure |
Transfers between funds £ £ - 500 - 10,000 - 10,500 - 32,000 22,118 34,000 - 14,000 22,118 80,000 (22,118) 76,562 - 156,562 - 167,062 At 31 March 2021 |
Transfers between funds £ £ - 500 - 10,000 - 10,500 - 32,000 22,118 34,000 - 14,000 22,118 80,000 (22,118) 76,562 - 156,562 - 167,062 At 31 March 2021 |
|---|---|---|---|---|---|
| 10,500 | |||||
| 32,000 34,000 14,000 |
|||||
| 80,000 | |||||
| 76,562 | |||||
| 156,562 | |||||
| 167,062 |
Purposes of restricted funds
British Science Week To fully fund a Digesting Science event to educate children and families who Grant are directly affected by a family member living with MS.
The Hollister Research Fund
To fully fund or contribute to medical research to benefit those living with MS.
Purposes of designated funds
Contingency fund
Represents money held in a reserve account in case of an unexpected shortfall between income and expenditure in future years.
Specific projects Represents funds intended for specific projects where the criteria has not been met to accrue the expenditure.
Future projects & growth Represents funds set aside for future projects and charity growth.
21
M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2021
16. Movements in funds (continued)
| Prior year comparative Restricted funds British Science Week Grant The Hollister Research Fund Total restricted funds Designated funds: Contingency fund Specific projects Future projects & growth Total designated funds General funds Total unrestricted funds Total funds Unrestricted funds |
At 1 April 2019 £ - - - 26,000 34,000 14,000 74,000 69,190 143,190 143,190 |
Income £ 500 10,000 10,500 - - - - 45,585 45,585 56,085 |
£ - - - - (22,118) - (22,118) (73,874) (95,992) (95,992) Expenditure |
Transfers between funds £ £ - 500 - 10,000 - 10,500 6,000 32,000 - 11,882 - 14,000 6,000 57,882 (6,000) 34,901 - 92,783 - 103,283 At 31 March 2020 |
Transfers between funds £ £ - 500 - 10,000 - 10,500 6,000 32,000 - 11,882 - 14,000 6,000 57,882 (6,000) 34,901 - 92,783 - 103,283 At 31 March 2020 |
|---|---|---|---|---|---|
| 10,500 | |||||
| 32,000 11,882 14,000 |
|||||
| 57,882 | |||||
| 34,901 | |||||
| 92,783 | |||||
| 103,283 |
17. Operating lease commitments
The charity had operating leases at the year end with total future minimum lease payments as follows:
| Amount falling due: Within 1 year Within 1 - 5 years |
2021 £ 7,762 - 7,762 |
2020 £ 7,762 - |
|---|---|---|
| 7,762 |
18. Related party transactions
There were no related party transactions during the period.
22