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2023-12-31-accounts

REGISTERED COMPANY NUMBER: 04460611 (England and Wales) REGISTERED CHARITY NUMBER: 1093691

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MERLIN NEURO THERAPY CENTRE LTD

TC Group The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG

MERLIN NEURO THERAPY CENTRE LTD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Page
Reference and Administrative Details 1 to 2
Report of the Trustees 3 to 11
Report of the Independent Auditors 12 to 15
Statement of Financial Activities 16
Balance Sheet 17
Cash Flow Statement 18
Notes to the Cash Flow Statement 19
Notes to the Financial Statements 20 to 38
Detailed Statement of Financial Activities 39 to 40

MERLIN NEURO THERAPY CENTRE LTD

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES

TRUSTEES E J Campbell C H Clarke (resigned 23/1/2023) S J Coode M J Gifford (deceased 11/11/2023) M E F James D O Phyall (deceased 4/1/2024) B B Pooley (appointed 23/1/2023) T Sneddon M A Ward R V Forster (appointed 23/2/2024) T E Phillips (appointed 23/2/2024) A E Mclean (appointed (23/2/2024) COMPANY SECRETARY B B Pooley (appointed 23/1/2023) CENTRE MANAGER S Snell REGISTERED OFFICE Bradbury House Hewas Water ST AUSTELL Cornwall PL26 7JF REGISTERED COMPANY 04460611 (England and Wales) NUMBER REGISTERED CHARITY 1093691 NUMBER AUDITORS TC Group The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG SOLICITORS Coodes Solicitors 8 Race Hill LAUNCESTON Cornwall PL15 9BA

Page 1

MERLIN NEURO THERAPY CENTRE LTD

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 DECEMBER 2023

BANKERS

Barclays Bank PLC Truro Group 55A Bank Street NEWQUAY Cornwall TR7 1JE

HSBC Bank PLC 45 Commercial Street CAMBORNE Cornwall TR14 8AX Santander PLC Milford House Pynes Hill EXETER EX2 5TH

Page 2

MERLIN NEURO THERAPY CENTRE LTD

CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

CHAIRMAN’S STATEMENT

As Trustees we are pleased to record a further year of progress by the charity with a number of exciting developments reported later in this statement clearly demonstrating our passion in developing services to meet the needs of those whom we support. To all of our stakeholders including volunteers, funders, benefactors and staff we say ‘thank you’. The charity’s success is testament to the encouragement and support of you all.

It would be remiss not to record our deep appreciation for two of our Trustees who have passed since our last report. Michael Gifford who served as a Trustee for 8 Years from 2016 and David Phyall who was a Trustee from 2021 to 2024. With their lived experiences Michael and David also brought their own deep insights of the needs of our clients to the Trustee Board so helping to keep the Trustees focused on developing effective, efficient and sustainable services well into the future. We remember them with kind and grateful thanks.

Strategy

In framing our report it is important that as Trustees we are held to account for the continued delivery of the Charity’s Vision, Mission and Values which are

Vision Dedicated to improving health and well-being Mission To be a centre of excellence in providing therapies, support, community and information for anyone affected by a neurological condition in Cornwall Values To support independence; encourage confidence and inspire friendship.

In last year’s statement we referred to our 4 key strategic aims and promised to report against each of these in future years and we do so in this report. We have since simplified the strategic aims believing also that, as Trustees and custodians of the charity, we should add a 5th strategic aim ‘ to ensure the continued financial stability and robustness of the charity in meeting current and future client needs’.

Page 3

MERLIN NEURO THERAPY CENTRE LTD

CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

This table lists some of the relevant highlights with further details being described later in this report.

Strategic Aim Some key actions to date
Involve our core community
at strategic level		 •
Appointed 3 new trustees including two with lived experience
•
Undertaken client/carer surveys to share ideas for improvement and
new services
•
Achieved funding for a pilot activities programme to extend the
therapeutic support we provide to clients and carers
•
Increased number of oxygen ‘time slots’ by +25%
•
Continued partnership with Ayers Sensory Integration leading to
specialist training
•
Client transport service now 4 daysper week
Develop services and
facilities to expand our reach
to beneficiaries
Work collaboratively with
external partners		 •
Been an active member of Cornwall Disability Alliance developing
partnership strategy, joint funding bids and Disability Manifesto for
the County
•
Regularly attended NHS Neuro Oversight group to advocate for
clients
Invest in environmentally
sustainable and digital
innovation projects		 •
Established working group, including clients, to implement
recommendations from a detailed energy consultant report
•
Introduced an online client appointment and clinical notes system to
improve efficiency
•
Replaced older minibus with accessible vehicle
To ensure continued financial
stability		 •
Agreed to expand the Marketing and Income Generation Team to
improve financial resilience over the next 3years

Our initiative in developing trustee/management/staff groups has continued and we now have relevant groups focusing on finance, operations and a new group on Marketing and Income Generation. Our senior management team continue this theme by involving clients in a range of working parties looking at specific topics. Client activity

During the year we carried out a client and carer survey with beneficiaries reporting many positive impacts from their engagements with Merlin. The top 5 mentions were

Even though we had a low response rate our clients’ high satisfaction levels are strong indicators of the qualitative benefits gained by them and are sound evidence of the dedication, engagement and professionalism of our staff and volunteers.

Page 4

MERLIN NEURO THERAPY CENTRE LTD

CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

Activity Client
satisfaction		 % change 2023* 2022 2021
Active clients +25% 545 437 N/A
New clients -28% 108 150 295
Ayers Sensory Integration 100% +69% 378 224 N/A
Hydrotherapy 89% +35% 1826 1353 0
1:1 Physiotherapy 93% -8% 1178 1283 1314
Group Exercise 82%
-7%		 1172 1250 1184
HomePhysio visits N/A 21 N/A N/A
Total Physiotherapy activity +11% 4575 4110 2498
Oxygen Therapy 97% +2% 3370 3304 2553
Total activities +7% 7945 7414 5051
Volunteer hours +1% 9025 8950

2023* statistics have now been adjusted to account for cancellations. These cancellations are very low given the chronic conditions that affect many of our clients.

We recorded a growth of 7% in total activities compared to 2022 which also represents a very significant increase of 57% in the two years since 2021. This is no mean achievement when viewed against minimal changes in staff levels.

The achievement of 25% growth in active clients evidences the consolidation of our client base as we have recovered from the Covid pandemic. The gradual reduction in the pace of new client recruitment reflects that some of our services are moving closer to current capacity. Due to their chronic neurological condition a majority of our clients engage with the charity over many years

While total physiotherapy activities have increased by 11% there have been small reductions in both 1:1 physiotherapy and group physiotherapy primarily as our core physiotherapy team deliver all of the interventions and have devoted additional resources to achieving a 35% increase in hydrotherapy.

One area of significant strategic development has been our growth in the application of Ayers Sensory Integration which is a theory and practice that targets a person's ability to process and internally integrate sensory information from their body and environment specifically to help children with sensory-processing difficulties. There is a lack of specialist services in Cornwall with many young people having to wait up to 3 years for a diagnosis, and indeed we too have a waiting list, but rather shorter. Our Clinical Lead and Consultant OT are specialists in ASI Therapy and indeed spoke at a recent conference in Brazil. Already extended to 2.5 days per week, including Saturday mornings, this will be a focus for further development especially as it is possible to obtain full funding for the specialist services delivered.

Page 5

MERLIN NEURO THERAPY CENTRE LTD

CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

Finance

In a similar fashion to each of the last two years’ reports we illustrate below some of the key financial parameters. Of course, full details are recorded in these audited accounts.

Factor 2023 v
2022		 2023 2022 2021
Total income
Donations, legacies and grants
Charitable activities
Other trading
Investments
Other income		 -23%
-53%
+14%
+6%
-8%
-99%		 £537,017
£157,570
£177,330
£185,297
£5,723
£5,097		 £684,763
£329,360
£155,226
£175,512
£6,195
£18,470		 £748,649
£567,805
£90,350
£90,490
£4
Legacyincome -100% £0 £51,326 £410,746
Total income excludinglegacies -17% £526,016 £633,437 £337,903
Number of employees +1 14 13 10
Charityincome*per employee -23% £37,929 £48,726 £33,790
Employee costs as % of funds
raised		 64% 44.9% 29.8%

The key reduction in income between 2023 and 2022 of £170,687 resulted from lower grant receipts of £119,361 and no legacy gifts donated during the year.

Reflecting the client activity statistics earlier in the report it is pleasing to note the improvements recorded in the areas of key activity with our charitable activities (therapies) +14% and other trading including the cafe, shop, room lettings and general fundraising at +6%. These figures are slightly ahead of the activity statistics demonstrating the small benefit derived from the marginal price increases implemented during the year. All neurological clients benefit from subsidised rates for their sessions.

The reduction in grants and legacies was a key contributor in the decision to seek grant funding to expand the marketing and income generation team.

Post year end report

Since the end of the financial year it is pleasing to report on a number of positive financial developments including

  1. A further generous donation of £200,000 from the Elwyn Thomas Memorial Fund to support the additional Income Generation staff over three years

  2. More valued support from the Edward Gostling Foundation with a Deed of Gift of £150,000

  3. A legacy with an initial donation of £120,000

  4. Sale of the Charity’s fishing rights currently subject to contract for £50,000

We are fortunate at Merlin in benefitting from a wide range of local organisations including Masonic charities whose donation funded the purchase of our new vehicle; our partnership with St Austell Bay Rotary Club; further support from Duchy Health Trust and notably the Merlin Support Group and individual donors.

Last year we reported on the exciting development of the Sensory Garden. The has been further extended and developed by the continued generosity of The Band Trust. Our team uses the sensory garden to deliver therapy sessions helping clients navigate the various terrains and obstacles to improve their mobility and self-confidence. The garden is also a beautiful space where clients can benefit from mindfulness and relaxation.

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MERLIN NEURO THERAPY CENTRE LTD

CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

During the year we welcomed Clare Lambert as our Service Development Co-ordinator whose key role of improving our efficiency is already bearing fruit with the introduction of new practice management software as well as simplifying some of our processes and ensuring we increase the capacity of our services.

After the end of the financial year we also welcomed Jan Green as our new Finance Manager and like Clare, Jan is already proving there are simpler ways of working and challenging our efficiencies.

While we are undoubtedly a charity we do have to maintain appropriate business processes including efficiency drives and making sure we continue to apply as much of our income as possible to meeting client needs. More accurately, we are a business with a charitable focus.

As a Trustee Board we have been delighted to recruit three new Trustees each of whom bring particular skills to the Board - Rachel Foster (PR & Marketing), Antoinette McLean (Retired solicitor) and Tracey Phillips (Finance). Two of these new Trustees also have lived experience of neurological conditions. We are continuing the search for further Trustees especially someone with significant experience in fund-raising.

The achievements recorded in 2023 could not have been made without our dedicated and highly motivated staff team led by Sarah Snell as Centre Manager and Mel King as Clinical lead. We also thank Sarah O’Brien who was our Financial Manager before her relocation to Sussex. We are proud to now be an accredited Real Living Wage employer.

As Trustees we need to pay tribute and thanks to our many volunteers who have contributed over 9,000 hours of their time. That equates to the equivalent of a further five full time employees.

On behalf of the charity Trustees continue to be indebted to our many funders, whether their contributions be large or small. Your generosity is a significant lifeblood to our organisation benefitting over 500 people and growing.

Finally, I would wish to thank my colleague Trustees for their continued support, challenge and counsel as we continue our duty as custodians of this wonderful and impactful charity.

........................................................................ T Sneddon - Trustee

Dated:

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MERLIN NEURO THERAPY CENTRE LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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).'

Objectives and activities

The charitable aim of the charity is to provide subsidised therapies, support, information, and a community for adults living with a neurological condition (including Multiple Sclerosis, Parkinson’s, Stroke, and chronic fatigue syndrome) in Cornwall. This financial assistance enables beneficiaries, who might not otherwise be able to afford such therapies, to benefit from the Centre facilities. In 2022 the Charity extended its support to children and young people with neuro diversities by offering Sensory Integration therapies, assessments, and reports.

Therapies delivered by appropriately qualified and experienced professionals include physiotherapy, group exercise, hydrotherapy, oxygen therapy, and day respite. Having a long-term condition brings many challenges, not just for those diagnosed, but for family too. Therefore, the support extends to the wider family through peer support, information, advocacy services and therapies.

The charity also seeks to raise awareness of the challenges faced by those living with neurological conditions and generates income to keep the Centre operational and provide services at subsidised rates.

In addition, it acts as a health hub for the wider community by providing clinical and therapy space for hire. Currently there is a GP Practice, Podiatry and Orthotics, Audiology; Counselling and Advocacy Services; and Complementary therapies operating from the Centre.

Public benefit

The trustees have complied with the duty in the Charities Act to have due regard to guidance published by the Charity Commission with respect to the public benefit requirement.

Achievements and performance

For details of achievements and performance please see the Chairman's Statement.

Financial review Reserves policy

The level of unrestricted general reserves at the year end was £201,142 (2022: £281,310). It is the charity’s policy where possible to ring fence bank balances of a least 6 months operating expenses to help ensure the charity's financial position is not unduly compromised. The above balance represents approximately 4 months running costs.

In 2021 funds totalling £400,000 were distributed from the Elwyn Thomas Memorial Trust, a discretionary trust established from the proceeds of the Will of Mr Thomas in which Merlin MS Centre was one of the named charity beneficiaries. The funds were used to ensure the financial stability of the Charity by supporting core costs during COVID restrictions; settling outstanding loans of £185k; and setting aside monies to gradually build up reserves.

From this funding the trustees created two designated funds, £50,000 being earmarked as a Development fund to support the charity's strategic aims, and a further £50,000 into a Buildings and Environmental Sustainability fund. A sum of £22,049 was utilised from the Buildings and Environmental Sustainability Fund in 2022 and £5,367 has been utilised from the development fund in 2023.

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MERLIN NEURO THERAPY CENTRE LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is incorporated as a company limited by guarantee under the provisions of the Companies Act 2006. Its governing constitutional documents are its Memorandum and Articles of Association which are publicly available from the Registrar of Companies via its website.

Members of the charitable company guarantee to contribute an amount not exceeding £10 to the assets of the company in the event of a winding up.

The trustees, who are also the directors for the purpose of company law, and who served during the year were:

E J Campbell C H Clarke (resigned 23/1/2023) S J Coode M J Gifford (deceased 11/11/2023) M E F James D O Phyall (deceased 4/1/2024) B B Pooley (appointed 23/1/2023) T Sneddon M A Ward

The following trustees were appointed after the year end but prior to the date of this report:

R V Forster (appointed 23/2/2024) T E Phillips (appointed 23/2/2024) A E Mclean (appointed (23/2/2024)

Recruitment and appointment of new trustees

As trustees retire by rotation the charity continues to seek additional trustees with the relevant knowledge and experience to assist in the achievement of the charity’s objects.

Organisational structure

The Centre is run on a day-to-day basis by a Centre Manager appointed by the trustees. The Centre Manager reports to the trustees who continue to have responsibility for policy decisions.

The activities of the charity are also dependent on a large number of volunteers, coordinated by the manager, who are essential in the raising of funds and the operational success of the Centre. Information is disseminated to volunteers and other supporters through regular newsletters and open meetings.

Induction and training of new trustees

All new trustees are required to familiarise themselves with the charity and its aims and responsibilities, are given guidance and support by existing trustees and are encouraged to learn about the responsibilities of trusteeship through the Charity Commission website.

Wider network

The charity has informal links with local branches of The Multiple Sclerosis Society and is a member of Multiple Sclerosis National Therapy Centres Ltd and HBOTT.

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MERLIN NEURO THERAPY CENTRE LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Related parties

The only related parties are the trustees and full disclosure has been made in the notes to the financial statements in respect to any related party transactions.

Remuneration policy for key management

The trustees consider the Centre Manager to comprise the key management personnel of the charity, to be in charge of directing and controlling, running and operating the charity on a day to day basis.

The pay of staff is reviewed annually by the trustees and normally increased in accordance with average earnings. In view of the nature of the charity, the trustees benchmark against pay levels in other similar organisations.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees have assessed the risks, in particular those related to the operations and finances of the charity, and are satisfied that there are adequate systems and controls in place to mitigate the exposure to any major risks.

Investment Policy

The charity was gifted a number of shares with a transfer value of approximately £65,000. The Finance and Investment committee and Trustees review the performance of these shares on a regular basis. It is the Trustees’ intention to manage these on a low risk basis and where possible gain dividend income to support normal operating expenses.

Plans for future periods

For details of plans for the future please see the Chairman's Statement.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Merlin Neuro Therapy Centre Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

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

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MERLIN NEURO THERAPY CENTRE LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

In so far as the trustees are aware:

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ T Sneddon - Trustee

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MERLIN NEURO THERAPY CENTRE LTD

Opinion

We have audited the financial statements of Merlin Neuro Therapy Centre Ltd (the 'charitable company') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MERLIN NEURO THERAPY CENTRE LTD

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where 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 charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MERLIN NEURO THERAPY CENTRE LTD

Our responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Obtain an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which it operates;

We also communicate relevant identified laws and regulations and potential fraud risk to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit approach also considered the opportunities and incentives that may exist within the charity for fraud and identified the greatest potential for fraud being in respect of cut off and completion risk around revenue recognition.

Under ISA (UK) we are also required to undertake procedures to respond to the risk of management override of controls. Our procedures included the following:

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MERLIN NEURO THERAPY CENTRE LTD

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.

James Pearce FCA (Senior Statutory Auditor) for and on behalf of TC Group The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG Date: .............................................

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MERLIN NEURO THERAPY CENTRE LTD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations, legacies and grants
3
Charitable activities
6
Therapies
Other trading activities
4
Investment income
5
Other income
Total
EXPENDITURE ON
Raising funds
7
Charitable activities
8
Therapies
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
22
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
129,683
177,330
185,297
5,723
5,097
503,130
78,807
564,805
643,612
(23,149)
(163,631)
7,017
(156,614)
1,234,518
1,077,904		 Restricted
funds
£
27,887
-
-
-
-
27,887
-
33,016
33,016
-
(5,129)
(7,017)
(12,146)
2,059,078
2,046,932		 2023
Total
funds
£
157,570
177,330
185,297
5,723
5,097
531,017
78,807
597,821
676,628
(23,149)
(168,760)
-
(168,760)
3,293,596
3,124,836		 2022
Total
funds
£
329,360
155,226
175,512
6,195
18,470
684,763
74,271
503,709
577,980
2,198
108,981
-
108,981
3,184,615
3,293,596

The notes form part of these financial statements

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MERLIN NEURO THERAPY CENTRE LTD

BALANCE SHEET 31 DECEMBER 2023

Notes
FIXED ASSETS
Intangible assets
15
Tangible assets
16
Investments
17
CURRENT ASSETS
Stocks
18
Debtors
19
Cash at bank
CREDITORS
Amounts falling due within one year
20
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
22
Unrestricted funds
Designated funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
1,391
798,862
46,648
846,901
1,825
20,401
250,004
272,230
(41,227)
231,003
1,077,904
1,077,904		 Restricted
funds
£
-
2,046,081
-
2,046,081
-
-
851
851
-
851
2,046,932
2,046,932		 2023
Total
funds
£
1,391
2,844,943
46,648
2,892,982
1,825
20,401
250,855
273,081
(41,227)
231,854
3,124,836
3,124,836
201,142
876,762
2,046,932
3,124,836		 2022
Total
funds
£
1,391
2,795,318
69,797
2,866,506
1,065
104,481
353,337
458,883
(31,793)
427,090
3,293,596
3,293,596
281,310
953,208
2,059,078
3,293,596

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. T Sneddon - Trustee

The notes form part of these financial statements

Page 17

MERLIN NEURO THERAPY CENTRE LTD

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(24,737)
Net cash provided by operating activities
(24,737)
Cash flows from investing activities
Purchase of tangible fixed assets
(83,468)
Sale of tangible fixed assets
-
Interest received
2,604
Dividends received
3,119
Net cash used in investing activities
(77,745)
Change in cash and cash equivalents in
the reporting period
(102,482)
Cash and cash equivalents at the
beginning of the reporting period
353,337
Cash and cash equivalents at the end of
the reporting period
250,855		 2022
£
177,929
177,020
(139,691)
16,600
573
5,622
(116,896)
60,124
293,213
353,337

The notes form part of these financial statements

Page 18

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Losses/(gain) on investments
Profit on disposal of fixed assets
Interest received
Dividends received
Increase in stocks
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operations		 2023
£
(168,760)
105,552
23,149
-
(2,604)
(3,119)
(760)
12,368
9,437
(24,737)		 2022
£
108,981
99,950
(2,198)
(16,599)
(573)
(5,622)
(537)
(20,784)
14,402
177,020

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£ £ £
Net cash
Cash at bank 353,337 (102,482) 250,855
353,337 (102,482) 250,855
Total 353,337 (102,482) 250,855

The notes form part of these financial statements

Page 19

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. CHARITY INFORMATION

Merlin Neuro Therapy Centre Ltd (Limited by Guarantee) is a company limited by guarantee incorporated in England and Wales. The registered office is Bradbury House, Hewas Water, ST AUSTELL, Cornwall, PL26 7JF.

The liability of each member in the event of winding up is limited to £10.

The charity changed its name from Merlin MS Centre Ltd to Merlin Neuro Therapy Centre Ltd on 11 January 2023.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 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.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

For legacies, entitlement is taken as the earlier of:

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

continued...

Page 20

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Income

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 treated as a contingent asset and disclosed if material.

Assets for distribution are recognised only when distributed. Assets given for use by the charity are recognised when receivable. Stocks of undistributed donated goods are not valued for balance sheet purposes.

Income from 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.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Donated services or 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 that economic benefit can be measured reliably. On receipt, donated services and 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.

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.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Expenditure is classified under the following activity headlines:

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

Intangible fixed assets other than goodwill

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fishing rights

continued...

Page 21

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property 1/3rd of the cost of the property straight line over 20 - 50 years Plant and machinery 5% - 20% straight line and 12.5% reducing balance Fixtures and fittings 10% - 20% straight line and 20% reducing balance Motor vehicles 20% reducing balance Computer equipment 33% straight line

After considering the residual value and economic life of the property, the trustees have decided that it is representative to continue depreciating one third of the cost of the property over 50 years. This is to reflect consumption of the specific design and construction costs relating to the needs of the charity. The remaining two thirds is not depreciated on the basis that it will hold its value. This assumption will be regularly reviewed by professional surveyors to ensure this is a reliable basis on which to prepare the financial statements.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

continued...

Page 22

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

3. DONATIONS, LEGACIES AND GRANTS

Donations
Legacies
Grants		 2023
£
44,288
-
113,282
157,570		 2022
£
45,391
51,326
232,643
329,360

The charity benefits greatly from the involvement and support of its many volunteers, details of which are given in the annual report. In accordance with accounting standards, the economic contribution of general volunteers is not measured in the financial statements.

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

Edward Gostling Foundation
Sport England
Thomas J Horne Memorial Trust
Cornwall Council (COMF)
The Band Trust
Duchy Health
Garfield Weston
Other grants		 2023
£
25,000
-
9,000
-
25,000
9,395
30,000
14,887
113,282		 2022
£
25,000
8,160
9,000
25,000
120,000
-
-
45,483
232,643

continued...

Page 23

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023

4. OTHER TRADING ACTIVITIES

Fundraising events
Shop income
Letting and licensing arrangements
Solar panel income
Other trading activities
5.
INVESTMENT INCOME
Dividends from listed investments
Deposit account interest
6.
INCOME FROM CHARITABLE ACTIVITIES
Therapies
7.
RAISING FUNDS
Raising donations and legacies
Staff costs
Advertising
Other fundraising costs
Support costs		 2023
£
47,345
48,840
54,402
5,247
29,463
185,297
2023
£
3,119
2,604
5,723
2023
£
177,330
2023
£
54,796
1,631
20,029
2,351
78,807		 2022
£
45,625
39,286
50,844
15,827
23,930
175,512
2022
£
5,622
573
6,195
2022
£
155,226
2022
£
43,233
281
22,241
8,516
74,271

The income generation team is responsible for generating funds from a variety of sources, which includes donations, grants, legacies, trading activities and some elements of charitable activities income. Most of the expenditure described under raising funds covers salaries. Other fundraising costs relate to stock for the café, plus merchandise for the retail area, running fundraising events and marketing of services.

continued...

Page 24

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

8. CHARITABLE ACTIVITIES COSTS

Therapies
9.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Rates and water
Light and heat
Repairs and renewals
Subscriptions
Cost of provision of subsidised therapy
Travel and subsistence
Cleaning
Bank charges
Entertainment
Depreciation
Analysis by fund
Unrestricted funds
Restricted funds		 Direct
Costs (see
note 9)
£
480,557		 Support
costs (see
note 10)
£
117,264
2023
£
199,454
4,631
42,469
70,336
4,804
27,479
3,000
19,652
2,274
906
105,552
480,557
447,541
33,016
480,557		 Totals
£
597,821
2022
£
225,498
4,126
37,609
23,782
1,378
24,699
2,695
23,414
773
806
99,950
444,730
430,273
14,457
444,730

10. SUPPORT COSTS

Governance
Management
costs
£
£
Raising donations and legacies
2,351
-
Therapies
95,588
21,676
97,939
21,676		 Totals
£
2,351
117,264
119,615

The charity initially identifies the costs of its support facilities. It then identifies those costs which relate to the governance function. Governance costs and other support costs are apportioned separately between expenditure on raising funds and expenditure on charitable activities.

Costs are apportioned on the following basis:

Staff costs: staff time Other costs: estimated usage

Page 25

continued...

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023

10. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

Support costs
Staff costs
Insurance
Telephone
Postage and stationery
Wages
Social security
Pensions
Governance costs
Staff costs
Auditors' remuneration
Accountancy fees
Legal and professional		 Raising
donations
and
legacies
£
-
1,010
885
456
-
-
-
2,351
-
-
-
-
-
2,351		 Therapies
£
77,270
5,722
5,012
2,584
4,555
375
70
95,588
5,000
3,900
10,085
2,691
21,676
117,264		 2023
Total
activities
£
77,270
6,732
5,897
3,040
4,555
375
70
97,939
5,000
3,900
10,085
2,691
21,676
119,615		 2022
Total
activities
£
23,947
6,502
12,435
8,623
1,284
3,242
474
56,507
5,000
2,220
2,412
1,356
10,988
67,495

11. NET INCOME/(EXPENDITURE)

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

Auditors' remuneration
Auditor’s remuneration – for non audit work
Depreciation - owned assets
Surplus on disposal of fixed assets		 2023
£
3,900
5,730
105,555
-		 2022
£
2,220
2,412
99,950
(16,599)

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Page 26

continued...

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023

13. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Charitable activities and administration		 2023
£
311,131
25,626
4,763
341,520
2023
14		 2022
£
273,631
24,353
4,694
302,678
2022
13

No employees received emoluments in excess of £60,000.

Retirement benefit schemes

Defined contribution scheme

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The pension costs for the year represent the contributions payable by the charity to the independently administered pension fund and amounted to £4,763 (2022: £4,694). There were no unpaid contributions at the year end (2022: £Nil).

The charge to profit or loss in respect of defined contribution schemes was £4,763 (2022: £4,694).

14.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
167,367
Charitable activities
Therapies
155,226
Other trading activities
175,512
Investment income
6,195
Other income
18,470
Total
522,770
EXPENDITURE ON
Raising funds
74,271
Charitable activities
Therapies
489,252
Total
563,523
Net gains on investments
2,198
Restricted
funds
£
161,993
-
-
-
-
161,993
-
14,457
14,457
-		 Total
funds
£
329,360
155,226
175,512
6,195
18,470
684,763
74,271
503,709
577,980
2,198

continued...

Page 27

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

14.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
NET INCOME/(EXPENDITURE)
(38,555)
Transfers between funds
28,962
Net movement in funds
(9,592)
RECONCILIATION OF FUNDS
Total funds brought forward
1,244,111
TOTAL FUNDS CARRIED FORWARD
1,234,519
15.
INTANGIBLE FIXED ASSETS
COST
At 1 January 2023 and 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022		 - continued
Restricted
funds
£
147,536
(28,962)
118,573
1,940,504
2,059,077		 Total
funds
£
108,981
-
108,981
3,184,615
3,293,596
Fishing
rights
£
1,391
1,391
1,391

The intangible asset relates to professional fees incurred in obtaining fishing rights that were donated to the charity.

16. TANGIBLE FIXED ASSETS

COST
At 1 January 2023
Additions
At 31 December 2023
DEPRECIATION
At 1 January 2023
Charge for year
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022		 Freehold
property
£
2,565,122
140,083
2,705,205
205,649
34,299
239,948
2,465,257
2,359,473		 Plant and
machinery
£
687,672
6,762
694,434
282,554
61,214
343,768
350,666
405,118		 Fixtures
and
fittings
£
109,707
-
109,707
97,653
2,538
100,191
9,516
12,054

continued...

Page 28

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

16. TANGIBLE FIXED ASSETS - continued

COST
At 1 January 2023
Additions
At 31 December 2023
DEPRECIATION
At 1 January 2023
Charge for year
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
17.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2023
Revaluations
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
There were no investment assets outside the UK.
Cost or valuation at 31 December 2023 is represented by:
Valuation in 2020
Valuation in 2021
Valuation in 2022
Valuation in 2023
Cost		 Motor
vehicles
£
18,995
-
18,995
3,798
3,041
6,839
12,156
15,197		 Computer
equipment
£
5,188
8,335
13,523
1,712
4,463
6,175
7,348
3,476		 Totals
£
3,386,684
155,180
3,541,864
591,366
105,555
696,921
2,844,943
2,795,318
Listed
investments
£
69,797
(23,149)
46,648
46,648
69,797
Listed
investments
£
3,607
5,798
2,198
(23,149)
58,194
46,648

continued...

Page 29

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

18. STOCKS

18.
STOCKS
Stocks
19.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Prepayments
Other debtors
20.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Accrued expenses
21.
LEASING AGREEMENTS		 2023
£
1,825
2023
£
16,186
332
3,883
20,401
2023
£
33,427
-
-
7,800
41,227		 2022
£
1,065
2022
£
17,769
71,712
15,000		 2022
£
1,065
104,481
2022
£
11,405
5,962
531
13,895
31,793

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2023
£
6,511
543
7,054		 2022
£
6,511
7,054
13,565

continued...

Page 30

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

22. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Designated funds:
General fixed asset fund
COMF funding
Development funding
Buildings and Environmental
Sustainability fund
Fair Value Reserve
Restricted funds
Centre Building Costs
February Foundation
Sunley Suites
Duchy Health
Cornwall Community Foundation
Sport England
Sensory Garden
Hydrotherapy Pool
Minibus / Tourneo
Clare Milne Trust
Oxygen Generator
Other grants
TOTAL FUNDS		 At 1/1/23
£
281,313
281,313
858,338
5,314
50,000
27,951
11,603
953,206
1,234,519
1,568,194
4,496
26,219
1,961
3,738
5,668
122,100
263,438
5,674
5,770
51,819
-
2,059,077
3,293,596		 Net
movement
in funds
£
(79,493)
(79,493)
(72,535)
-
-
-
(11,603)
(84,138)
(163,631)
(11,160)
(504)
(183)
(212)
(748)
(627)
17,996
(7,751)
(1,135)
(644)
(3,048)
2,887
(5,129)
(168,760)		 Transfers
between
funds
£
(675)
(675)
13,059
-
(5,367)
-
-
7,692
7,017
-
-
-
-
-
-
(7,017)
-
-
-
-
-
(7,017)
-		 At
31/12/23
£
201,142
201,142
798,862
5,314
44,633
27,951
-
876,760
1,077,904
1,557,035
3,992
26,036
1,749
2,990
5,041
133,079
255,687
4,539
5,126
48,771
2,887
2,046,932
3,124,836

continued...

Page 31

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023

22. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Designated funds:
General fixed asset fund
Fair Value Reserve
Restricted funds
Centre Building Costs
February Foundation
Sunley Suites
Duchy Health
Cornwall Community Foundation
Sport England
Sensory Garden
Hydrotherapy Pool
Minibus / Tourneo
Clare Milne Trust
Oxygen Generator
Other grants
TOTAL FUNDS		 Incoming
resources
£
503,130
503,130
-
-
-
503,130
-
-
-
-
-
-
25,000
-
-
-
-
2,887
27,887
531,017		 Resources
expended
£
(571,077)
(571,077)
(72,535)
-
(72,535)
(643,612)
(11,160)
(504)
(183)
(212)
(748)
(627)
(7,004)
(7,751)
(1,135)
(644)
(3,048)
-
(33,016)
(676,628)		 Gains and
Movement
losses
in funds
£
£
(11,546)
(79,493)
(11,546)
(79,493)
-
(72,535)
(11,603)
(11,603)
(11,603)
(84,138)
(23,149)
(163,631)
-
(11,160)
-
(504)
-
(183)
-
(212)
-
(748)
-
(627)
-
17,996
-
(7,751)
-
(1,135)
-
(644)
-
(3,048)
-
2,887
-
(5,129)
(23,149)
(168,760)

continued...

Page 32

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023

22. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Designated funds:
General fixed asset fund
COMF funding
Development funding
Buildings and Environmental
Sustainability fund
Fair Value Reserve
Restricted funds
Centre Building Costs
Fowey Hospital
February Foundation
Sunley Suites
Duchy Health
Cornwall Community Foundation
Sport England
Sensory Garden
Hydrotherapy Pool
Minibus / Tourneo
Clare Milne Trust
Oxygen Generator
Other grants
TOTAL FUNDS		 At 1/1/22
£
251,866
251,866
877,526
5,314
50,000
50,000
9,405
992,245
1,244,111
1,579,355
1,600
5,000
26,402
-
-
-
2,100
271,180
-
-
54,867
-
1,940,504
3,184,615		 Net
movement
in funds
£
54,781
54,781
(73,485)
-
-
(22,049)
2,198
(93,336)
(38,555)
-
(1,600)
-
-
2,173
4,673
6,295
120,000
-
7,081
6,414
-
2,500
147,536
108,981		 Transfers
between
funds
£
(25,334)
(25,334)
54,297
-
-
-
-
54,297
28,963
(11,161)
-
(504)
(183)
(212)
(935)
(627)
-
(7,742)
(1,407)
(644)
(3,048)
(2,500)
(28,963)
-		 At
31/12/22
£
281,313
281,313
858,338
5,314
50,000
27,951
11,603
953,206
1,234,519
1,568,194
-
4,496
26,219
1,961
3,738
5,668
122,100
263,438
5,674
5,770
51,819
-
2,059,077
3,293,596

continued...

Page 3

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023

22. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Designated funds:
General fixed asset fund
Buildings and Environmental
Sustainability fund
Fair Value Reserve
Restricted funds
Fowey Hospital
Duchy Health
Cornwall Community Foundation
Sport England
Sensory Garden
Minibus / Tourneo
Clare Milne Trust
Other grants
Kickstart
TOTAL FUNDS		 Incoming
resources
£
522,769
522,769
-
-
-
-
522,769
-
2,173
4,673
8,160
120,000
7,081
6,414
5,482
8,011
161,994
684,764		 Resources
expended
£
(467,988)
(467,989)
(73,485)
(22,049)
-
(95,534)
(563,523)
(1,600)
-
-
(1,865)
-
-
-
(2,982)
(8,011)
(14,457)
(577,979)		 Gains and
Movement
losses
in funds
£
£
-
54,781
-
54,780
-
(73,485)
-
(22,049)
2,198
2,198
2,198
(93,336)
2,198
(38,556)
-
(1,600)
-
2,173
-
4,673
-
6,295
-
120,000
-
7,081
-
6,414
-
2,500
-
-
-
147,536
2,198
108,981

continued...

Page 34

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023

22. MOVEMENT IN FUNDS - continued

A current year and prior year combined position is as follows:

Unrestricted funds
General fund
Designated funds:
General fixed asset fund
COMF funding
Development funding
Buildings and Environmental
Sustainability fund
Fair Value Reserve
Restricted funds
Centre Building Costs
Fowey Hospital
February Foundation
Sunley Suites
Duchy Health
Cornwall Community Foundation
Sport England
Sensory Garden
Hydrotherapy Pool
Minibus / Tourneo
Clare Milne Trust
Oxygen Generator
Other grants
TOTAL FUNDS		 At 1/1/22
£
251,866
251,866
877,526
5,314
50,000
50,000
9,405
992,245
1,244,111
1,579,355
1,600
5,000
26,402
-
-
-
2,100
271,180
-
-
54,867
-
1,940,504
3,184,615		 Net
movement
in funds
£
(24,712)
(24,712)
(146,020)
-
-
(22,049)
(9,405)
(177,474)
(202,185)
(11,160)
(1,600)
(504)
(183)
1,961
3,925
5,668
137,996
(7,751)
5,946
5,770
(3,048)
5,387
142,407
(59,777)		 Transfers
between
funds
£
(26,009)
(26,009)
67,356
-
(5,367)
-
-
61,989
35,979
(11,160)
-
(504)
(183)
(212)
(935)
(627)
(7,017)
(7,742)
(1,407)
(644)
(3,048)
(2,500)
(35,979)
-		 At
31/12/23
£
201,142
201,142
798,862
5,314
44,633
27,951
-
876,760
1,077,904
1,557,035
-
3,992
26,036
1,749
2,990
5,041
133,079
255,687
4,539
5,126
48,771
2,887
2,046,932
3,124,836

Page 35

continued...

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

22. MOVEMENT IN FUNDS - continued

A current year and prior year combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated funds:
General fixed asset fund
Buildings and Environmental
Sustainability fund
Fair Value Reserve
Restricted funds
Centre Building Costs
Fowey Hospital
February Foundation
Sunley Suites
Duchy Health
Cornwall Community Foundation
Sport England
Sensory Garden
Hydrotherapy Pool
Minibus / Tourneo
Clare Milne Trust
Oxygen Generator
Other grants
Kickstart
TOTAL FUNDS		 Incoming
resources
£
1,025,900
1,025,900
-
-
-
-
1,025,900
-
-
-
-
2,173
4,673
8,160
145,000
-
7,081
6,414
-
8,369
8,011
189,881
1,215,783		 Resources
expended
£
(1,039,065)
(1,039,065)
(146,020)
(22,049)
-
(168,069)
(1,207,134)
(11,160)
(1,599)
(504)
(183)
(212)
(748)
(2,492)
(7,004)
(7,751)
(1,135)
(644)
(3,048)
(2,982)
(8,011)
(47,473)
(1,254,609)		 Gains and
losses
£
(11,546)
(11,546)
-
-
(9,405)
(9,405)
(20,951)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(20,951)		 Movement
in funds
£
(24,711)
(24,711)
(146,020)
(22,049)
(9,405)
(177,474)
(202,185)
(11,160)
(1,599)
(504)
(183)
1,961
3,925
5,668
137,996
(7,751)
5,946
5,770
(3,048)
5,387
-
142,408
(59,777)

Description nature and purpose of restricted funds

Centre building costs

Funds raised for the initial building costs in relation to the centre. A transfer is made from these funds each year to cover the depreciation charge on the Freehold Property and Buildings.

Oxygen tank

Funds to provide an additional oxygen tank.

Fowey Hospital

For the purchase of more comfortable chairs for use in the oxygen chambers.

Page 36

continued...

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

22. MOVEMENT IN FUNDS - continued

February Foundation

Towards the cost of a Therabike.

Equipment for treatments

Various restricted grants provided to the charity for the purchase of equipment to be used during the treatments provided to patients.

Sunley Suite

A change in usage of the Sunley Suite from a conference room to provide a sensory room and three therapy rooms was funded in the main by grants.

Duchy Health

Funding received to purchase equipment for the purposes of physiotherapy.

Cornwall Community Foundation

Funding received towards purchase of a Golvo lift.

Sport England

Funding received towards purchase of training Tigo bikes.

Sensory Therapy Garden

Grants to provide a specially designed garden for the purposes of physiotherapy and an activity trail.

Hydrotherapy Pool

Appeal to raise the balance of funding required to build the Hydrotherapy Pool building and fit out.

Minibus/Ford Tourneo

Funding received for the purchases of vehicles.

Sensory Room

Funding towards the building and equipment for a sensory room.

Claire Milne Trust

Funding received towards the purchase of a Sara Plus standing aid and shower chair.

Oxygen Generator

The Band Trust gave a donation of £65,000 in 2019 to fund the installation of an Oxygen Generator which was installed in January 2020. The Charity now generates its own oxygen and no longer relies on deliveries from an external supplier. This has reduced our running costs, but also our carbon footprint as we no longer rely on fortnightly deliveries.

Kickstart

The Department for Work & Pensions launched the Kickstart Scheme in September 2020 in response to a significant forecast rise in youth unemployment because of the COVID-19 pandemic (aimed at aged 16-24 on Universal Credit and at risk of long-term unemployment). The grant relates to one six-month work placement to cover the salary costs of an office administrator.

Edward Gostling Foundation

Funding received to support the Keep in Touch service.

continued...

Page 37

MERLIN NEURO THERAPY CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023

22. MOVEMENT IN FUNDS - continued

Description nature and purpose of designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

General fixed asset fund

Represents fixed assets that are financed through unrestricted funds. Depreciation is charged to this fund.

Fair value reserve

Represents the non-distributable profits (fair value gains/losses) of the investments held by the charity.

COMF funding Donations/grants received designated in relation to Covid support, resumption of respite and community transport work.

Development fund

Supporting the charity's strategic aims.

Buildings and Environmental Sustainability fund

Supporting the charity's building and environmental sustainability.

Transfers between funds

During the year the trustees approved transfers between restricted and unrestricted funds of £7,017 (2022: £28,963 ).

The transfers are mainly in relation to a release of restricted funds in line with the current year depreciation charge for restricted assets.

23. CAPITAL COMMITMENTS

Contracted but not provided for in the financial statements 2023
£
-		 2022
£
32,848

24. RELATED PARTY DISCLOSURES

The aggregate compensation paid to key management personnel amounted to £124,671 (2022: £122,240).

The charity received amounts for room hire from a business controlled by trustee, M James, in the sum of £1,121.

The charity received donations amounting to £14,659 from related parties.

There were no other related party transactions for the year ended 31 December 2023 or for the year ended 31 December 2023.

Page 38

MERLIN NEURO THERAPY CENTRE LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

INCOME AND ENDOWMENTS
Donations, legacies and grants
Donations
Legacies
Grants
Other trading activities
Fundraising events
Shop income
Letting and licensing arrangements
Solar panel income
Other trading activities
Investment income
Dividends from listed investments
Deposit account interest
Charitable activities
Therapies
Other income
Gain on sale of tangible fixed assets
Other income
Total incoming resources
EXPENDITURE
Raising donations and legacies
Wages
Social security
Pensions
Advertising
Other fundraising costs
Charitable activities
Wages
Social security
Carried forward		 2023
£
44,288
-
113,282
157,570
47,345
48,840
54,402
5,247
29,463
185,297
3,119
2,604
5,723
177,330
-
5,097
5,097
531,017
49,440
3,873
1,483
1,631
20,029
76,456
182,376
14,701
197,077		 2022
£
45,391
51,326
232,643
329,360
45,625
39,286
50,844
15,827
23,930
175,512
5,622
573
6,195
155,226
16,599
1,871
18,470
684,763
39,218
2,835
1,180
281
22,241
65,755
204,182
18,276
222,458

This page does not form part of the statutory financial statements

Page 39

MERLIN NEURO THERAPY CENTRE LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
Charitable activities
Brought forward
Pensions
Rates and water
Light and heat
Repairs and renewals
Subscriptions
Cost of provision of subsidised therapy
Travel and subsistence
Cleaning
Bank charges
Entertainment
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Support costs
Management
Wages
Social security
Pensions
Insurance
Telephone
Postage and stationery
Governance costs
Wages
Social security
Pensions
Auditors' remuneration
Accountancy fees
Legal and professional
Total resources expended
Net (expenditure)/income before gains and
losses
Realised recognised gains and losses
Gains / (losses) on revaluation of investments
Net (expenditure)/income		 2023
£
197,077
2,377
4,631
42,469
70,336
4,804
27,479
3,000
19,652
2,274
906
34,299
61,212
2,539
3,039
4,463
480,557
74,760
6,677
833
6,732
5,897
3,040
97,939
4,555
375
70
3,900
10,085
2,691
21,676
676,628
(145,611)
(23,149)
(168,760)		 2022
£
222,458
3,040
4,126
37,609
23,782
1,378
24,699
2,695
23,414
773
806
27,295
64,395
2,749
3,799
1,712
444,730
28,947
-
-
6,502
12,435
8,623
56,507
1,284
3,242
474
2,220
2,412
1,356
10,988
577,980
106,783
2,198
108,981

This page does not form part of the statutory financial statements

Page 40