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 (se￿ices 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-