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2022-07-31-accounts

Company number: 04247766 Charity number: 1088353

Multiple Sclerosis Trust and its subsidiary undertakings

Report and financial statements For the year ended 31 July 2022

Multiple Sclerosis Trust

Contents

For the year ended 31 July 2022

Letter from the Chair ........................................................................................................... 1 Trustees’ annual report ....................................................................................................... 3 What the MS Trust achieved in 2021/22 .................................................................... 4 Plans for the future ..................................................................................................... 7 Financial review ........................................................................................................ 12 Reference and administrative information ......................................................................... 18 Independent auditor’s report ............................................................................................. 20 Statement of financial activities (incorporating the income and expenditure account) ...... 24 Balance sheet ................................................................................................................... 25 Statement of cash flows ..................................................................................................... 26 Notes to the financial statements ...................................................................................... 27

Multiple Sclerosis Trust

Letter from the Chair

For the year ended 31 July 2022

After two challenging years, I am delighted to report that the MS Trust remains a strong and sustainable charity that continues to set itself ambitious goals. There is no doubt that Covid has been a very challenging time for the nation as a whole, but arguably even more so for people with MS, for their families and carers, and for the health professionals who support them.

In the last 12 months, we have had over 2.3 million information interactions and have supported 827,000 people through our expert information and helpline. We received just under 1.4m unique visits to our website and 1.9m information page views. We continue to make ourselves available across a wide range of formats, from printed materials to social media, videos, podcasts and webinars. Autumn 2022 also saw the relaunch of our website as we know how important it is to continue to provide people affected by MS with credible, trusted information in an accessible way.

This year also saw a key focus on ensuring that people with MS are heard and are at the heart of everything we do. We set out with the ambition to ensure that we reflected the diversity of people living with MS and we believe that our report Life changing: the hopes and fears of the MS community in 2022 has achieved this. I would like to take this opportunity to thank all those who trusted us to share their challenges and their frustrations, but also their stories of hope and determination.

More widely, volunteers are playing an increasingly important role at the MS Trust and on behalf of the board of trustees, I would like to thank all those who generously donated their time to support us and share their much-valued skills, expertise and lived experience. I would also like to thank the staff who have taken this external input and combined it with their own knowledge and experience to maximise the benefits that volunteers bring to our charity. This new way of working, combined with greater collaboration across the charity sector, will enable us to increase our reach, make us more resilient and allow us to amplify the work that we do.

Our recent mapping survey showed how stretched MS services are, demonstrating the urgent need for more specialist MS nurses and more Advanced MS Champions (AMSCs). That’s why we have continued to support health professionals, by bringing back our faceto-face conference with all the networking and support opportunities that it generates. We’ve also run development modules to help train more nurses and study days to support their professional development. Looking ahead to next year, we intend to work with the NHS to appoint more specialist nurses and AMSCs in the areas that need them most. We are also committed to demonstrating the value of these roles to ensure their sustainability. We will continue to support health professionals through a dedicated platform, through our conference and by offering even more specialist training and development that meets their needs.

From a fundraising perspective, 2021/22 proved to be a more challenging year than anticipated: Covid extended its reach well into the year, followed swiftly by economic uncertainty and the cost-of-living crisis. Whilst the road ahead continues to look difficult, we are building a strong team and taking an adaptive approach to strategy that will allow us to apply our resources to areas of potential growth and resilience. I would also like to

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Multiple Sclerosis Trust

Letter from the Chair

For the year ended 31 July 2022

personally thank all those who continue to fundraise for us, as I appreciate how much effort goes into every pound raised.

In 2023, we celebrate our 30th birthday, and we are working to use the opportunity to develop a combined communications and fundraising campaign that will raise the profile of the MS Trust, drive increased engagement with our services and generate fundraising income. We are counting on the generosity of our donors, supporters and volunteers to help us make this anniversary a success, and with your help, we look forward to increasing the support the MS Trust provides to support people with MS and those who care for them.

Caitlin Sorrell Chair of Trustees

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Multiple Sclerosis Trust

Trustees’ annual report

For the year ended 31 July 2022

The Vision of the Multiple Sclerosis Trust, a national charity, is for people with MS to live their lives to the full.

Our Mission is to;

The Hertfordshire-based charity was founded by Chris Jones and Jill Holt in 1993.

Last year we supported 827,000 people with our expert MS information and helpline

The MS Trust is here for everyone affected by MS, from the moment of diagnosis and throughout their journey. We're here for the 130,000 people living with MS today, tomorrow and every day after, making sure a life with MS isn't a life defined by MS.

The activities of the MS Trust are overseen by the Board of Trustees.

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Multiple Sclerosis Trust

Trustees’ annual report

For the year ended 31 July 2022

The Trustees present their report (including Directors’ report as required by company law) and the audited financial statements for the year ended 31 July 2022. Reference and administrative information, set out on page 18, forms part of this report. The financial statements comply with current statutory requirements, the Trust’s memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

What the MS Trust achieved against its objectives in 2021/22

The MS Trust has delivered on many of its key organisational objectives over the past 12 months. The charity responded quickly and effectively to the challenges post-pandemic, meeting the increased demands for advice for people with MS and proactively reacting to a difficult fundraising environment and consequent reduction in fundraising income.

We continued to be successful in strengthening our organisation management, increasing financial robustness and building sustainability into our work, whilst making good progress towards shaping and influencing the national MS agenda.

Health Professionals Programmes

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Multiple Sclerosis Trust

Trustees’ annual report

For the year ended 31 July 2022

Project Progress Next steps
Specialist Successfully re-started in the second The next SNP site of
Nurse quarter of 2021 with the appointment Redbridge recruitment is
Programme of an MSSN for North Wales in July underway.
(SNP) 2021 as the first additional MS Nurse
to be placed by the charity in the NHS
since the pandemic started
AMSC Four of the six AMSCs programme The Bristol AMSC is due for
programme pilot sites have so far made their business case submission in
AMSC posts permanent, and two sites
2022/23.
are still working through the business A report about the results and
case. The MS Trust have agreed to outcomes of the AMSCs pilot
extend funding of the Bristol post for programme will be launched
an additional six months given the November 2022 to include
exceptional COVID circumstances. wider stakeholder
participation and will inform
the lessons learnt and
requirements for the second
wave.
Health A dedicated social media platform for This will be tested in late
professional’s health professionals has been 2022 and launched in March
platform developed to encourage engagement. 2023.
Conference Excellent feedback from health
professionals that they were able to
attend the face-to-face conference in
March 2022. It was a huge success
with 235 delegates, 38 speakers, and
24 exhibitors. A total of 19 sponsors
provided funding of £255K. Feedback
from delegates was excellent specially
around the option of accessing all
content on-demand after the event,
enabling them to watch more of the
content after the conference. The
networking and social opportunities
were well appreciated, as were the
opportunities for more practical,
hands-on sessions.

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Multiple Sclerosis Trust

Trustees’ annual report

For the year ended 31 July 2022

Project Progress Next steps
Study days A palliative care study day was held in
November 2021 with high attendance,
in response to health professional
feedback (most requested topic). The
day was well-received and met the
need of a non-cancer approach to
palliative care. There was good
representation from across the
multidisciplinary team, including
hospices.
Development Two Development Module courses The waiting list continues,
module were run during 2021/22 – one virtual, which will be addressed in
one face-to-face. Both were fully 2022/23 with three face-to-
subscribed. face courses.

Information and Engagement

In 2021/22 we supported 827,000 people with our expert MS information and helpline. This includes our online and print information content, podcasts, video and webinar views and enquiries answered by our helpline. In total we had over 2.3m information interactions last year:

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Multiple Sclerosis Trust

Trustees’ annual report

For the year ended 31 July 2022

diversity of stories and representation of contributors to our website. We marched as allies at Pride with colleagues from other MS Charities under the banner ‘MS doesn’t discriminate and neither do we’ and embedded diversity through our annual conference and education events for health professionals.

Fundraising

This year was a more turbulent one for fundraising than originally anticipated, with the pandemic extending its reach further into the year than could have been imagined. This resulted in the combined impact of cancelled events, changes in behaviour and restrictions, being felt throughout 2022.

As the Charity sector eagerly awaited a return to pre-pandemic behaviours and a much hoped for bounce back in Spring 2022, the war in Ukraine and the emerging cost of living crisis both proved significant blows. These combined factors caused fundraising to return a significant shortfall against target – achieving £1.31m against a revised budget of £1.78m. Whilst the reasons for the shortfall were clearly attributable to a challenging environment, the charity adapted its strategy and continued to respond to the evolving fundraising landscape. The reasons for the shortfall are outlined below:

One of the key successes of 2021/2022 has been the building of a strong new team – positioning the organisation well to build income for the future.

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Multiple Sclerosis Trust

Trustees’ annual report

For the year ended 31 July 2022

Following a review of our trading we decided to bring our Christmas card sales in house. We are anticipating a positive impact on profitability in future seasons.

Influencing health policy

The Trust has increased its external influence in the MS sector.

CEO David Martin is the active Chair of the influential Neurological Alliance, an umbrella organisation made up of more than 90 neurological charities.

We set up a new Advisory Group of MS specialists to provide expert scientific and medical advice to inform the work of the MS Trust.

The MS Trust took part in six new drug appraisals for the National Institute for Health and Care Excellence (NICE) and Scottish Medicines Consortium (SMC); members of the MS community acted as expert patients to help shape our responses by sharing their views and experiences of new and existing treatments. We participated in the review of the NICE MS Clinical Guidelines. Collaborating with other MS charities, we explored the impact that MS has on mental health and wellbeing.

Plans for the future

The Trust is emerging, post-pandemic, as a strong, viable charity, ambitious for the future, well-placed to deliver its highly valued and unique services for people with MS and the many health professionals who care for them. Detailed objectives for each of the main activity areas are presented below.

Key priorities for the Health Professionals Programmes in 2022/23

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Multiple Sclerosis Trust

Trustees’ annual report

For the year ended 31 July 2022

Key priorities for Information and Engagement in 2022/23

Key priorities for Fundraising and Marketing in 2022/23

Underpinning all of the above is a focus on our organisational Values.

Raising funds from the public

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Multiple Sclerosis Trust

Trustees’ annual report

For the year ended 31 July 2022

The MS Trust is registered with the Fundraising Regulator as part of our commitment to good practice and ethical fundraising and in line with the charity’s values. We act in accordance with the Code of Fundraising Practice at all times and do not work with third party fundraisers. All staff who fundraise on behalf of the MS Trust are aware of, and work to, the Code of Fundraising Practice.

The organisation has a complaints policy in place and is committed to handling complaints according to the Fundraising Regulator policies and procedures. The Executive report on any complaints to the Trustees through formalised governance procedures and closely monitor any issues affecting the charity notified by the Fundraising Preference Service. The level of issues is minimal (regularly reported as zero).

As a charity we are acutely aware of the need to protect vulnerable people and other members of the public from unacceptable behaviours and the scope our Safeguarding Policy extends to fundraising activities by staff and volunteers acting on behalf of the MS Trust. The charity has a designated Fundraising Deputy Safeguarding Officer. All fundraising staff are trained in safeguarding and regularly review fundraising practice and activities against our safeguarding policy.

Public benefit

The MS Trust continues to operate as an independent, nationally recognised charity working with the relevant charitable bodies and professional organisations to support the 130,000 people living with MS and to develop the specialist health services they need.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

Subsidiaries

The charity has two subsidiaries:

Working with other charities and organisations

The Covid-19 crisis highlighted the importance of supporting and championing the MS community at a time of significant change. We were proud to work closely with colleagues in other MS charities, in the NHS and in the pharmaceutical industry to ensure the voices of people with MS were heard in a fast-changing environment.

The MS Trust part-funds the UK MS Specialist Nurse Association (UKMSSNA). The charity is also an active supporter and funder of the Therapists in MS Group (TiMS), providing the secretariat and hosting their website.

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Multiple Sclerosis Trust

Trustees’ annual report

For the year ended 31 July 2022

The Trust collaborates with a number of voluntary and professional bodies to secure and influence high-quality health care for people with MS including;

Donors and fundraisers acknowledgement

This year, more than ever, the Multiple Sclerosis Trust would like to acknowledge and thank all its donors, fundraisers, charitable trust and corporate partners for their ongoing and generous support. Special thanks go to the many individuals who support the charity with regular gifts and to everyone who has fundraised for the charity’s work throughout the year, despite the challenges posed by the ongoing pandemic and world events.

Volunteers

The Trust welcomes volunteers in many roles including as trustees. In 2021/22 We continued to grow our volunteer programme to support our work across the MS Trust. We redeveloped our online volunteering portal and developed a new volunteering policy. 205 volunteers donated their time to the MS Trust in 2021/22. Our volunteers helped with leadership development, creating digital content, delivering professional training, data cleansing, transcribing, online community moderation, reviewing and contributing expertise to information resources, office and website administration and a wide range of fundraising activities. We are grateful for all the time our volunteers donate and want to thank them for their support.

Structure, governance and management

The MS Trust is a company limited by guarantee, governed by its Articles of Association and registered as a charity with the Charity Commission. Members comprise the Board of Trustees. The Charity was established in 1993 as the Multiple Sclerosis (Research) Charitable Trust and incorporated in July 2001 as the Multiple Sclerosis Trust. The company was established under a Memorandum of Association that established the objects and powers of the charitable company, and is governed under its Articles of Association.

The charity is governed by its Board of Trustees, appointed by an ordinary resolution following external recruitment. On joining the Board, new Trustees undertake a tailored induction programme.

Approximately one third of the Board retires by rotation at the Annual Retirement Meeting (ARM) as part of the Annual General Meeting (AGM) and may offer themselves for reelection. The following Trustees were due to retire at the 2021 ARM and were re-elected to the Board:

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Multiple Sclerosis Trust

Trustees’ annual report

For the year ended 31 July 2022

All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note eight to the accounts.

The Trustees monitored the impact of the external environment on the charity whilst reviewing the activities of the charity and set its future direction. The CEO and Senior Management Team (SMT) attend for relevant agenda items. The SMT provide full reports to the Trustees in advance of these meetings. Day to day operations of the Trust are delegated to the CEO and SMT.

There are two committees of the Board: Risk, Audit and Finance (RAFT) and Remuneration.

The RAFT is responsible for overseeing the performance of the internal controls, management of risk and scrutiny of finances. The RAFT is also responsible for the review of the Trustees’ annual report and accounts and the external audit. The RAFT reports regularly to the main Board.

The Remuneration Committee meets annually to review all staff rewards. The Committee benchmarks against other charities where possible taking into account market rates for similar jobs, as well as individual and charity performance and the general financial outlook.

The MS Trust management team (SMT)

The MS Trust is managed under the leadership of its CEO, David Martin, and a Senior Management Team. The performance of the Charity is reviewed regularly by reference to the Key Performance Indicators and is reported monthly to the Board of Trustees.

Around half of the Trust’s policies and procedures were reviewed, updated and approved by Trustees during the year, as part of a cyclical review schedule.

Risk management

Management of risk is an integral part of the charity’s business planning and project management processes. Strategic risks are regularly monitored by the Senior Management Team, reviewed quarterly by the Risk, Audit and Finance Committee (RAFT) and considered annually by the full Board. Operational risks are within the control of the Senior Management Team and reported to RAFT for information and annual review.

The Committee considered the following to be key risks from their reviews during 2021/22:

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Multiple Sclerosis Trust

Trustees’ annual report

For the year ended 31 July 2022

Financial review

Financial position

At 31 July 2022, the MS Trust held funds of £3,080,823 (2021: £3,739,966). Of these funds, £435,283 (2021: £634,717) is held as restricted funds, £1,078,084 (2021: £1,296,304) is held as designated funds, and £1,567,454 (2021: £1,808,945) consists of unrestricted general reserves.

Income

Income amounted to £1,829,059 in 2022 (2021: £3,077,057). This decrease of 41% is mainly due to a legacy of almost £1m received during the prior year.

Donations and legacies income amounted to £1,313,284 (2021: £2,561,120), a decrease of 49%, which includes the legacy mentioned above. The extended reach of the Covid pandemic into 2021/22, followed by the rapidly escalating cost of living, had an impact on fundraising income. Community and Events fundraising remained unpredictable, but the broad base of the Trust’s fundraising portfolio, and the excellence of the organisation’s stewardship, ensured that some areas were robust despite the challenges. Individual Giving held up well and resources from within the wider fundraising team were pivoted to enhance Digital Fundraising and build on this strength. Voluntary income was generated by donations and legacies (£585,883), fundraising (£498,206), Health Professionals (£183,358), and Information and Engagement (£45,837).Commercial trading turnover at £129,510 (2021: £120,385) slightly increased due to higher sales of Christmas cards.

Fees for professional education courses at £322,781 (2021: £232,639) increased by 39%. Professional education is a challenging area, since the NHS will provide limited funding for nurses or allied Health Professionals to attend courses. However, the increase on 2021 fees for professional education courses is largely due to increased activity and interest in the annual conference, and more places being offered on the two Development Module courses.

Expenditure

Overall expenditure of £2,488,204 (2021: £1,936,371) has increased by 28%. The main changes against 2020/21 were:

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Multiple Sclerosis Trust

Trustees’ annual report

For the year ended 31 July 2022

The charity’s core costs (including governance costs and support costs) for 2021/22 totalled £590,731 (2021: £489,395).

Result for the year

The year generated a deficit of £659,145, compared to a surplus of £1,140,686 in 2021. The deficit consists of an unrestricted and designated fund deficit of £459,711and a restricted deficit of £199,434. A deficit £518,941 had been planned for, but the arising further deficit resulted from reduced income from fundraising activities.

Review of the activities of the subsidiaries

During the year ended 31 July 2022, MS Trust had two active trading subsidiaries:

MS Trust (Education) Ltd (company registration number 5105344). The total income for the year ended 31 July 2022 was £397,121 (2021: £300,232) and the net profit on ordinary activities, before taxation and gift aid was £95,886 (2021: £130,736). Gift aid totalling £95,886 is to be paid to the Trust (2021: £136,736). All after-tax profits are paid to the Trust as gift aid.

MS Trust (Trading) Ltd (company registration number 2838516). The total income for the year ended 31 July 2022 was £129,510 (2021: £122,692) and the profit before taking into account the amount to be gifted to the MS Trust was £5,736 (2021: £11,095). All after-tax profits are paid to the MS Trust as gift aid. Gift aid totalling £5,736 is to be paid to the Trust (2021: £11,095).

Some of the unpaid Directors of the two companies are also members of the Board of Trustees of the MS Trust as marked (e) or (t) on page 18.

Reserves policy

The Trust’s reserves policy focuses on the level of free reserves, defined as net assets excluding restricted funds and designated funds.

The Trustees take a risk-based approach to reserves and therefore aim to retain sufficient free reserves to;

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Multiple Sclerosis Trust

Trustees’ annual report

For the year ended 31 July 2022

Trustees aim to retain four to six months of planned unrestricted expenditure as free reserves, recognising the unpredictable nature of many of the funding sources.

At 31 July 2022, free reserves totalled £1,567,454, covering 9.2 months of unrestricted budgeted expenditure (2021: £1,808,945, covering 12.4 months of planned unrestricted expenditure). Therefore, free reserves fall above the target level as set out above. The Trustees are planning for a further reduction to free reserves during 2022/23. Restricted funds total £435,283 (2021: £634,717).

Legacy income is highly volatile, with £198,072 received in 2022 compared to £1,144,698 in 2021 and £171,216 in 2020. In order to smooth the flow, the Trustees have established a Legacy Equalisation Reserve into which £450,000 has been transferred to provide cover against a low level of this type of income. This fund can be utilised with the agreement of the Trustees. The current plan is to top up the legacy income where required from the Legacy Equalisation Reserve if legacy income is below the projected budget. No transfers in or out of the Legacy Equalisation Reserve took place in 2021/22.

Other designated funds include the nurse sustainability fund totalling £195,162 (for funding MS nurses), the Priest research fund of £75,000 (for research work), the Voice project fund of £337,155 (for funding a new project to build how we listen to and respond to voices from the MS community) and the fixed asset fund totalling £20,767 (reflecting the value of fixed assets held which is not readily expendable).

In the current economic climate, the Trustees have agreed to adopt a flexible approach and review the reserves policy annually.

Monies from the pharmaceutical industry

The MS Trust has a policy position on working with the pharmaceutical industry, which is available on the charity’s website. In brief, the policy states that the Trust will not endorse any specific product or service and will not accept any attempts to influence its policy in any way. The following table shows amounts donated by pharmaceutical companies.

2022
£		 2021
£
Accora 3,650 -
Biogen Idec Ltd 27,260 22,584
Celgene / Bristol Myers Squibb 32,000 46,000
Coloplast 4,045 -
Dorset Orthopaedic 2,310 -
Flexicare 250 -
Genzyme, a Sanofi Company 78,000 40,050
GW Pharma 20,000 2,100
Hollister 3,915 32,000

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Multiple Sclerosis Trust

Trustees’ annual report

For the year ended 31 July 2022

Janssen 32,000 56,000
MacGregor 3,715 -
Medtronic 4,600 2,100
Merck Serono Ltd 72,441 66,900
Novartis Pharmaceuticals UK Ltd 71,214 75,385
Odstock 2,260 -
Ottobok 2,570 -
Roche Products Ltd 32,836 76,000
Rokshaw 2,350 -
Teva UK Ltd 3,970 3,650
Theo Davis and Sons 3,650 -
Wellspect 2,550 -

A number of companies also exhibit at the charity’s annual conference.

Going concern

The MS Trust believes that that there are no material uncertainties that call into doubt the charity’s ability to continue its activities. The accounts have therefore been prepared on the basis that the charity is a going concern.

Investment policy

The MS Trust’s investment policy is to maximise the return on its reserves as this is consistent with ensuring they are both readily accessible and invested in low-risk instruments. The current policy of the charity is to invest in cash and liquid assets and not to invest in equities, bonds and related asset classes. The reasons for this are the possibility of needing more of the reserves in the short term to deal with income and expenditure risks and the volatility of world stock markets.

Any funds not needed immediately are placed on deposit (subject to limits agreed with the Board). Where the MS Trust receives non-cash investments, these are held until they can be realised to optimise the benefit to the charity. There are no specific restrictions on investment powers contained in the Multiple Sclerosis Trust’s governing document.

Statement of responsibilities of the Trustees

The Trustees (who are also Directors of the MS Trust for the purposes of company law) are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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 charitable company and group and of the incoming resources and application of resources, including the income and

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Multiple Sclerosis Trust

Trustees’ annual report

For the year ended 31 July 2022

expenditure, of the charitable company and group for that period. In preparing these financial statements, the Trustees are required to;

Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

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.

Trustees are the members of the charity but this entitles them only to voting rights. They have no beneficial interest in the charity. 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 total number of such guarantees at 31 July 2022 is fourteen (2021 - twelve).

Auditors

A retender for the audit contract was undertaken during the year. Azets was appointed as the charitable company's auditors during the year and has expressed its willingness to act in this capacity.

Approved by the Trustees on 2 December 2022 and signed on their behalf by:

Caitlin Sorrell Chair of Trustees

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Multiple Sclerosis Trust

Reference and administrative information

For theyear ended 31 July 2022
Company number 04247766
Charity number 1088353
Registered office and Spirella Building, Bridge Road, Letchworth Garden City,
Operational address Hertfordshire, SG6 4ET
Contact T: 01462 476700, E:info@mstrust.org.uk,
W: www.mstrust.org.uk
Country of England & Wales
registration
Country of United Kingdom
incorporation
Trustees Trustees, who are also members and directors under company
law, who served during the year and up to the date of this
report were as follows:
Caitlin Sorrell(3,4) Chair of Trustees
Hon. Sarah Joiner(1,2) Vice Chair
Rachel Balchin(t,1)
Laura Chapman(e,3)
Declan Chard
Joanne Hudson
Professor Dawn Langdon(e,2)
Rebecca Law (appointed 13 June 2022)
Jenny Ousbey
Sally-Anne Owen (appointed 13 June 2022)
Michael Penny(1,3)
David Philpot(1,3)
Christine Singleton(e,1,3)
Sarah White
Company Secretary David Martin
Note (e) Director of Multiple Sclerosis Trust (Education) Ltd
(t) Director of Multiple Sclerosis Trust (Trading) Ltd
(1) Member of the Risk, Audit & Finance Committee
(2) Member of the Research Committee
(3) Member of the Remuneration Committee
(4) Attends Risk, Audit & Finance Committee as Chair
Principal staff David Martin Chief Executive
Alexandra Gear Director of Finance and Operations
Robert Carter(t) Director of Fundraising and

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Multiple Sclerosis Trust

Reference and administrative information

For the year ended 31 July 2022

Marketing (to December 2021) Lucy Taylor Director of Fundraising and Marketing (from January 2022) Paru Naik[(e)] Director of Health Professional Programmes Lucy Harmer Director of Information and Engagement Bankers NatWest Bank plc Station Place, Letchworth Garden City, Hertfordshire, SG6 3AL Solicitors Bates, Wells & Braithwaite 10 Queen Street Place, London, EC4R 1BE Auditors Azets Audit Services, Ruthlyn House, 90 Lincoln Road, Peterborough, PE1 2SP

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Multiple Sclerosis Trust

Independent auditor’s report to the members of Multiple Sclerosis Trust

For the year ended 31 July 2022

Opinion

We have audited the accounts of Multiple Sclerosis Trust (the ‘charity’) and it's subsidiaries for the year ended 31 July 2022 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statements and the notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion

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Multiple Sclerosis Trust

Independent auditor’s report to the members of Multiple Sclerosis Trust

For the year ended 31 July 2022

thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and Parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Trustees' Report.

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

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless

21

Multiple Sclerosis Trust

Independent auditor’s report to the members of Multiple Sclerosis Trust

For the year ended 31 July 2022

the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

22

Multiple Sclerosis Trust

Independent auditor’s report to the members of Multiple Sclerosis Trust

For the year ended 31 July 2022

course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Richardson BSc (Hons) FCA (Senior Statutory Auditor) for and on behalf of Azets Audit Services

Chartered Accountants Statutory Auditor Ruthlyn House 90 Lincoln Road Peterborough United Kingdom PE1 2SP

Dated: 7 December 2022.

23

Multiple Sclerosis Trust

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 July 2022

Unrestricted
Note
£
Income from:
2
1,024,128
3
322,781
4
143,767
5
34,644
26,503
1,551,823
6
691,882
6
242,020
297,279
767,699
1,642
38,705
2,039,227
Net income (expenditure) for the year
(487,404)
Transfers between funds
39,613
Net movement in funds
(447,791)
Reconciliation of funds:
3,105,249
2,657,458
Total funds brought forward
Total funds carried forward
Raising funds
Total expenditure
Charitable activities
Education
Information and engagement
Research funding
Health professionals
Marketing and communications
Interest received
Other
Total income
Expenditure on:
Donations and legacies
Charitable activities
Other trading activities		 Restricted
£
289,156
-
-
-
-
289,156
21,898
2,256
103,743
11,770
309,310
448,977
(159,821)
(39,613)
(199,434)
634,717
435,283		 2022
Total
£
1,313,284
322,781
143,767
34,644
26,503
1,840,979
691,882
263,918
299,535
871,442
13,412
348,015
2,488,204
(647,225)
-
(647,225)
3,739,966
3,092,741		 Unrestricted
£
2,151,647
232,639
133,602
16,655
107,006
2,641,549
590,695
226,057
165,812
423,751
1,655
166,368
1,574,338
1,067,211
58,938
1,126,149
1,979,100
3,105,249		 Restricted
£
409,473
-
-
-
26,035
435,508
-
-
1,000
166,573
13,355
181,105
362,033
73,475
(58,938)
14,537
620,180
634,717		 2021
Total
£
2,561,120
232,639
133,602
16,655
133,041
3,077,057
590,695
226,057
166,812
590,324
15,010
347,473
1,936,371
1,140,686
-
1,140,686
2,599,280
3,739,966

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 21a to the financial statements.

20

Multiple Sclerosis Trust

Company no. 04247766

Balance sheets

As at 31 July 2022

2022
2021
Note
£
£
Fixed assets:
12
20,767
30,071
13
-
-
20,767
30,071
Current assets:
15
18,042
20,232
16
275,167
467,789
3,080,230
2,718,535
378,944
1,098,883
3,752,383
4,305,439
Liabilities:
17
(680,409)
(595,544)
3,071,974
3,709,895
3,092,741
3,739,966
21a
435,283
634,717
1,078,084
1,296,304
1,579,374
1,808,945
Total unrestricted funds
2,657,458
3,105,249
3,092,741
3,739,966
Investments in subsidiaries
Stock
Debtors
Funds:
Restricted income funds
Unrestricted income funds:
Designated funds
General funds
Creditors: amounts falling due within one year
Net current assets
Total assets
Cash at bank and in hand
Short term deposits
Tangible assets
The group
Total funds		 2022
2021
£
£
20,767
30,071
101
101
20,868
30,172
-
-
310,227
423,186
3,064,373
2,702,719
204,868
957,978
3,579,468
4,083,883
(609,560)
(516,266)
2,969,908
3,567,617
2,990,776
3,597,789
435,283
634,717
1,078,084
1,296,304
1,477,409
1,666,768
2,555,493
2,963,072
2,990,776
3,597,789
The charity

Approved by the trustees on 2 December 2022 and signed on their behalf by:

Caitlin Sorrell Chair of Trustees

21

Multiple Sclerosis Trust

Consolidated statement of cash flows

For the year ended 31 July 2022

Note
22
23
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash flows from operating activities
Net cash provided by investing activities
Net cash (used in) / provided by operating activities
Cash flows from investing activities:
Interest received
Purchase of fixed assets		 £
£
(388,163)
34,644
(4,725)
29,919
(358,244)
3,817,418
3,459,174
2022		 £
£
898,843
16,655
(24,493)
(7,838)
891,005
2,926,413
3,817,418
2021

22

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

a) Statutory information

b) Basis of preparation

The financial statements have been prepared in accordance with the charitable company's governing document, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (as amended for accounting periods commencing from 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.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

These financial statements consolidate the results of the charitable company and its wholly-owned subsidiaries Multiple Sclerosis Trust (Trading) Limited and Multiple Sclerosis Trust (Education) Limited on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from 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 executor(s) to the charity 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 probable 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 not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

23

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

e) Income (continued)

Furlough income was claimed in arrears. It was recognised when receivable, shown as income to match with the period when staff members were on furlough. Furlough income has been shown as unrestricted income, except where it was received for a member of staff working on income funding restricted projects. In these cases it has been shown as restricted income.

f) 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.

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

h) Expenditure and irrecoverable VAT

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. The cost of overall direction and administration of each activity (the support costs), comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Fundraising and trading 33%
Marketing and communications 10%
Education 4%
Information and engagement 39%
Research 1%
Health Professionals 13%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

24

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

j) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

k) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £250. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

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:

l) Investments in subsidiaries

Investments in subsidiaries are at cost.

m) Stocks

Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow moving and defective stocks.

n) 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.

o) Short term deposits

Short term deposits includes cash balances that are invested in accounts with a maturity date of between 1 and 12 months.

p) 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 one month or less from the date of acquisition or opening of the deposit or similar account.

q) Creditors and provisions

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.

r) Financial instruments

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

25

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

The Trust makes 5% of salary payments to defined contribution pension schemes on behalf of employees. The assets of the schemes are held separately from those of the Trust in independently administered funds. The pension cost charge represents contributions payable to the funds during the year. The Trust has no liability under the schemes other than the payment of those contributions.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

26

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

2
For fundraising events
For Health Professionals
For Specialist Nurse Programme
For Advanced MS Champions Programme
For information and engagement
Legacies
3
4
5
Bank interest
Interest received
Trading activity in subsidiary companies
Trading activity in MS Trust
Income from other trading activities
Education
Income from charitable activities
General gifts and donations
Income from donations and legacies		 Unrestricted
£
339,556
486,499
-
-
-
-
198,072
1,024,127
Unrestricted
£
322,781
Unrestricted
£
129,510
14,257
143,767
Unrestricted
£
34,644		 Restricted
£
48,255
11,707
10,469
130,173
42,716
45,837
-
289,157
Restricted
£
-
Restricted
£
-
-
-
Restricted
£
-		 2022
Total
£
387,811
498,206
10,469
130,173
42,716
45,837
198,072
1,313,284
2022
Total
£
322,781
2022
Total
£
129,510
14,257
143,767
2022
Total
£
34,644		 Unrestricted
£
429,371
577,578
-
-
-
-
1,144,698
2,151,647
Unrestricted
£
232,639
Unrestricted
£
120,385
13,217
133,602
Unrestricted
£
16,655		 Restricted
£
32,000
12,018
94,558
62,235
96,888
111,774
-
409,473
Restricted
£
-
Restricted
£
-
-
-
Restricted
£
-		 2021
Total
£
461,371
589,596
94,558
62,235
96,888
111,774
1,144,698
2,561,120
2021
Total
£
232,639
2021
Total
£
120,385
13,217
133,602
2021
Total
£
16,655

27

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

6a Analysis of expenditure (current year)

Staff costs (note 8)
Educational courses
Information and publications
Research
Risk Sharing Scheme
Commercial trading
Fundraising
Health Professionals
Bursaries
Recruitment and other staff costs
Trustee expenses
Office costs
Legal and professional
Audit fees
Depreciation
Bank charges
Irrecoverable VAT
Support costs
Governance costs
Total expenditure 2022
Total expenditure 2021		 Cost of
raising funds
£
286,025
-
-
-
-
87,448
89,089
-
-
14,888
-
8,279
1,933
-
-
3,256
4,954
495,872
170,853
25,157
691,882
590,695		 Marketing and
communications
£
117,920
-
-
-
-
-
51,102
-
-
524
-
26,188
-
-
-
-
11,080
206,814
49,532
7,572
263,918
226,057		 Education
Information and
engagement
£
£
40,866
446,672
229,457
-
-
135,452
-
-
-
-
-
-
-
3,161
-
-
2,257
-
780
6,640
-
-
1,197
19,989
838
20,350
-
-
-
-
1,381
-
-
8,815
276,776
641,079
19,928
200,994
2,831
29,369
299,535
871,442
166,812
590,324
Charitable activities		 Research
£
7,021
-
-
-
1,642
-
-
-
-
-
-
-
-
-
-
-
-
8,663
4,133
616
13,412
15,010		 Health
Professionals
£
153,657
-
-
-
-
-
-
101,579
-
5,337
-
301
2,222
-
-
-
5,173
268,269
69,736
10,010
348,015
347,473		 Governance
costs
£
61,287
-
-
-
-
-
-
-
-
1,360
-
1,835
13
11,000
-
-
60
75,555
-
(75,555)
-
-		 Support
costs
£
174,710
-
80
-
-
-
-
-
-
17,993
-
247,049
8,582
-
14,029
5,239
47,494
515,176
(515,176)
-
-
-		 2022 Total
£
1,288,158
229,457
135,532
-
1,642
87,448
143,352
101,579
2,257
47,522
-
304,838
33,938
11,000
14,029
9,876
77,576
2,488,204
-
-
2,488,204		 2021
Total
£
1,120,823
108,469
39,187
-
1,655
90,264
78,517
136,428
1,000
17,556
-
228,601
30,044
11,300
11,025
6,404
55,098
1,936,371
-
-
1,936,371

28

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

Staff costs (note 8)
Educational courses
Information and publications
Research
Risk Sharing Scheme
Commercial trading
Fundraising
Health Professionals
Bursaries
Recruitment and other staff costs
Trustee expenses
Office costs
Legal and professional
Audit fees
Depreciation
Bank charges
Irrecoverable VAT
Support costs
Governance costs
Total expenditure 2021
Total expenditure 2020		 Cost of
raising funds
£
262,323
-
-
-
-
90,264
42,826
-
-
2,025
-
9,194
2,325
-
-
2,749
5,138
416,844
147,250
26,601
590,695
701,338		 Marketing and
communications
£
110,150
-
-
-
-
-
28,257
-
-
311
-
23,146
-
-
-
-
4,479
166,343
50,601
9,113
226,057
269,133		 Education
Information and
engagement
£
£
34,749
325,851
108,469
-
-
39,187
-
-
-
-
-
-
-
6,847
-
-
1,000
-
-
3,101
-
-
506
21,245
825
6,545
-
-
-
-
936
-
-
8,643
146,485
411,419
17,205
151,503
3,122
27,402
166,812
590,324
242,253
526,652
Charitable activities		 Research
£
8,283
-
-
-
1,655
-
-
-
-
-
-
-
-
-
-
-
-
9,938
4,298
774
15,010
15,161		 Health
Professionals
£
158,470
-
-
-
-
-
-
136,428
-
697
-
198
-
-
154
-
-
295,947
43,577
7,949
347,473
649,947		 Governance
costs
£
59,695
-
-
-
-
-
-
-
-
2,054
-
439
1,473
11,300
-
-
-
74,961
-
(74,961)
-
-		 Support
costs
£
161,302
-
-
-
-
-
587
-
-
9,368
-
173,873
18,876
-
10,871
2,719
36,838
414,434
(414,434)
-
-
-		 2021 Total
£
1,120,823
108,469
39,187
-
1,655
90,264
78,517
136,428
1,000
17,556
-
228,601
30,044
11,300
11,025
6,404
55,098
1,936,371
-
-
1,936,371		 2020
Total
£
1,335,872
169,695
157,702
12,500
4,363
101,090
93,500
201,662
500
65,085
650
245,263
61,840
10,550
9,302
5,877
58,983
2,534,434
-
-
2,404,484

29

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

This is stated after charging:

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |£|£| |Depreciation|14,029|11,025| |-|-| |Loss on disposal of fixed assets| |Operating lease rentals:| |Property|76,500|76,500| |Other|3,080|3,080| |Auditors' remuneration (excluding VAT):| |Audit|11,000|11,300| |Other services - corporation tax services to group companies|1,000|1,550|

----- End of picture text -----

Staff costs were as follows:

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |£|£| |Salaries and wages|1,117,351|978,196| |-|-| |Redundancy and termination costs| |Social security costs|117,912|95,667| |Employer’s contribution to defined contribution pension schemes|52,895|46,960| |1,288,158|1,120,823|

----- End of picture text -----

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |No.|No.| |£70,000 - £79,999|1|-| |£80,000 - £89,999|-|1| |£90,000 - £99,999|1|-|

----- End of picture text -----

The total remuneration of the key management personnel including employer's pension and employer's National Insurance was £380,695 (2021: £347,243). There were no other benefits.

The charity's Trustees were neither paid nor received any other benefits from employment with the charity in the year (2021: £nil). No Trustee received payment for professional or other services supplied to the charity (2021: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil (2021: £nil) incurred by no Trustees (2021: no Trustees) relating to attendance at meetings of the Trustees.

30

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

9 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 34 (2021: 29).

Staff are split across the activities of the charitable company as follows (headcount based on number of staff employed):

Support
based on number of staff employed):
Raising funds
Information
Education
Health Professionals
Governance		 2022
No.
11
1
12
6
1
3
34		 2021
No.
10
1
9
2
6
1
29

10 Related party transactions

Six (2021: three) Trustees made donations to the MS Trust totalling £2,980 (2021: £726). These donations were for general purposes and were not restricted to a specific purpose.

The two wholly owned subsidiaries (MS Trust (Education) Limited and MS Trust (Trading) Limited) will gift aid profits of £101,622 to the charity (2021: £141,831).

At 31 July 2022, MS Trust (Education) Limited owed an amount of £60,582 to the MS Trust and MS Trust (Trading) Limited owed an amount of £47,594 to the MS Trust.

11 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's trading subsidiaries Multiple Sclerosis Trust (Trading) Limited and Multiple Sclerosis Trust (Education) Limited gift aid available profits to the parent charity.

31

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

12
At the start of the year
Disposals in year
Depreciation
At the start of the year
Disposals in year
At the end of the year
Tangible fixed assets
The charity
Cost
At the end of the year
At the start of the year
Cost
The group
At the start of the year
Additions in year
At the end of the year
At the end of the year
At the start of the year
Disposals in year
At the end of the year
Charge for the year
Additions in year
Charge for the year
Net book value
At the end of the year
At the start of the year
Depreciation
Net book value
Disposals in year		 Fixtures and
fittings
£
27,257
-
(20,377)
6,880
25,593
1,137
(20,377)
6,353
527
1,664
Fixtures and
fittings
£
27,257
-
(20,377)
6,880
25,593
1,137
(20,377)
6,353
527
1,664		 Computer
equipment
£
188,022
4,725
(118,829)
73,918
166,282
10,892
(118,829)
58,345
15,573
21,740
Computer
equipment
£
188,022
4,725
(118,829)
73,918
166,282
10,892
(118,829)
58,345
15,573
21,740		 Leashold
improvements
£
7,000
-
-
7,000
333
2,000
-
2,333
4,667
6,667
Leashold
improvements
£
7,000
-
-
7,000
333
2,000
-
2,333
4,667
6,667		 Total
£
222,279
4,725
(139,206)
87,798
192,208
14,029
(139,206)
67,031
20,767
30,071
Total
£
222,279
4,725
(139,206)
87,798
192,208
14,029
(139,206)
67,031
20,767
30,071

All of the group and charity's assets are used for charitable purposes.

32

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

13 Subsidiary undertakings

The charitable company owns the whole of the issued ordinary share capital of Multiple Sclerosis Trust (Trading) Limited company number 2835816 and Multiple Sclerosis Trust (Education) Limited company number 5105344, both companies registered in England. MS Trust (Trading) Limited is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are gift aided to the charitable company. A summary of the results of the subsidiaries are shown below:

Statement of retained earnings
Total retained earnings brought forward
Profit for the year
Distribution to parent charity
Total retained earnings carried forward
Profit on ordinary activities
Cost of sales
Administrative expenses
Operating profit
Turnover
Assets
Liabilities
Gross profit
Profit for the financial year
The aggregate of the assets, liabilities and funds
Interest payable
Interest receivable
Taxation on profit on ordinary activities		 2022
2021
£
£
129,510
122,692
(87,448)
(90,265)
42,062
32,427
(36,326)
(21,332)
5,736
11,095
-
-
-
-
5,736
11,095
-
-
5,736
11,095
11,095
18,546
5,736
11,095
(11,095)
(18,546)
5,736
11,095
67,135
122,275
(61,299)
(111,080)
5,836
11,195
Multiple Sclerosis Trust
(Trading) Ltd		 2022
2021
£
£
397,121
300,232
(229,457)
(108,469)
167,664
191,763
(71,824)
(61,072)
95,840
130,691
46
45
-
-
95,886
130,736
-
-
95,886
130,736
131,082
28,293
95,886
130,736
(130,736)
(27,947)
96,232
131,082
213,959
189,383
(117,726)
(58,300)
96,233
131,083
Multiple Sclerosis Trust
(Education) Ltd

33

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

14 Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

15
16
VAT reclaim
17
Creditors: amounts falling due within one year
Debtors
Trade creditors
Taxation and social security
Deferred income (note 18)
Accruals
VAT due
Other creditors
Provisions
Gross income
Result for the year
Stock
Trade debtors
Finished goods
Amounts due from group undertakings
Other debtors
Prepayments and accrued income		 2022
2021
£
£
18,042
20,232
2022
2021
£
£
67,277
129,778
-
-
1,509
-
198,933
337,873
7,448
138
275,167
467,789
2022
2021
£
£
100,081
31,099
31,914
25,044
102,016
114,242
168,757
147,593
-
3,879
255,641
251,687
22,000
22,000
680,409
595,544
The group
The group
The group		 2022
2021
£
£
1,536,046
2,765,706
(607,014)
1,045,349
2022
2021
£
£
-
-
2022
2021
£
£
3,459
39,473
108,176
90,103
1,509
-
189,635
293,472
7,448
138
310,227
423,186
2022
2021
£
£
80,827
30,884
31,914
25,044
74,016
86,242
158,119
105,331
-
3,879
242,684
242,886
22,000
22,000
609,560
516,266
The charity
The charity
The charity

34

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

18 Deferred income

Deferred income comprises:

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2022
2021
£
£
114,242
158,853
(215,585)
(161,857)
203,359
117,246
102,016
114,242
The group		 2022
2021
£
£
86,242
121,763
(82,585)
(115,709)
70,359
80,188
74,016
86,242
The charity

Deferred income consists of income received in advance of the provision of a specified service or event. Income is released from deferred income and recognised when that service or event has occurred.

19 Pension scheme

The Trust makes payments to defined contribution pension schemes on behalf of employees. The assets of the schemes are held separately from those of the Trust in independently administered funds. The pension cost charge represents contributions payable to the funds during the year.

The Trust has no liabilty under the schemes other than the payment of those contributions.

20a Analysis of group net assets between funds (current year)

General
unrestricted
£
-
1,579,374
1,579,374
General
unrestricted
£
-
1,808,945
1,808,945
Tangible fixed assets
Analysis of group net assets between funds (prior year)
Net assets at 31 July 2022
Net assets at 31 July 2021
Net current assets
Net current assets
Tangible fixed assets		 £
20,767
1,057,317
1,078,084
£
30,071
1,266,233
1,296,304
Designated
funds
Designated
funds		 Restricted
funds
£
-
435,283
435,283
Restricted
funds
£
-
634,717
634,717		 Total funds
£
20,767
3,071,974
3,092,741
Total funds
£
30,071
3,709,895
3,739,966

20b Analysis of group net assets between funds (prior year)

35

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

Total restricted funds
Total designated funds
General funds
Advanced MS Champions Programme
Helen Ley Bursary Fund
Helen Ley Advanced MS Programme
Unrestricted funds:
Designated funds:
Fixed assets fund
Restricted funds:
Education
MS nurse support
General research
Information and engagement
Health Professionals services
Voice project fund
Total funds
Therapists' Bursary Fund
Nurse sustainability fund
Specialist Nurse Programme
RT Therapists' Bursary Fund
Bursary funds
Enquiry service
Priest research fund
Legacy equalisation reserve
Total unrestricted funds		 £
60,077
56,990
56,148
40,838
6,702
38,680
45,391
101,534
78,140
114,021
10,693
25,503
634,717
30,071
572
228,661
75,000
512,000
450,000
1,296,304
1,808,945
3,105,249
3,739,966
At 1 August
2021		 £
30,000
29,632
20,561
10,469
7,351
18,255
130,172
42,716
-
-
-
-
289,156
4,725
-
-
-
-
-
4,725
1,547,098
1,551,823
1,840,979
Income &
gains		 £
(606)
(76,274)
(49,367)
-
(11,770)
-
(164,827)
(81,472)
(63,011)
-
-
(1,650)
(448,977)
(14,029)
-
-
-
(174,845)
-
(188,874)
(1,850,353)
(2,039,227)
(2,488,204)
Expenditure &
losses		 £
(38,631)
-
-
(21,120)
-
-
31,734
-
-
(1,875)
(5,000)
(4,721)
(39,613)
-
(572)
(33,499)
-
-
-
(34,071)
73,684
39,613
-
Transfers		 £
50,840
10,348
27,342
30,187
2,283
56,935
42,470
62,778
15,129
112,146
5,693
19,132
435,283
20,767
-
195,162
75,000
337,155
450,000
1,078,084
1,579,374
2,657,458
3,092,741
At 31 July
2022

The narrative to explain the purpose of each fund is given at the foot of the note below.

36

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

21b
Total restricted funds
Total designated funds
General funds
Information and engagement
MS nurse support
General research
Education
Enquiry service
Anonymous trust grant
Unrestricted funds:
Designated funds:
Fixed assets fund
Therapists' Bursary Fund
Nurse sustainability fund
Total unrestricted funds
Total funds
Bursary funds
Restricted funds:
Specialist Nurse Programme
Legacy equalisation reserve
Advanced MS Champions Programme
Helen Ley Bursary Fund
Helen Ley Advanced MS Programme
Priest research fund
Health Professionals services
Voice project funds
RT Therapists' Bursary Fund
Movements in funds (prior year)		 £
61,140
127,970
1,698
28,185
44,752
10,034
32,680
77,490
79,764
-
114,896
15,693
25,878
620,180
16,603
572
356,263
75,000
-
450,000
898,438
1,080,662
1,979,100
2,599,280
At 31 July
2020		 £
26,000
28,801
-
94,755
18,748
10,023
6,000
70,775
102,266
78,140
-
-
-
435,508
24,493
-
-
-
-
-
24,493
2,617,056
2,641,549
3,077,057
Income		 £
(1,000)
(99,781)
-
(66,792)
-
(13,355)
-
(102,874)
(78,231)
-
-
-
-
(362,033)
(11,025)
-
(127,602)
-
-
-
(138,627)
(1,435,711)
(1,574,338)
(1,936,371)
Expenditure		 £
(26,063)
-
(1,698)
-
(22,662)
-
-
-
(2,265)
-
(875)
(5,000)
(375)
(58,938)
-
-
-
-
512,000
-
512,000
(453,062)
58,938
-
Transfers		 £
60,077
56,990
-
56,148
40,838
6,702
38,680
45,391
101,534
78,140
114,021
10,693
25,503
634,717
30,071
572
228,661
75,000
512,000
450,000
1,296,304
1,808,945
3,105,249
3,739,966
At 31 July
2021

37

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

21 Movement in funds - continued

Purposes of restricted funds

Bursary funds RT Therapists' Bursary Fund Anonymous Bursary Fund Helen Ley Bursary Fund Enquiry service Information and engagement Education Specialist Nurse Programme Advanced MS Champions Programme Health Professionals services MS nurse support Helen Ley Advanced MS Programme

General research Fundraising support

Donations for educational grants for allied health professionals Donations for educational grants for allied health professionals Donations for specific educational projects for health professionals Donations for educational grants for nurses working with advanced MS Donations for the work of the enquiry service Donations for the work of the information and engagement projects Donations for the Health Professionals Programme Donations to fund MS specialist nurse posts Donations to fund champions for people with Advanced MS Donations to fund healthcare and evaluation programmes Donations to fund resources to support MS nurses Funding to run training events focusing on issues relating to people with advanced MS Donations for research work Restricted funding for fundraising support

Purposes of designated funds Fixed assets fund Therapists' Bursary Fund Nurse sustainability fund Priest research fund Voice project fund

Legacy equalisation reserve

MS Trust investment in fixed assets funding the depreciation costs Donations for educational grants for allied health professionals Funding for MS nurses Donations for research work Funding for a new project to build how we listen to and act on voices from the MS community Fund to smooth the flow of legacy income

Transfers between funds

Transfers of £73,684 were made from various restricted funds to unrestricted funds to represent the outflow of funds that were eliminated on consolidation of the group accounts.

22

Reconciliation of net (expenditure) / income to net cash flow from operating activities

Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation charges
Interest receivable
Loss on the disposal of fixed assets
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash (used in) / provided by operating activities		 2022
£
(647,225)
14,029
(34,644)
-
2,190
192,622
84,865
(388,163)		 2021
£
1,140,686
11,025
(16,655)
-
3,280
(205,231)
(34,262)
898,843

38

Multiple Sclerosis Trust

Notes to the financial statements

For the year ended 31 July 2022

Cash at bank and in hand
Short-term deposits 1 to 3 months
Short-term deposits between 3 and 12 months
Short-term deposits over 12 months
Total cash and cash equivalents		 £
1,098,883
957,955
1,675,580
85,000
3,817,418
At 1 August
2021		 £
(719,939)
(415,205)
861,900
(85,000)
(358,244)
Cash flows		 £
378,944
542,750
2,537,480
-
3,459,174
At 31 July
2022

24 Operating lease commitments

The group and charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

Less than one year
One to five years		 2022
2021
£
£
76,500
76,500
114,750
191,250
191,250
267,750
Property		 2022
2021
£
£
3,080
3,080
385
3,465
3,465
6,545
Equipment

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

39