MULTIPLE SYSTEM ATROPHY TRUST (A charitable company limited by guarantee) REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Company number 07302036 Charity commission registered charity number 1137652 OSCR registered charity number SC044535
MULTIPLE SYSTEM ATROPHY TRUST INDEX YEAR ENDED 31 MARCH 2024 Pages Report of the Chair Report of the Trustees 3-14 Independent Auditor's Report 15-20 Statement of Financia l Activities (including the Income and Expenditure account) 21 Balance Sheet 22-23 Statement of Cash Flows 24 Notes to the Financial Statements 25-36
MULTIPLE SYSTEM ATROPHY TRUST REPORT OF THE CHAIR YEAR ENDED 31 MARCH 2024 l a m pleased to present this annua I report of the Board of Trustees for the financial year ending 31 Ma rch 2024. The MSA Trust continues to go from strength to strength and, as always, l am so impressed by the diligence and commitment of the staff team. This year moved us on from our previous strategy into our new three- year strategy, its foundation based on evidence from our Needs Surveys of people affected by MSA. This Needs Survey not only informed what we do but we are also using the findings to publish the evidence more widely through our policy work and through respected academic journals. Once again, our services have reached more people than ever before IoLsr membership from people with MSA has increased by 380A since 20201. Thankfully we have been able to increase staff capacity and introduce new services to meet this increased demand, especial ly arou nd cost-of-living issues. l am very aware of how difficult it is for ourcommunityto find the financial help they require asthey move along this journey with MSA, so increasing our staff numbers who look at the help people can access for financial support is a very important and welcome achievement. l am also pleased to share with you the increased commitment by the Board for research and we hope in subseq uent years this will produce more interesting results and bring us closer to finding the cause and the cure. This report details our continued commitment to the Prospect-m database with a further 5 years funding and in the incoming yearwe will award fundingto more great research projects, plus begin to plan for our next research fellow in 2025-26, recru itment will sta rt in Autumn 2024. I want to thank my fellow members of the Board for their dedication to supporting the Trust, along with our Services Committee and our Scientific Advisory Panel members. Finally, I want to extend my thanks for the fantastic work the staff and volunteers of MSA Trust do to provide information, advice and other support to people affected by MSA and the healthcare professionals who work with them in the community. This could not be done without our Fundraising colleagues and the wonderful support we get from our MSA community, as we are funded entirely by donations without anv statutory funding. Professor Kailash Bhatia CHAIR 4 September 2024
MULTIPLE SYSTEM ATROPHY TRUST REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2024 The Trustees present their report and financial statements of the charity forthe year ended 31 March 2024, which includes the directors, report as required by company law, The financial statements have been prepa red in accorda nce with the accounting policies set out in note l of the financial statements and with the Companies Act 2006, the 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 IFRS1021 leffective l January 20191, and the CharitiesAccounts Iscotlandl Regulations 2006 las amended). Multiple System Atrophy Trust is a company limited by guarantee, exempted from the requirement to use the word 'limited' in its title, and registered as a charity. The compa ny was incorporated on l July 2010. Our Vision Our Vision is a world free of MSA. Our Mission Our Mission is to find the cause and, ultimately, cure for MSA. Until that day, we will do all we can to support people affected by MSA and to strive to ensure that they are not a lone in their individual journeys, Recruitment and appointment of the Trustee Board The directors of the charitable company are its Trustees for the purposes of charity law and under the company's Articles are known as Trustees. The term of office for Trustees is three years with extension for a second a nd possibly third term, depend ing on the role within the Board, In 2023-24 4 trustees stood down, 2 because they came to the end of their two terms of office and 2 due to family commitments and almost reaching the end of their two terms. Our thanks go to all our retired Trustees for their commitment and support during their terms of office. Information on our trustees can be found on our website httPs.'//www.msatrust.org.uk/about- us/trustees/ MSA Trust held a recruitment round for new trustees and was able to appoint 5 new Trustees. Our new Trustee came from a variety of backgrounds that will bring a wealth of experience to the Board, two Trustees are living with MSA and 3 have a personal connection to someone who has or sadly died of MSA. The new trustees were all ratified at the September 2023 Board meeting: Philip Gibbons David Barnes Graham Watson Carol Stephenson Clare Croft-white
MULTIPLE SYSTEM ATROPHY TRUST REPORT OF THE TRUSTEES (continued) YEAR ENDED 31 MARCH 2024 The remaining trustees covered by this report were as follows: Professor Kailash Bhatia FRCP (Chairma n of the Board) Linda Nicolaides (seices Committee Chairmanllretired Sept 20231 Rosea nne Hayter (retired Sept 20231 Dr Christopher Kobylecki (Scientific Advisory Panel Chairman) Carole Ferguson Walker Heather Fleming {Finance Sub Committee Chairman){retired June 20231 John Shinton (retired Ma rch 20241 Professor David Oliver Dr Leslie Turano-Taylor Professor Jalesh Panicker Trustee induction and training All Trustees upon appointment receive a handbook detailing the key areas of work for the Trust and relevant information for new Trustees from the Charities Commission. New trustees are invited to spend some time in the office meeting the team and getting to know the processes and procedures adopted in the MSA Trust. Trustees are invited to attend a Christmas evening reception at the office to meet the staff a nd chat informally a bout the work of the Trust. Trustees are encou raged to attend tra ining as and when availa ble, or if a trustee has a particu lar interest. Following a review of governance, all trustees will be expected to take online training in safeguarding duties of trustees, GDPR duties of trustees a nd to undergo a D85 Id isclosure and barring service) check for su itability as a Trustee. A new aspect of training this year is the addition of cyber awareness tra ini ng. The Trust was pleased to achieve Cyber Essential Accreditation following an assessment of our processes in looking at people's data: how we store it and how we process it. The Trust has sourced online training for Trustees on cyber awareness. The Board of Directors, who are the MSA Trust's trustees, and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day-to-day basis. The board of Trustees has three sub-committees who look at the strategy of the organisation and make recommendations to the Board on aspects of managing finances, human resources, research expenditu re and the services to beneficiaries. Where required external experts a re invited to sit on these committees as part of good governance oversight. The Sub committees are: Finance Services Scientif ic Advisory Pa nel Meetings held this year have been a hybrid of in-person and online, however the majority of meetings are in-person, and we expect this to continue. The ease of giving online access to meetings has been welcomed by the Trust as a means of expand ing its trustee base to further afield, without the additional expenses of rail and air fares, which is a great benefit to the Trust during these difficult financia I times.
MULTIPLE SYSTEM ATROPHY TRUST REPORT OF THE TRUSTEES {continuedl YEAR ENDED 31 MARCH 2024 All directors give of their time freely and no director received remuneration during the year. Details of directors, expenses and related party transactions are disclosed in notes 8 and 21 respectively to the accounts. Objectives and activities for the public benefit The Trust's Objectives are to advance and protect the hea Ith of the public, in particular by.. l. The provision of information and support to those affected by multiple system atrophy IMSAI, their families and carers 2, Educating and informing healthcare professionals on all aspects of MSA 3. Promoting and spon50ring research into the causes, diagnosis and treatment of MSA 4. Improving awareness and understanding of MSA 5. Promoting the extension of the range of support services available to people with MSA, their families and carers, and 6, Working with other charities which support those affected by MSA or other neurological conditions The Trust ma kes grants for research in accordance with its Objectives, in line with its published Resea rch Strategy and through a peer review process, guided by their membership of the Association of Medical Resea rch Charities IAM RCI. In the 2022-23 yea r it was pleased to award to 4 projects - 2 science and 2 clinically based. Details of current resea rch expenditure and awards a re given in the research update Ipages 7-81. The Trustees, having regard to the public benefit guidance published by the Charities Commission, in accordance with Section 7 of the Cha rities Act 2011, consider that the pu rpose of activities of the cha rity satisfy the requirements of the public benefit as set out in Section 4 of the same Act. 2024-2027 MSA Trust Strategy The Trust believes it should be guided in its operationa l activities by the people it serves. That pla n was presented to Trustees at the Board meeting in March 2024 for implementation between 2024-2027, trustees felt that it was ambitious and would be an excellent way forward for the Trust, Achievement5 and performance The Trust has one main office and a cohort of regional staff who work from home. Not all staff who work in the London main office are in the office every day, but the communication amongst all staff remains focused and good. The Trust operates a hybrid working policy, so staff can work from home regularly. From August 2024, the Trust will be looking for new office premises, as the office they have been in since 2016 is being re-developed. The MSA Trust has been developing more services, delivering more research funding and increasing its reach over the past year and below we detail how we have achieved that.
MULTIPLE SYSTEM ATROPHY TRUST REPORT OF THE TRUSTEES (continued) YEAR ENDED 31 MARCH 2024 Information and Services The Trustees are pleased to report that MSA Trust continued to develop our capacity during the year, adding a further part-time post to our Services team. This role will offer additional support to ou r Social Welfa re Specialist service which continues to see the caseload build a nd build. We ran 73 virtual Support Groups in this period and 85 in-person Support Groups, with staff members, one of our MSA Healthcare Specialists a nd ou r Social Welfare Specia list usually attend ing each one. We ran 12 Carers Groups, 12 Coffee Mornings and 5 Introduction to MSA webinars. With a total of 187, this works out at more than one group every other working day. The office has continued to handle calls and emails dealing with 6,159 enquiries. Our MSA Healthcare Specialist Team have dealt with 21,506 enquiries in this time. Ca115 and emails are often long, complex, and quite emotionally intense. Our social Welfare Specialist has a current caseload of 794 people {575 new thi5 year} and dealt with 2,144 enquiries in the 2023-24 period. She dealt with 119 grant assessments. The Trust has made grants to those in particular need, ma inly for aids and equipment, but latterly they have also been awa rded for basic cost-of-living issues. We gave grants to a total of £16,395. Our welfare budget a Iso includes our resourcing for Voice Banking, which is meeting a real need for many of our members. We paid for 122 people to bank their voices whilst also loaning headsets, amplifiers, Lightwriters and Predictable speech apps. Total expenditure on Voice Banking w35 £18,238, In addition, this year the Social Welfare Specialist successfully helped people claim an incred ible £375,169 in entitlements to welfare benefits, helping people with the significant additiona I costs living with MSA incurs. As mentioned above, we took the decision to add a second part-time Social Welfare Specialist, who joined in Ma rch 2024. As part of our commitment to supporting the PROSPECT research study, we have paid out welfare grants for travel and accommodation costs for patients where the overall costs of these cannot be met with UCL'S research budget and which would have meant people would not otherwise be able to pa rticipate. 107 clinic consultations for people with MSA were attended by our M5A Healthcare Specialists and they also supported 44 multi-disciplinary case sessions. MSA Clinics in London and Birmingham have been increased during the year. We are not part of, or funded by, the NHS but our participation in these clinics adds significant value, enabling ongoing support to attendees.
MULTIPLE SYSTEM ATROPHY TRUST REPORT OF THE TRUSTEES (continued) YEAR ENDED 31 MARCH 2024 Ou r MSA Health Care Specialists also presented 45 education sessions with a total of 633 Health Care Professionals trained during the year. Our HCP MSA Study Day in October was a great success bei ng our first hybrid with our highest ever pa rticipation through virtual attendance and physical attendance in Sheffield. Next year's date has been set and will be in Glasgow in September 2024. Some of the top achievements by the Information and Services team included., Healthunlocked Forum usage is still thriving- at over 300 active members and 1,617 all-time users. We launched our new 'lnformation for GPS on Managing Bladder Problems and UTI'S, flyer that was send to all GPS of new people that register with us. Our 2024-2027 Strategy was completed and formed the basis of our planning for the next 3 years, Poster accepted on the MSA Needs Survey fi'ndings at the International Neuro-Palliative Care Society conference this year. Safeguarding policy has been reviewed and next review date is December 2024. We launched our new webpage on Financial Entitlements and 8enefi'ts. This has been well used already and we think partly why we have seen an increase in Social Welfare Service cases. Our externally accredited PIF TICK Assessment took place for our information resources a nd we were again accredited with this for another year. Throughout the year, MSA Trust has ma intained its comm itment to fostering collaborative efforts in the healthcare sector by actively participating in several policy groups. Our continued membership and attendance in key organisations such as The Neurological Alliance, Disability 8enef its Consortiu m, Continuing Healthca re Alliance, Care and Support Alliance and Specia list Healthcare Alliance have enabled us to stay informed, advocate for change and contribute to policy discussions. Most importantly, engagement with these groups enables us to amplify the voices of our community of people affected by MSA, vital in these times of service constraint. Research Report 2023-24 In the 2023-24 yea r another gra nt call was advertised widely, and the a pplications will be awarded in the coming f inancial year. 13 pre-proposa Is were received for a call that asked researchers to consider.. Scientific research into MSA, with priority given to Biomarker studies in MSA and Studies of validation or other aspects of prodromal MSA Research focused on improving the clinical care of people living with MSA.
MULTIPLE SYSTEM ATROPHY TRUST REPORT OF THE TRUSTEES (continued) YEAR ENDED 31 MARCH 2024 The Prospect M database support expired at the end of 2022-23 academic year and the SAP approved a further 5 years funding from September 2023, which was ratified at the full Board in May 2023. This amounts to a total commitment to Prospect-m for five years of £389,678. This is a key cornerstone to our research strategy, and we were able to use that commitment to developing our research database by working with Prof Huw Morris in supporting his application for fund ing f rom the Medical Resea rch Cou ncil to run a database for atypical parkinsonisms at UCL. This ensures Prospect-m will be part of the UK wide database supporting research into rare neurodegenerative d iseases. In November 2023, we held our first ever research webinar for people with MSA. Led by Dr Viorica Chelban from U niversity College London, this webinar presented research currently being undertaken by three of our MSA researchers and the webinar was later opened to the attendees for questions. This is a great opportunity for our MSA community to ask questions about ongoing MSA research work and projects, and to hear the latest updates directly from our research community. We will hold two webinars per year and look forward to the MSA community gaining a greater say in the research they want to see happen Following the success of a Research Symposium Led by MSAT former Research Fellow Dr. Viorica Chelban in the lecture theatre of the Nationa l Hospital for Neurology and Neurosurgery in London and supported by MSA Trust a second event took place in February 2024. Over 150 delegates attended to hear about the latest research in MSA at both a basic science level and also in the clinical setting. Feedback from the day has been resoundingly positive and a date will be set for the third meeting in February 2025, The Trustees are very grateful to the support it received from the sponsors of this meeting: Biopharma Theravance, lonis and Novartis, plus the help from University College London with venue hire and A.V. support. Morning sessions began with an overview of genetics and recent advances studying the role of synuclein seed am plification assays. Sessions continued with a focus on alpha-synuclein structure, pathway5 and genetic risks associated with MSA. Discussions were made around best practices in establishing a bioba nk for research, the latest in neuro imaging tools and improving communication tools for those with MSA. The early afternoon sessions focussed on discussing the cli nical challenges in d iagnosing MSA in the early stages and what resea rchers were doing to add ress this issue. Finally, the day ended with a session about ongoing MSA drug trials, with both of our sponsors presenting results and ongoing studies. The event underscored the significant progress and ongoing momentum in MSA research, showing the collective commitment towards advancing our understanding and treatment of this complex condition.
MULTIPLE SYSTEM ATROPHY TRUST REPORT OF THE TRUSTEES (continued) YEAR ENDED 31 MARCH 2024 The trustees are very grateful for the leadership of Dr. Christopher Kobylecki, chairing the Scientific Advisory Panel and to all members of the panel who volunteer their time to discuss research. Fundraising It was another busy year for the Fundraising team, as they welcomed back the Senior Fundraising Manager from maternity leave. The recently a ppointed Head of Fundraising reviewed current practice, ensuring MSA Trust maintained compliance with the Institute of Fundraising code of practice and we are pleased to report there were no complaints relating to fund raising practice raised in this period. MSA Trust does not use commercial fundraisers. During the fiscal year 2023-24 the Trust continued with its strategy of subm itting applications to Trusts and Fou ndations a nd is pleased to acknowledge funds received f rom 30 institutions. We are very gratefu I for the generous total amount awarded by Trusts and Foundations, of £178,648 in the year, Of particular note was the continuation of funding from the Charities Aid Foundation through its Resilience grant. We also received fLJnding f rom the National Lottery Awards for All and the Hospital Satu rday Fund for which we a re incredibly grateful. Events and community fundraising has re-established itself incredibly strongly following the 2 years of pandem ic interruptions that left people una ble to ta ke part in the adrenaline pu mping activities they love to do, with a staggering £241,374 raised in events income alone, su perbly exceed ing our budget f igu re, set at a modest £150,000. We are thankful for all the extreme efforts made by our supporters to ensure they ra ised lots of funds for MSA Trust. The Multiple System Atrophy Trust's comm itment to ethica I fundraising practices, adherence to regulations a nd strategic pursuit of grant opportunities have resulted in a successful year. Despite cha nges within the Fundraising team, the Trust has demonstrated resilience and progress. With the appointment of a Head of Fundraising and the ongoing dedication of its members, the Trust is poised to further its impact and continue providing essentia I support to those affected by Mu Itiple System Atrophy. Flnancial review (including reseNes policy) The charity received income of £1,805,658 for the year12023 £1,363,325). By far the largest element continues to be donations & legacy donations, which was £1,441,913.12023 £1,084,622). By its nature this type of i ncome is difficult to predict both in quantum a nd timing, however, the charity maintains a stance that assumes this income stream will continue at historical levels and therefore plans in the medium term to continue to fund research and offer and grow the support and services that are vital to the MSA sufferers. These service5 are described in detail elsewhere in this report. Late in the financia l year the Trust received a research grant of £426,000 to be used by the scientific panel to support our funding for research aligned to our vision of a world free of MSA.
MULTIPLE SYSTEM ATROPHY TRUST REPORT OF THE TRUSTEES (continued) YEAR ENDED 31 MARCH 2024 Total Expenditure during the year was £1,396,79412023 - £1,355,767). £1,083,34912023 £1,078,550) was spent on research within the year a nd direct activities for information and support including the MSA specialist hea Ithcare team. The ba lance of spend was used to support fu nd raising activities. The excellent work done on grant applications, fund raising through our community and legacy income arising as a result of the wonderful support provided to our M5A population allows the Charity to maintain a strong f inancial position. The intent is to continue to invest in long term research projects as we seek to understand MSA better and ultimately eradicate it, The FSC monitorthe quarter-by-quarter financial performance and investment performance of the Charity. Time is spent discussing the f ixed natu re of costs and the reserves policy helps us maintain appropriate short-term cash reserves to ensure ongoing operations are not impacted if there is a short-term reduction in income. One of the roles of the finance sub-committee isto consider and review staff pay annually and in December 2023 following the previous year's higher than usual pay award due to the greatly increased cost of living, the FSC was able to revert to the Trust's remuneration policy of increasing staff salaries by using the previous December's CPI and an award of 4% was recommended to the Board. The Board ratified the proposed increase in pay at the March 2024 board meeting. The Trust was invited to apply for further support from the UK Research Institute IUKRII who, through the Association of Medica l Research Charities IAMRCI, was given fund ing to su pport ea rly career researchers for their work in the 2023-24 academic year in projects that were funded by MSA Trust. In total this year we were able to apply for £426,000 and we had 7 early career researchers who we could support through our resea rch projects. The investment fund, managed by CCLA was specifically set up to bring MSA Trust's reserve funding and legacy awards together in one funding amount that would enable those funds to be invested. The finance sub-committee continues to feel confident in the investment decisions made by the Trust's investment fund management company CCLA. This has enabled regular research grants to be awarded for MSA specific research. The good performance of the investment fund meant that in setting the budget for research in 2024-25 an increase has been approved by the Board to £610,000 for the research grant round, which began the process of assessing applications in November 2023 and will award in June 2024. Reserves Policy 2024 The Multiple System Atrophy's Trustee Board has agreed to maintain operational reserves of 6 months funds in the event of a catastrophic and terminal loss of income from our normal sources. In the year to 31 March 2024 this was estimated as £503,000 and is maintained in MSA Trust's Investment fund. The current liability for research expenditu re indicates that a further £589,510 is required to ensure all our current commitments to our research creditors can be met, The most recent grant call has been raised to resea rchers and the Board has agreed provisionally to fund £610,000 in the following fina ncia l year. There has also been a commitment made to fund a third Clinical Training Research Fellow, this will be an appointment to start in Autumn 2025. It is anticipated this will cost approximately £270,000. 10-
MULTIPLE SYSTEM ATROPHY TRUST REPORT OF THE TRUSTEES {continuedl YEAR ENDED 31 MARCH 2024 All research and reserves funds are currently maintained in the charity's investment account and at 31.03.24 the investment account had funds of £2,659,285. The total funds required at present for research is £1,469,510, if all grants are accepted and f ulfilled. The trustees hope, but ca nnot be sure, that further legacies will be received, and it is the trustees, current policy that any legacy hypothecated to research will be added to the Research and Reserves pool to ena ble both a rolling extension of the research funding commitment and an increase in the spend per year on research. The trustees have further agreed that any legacy of more than £10,000 donated for general purposes is a Ilocated to the Resea rch and Reserves Pool, to ensure adequate f ree reserves are maintained for 6 months costs. Any sma Iler amounts will be a Ilocated to general purposes or research costs, such as memberships, conferences and travel related to research, if stipulated. To ensure there are funds available for the development of new services, the Trustees agree that all fu nds raised through annual fundraising are allocated to services and operational requirements, Additional amounts from the reserves pool can be accessed at the Trustees discretion and after appropriate Board approval, The charity's reserves policy will be reviewed a nnually by the f inance sub-committee in consultation with the auditor and the full board. Structurei governance, and management The Trust was set up by a Trust Deed on 28 January 1997 as a registered charity number 1062308. In order to develop its services, the Trust became a charitable compa ny lim ited by gua rantee, incorporated on I July 2010 and registered as a charity under its then new name of Multiple System Atrophy Trust on 27 August 2010. The company was established under a Memorandum of Association which established the objects, and powers of the charitable company and is governed by its Articles of Association, charity number 1137652. In the event of the company being wound up, members are required to contribute an amount not exceeding£l. To capture any funding donated in the charity's old nameof the Sarah Matheson Trust, pa rticularly in the form of a legacy bequest, the Trust's origina I cha rity registration 1062308 is still in force, although will be used only for the above purpose. On 18 December 2013 the Trust was registered as a charity number SC044535 by the Office of the Scottish Charity Regulator IOSCR). Risk Management The Trustees are presented with an updated risk assessment at one trustee board meeting per year and are asked to assess the major risks they believe the charity is exposed to and to consider any outside influences that we should be aware of and monitoring. Additionally, this year one of our new Trustees has, along with the Chief Executive, undertaken a more in-depth review of our insurance - both public and employee liability and cyber risk. We have also implemented some changes to those policies that underwent governmental changes, such as flexible working, paternity leave and continue to use our employment law advisors for help and support on HR matters. 11-
MULTIPLE SYSTEM ATROPHY TRUST REPORT OF THE TRUSTEES {continued) YEAR ENDED 31 MARCH 2024 The Trustees instruct the Chief executive to maintain a risk register and this was comprehensively reviewed in this financial year by the new trustee, who has a background in risk assessment and insurance. The risk register is shared and d iscussed at the September Board meeting a n nua Ily, but any perceived risk is dealt with on an immediate basis, as it arises, with the review at Board being an extra sense check. By continually reviewing risk to the orga nisation, the Trustees feel confident they have in place the systems to mitigate exposure to those risks. Reference and administrative detalls Trustees Professor Kailash Bhatia FRCP Ichairman of the Board) Linda Nicolaides (Services Committee Chairmanl (Retired December 20231 Dr Leslie Tura no-Taylor Roseanne Hayter (retired September 20231 Dr Christopher Kobylecki (Scientific Advisory Panel Chairman) Carole Ferguson Walker Heather Fleming (Finance Sub Committee Chairman) (retired June 20231 John Shinton (retired March 20241 Professor David Oliver Dr Jalesh Panicker FRCP Graham Watson (elected 27.09.231 Clare Croft-white (elected 27.09.231 Philip Gibbons IFinance sub-committee Chairman) (elected 27.09.23) Carol Stephenson lelected 27.09.231 Company secretary and CEO Company number Charity Commissions registered charity number 05CR registered charity number Karen Walker 07302036 1137652 SC044535 Registered add ress 51 St Olav's Court Lower Road London, SE16 2XB Independent Auditors Harris & Co 2 Pavilion Cou rt, 600 Pavilion Drive Northampton, NN4 7SL Bankers CAF Bank Limited 25 Kings Hill Avenue, West Malling, Kent, ME19 4JQ 12
MULTIPLE SYSTEM ATROPHY TRUST REPORT OF THE TRUSTEES (continued) YEAR ENDED 31 MARCH 2024 Investment managers Church, Charity and Local Authority Investment Management Ltd, l Angel Ln, London EC4R 3AB HR law advisory service Howarths HR and Employment Law Ltd Newbury Court, Brooke Street Cleckheaton, West Yorkshire, BD19 3RR Trustees, responsibilities statement The Trustees (who are also the d irectors of MLJltiple System Atrophy Tf Ust for the purposes of compa ny lawl are responsible for preparing the Trustees, Annual Report lincluding the Strategic Report) and the f inancial statements in accordance with applicable law a nd United Kingdom Genera Ily Accepted Accounting Practice Iunited Kingdom Accounting Standards). Company law requires the Trustees to prepare the financial statements for each f inancial yea r which give a true and fair view of the State of affairs of the charitable company and of the incoming resources and application of resou rces, includ ing income and expenditure of the charitable company for that period. In preparing these f inancial statements, the Trustees are required to.. select suitable accounting policies a nd then apply them consistently; observe the methods and principles in the Charities SORP 2019 IFRS1021; make judgments and estimates that are reasonable and prudent,. state whether applicable United Kingdom Accounting Standards have been followed, subject to anv material departures disclosed and expla ined in the financial statements,. and prepare the financial statements on the going concern basis u nless it is inappropriate to presume that the cha rita ble company will continue in operations. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at a ny time the financial position of the charitable company and enable them to ensure that the f inancia I statements comply with the Com panies Act 2006. They are also responsible for safeguarding the assets of the cha ritable company and hence for taking reasona ble steps for the prevention and detection of fraud and other irregularities. After making appropriate enquiries and taking into accou nt that there has been a satisfactory income and controlled expenditure during this past year, the Trustees have the expectation that the charity has adequate resources to continue in operational existence for the foreseea ble future. 13
MULTIPLE SYSTEM ATROPHY TRUST REPORT OF THE TRUSTEES (continued) YEAR ENDED 31 MARCH 2024 For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accou nting Policies. Disclosure of information to the auditors In so far as the trustees are aware: there is no relevant audit information of which the charita ble com pany's auditors are unaware,, a nd the trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information a nd to esta blish that the auditor is aware of that information. In approving the Report of the Trustees, we also approve the Strategic Report included therein, in our capacity as company directors. On behalf of the Board: Chair of Trustees 4 September 2024 -14-
MULTIPLE SYSTEM ATROPHY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MULTIPLE SYSTEMS ATROPHY TRUST YEAR ENDED 31 MARCH 2024 Opinion We have audited the financial statements of Multiple System Atf ophy Trust (the 'charitable company'l for the year ended 31 March 2024 which comprise, the statement of financial activities, balance sheet, statement of cashflows, 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 a nd United Kingdom Accounting Standa rds, including Financial Reporting Standa rd 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generallv Accepted Accounting Practice). In our opinion the financial statements: give a true and fa if view of the state of the charitable company's affairs as at 31 March 2024, and of its incoming resources and a pplication of resources, includ ing its income a nd expenditure, for the yea r 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, the Charities and Trustee Investment (Scotlandl Act 2005 and regulation 8 of the Charities Accounts (Scotlandl Regulations 2006. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the f inancial statements section of ou r 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 U K, includ ing the FRC'S Ethical Standard, and we have fulf illed 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 goin8 concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accou nting in the preparation of the fina ncia I statements is appropriate. Our evaluation of the trustees, assessment of the charitable company's ability to continue to adopt the going concern basis of accounting included: EnqL¢iring of management regarding the assumptions used in the going concern models,. Evaluating the charitable company's existing access to sources of finance, including undrawn committed bank facilities; • Reading sector reports and data and other external information to determine if it provided corroborative or contradictory evidence in relation to management's assum ptions; Comparing forecasted income to recent historical fina nci31 information. Testing the underlying data generated to prepare the forecast scenarios and determined whether there was adequate support for the assumptions underlying the foreca5t,' and 15-
MULTIPLE SYSTEM ATROPHY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MULTIPLE SYSTEMS ATROPHY TRUST YEAR ENDED 31 MARCH 2024 Evaluating the charitable company's disclosures on going concern against the requirements of United Kingdom Generally Accepted Accounting Practice and the Companie5 Act 2006. 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 significa nt 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 a re authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern a re described in the relevant sections of this report. Other information The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the fina ncial statements. 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 assura nce conclusion thereon. Our responsibility isto read the other information and, in doingso, considerwhetherthe 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 materia I m isstatement 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: the information given in the trustees, report lincorporating the trustees, report) for the financial year for which the financial statement5 are prepared is consistent with the financial statements,. and 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 our knowledge and u nderstanding of the charitable com pany and its environment obtained in the cou rse of the audit, we have not identif led material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotlandl Regulations 2006 require 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 16-
MULTIPLE SYSTEM ATROPHY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MULTIPLE SYSTEMS ATROPHY TRUST YEAR ENDED 31 MARCH 2024 the fina ncia I statements are not in agreement with the accounting records a nd returns; or certain disclosures of directors, remuneration specified by law a re not made; or we have not received all the information and explanations we requ ire for our audit. Responsibilities of trustees As expla ined more fully in the trustees, responsibilities statement set out on page 13, the trustees (who are also the directors of the cha rita ble com pany for the purposes of compa ny lawl are responsible for the preparation of the financial statements a nd 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 charita ble 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 u nless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audlt 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 iSSLJe 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 15As IUKI will always detect a material misstatement when it exists. M isstatements can arise from fraud or error and are considered material if, ind ividually or in the aggregate, they could reasonably be expected to influence the econom ic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregu larities, includ ing fraud. The specif ic procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. Identi in and assessin otential risks related to irre ularities In identifying and assessing the risks of material m isstatement in respect of irregularities, including f raud and non-compliance with laws and regulations, we considered the following.. The nature of the charity's activities and sector, control environment and financial performance including the design of the charitable company's remu neration policies, key drivers for trustees, and directors, remuneration, bonus levels a nd performa nce targets; Enquiring of management and the trustees, including obtaining and reviewing supporting documentation, concerning the cha ritable company's policies and procedures relating to: o Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance,. 17-
MULTIPLE SYSTEM ATROPHY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MULTIPLE SYSTEMS ATROPHY TRUST YEAR ENDED 31 MARCH 2024 o Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or a Ileged f raud,. o The interna I controls established to mitigate risks related to fraud or non-compliance with laws and regulations. Discussing among the engagement team and involving relevant interna I specialists, including tax, and charity specialists {where relevant) regarding how and where fraud might occur in the financial statements and any potentia l indicators of f raud,. and Obtaining and understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on those laws and regulations that had a direct effect on the f inancial statements, such as provisions of the UK Companies Act, pensions legislation and tax legislation or that had a fundamental effect on the operations of the charitable compa ny,. including General Data Protection requirements, anti-bribery and corruption policy. Audit res onse to risks identlfied As a resu It of perform ing the a bove, we identified various provisions of the Charities Act a nd the Charity Commission guidance as key audit matters related to non-compliance with laws and regulations and the receipt of donations and the making of grants as key audit matters related to the potential risk of fraud. In common with all audits under ISAS IUKI, we are also required to perform specific procedures to respond to the risk of management override, In addition to the above, our procedures to respond to risks identif led include the following: Review of the financial statement disclosures and testing to support documentation to assess compliance with provisions of relevant laws and regu lations described as having a direct effect on the financial statements,. Enquiring of management, the trustees and in-house and external legal counsel where relevant 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; and Reading minutes of meetings of those charged with governance, reviewing internal reports where relevant and correspondence. Reviewing com pliance with relevant charity legislation. Reviewing and testing the receipt of donations. Reviewing and testing the making of grants. In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accou nting estimates are indicative of a potential bias; and evaluating the rationale of the charity for any signif icant transactions that are unusual or outside the norma I course of business. We a Iso communicated releva nt identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 18-
MULTIPLE SYSTEM ATROPHY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MULTIPLE SYSTEMS ATROPHY TRUST YEAR ENDED 31 MARCH 2024 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 tra nsactions reflected in the financial statements, as we will be less likely to become aware of insta nces of non-compliance. The risk is a Iso greater regarding irregula rities occurring due to fraud rather tha n error, as fraud involves intentional concea Iment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAS IUKI, we exercise professional judgment and maintain professional skepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for ou r opinion. The risk of not detecting a material m isstatement resulting f rom fraud is higher than for one resu Iting from error, as fraud may involve collusion, forgery, intentional omissions, m isrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the a udit in order to design audit procedu res that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the cha ritable com pa nls internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor'5 report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions 3 nd events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit, Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Cha rities (Accounts and Reports) Regulation5 2008 and regulation 10 of the Charities Accou nts (Scotlandl Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditorfs 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 19-
MULTIPLE SYSTEM ATROPHY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MULTIPLE SYSTEMS ATROPHY TRUST YEAR ENDED 31 MARCH 2024 Use of our report (continued) charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Sarah Buswell FCA {Senior Statutory Auditor) for and on behalf of Harris & Co (Accounta nt51 Ltd Statutory Auditor, Chartered Accountants 2 Pavilion Court 600 Pavilion Drive Northampton Business Park Northampton NN4 7SL Dated... 4.11! 14-........... Harris & Co (Accountants) Ltd is eligible to act as an auditor in terms of section 12 12 of the Companies Act 2006. 20-
MULTIPLE SYSTEM ATROPHY TRUST STATEMENT OF FINANCIAL AcfiviTIES (including an income and expenditure account) YEAR ENDED 31 MARCH 2024 Unrestricted Restricted Total funds Total funds Note Income Fund Income 2024 2023 Fund Income and endowments from., Donations and legacies Activities for generating funds Investments 725,922 303,649 60,096 1,089,667 715,991 1,441,913 303,649 60,096 1,805,658 1,084,622 254,711 23,992 1,363,325 Total income and endowments 715,991 Expenditure on: Raising funds Charitable activities Total expenditure 313,445 512,203 825,648 313,445 1,083,349 1,396,794 277,217 1,078,550 1,355,767 571,146 571,146 Net gains/llossesl on investments 168,547 168,547 112,4401 Net income/lexpendlture) 432,566 144,845 577,411 14,8821 Transfers between funds Net movement in funds 432,566 144,845 577,411 14,8821 Reconciliation of funds: Total Funds at 31 March 2023 Total funds at 31 March 2024 2,222,143 2,654,709 151,927 296,772 2,374,070 2,378,952 2,951,481 2,374,070 All amou nts were derived from continuing activities. All gains and losses recognised in the year are included above. The Notes of pages 25 to 36 form part of these Financial Statements. 21-
MULTIPLE SYSTEM ATROPHY TRUST BALANCE SHEET Company number: 07302036 AT 31 MARCH 2024 Unrestricted Restricted Note Income Fund Income Fund Total funds 2024 Total funds 2023 Fixed assets Ta ngible assets Investments li 5,986 2,150,507 2,156,493 5,986 9,240 508,779 2,659,286 2,439,460 508,779 2,665,272 2,448,700 12 Current assets Stocks 13 10,112 104,860 412,233 527,205 10,112 104,860 839,047 954,019 13,012 145,694 270,321 429,027 Debtors 14 Cash at bank and in hand 15 426,814 426,814 Liabilities: Creditors: Amounts falling due within one year Net current assets/lliabilitiesl 16 128,9891 1342,6481 1371,6371 1264,1491 498,216 184,1661 582,382 164,878 Total assets less current liabilities 2,654,709 592,945 3,247,654 2,613,578 Creditors.. Amounts falling due after more than one year 17 1296,173) 1296, 1731 1239,5081 Net assets/lliabilities} 2,654,709 296,772 2,951,481 2,374,070 Charity Funds Unrestricted funds Revaluation reserve Restricted funds 2,434,883 219,826 2,434,883 2,216,208 219,826 5,935 296,772 296,772 151,927 296,772 2,951,481 2,374,070 22 Total charity funds 2,654,709 These f inancial statements have been audited under the requirement5 of Section 441 Illcl of the Charities and trustee Investment Iscotlandl Act 2005. The Notes of pages 25 to 36 form part of these Financial Statements. 22-
MULTIPLE SYSTEM ATROPHY TRUST BALANCE SHEET Company number: 07302036 AT 31 MARCH 2024 These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small cha ritable companies. The financial statements on pages 21 to 36 were approved by the Trustees on 4 September 2024. and were signed on their behalf by:_ PROFESSOR K P BHATIA Chair of Trustees 23-
MULTIPLE SYSTEM ATROPHY TRUST STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 Total funds 2024 Total funds 2023 Note Cash flow from operating activities 18 560,684 171,9001 Cash flow from Investing activlties Interest received 60,096 17751 23,992 12,4921 Payments to acquire of tangible f ixed assets Receipts f rom sales of tangible assets Investment income re-invested Receipts from sale of investments Net cash flow from investing activities 12 {51,279} 118,3751 8,042 3,125 Change in cash and cash equivalents 568,726 168,7751 Cash and cash equivalents brought forward Cash and cash equlvalents carried forward 270,321 839,047 339,096 270,321 Cash and cash equivalents consist of: Cash at bank and in hand Short term deposits Cash and cash equivalents at 31 March 2024 839,047 270,321 839,047 270,321 The Notes of pages 25 to 36 form part of these Financial Statements. -24-
MULTIPLE SYSTEM ATROPHY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 l. Accounting policies The principal accounting policies adopted, judgement and key sources of estimation uncertainty in the preparation of the financial statements are as follows: lal Basis of preparation and assessment of going concern The financial statements have been prepared in accordance with Accou nting and Reporting by Charities: Statement of Recommended Practice applica ble to cha rities preparing their accou nts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Companies Act 2006 and the Charities Act 2011, a nd the Charities Accounts (Scotla ndl Regulations 2006. M ultiple System Atrophy Trust meets the definition of a public benef it entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements are prepared on a going concern basis under the historical cost convention modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity. The Trustees consider that there are no materi31 uncertainties a bout the trust's a bility to continue as a going concern for the next 12 months and foreseeable future. The significant accounting policies applied in the preparation of the fina ncial statements are set out below. These policies have been consistently a pplied to all yea rs presented u nless otherwise stated. Ibl Fund accounting policy U nrestricted funds a re general funds that are available for use at the Trustees, discretion in furthera nce of the objectives of the charity. The restricted fund comprises of donations made to fund the cost of employing specialist nurses and resea rch fu nding. Some restricted funding is awarded by local charitable trusts who wish the funding to be spent to support people with MSA in the local regional area. This is defined as regional core funding and will include some costs towards the nurse specialist's work in that region, Icl Incoming resources All income is recognised in the statement of f inancial activities when the Multiple System Atrophy Trust has entitlement to the income, it 15 probable that the income will be received and the amount ofthe income ca n be measured reliably. Donations and legacies are recognised when the Trust has entitlement to the income, there is reasonable assurance of receipt and the amount of income can be measured reliably, Interest on fu nds held on deposit is included when receivable and the amou nt can be measured reliably by the cha rity; this is normally upon notification of the interest pa id or payable by the bank. 25-
MULTIPLE SYSTEM ATROPHY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Id) Resources expended Liabilities are recognised as soon as there is a legal or constructive obligation committing the Trust to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category, for further information on the allocation and apportionment of governance and support costs across these categories refer to notes 7 and 8. The costs of generating funds and charitable expenditure comprise staff and other costs directly attributable to an activity and an allocation of support costs. Where costs have been allocated, this has been done on the basis of salary costs directly attributable to each of the Trust's activities. The costs of generating funds are those incurred in seeking voluntary donations, Governance costs are those incurred in compliance with constitutional and Statutory requirements. Grants payable are recognised in the year in which the Trustees become unconditionally committed to making the grant, lel Tangible fixed assets Tangible fixed assets are stated at cost less depreciation. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life as follows: Asset class Depreclation method and rate Office equipment Patient aids Stra ight line over 5 years Straight line over 5 year5 {fl Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fairvalue as atthe balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Igl Stock Stock is valued at lower of cost and net realisable va lue. Ihl Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. 26-
MULTIPLE SYSTEM ATROPHY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 lil Creditors a nd provision5 Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably resu It in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. {jl Financial instruments The trust only ha5 financial assets a nd financial liabilities of a kind that qualify as basic financial instru ments. Basic financial instruments are initially recognised at transaction value and Subsequently measured at their settlement value. Legal status The Trust is a private company limited by guarantee, incorporated in England and Wales, and has no share capital. The Trust's registered address is 51 St Olav's Court, Lower Road, London SE16 2XB. Income from donations and legacies Unrestricted Restricted Income Income Fund Fund Total 2024 Total 2023 Donations and legacies Donations under the Gift Aid scheme Legacy donations Memoriam donations 69,013 135,852 219,417 301,640 725,922 69,013 76,385 135,852 43,497 5,124 224,541 217,220 710,867 1,012,507 747,520 715,991 1,441,913 1,084,622 Other donations Donations under the Gift Aid scheme were all unrestricted as in the prior year. The income from legacies and memoriam donations was £360,39312023- £260,7171 of which £5,12412023 - £3,635) was restricted and £355,26912023 - £257,082) unrestricted. Other donations of £1,012,50712023 - £747,5201 include donations of which £710,86712023 - £494,360) was restricted and £301,64012023 - £253,160) was unrestricted. 27-
MULTIPLE SYSTEM ATROPHY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Income from activities for generating funds Unrestricted Restricted Income Income Fund Fund Total 2024 Total 2023 Event income 290,339 13,310 303,649 290,339 13,310 303,649 241,374 13,337 254,711 Merchandise Income from events such as the Milk, Sugar and Tea Ipartyl, running events, cycling events and the supporters own events was £290,33912023 - £241,374) of which £Nil12023 - £Nill was restricted and £290,33912023 - £241,374) was unrestricted. Investment income Unrestrlcted Restricted Income Income Fund Fund Total 2024 Total 2023 Interest receiva ble from U K deposit accou nt Income receivable from investment fund managers 8,817 51,279 8,817 51,279 2,303 21,689 60,096 60,096 23,992 All of the Trust's investment income of £60,09612023 - £23,992) a rises from unrestricted funds held in other interest bearing deposit accou nts or the investment portfolio f unds. Net income/{expenditurel and net movements in funds have been stated after charging: Total 2024 Total 2023 Depreciation of tangible fixed assets IProfit}/loss on fair value movement of investments 4,029 168,547 5,356 12,440 28-
MULTIPLE SYSTEM ATROPHY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Analysls of resources expended Total 2024 Total 2023 Cost of generating funds Merchandise 7,067 11,298 150,526 6,838 137,716 313,445 3,605 12,912 133,962 5,772 120,966 277,217 Events a nd catering Sa laries PR and Marketing Administrative costs Expenditure on generating funds was wholly funded by unrestricted funds. The expenditure out of restricted funds was £nil12023 £nill. Direct activities Support costs Total 2024 Total 2023 Charitable actlvities Research 415,818 492,257 908,075 21,909 437,727 492,824 153,365 645,622 585,726 175,274 1,083,349 1,078,550 Patient services The expenditure out of restricted funds on research was £389,67812023 - £436,874). The expenditure out of restricted funds on info & patient support was £nil12023 £nill. Analysis of administrative costs Cost of Eenerating funds Research Info and patient support Total Bookkeeping and administration fees Rent 13,825 92,365 217 2,199 14,694 35 15,396 102,861 242 31,420 209,920 494 Office costs Sundrv Governance costs Isee note 81 31,309 4,981 21.909 34,866 153,365 71,156 312,990 137.716 29-
MULTIPLE SYSTEM ATROPHY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Governance costs Total 2024 Total 2023 Auditor's remuneration Accountancy fees Professiona I fees 4,906 3,140 23,632 38,986 492 4,774 3,082 24,238 35,299 333 Sa laries Trustees, meetings 71,156 67,726 Du ri ng the year no Trustees12023 01 received reimbursement of travel expenses tota ling £Nil12023 £Nill. Many of the trustee meetings were held online, but a gradual restart for in person meetings was begun, The Trustees did not receive any remuneration. Analysis of 8rants Grantsto Institutions Direct costs Support costs Total Dr V Chelban IProspect Ml 389,678 389,678 389,678 389,678 10. Staff costs The average number of persons employed by the charity during the year was.. Total 2024 Total 2023 Office staff 10 10 Specialist nurses Advocacy Officer/Socia I Welfare Specialist 17 17 30-
MULTIPLE SYSTEM ATROPHY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 10. Staff costs (continued) Total 2024 Total 2023 Gross wages Social security Pension costs 585,465 56,481 35,026 676,972 545,896 50,064 25,701 621.661 A total of 17 staff were under employment during the year, of which 6 were part time, making a total of 10 full time equivalent staff. The Trust considered its key management personnel to be the Chief Executive Officer. The total salary and employment benefits including employer pension contributions of the key management personnel was £66,02812023 - £64,380). The number of employees whose salaries were above £60,000 was 112023 - 1). 11. Tangible fixed assets Office equipment Patient Aids Total Cost or valuatlon At April 2023 Additions 31,457 775 57,577 89,034 775 Disposa15 At 31 March 2024 32,232 57,577 89,809 Depreciation At April 2023 Charge for the year Elimination on disposal At 31 March 2024 22,642 3,604 57,152 425 79,794 4,029 26,246 57,577 83,823 Net Book Value At 31 March 2024 5.986 5,986 At 31 March 2023 8,815 425 9,240 31-
MULTIPLE SYSTEM ATROPHY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 12. Investments Total 2024 Cost or valuation At l April 2023 Add itions Ireinvestmentl Disposals Reva luation 2,439,460 51,279 168,547 2,659,286 At 31 March 2024 Impairment At l April 2023 and 31 March 2024 Carrying amount At 31 March 2024 2,659,286 2,439,460 At 31 March 2023 Market Cost Value 31 March 31 March 2024 2024 The Trustees, investments were made up as follows: CCLA 2,056,306 2,659,286 2,056,306 2,659,286 31 March 31 March 2024 2023 I nvestments at fa ir value comprise.. Equities Cash with investment portfolio 1,270,682 1,102,135 1,388,604 1,337,325 2,659,286 2,439,460 All of the investments are UK listed. All gains and losses a re unrestricted. The whole investment portfolio has been put in the hands of CCLA who are reputable investment managers. The Trust intends to draw down £300,000 per annum for the next 10 years Ithis being the fourth year). As such CCLA have been instructed by the Trust to invest in higher yielding investments in the early vears to maxim ize the returns. with a view to investing in more liou id lower risk investments as the funds are expended. 32-
MULTIPLE SYSTEM ATROPHY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 13. Stock 2024 2023 Finished goods: Merchandise 10,112 13,012 14. Debtors 2024 2023 Other debtors 54,919 49,941 104,860 125,694 20,000 145,694 Accrued income 15. Cash at bank Unrestrlcted Restricted Income income funds funds Total funds 2024 Total funds 2023 Cash committed for research grant funding Other cash 412,233 412,233 426,814 426,814 839,047 839,047 270,321 270,321 16. Creditors: amounts falling due within one year 2024 2023 Accrua I for research grants Other taxation a nd social secu rity Other creditors 342,648 19,157 9,832 371,637 222,018 13,512 28,619 264,149 Research grants are for focused research projects that vary in length and have been categorised on forecast expenditure requirements. 33
MULTIPLE SYSTEM ATROPHY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 17. Creditors: amounts falling due after more than one year 2024 2023 Accrual for Research grants 296,173 239,508 Research grants are for focused research projects that vary in length and have been categorised on forecast expenditure requirements. 18. Reconciliation of net movement in funds to net cash flow from operating activities Total funds Total funds 2024 2023 Movement in net funds Depreciation of tangible fixed assets Interest receiva ble (Gainslllosses on investments Decrease/llncreasel in stocks Decrease/l Increase) in debtors Increase/lDecreasel in creditors Net cash flow from operating activities 577,411 4,029 160,0961 1168,5471 2,900 40,834 164,153 14,8821 5,356 123,9921 12,440 14,5071 180,8201 24,505 171,9001 560,684 19, Operating lease commltments As at 31 March 2024 the total minimum lease payments under non-cancellable operating leases was as follows.. Total funds 2024 Total funds 2023 Within one year Within one to five years 972 2,404 2,916 5,320 972 The amounts recognised as an expense during the year was £33,508 {2023 - £31,665). 34-
MULTIPLE SYSTEM ATROPHY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 20. Funds Unrestricted Income Fund comprises the undistributed income of the charity and the Trustees are free to use these resou rces in accorda nce with the objects of this charity. Restricted Income Fund comprises donations made to fund the cost of employing specialist nurses and research fund ing. 21. Related party transactions The total donations made without reservations during the year by the trustees and any associated related parties were, in aggregate, £Nil12023 - £Nil}. All transactions are undertaken on an arm's length basis. 22. Restricted funds Research Nurse specialists Reglonal Core Other Total 2024 Total 2023 Brought forward funds Income arising in the year Expenses paid during the year Carried forward funds 151,927 534,523 1389,6781 151,927 282,167 5,000 36,772 139,696 715,991 497,995 15,000} 136,7721 1139,6961 1571,1461 1628,235} 296,772 296,772 151,927 23. Analysis of funds At l April Incoming Resources 2023 resources expended Gains and losses At31 March 2024 Analysis of movements in funds Unrestricted fund Restricted fund 2,222,143 1,089,667 1825,6481 168,547 2,654,709 151,927 715,991 1571,1461 296,772 The above funds are explained further in the reserves policy in the Trustees Report. 35-
MULTIPLE SYSTEM ATROPHY TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 23. Analysis of funds (continued) Analysis of funds between net assets Fixed assets Net current assets Non- current creditors Total Unrestricted fund Restricted fund 2,156,493 508,779 2,665,272 498,216 2,654,709 84,166 1296,1731 296,772 582,382 1296,1731 2,951,481 24. Flnanclal assets and liabilities The following are financial assets and financial liabilities that qua lify as basic financial instruments and are initia Ily recognised at transaction value and subsequently measured at their amortised cost. Flnanclal assets 2024 2023 Other debtors 54,919 125,694 125,694 54,919 Flnanclal liabilities 2024 2023 Research grants Other creditors 638,821 28,987 667,808 461,526 42,131 503,657 The following are financial assets that qualify as basic financial instruments and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted ma rket price: Financial asset5 2024 2023 Investments 2,659,286 2,439,460 36-