**Charity registration number 1093691**
**Company registration number 04460611 (England and Wales)**
**MERLIN NEURO THERAPY CENTRE LIMITED**
**ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2025**
**MERLIN NEURO THERAPY CENTRE LIMITED**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr M E F James||
|---|---|---|
||Dr E J Campbell||
||Mr T Sneddon||
||Mr M A Ward||
||Mrs R V Foster||
||Ms T E Phillips||
||Mr S M Hicks||
||Mrs K Harland|(Appointed 19 February 2025)|
|**Centre manager**|S Snell||
|**Charity number**|1093691||
|**Company number**|04460611||
|**Registered office**|Bradbury House||
||Hewas Water||
||ST AUSTELL||
||Cornwall||
||England||
||PL26 7JF||
|**Auditor**|TC Group||
||Vivian House||
||Newham Road||
||Truro||
||Cornwall||
||United Kingdom||
||TR1 2DP||
**MERLIN NEURO THERAPY CENTRE LIMITED**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Bankers**
## **Solicitors**
HSBC Bank PLC 45 Commerical Street Camborne Cornwall TR14 8AX Coodes Solicitors 8 Race Hill Launceston Cornwall PL15 9BA
**MERLIN NEURO THERAPY CENTRE LIMITED**
## **CONTENTS**
||**Page**|
|---|---|
|Chairman's Statement|1 - 4|
|Trustees' report|5 - 9|
|Independent auditor's report|10 - 13|
|Statement of financial activities|14 - 15|
|Summary income and expenditure account|16|
|Balance sheet|17|
|Statement of cash flows|18|
|Notes to the financial statements|19 - 42|
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **CHAIRMAN'S STATEMENT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
On behalf of the Trustees, we are once again deeply indebted to many, many volunteers; to our highly qualified and dedicated staff and to a wide number of individuals and organisations who have supported the charity, with time or funds, enabling us to continue our charitable purpose in enabling an even wider group of people to gain support to improve their lives and living. Everyone should take pride in how their contribution has made 2025 another successful year.
During the year the Trustees and management commissioned Cornwall Rural Community Charity to carry out a Social Value Assessment to identify the value and impact of the Centre using an internationally recognised methodology. This helps to articulate the real-life changes people experience in using the Centre and why these changes matter.
To set the scene, the report concluded that the social value created by the charity equated to **£3,980,689 or £5.88 for every £ spent.** Their summary concluded
## _**‘The charity is a lifeline and a community bedrock delivering**_
## _**transformative change for hundreds of people across Cornwall.’**_
No one can describe the benefit and impact of the charity’s work better than our clients. Over 100 people took part in the annual client survey, and we highlight a few snapshots to help understand the people whom we support:-
## **Our clients**
- 50% of our clients are aged 65 and over
- 5% are 12 or younger
- 50% of our clients are retired
- 19% are unable to work due to their disability or health condition
- 14% are unemployed
- 57% drive themselves to the Centre while 43% are driven there by someone else
## **Performance**
- Overall satisfaction with the Merlin Neuro Therapy Centre scored 4.66 out of 5
- 98% of clients rated the Centre 4 or 5
- ‘Excellent’ was used to describe the Centre, Therapy services and the café
## **Key benefits gained by clients**
- Better management of their condition and symptoms
- Improved mental health and well-being
- Improved physical health and fitness
- Improved confidence and self-esteem
- Reduction in social isolation
## **And in their own words :-**
'You are doing such a wonderful job. The Community is lucky to have you'
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## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **CHAIRMAN'S STATEMENT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
'I feel it is a safe and knowledgeable environment and that the therapy is tailored to our needs which gives me confidence to push myself'
'The staff were wonderful - very helpful, welcoming and reassuring. Thank you for providing such a wonderful service.'
## **Impact Report 2025***
_Each year, the Charity publishes an Impact Report setting out clearly many of the key activity statistics and their impact and benefit felt by our clients. The report brings to life our Vision ‘Dedicated to improving health and wellbeing’ and our Mission ‘To be a Centre of Excellence for anyone affected by a neurological condition or neurodiversity in Cornwall’._
(https://www.merlincentre.org.uk/images/ - Merlin%20Neuro%20Therapy%20Centre%20Impact%20Report%202025 %20Transforming%20Lives.pdf)
## **Staffing and volunteers**
Trustees believe that our current staffing, as below, is appropriate to the needs of our clients and the charity with the delivery of expert, safe, client- focused support.
|Role|No of staff|FTE equivalent|
|---|---|---|
|Management|3|2.7|
|Therapies and oxygen *|9|7.5|
|Incomegeneration|4|3.2|
|Facilities and administration|4|2.8|
|All|20|16.2|
The Trustees have delegated responsibility for implementation of our agreed strategy to Sarah Snell (Centre Manager) and the Senior Leadership Team of Melissa King (Clinical Lead), Adele Carter (Income Generation Lead), Gill Vokes (Finance) and Sophie Maziere (Service Development Lead).
During the year, our expert and highly qualified therapeutic staff* delivered
|Therapeutic activity|Sessions|
|---|---|
|Oxygen therapy|3,944|
|Groupexercise|2,985|
|Individualphysiotherapy|987|
|Individual hydrotherapy|704|
|Groupexercise|658|
|Ayres SensoryIntegration|367|
|Total interventions|9,654|
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**MERLIN NEURO THERAPY CENTRE LIMITED**
## **CHAIRMAN'S STATEMENT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
Our staff are supported by many volunteers, and we recognise that without our volunteers, there would be no Merlin Neuro Therapy Centre – they are the glue which constantly holds the charity together in nearly every aspect of the charity’s work. Their dedication and commitment are to be lauded and appreciated.
- 60 volunteers have gifted 10,100 hours of support and service (equivalent to 5.5FTEs)
- 16 fundraising and community event volunteers
- 2 retail volunteers
- 13 café volunteers
- 10 therapy support volunteers
- 10 admin support volunteers
- 6 volunteer drivers travelling 5,565 miles in a year
- 3 gardening volunteers. Source -Impact Report 2025
## **Investments**
We have also continued to invest in our future, often with the generous support of grants and donations from trust funds. We have extended our therapeutic equipment with an Alter G antigravity treadmill; Medicotech Thera Trainer bikes and more outdoor therapy equipment.
To counteract increasing energy costs, we have installed solar PVs and the installation of a solar thermal system to complement our ground source heating. Investment returns on all renewable energy installations during the year was £8,842.
As reported last year, we invested in the new Cliniko clinical management system and are now realising significant benefits from its use. We have continued our investment in digital innovation by upgrading to cloud-based technology; training our staff in cyber security; investing in new laptops which aid remote working, and late in the year, the charity has invested in Xero accounting software that will give management much more relevant and timely financial information.
## **Strategic Plan**
The Trustees recognise the ongoing challenge of balancing the need to meet increasing demand for services with the requirement to manage expenditure responsibly. In recent years, the Charity has experienced significant cost pressures, including rising operational costs linked to utilities, staffing, and service delivery. At the same time, the cost-of-living crisis and wider economic instability continue to affect key income streams, particularly community fundraising and corporate giving.
In response, the Trustees established a three-year strategic plan in 2024, with the overarching aim of achieving a sustainable budget surplus by 2028. This plan sets out a series of targeted actions to strengthen financial resilience, increase income, and improve operational efficiency. Key measures include:
- **Investment in Income Generation Capacity**
- Restricted funding has been allocated to expand the Charity’s Income Generation (IG) team, enabling a more strategic and diversified approach to fundraising.
- **Growth in Income Streams**
- The Charity is working towards achieving 60% growth in IG income by 2028, through a combination of trusts and foundations, major donors, community fundraising, and corporate partnerships.
- **Service Expansion**
Plans are in place to extend Centre opening hours, increasing both accessibility for beneficiaries and opportunities for earned income such as through room and pool hire
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## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **CHAIRMAN'S STATEMENT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## · **Enhanced Affordability and Access**
The Charity is actively seeking external funding opportunities to support beneficiaries who are unable to self-fund, ensuring that financial barriers do not prevent access to essential therapies.
- **Partnership engagement**
The Charity has formed links with several organisations to provide additional resources, support and services for its beneficiaries by offering organisations the chance to engage with clients at the Centre, including both monthly clinics and information events providing information about benefits, housing, employment and other available services.
- **Cost Reduction and Efficiency**
- A programme of cost control measures is being implemented, including improved operational efficiencies, smarter working practices, and investment in energy-saving initiatives to reduce both expenditure and environmental impact.
These actions are designed to create a more sustainable financial model while maintaining the quality and accessibility of services for beneficiaries.
The Charity has also commenced business planning for its next three-year Strategic Plan (2027–2029). This process will be informed by comprehensive engagement with a wide range of stakeholders, including beneficiaries and their unpaid carers. Their insights and lived experience will play an important role in shaping future priorities, ensuring that the Charity’s services continue to meet evolving needs and deliver meaningful, person-centred impact.
## **Conclusion**
Trustees recognise that delivering the charitable purpose of providing high quality, safe therapeutic specialised support at prices our clients can afford will always develop a ‘subsidy gap’ between income and staff costs. With many of our services subsidised to the extent of 60% - 70% (Full Cost Recovery Report) the charity is, and will be faced with, an ongoing operational deficit.
The Trustees therefore believe that strategic investment in expanding the Charity’s IG staff team and associated resources will help deliver sustainable long-term benefits by reducing the ‘subsidy gap’. This includes increasing and diversifying income streams, improving outcomes for beneficiaries through enhanced service stability, and contributing to long-term efficiencies, including energy and cost savings.
Collectively, these measures will support the Charity’s ambition to achieve a consistent surplus budget and build reserves to an appropriate and resilient level.
.............................. T Sneddon **Trustee**
16/07/2026 Date: .........................
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## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
The trustees present their annual report and financial statements for the year ended 31 December 2025.
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 [governing document], 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)" (effective 1 January 2019).
## **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 and oxygen therapy. 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**
_Significant activities and achievements against objectives_
For details of achievements and performance please see the Chairman's Statement.
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**MERLIN NEURO THERAPY CENTRE LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **Financial performance and challenges ahead**
In the year ending 31 December 2025 the Charity’s unrestricted income was £570,434 with operating expenditure excluding depreciation of £704,722. After depreciation and transfers from designated and restricted funds, the Charity has generated an unrestricted surplus for the financial year of £13,931 with the Charity’s free reserves being a general unrestricted fund of £322,305, designated funds of £31,634*, resulting in a total of £353,939. The Charity also had restricted funds of £171,214** and an endowment fund of £150,000.
* see page 38 note 24. The unrestricted designated funds exclude £2,702,737 that is held within the General fixed asset fund. The General fixed asset fund represents the value of historical fixed asset expenditure that is now being depreciated on an annual basis. These reserves are held as fixed assets and are not available to the charity to support day-to-day expenditure and are therefore excluded from unrestricted designated funds in the above paragraph. the remaining unrestricted designated funds represent residual funding following the COVID pandemic, a buildings and environmental sustainability fund, funds designated in relation to the salaries of an occupational therapist and a deputy oxygen manager and funds from the Merlin Support Group in support of the charities activities.
** see page 34 note 23. The restricted funds include funds received from the Elwyn Thomas Memorial Fund to support the expansion of the charity's income generation department, the the Cornwall Council levelling up fund to support the purchase of solar panels, from the Co-Op community fund to support the purchase of solar thermal equipment and from the government's access to work scheme
It is the Charity’s reserves policy to maintain 3 months operating expenses to help ensure its financial position is not unduly compromised. Our current unrestricted funds are deemed sufficient by the Trustees to support its operations through 2026.
## **2024 Accounts – Additional Context**
In 2024, the charity received several significant one-off income streams:
## · **Restricted Endowment Gift (£150,000)**
The charity received a Deed of Gift from the Edward Gostling Foundation. This funding is fully restricted and must be invested as an endowment. The capital is ringfenced and cannot be accessed for a minimum period of five years and therefore does not contribute to day-to-day operating costs.
## · **Restricted Programme Grant (£200,000)**
A grant from the Elwyn Thomas Memorial Trust was awarded to support income generation capacity. These funds are strictly restricted to the recruitment and salary costs of income generation staff over the period 2024–2027 and cannot be used to support frontline service delivery or core running costs. Based on current salary costs this funding will be spent by the end of 2027.
## · **Unrestricted Legacy Gift (£122,000)**
The charity also received an unrestricted legacy gift, which was allocated to support 2024 & 2025 core operating costs.
While these funds strengthened the charity’s financial position, it is important to note that the majority were restricted or time-limited and do not provide sustainable, ongoing income. As such, continued external funding remains essential to maintain current service levels and meet growing demand.
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## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **Structure, governance and management**
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 and up to the date of signature of the financial statements were:
Mr M E F James
Dr E J Campbell Mr T Sneddon Mr M A Ward Ms A E Mclean (Resigned 4 February 2025) Mrs R V Foster Ms T E Phillips Mr S M Hicks Mrs K Harland (Appointed 19 February 2025)
## _Recruitment and appointment of 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 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.
## _Remuneration policy_
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.
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## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## _Other matters_
## **Wider network**
The Charity is a member of National Neuro Therapy Network (which represents Centres across the UK); the Cornwall Disability Alliance; the Cornwall Voluntary Sector Forum; the National Council for Voluntary Organisations and has built relationships with both national and local organisations including The MS Society; The Stroke Association; Parkinsons UK.
## **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. The trustees have been managing these on a low risk basis, in 2025 the value has increased by £11,223 (2024 the value increased by £7,169) and have agreed to dispose of these to reduce the market risk associated with holding shares.
## **Plans for future periods**
For details of plans for the future please see the Chairman's Statement.
## **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.
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**MERLIN NEURO THERAPY CENTRE LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **Statement of trustees' responsibilities**
The trustees, who are also the directors of Merlin Neuro Therapy Centre Limited for the purpose of company law, are responsible for preparing the Trustees' 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Auditor**
In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting.
## **Disclosure of information to auditor**
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
The trustees' report was approved by the Board of Trustees.
.............................. Mr T Sneddon **Trustee**
16/07/2026 Date: .............................................
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## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **INDEPENDENT AUDITOR'S REPORT**
## **TO THE MEMBERS OF MERLIN NEURO THERAPY CENTRE LIMITED**
## **Opinion**
We have audited the financial statements of Merlin Neuro Therapy Centre Limited (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, the summary income and expenditure account, the balance sheet, the statement of cash flows and notes to the financial statements, including 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:
- give a true and fair view of the state of the charitable company's affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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 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.
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**MERLIN NEURO THERAPY CENTRE LIMITED**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE MEMBERS OF MERLIN NEURO THERAPY CENTRE LIMITED**
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of our audit:
- the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
- the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charity 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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.
## **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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE MEMBERS OF MERLIN NEURO THERAPY CENTRE LIMITED**
Obtain an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which it operates;
- Review of the disclosures in the financial statements and testing to support documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- Discussion with management as to how compliance with these laws and regulations is monitored;
- Enquiries of management concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- Reviewing minutes of trustee meetings and correspondence with regulators;
- Performing audit work in connection with the risk of management override of controls, including testing journal entries for reasonableness and evaluating the business rationale of significant transactions outside the normal course of business.
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:
- Undertaking transactional testing on revenue
- Performing completeness testing on a sample of significant projects undertaken during the year
- Performing cut off testing on income
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business
- Reviewing estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making estimates.
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 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.
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## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE MEMBERS OF MERLIN NEURO THERAPY CENTRE LIMITED**
## **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 auditor's 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 (Senior Statutory Auditor) for and on behalf of TC Group**
17/07/2026 .........................
**Chartered Accountants Statutory Auditor**
Vivian House Newham Road Truro Cornwall United Kingdom TR1 2DP
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## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
|**Current financial year**
**Unrestricted Unrestricted**
**funds**
**funds**
**general**
**Designated**
**2025**
**2025**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
146,611
-
Charitable activities
**4**
181,733
-
Other trading activities
**5**
221,431
14,923
Investments
**6**
16,807
192
Other income
**7**
3,852
-
**Total income and**
**endowments**
570,434
15,115
**Expenditure on:**
Raising funds
**8**
158,105
3,457
Charitable activities
**9**
546,617
104,221
**Total expenditure**
704,722
107,678
Net gains/(losses) on
investments
**14**
11,223
-
**Net income/(expenditure)**
(123,065)
(92,563)
Transfers between funds
136,996
(37,379)
**Net movement in funds**
**11**
13,931
(129,942)
**Reconciliation of funds:**
Fund balances at 1 January 2025
308,374
2,864,313
**Fund balances at 31 December**
**2025**
322,305
2,734,371|**Restricted Endowment**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
69,416
-
-
-
-
-
-
-
-
-
69,416
-
-
-
14,707
-
14,707
-
-
-
54,709
-
(99,617)
-
(44,908)
-
216,122
150,000
171,214
150,000|**Total**
**2025**
**£**
216,027
181,733
236,354
16,999
3,852
654,965
161,562
665,545
827,107
11,223
(160,919)
-
(160,919)
3,538,809
3,377,890|**Total**
**2024**
**£**
638,117
188,965
225,641
11,400
49,363|
|---|---|---|---|
||||1,113,486|
||||88,138
618,544|
||||706,682|
||||7,169|
||||413,973
-|
||||413,973
3,124,836|
||||3,538,809|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 14 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
|**Prior financial year**
**Unrestricted**
**Unrestricted**
**Restricted**
**Endowment**
**funds**
**funds**
**funds**
**funds**
**general**
**Designated**
**2024**
**2024**
**2024**
**2024**
**Notes**
**£**
**£**
**£**
**£**
**Income and endowments**
**from:**
Donations and legacies
**3**
246,974
15,713
225,430
150,000
Charitable activities
**4**
188,965
-
-
-
Other trading activities
**5**
209,124
16,517
-
-
Investments
**6**
11,057
343
-
-
Other income
**7**
49,363
-
-
-
**Total income and**
**endowments**
705,483
32,573
225,430
150,000
**Expenditure on:**
Raising funds
**8**
88,138
-
-
-
Charitable activities
**9**
517,282
68,622
32,640
-
**Total expenditure**
605,420
68,622
32,640
-
Net gains/(losses) on
investments
**14**
7,169
-
-
-
**Net income/(expenditure)**
107,232
(36,049)
192,790
150,000
Transfers between funds
(2)
2,023,602
(2,023,600)
-
**Net movement in funds**
**11**
107,230
1,987,553
(1,830,810)
150,000
**Reconciliation of funds:**
Fund balances at 1 January 2024
201,144
876,760
2,046,932
-
**Fund balances at 31 December 2024**
308,374
2,864,313
216,122
150,000|**Total**
**2024**
**£**
638,117
188,965
225,641
11,400
49,363|
|---|---|
||1,113,486|
||88,138
618,544|
||706,682|
||7,169|
||413,973
-|
||413,973
3,124,836|
||3,538,809|
- 15 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **SUMMARY INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
|**All income funds**
**2025**
**£**
Gross income
654,965
Gains on investments
11,223
Total income in the reporting period
666,188
Total expenditure from income funds
827,107
**Net (expenditure)/income for the year**
(160,919)|**2024**
**£**
963,486
7,169|
|---|---|
||970,655
706,682|
||263,973|
- 16 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2025**_
|**Notes**
**Fixed assets**
Tangible assets
**16**
Investments
**17**
**Current assets**
Stocks
**18**
Debtors
**19**
Cash at bank and in hand
**Creditors: amounts falling due within one**
**year**
**20**
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension liability**
**The funds of the charity**
Endowment funds
**22**
Restricted income funds
**23**
Unrestricted funds - general
Unrestricted funds - Designated
**24**|**2025**
**£**
**£**
2,802,611
65,040
2,867,651
1,535
32,243
507,608
541,386
(31,147)
510,239
3,377,890
3,377,890
150,000
171,214
322,305
2,734,371
3,377,890|**2024**
**£**
**£**
2,765,181
53,817
2,818,998
1,009
39,386
724,590
764,985
(45,174)
719,811
3,538,809
3,538,809
150,000
216,122
308,374
2,864,313
3,538,809|**2024**
**£**
**£**
2,765,181
53,817
2,818,998
1,009
39,386
724,590
764,985
(45,174)
719,811
3,538,809
3,538,809
150,000
216,122
308,374
2,864,313
3,538,809|
|---|---|---|---|
||||2,818,998
719,811|
||||3,538,809|
||||3,538,809|
||||150,000
216,122
308,374
2,864,313|
||||3,538,809|
16/07/2026 The financial statements were approved by the trustees on .........................
.............................. Mr T Sneddon
## **Trustee**
Company registration number 04460611 (England and Wales)
- 17 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
|**2025**
**Notes**
**£**
**£**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**30**
(81,272)
**Investing activities**
Proceeds from disposal of intangibles
-
Purchase of tangible fixed assets
(157,009)
Proceeds from disposal of tangible fixed
assets
4,300
Investment income received
16,999
**Net cash (used in)/generated from**
**investing activities**
(135,710)
**Net cash used in financing activities**
-
**Net (decrease)/increase in cash and cash**
**equivalents**
(216,982)
Cash and cash equivalents at beginning of year
724,590
**Cash and cash equivalents at end of year**
507,608|**2024**
**£**
48,200
(19,648)
300
11,400|**£**
433,483
40,252
-|
|---|---|---|
|||473,735
250,855|
|||724,590|
- 18 -
**MERLIN NEURO THERAPY CENTRE LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS**
_**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **1 Accounting policies**
The liability of each member in the event of winding up is limited to £10.
## **Charity information**
Merlin Neuro Therapy Centre Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Bradbury House, Hewas Water, ST AUSTELL, Cornwall, PL26 7JF, England.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The charity is a Public Benefit Entity as defined by FRS 102.
## **1.2 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.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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.
- 19 -
**MERLIN NEURO THERAPY CENTRE LIMITED**
_**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **1 Accounting policies**
**(Continued)**
For legacies, entitlement is taken as the earlier of:
- The date on which the charity is aware that probate has been granted;
- The executors have established that there are sufficient assets in the estate, after settling any liabilities, to pay the legacy; 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 treated as a contingent asset and disclosed if material.
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 the expenditure in the period of receipt.
Income from government grants 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.
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.
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.
- 20 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Cost of raising funds comprise the costs of fundraising and associated support costs;
Expenditure on charitable activities includes the cost of running the centre to further the purposes of the charity and their associated support costs.
Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
|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|
|Computer equipment|33% straight line|
|Motor vehicles|20% reducing balance|
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 the statement of financial activities.
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.
- 21 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **1 Accounting policies**
## **(Continued)**
## **1.7 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **1.8 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible 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).
## **1.9 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.10 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.11 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.
## _**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.
- 22 -
**MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **1 Accounting policies**
## **(Continued)**
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors 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.
## **1.12 Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **1.13 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.14 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Critical accounting estimates and judgements**
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.
- 23 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **3 Income from donations and legacies**
|**Unrestricted Unrestricted**
**Restricted Endowment**
**funds**
**funds**
**funds**
**funds**
**general**
**Designated**
**2025**
**2025**
**2025**
**2025**
**£**
**£**
**£**
**£**
Donations and gifts
54,059
-
-
-
Legacies receivable
74,452
-
-
-
Grants receivable
18,100
-
69,416
-
146,611
-
69,416
-|**Total**
**Unrestricted Unrestricted**
**Restricted Endowment**
**funds**
**funds**
**funds**
**funds**
**general**
**Designated**
**2025**
**2024**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**£**
**£**
54,059
56,724
15,713
1,000
-
74,452
122,000
-
-
-
87,516
68,250
-
224,430
150,000
216,027
246,974
15,713
225,430
150,000|**Total**
**2024**
**£**
73,437
122,000
442,680|
|---|---|---|
|||638,117|
- 24 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
|**Income from donations and legacies**
**Unrestricted Unrestricted**
**Restricted Endowment**
**funds**
**funds**
**funds**
**funds**
**general**
**Designated**
**2025**
**2025**
**2025**
**2025**
**£**
**£**
**£**
**£**
**Grants receivable for core activities**
The Edward Gostling
Foundation
-
-
-
-
Thomas J Horne Memorial
Trust
-
-
-
-
Duchy Health Charity Limited
-
-
-
-
Garfield Weston Foundation
-
-
-
-
Cornwall Community
Foundation
2,000
-
-
-
The Elwyn Thomas Memorial
Fund
-
-
-
-
Cornwall Council Levelling up
Fund
-
-
36,198
-
The Clare Milne Trust
-
-
26,750
-
Other
16,100
-
6,468
-
18,100
-
69,416
-|**Total**
**Unrestricted Unrestricted**
**Restricted Endowment**
**Total**
**funds**
**funds**
**funds**
**funds**
**general**
**Designated**
**2025**
**2024**
**2024**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**£**
**£**
**£**
**(Continued)**
-
-
-
-
150,000
150,000
-
9,000
-
-
-
9,000
-
-
-
10,000
-
10,000
-
50,000
-
-
-
50,000
2,000
5,250
-
3,750
-
9,000
-
-
-
200,000
-
200,000
36,198
-
-
-
-
-
26,750
-
-
-
-
-
22,568
4,000
-
10,680
-
14,680
87,516
68,250
-
224,430
150,000
442,680|**Total**
**Unrestricted Unrestricted**
**Restricted Endowment**
**Total**
**funds**
**funds**
**funds**
**funds**
**general**
**Designated**
**2025**
**2024**
**2024**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**£**
**£**
**£**
**(Continued)**
-
-
-
-
150,000
150,000
-
9,000
-
-
-
9,000
-
-
-
10,000
-
10,000
-
50,000
-
-
-
50,000
2,000
5,250
-
3,750
-
9,000
-
-
-
200,000
-
200,000
36,198
-
-
-
-
-
26,750
-
-
-
-
-
22,568
4,000
-
10,680
-
14,680
87,516
68,250
-
224,430
150,000
442,680|
|---|---|---|
|||442,680|
## **3 Income from donations and legacies**
- 25 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **3 Income from donations and legacies**
## **(Continued)**
The charity benefits greatly from the involvement and support of its 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.
## **4 Income from charitable activities**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|**Therapies**|||
|Therapy income|181,733|188,965|
## **5 Income from other trading activities**
|**Unrestricted Unrestricted**
**funds**
**funds**
**general**
**Designated**
**2025**
**2025**
**£**
**£**
Fundraising events
29,251
14,923
Shop income
45,563
-
Letting and licensing
arrangements
58,020
-
Trading activity income:
other
88,597
-
Other trading activities
221,431
14,923|**Total**
**Unrestricted Unrestricted**
**funds**
**funds**
**general**
**Designated**
**2025**
**2024**
**2024**
**£**
**£**
**£**
44,174
14,737
16,517
45,563
49,456
-
58,020
59,747
-
88,597
85,184
-
236,354
209,124
16,517|**Total**
**2024**
**£**
31,254
49,456
59,747
85,184|
|---|---|---|
|||225,641|
- 26 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **6 Income from investments**
|**Unrestricted Unrestricted**
**funds**
**funds**
**general**
**Designated**
**2025**
**2025**
**£**
**£**
Income from listed
investments
1,594
-
Interest receivable
15,213
192
16,807
192|**Total**
**Unrestricted Unrestricted**
**funds**
**funds**
**general**
**Designated**
**2025**
**2024**
**2024**
**£**
**£**
**£**
1,594
2,271
-
15,405
8,786
343
16,999
11,057
343|**Total**
**2024**
**£**
2,271
9,129|
|---|---|---|
|||11,400|
## **7 Other income**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Net gain on disposal of intangible fixed assets|-|46,809|
|Net gain on disposal of tangible fixed assets|3,650|300|
|Other income|202|2,254|
||49,363|2,254|
## **8 Expenditure on raising funds**
|**Unrestricted Unrestricted**
**funds**
**funds**
**general**
**Designated**
**2025**
**2025**
**£**
**£**
**Fundraising and publicity**
Advertising
2,427
3,457
Other fundraising costs
44,959
-
Staff costs
110,719
-
158,105
3,457|**Total**
**Unrestricted Unrestricted**
**funds**
**funds**
**general**
**Designated**
**2025**
**2024**
**2024**
**£**
**£**
**£**
5,884
976
-
44,959
30,804
-
110,719
56,358
-
161,562
88,138
-|**Total**
**2024**
**£**
976
30,804
56,358|
|---|---|---|
|||88,138|
- 27 -
**MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **8 Expenditure on raising funds**
## **(Continued)**
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 café, plus merchandise for the retail area, running fundraising events and marketing of services.
## **9 Expenditure on charitable activities**
||**Therapies**|**Therapies**|
|---|---|---|
||**2025**|**2024**|
||**£**|**£**|
|**Direct costs**|||
|Staff costs|225,600|216,885|
|Depreciation and impairment|118,928|99,412|
|Rates and water|6,866|5,107|
|Light and heat|39,256|40,337|
|Repairs and renewals|41,652|54,062|
|Subscriptions|6,607|4,416|
|Cost of provision of subsidised therapy|29,070|24,732|
|Travel and subsistence|3,829|4,897|
|Cleaning|18,668|18,500|
|Bank charges|4,005|3,509|
|Entertainment|920|654|
||495,401|472,511|
|**Share of support and governance costs (see note 10)**|||
|Support|150,437|114,608|
|Governance|19,707|31,425|
||665,545|618,544|
|**Analysis by fund**|||
|Unrestricted funds - general|546,617|517,282|
|Unrestricted funds - Designated|104,221|68,622|
|Restricted funds|14,707|32,640|
||665,545|618,544|
- 28 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **10 Support costs allocated to activities**
|Staff costs
Insurance
Telephone
Postage and stationery
Sundry expenses
Governance costs
**Analysed between:**
Therapies|**2025**
**£**
139,252
6,260
381
2,722
1,822
19,707
170,144
170,144|**2024**
**£**
102,022
6,185
2,740
3,661
-
31,425|
|---|---|---|
|||146,033|
|||146,033|
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
|**11**|**Net movement in funds**|**2025**|**2024**|
|---|---|---|---|
|||**£**|**£**|
||The net movement in funds is stated after charging/(crediting):|||
||Fees payable for the audit of the charity's financial statements|5,300|4,095|
||Depreciation of owned tangible fixed assets|118,928|99,411|
||Profit on disposal of tangible fixed assets|(3,650)|(300)|
||Loss/(profit) on disposal of intangible assets|-|(46,809)|
## **12 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
- 29 -
**MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **13 Employees**
The average monthly number of employees during the year was:
|Charitable activities and administration
**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2025**
**Number**
20
**2025**
**£**
431,741
35,645
13,185
480,571|**2024**
**Number**
16|
|---|---|---|
|||**2024**
**£**
350,614
23,184
6,467|
|||380,265|
There were no employees whose annual remuneration was more than £60,000.
## **Remuneration of key management personnel**
The remuneration of key management personnel was as follows:
||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Aggregate compensation|97,086|93,463|
## **14 Gains and losses on investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|11,223|7,169|
## **15 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 30 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
|**16**
**Tangible fixed assets**
**Cost**
At 1 January 2025
Additions
Disposals
At 31 December 2025
**Depreciation and**
**impairment**
At 1 January 2025
Depreciation charged in the
year
Eliminated in respect of
disposals
At 31 December 2025
**Carrying amount**
At 31 December 2025
At 31 December 2024|**Freehold**
**property**
**£**
2,708,931
32,817
-
2,741,748
274,992
41,105
-
316,097
2,425,651
2,433,939|**Plant and**
**machinery**
**£**
705,053
111,796
(400)
816,449
395,661
67,515
-
463,176
353,273
309,393|**Fixtures and**
**fittings**
**£**
112,054
6,903
(36,105)
82,852
103,031
3,624
(35,855)
70,800
12,052
9,023|**Computer**
**equipment**
**Motor vehicles**
**£**
**£**
13,845
18,995
5,493
-
-
-
19,338
18,995
10,744
9,270
4,739
1,945
-
-
15,483
11,215
3,855
7,780
3,100
9,726|**Total**
**£**
3,558,878
157,009
(36,505)
3,679,382
793,698
118,928
(35,855)
876,771
2,802,611
2,765,181|
|---|---|---|---|---|---|
## **17 Fixed asset investments**
||**Listed**|
|---|---|
||**investments**|
||**£**|
|**Cost or valuation**||
|At 1 January 2025|53,817|
|Valuation changes|11,223|
|At 31 December 2025|65,040|
|**Carrying amount**||
|At 31 December 2025|65,040|
|At 31 December 2024|53,817|
- 31 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
|**17**|**Fixed asset investments**||**(Continued)**|
|---|---|---|---|
|||**2025**|**2024**|
||Cost or valuation at 31 December is represented by:|**£**|**£**|
||Cost|58,194|(58,194)|
||Valuation in 2020|3,607|(3,607)|
||Valuation in 2021|5,798|5,798|
||Valuation in 2022|2,198|2,198|
||Valuation in 2023|(23,149)|(23,149)|
||Valuation in 2024|7,169|7,169|
||Valuation in 2025|11,223|-|
|||65,040|53,817|
|**18**|**Stocks**|||
|||**2025**|**2024**|
|||**£**|**£**|
||Stocks|1,535|1,009|
|**19**|**Debtors**|||
|||**2025**|**2024**|
||**Amounts falling due within one year:**|**£**|**£**|
||Trade debtors|17,873|17,124|
||Other debtors|11,305|8,011|
||Prepayments and accrued income|3,065|14,251|
|||32,243|39,386|
|**20**|**Creditors: amounts falling due within one year**|||
|||**2025**|**2024**|
|||**£**|**£**|
||Other taxation and social security|10,223|6,522|
||Trade creditors|3,950|23,630|
||Accruals and deferred income|16,974|15,022|
|||31,147|45,174|
- 32 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
|**21**|**Retirement benefit schemes**|||
|---|---|---|---|
|||**2025**|**2024**|
||**Defined contribution schemes**|**£**|**£**|
||Charge to profit or loss in respect of defined contribution schemes|13,185|6,467|
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.
There were no unpaid contributions at the year end (2024: £nil).
## **22 Endowment funds**
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
||**At 1 January**|**Incoming**|**At 31**|
|---|---|---|---|
||**2025**|**resources**|**December**|
||||**2025**|
||**£**|**£**|**£**|
|**Expendable endowments**||||
|Edward Gostling Foundation|150,000|-|150,000|
|**Previous year:**|**At 1 January**|**Incoming**|**At 31**|
||**2024**|**resources**|**December**|
||||**2024**|
||**£**|**£**|**£**|
|**Expendable endowments**||||
|Edward Gostling Foundation|-|150,000|150,000|
## **Description, nature and purpose of endowment funds**
Funding received to meet operating costs which support the charity's charitable activities and to be held as reserves to ensure there are 9 months of charitable expenditure at the end of the accounting year.
- 33 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **23 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
||**At 1 January**|**Incoming**|**Resources**|**Transfers**|**At 31**|
|---|---|---|---|---|---|
||**2025**|**resources**|**expended**||**December**|
||||||**2025**|
||**£**|**£**|**£**|**£**|**£**|
||-|-|-|-|-|
|The Co-Op Community Fund|2,037|-|-|-|2,037|
|Waste water irrigation system|7,680|-|(1,536)|(6,144)|-|
|Outdoor therapy|13,000|-|(2,613)|(10,387)|-|
|Elwyn Thomas Memorial Fund|188,655|-|-|(56,654)|132,001|
|Cornwall Community||||||
|Foundation - Health||||||
|Inequalities Fund|3,750|-|-|-|3,750|
|Anti-gravity treadmill|1,000|31,750|(6,318)|(26,432)|-|
|Cornwal Councill Levelling up||||||
|fund|-|36,198|(3,810)|-|32,388|
|Access to work|-|1,468|(430)|-|1,038|
||216,122|69,416|(14,707)|(99,617)|171,214|
- 34 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
|**23**
**Restricted funds**
**Previous year:**
**At 1 January**
**2024**
**£**
Centre building costs
1,557,035
February Foundation
3,992
Sunley Suites
26,036
Duchy Health Charity
1,749
Cornwall Community
Foundation
2,990
Sport England
5,041
Sensory garden
133,079
Hydrotherapy pool
255,687
Minibus / Tourneo
4,539
Clare Milne Trust
5,126
Oxygen generator
48,771
The Co-Op Community Fund
2,037
Cornwall Council Community
Chest Grant
850
Waste water irrigation system
-
Outdoor therapy
-
Elwyn Thomas Memorial Fund
-
Cornwall Community
Foundation - Health
Inequalities Fund
-
Anti-gravity treadmill
-
2,046,932|**Incoming**
**resources**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
7,680
13,000
200,000
3,750
1,000
225,430|**(Continued)**
**Resources**
**expended**
**Transfers**
**At 31**
**December**
**2024**
**£**
**£**
**£**
(11,161)
(1,545,874)
-
(504)
(3,488)
-
(183)
(25,853)
-
(212)
(1,537)
-
(598)
(2,392)
-
(627)
(4,414)
-
(7,004)
(126,075)
-
(7,751)
(247,936)
-
(908)
(3,631)
-
(644)
(4,482)
-
(3,048)
(45,723)
-
-
-
2,037
-
(850)
-
-
-
7,680
-
-
13,000
-
(11,345)
188,655
-
-
3,750
-
-
1,000
(32,640)
(2,023,600)
216,122|**(Continued)**
**Resources**
**expended**
**Transfers**
**At 31**
**December**
**2024**
**£**
**£**
**£**
(11,161)
(1,545,874)
-
(504)
(3,488)
-
(183)
(25,853)
-
(212)
(1,537)
-
(598)
(2,392)
-
(627)
(4,414)
-
(7,004)
(126,075)
-
(7,751)
(247,936)
-
(908)
(3,631)
-
(644)
(4,482)
-
(3,048)
(45,723)
-
-
-
2,037
-
(850)
-
-
-
7,680
-
-
13,000
-
(11,345)
188,655
-
-
3,750
-
-
1,000
(32,640)
(2,023,600)
216,122|
|---|---|---|---|
||||216,122|
- 35 -
**MERLIN NEURO THERAPY CENTRE LIMITED**
_**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **23 Restricted funds**
## **(Continued)**
## **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.
## **February Foundation**
Towards the cost of a Therabike.
## **Sunley Suites**
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 Charity**
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 garden**
Grants to provide a specially designed garden for the purpose 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 / Tourneo**
Funding received for the purchase of vehicles.
## **Clare 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.
## **The Co-Op Community Fund**
Funding received for the purchase of solar panels.
- 36 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **23 Restricted funds**
## **(Continued)**
## **Cornwall Council Community Chest Grant**
Funding received for Autumn planting.
## **Waste water irrigation system**
Grants to purchase and install a waste water irrigation system.
## **Outdoor therapy**
Various restricted grants provided to the charity for the purpose of equipment to be used for outdoor therapy.
## **Elwyn Thomas Memorial Fund**
Funding received to cover the salaries of the IG department.
## **Cornwall Community Foundation - Health Inequalities Fund**
Funding received for the activities programme.
## **Anti-gravity treadmill**
Appeal to raise the balance of funding required to purchase an anti-gravity treadmill.
## **Cornwall Council Levelling Up Fund**
Funding received for the purchase of Solar Panels
- 37 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **24 Unrestricted funds - Designated**
These are unrestricted funds which are material to the charity's activities.
|**At 1 January**
**2025**
**£**
General Fixed Asset Fund
2,763,995
COMF Funding
5,314
Development funding
21,866
Building and environmental
sustainability fund
23,239
Sustainability fund -
Occupational Therapist and
dept Oxygen Manager
36,797
Merlin Support Group
13,102
2,864,313
**Previous year:**
**At 1 January**
**2024**
**£**
General fixed asset fund
798,862
COMF funding
5,314
Development funding
44,633
Building and environmental
sustainability fund
27,951
Sustainability fund -
Occupational Therapist and
dept Oxygen Manager
-
Merlin Support Group
-
876,760|**Incoming**
**resources**
**£**
-
-
-
-
-
15,115
15,115
**Incoming**
**resources**
**£**
-
-
-
-
-
32,573
32,573|**Resources**
**expended**
**£**
(104,221)
-
-
-
-
(3,457)
(107,678)
**Resources**
**expended**
**£**
(66,772)
-
-
-
-
(1,850)
(68,622)|**Transfers**
**At 31**
**December**
**2025**
**£**
**£**
42,963
2,702,737
-
5,314
(21,866)
-
(20,482)
2,757
(24,311)
12,486
(13,683)
11,077
(37,379)
2,734,371
**Transfers**
**At 31**
**December**
**2024**
**£**
**£**
2,031,905
2,763,995
-
5,314
(22,767)
21,866
(4,712)
23,239
36,797
36,797
(17,621)
13,102
2,023,602
2,864,313|**Transfers**
**At 31**
**December**
**2025**
**£**
**£**
42,963
2,702,737
-
5,314
(21,866)
-
(20,482)
2,757
(24,311)
12,486
(13,683)
11,077
(37,379)
2,734,371
**Transfers**
**At 31**
**December**
**2024**
**£**
**£**
2,031,905
2,763,995
-
5,314
(22,767)
21,866
(4,712)
23,239
36,797
36,797
(17,621)
13,102
2,023,602
2,864,313|
|---|---|---|---|---|
|||||2,864,313|
- 38 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **25 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At 1 January**|**Incoming**|**Resources**|**Transfers**|**Gains and**|**At 31**|
|---|---|---|---|---|---|---|
||**2025**|**resources**|**expended**||**losses**|**December**|
|||||||**2025**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|General funds|308,374|570,434|(704,722)|136,996|11,223|322,305|
|**Previous year:**|**At 1 January**|**Incoming**|**Resources**|**Transfers**|**Gains and**|**At 31**|
||**2024**|**resources**|**expended**||**losses**|**December**|
|||||||**2024**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|General funds|201,144|705,483|(605,420)|(2)|7,169|308,374|
## **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.
## **Sustainability Fund - Occupational Therapist and dept Oxygen Manager**
Funds designated in relation to the salaries of an occupational therapist and dept oxygen manager.
## **Merlin Support Group**
Funds received designated for the work done by the Merlin Support Group. The charity is the only benefactor of the group's activities.
- 39 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **25 Unrestricted funds**
**(Continued)**
## **Transfers between funds**
During the year the trustees approved transfers between restricted and unrestricted funds of £99,617 (2024: £2,023,600).
The transfers are mainly in relation to fixed assets that were acquired with restricted funds and the corresponding depreciation. These restrictions have been complied with and therefore no longer remain in place and accordingly the tangible fixed assets have been transferred to the General fixed asset fund.
## **26 Analysis of net assets between funds**
|**Unrestricted**
**Unrestricted**
**funds**
**funds**
**general**
**Designated**
**2025**
**2025**
**£**
**£**
**At 31 December 2025:**
Tangible assets
-
2,765,359
Investments
65,040
-
Current assets/(liabilities)
257,265
(30,988)
322,305
2,734,371
**Unrestricted**
**Unrestricted**
**funds**
**funds**
**general**
**Designated**
**2024**
**2024**
**£**
**£**
**At 31 December 2024:**
Tangible assets
-
2,763,144
Investments
53,817
-
Current assets/(liabilities)
254,557
101,169
308,374
2,864,313|**Restricted**
**Endowment**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
37,252
-
-
-
133,962
150,000
171,214
150,000
**Restricted**
**Endowment**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
2,037
-
-
-
214,085
150,000
216,122
150,000|**Total**
**2025**
**£**
2,802,611
65,040
510,239|
|---|---|---|
|||3,377,890|
|||**Total**
**2024**
**£**
2,765,181
53,817
719,811|
|||3,538,809|
- 40 -
## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
- **27** Operating lease commitments
## **Lessee**
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
|Within one year
**28**
**Capital commitments**
Amounts contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment|**2025**
**£**
-
**2025**
**£**
**2025**
**£**
-|**2024**
**£**
543|
|---|---|---|
|||**2024**
**£**
**2024**
**£**
8,500|
The capital commitment in 2024 relates to an item of plant and machinery which had been ordered prior to the year end and acquired thereafter. The total cost was £36,500 with deposits of £18,000 being paid before the year end.
## **29 Related party transactions**
## **Transactions with related parties**
The charity purchased items from a business controlled by trustee, M James, in the sum of £1,449 (2024: £nil).
The charity received donations amounting to £6,602 (2024: £3,175) from related parties.
There were no other related party transactions for the year ended 31 December 2025 or for the year ended 31 December 2024.
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## **MERLIN NEURO THERAPY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
|**30**
**Cash generated from operations**
**2025**
**£**
(Deficit)/surpus for the year
(160,918)
Adjustments for:
Investment income recognised in statement of financial activities
(16,999)
Gain on disposal of tangible fixed assets
(3,650)
Gain on disposal of intangible assets
-
Fair value gains and losses on investments
(11,223)
Depreciation and impairment of tangible fixed assets
118,928
Movements in working capital:
(Increase)/decrease in stocks
(526)
Decrease/(increase) in debtors
7,143
(Decrease)/increase in creditors
(14,027)
**Cash (absorbed by)/generated from operations**
(81,272)
**31**
**Analysis of changes in net funds**|**2024**
**£**
413,973
(11,400)
(300)
(46,809)
(7,169)
99,411
816
(18,985)
3,946
433,483|
|---|---|
The charity had no material debt during the year.
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