Company no. 03005230 Charity no. 1043280
M. S. Research Treatment and Education Limited
Report and Unaudited Financial Statements
31 March 2022
M. S. Research Treatment and Education Limited
Reference and administrative details
| For theyear ended 31 | March 2022 | |
|---|---|---|
| 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 2022
The months spanning November 2019 to March 2022 have been described as a “once in a lifetime era”. The 2 years characterised by the risks posed by the coronavirus pandemic have changed most of our perceptions as to how charity management needs to respond to sudden and wide-reaching changes, and adapt to avoid being destroyed through loss of regular funding activities. During 2021, the impact of the pandemic on research funders was prolonged, both financially and in terms of time lost in university based and clinical research hours. Many of those required to work from home could not continue their practical work and NHS researchers were not able to recruit patients, even for ongoing studies to avoid the spread of Covid-19.
Public fundraising events were cancelled, and other fundraising opportunities were re-focused on supporting people through the pandemic and to support research into the virus and its consequences for the population at large. Like many charities, we faced the prospect of closure. MS Research might well have been one of the casualties of this unprecedented climate, but thankfully its robust response and long-standing commitment to maintain sufficient levels of reserves designated to sustain activity through just such an unpredictable threat. Investment in fundraising focused on in memoriam giving and legacies.
It was also essential to keep a close watch on the impact of Covid on research based in universities and NHS centres and to support our grantees wherever possible.
The Furlough scheme was helpful, and the trustees discussed how best to utilise its support in March 2020 when two staff members were placed on furlough. During 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 recognising the extreme drop in income, two staff members were informed of redundancies on 27 August 2020. This put great pressure on our two remaining staff Abi Wiltshire and James Cox (community fundraiser) who had to take on a wider range of new responsibilities and activities. Nevertheless, we remained very active during 2021 with continuous Zoom and other internet platforms supporting frequent meetings between staff and trustees and, as further lockdowns occurred, between university and health staff grant holders to maintain contact with as wide a group of grant holders as possible.
Date: 9 December 2022 Rosie Jones - Chair
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M. S. Research Treatment and Education Limited
Report of the trustees
For the year ended 31 March 2022
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. 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 Commissions 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 online, to reach a wider audience of those who have MS and those who care for them, by extending the advice available on MS and on the progress of clinical developments during the continuing pandemic.
Recently the trustees have focused on the most immediate problems. Trustees need to be arbitrators for all aspects of the charity’s function. At present this extends mostly to approval of expenditure and day to day management issues. As the country recovers, the next 5-year plan for MSR needs to be addressed to enable long-term development, and to avoid possible failures in research and education operations.
Considerable on-going work is needed to adapt to the very large change in income achieved this year, and to enable research grant giving at a more substantial level to be managed safely. Preparations for this are in hand.
Advice and support sections on our web site were further extended during the year and an online fundraising appeal developed to give donors opportunities to use fundraising ideas compatible with a restricted social environment.
Our bulletins on medical and scientific opinion on MS care and support were extended to include updates on new information on MS, from data recently available covering items such MS drug and Covid-19 risk interactions in the presence of high levels of Covid, or during other potential threats to health and wellbeing. Discussion on care provision: in a range of formal documents produced by government and their advisers, senior medical and scientific personnel, and other authoritative sources were reviewed with the aim of developing “recognised formats” for easier navigation around new information posted on social media. Most NHS centres treating MS set up phone help lines during the pandemic so that those seeking help could get advice from medical, nursing or therapy practitioners remotely. Over time, telephone or virtual appointments became the norm as the NHS moved to minimal contact patient resources to avoid the spread of the virus. MSR 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. Such developments need to be extended to operate in “normal times”, especially while the NHS is clearing the backlog of patients. MS Research will investigate the use of different channels for information and support for those living with MS.
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M. S. Research Treatment and Education Limited
Report of the trustees
For the year ended 31 March 2022
Appointment of Staff and Trustees
Trustees are normally recruited through personal contact and advertisements in REACH. The Chair contacted several academic and clinical colleagues who had worked with MSR over the years regarding possible interest in the uptake of a vacant trustee post. Of those who expressed an interest, all wished to explore the process more fully, preferably face to face but could not, or did not wish to travel during the pandemic. One colleague expressed a wish to continue working with the charity after retirement.
Induction for trustees includes introduction to several sources of information on governance and procedure signposted by the Chair to cover general and specific areas of charity working, provided by organisations such as the Charity Commission, NCVO and REACH and with specific reference to procedures followed by MSR. Most choose to receive regular information from all three sources. Access to any appropriate courses or on-line resources are flagged up according to the role to be taken by each trustee, in addition to general information resources. Trustees taking on a staff management role are requested to keep abreast of staff performance and capacity evaluation developments and to recommend training courses where needed.
Staff appointments were discussed at several meetings during the year and the need for a fundraiser and a communications officer were agreed to be the most urgent appointments required. Preparations for advertising both roles were made, and the appointment of a communications officer was agreed during the final weeks of the financial year. In the light of potentially difficult times to come due to the current economic status of the UK and the need to boost the capability of the organisation, further discussions are required regarding the appointment of senior roles.
Abi Wiltshire was recruited in October 2012 as a part time fundraiser. This role has gradually expended over the years to a much larger role managing the charity. Due to restricted income, it was only possible to review wages once during her employment of over 10 years. Following a staff review discussed during the Trustee Meeting on 22 September 2021 Abi Wiltshire job title was changed to Fundraising and Operations Manager and her salary raised in line with regional averages for this role. Going forward the charity will implement yearly salary reviews across the whole staff team and will incorporate market reviews at least every three years.
Risk management
The Trustees consider all the known risks confronting the charity every year and these risks are recorded in a risk register. The Trustees review these risks regularly at trustee meetings. The charity develops and maintains a schedule of management and mitigation strategies for all the significant risks identified by the Trustees. A key risk currently facing the charity is holding a large financial surplus and the trustees plan to address this by implementing a new grant giving procedure and awarding grants during 2022-23 and into the future. Operational risks are within the control of the KMP and reported to the Trustee Board for information and annual review.
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M. S. Research Treatment and Education Limited
Report of the trustees
For the year ended 31 March 2022
2. Achievements and performance
Objectives and activities
MS research was partly developed from an organisation called MuSTER (MS Training, Education and Research). MuSTER was created following the collapse of a charity called ARMS (Action Research into MS) to continue and further develop research into the causes and impact of Multiple Sclerosis. MuSTER moved to Bristol where it merged with the Bristol based organisation MS Research, a fundraising body supporting the ongoing research into stem cell transplantation and rehabilitation studies in MS at two Bristol Hospitals and Bristol University. This merger resulted in a national organisation (MS Research Training and Education-MSR for short). MSR offers open grants for studies into any aspect of MS related training, treatment and clinical and scientific research studies designed to aid the understanding of MS pathology, it’s causes and the impact of symptoms on daily life. The guiding principles of MS Research have remained unchanged since this merger.
During 2021 and 2022 the pandemic resulted in moving our communication focus from in person/ group sessions to extended social media undertaken by James Cox (a community fundraiser) working alongside the Chair (Dr Rosie Jones) and Mrs Abi Wiltshire to provide posts on our website with the aim of supporting people with MS, using health-related articles and information bulletins to support those coping with MS as new information was published. This included new and emerging information on the relationship between the various drugs used for MS treatment and their impact on the risk factors for Covid infection and severity. The rate of social media posts was greatly increased to try and keep people up to date with the ever-evolving picture, especially during periods of lockdown. James Cox was also able to move most of our fundraising appeals to on-line platforms such as Facebook.
Our face-to-face support for people with MS related Fatigue (FACETS) was moved to online delivery and Angela Davies Smith who runs the FACETS courses, also continued to carry out remote training sessions for professionals wishing to use the fatigue management course both in the UK in collaboration with the MS Society (who funded the original research), and internationally in collaboration with the University of Bournemouth who designed the programme. Work also continued on developing the online version of the programme with Bournemouth University to develop feedback and evaluation of the online version of the programme.
Active research projects were adapted rapidly to the pandemic. Two of our major projects had been suspended in line with NHS and NIHR policy to avoid bringing patients not needing essential treatment 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 online visual platforms where needed.
In all, the losses in terms of time and progress of research and patient support programmes during the last two years were significant. It was necessary to re-think many established procedures and practices, especially regarding fundraising and communication with people coping with MS during the pandemic.
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M. S. Research Treatment and Education Limited
Report of the trustees
For the year ended 31 March 2022
Our 5-year development plan, set up in 2016 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 2021 to March 2022 attention remained 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. We consulted national research support agencies such as NIHR on best procedures, especially during periods of lockdown. These measures resulted in modest research recovery and growth during June to October 2021. Rosie Jones circulated a review of the outcomes of the 5-year plan to date (2021) to the trustees and staff to indicate what changes and adjustments would be needed on the “return to normal” planning agenda.
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. 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 new treatment modalities and better treatment strategies for people who have MS. During the pandemic we were also able to continue to fund bursaries to enable trainees and senior clinical staff to attend the many virtual conferences and learning events on MS that were held during the pandemic.
Status of approved research projects during 2021-2022
The study (CHARMED MS, CHARacterisation of Movement to predict Efficacy of DBS in MS ), is a multidisciplinary project based at The Brain Centre at North Bristol NHS Trust and University of the West of England. Research grantees include MS medical and movement disorder specialists, software engineers and rehabilitation experts. CHARMED MS investigates identification of MSrelated tremor characteristics that might benefit from DBS (Deep Brain Stimulation), by determining the key characteristics of tremor that responds to DBS. Patient recruitment began in June 2019, but the study was 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. We were informed that recruitment for this study would probably be re-started in March 2021. However, this was not the case due to local circumstances and national compliance with general covid regulations. The advice of NIHR (National Institute for Health Research) as well as local research management teams was sought and recruitment to the study delayed for a further period of time.
Projects based at the University of Bristol’s Clinical Research Imaging Centre (CRIC) were due to start in 2021 but we were informed that the University of Bristol had permanently closed CRIC in December 2020. We expect studies completed to date to be published during 2021-2022.
Angela Davies Smith who runs the FACETS MS Fatigue management courses continued to deliver online FACETS support offering three fully-booked courses during the year. Development of online versions of the course with the University of Bournemouth continued throughout the lockdown period, and Angela Davies Smith also provided a series of on-line support seminars to enable clinical specialists to develop their own clinical FACETS programmes internationally. A further academic paper was published during 2021.
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M. S. Research Treatment and Education Limited
Report of the trustees
For the year ended 31 March 2022
Oxford Academic Grant
At the trustees meeting on 10 December 2021, a research grant request for £30,245 was approved. The study, originating from the Nuffield Department of Neuroscience, University of Oxford, had been in discussion for some while and offered an opportunity to restart research funding with a modest start-up grant to investigate axonal damage and loss of nerve function in the central nervous system of individuals with MS. The proposed preliminary study may well open up new lines of investigation on nerve damage in the brain and spinal cord in MS, enabling further investigation of the pathology of MS. The Oxford team have an excellent reputation for neurological investigations.
MS Research approved funding for this research project, an amount of £30,245 was agreed and paid in March 2022.
The Vassall Centre remained open, except when government guidelines called for full closures when the remaining staff worked from home. However, we were informed that the sale of the Vassall Centre was underway, and that new ownership was imminent. During the local and national restrictions Mrs Wiltshire worked from home or alone in the Vassall Centre office while James Cox worked from home.
Throughout the year we continued to hold trustee meetings and staff meetings using email and Zoom. Trustee meetings were held using Zoom on 14 May 2021, 22 September 2021 and 10 December 2021, and regular staff meetings were held over the period April to July 2021 with Rosie Jones, Abi Wiltshire and James Cox. James left his post in July 2021 to take up a communications role with the NHS.
During this time MS Research was informed of several legacies either received or pending. These were noted in the minutes for the trustees meeting of 22 September and 10 December 2021. A draft budget was tabled at the trustees meeting of 14 May. In anticipation of ending the financial year in good shape financially, trustee meetings started to focus on recovery strategies going forward, especially recruitment of new staff and trustees, as well as implementing a more robust online Grant Application Procedure to ensure spending for research is prioritised in 2022-2023.
3. Financial review
Reserves policy
Our policy on managing reserves has been two-fold, committed funds and contingency reserves:
- Committed funds: To keep in hand a sum of money to enable the completion of ongoing research studies, or to initiate new studies with appropriate funds available to ensure there are no delays in starting or funding for 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 2019-2020 were only partially spent in the financial year 2021-2022 as the project was put on hold during the pandemic lockdown period. The sum of £34,000 was therefore re-allocated to this project in the hope of being able to restart it in 2021, but it was not possible to restart Charmed-MS in 2021-2022. At year end discussions were still underway to decide how to move forward with this research project. In August 2022 the trustees of MS Research were informed of the closure of the Charmed MS research project. The research team cited severe staff shortages within the Deep Brain Stimulation Team resulting in a lack of suitable referrals for recruitment as reason for closure. Funds designated to the Charmed MS project will be reallocated for future projects.
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M. S. Research Treatment and Education Limited
Report of the trustees
For the year ended 31 March 2022
- Contingency reserves: MS Research aim to keep a reserve level of at least £65,000, based on 6 months running costs and committed research funds. The reserve level will be reviewed annually by the trustees to assess our ongoing operational costs and committed research funding. The charity's reserves at the end of the financial year 2021-22 are significantly higher than our reserves policy, sitting at £816,068 in general funds. The reasons behind these increased reserves and the action plan to target how these are used by the charity is set out in the Future Plans section below.
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. 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.
£10,000 of the reserve funds remained restricted as the “Hollister Grant” for research purposes only. This grant remains unspent but will be allocated to the next most appropriate research grant. Budget discussions were planned for 2021-2022 to ensure all were aware of the ongoing impact of Covid-19 measures. 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.
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.
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 and 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. This suspension was held over through 20212022, it was agreed that more time was needed to ensure appropriate safety for both NHS patients and staff. The last invoice for staff engaged in CHARMED MS was received in 2019-2020 and no further invoices have been received. Regular meetings have continued to keep everyone involved updated on the CHARMED MS project status.
A medical student from Sheffield Teaching Hospitals working in the field of MS Research was invited to share their presentation at the American Academy of Neurology Annual (AAN) Conference held in Seattle in April 2022. MS Research provided a bursary grant of £878 to assist with travel and subsistence.
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 several social media posts and newsletters encouraging people to start fundraising again and income began to build up during late summer and autumn 2020. The impact of the Covid pandemic remains evident, particularly its effect on community fundraising and events. 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.
Our income for the year ending 31 March 2022 was £822,654, expenditure £84,148 leaving a surplus of £738,506.
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M. S. Research Treatment and Education Limited
Report of the trustees
For the year ended 31 March 2022
As a result of the Covid-19 pandemic MS Research received unprecedented funding from legacies and gifts in wills of £784,618. Notification of further legacies was also received during 2021-2022. Lockdown and the residual effect of the pandemic meant all research projects were suspended and/or cancelled during this time as well as facilities such as the Cric in Bristol shutting down. The result is that the charity has a large surplus waiting to be spent. To mitigate for this MS Research are implementing a new robust grant giving procedure and launching the campaign during 2022-2023 to spend the surplus on new research as soon as possible.
Trustee expenses during 2021-2022 amounted to £470, these were approved travel expenses.
4. Future plans
Due to the considerable rise in oncome over the past few years MS Research are in a position to invest in larger research projects as well as supporting more bursary applications and re-instating treatment sessions in house and online. Our future plans include:
-
Research Implementing a new grant giving procedure to extend our capabilities beyond NHS Trusts and Universities Hospitals in the UK. We are recruiting an expert medical research panel who will meet twice a year to distribute research grants. The application process will be clear and concise and direct through our website and available to all applicants who successfully meet the eligibility criteria.
-
Education MS Research will increase the budget for Bursary donations enabling more students and healthcare workers to attend MS conferences and meetings to extend their knowledge and share their work.
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Treatment MS Research have re-instated in person FACETS (fatigue management programme) as well as continuing to deliver it online. We intend to continue Bladder and Bowel and Hand and Arm programmes when requested to offer those struggling with these symptoms advice and support.
The rise in income puts MS Research in a new and exciting position to offer more financial support than ever before.
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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M. S. Research Treatment and Education Limited
Report of the trustees
For the year ended 31 March 2022
- 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 9 December 2022 and signed on their behalf by
R Jones
Rosie Jones - Chair
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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 2022, which are set out on pages 12 to 24.
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
Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
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.
William Guy Blake
Date: 11 December 2022 William Guy Blake ACA 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 2022
| Restricted Unrestricted Note £ £ Income from: Donations and legacies 2 - 822,651 Investments - 3 Total income - 822,654 Expenditure on: Raising funds - 18,072 Charitable activities - 66,076 Total expenditure 4 - 84,148 Net income and net movement in funds 7 - 738,506 Reconciliation of funds: Total funds brought forward 10,500 156,562 Total funds carried forward 10,500 895,068 |
2022 Total £ 822,651 3 822,654 18,072 66,076 84,148 738,506 167,062 905,568 |
2021 Total £ 123,989 16 |
|---|---|---|
| 124,005 | ||
| 34,539 25,687 |
||
| 60,226 | ||
| 63,779 103,283 |
||
| 167,062 |
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 14 to the accounts.
All income and expenditure in the current and prior period was unrestricted.
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M. S. Research Treatment and Education Limited
Balance sheet
As at 31 March 2022
| Note Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Liabilities Creditors: amounts falling due within 1 year 12 Net current assets Net assets 13 Funds 14 Restricted funds Unrestricted funds Designated funds General funds Total charity funds |
£ 26,685 884,046 910,731 (5,467) |
2022 £ 304 905,264 905,568 10,500 79,000 816,068 905,568 |
2021 £ 609 2,886 171,516 |
|---|---|---|---|
| 174,402 (7,949) |
|||
| 166,453 | |||
| 167,062 | |||
| 10,500 80,000 76,562 |
|||
| 167,062 |
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 9 December 2022 and signed on their behalf by
R Jones
Rosie Jones - Chair
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M. S. Research Treatment and Education Limited
Statement of cash flows
For the year ended 31 March 2022
| Net movement in funds Adjustments for: Depreciation charges Decrease / (increase) in debtors Decrease in creditors Net cash provided by / (used in) operating activities Increase in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2022 £ 738,506 305 (23,799) (2,482) 712,530 712,530 171,516 884,046 |
2021 £ 63,779 732 1,269 (19,788) |
|---|---|---|
| 45,992 | ||
| 45,992 125,524 |
||
| 171,516 |
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M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2022
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. The charity held unrestricted net funds of £895,068 and a cash balance of £884,046 at 31 March 2022. 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.
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.
15
M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2022
1. Accounting policies (continued)
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: 2022 2021 Raising funds 21.7% 57.3% Charitable activities 78.3% 42.7%
i) Grants payable
Grants which have been authorised and paid are included as expenditure in the Statement of Financial Activities. Grants which have been authorised but not yet paid are accrued in the balance sheet and are included within creditors falling due within one year or after one year (as appropriate).
j) 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.
16
M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2022
1. Accounting policies (continued)
k) 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.
l) 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.
m) 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.
n) Redundancy and termination costs
Where an employee receives a termination benefit the full cost is recognised at the date the employee is notified.
o) 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.
p) 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 1j 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.
17
M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2022
2. Income from donations and legacies
| 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 Total income from donations and legacies |
2022 Total £ 10,559 8,309 9,349 8,133 784,618 1,683 - 822,651 |
2021 Total £ 8,568 9,219 20,198 3,846 75,000 622 6,536 |
| 123,989 |
Income from donations and legacies in both the current and prior period was fully unrestricted.
3. 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 2022 was £nil (2021: £6,536). There are no unfulfilled conditions or contingencies attaching to these grants in the current or prior period.
4. Total expenditure
| Grants payable (note 5) Staff costs (note 8) Online platform fees Fundraising event costs Premises costs Office running costs Accountancy Bank charges Travel and subsistence Depreciation Sub-total Allocation of support and governance costs Total expenditure |
Raising funds £ - 10,579 418 870 - - - - - - 11,867 6,205 18,072 |
Charitable activities £ £ 38,152 - 5,459 11,256 - - - - - 10,020 - 2,665 - 3,540 - 336 78 470 - 305 43,689 28,592 22,387 (28,592) 66,076 - Support and governance costs |
2022 Total £ 38,152 27,294 418 870 10,020 2,665 3,540 336 548 305 |
|---|---|---|---|
| 84,148 - |
|||
| 84,148 |
Total governance costs in the period were £2,930 (2021: £2,340).
18
M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2022
| 4. Total expenditure (continued) Prior period comparative Raising funds £ £ £ Grants payable (note 5) - 5,648 - Staff costs (note 8) 15,409 6,349 14,930 Online platform fees 282 - - Fundraising event costs 270 - - Subscriptions - - 676 Premises costs - - 10,060 Office running costs - - 2,233 Accountancy - - 3,558 Bank charges - - 187 Travel and subsistence - (127) 19 Depreciation - - 732 Sub-total 15,961 11,870 32,395 Allocation of support and governance costs 18,578 13,817 (32,395) Total expenditure 34,539 25,687 - 5. Grants payable Grants made during the year were as follows: 2022 £ Grants to organisations: University of Oxford 30,245 North Bristol NHS 6,593 Grants to individuals: Research and education grants were made to 3 individuals (2021: Nil) 1,314 38,152 Support and governance costs Charitable activities |
2021 Total £ 5,648 36,688 282 270 676 10,060 2,233 3,558 187 (108) 732 |
|---|---|
| 60,226 - |
|
| 60,226 | |
| 2021 £ - 5,648 - |
|
| 5,648 |
19
M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2022
6. Grant commitments
| Grants payable: Grant commitments brought forward Grants committed to during the period Grants paid during the period Grant commitments carried forward Net movement in funds This is stated after charging: Depreciation Operating lease payments Trustees' remuneration Trustees' reimbursed expenses |
2022 £ - 38,152 (37,274) 878 2022 £ 305 7,762 Nil 470 |
2021 £ 22,118 5,648 (27,766) |
|---|---|---|
| - | ||
| 2021 £ 732 7,762 Nil Nil |
7. Net movement in funds This is stated after charging:
Trustees reimbursed expenses relate to travel costs to attend trustee meetings for 1 trustee during the year (2021: Nil)
8. Staff costs and numbers Staff costs were as follows:
| Salaries and wages Pension costs |
2022 £ 26,568 726 27,294 |
2021 £ 36,160 528 |
|---|---|---|
| 36,688 |
No employee earned more than £60,000 during the year.
20
M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2022
8. 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 £24,050 (2021: £18,125).
| Average head count | 2022 No. 1.3 |
2021 No. 3.0 |
|---|---|---|
9. Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
10. Tangible fixed assets
| Tangible fixed assets | ||
|---|---|---|
| Cost At 1 April 2021 and at 31 March 2022 Depreciation At 1 April 2021 Charge for the year At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 Debtors Prepayments Accrued income Other debtors |
£ £ 1,219 1,705 610 1,705 305 - 915 1,705 304 - 609 - 2022 £ 509 26,046 130 26,685 Computer equipment Fixtures and fittings |
Total £ 2,924 |
| 2,315 305 |
||
| 2,620 | ||
| 304 | ||
| 609 | ||
| 2021 £ 2,886 - - |
||
| 2,886 |
11. Debtors
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M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2022
12. Creditors : amounts due within 1 year
| Creditors : amounts due within 1 year | ||
|---|---|---|
| Trade creditors Grants payable (note 6) Accruals Pension |
2022 £ 1,133 878 3,336 120 5,467 |
2021 £ 4,860 - 3,036 53 |
| 7,949 |
13. Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Net assets at 31 March 2022 Prior year comparative Tangible fixed assets Current assets Current liabilities Net assets at 31 March 2021 |
£ - 10,500 - 10,500 £ - 10,500 - 10,500 Restricted funds Restricted funds |
£ £ - 304 79,000 821,231 - (5,467) 79,000 816,068 £ £ - 609 80,000 83,902 - (7,949) 80,000 76,562 Designated funds Unrestricted funds Designated funds Unrestricted funds |
Total funds £ 304 910,731 (5,467) |
|---|---|---|---|
| 905,568 | |||
| Total funds £ 609 174,402 (7,949) |
|||
| 167,062 |
22
M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2022
14. 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 2021 £ 500 10,000 10,500 32,000 34,000 14,000 80,000 76,562 156,562 167,062 |
Income £ - - - - - - - 822,654 822,654 822,654 |
£ - - - - - - - (84,148) (84,148) (84,148) Expenditure |
Transfers between funds £ £ - 500 - 10,000 - 10,500 33,000 65,000 (34,000) - - 14,000 (1,000) 79,000 1,000 816,068 - 895,068 - 905,568 At 31 March 2022 |
Transfers between funds £ £ - 500 - 10,000 - 10,500 33,000 65,000 (34,000) - - 14,000 (1,000) 79,000 1,000 816,068 - 895,068 - 905,568 At 31 March 2022 |
|---|---|---|---|---|---|
| 10,500 | |||||
| 65,000 - 14,000 |
|||||
| 79,000 | |||||
| 816,068 | |||||
| 895,068 | |||||
| 905,568 |
Purposes of restricted funds
British Science Week To fully fund a Digesting Science event to educate children and families Grant who are directly affected by a family member living with MS.
The Hollister To fully fund or contribute to medical research to benefit those living with Research Fund
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.
Purposes of transfers
Transfers between designated and general funds represent specific projects which are no longer going ahead and therefore do not require funds to be allocated towards them.
23
M. S. Research Treatment and Education Limited
Notes to the financial statements
For the year ended 31 March 2022
14. Movements in funds (continued) Prior year comparative
| 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 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 |
15. 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 |
2022 £ 2,368 - 2,368 |
2021 £ 7,762 - |
|---|---|---|
| 7,762 |
16. Related party transactions
There were no related party transactions during the current or prior period.
24