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2021-12-31-accounts

Multiple Sclerosis Society 2021 Annual Report and Accounts

Multiple Sclerosis Society. Registered charity nos.1139257 / SC041990. Registered as a limited company by guarantee in England and Wales 07451571.

2021 Annual Report and Accounts

Message from our chair, Nick Winser

We planned for an exciting 2021, hopeful that we could resume many of the activities we had to pause in the previous year because of the COVID-19 pandemic. COVID-19 still featured significantly in our lives and in our work, but the pandemic could not dampen the spirits of our incredibly driven community, who continued to support each other through one of the most turbulent times in our recent history. I am always humbled by the determination and passion of our staff, volunteers and supporters. Together, they maintained as much of our work as possible to ensure people living with MS had the support and information they needed to limit the challenges presented by the pandemic.

This year, the MS Society was also better prepared to navigate the impacts of the pandemic and support our community as Government guidance evolved. We worked with our medical advisers to keep our community updated with the latest guidance on COVID-19 and MS. We worked in partnership with many health charities to ensure the concerns of people with underlying health conditions were heard and that they received the information they needed to make decisions about COVID-19 vaccines. This was vital to counter barriers to vaccination.

We have a bold ambition to Stop MS and in 2021 we achieved a significant milestone in pursuit of this. We signed contracts with University College London (UCL) to deliver Octopus, a ground-breaking clinical trial. Octopus is the first ever multi-arm, multi-stage trial for MS and will transform the way we test treatments to slow or stop MS progression. And our Stop MS Appeal is more than halfway towards raising £100m to accelerate research into MS. I am incredibly proud of all the years of hard work that has got us to this point, and we can see a future where everyone can get really effective treatment for MS.

Further highlights included restarting many of our face-to-face fundraising events, which raise vital funds for MS, and also help to bring so many from our community together - from MS Walks, to marathons, to our Christmas Carol Concert in St Paul’s Cathedral. We also celebrated our MS Helpline’s 30th birthday. This was a wonderful moment to reflect on all the incredible support the service has provided to our community over the decades.

The Board also signed off a new Equality, Diversity, and Inclusion Strategy, after speaking to hundreds of people from across the MS community and MS Society. This new strategy sets out our commitment to equality and how we need to be a more diverse and inclusive organisation. We want to be here for everyone affected by MS. And until we are, we are not going to fulfil our core mission of a world free from the effects of MS.

2021 marked the last full year of my involvement with the MS Society Board of Trustees. My seven years consisted of two years as a Trustee and five years as

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Chair. I shall stand down shortly and we will welcome a new Chair. I am deeply proud of all that we have achieved during this period. The charity is in good shape and is well placed to increase its impact even further, in speaking for those affected by MS, in providing support, and by leading the search for great treatments. I have felt honoured to contribute to our excellent work and I would like to thank our marvellous Trustees, staff and volunteers.

Nick Winser Chair, MS Society

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Our goal. People living well with MS

Supporting people living with MS, and their carers, families and friends

We want people with MS to live well with their condition. We’ll continue to expand our range of services to help people understand their rights, manage their condition, and do the things in life that are important to them.

We know that MS is tough on carers, families, and friends. We’ll provide the best quality information to help people understand MS and their rights as carers. And we’ll keep developing the support we offer, to help everyone’s health and wellbeing.

What we aimed to do in 2021

We planned to co-produce new services and support, driven by the needs of people living with MS, carers and families.

What we achieved in 2021

We had to strike a balance between moving ahead with our planned work and responding to the MS community’s changing needs during the pandemic. This meant offering timely information and support during the lockdown and reopening of society, and throughout the vaccination programme.

Supporting our community with information and medical opinion during COVID19

By staying in close touch with our medical advisers we could provide comprehensive information to people with MS during the pandemic. This was especially important given the lack of condition-specific advice through official channels. Generic Government advice often raised as many questions as it answered for people with MS.

As the NHS rolled out the vaccine programme, we made sure they considered the needs and concerns of people with MS. We regularly attended meetings with health officials and kept in touch with MS clinical experts across the UK during the roll-out.

We also worked with 15 health charities to ensure people with underlying health conditions received the information they needed to make decisions about the vaccine. We worked with the Minister for COVID Vaccine Deployment in England and representatives from the other health charities to counter barriers to vaccination and improve uptake. We also contacted elected representatives to find out how the UK Governments planned to protect and support people vulnerable to COVID-19 and make sure people with MS received their vaccination at the right time.

Providing high quality and high impact information to people living with MS

In 2021, we provided 11 different national services, five digital products, up to date information on our website, and 47 printed information products.

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sessions. At our Belfast Resource Centre, we supported 83 people through 1,095 counselling sessions and another 62 people through 175 physiotherapy sessions.

What we aim to do in 2022

We will continue to deliver and develop high-quality and high-impact services, support and information to the MS community driven by their needs. Including improvement and/or investment to:

Access to responsive treatments, care and support

We’ll be fighting to make sure everyone can access the treatments, care and support they need, wherever they live in the UK. We want the policies made by governments, and the health care people get, to reflect what people with MS, their family and friends go through day to day.

What we aimed to do in 2021

We planned to launch a new health care professional engagement offer a new programme focused on developing, testing and spreading innovative models of care.

What we achieved in 2021

Two new treatments approved for MS

Following our work with the National Institute for Health and Care Excellence (NICE) and other relevant organisations in 2021, two new treatments are now available on the NHS throughout the UK for people with MS.

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Improving health and care services through professional engagement

Due to the pandemic, we had to slow the pace of our new programmes to improve health and care services in 2021. But we’re confident that we can move our new approach forward to achieve the impact we intend.

Research to improve MS care and services

In 2021, we funded new research projects that aim to improve the quality of care and services available to support people with MS to live well. These included:

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What we aim to do in 2022

We will promote health and care service improvements through professional engagement by:

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Our goal. Connected communities, powerful voices

Connecting MS communities across the UK

We don’t want anyone to feel alone, overwhelmed or misunderstood. We’ll increase the ways people can share experiences, tackle common issues, foster friendships, build confidence and reduce isolation.

What we aimed to do in 2021

We planned to support people to reconnect following the impact of the pandemic and our focus was to:

What we achieved in 2021

Our 242 local groups run by dedicated volunteers help make sure no one has to face MS alone. Across the UK, our local groups provide over 1,400 services to people with MS, and their friends and families. They offer a fantastic range of activities to help people stay active, as well as friendship, information, emotional support and grant giving.

Despite being heavily impacted by the COVID-19 pandemic, many of our local groups continued to provide support to their community through online services, counselling and our MS Support Volunteer network. As Government guidance changed, we supported our local groups to resume face-to-face services. Many continued to offer online services as well, including support services, singing groups, coffee mornings and exercise classes. This meant people affected by MS who were shielding could connect with and support one another without leaving their homes. Our volunteers also checked in on people who weren’t able to connect with others online and who were particularly isolated.

Expanding the ways people can connect with one another

In 2021, we launched our new and improved online forum. Our forum is a place where people can talk to one another about everything related to MS, whether they are newly diagnosed, have had MS for a while or care for someone with MS. People can now use the forum across multiple devices, including mobiles and tablets. And we have improved the design to make it easier for people to navigate and find the things they want to read or comment on.

By the end of 2021, we had 12,700 forum users, an increase of 17% since we launched our new forum.

Until now, most of our community building has focused on geographical connection. We want to support even more people to connect with one another by broadening our offer, providing different and more informal ways for people to meet up, virtually or in-person. To support this, we had planned to launch a new light-touch way for people in our community to socialise. Due to the

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pandemic we had to pause the project, and will now be launching new ways for people to connect virtually or in person in 2022.

What we aim to do in 2022

We will look at how we can continue building and expanding ways for people in our community and beyond to connect by:

Developing policy positions, and campaigning nationally and locally on key issues and improving understanding of MS

MS is different for everyone and many symptoms are invisible. People living with MS often face barriers and challenges in everyday life. We’ll raise awareness and increase public and political understanding of the realities of MS.

We want to support MS communities to become movements for change on issues that affect them. We’ll help people affected by MS to develop the skills and confidence to speak up on issues they care about. And we’ll provide the tools people need to run campaigns that bring about real change.

What we aimed to do in 2021

We planned to continue to support our MS community to speak up on issues that are important to them locally and nationally, including establishing our new local campaigning offer.

What we achieved in 2021

Approved but Denied

We launched a national campaign, Approved but Denied, calling for people with MS to have access to Sativex in England. Thousands of people living with MS in England are being denied access to Sativex, a cannabis-based spray to treat moderate to severe spasticity, even though it received regulatory approval two years ago. We published a policy report with analysis showing that in England only 49 out of 106 of clinical commissioning groups (CCGs), who are responsible for making treatments available, are funding Sativex. The report contained a number of policy recommendations for how access to Sativex could be improved. Since we launched our campaign:

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As a result of our campaign, NHS England wrote to all CCGs to promote Sativex as recommended by NICE. They updated their information on their websites and portals to be more accurate and we’re exploring a joint op-ed. This is a positive sign we’re making a difference together.

In Northern Ireland, health commissioners have made funding available for Sativex prescribed by consultant neurologists.

#IncreaseLegacyBenefits

We supported the MS community to respond to the Government’s consultation on disability and took part in the work of the Disability Benefits Consortium (DBC).

We spoke up together in response to the Department of Work and Pensions’ (DWP) plans on disability benefits. Around 10% of all responses the DWP received came from people in the MS community. In Scotland, we’ve continued to call for the 20-metre rule to be scrapped in the new Adult Disability Payment (ADP).

In December we gave evidence to the Social Security Committee on ADP. We hope to appear before the committee again to discuss our ADP petition in early 2022.

We also supported the launch of a DBC report, which showed people on legacy benefits have been struggling to pay for rent, food, heating and medication since the start of the pandemic. At the beginning of the pandemic, people on Universal Credit were given an emergency increase of £20 but disabled people on legacy benefits, such as jobseekers allowance, were not.

As part of the #IncreaseLegacyBenefits campaign, we shared stories from people with MS on the impact this is having on their day-to-day lives and called for the Government to increase legacy benefits. We put forward a strong case to extend the £20 uplift in the March 2021 budget and supported a High Court case that challenged this discriminatory policy.

Neurology Now

The pandemic made it difficult for many people in the MS community to access care and support. In response, we launched our Neurology Now campaign. Almost 8,000 people signed open letters to governments across the UK calling for more funding and support for neurology, so people with MS can get the essential care they need. A record number of MPs and peers attended our event in Westminster to hear how they could help after around 1,000 people emailed their MP to ask them to take action.

In Scotland, a dozen MSPs supported a parliamentary motion on the campaign. And we met with the health minister and a series of senior politicians to discuss our report and recommendations.

In our report looking at neurology services across the UK, we called for stronger leadership in neurology and for it to get the priority it deserves. Following

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senior-level meetings to discuss the report, NHS England confirmed it will appoint a National Clinical Director for Neurology. This is a great opportunity for us to ensure neurology services develop to meet the needs of people with MS now and in the future.

We’re continuing to work together with other neurological charities in Westminster and across the UK to keep the pressure up. We’re planning for more joint working on the campaign in 2022.

Local Action for MS

We launched our Local Action for MS programme and held our first training sessions to support people to campaign in their area. Active local campaigns are happening in Wiltshire, North Wales, Cardiff and Vale, Swansea, Medway, Hull and Northern Ireland to name just a few locations. We’re taking action on access to MS nurses, treatments, accessibility and raising awareness of MS, all thanks to our incredible campaigns community. We’re looking to grow the programme further in 2022.

Devolved nations

We delivered our election campaigns in Scotland and Wales, and we’re now engaging with the new governments.

In Wales:

In Northern Ireland we worked with the MS community to prepare our election campaign for the Assembly elections in May 2022.

What we aim to do in 2022

We will continue to support our MS community to raise their voice on issues they choose as we develop policy positions and campaign nationally and locally on key issues. In particular we will continue to implement the following campaign strands:

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Our goal. Effective treatments and preventing MS

What we aimed to do in 2021

The pandemic significantly disrupted our research programme in 2020, with researchers redeployed to the NHS and labs closing due to social distancing rules. The situation affected many of the vital projects we fund – projects that could change what it means to live with MS. And although we started 2021 with another UK lockdown, we planned to:

Deepening our understanding of progression and

improving our understanding of risk factors

For people with MS, not knowing how their MS will change over time is a huge challenge. We’ll be prioritising our work with UK and international partners to improve our understanding of how and why MS gets worse.

We’re still not sure what causes MS. But we want to understand the possible risk factors better, so we can develop ways to prevent people developing MS.

What we achieved in 2021

We fund a range of new projects every year in support of our research priorities through our open grant round. After a pause in 2020 due the pandemic, we resumed our grant round in 2021 to support the highest quality, most relevant research for people affected by MS. In 2021 we committed to funding new research projects, including:

Supporting research careers in MS is a priority that underpins our current research strategy. In 2021 we took several steps to ensure a strong and diverse MS research community that can deliver future breakthroughs:

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other project will use MRI brain scans to predict disease progression in children with MS.

We also renewed funding for our two Centres of Excellence in Cambridge and Edinburgh for a further five years to work towards finding treatments to repair myelin and protect nerve cells in MS.

In 2021 we were able to re-start our full participation with the International Progressive MS Alliance, which awarded £1.2m of funds to support 19 new projects around the world to better understand why MS progresses. Three of these projects are based in the UK.

Clinical trials programme

We believe we can slow, stop or one day even reverse the effects of MS, for everyone. And to get there we’re funding a first of its kind clinical trials platform to develop treatments up to three times faster than we do now.

What we achieved in 2021

Octopus

We achieved a significant milestone in MS research in 2021 when we signed contracts to set up and deliver our ground-breaking clinical trial Octopus with University College London (UCL). Octopus is the first ever multi-arm, multi-stage trial for MS and will transform the way we test treatments to slow or stop MS progression. This achievement was the result of many years of incredibly hard work involving people with MS, researchers, funders and supporters – and brings us even closer to stopping MS. Our annual Stop MS Appeal lecture featured the joint leads of Octopus, Professor Jeremy Chataway and Professor Max Parmar. Almost 400 people watched the lecture live online.

Clinical trials

We also continued to support the following clinical trials:

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What we aim to do in 2022

We will deepen our understanding of progression and identifying risk reduction/prevention strategies in particular through:

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Improving how we engage with our supporters and work

Engagement and income generation

We believe we need to grow deeper, stronger and more enduring relationships with the MS community, providing an integrated range of services and a personalised and seamless journey and, as a result, increase the levels of financial and non-financial support.

What we aimed to do in 2021

We planned to support all levels of the organisation to build closer connections with our MS community by:

What we achieved in 2021

Our focus in 2021 had been to restart our face-to-face engagement and fundraising as restrictions from the pandemic eased, this was done safely and well, exceeding our expectations particularly in fundraising.

In April, we launched For You, our new free personalised engagement space on our website where our community can choose what they want to see and when. We will continue to develop this in the coming years, so that it becomes a vibrant space where communities can develop, join conversations or search for events and services wherever they are.

We are continuously finding ways to improve the touchpoints our supporters have with us, one example of this is the enhancements we have made to the new volunteer support team.

We have begun to scope out some of the opportunities identified in the commercial strategy but this hasn’t progressed as much as we would have like. This will be a priority in 2022.

Stop MS Appeal

Our Stop MS Appeal aims to raise £100 million to transform what it means to live with MS, for everyone with the condition. To stop MS we need treatments that repair lost myelin and protect nerves from damage, as well as ones that prevent immune attacks. This will mean we will be able to stop MS in its tracks for everyone living with the condition. Our ambition is a future where everyone with MS has access to an effective combination of treatments.

After a challenging year in 2020, where our fundraising activity and MS research were severely disrupted by COVID-19, we were delighted that in 2021 we were able to return to almost the levels of activity we had seen before the pandemic. However fundraising was still adapting to remote

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working and in-person activity was restricted.

Due to the disruptions of 2020 the decision was made to extend the length of the appeal by one year, to the end of 2025. We continued to work with our dedicated Appeal Board, of close volunteer supporters helping us to realise our fundraising ambitions. And we were thrilled to be able to return to in-person fundraising events with five MS Walks taking place across the country over the summer and autumn. The launch of our Octopus mega platform clinical trial resonated strongly with our donors, and our appeals for donations based on this saw good response.

We were grateful to receive £4.2m in restricted donations from individuals, trusts and corporate partners, as well as being able to commit £3m of unrestricted income to the appeal. In total we raised £7.2m for the appeal in 2021.

As we now focus on our plans for 2022, we are excited about the continued development of our clinical trials programme and the fundraising activities that will help fund this work.

What we aim to do in 2022

We will:

Improving how we work

We want to strive for excellence in both what we deliver and how we deliver. We recognise that can only happen by continuously evolving and reacting to the internal and external environments.

What we aimed to do in 2021

We planned to:

What we achieved in 2021

We launched our Equality, Diversity and Inclusion Strategy in 2021, honestly reflecting that we have been content with incremental progress and complacent. Our vision for this strategy is: “We support each other so no one has to face MS alone. By recognising and respecting all our different lived experiences we will be stronger and our voice louder.” We have ring-fenced an investment for the implementation this strategy and designed the objectives to:

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Much of the early part of the year was spent embedding the significant restructure we implemented in 2020 to make us more effective and reduce costs. In the second half of the year, we consulted with staff and volunteers about how the restructure had gone and whether we could learn any lessons from the process and the new structure. During the consultation it became clear that the restructure hadn’t fully resourced our volunteer support or customer services teams so these will be supplemented in 2022.

Opening new offices and the introduction of smart working in 2021 moved us closer towards our desired cultures and ways of working. And introducing activity-based working and a framework for innovation, change and continuous improvement will ensure collaboration and help us prioritise our work.

We started the discovery work on our long-term approach to data management infrastructure but unfortunately due to capacity issues, this didn’t progress as far as we had hoped. This will be a priority in 2022.

What we aim to do in 2022

We will continue to ensure we maximise the resources available to us and ensure we are as efficient and effective as possible. We will:

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Our supporters and our commitment to them

Our supporters are at the heart of everything that we do. Without you, we simply wouldn’t be able to support our MS community. We are deeply grateful for this and are committed to ensuring that supporting the MS Society is a positive and rewarding experience.

Our Supporter Promise sets out our ambition to:

We seek to uphold the very best in fundraising practice. Our commitment to delivering our promise is underpinned by a regular independent audit of activities. We are also proud to be organisational members of the Chartered Institute of Fundraising and the Fundraising Regulator and we adhere to the Fundraising Preference Service’s core principles.

From time to time we use commercial organisations to supply a specific service, but this is only when it would be difficult or expensive for us to undertake an activity ourselves. For example, in 2021 we used commercial organisations to:

To ensure effective oversight of the suppliers which are undertaking these activities on our behalf, we have:

We always aim for the highest standards in our fundraising practice, but on occasions when we fail to meet these standards, this may result in complaints being received. In 2021 we received 32 complaints about our fundraising activities, which is a slight increase from the 29 complaints we received in 2020.

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Complaints are handled following our Compliments, Comments and Complaints procedure. Our Customer Service team regularly reviews any complaints received and, where necessary, uses the information and feedback to learn from mistakes and works with teams across the organisation to make improvements.

Finance review

Income

We were delighted that our income saw a significant upturn from the challenges faced in 2020.

Although the pandemic went on significantly longer than anyone anticipated, with continued lockdowns and restrictions to in-person activity, the second half of the year saw a very welcome return to in-person fundraising events. Our main third party events took place such as the London Marathon and we also held our full MS Walks programme, along with the Christmas Carol Concert at St Paul’s Cathedral, our major fundraising event.

Donations

2021 saw people support us in a huge number of ways, to make sure we are able to continue our vital work. Together, they donated a total of £11.2m in 2021 (£10.1m in 2020 and £13.8m in 2019).

Combining our in-person events with the virtual products we developed during the pandemic has seen our Community and Events income grow more quickly than we anticipated, raising £2.9m in 2021 (£1.7m in 2020 and £3.7m in 2019).

Legacies

We received £12.8m in 2021 from the many generous MS supporters who were kind enough to include a gift in their will to support our ongoing work.

This is £5.6m more than we received in 2020. We believe this significant fluctuation between years is the resolution of the problems we experienced last year with the first lockdown causing disruption to both the property and legal sectors and the delays in Probate Registries.

Income from charitable activities

In 2021 we received £0.8m from charitable activities, compared with £1.9m in 2020.

During 2020 we obtained a number of one-off grants in relation to Covid-19 support and a large grant (£0.5m) for emotional, befriending and one-to-one support to people affected by MS in Wales.

Other trading activities

Other trading activities recovered significantly as we started to return to normal following Covid-19 with income at £2.0m (£1.0m in 2020). The Christmas Carol

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concert at St. Paul’s contributed most to the increase in income in this area (£0.8m).

Profit on sale of assets

In 2019, we introduced a transformational change programme which included selling our main office space and moving into space that better reflected our desired ways of working and organisational values. We sold our main London office in 2021 resulting in a gain on sale of £2.4m.

Expenditure

We carried out a significant restructure in 2020 to enable us to meet our strategic objectives, operate more efficiently and put ourselves in a position financially to meet the challenges ahead. In particular we needed to ensure that our cost base was sustainable, having run deficits for a number of years, so that we can continue to support to people affected by MS into the future.

Raising funds

We spent £7.3m on raising funds, which was just slightly higher than 2020 (£7.0m).

Living well with MS

Included within this category is our MS Helpline and services we provide directly to people affected by MS, either centrally or through our local volunteer groups. During the restructure we introduced efficiencies into the way in which we support our voluntary groups and, as a result, expenditure fell from £6.9m to £6.2m.

Connected communities, powerful voices

Included within this category is our spend on campaigning and influencing on behalf of people affected by MS. Alongside this, we are also helping to support MS communities to become movements for change on issues that affect them. Again, through the restructure, we have changed our ways of working and see a have a small drop in expenditure to £5.9m from £6.2m.

Effective treatments and preventing MS

Most of the expenditure in this area relates to research both into looking for effective treatments and in preventing MS. Due to the drop in income because of COVID-19 in 2020, we had paused our research grant round and delayed the launch of our multi-arm clinical trial. In 2021 we reinstituted the grant round and launched our exciting new multi-arm clinical trial. Expenditure went up as a result to £5.4m from £3.3m.

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Our reserves

Primarily, reserves are held to enable the continuity of services and activities that we undertake to meet our strategic goals both now and in the future.

Reserves are held for the following reasons:

In considering the level of reserves that should be held, we test the policy level against various scenarios to ensure an adequate level of reserves are held.

Given the activities we engage in, reserves do not need to be held to maintain working capital.

We have two designated funds:

  1. A fund which represents the net book value of unrestricted intangible and tangible assets.

  2. A designated fund for research. This fund was created to build reserves to enable the commitment of expenditure towards our clinical trials programme.

The MS Society has total funds of £21.0m (2020: £14.6m) with £2.1m (2020: £4.3m) within the designated fund for fixed assets, £14.0m (2020: £12.9m) held in the designated fund for research, £12.4m (2020: £3.7m) held in general funds and negative £7.9m (2020: -£6.2m) in net restricted funds. The restricted funds also include £0.3m of endowments funds (2020: £0.3m).

Included in the -£7.9m (2020: -£6.2m) of net restricted funds are negative restricted research fund balances totalling £11.9m (2020: £10.6m). These negative funds are held in the expectation that specific income will be received for these projects. Given how much we raise each year in restricted research donations, part of the deficit in fund balances will be made up from donations received. Where this doesn’t happen, we also have a designated fund for research that could be used to make up the deficit (2021: £14.0m, 2020: £12.9m). Therefore, we are satisfied that the deficits on negative restricted research funds will be reversed in the future.

In calculating reserves held, we include the balance of the designated fund for research after any negative restricted research balances, as these funds are available to Trustees to be spent as they see fit. Restricted funds are not included in reserves as these funds can only be spent in line with what the donor has specified.

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We aim to maintain reserves within a policy range of a lower limit of 10 weeks of planned expenditure and an upper limit which is calculated as follows:

At 31 December reserves held were £14.7m (2020: £6.0m), equating to 25.4 weeks of planned expenditure (2020: 11.2 weeks) which is in excess of our reserves policy range. We have plans to utilise the excess reserves over the next few years on several large transformational projects including a new Customer Relationships Management system, additional fundraising products and improving our reach and engagement with the whole MS community.

Going concern

We have set out above a review of financial performance and our reserves position. We have adequate financial resources and are well placed to manage the business risks. Our planning process, including financial projections, has taken into consideration the current economic climate and its potential impact on the various sources of income and planned expenditure. Although we have net current liabilities, the investment portfolio could easily be drawn down should working capital be required.

We believe that there are no material uncertainties that call into doubt our ability to continue. The accounts have therefore been prepared on the basis that the MS Society is a going concern.

Investment policy

Rathbone Investment Management Limited are the MS Society’s investment managers, having successfully retendered in 2018.

The main portfolio was monitored on a total return basis using consumer price inflation (CPI) plus 3% over the investment managers’ tenure. In 2021 the portfolio achieved a total annual return of 12.1% (2020: 4.7%) against a benchmark of 8.5% (2020: 3.6%).

The Audit, Risk and Finance Committee has delegated oversight of the investment portfolio. Quarterly reports from the Investment Manager were issued to the members of the Audit, Risk and Finance Committee and the investment manager attended two committee meetings in 2020. The Audit, Risk and Finance Committee carried out a review of the investment principles, during the year, under which the managers operate.

Overall, we received investment income of £164,000 in 2021 (2020: £188,000) from the investment portfolios and a net investment gain of £1.8m in 2021 (2020: £421k).

Our socially responsible investment position prohibits direct investment into tobacco companies and provides that the investment managers should continuously review the indirect investments into tobacco to ensure that only a diminutive level is held (no more than 1%). Additionally the portfolio should be

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managed in a way that seeks to favour environmental and socially responsible investments without negatively impacting returns.

Grant making policy

We award several types of grants to meet our objectives. The major types are individual support grants and research grants.

Individual support grants

Our local volunteer-run groups provide financial assistance to individuals with MS, their families and carers. These grants help with a range of costs associated with daily living, including the cost of home adaptations, mobility aids, short breaks and respite care. We awarded £235k in support grants in 2021 (£409k in 2020).

Research grants

We provide awards for research in the areas of effective treatment, prevention, symptom management and service development. These grants range from small projects to large programmes, as well as PhD studentships and fellowships.

Our top research priority is finding and testing treatments to stop disability progression. We are developing treatments that could repair damaged areas of myelin (remyelination) and protect nerves from damage (neuro-protection). We actively pursue strategic research collaboration and partnerships, both as a funder and as a source of expertise and influence. In total we spent £4.6m (2020: £2.7m) on our active research portfolio in 2021. This figure is net of any research grant write backs.

Our principal risks and uncertainties

We are committed to effective risk management as an integral part of good corporate governance. We recognise that informed risk-taking helps to improve performance, manage our threats and opportunities and create an environment of ‘no surprises’. This enables us to get the right balance between innovation and change and the avoidance of shocks and crises. Our risk management provides the framework and process that enables us to manage uncertainty in a systematic, effective and efficient way.

The Board concentrates its efforts on ensuring the most serious risks are being managed effectively; those which have a high likelihood of occurring and would have a severe impact on the achievement of our strategy and three impact goals. The Board has risk appetite statements around the key risk areas and reviews them annually. These statements consider our strategy, priorities, goals, activities and controls, and articulate the parameters within which the Board feels the overall portfolio of risks are appropriate, balanced and sustainable.

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Our risk management processes are designed to enable us to conclude whether the major risks to which we are exposed have been identified, reviewed and impact assessed and are within the Board’s risk appetite. Senior management reports on key risk areas, and where our operations are not aligned to the Board’s risk appetite, to the Audit, Risk and Finance Committee quarterly, following which the Board is updated. The Board reviews the corporate risk register in full on an annual basis and there are opportunities for deep-dives into key risk areas, as considered necessary by the Board, during the year. Internal audit carries out independent reviews across the MS Society; these reports comment on the systems of internal control and the recommendations and actions from the reports are overseen by the Audit, Risk and Finance Committee.

We are confident the risk framework and methodology described above enables major risks to be identified throughout the organisation.

Below are the larger risks and uncertainties which affect the MS Society and the plan and strategy to mitigate the risks:

1. Relationship with the MS community

Our work is based on the hopes and aspirations of our MS community. Together, we campaign at all levels, fund research and provide support and information. If everything we do is not guided by people with MS or we do not form lasting relationships with all the MS community, there is a risk that our work will be less relevant and impactful and the ambitious outcomes set out in our strategy not achieved.

We will continue to work together with the MS community to coproduce the best solutions for people with and affected by MS. Through our new Equality, Diversity and Inclusion Strategy launched in 2021, we will implement a programme of bespoke outreach to groups within the MS community we struggle to engage and build on further insight work to understand the experiences of MS in different groups through our Engagement Strategy (launched in 2020) we work to ensure that we are as welcoming, relevant and accessible as possible.

2. Effective people, including volunteers and staff

2021 continued to bring disruption, uncertainty and stress across all parts of society. This uncertainty continues into 2022 with the ongoing effects of the pandemic and instability in the wider world as well as the economic situation in the UK. We recognise there is an ongoing risk of excessive levels of stress, disconnection and demotivation among colleagues as the remaining effects of pandemic, remote working and turmoil in the wider external environment continue to be felt. There is also a risk that turnover will increase as the employment market opens up following the pandemic and we experience rising staff turnover. People will continue to be a key focus for us as an organisation in 2022.

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Our Employee Engagement Strategy (approved by the Board in 2020) is an ambitious and exciting step-change that sets out to ensure that we are a fantastic and fully inclusive place to work, where staff are engaged and motivated to achieve. The Volunteering Strategy reflects our ambition to improve experience, engagement and impact for our existing volunteer base, and details how we will bring new volunteers into the organisation. In 2021, we began to see early successes, particularly with our online volunteer recruitment system leading to a more diverse range of volunteers being recruited.

In 2021 we developed our new Equality, Diversity and Inclusion Strategy, with the involvement of employees and volunteers from across the organisation, to help us create an inclusive workplace and culture, ensuring that everyone can thrive and have the same chances to contribute, share and succeed. The strategy was approved by the Board in July 2021 and we launched the strategy and implementation plan with employees and volunteers in December, which included publishing our commitments on our website.

There are internal communication mechanisms aimed at engaging, motivating and informing staff and volunteers, including regular email communications, online events, an intranet and a volunteer website.

3. Sufficient financial resources to support people affected by MS and achieve our ambition of stopping MS

The continued impact of the pandemic and the wider global instability presents an ongoing risk to income and our ability to effectively fundraise. We will continue to take a prudent approach to planning, and we are confident our ambitious objectives for 2022 are achievable.

We have robust reserves in place and are continuing to develop innovative approaches to fundraising and ensuring we are ready to adapt as needed. We are continuing work to develop and improve our website and our online fundraising capability and donor experience.

4. Long-term instability in the external environment due to the ongoing pandemic and other factors, causing a) the increased pressure on the NHS and social care services; b) increased inequality and demands on the welfare system; c) worsening economic environment and d) challenges in our ability to achieve coverage for or influence on issues affecting the MS community

The health and care system continues to face unprecedented financial, workforce and capacity challenges, and has been brought to breaking point through the ongoing demands of the pandemic. Non-Covid-related or emergency care has been severely curtailed, which has resulted in an ever-growing, significant backlog. The quality of, and access to, support for people with MS also remains highly variable across the country. Social care and welfare systems continue to

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face challenges, and increasing inequality, worsened by the pandemic, will increase levels of need.

We will continue to campaign on the issues that matter to the MS community. We remain in a good position to influence the debates and achieve meaningful and lasting change for people with MS. We continue to implement our Influencing Strategy. This seeks to empower people affected by MS to advocate for their rights on the issues they care about, both individually and as a community – and for professionals to be empowered to advocate for them.

Structure, governance and management

Structure

The Multiple Sclerosis Society (the ‘MS Society’) is a charitable company limited by guarantee, registered in England and Wales (company number 07451571; charity number 1139257).

The MS Society is governed by its Articles of Association, adopted by special resolution in December 2020.

The MS Society is registered with OSCR as a cross-border charity (number SC041990) and registered as a charity (number 1256) and as a foreign company (number 006152F) in the Isle of Man.

Main purposes

The MS Society was set up with three main objects:

Membership

Following the adoption of the new Articles of Association at the AGM on 5 December 2020, which came into effect on 1 January 2021, the Trustees and National Council Chairs became the legal members of the Multiple Sclerosis Society. The stringent obligations on Trustees and Directors under the Companies Act and Charities Act ensure their accountability for making sure the Society delivers on its charitable objects to the MS community, and for the performance of the charity from a legal and ethical perspective and removes any risk from changes to the Articles.

Trustees and Council Chairs become members on appointment to their respective roles and cease to be members on retirement, or when they cease to hold that role.

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Board of Trustees

The Board of Trustees are the charity’s trustees and the legal directors of the company. The Board is the governing body of the MS Society, providing leadership and establishing the policies, rules and procedures of the charity and ensuring the effective and equitable use of the MS Society’s resources in pursuit of its objects.

The new Articles of Association created a new Electorate, which is made up of those members of the MS community who are interested in taking an active role in our governance and wish to elect new trustees to the Board.

The Board is made up of eight elected Trustees and two appointed positions, being the Chair of the Board and Treasurer roles. There are also three co-opted positions which the Board can use to address specific gaps in skills, experience or diversity by appointing individuals for one-year terms. Elected Trustees serve a term of three years and may then be reappointed to serve a further consecutive term of three years, before a break of at least one year. Reappointment is based on performance in the role and follows a robust appraisal process undertaken by the Chair or Vice Chair of the Board.

The Chair of the MS Society is selected by the Board and may serve for one term of five years. The Treasurer is appointed for a three-year term of office and may serve for two consecutive terms before a break of at least one year.

All Trustees (elected and co-opted/appointed) are recruited through open advertisement of vacancies and a formal application and interview process.

Each new Trustee receives a comprehensive induction to the MS Society. This includes an emphasis on the MS Society’s charitable objects and briefings on the key responsibilities of Trustees and the Board, as well as an understanding of multiple sclerosis and the specific needs of the MS community we are seeking to address.

Board delegation

The Board delegates the exercise of certain powers in connection with the management and administration of the MS Society to the Chief Executive and their staff through the Scheme of Delegation which is available on the MS Society’s website.

The Nominations Committee has delegated responsibility for providing oversight of governance appointments and the performance of the Board and its Committees and Councils, ensuring it acts at all times within its legal obligations and the requirements of the Articles of Association, and the Rules and Standard Operating Procedures.

The Audit, Risk and Finance Committee has delegated responsibility for providing the Board with oversight of the appropriateness and effectiveness of the MS Society’s systems for internal control and risk management, and of the financial affairs of the charity, ensuring financial viability, efficient and proper use of its resources, and safeguarding of its assets.

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The People Committee has delegated responsibility for providing the Board with assurance that the Executive Group are effectively leading, developing and delivering the MS Society’s people strategies (both for staff and volunteers) and organisational development programme. The Committee has strategic oversight of the people elements of major transformation programmes or projects that have a significant impact on staff or volunteers. The Committee is responsible for providing oversight of the MS Society’s approach to pay and remuneration matters for all staff, ensuring these support the MS Society’s strategic aims as well as enabling the recruitment, motivation and retention of high-quality people. The Committee is also responsible for determining and agreeing the CEO’s remuneration package with the Board, as well as a broader oversight of executive pay levels.

The four National Councils provide a voice for the MS community in the nations of the UK, act as an ambassador and advocate for people with or affected by MS, and help to deliver the MS Society’s strategy in their nation. The National Councils (Cymru, England, Northern Ireland and Scotland) provide a direct link between the nations and the Board of Trustees.

Public benefit

Senior management and Trustees of the Multiple Sclerosis Society have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in administering the MS Society, in determining achievements against the aims they had set for 2020 and in planning activities for 2021.

Section 172 Statement

In line with the duties placed on them by section 172 of the Companies Act 2006, the Trustees, as directors of the company, have acted, in good faith, in the way they consider to be most likely to promote the success of the charity and achieve our charitable purposes. This includes placing the needs of the MS community at the heart of all that we do, and focusing on insights-led decisionmaking. All our activities and services are coproduced with volunteers and people affected by MS.

Charity Governance Code

The MS Society has embraced the Charity Governance Code as a tool for selfassessment and continuous improvement. The Board is satisfied that we substantially comply with the Code and our performance against it is reviewed on an annual basis.

Chief Executive and senior management

The Chief Executive is responsible for the day-to-day management of the charity’s affairs and for implementing policies agreed by the Board. The Chief Executive is assisted by senior managers who manage our staff and volunteers.

Offices

We have offices in Belfast, Cardiff, Edinburgh and London.

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Our volunteer-run groups

There are over 250 MS Society volunteer-run groups:

Our people

Our strategy puts our people right at the heart of everything we do; they are the key to our success. We’d like to thank all those involved in the work of the MS Society in 2021, for the vital contribution they made in shaping our work and helping make our goals a reality.

Strengthening our focus on equality, diversity and inclusion

We launched our Equality, Diversity and Inclusion Strategy in 2021, honestly reflecting that we have been content with incremental progress and complacent. We have recognised that we have much more to do across all aspects of our work and in relation to our people we will:

We have committed to being open and transparent about our approach to this ambitious strategy and the progress we have made, including where we have learnt and changed or evolved our approach. More details can be found on our website.

Our volunteers

Volunteers are the cornerstone of the MS Society. They make significant contributions to our activities: by fundraising, providing us with insights, campaigning, operating our MS Helpline, blogging on our website, supporting individuals affected by MS, bringing people affected by MS together through our local volunteer-run groups and acting as Trustees and National Council members. Our volunteers normally contribute around 700,000 hours a year, and although this will have been less in 2020 and 2021 due to COVID-19, we simply would not be able to achieve all the things we do without them.

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We have around 3,000 committed volunteers, many of whom have a personal connection to MS. Their personal commitment remains the cornerstone of our success in delivering our goals.

It is difficult for us to put a value on the skills, care, devotion and commitment of our volunteers in working for people with MS. But, without their dedication to the cause, we would not have had the same impact for people affected by MS that we have been able to achieve.

Our campaigners

Our campaigns community enables us to speak with the voice of thousands of people affected by MS, calling on decision makers to make meaningful changes to improve life for people living with MS.

Our campaigners tackle both local and national issues, from fighting to keep MS Nurses or get treatment clinics in their area, to calling on their MPs to improve the welfare system.

When it comes to campaigning, we know every voice counts and we want to thank all those who called for change. mssociety.org.uk/campaigns

Our MS Society Ambassadors

MS Society Ambassadors are volunteers who have pledged to work closely with us and use their public profiles to raise awareness of MS and our work in the media, helping us reach a wider audience. mssociety.org.uk/ambassadors

Our employees

We aspire to be the employer of choice for talented people who want to deliver positive change for the MS community. We continue to work hard to make sure MS Society is a place where staff are empowered to challenge the status quo and contribute to improving the way we do things. We recognise that staff are experts in their role, and in collaboration with people affected by MS, most often know how things can be done better. By implementing our new ‘Developing a highly engaged workforce’ strategy, we will create a fantastic and fully-inclusive place to work where staff are engaged and motivated to achieve the best possible impact for people affected by MS.

2021 saw the continuation of the pandemic and further disruption to our work places. We started a comprehensive organisation restructure in 2020 and this continued in the earlier part of the year as well as embedding the new structure and ways of working. As promised, the restructure was reviewed in latter part and changes were made based on the feedback received from staff and volunteers. The turnover for 2021 remained similar to 2020 with a 21% (2020: 22%) turnover rate. At the end of 2021 there was more movement with more employees choosing new opportunities elsewhere, which is due to the UK market opening up. This should cause an increase in turnover in 2022.

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We encourage employees to have two-way, open and honest conversations and in 2021 we held “Purposeful Conversations” with staff creating an action plan to improve our offering and ways of working in the 25 areas that staff felt were the most important.

Our new SMART working policy introduced in October 2021 increased employees’ flexibility and offered hybrid working. Since then, we have seen an increase in compressed hours, change in working patterns to accommodate personal circumstances, childcare and caring needs and working abroad to extend time with family and friends. At the same time, we moved our London Office to Finsbury Park with a brand-new office, offering a modern working environment designed for activity-based working and a more attractive location. We have also introduced a new annual leave policy which removes mandatory bank holidays and allows employees to use those bank holiday days at other points, giving employees flexibility and recognising the diversity of our organisation.

We offer a reward package that tracks the charity sector so we can reward competitively and offer a wide range of benefits including a cycle-to-work scheme, personal pension plan, family-friendly policies and processes and an employee wellbeing scheme. In addition to rewards and benefits, we support and encourage employees to take up learning and development opportunities, based on their needs and aspirations. We encourage our people to take a selfdirected approach to their own learning and to identify and exploit chances to learn. We also use a robust performance appraisal framework to provide a forum where managers and employees can think about any learning that can be achieved. As well as this, we offer formal training where needed, not least in new skills such as digital working.

Our approach to employing disabled people

We are dedicated to being an exemplary employer of disabled people, including those with MS. Our commitment to non-discrimination is embedded in our policies, procedures and practice.

We make reasonable adjustments to support disabled staff to meet their full potential by implementing best employment practice, providing equal access to learning, ensuring equal opportunity for promotion, tackling discrimination and removing access barriers, where reasonably practicable to do so.

Keeping staff informed

We have well-established arrangements for giving staff a voice in what we do and to hear their thoughts. Having adapted our communication channels as a result of the pandemic and remote working we have continued to adapt them to further support and connect colleagues. In 2021 we launched our “Purposeful Conversations”, which gave colleagues the opportunity to have in-depth discussions about specific issues they raised and identify deliverable solutions. Our intranet and Microsoft Teams continue to provide a hub for colleagues to find helpful information and organisational updates. Our monthly All Colleague Updates are run virtually. This year they have been adapted so that they provide an opportunity for colleague-to-colleague discussions around our strategy and

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impact, our progress, our community, and our financial position, rather than it being driven by the leadership. In 2021, we also delivered our first virtual all colleague conference which focused on connecting colleagues with each other, the MS community and our strategy.

We run periodic employee engagement surveys to track how our colleagues are feeling and their views on issues we know are important to them. All our people have access to the Board of Trustees’ meeting papers, which are made public, on our website. A joint negotiating and consultation committee (JNCC) – formed of union representatives, staff representatives and members of senior management – meets regularly to discuss staff and organisation-wide issues and agree actions. Members of JNCC played an important role in our Purposeful Conversations in 2021.

All managers are expected to hold regular meetings with their teams and individual staff to increase engagement and facilitate informal and formal discussion, information sharing and consultation on issues as appropriate. Individual performance is formally reviewed twice a year and is aligned with organisational goals and our values framework.

Remuneration

We aim to pay salaries which are fair and proportionate to the complexity of each role and we are competitive within the charity sector. In determining the right level of pay, we:

We will be reviewing our pay and grading system including our benefits in 2022 and will be producing a “Reward” policy.

Trustees are not remunerated. Remuneration for other key management personnel is handled in the same way as for all other staff, except for the Chief Executive, which is based on the similar principles as for all other staff but is decided by the People Committee, within a framework approved by the Board.

Environmental sustainability

We are committed to environmental sustainability and the management of resources is an important issue for the charity. Due to COVID-19, operations were somewhat limited, with more people working from home and less travel. Neither 2020 nor 2021 are representative benchmarks for future reporting cycles.

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The following data relates to our annual energy consumption and CO2 emissions:

emissions:
2021 Energy
consumed
and
estimated
(kw/h)		 Government
emissions
conversion
factor		 Emissions
(kg of
CO2e)		 Performance
indicator
(staff
numbers)		 Emissions
ratio (kg of
CO2e/staff
member)
Gas 323,818 0.18387 59,540 274 217
Fuel for
transport		 56,822 0.24057 13,670 274 50
Electricity 191,059 0.23314 44,544 274 163
2020 Energy
consumed
and
estimated
(kw/h)		 Government
emissions
conversion
factor		 Emissions
(kg of
CO2e)		 Performance
indicator
(staff
numbers)		 Emissions
Ratio (kg of
CO2e/staff
member)
Gas 168,864 0.18387 31,049 296 105
Fuel for
transport		 125,579 0.24057 30,211 296 102
Electricity 210,331 0.23314 49,037 296 166

Actions taken to reduce our impact on the environment:

In 2022, we will look to continue to find ways to minimise any negative impact of our work on the environment.

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Relationship between the MS Society and its subsidiaries

MSS (Trading) Ltd

The Multiple Sclerosis Society is the sole shareholder, owning two shares, in MSS (Trading) Limited. The principal activities of MSS (Trading) Limited are corporate sponsorship, sale of greeting cards and sale of advertising space for the benefit of the MS Society.

MS Society Nominees Limited

MS Society Nominees Limited, a company limited by guarantee without share capital, holds the title deeds of the MS Society’s property portfolio.

Multiple Sclerosis Society of Great Britain and Northern Ireland – linked charity

The MS Society is the sole trustee and sole member of the Multiple Sclerosis Society of Great Britain and Northern Ireland with a registered charity number 1139257/1 (formerly 207495), precursor of the MS Society.

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Statement of Trustees’ responsibilities and corporate

governance Trustees’ responsibilities

Trustees’ responsibilities statement The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year and the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as each of the Trustees is aware:

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The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Haysmacintyre LLP has indicated its willingness to be reappointed as statutory auditor.

Approved by the Board of Trustees of the MS Society on 31 March 2022 including, in their capacity as company directors, the strategic report contained therein, and signed on its behalf by:

Stuart Secker Treasurer

Apr 11, 2022

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Independent auditor’s report to the members and trustees of Multiple Sclerosis Society

Opinion

We have audited the financial statements of Multiple Sclerosis Society for the year ended 31 December 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

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Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report and the Chair’s statement. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charity Accounts (Scotland) Regulations (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement [set out on page 35], the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial

38

statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to fundraising regulations, charity and company law applicable in England and Wales and Scotland, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Act 2011 and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the completeness and cut-off of voluntary income, legacies, grant income and investment income. Audit procedures performed by the engagement team included:

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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Steven Harper (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditors 10 Queen Street Place

London EC4R 1AG

Apr 14, 2022

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Consolidated Statement of Financial Activities (SOFA) (incorporating an income and expenditure account)

Consolidated Statement of Financial Activities (SOFA)
(incorporating an income and expenditure account)		 Consolidated Statement of Financial Activities (SOFA)
(incorporating an income and expenditure account)
Year ended 31 December 2021
Unrestricted
Note
funds
Income from:
5
£'000		 Restricted
funds		 2021
Total		 2020
Total
£'000 £'000 £'000 £'000
Donations 7,485 3,715 11,200 10,086
Legacies receivable
Charitable activities		 10,086
325		 2,725
480		 12,811
805		 7,243
1,869
Other trading activities 1,079 903 1,982 954
Investment income
Other income - Profit on sale of assets		 162
2,470		 1
-		 163
2,470		 188
147
Total income
5		 21,607 7,824 29,431 20,487
Expenditure on:
6
Raising funds
Raising funds expenditure
Charitable activities
Goal 1 - Living well with MS
Goal 2 - Connected communities, powerful voices
Goal 3 - Effective treatments and preventing MS
5,575
3,456
4,805
664		 1,728
2,707
1,123
4,697		 7,303
6,163
5,928
5,361		 7,039
6,921
6,215
3,285
Total expenditure
6		 14,500 10,255 24,755 23,460
Net gains on investments
15
Net income/(expenditure)
Transfers
21
Other recognised gains and losses		 1,744
33
1,777		 421
8,851
(1,010)
-		 (2,398)
1,010
-		 6,453
-
-		 (2,552)
-
(2)
Net movement in funds 7,841 (1,388) 6,453 (2,554)
Reconciliation of funds
Total funds brought forward		 20,827
(6,192)
14,635		 17,189
Total funds carried forward
21		 28,668 (7,580) 21,088 14,635

Prior year split between unrestricted and restricted appears in note 22.

Restricted funds includes endowment funds of £335k (2020: £301k) - see note 21 for an analysis. No separate income and expenditure account is required under the Companies Act 2006 as the only difference between net income as stated above and net income as defined by the Companies Act is net income on endowment funds of £33k (2020: -£15k). All activities above were from continuing activities.

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Consolidated and Charity Balance Sheets

31 December 2021

2021
2020
Notes
£'000
£'000
Fixed assets
Intangible assets
12
228
270
Tangible assets
13
2,035
4,190
Investments
15
17,957
14,594
Total fixed assets
20,220
19,054
Current assets
Debtors
16
7,827
3,998
Investments
1,500
5
Cash at bank and in hand
1,883
1,255
Total current assets
11,210
5,258
Liabilities:
Creditors: Amounts falling due within one year
18
10,121
9,296
Net current assets/(liabilities)
1,089
(4,038)
Total assets less current liabilities
21,309
15,016
Creditors: Amounts falling due after more than one
year
19
221
381
Total net assets
21
21,088
14,635
Funds
Endowment funds
21
335
302
Restricted income funds (see the reserves policy
in the Trustees' report page 21)
21
(7,915)
(6,494)
Unrestricted funds
- Designated for intangible and tangible fixed assets
2,094
4,259
- Designated for research (Stop MS Appeal)
14,047
12,850
- General funds
12,527
3,718
Total unrestricted funds
21
28,668
20,827
Total charity funds
21
21,088
14,635
Consolidated		 2021
2020
Notes
£'000
£'000
Fixed assets
Intangible assets
12
228
270
Tangible assets
13
2,035
4,190
Investments
15
17,957
14,594
Total fixed assets
20,220
19,054
Current assets
Debtors
16
7,827
3,998
Investments
1,500
5
Cash at bank and in hand
1,883
1,255
Total current assets
11,210
5,258
Liabilities:
Creditors: Amounts falling due within one year
18
10,121
9,296
Net current assets/(liabilities)
1,089
(4,038)
Total assets less current liabilities
21,309
15,016
Creditors: Amounts falling due after more than one
year
19
221
381
Total net assets
21
21,088
14,635
Funds
Endowment funds
21
335
302
Restricted income funds (see the reserves policy
in the Trustees' report page 21)
21
(7,915)
(6,494)
Unrestricted funds
- Designated for intangible and tangible fixed assets
2,094
4,259
- Designated for research (Stop MS Appeal)
14,047
12,850
- General funds
12,527
3,718
Total unrestricted funds
21
28,668
20,827
Total charity funds
21
21,088
14,635
Consolidated		 2021
2020
Notes
£'000
£'000
Fixed assets
Intangible assets
12
228
270
Tangible assets
13
2,035
4,190
Investments
15
17,957
14,594
Total fixed assets
20,220
19,054
Current assets
Debtors
16
7,827
3,998
Investments
1,500
5
Cash at bank and in hand
1,883
1,255
Total current assets
11,210
5,258
Liabilities:
Creditors: Amounts falling due within one year
18
10,121
9,296
Net current assets/(liabilities)
1,089
(4,038)
Total assets less current liabilities
21,309
15,016
Creditors: Amounts falling due after more than one
year
19
221
381
Total net assets
21
21,088
14,635
Funds
Endowment funds
21
335
302
Restricted income funds (see the reserves policy
in the Trustees' report page 21)
21
(7,915)
(6,494)
Unrestricted funds
- Designated for intangible and tangible fixed assets
2,094
4,259
- Designated for research (Stop MS Appeal)
14,047
12,850
- General funds
12,527
3,718
Total unrestricted funds
21
28,668
20,827
Total charity funds
21
21,088
14,635
Consolidated		 2021
2020
£'000
£'000
Charity		 2021
2020
£'000
£'000
Charity
228
2,035
17,957		 270
4,190
14,594		 228
2,035
17,957		 270
4,190
14,594
20,220
7,827
1,500
1,883		 19,054
3,998
5
1,255		 20,220
7,758
1,500
1,816		 19,054
4,013
5
1,175
11,210
10,121		 5,258
9,296		 11,074
10,056		 5,193
9,243
1,089 (4,038) 1,018 (4,050)
21,309
221		 15,016
381		 21,238
221		 15,004
381
21,088 14,635 21,017 14,623
335 302 335 302
(7,915) (6,494) (7,915) (6,494)
2,094
14,047
12,527		 4,259
12,850
3,718		 2,094
14,047
12,456		 4,259
12,850
3,706
28,668 20,827 28,597 20,815
21,088 14,635 21,017 14,623

The turnover for the charity was £29.4m (2020: £20.5m) and the net movement in funds in the charity was £6.5m (2020: - £2.5m). A charity SOFA appears at the back of these accounts.

These financial statements were approved, authorised for issue and signed on behalf of the Trustees on 31 March 2022. The notes on pages 44 to 64 form part of these financial statements.

Stuart Secker Treasurer

Apr 11, 2022

42

Year ended 31 December 2021

Consolidated statement of cash flows

Consolidated statement of cash flows
Year ended 31 December 2021
Note
Cash flows from operating activities:
Net cash provided by (used in) operating activities
A
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from the sale of property, plant and equipment
Purchase of intangible assets
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents as at 1 January
B
Change in cash and cash equivalents due to exchange rate movements
Cash and cash equivalents as at 31 December
B
Net income/expenditure for the reporting period (as per the statement of financial activities)
Adjustments for:
Depreciation and amortisation charges
(Gains)/Losses on investments
Dividends and interest from investments
Profit on the sale of fixed assets
Decrease/(Increase) in debtors
Increase/(Decrease) in creditors
Net cash provided by (used in) operating activities
B. Analysis of cash and cash equivalents
Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents
A. Reconciliation of net income/(expenditure) to net cash flow from
operating activities		 2021
£'000
(832)		 2020
£'000
(603)
163
5,392
(84)
(930)
4,138
(5,724)		 188
315
(115)
-
7,059
(6,480)
2,955 967
- -
2,123
1,260
-		 364
898
(2)
3,383 1,260
6,453
289
(1,777)
(163)
(2,470)
(3,829)
665		 (2,552)
409
(421)
(188)
(147)
2,313
(17)
(832) (603)
1,883
1,500		 1,255
5
3,383 1,260

Note the Society has taken advantage of the exemption contained in FRS102 on the preparation of a charity cash flow statement.

C. Reconciliation of net funds
Cash
Cash equivalents
Total		 1 Jan 2021
£'000
1,255
5		 Cash flows
£'000
628
1,495		 Foreign
exchange
movements
£'000
-
-		 31 Dec 2021
£'000
1,883
1,500
1,260 2,123 - 3,383

43

Year ended 31 December 2021

Notes to Consolidated Accounts

1. Charity information

The charity is a private limited company (registered number 07451571), which is incorporated and domiciled in the UK. The address of the registered office is Carriage House, 8 City North Place, London N4 3FU.

2. Accounting policies

a) Basis of preparation

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP 2019) (Second Edition, effective 1 January 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.

The MS Society meets the definition of a public benefit 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(s).

These are consolidated accounts representing the accounts of the MS Society, its linked charity 'Multiple Sclerosis Society of Great Britain and Northern Ireland' and its subsidiary company, MSS (Trading) Limited (registered company number 02895015). These accounts have been consolidated on a line by line basis.

The Society's volunteer-run groups account on a receipts and payments basis with a selection of groups required to submit an 'Agreed upon Procedures Report' (APR) which has been signed off by a Chartered Accountant.

b) Going concern

Based on forecasts and projections, the Trustees consider that the Society is well placed to manage the business risks it faces. This position is supported by a strong cash flow, a high level of reserves and relatively stable income. Given these indicators the Trustees have a reasonable expectation that the Society has sufficient resources to continue for at least 12 months after the signing of the financial statements and believe that there are no material uncertainties that call into doubt the ability to continue as a going concern. Therefore the Society continues to adopt the going concern basis in preparing its consolidated financial statements.

c) Functional/presentation currency

The functional currency of the Society and its subsidiary is considered to be in pounds sterling because that is the currency of the primary economic environment in which the charity/group operates. The consolidated financial statements are also presented in pounds sterling rounded to the nearest thousand unless otherwise shown.

d) Funds

The different funds are defined as follows:

Endowment funds Permanent endowment: where a donor specifies only income arising from a donation can be used and the income may also be restricted towards a particular purpose.

Expendable endowment: a fund that must be invested to produce income. Depending on the conditions attached to the endowment, the Trustees will have a legal power to convert all or part of it into an income fund which can then be spent.

Restricted income Restricted income funds are subject to specific restrictions imposed by the donor or by the nature of the funds appeal.

General funds / General funds are unrestricted income funds available to the Society for its general purposes and include Unrestricted funds funds designated for a particular purpose. The use of designated funds remains at the discretion of Trustees.

e) Income

All income is accounted for when the Society has entitlement, the receipt is probable and the amount is measurable.

44

Notes to Consolidated Accounts (continued)

Year ended 31 December 2021

2. Accounting policies (continued)

e) Income (continued)

f) Expenditure

Expenditure is accounted for on an accruals basis except for volunteer-run groups that account on a receipts and payments basis. Expenditure includes irrecoverable VAT where applicable. The Society makes research grants after evaluating the merits of each grant application and by peer review of grant applications. Each grant commitment is dependent on the satisfactory outcome of a review which, for most grants, is carried out annually. Consequently, for these grants, the Society commits expenditure up to the next date when a review will be done.

Expenditure is allocated to relevant activity categories on a basis that is consistent with the use of the resource.

Support costs consisting of human resources department (HR), facilities and information technology (IT) are apportioned based on the number of staff (full-time equivalents) working on core activities. Finance costs, governance costs and general management costs are apportioned based on direct costs on core activities.

g) Intangible fixed assets

Intangible fixed assets are included at cost and amortised on a straight line basis, in order to write off the assets over their useful lives. Assets below £5,000 are not capitalised. The only assets held as intangible fixed assets are software and costs associated with setting up a new website. These costs are amortised at 33 ⅓% in order to write off these assets over the period of time the Society will receive economic benefit from them.

h) Tangible fixed assets, depreciation and impairment

Tangible fixed assets are included at cost and depreciation is provided on a straight line basis, in order to write off the assets over their useful lives. Assets below £5,000 are not capitalised.

The depreciation rates are as follows: The depreciation rates are as follows:
Freehold land Nil Computer equipment 33 ⅓%
Freehold buildings 2% Motor vehicles 25%
Leasehold buildings Remaining term of lease Fixtures and equipment 20%

Fixed assets are subject to a review for impairment where there is an indication of a reduction in their carrying value. Any impairment is recognised in the Consolidated Statement of Financial Activities in the year in which it occurs.

i) Fixed asset investments

Investments are stated at market value. It is the Society’s policy to keep valuations up to date such that when investments are sold there is no gain or loss arising to previous years. As a result the SOFA includes those unrealised gains and losses arising from the revaluation of the investment portfolio throughout the year.

Fixed asset investments will include cash held by the investment managers which is intended for investment or held as part of the portfolio.

j) Investments included within current assets

Investments included within current assets are monies held in deposit accounts or in short-term notice accounts (less than 3 months).

45

Notes to Consolidated Accounts (continued)

Year ended 31 December 2021

2. Accounting policies (continued)

k) Programme related investments

Programme related investments consist of an equity investment in a company made in furtherance of the Society’s objects and is held at fair value or cost less impairment. The investment is assessed for objective evidence of impairment at the end of the reporting period and any impairment is recognised within the statement of financial activities.

l) Cash at bank and in hand

Cash at bank and in hand refers to monies held in current accounts, bank accounts within the Society's cash pooling scheme and cash.

m) Financial instruments

Recognition criteria for financial instruments appears below:

Financial instrument
Measurement criteria (initial and subsequent)		 Financial instrument
Measurement criteria (initial and subsequent)
Cash
Debtors including trade debtors and loans receivable
Creditors
Bank deposits
Investments		 Cash held, then on amortised cost
Settlement amount or amount advanced then at amortised cost
Settlement amount after trade discounts then at amortised cost
Cash amount of deposit then at amortised cost
Transaction cost then at fair value (market value of quoted
investments)

n) Leasing

All operating leases and rental expenses are charged to the SOFA as incurred.

o) Pension costs

The Society has an ongoing defined contribution scheme with all amounts charged to the SOFA in respect to pension costs being the contribution payable in the year.

3. Critical accounting judgements and sources of estimation uncertainty

In the application of the charity’s accounting policies, which are described in note 2, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

Below are two areas which represent the most signficant areas where judgement calls are required along with estimation uncertainty.

(i) Legacy accruals

Significant accounting judgements are made in establishing whether the charity has entitlement to legacies and in making reasonable estimates of the amounts to be received. In the case of properties, we will not accrue until the sale of the property has been completed because of uncertainty over the amount to be received.

(ii) Grants income

Income is accrued for multi-year grants when the grants are awarded unless there are substantive performance conditions that are reviewed each year. Sometimes this requires a judgement call on what is or is not a substantive condition.

46

Notes to Consolidated Accounts (continued)

Year ended 31 December 2021

4. Role of volunteers

We have approximately 3,000 committed and active volunteers, many of whom have a personal connection to MS. Volunteers contribute throughout the Society by being Trustees, National Council members, fundraising, campaigning, signposting, being part of our Research Network, volunteering to support individuals affected by MS, and organising services through our volunteer-run groups. We have a large volunteer-run group network who raise and spend money locally to support those affected by MS in their area.

5. Analysis of income

5. Analysis of income
Donations:
Direct marketing
Community and events
Partnership fundraising
Coronavirus Job Retention Scheme
Raised locally
Legacies
Charitable activities
Charges made by the volunteer-run group network to people affected by MS
Statutory sources
Other fees and grants
Other trading activities
MSS (Trading) Limited
Raffles, lotteries and similar
Sale of donated goods
Large fundraising events organised by national offices
Other (local fundraising events organised by volunteer-run groups and rent received)
Investment income
Dividend income receivable
Interest receivable
Other income (relates to the profit on the sale of fixed assets)
Total income		 2021
£'000
4,451
2,878
2,923
868
80		 4,434
2020
£'000
1,674
2,343
838
797
11,200 10,086
12,811 7,243
37
468
300		 645
64
1,160
805 1,869
149
560
312
850
111		 131
485
186
58
94
1,982 954
2021
£'000
163
-		 1
187
2020
£'000
163 188
2,470 147
29,431 20,487
6. Expenditure
Raising funds expenditure
1. Living well with MS
2. Connected communities, powerful voices
3. Effective treatments and preventing MS
5,067
4,637
5,819
4,971
5,958
4,935
Direct Costs
2020
£'000
5,778
2,958
2021
£'000		 1,345
1,261
Support Costs
Apportioned
426
327
1,102
1,096
1,291
1,244
2021
2020
£'000
£'000		 7,303
3,285
6,215
7,039
6,163
5,928
2021
Total
6,921
£'000
£'000
5,361
2020
20,597 19,526 4,158 3,934 24,755 23,460

Direct costs include grant expenditure to individuals and institutions - see note 7 for a breakdown of grants.

47

Notes to Consolidated Accounts (continued)

Year ended 31 December 2021

6. Expenditure (continued)

Analysis of support costs apportioned

Total
Raising funds
1. Living well with MS
3. Effective treatments and
preventing MS
2. Connected communities,
powerful voices		 2021
2020
£'000
£'000
97
86
61
64
69
69
49
29
Governance2		 2021
2020
£'000
£'000
191
195
121
144
136
154
97
66
Management2		 2021
2020
£'000
£'000
230
199
215
194
258
225
44
40
HR Costs1		 2021
2020
£'000
£'000
242
259
153
192
172
205
123
88
Finance2		 2021
2020
£'000
£'000
367
295
343
287
412
334
71
59
IT Support1		 2021
2020
£'000
£'000
218
227
203
221
244
257
42
45
Facilities1		 2021
2021
£'000
£'000
1,345
1,261
1,096
1,102
1,291
1,244
426
327
Total
276
248		 545
559		 747
658		 690
744		 1,193
975		 707
750		 4,158
3,934

Method of apportionment

1 Apportioned on the number of full-time staff equivalents.

2Apportioned based on total direct costs. Does not include management and finance costs that could be directly allocated to direct costs.

direct costs. direct costs.
Analysis of governance costs 2021
£'000		 2020
£'000
Fees payable to the Charity's auditors for the audit of the annual accounts
Internal audit
Trustee expenses (Note 8)
AGM related costs
Board support related costs
Total governance costs		 32
62
1
3
178		 31
47
2
37
131
276 248
7. Grants
Grants released
Institutional grants: Research		 Total grant
Strategic
2021		 2020 award
goals
£'000		 £'000 £'000
University College London (UCL)
3
Prof J Chataway, Efficient clinical trials programme
1,005		 12,989
3
Prof O Ciccarelli, Assessing treatment responses using machine learning
126
3
Prof J Chataway, MS-STAT2 MRI
136
3
Dr D Chard, Predicting progressive MS: a longitudinal clinical and MRI study
56
3
98
3
Prof G Barker, Silent MRI for monitoring MS
33
Prof K Smith, Understanding the haemodynamic consequences of
neuroinflammatory oedema for therapeutic gain		 118
-
-
-		 355
309
166
192
100
3
Other grants awarded and write backs		 28 223
1,482 341
University of Cambridge
3
Prof RJM Franklin, Cambridge Centre for Myelin Repair Renewal
3
Prof RJM Franklin, Write back of old Myelin Repair Renewal grant		 360
(123)		 -
-		 1,850
3
Prof A Coles, A phase Iia trial of the ability of the combination of metformin
and clemastine to promote remyelination in people with relapsing MS		 279 -
3
Dr M Kotter, ROS signalling and CNS remyelination
3
Prof RJM Franklin, Imaging remyelination in the central nervous system
3
Write backs and other grants awarded		 98
101
-		 116
90
179		 297
282
715 385
University of Edinburgh
3
Prof S Chandran, The Edinburgh MS Centre for Translational Research		 381 - 1,847
3
Dr Veronique Miron, Peripheral monocytes for central
nervous system remyelination		 83 - 177
Other grants awarded and write backs 2
466 -
Balance carried forward 2,663 726

48

Notes to Consolidated Accounts (continued)

Year ended 31 December 2021

7. Grants (continued) Grants released Grants released Total
grant
Strategic
Institutional grants: Research		 2021 2020 award
goals £'000 £'000 £'000
Balance brought forward 2,663 726
Swansea University
1 & 3
Prof David Ford, UK MS Register grants		 385 374 1,305
1 & 3
Other grants awarded and write backs		 16 75
401 449
Imperial College London
3
1 & 3
Prof R Nicholas, The MS and Parkinson's Disease Tissue Bank grants
Dr R Palladino, Optimising vascular risk calculators in people with multiple
sclerosis as tools to impact disability progression		 282
44		 302
-		 2,799
58
3
Write backs and other grants awarded		 (3) 99
323 401
University of Nottingham
3
1
1
Dr N Evangelou, Determining the Effectiveness of Early Intensive Versus
Escalation approaches for the treatment of relapsing-remitting MS
Dr R Dineen, A Feasibility Trial of Neuromodulation with Connectivity-Guided
Intermittent Theta Burst Stimulation for Cognitive Impairment in MS
Dr K Radford, Preventing job loss for people with MS: implementing vocational
rehab in the NHS		 127
99
62		 -
-
-		 268
245
126
1 & 3
Write backs and other grants awarded		 25
International Progressive MS Alliance 313 -
1 & 3
Grant to the alliance		 243 - 243
University of Oxford
3
Prof G DeLuca, Molecular mechanisms of neurodegeneration in progressive
multiple sclerosis
Dr J Pansieri, The role of Nurr1 in the interplay of inflammation and
neurodegeneration in multiple sclerosis		 94
86		 -
-		 233
249
3
Other grants		 - 143
Association of British Neurologists
3
University of Glasgow
Using MRI and serum biomarkers to understand accumulation of disability in
paediatric multiple sclerosis		 180 143 105
105 -
3
Dr J Edgar, Novel cellular models to study oligodendrocyte-mediated axonal
support		 89 - 254
Write backs and other grants awarded (8)
UKRI Medical Research Council
3
B Jacobs, Genomic determinants of MS susceptibility in an ethnically diverse
population		 81 - 71
71 -
Leeds General Infirmary
Dr. H Ford, MS-PROACTIVE: Preventing job loss using Acceptance &
Commitment Therapy in Vocational Rehabilitation- an ext randomised pilot trial		 64 - 150
Queen Mary, University of London
Prof D Baker - GloBody monitoring for effective MS treatment		 50
3
Other grants and write backs		 4 -
54 -
1 & 3
Other research grants(less than £50k in 2020) and grant write backs		 103 981
Total institutional grants released for research
In-house research team and associated support costs
Research grants plus research team and associated support costs		 4,601
819		 2,700
952
3,652
5,420

49

Notes to Consolidated Accounts (continued)

Year ended 31 December 2021

7. Grants (continued) Grants released Grants released
2021 2020
Other grants £'000 £'000
Other institutional grants
Individual support grants awarded
Grants team and associated support costs
Individual support grants and associated costs*		 - -
235
1		 409
153
236 562

* Individual support grants are now awarded by volunteer-run groups only.

Creditor brought forward
Grants awarded by goal:
Grant expenditure by goal (excluding support costs)
and creditor		 2021
2020
£'000
£'000
-
91
Individual support
grants		 2021
2020
£'000
£'000
-
91
Individual support
grants		 2021
2020
£'000
£'000
7,205
7,439
Research grants		 2021
2020
£'000
£'000
7,205
7,439
Research grants		 Total
Total
2021
2020
£'000
£'000
7,205
7,530		 Total
Total
2021
2020
£'000
£'000
7,205
7,530
Goal 1 - Living well with MS 235 409 619 555 854 964
Goal 3 - Effective treatments and preventing MS - - 3,982 2,145 3,982 2,145
235 409 4,601 2,700 4,836 3,109
Payments made (235) (500) (3,862) (2,934) (4,097) (3,434)
Creditor carried forward - - 7,944 7,205 7,944 7,205

8. Staff and Trustees costs

Total staff emoluments for the year were as follows: 2021 2020
£'000 £'000
Salaries (see note below) 10,401 11,189
National insurance 1,096 1,156
Pension 702 739
Redundancy payments 7 199
12,206 13,283
There were no ex gratia payments made to former employees in 2021 (2020: £3k).
Total staff emoluments for the year were as follows:
Salaries (see note below)
National insurance
Pension
Redundancy payments		 Total staff emoluments for the year were as follows:
Salaries (see note below)
National insurance
Pension
Redundancy payments		 Total staff emoluments for the year were as follows:
Salaries (see note below)
National insurance
Pension
Redundancy payments		 2021
£'000
10,401
1,096
702
7		 2020
£'000
11,189
1,156
739
199
12,206 13,283
There were no ex gratia payments made to former employees in 2021 (2020: £3k).
The average number of individuals employed by the Society during the year was a s follows: Average head count
2021
Number		 2020
Number
Charitable activities 214 226
Generating funds
Governance		 52
6		 68
2
272 296
Number of employees whose employee benefits (exc. employer No longer
Current		 2021
 2020

pension contributions) were over £60,000 in the year:
employed
employees		 Number Number
£60,001-£70,000
£70,001-£80,000
£80,001-£90,000
£90,001-£100,000
£100,001-£110,000
£140,001-£150,000		 -
11
11
13
1
1
2
1
2
-
2
1
-
2
2
1
-
-
-
1
-
1
1
1		 11
2
2
2
-
1		 13
1
1
1
1
1

All of the employees whose employee benefits were greater than £60,000 are members of a defined contribution pension scheme and the Society paid contributions of £98k (2020: £92k) for these employees.

50

Notes to Consolidated Accounts (continued)

Year ended 31 December 2021

8. Staff and Trustees costs (continued)

Employee benefits paid to key management personnel

Key management personnel consist of the Trustees plus executive directors. The total amount of employee benefits to 5 (2020: 6) key management personnel in 2021 amounted to £606k (2020: £600k).

Trustees recognise the need to attract the breadth and depth of expertise required to achieve ambitious goals in a competitive employment market which includes commercial, public sector and charitable organisations. Trustees have agreed that the remuneration package offered to all staff including key management personnel should be benchmarked against similar positions located in London through an external evaluation process. All vacancies are filled following an external recruitment process and if that process is initially unsuccessful a market supplement may be added to the remuneration package.

Total employee benefits for the Chief Executive in 2021 amounted to £178k (2020: £178k).

Trustee expenses and donations

The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2020: £nil). Expenses paid to the Trustees in the year totalled £1k (2020: £2k). These expenses were made up of 6 Trustees (2020: 4 Trustees) reimbursed for their travel expenses £0k (2020 - £2k) and accomodation expenses of £1k (2020: £nil).

9. Taxation

The Society has charitable status and is thus exempt from taxation of its income and gains falling within Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No material tax charges have arisen in its subsidiaries and no provision is required for deferred taxation.

Irrecoverable VAT has been charged against the relevant expenditure.

10. Net movements in funds
2021
£'000
Net movement in funds is arrived at after charging:
Depreciation of intangible and tangible fixed assets
289
Profit on disposal of fixed assets
2,469		 2020
£'000
409
147
Fees payable to the Charity's auditors for the audit of the Charity's annual accounts
32
31
Fees payable to the Charity's auditors for other services to the group:
- The audit of the charity's subsidiary pursuant to legislation
3
2
- Other non audit services
1
2

11. Related party transactions

Transactions with MSS (Trading) Limited-subsidiary:
Balance brought forward - owed by MSS (Trading) Limited to the charity
Prior year Gift Aided profits remitted to the charity		 2021
£
65,587
(13,234)		 2020
£
112,287
(87,637)
Monies relating to MSS (Trading) Limited received/paid by the charity (net)
Monies relating to the charity received/paid by MSS (Trading) Limited (net)		 -
-		 (3,797)
-
Use of logo charge and management fee charged by the charity to MSS (Trading) Limited
Current year profits of MSS (Trading) Limited
Amount owing from MSS (Trading) Limited to the charity		 31,500
71,704		 31,500
13,234
155,557 65,587

Vicky Annis (Director of Corporate Services) is the treasurer of the MS International Federation (MSIF) and Nick Moberly (Chief Executive) is a trustee. In 2021 an annual subscription was paid to MSIF for £33K (2020: £33k) and MSIF gave donations of £59k (2020: £14k).

Edward Holloway (Director of Digital and Services) was also a director of Digital Health Assistant Limited (resigned 31 December 2021). The MS Society invested in this company in 2020 and Ed was the MS Society representative on their board, further details appear in the investment note under programme investments.

51

Notes to Consolidated Accounts (continued)

Year ended 31 December 2021

12. Intangible Fixed Assets

12. Intangible Fixed Assets
Consolidated and Charity
Cost
Balance at 1 January
Additions
Disposals
Balance at 31 December
Accumulated depreciation
Balance at 1 January
Charge for year
Disposals
Balance at 31 December
Net book value at 31 December		 2021
£'000
901
84
(92)		 2020
£'000
1,728
115
(942)
893 901
631
126
(92)		 1,240
219
(828)
665 631
228 270

Intangible assets relate to computer software and website costs. Amortisation costs are included as support costs (IT costs) and apportioned accordingly (see note 6).

13. Tangible Fixed Assets

13. Tangible Fixed Assets
Consolidated and Charity
Cost
Balance at 1 January
Additions
Disposals
Balance at 31 December
Balance at 1 January
Charge for year
Disposals
Balance at 31 December
Net book value at 31 December 2021
Net book value at 31 December 2020		 2021
£'000
6,027
-
(4,945)
Freehold,
Land and
Buildings		 2021
£'000
1,249
-
-
Leasehold
Property		 2021
£'000
26
-
(7)
Computers		 2021
£'000
1,893
930
(1,110)
Fixtures		 2021
£'000
1,579
-
(137)
Motor
Vehicles		 2021
£'000
10,774
930
(6,199)
Total
1,082 1,249 19 1,713 1,442 5,505
2,437
59
(2,023)		 662
33
-		 26
-
(7)		 1,888
66
(1,110)		 1,571
5
(137)		 6,584
163
(3,277)
473 695 19 844 1,439 3,470
609 554 - 869 3 2,035
3,590 587 - 5 8 4,190

14. Capital commitments

There were no capital commitments as at 31 December 2021 or 31 December 2020.

15. Investments

Consolidated and Charity
Market value at 1 January		 2021
£'000
14,594		 2020
£'000
14,752
Acquisitions at cost 5,724 6,480
Disposals at market value (4,075) (6,372)
Gains on investment assets
Market value at 31 December excluding movement in cash held		 1,777 421
18,020 15,281
Movement in cash held (63) (687)
Market value of investments at 31 December 17,957 14,594

In addition to the above the charity balance sheet includes an investment of £2 in MSS (Trading) Ltd (Note 24).

52

Notes to Consolidated Accounts (continued)

Year ended 31 December 2021

15. Investments (continued)

Represented by
Assets held at market value		 2021
£'000		 2020
£'000
Investments listed on a Stock Exchange
Programme investments
Cash held as part of portfolio		 17,656
60
241		 14,230
60
304
17,957 14,594

Included within 'Investments listed on a Stock Exchange' are investment assets outside the UK of £10.0m (2020: £7.0m). All other investments are investment assets in the UK.

Programme investments consist of a £60k stake (20% of voting rights) in a company called Digital Health Assistant Limited with other shareholders being charities and a private company. The aim is to produce a digital health assistant for people with MS.

In addition to the above, short term investments of £1.5m (2020: £5k) are held, which comprise cash equivalents on deposit.

16. Debtors
16. Debtors Consolidated Charity
2021
£'000		 2020
£'000		 2021
£'000		 2020
£'000
Legacy income accrued (see note 17)
Trade debtors
Tax and VAT
Prepayments and accrued income
Amounts due from group companies
Other debtors		 4,382
199
696
2,511
-
39		 1,803
54
215
1,874
-
52		 4,382
154
696
2,403
84
39		 1,803
56
215
1,846
52
41
7,827 3,998 7,758 4,013

17. Contingent Assets

Not included in the legacy income accrual (see note 16) are approximately £5.0m (2020: £2.6m) of legacies where we had received probate but where measurement and/or entitlement was not confirmed at year end.

18. Creditors: amounts falling due within one year

18. Creditors: amounts falling due within one year
Consolidated Charity
2021
£'000		 2020
£'000		 2021
£'000		 2020
£'000
Research grants1
Trade creditors
Accruals and deferred income
Tax and Social Security
Other creditors		 7,723
601
1,549
220
28		 6,824
598
1,448
326
100		 7,723
601
1,491
213
28		 6,824
585
1,433
317
84
10,121 9,296 10,056 9,243

1 The majority of research grants are released a year at a time and, in theory, the full amount of the creditor will be due for payment within 1 year. Movement in grant creditors is now included in note 7 grants.

In addition to the amounts committed and accrued noted above, there are also authorised research grants which are subject to an annual review. The total amount authorised but not accrued as expenditure at the year end was £16.7m (2020: £3.3m). This amount will be funded by future income and the designated fund set up for the appeal

19. Creditors: amounts falling due after one year

Consolidated and charity 2021 2020
Research grants £'000
221		 £'000
381
221 381

The creditor has not been discounted to present value as the adjustment would not be material.

53

Notes to Consolidated Accounts (continued)

Year ended 31 December 2021

20. Deferred income
 2021
£'000		 2020
£'000
Balance brought forward1
SMS Battles monies deferred2		 257
125		 257
-
Balance carried forward 382 257

Deferred income is made up of two components:

1 Accruals and deferred income includes deferred income of £257k (2020: £257k) relating to legacy monies in respect to a life interest. The Society does not have entitlement to these funds until the death of the life interest at which point these monies will be recognised as income. Also, until that point, any interest arising from these funds is passed to the life interest.

2 SMS Battles is a fundraising event that was planned to occur in 2021 but postponed because of concerns over COVID-19. We intend to hold the event in 2022 and the monies deferred relate to donors.

21. Statement of funds

21. Statement of funds
Consolidated and charity funds
General Funds
Designated Funds		 At
1/1/2021
£'000
3,718		 Income
£'000
21,607		 Expenditure
£'000
(13,431)		 Transfers
£'000
(1,111)		 £'000
1,744
Other gains
and losses		 At
31/12/2021
£'000
12,527
Net book value of intangible and tangible
fixed assets held
 4,259 - (276) (1,889) - 2,094
Research funds1
Total Designated Funds
Total Unrestricted Funds		 12,850 - (793) 1,990 - 14,047
17,109 - (1,069) 101 - 16,141
20,827 21,607 (14,500) (1,010) 1,744 28,668
Restricted Funds for research1
MS Tissue Bank
Simvasatin project
Efficient clinical trials programme
#ChariotMS - Cladribine to halt deterioration
in people with advanced MS
A phase 2a trial of the ability of the
combination of metformin and clemastine to
promote remyelination in people with
relapsing MS
Advanced MRI to investigate progression in
MS
UK MS Register project
Assessing treatment responses using
machine learning
Edinburgh MS Centre
Lifestyle, exercise and activity package for
people living with progressive MS
What really determines quality of life in
people with MS?
STAT2 MRI
Restoring oxygenation to the inflamed CNS
International Progressive MS Alliance
Cambridge centre myelin repair renewal
Do adult human Oligodendrocytes
remyelinate poorly and can we change this to
better treat progressive MS?
Vestibular Rehabilitation in MS (VeRMiS):
improving vertigo, mobility and quality of life
of people with MS.		 (863)
(816)
-
(574)
(204)
(482)
(506)
(305)
(425)
(378)
(346)
(151)
(293)
-
(122)
(260)
(257)		 20
17
797
-
40
-
20
-
25
-
-
-
-
1
224
-
-		 (459)
(5)
(1,396)
-
(339)
-
(459)
(148)
(456)
-
-
(160)
-
(286)
(339)
-
-		 486
-
-
-
-
-
486
-
425
-
-
-
-
-
(23)
-
-		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 (816)
(804)
(599)
(574)
(503)
(482)
(459)
(453)
(431)
(378)
(346)
(311)
(293)
(285)
(260)
(260)
(257)
Amount carried forward (5,982) 1,144 (4,047) 1,374 - (7,511)

54

Notes to Consolidated Accounts (continued)

Year ended 31 December 2021

21. Statement of funds (continued)

Consolidated and charity funds At
1/1/2021
£'000		 Income
£'000		 Expenditure
£'000		 Transfers
£'000		 £'000
Other gains
and losses		 At
31/12/2021
£'000
Amount brought forward (5,982) 1,144 (4,047) 1,374 - (7,511)
Determining the Effectiveness of Early
Intensive Versus Escalation approaches for
the treatment of Relapsing-remitting MS
Neuromodulation with connectivity-guided
intermittent theta burst stimulation for
cognitive impairment in MS
Gas6 as an immune-regulating repair
molecule for the CNS after demyelination
Novel cellular models to study
oligodendrocyte-mediated axonal support
High dose Simvastatin treatment for
Secondary Progressive Multiple Sclerosis:
Impact on vascular perfusion and oxidative
damage
Molecular mechanisms of
neurodegeneration in progressive MS
TSPO in glia cells as a novel target to
promote neuroprotection
Imaging remyelination in the central
nervous cystem
Ensuring effective treatments are available
to people with MS: addressing the value for
money issue
Peripheral monocytes for central nervous
system remyelination
MS-PROACTIVE: Preventing job loss using
acceptance and commitment therapy in
vocational rehabilitation
A study of the synaptic proteome to
understand and target motor fatigability due
to neuronal energy failure in progressive MS
ROS signalling and CNS remyelination
The Empower Study: Developing advance
care planning resources for people severely
affected by MS and their families
Expression profiling in clonally expanded
immune cells
Rejuvenating ageing CNS progenitors by
partial reprogramming
Using MRI and serum biomarkers to
understand accumulation of disability in
paediatric multiple sclerosis
Examining the amelioration of MS during
pregnancy at the single cell level to identify
novel therapeutic targets
How does ageing-associated niche
stiffening disrupt nucleus
mechanotransduction signaling and
suppress the regenerative capacity of adult
CNS progenitor cells?		 (95)
(119)
(222)
(111)
(206)
(91)
(200)
(80)
(195)
(118)
(109)
(176)
(60)
(165)
(156)
(154)
-
(122)
(118)		 -
.
-
-
-
-
-
-
-
33
-
-
-
-
-
-
-
-
-		 (149)
(117)
-
(105)
-
(111)
-
(119)
-
(106)
(75)
-
(115)
-
-
-
(124)
-
-		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 (244)
(236)
(222)
(216)
(206)
(202)
(200)
(199)
(195)
(191)
(184)
(176)
(175)
(165)
(156)
(154)
(124)
(122)
(118)
Amount carried forward (8,479) 1,177 (5,068) 1,374 - (10,996)

55

Notes to Consolidated Accounts (continued)

Year ended 31 December 2021

21. Statement of funds (continued)

Consolidated and charity funds At
1/1/2021
£'000		 Income
£'000		 Expenditure
£'000		 Transfers
£'000		 £'000
Other gains
and losses		 At
31/12/2021
£'000
Amount brought forward (8,479) 1,177 (5,068) 1,374 - (10,996)
Understanding the haemodynamic
consequences of neuroinflammatory
oedema for therapeutic gain
The role of Nurr1 in the interplay of
inflammation and neurodegeneration in MS
Development of a composite
neurodegenerative outcome measure in
progressive MS
Understanding the role of lipid-regulated
LXR mediated networks in driving
pathogenic T cells in people with MS
The role of neuronal chemokine expression
in the pathogenesis of multiple sclerosis
Pro-inflammatory feedback loops in
progressive multiple sclerosis: a role for the
intrathecal antibody repertoire
Research fellowships (MRC)
Intervention to support individuals around
the point of multiple sclerosis diagnosis
Other specific research funds (all with less
than £100k but not > than negative £100k)
General restricted research funds		 -
-
(106)
(260)
(239)
(212)
(212)
(205)
(953)
56		 -
-
-
-
-
-
-
-
191
2,877		 (116)
(101)
5
1
4
9
-
3
(520)
(764)		 -
-
101
259
235
203
212
202
594
(2,170)		 -
-
-
-
-
-
-
-
-
-		 (116)
(101)
-
-
-
-
-
-
(688)
(1)
Total research restricted funds (10,610) 4,245 (6,547) 1,010 - (11,902)
MS Helpline funds:
- MS Helpline nurse
- COVID-19 services
- Benefits officer
- General restricted to MS Helpline		 -
54
49
-		 30
6
10
19		 (30)
(60)
(59)
(19)		 -
-
-
-		 -
-
-
-		 -
-
-
-
MS Physical activity specialist
My MS, My Rights, My Choices' (Wales) Big
Lottery & Masonic Charitable Foundation2
'Improving Quality of Life' - Big Lottery
Grant3		 50

8
79		 -
-
-		 (36)
-
(51)		 -
-
-		 -
-
-		 14
8
28
'Active Together' various projects4 116 - (116) - - -
Mind My MS (Northern Ireland) Big Lottery5
My MS My Way (Tayside) Big Lottery6		 62
62		 1
-		 (62)
(42)		 -
-		 -
-		 1
20
Pontio7
Online FACETS8
Virtual Hub - Scottish Wellbeing Trust and
others9
Wellbeing Hub - Wales		 485
60
78
-		 -
-
122
75		 (192)
-
(95)
(75)		 -
-
-
-		 -
-
-
-		 293
60
105
-
Funds for MS Society volunteer-run grou ps or geographic restrictions10
Ayrshire 80 198 (12) - - 266
Bournemouth buildings & vehicle 135 3 (7) - - 131
Bradford
Bristol
Caithness		 62
-
42		 5
63
-		 (9)
(11)
-		 -
-
-		 -
-
-		 58
52
42
Amount carried forward (9,188) 4,777 (7,423) 1,010 - (10,824)

56

Notes to Consolidated Accounts (continued)

Year ended 31 December 2021

21. Statement of funds (continued)

21. Statement of funds (continued)
Consolidated and charity funds At
1/1/2021
£'000		 Income
£'000		 Expenditure
£'000		 Transfers
£'000		 £'000
Other gains
and losses		 At
31/12/2021
£'000
Amount brought forward (9,188) 4,777 (7,423) 1,010 - (10,824)
Croydon
Dumfries
East Kent
Harrow
Lancaster & Morecombe		 178
100
121
105
30		 -
-
1
-
38		 (6)
(3)
(12)
(1)
(1)		 -
-
-
-
-		 -
-
-
-
-		 172
97
110
104
67
Newmarket 601 100 (43) - - 658
Rotherham area
Shrewsbury
South East Essex
Sefton area (formerly Southport & Formby)
Skipton and Craven		 113
56
65
66
95		 11
1
54
1
1		 -
(5)
-
(1)
(5)		 -
-
-
-
-		 -
-
-
-
-		 124
52
119
66
91
Wales
Scotland
Northern Ireland		 -
-
-		 70
1,843
240		 (70)
(1,843)
(240)		 -
-
-		 -
-
-		 -
-
-
Other sundry restricted funds (<£50,000)
Total restricted income funds
Endowment funds
Margaret Hutchinson memorial fund - Borders
area
Derby volunteer-run group endowment
Total endowment funds
Total funds		 1,164 687 (602) - - 1,249
(6,494) 7,824 (10,255) 1,010 - (7,915)

292
10		 -
-		 -
-		 -
-		 33
-		 325
10
302 - - - 33 335
14,635 29,431 (24,755) - 1,777 21,088

Notes on individual funds appear at the bottom of this note.

2020 prior year comparison 2020 prior year comparison 2020 prior year comparison 2020 prior year comparison 2020 prior year comparison 2020 prior year comparison
Consolidated and charity funds
General Funds
Designated Funds		 At
1/1/2020
£'000
6,765		 Income
£'000
20,699		 Expenditure
£'000
(18,459)		 Transfers
£'000
(4,468)		 £'000
1,833
Other gains
and losses		 At
31/12/2020
£'000
6,370
Net book value of intangible and tangible
fixed assets held		 4,948 - (446) 205 - 4,707
Research funds1
Total Designated Funds
Total Unrestricted Funds		 7,966 - (1,251) 4,263 - 10,978
12,914 - (1,697) 4,468 - 15,685
19,679 20,699 (20,156) - 1,833 22,055
Restricted Funds for research1
MS Tissue Bank
Simvasatin project
Efficient clinical trials programme
#ChariotMS - Cladribine to halt deterioration
in people with advanced MS		 (456)
(569)
-
-		 1
-
-
250		 (408)
(247)
-
(824)		 -
-
-
-		 -
-
-
-		 (863)
(816)
-
(574)
Amount carried forward (1,025) 251 (1,479) - - (2,253)

57

Notes to Consolidated Accounts (continued) Year ended 31 December 2021

21. Statement of funds (continued)

PRIOR YEAR At Other gains At
Consolidated and charity funds 1/1/2020
£'000		 Income
£'000		 Expenditure
£'000		 Transfers
£'000		 £'000
and losses		 31/12/2020
£'000
Amount brought forward (1,025) 251 (1,479) - - (2,253)
A phase 2a trial of the ability of the
combination of metformin and clemastine to
promote remyelination in people with
relapsing MS
Advanced MRI to investigate progression in
MS
UK MS Register project
Assessing treatment responses using
machine learning
Edinburgh MS Centre
Lifestyle, exercise and activity package for
people living with progressive MS
What really determines quality of life in
people with MS?
STAT2 MRI
Restoring oxygenation to the inflamed CNS
International Progressive MS Alliance
Cambridge centre myelin repair renewal
Do adult human Oligodendrocytes
remyelinate poorly and can we change this to
better treat progressive MS?
Vestibular Rehabilitation in MS (VeRMiS):
improving vertigo, mobility and quality of life
of people with MS
Determining the Effectiveness of Early
Intensive Versus Escalation approaches for
the treatment of Relapsing-remitting MS		 (361)
(312)
(459)
(145)
(863)
(253)
(346)
(150)
(187)
(379)
(549)
(260)
(137)
(95)		 250
-
-
-
-
5
-
-
-
22
71
-
-
-		 (94)

(170)
(506)
(160)
-
(129)
-
-
(106)
(8)
(35)

-
(120)
-		 1
-
459
-
438
(1)
-
(1)
-
365
391

-
-
-		 -

-
-
-
-
-
-
-
-
-
-

-
-
-		 (204)

(482)
(506)
(305)
(425)
(378)
(346)
(151)
(293)
-
(122)

(260)
(257)
(95)
Neuromodulation with connectivity-guided
intermittent theta burst stimulation for
cognitive impairment in MS		 (119) - - - - (119)
Gas6 as an immune-regulating repair
molecule for the CNS after demyelination		 (221) - - (1) - (222)
Novel cellular models to study
oligodendrocyte-mediated axonal support		 (111) - - - - (111)
Secondary Progressive Multiple Sclerosis:
Impact on vascular perfusion and oxidative
Molecular mechanisms of neurodegeneration
in progressive MS
TSPO in glia cells as a novel target to
promote neuroprotection		 (178)
(91)
(200)		 -
-
-		 (28)
-
-		 -
-
-		 -
-
-		 (206)
(91)
(200)
Imaging remyelination in the central nervous
system
Ensuring effective treatments are available to
people with MS: addressing the value for
money issue
Peripheral monocytes for central nervous
system remyelination		 25
(125)
(118)		 28
-
-		 (133)
(70)
-		 -
-
-		 -
-
-		 (80)
(195)
(118)
MS-PROACTIVE: Preventing job loss using
acceptance and commitment therapy in
vocational rehabilitation		 (109) - - - - (109)
Amount carried forward (6,768) 627 (3,038) 1,651 - (7,528)

58

Notes to Consolidated Accounts (continued) Year ended 31 December 2021

21. Statement of funds (continued)

PRIOR YEAR At Other gains At
Consolidated and charity funds 1/1/2020
£'000		 Income
£'000		 Expenditure
£'000		 Transfers
£'000		 £'000
and losses		 31/12/2020
£'000
Amount brought forward (6,768) 627 (3,038) 1,651 - (7,528)
A study of the synaptic proteome to
understand and target motor fatigability due
to neuronal energy failure in progressive MS
ROS signalling and CNS remyelination
The Empower Study: Developing advance
care planning resources for people severely
affected by MS, and their families
Expression profiling in clonally expanded
immune cells
Rejuvenating ageing CNS progenitors by
partial reprogramming		 (140)
97
(77)
18
(94)		 -
-
-
-
-		 (37)
(157)
(88)
(174)
(60)		 1
-
-
-
-		 -
-
-
-
-		 (176)
(60)
(165)
(156)
(154)
Using MRI and serum biomarkers to
understand accumulation of disability in
paediatric multiple sclerosis		 - - - - - -
Examining the amelioration of MS during
pregnancy at the single cell level to identify
novel therapeutic targets
How does ageing-associated niche
stiffening disrupt nucleus
mechanotransduction signaling and
suppresses the regenerative capacity of
adult CNS progenitor cells?		 71
(180)		 -
100		 (193)
(38)		 -
-		 -
-		 (122)
(118)
Understanding the haemodynamic
consequences of neuroinflammatory
oedema for therapeutic gain
The role of Nurr1 in the interplay of
inflammation and neurodegeneration in MS		 -
-		 -
-		 -
-		 -
-		 -
-		 -
-
Development of a composite
neurodegenerative outcome measure in
progressive MS
Understanding the role of lipid-regulated
LXR mediated networks in driving
pathogenic T cells in people with MS
The role of neuronal chemokine expression
in the pathogenesis of multiple sclerosis
Pro-inflammatory feedback loops in
progressive multiple sclerosis: a role for the
intrathecal antibody repertoire
Research fellowships (MRC)
Intervention to support individuals around
the point of multiple sclerosis diagnosis
Other specific research funds (all with less
than £100k but not > than negative £100k)
General restricted research funds		 (106)
(260)
(105)
(212)
(219)
(209)
(1,710)
1,382		 -
-
-
-
12
7
61
1,681		 -
-
(134)
-
(5)
(3)
(27)
(632)		 -
-
-
-
-
-
723
(2,375)		 -
-
-
-
-
-
-
-		 (106)
(260)
(239)
(212)
(212)
(205)
(953)
56
Total research restricted funds (8,512) 2,488 (4,586) - - (10,610)
Helpline funds:
- MS Helpline nurse
- COVID-19 services
- Benefits officer
- General restricted to MS Helpline		 -
-
11
-		 45
165
86
240		 (45)
(111)
(48)
(240)		 -
-
-
-		 -
-
-
-		 -
54
49
-
Amount carried forward (8,501) 3,024 (5,030) - - (10,507)

59

Notes to Consolidated Accounts (continued) Year ended 31 December 2021

21. Statement of funds (continued)

PRIOR YEAR
At		 PRIOR YEAR
At		 Other gains At
Consolidated and charity funds
1/1/2020
£'000		 Income
£'000		 Expenditure
£'000		 Transfers
£'000		 £'000
and losses		 31/12/2020
£'000
Amount brought forward
(8,501)		 3,024 (5,030) - - (10,507)
MS Physical activity specialist
My MS, My Rights, My Choices (Wales) Big
Lottery & Masonic Charitable Foundation2
'Improving Quality of Life' - Big Lottery
Grant3
'Active Together' various projects4
Mind My MS (Northern Ireland) Big Lottery5
My MS My Way (Tayside) Big Lottery6
Pontio7
Online FACETS8
Virtual Hub - Scottish Wellbeing Trust and
others9
Wellbeing Hub - Wales		 -
65
146
18
148
54
-
60
-
-		 92
45
1
194
(12)
74
499
-
152
-		 (42)
(102)
(68)
(96)
(74)
(66)
(14)
-
(74)
-		 -
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-		 50
8
79
116
62
62
485
60
78
-
Funds for MS Society volunteer-run grou ps or geographic restrictions10
Ayrshire 86 2 (8) - - 80
Bournemouth buildings & vehicle 135 7 (7) - - 135
Bradford
Bristol
Caithness
Croydon
Dumfries		 62
-
45
183
-		 1
1
2
4
105		 (1)
(1)
(5)
(9)
(5)		 -
-
-
-
-		 -
-
-
-
-		 62
-
42
178
100
East Kent 129 2 (10) - - 121
Harrow
Lancaster and Morecombe		 101
-		 6
32		 (2)
(2)		 -
-		 -
-		 105
30
Newmarket 560 100 (59) - - 601
Rotherham area
Shrewsbury
South East Essex
Sefton area (formerly Southport & Formby)
Skipton and Craven
Wales
Scotland
Northern Ireland
Other sundry restricted funds (<£50,000)		 103
61
68
66
96
-
-
-
1,132		 12
1
8
1
1
82
692
405
697		 (2)
(6)
(11)
(1)
(2)
(82)
(692)
(405)
(665)		 -
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-		 113
56
65
66
95
-
-
-
1,164
Total restricted income funds (5,183) 6,230 (7,541) - - (6,494)
Endowment funds
Margaret Hutchinson memorial fund -
Borders area
Derby volunteer-run group endowment
Total endowment funds
Total funds		 270
-
-
-
37
307
10
-
-
-
-
10
280
-
-
-
37
317
17,856
28,600
(31,137)
-
1,870
17,189

60

Year ended 31 December 2021

Notes to Consolidated Accounts (continued)

21. Statement of funds (continued)

Notes on note 21 Statement of funds

1 There is an appeal ('Stop MS Appeal') to raise over £100m for research over the next 10 years. £30m of this was earmarked to come from unrestricted income and is represented by the designated fund. £3m was transferred into the designated fund in 2021 with £1m being used to offset restricted fund balances for research projects which have closed. Other transfers relate to generally restricted research funds being allocated against specific research grants.

2 The ‘My MS, My Rights, My Choices’ project is a free and confidential support service for people affected by MS in Wales which has been funded by the Big Lottery and the Masonic Charitable Foundation. The project offers information and support on employment rights, welfare benefits, ways to manage MS and accessing treatments, health care and social care services.

3 Improving Quality of Life is a Big Lottery funded project looking to improve the quality of life for people with MS in Manchester, Salford and Bolton.

4 Active Together projects - various projects looking to help people with MS to stay active. Staying active can help with managing MS symptoms including fatigue and problems with balance and walking.

5 Mind My MS is a Big Lottery funded project to improve people's emotional wellbeing, social connection and ability to live well with MS in the Mid & East Antrim area.

6 My MS My Way is a Big Lottery funded project providing information & support from the point of diagnosis with MS in Tayside. 7 The Pontio Project provides emotional, befriending and one-to-one support to people living with and affected by MS in Wales. 8 FACETS online. FACETS stands for 'Fatigue: Applying Cognitive behavioural & Energy effectiveness Techniques to life Style'. 9 Virtual Hub is funded by the Scottish Wellbeing Trust among others, offering a range of services like counselling, financial wellbeing and physio support, to ensure people's physical and mental health is supported during the pandemic. A similar project is also being run in Wales ('Wellbeing Hub - Wales').

10 Geographic restrictions arise where a donor has specifically asked that monies be used in a certain area and/or spent by a particular MSS group. In some cases these groups may have been given considerable discretion on the use of these funds including using the funds outside of their own locality in which they serve.

Note: The funds of the charity include £2 (2012: £2) relating to the total funds of MSS (Trading) Ltd.

22. SOFA 2020

22. SOFA 2020
Income from: Unrestricted
funds
£'000		 Restricted
funds
£'000		 Total Funds
£'000
Donations 6,831 3,255 10,086
Legacies receivable
Charitable activities
Other trading activities
Investment income
Other income		 5,667
501
924
187
147		 1,576
1,368
30
1
-		 7,243
1,869
954
188
147
Total income
Expenditure on:
Raising funds
Charitable activities
Goal 1 - Living well with MS
Goal 2 - Connected communities, powerful voices
Goal 3 - Effective treatments and preventing MS		 14,257 6,230 20,487
5,486
4,223
5,826
384		 1,553
2,698
389
2,901		 7,039
6,921
6,215
3,285
Total expenditure
Net income / (expenditure) before investments
Net gains on investments
Net income / (expenditure) after investments		 15,919 7,541 23,460
(1,662)
436		 (1,311)
(15)		 (2,973)
421
(1,226) (1,326) (2,552)
Other recognised gains and losses:
Other recognised gains and losses: (2) - (2)
Net movement in funds (1,228) (1,326) (2,554)

61

Notes to Consolidated Accounts (continued)

Year ended 31 December 2021

23. Analysis of net assets between funds
Restricted & Endowment		 23. Analysis of net assets between funds
Restricted & Endowment		 23. Analysis of net assets between funds
Restricted & Endowment		 23. Analysis of net assets between funds
Restricted & Endowment		 23. Analysis of net assets between funds
Restricted & Endowment		 23. Analysis of net assets between funds
Restricted & Endowment
Restricted & Endowment
Unrestricted funds funds
 Total Total
Fund balances at 31 2021 2020 2021 2020 2021 2020
December are represented by £'000 £'000 £'000 £'000 £'000 £'000
Intangible fixed assets 228 270 - - 228 270
Tangible fixed assets
Investments
Net current liabilities
Long term liabilities		 1,866
17,624
8,950
-		 3,989
14,294
2,274
-		 170
333
(7,861)
(221)		 201
300
(6,312)
(381)		 2,036
17,957
1,089
(221)		 4,190
14,594
(4,038)
(381)
28,668 20,827 (7,579) (6,192) 21,089 14,635

24. MSS (Trading) Limited

The Society has a wholly owned trading subsidiary which is registered in England and Wales (company number 02895015). MSS (Trading) Limited raises funds via commercial activities and sponsorship. Any taxable profits made by MSS (Trading) Limited are donated to the Society under Gift Aid.

A summary of the trading results which have been consolidated on a line by line basis are shown below.

MSS (Trading) Limited
Profit and loss account
Retail
Sales
Cost of sales
Gross profit
Administration
Net profit before taxation and Gift Aid
Taxation
Retained profit carried forward
Called up share capital
Authorised:
1,000 ordinary shares of £1 each
Allotted, called up and fully paid:
2 ordinary shares of £1 each		 2021
£'000
149		 2020
£'000
131
149
(40)		 131
(84)
109
(37)		 47
(34)
72
-		 13
-
72 13
2021
£
1,000		 2020
£
1,000
2 2

25. Share Capital

The Society has no issued share capital as it is a company limited by guarantee.

26. Pension funds

Defined contribution schemes

The MS Society contributes towards a number of defined contribution schemes. The cost of these schemes is charged to the SOFA and amounted to £702k (2020: £739k). They did not give rise to any provisions/reserves. At the end of the year £79k (2020: £83k) was owed to the pension provider.

62

Notes to Consolidated Accounts (continued)

Year ended 31 December 2021

27. Operating leases

At 31 December the group and charity had total operating lease commitments as set out below:

Operating lease payments due:
within one year
within two to five years
over five years		 Land and
Buildings
2021
£'000
370
1,171
26		 Other
2021
£'000
37
64
-		 Land and
Buildings
2020
£'000
92
95
32		 Other
2020
£'000
39
102
-
1,567 101 219 141

Lease payments recognised as an expense were £298k (2020: £132k)

28. Monies from the Medical and Healthcare industry

The Society has a policy position on working with the Medicines and Healthcare Products Industry which is available from the Society's website. Under this policy, the Society will report collaborations and financial contributions over £5,000 received from the Medicines and Healthcare industry.

Society's website. Under this policy, the Society will report collaborations and financial contributions over £5,000
the Medicines and Healthcare industry.		 received from
2021
Collaborations and financial contributions over £5,000 to the Society were:
£'000		 2020
£'000
Roche Products Ltd
50		 32
Novartis Pharmaceuticals (UK) Ltd
39
Bristol Myers Squibb (formerly Celgene)
25		 57
27
Merck Serono Ltd
20		 35
Cambridge Enterprise Limited
13
Biogen Idec Limited
-
Genzyme, a Sanofi Company
-		 19
99
20

29. International Progressive MS Alliance

The Society is part of the International Progressive MS Alliance which was set up in 2013 to fund grants into progressive MS. The International Progressive MS Alliance consists of MS charities around the world and other interested organisations such as foundations, trusts and corporate entities. The MS Society is a founding member and joined the Alliance as a managing member giving it influence on the research the Alliance will fund. There are five other MS charities who are managing members. These are the Associazione Italiana Sclerosi Multipla (Italy), MS Research Australia, Multiple Sclerosis International Federation, Multiple Sclerosis Society of Canada and National Multiple Sclerosis Society (USA).

In addition to managing members there are:

● 13 other MS organisations who are members of the Alliance and they represent Belgium, Brazil, Denmark, Finland, France (2), Germany, Iceland, Ireland, Netherlands, Norway, Spain and Sweden.

● 20 trusts and foundations members.

● 5 pharmaceutical companies are industry forum members.

63

Statement of Financial Activities (SOFA) - charity only

Statement of Financial Activities (SOFA) -charity only Statement of Financial Activities (SOFA) -charity only
Year ended 31 December 2021
Unrestricted
Note
funds
Income from:
5
£'000
Donations
7,603
Legacies receivable
10,086
Charitable activities
325
Other trading activities
930
Investment income
162
Other income
2,470		 Restricted
funds
£'000
3,715
2,725
480
903
1
-		 2021
Total
£'000
11,318
12,811
805
1,833
163
2,470		 2020
Total
£'000
10,204
7,243
1,869
823
188
147
Total income
5		 21,576 7,824 29,400 20,474
Expenditure on:
6
Raising funds
Raising funds 5,529 1,728 7,257 6,953
Charitable activities
Goal 1 - Living well with MS
Goal 2 - Building communities, powerful voices
Goal 3 - Effective treatments and preventing MS		 3,456
4,805
664		 2,707
1,123
4,697		 6,163
5,928
5,361		 6,921
6,215
3,285
Total expenditure
6		 14,454 10,255 24,709 23,374
Net income / (expenditure) before investments 7,122 (2,431) 4,691 (2,900)
Net gains/(losses) on investments
15
Net income		 1,744 33 1,777 421
8,866 (2,398) 6,468 (2,479)
Other recognised gains and losses:
Other recognised gains and losses - - - (2)
Net movement in funds 8,866 (2,398) 6,468 (2,481)

64

Thank you

We want to thank all our donors for their generosity. This includes all trusts and corporations, those who wish to remain anonymous, our local groups and those who have left us a legacy. We would also like to thank our many celebrity supporters and friends for their work in raising both awareness and funds.

Special thanks to these donors and supporters

Edward and Amanda Astle Richard and Lesley Astle The BMR Foundation Sir David and Lady Primrose Bell Adam and Zoe Bennett Rab and Denise Bennetts David Brownlow Charitable Foundation David and Susie Burall Ann Cairns Professor Graham Chase The Lorna and Yuti Chernajovsky Biomedical Research Foundation Tom Colraine Iain Conn and Caroline Shorten Conn Eric D’Souza and family Colin and Lucy Evans Michael and Deborah Fiddy Martin Greaves Nigel and Sarah Hammond and Vespa Capital LLP Kit Harington and Rose Leslie

Tim Jones Bill and Jacqueline Krarup The Loveday Charitable Trust Ian Marchant The Philip Marsden Family Charitable Trust The Office of Theresa May Sir Geoffrey Owen Ben and Bella Padovan Steven Parker Luke Powell Stuart Secker Second Growth Community Interest Company Ben Slater and Nick Rabin Mr Simon Warshaw Dr A Watson CBE Sara Weller CBE Mark and Lisa Wood Jonathan Yates Dr Robert Youldon Robbert Zoet

65

Reference and administrative details

Founder Sir Richard Cave KCVO, CB, KCSG, DL Vice-President John Walford OBE Chair Nick Winser Vice Chair Sarah Schol Treasurer Stuart Secker**

Bankers

Barclays Bank 1 Churchill Place, London E14 5HP Auditors Haysmacintyre LLP 10 Queen Street Place, London EC4R 1AG Solicitors BDB Pitmans LLP 50 Broadway, London SW1H 0BL

Anderson Law LLP

Manor House, Howbery Park, Benson Lane, Wallingford, Oxfordshire OX10 8BA

Investment Managers Rathbones Investment Management 8 Finsbury Circus, London EC2M 7AZ

*Deceased

Key management personnel

Trustees Shewly Choudhury Susan Crane (to June 2021) Ady Dike Marion King Bayan Mohajeri (from Jan 2022) Emily Revess Mohini Raichura-Brown (from Jan 2022) Sarah Schol Stuart Secker Anne Shinkwin (to Dec 2021) Ceri Smith Anthony Upshall Polly Williams Nick Winser

Chief Executive Nick Moberly

Executive Directors Vicky Annis Executive Director of Corporate Services Ed Holloway Executive Director of Digital and Services (to Dec 2021) Clare Horwood Executive Director of Engagement and Income Generation (from Feb 2021 to Feb 2022) Sam Walker Acting Executive Director of Digital and Services (from Jan 2022)

Country Directors

Northern Ireland David Galloway

Cymru / Wales Lynne Hughes

Scotland Morna Simpkins

Sarah Rawlings Executive Director of Research and External Affairs

66

Main Offices

MS Society Carriage House 8 City North Place, London N4 3FU 020 8438 0700

MS Society Cymru Clockwise@Brunel House, 2 Fitzalan Road Cardiff CF24 0HA 020 8438 0700

MS Society Northern Ireland The Resource Centre 34 Annadale Avenue Belfast BT7 3JJ 028 90 802 802

MS Society Scotland GyleWorks 34 South Gyle Crescent, Edinburgh EH12 9EB 0131 335 4050

www.mssociety.org.uk MS Helpline 0808 800 8000

Multiple Sclerosis Society. Registered charity nos.1139257 / SC041990. Registered as a limited company by guarantee in England and Wales 07451571.

67