Charity number: 1160013 MSTART (MEDICAL AND SPORTING TECHNOLOGY RESEARCH TRUST) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
MSTART (MEDICAL AND SPORTING TECHNOLOGY RESEARCH TRUST) CONTENTS Page Roference and admlnl8tratlve detalls of the charlty* its tru8tee8 and advisers Trusta•s' report Statomont of flnanclal actlvltles Balance sheet Notes to the Ilnan¢lal Statements 6-12
MSTART (MEDICAL AND SPORTING TECHNOLOGY RESEARCH TRUST) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees A Delve, Trustee M Morris, Chairman H Croft. Trustee C Morris. Trustee Charlty registored number 1160013 Page 1
MSTART (MEDICAL AND SPORTING TECHNOLOGY RESEARCH TRUST) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report tog8ther with the financial stalemenls of the charity for the year 1 April 2023 to 31 March 2024. ObJectlve8 and Actlvltles a. Pollcles and objectlves In setling objectives and planning for activities, the Trustees have given due consideration to general guidance published by Ihe Charity Commission relating to public benefit and consider this criteria is rnet on the basis of the charitS primary charitable objectives. These being: The promotion of health and saving IIv8s by sponsorship of research and development in medical technology. The advancement in the lives of young people and thelr educatlon, particularly In science and technology, in order to develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals. The promotion of amateur sport for the purposes of healthy recreation. The charity's main objectives in Ihe year have been to raise funds and to identify groups, organisations and Indlviduals to asslst In accordance with the primary objectives above. b. Actlvltle8 for achlevlng objectlves During the year to 31 st March 2024 the charity has identified and asslsted a number of groups, organlsations and individuals by way of grants and donalions, Achl•v•m•ntB and p•rformanc• Revlw of actlvltl•8 In the year to 31st March 2024 total donations and grants in excess of £270,000 have been made. Donatlons have been made to individuals to assist them to pursue advanced medical treatments not available on lh8 NHS,. and to young sporting talents to assist them 81 the early stages of thelr careers. Flnanclal rovlaw a. Golng concern After making appropriate enquiries, the trustees have a reasonable expectatlon that the charlty has adequate resources lo continue in operational existence for the foreseeable future. For thls reason they continue to adopt the going concern basis in preparing the flnanclal statements. Further detalls regarding the adoption of Ihe going concern basis can be found in the Accounting Pollcles. Structuro, govomance and management . Con8tStutlon The principal objecl of the charity is to provide funding for projects designed for the advancement of health or saving lives through sponsoring research in this area- the promotion of amaleur sporting activities and the involvement of young people in such aclivities. b. Method of appolntm•nt or aloction of TrustOOS The management of the charity is the responsibility of the Truslees who are elected and co-opted under the lerms of the Trust deed. Page 2
MSTART (MEDICAL AND SPORTING TECHNOLOGY RESEARCH TRUST) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 c. Organlsatlonal structure and declslon maklng The Trustees make all the decisions regarding all matters relevant to the Trust. This report was approved by the Trustees, on z*41 I Zalland signed on their behalf by". M Morrls, Chalrman Trustee Page 3
MSTART (MEDICAL AND SPORTING TECHNOLOGY RESEARCH TRUST) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Investments 171000 171000 Total incomo 171000 ExndIture on: Charltable aciivilles Total axp•ndlture 308 005 474 593 474 593 Not Income l (expendlture) before other recognlsed galns and1088•8 (137,005> (137,005) (463.267) Net movement In funds (137,005) (137,005) (463,267) Reconclllatlon of funds: Total funds broughl fopward 8 313 258 8313258 Total funds ¢arrlod forward The notes on pages 8 to 12 form part of these financial statements. Page 4
MSTART (MEDICAL AND SPORTING TECHNOLOGY RESEARCH TRUST) BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Investments 600,001 600,001 Current assets Debtors 669,931 4,194,520 Cash at bank and in hand 6 908 722 7,578,653 7,720,431 Credltors: amounts falllng due withln one year Net curront assets 7 576 252 7 713257 N•t assets Charlty Funds Unrestricted funds Total funds The finan lal statements were approved by the Trustees on'zff/ii12>'Z* and signed on Iheir behalf, by: M Morr59, Chalrman The notes on pages 6 to 12 form part of these financlal ststernents. Page 5
MSTART {MEDICAL AND SPORTING TECHNOLOGY RESEARCH TRUST) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policios 1.1 Basis of preparation of financlal statements The financial statemenls have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland {FRS 102) (effective 1 January 2015), the Financial Reportlng Standard applicable in Ihe UK and Republic of Ireland (FRS 102). MSTART (Medical and Sporting Technology Research Trust) constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheiSe stated in the relevant accounting policy. The financial statements are prepared in slerting {£) which is the functional currency of the charity. The slgnlficant accountlng policles that have been applled In the preparation of these financial stalements are set out below. These policies have been consistently applied to all years presented unless otherbvise stated. 1.2 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of Income receivable can be measure(I reliably. Income tax recoverable In relation to donations recelved under Grft Aid or deeds of covenant is recognlsed at the tlme of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 1.3 Exp•ndltur• Expenditure Is recognised once thera Is a legal or constructive obligation to transfer economlc benefit to a Ihird party, it is probable that a Iransfer of economic benefits will be requlred In settlement and the amount of the obligation can be measured reliably. Expenditure is classlfled by activity. The costs of each activity are made up of the total of direct costs arid shared costs, including support costs involved in undertaking each activity. Direcl costs altributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources, Central stsff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use, Support cosls are those costs incurred directly in support of expenditure on the objects of the charity and include project management Carried out al Headquarters. Charitable activities and Governance costs are costs incurred on the charity's operaiions, including SUPFX)rt costs and costs relating to the governance of the charity apportioned to charitable activities, Page 6
MSTART (MEDICAL AND SPORTING TECHNOLOGY RESEARCH TRUST) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollclas (contlnued) 1.4 Investments Fixed asset investments are a form of financial instrument and are initially recognised at thelr transaction cost and subsequently measured at fair value at the Balance sheel date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment g8ins and losses, whether realised or unrealised, are combined and shown in the heading 'G8insl{losses) on investments, in the Statement of financial activities. 1.5 Inter•st recelvabl• Interest on funds held on deposit Is included when receivable and the amount can be measured reliably by the charity. Ihis is normally upon notification of the interest paid or payable by the Bank. 1.6 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.7 Cash at Bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or le55 from the date of acquisition or opening of the deposit or similar account. 1.8 Llabllltles and provlslons Llabllltles are recognised when there Is an obllgatlon at the Balance sheel date as a resull of a past event, It is probable that a transfer of economic benefil will be required in setllement, and the amount of the settlement can be estlmated reliably. Liabilities are recognised at the amount thal the charity anticipates it will pay to setue the debt or the amount il has received as advanced payments for the goods or services il must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts. discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of Ihe dlscounl is recognised within interest payable and similar charges. 1.9 Flnanclal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are inilially recognised al transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 1.10 Penslons The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year. 1.11 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for Other purposes. Page 7
MSTART (MEDICAL AND SPORTING TECHNOLOGY RESEARCH TRUST) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment Income Unrestrlcted fund8 2024 Total funds 2024 Tolal funds 2023 Ch8rity inv inc - interasl Total 2023 Dlrect costs Communlly grant8 Total 2024 Total 2023 Grants awarded Total 2023 Support cos1$ Total 2024 Total 2023 Other Support Premises costs Accountancy fees Insurance Bank charge8 Travelling Computers and software Penalties and fines Wages and salaries Penslon cost 21,600 2,180 735 122 42 888 21,600 2,180 735 122 42 888 21,600 10,632 556 136 283 916 400 33,773 2,074 11,370 11,370 753 753 Subtotal 753 36,937 37,690 70,370 Rounding Total 2023 During the year ended 31 March 2024, the charily incurred the following Governance costs: Page 8
MSTART (MEDICAL AND SPORTING TECHNOLOGY RESEARCH TRUSTI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Staff costs Staff cosls were as follows= 2024 2023 Wages and salaries Other pension costs 11,370 753 33.773 2,074 The average number of persons employed by the charity during the year was as follows.. 2024 No. 2023 No. No employee received remuneratlon amounting to more than £60,000 In either year. FIX asset Inv•stmant8 Share8 In group und•rtaklng6 Market valuo At 1 April 2023 and 31 March 2024 Sub8idlary undortakln98 The following w8re subsldlary undertaklngs of the company: Name Holdlng ITREND Medical Research Llmited 75¥0 New Park Place Limiled 1000 The aggregale of Ihe share capital and reserves as at 31 March 2024 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows: Aggregate of share capltal and rèsèrves Name Profill(loss) ITREND Medical Research Llmited New Park Place Limited 1472,042) (11,754) Page 9
MSTART (MEDICAL AND SPORTING TECHNOLOGY RESEARCH TRUSTI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Debtors 2024 2023 Amounts owed by group undertakings Other debtors Prepaymenls and accrued income 178.670 491.261 3.695,928 498,427 165 Credltors: Amounts falllng due wlthln one year 2024 2023 Other taxation and social security Accruals 1,773 5,401 2,401 Statement of fund8 8tatom•nt of funds - curr•nt y•ar Balance al 31 March 2024 Balance at 1 Aprll 2023 Income Expendlture Unrestrlcled fundg General Funds SL*•m•nt of funds - prior y•ar Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure Genoral funds General Funds Summary of funds . current year Balance at 31 March 2024 Balance at 1 Aprll 2023 Income Expendlture General funds Page 10
MSTART IMEDICAL AND SPORTING TECHNOLOGY RESEARCH TRUST) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Stat•m•nt of funds (contlnued) Summary of funds - prlor year Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure General funds 10. Analysls of net asset8 b•tween funds Analysls of net asgats between funds . current year Unre8trlct•d funds 2024 Total funds 2024 Fixed assel investments Current assels Crediiors due within one year 600,001 7,578,653 {2,401) 600,001 7,578,653 (2,401) Analy818 of n•t assots botWo•n funds - prlor year Unrestricled funds 2023 Total funds 2023 Flxed asset Investments Current assets Credltors due wlthln one year 600,001 7,720,431 (7,1741 600,001 7,720,431 (7,174) 11. Reconclllatlon of net movement In fund8 to net cash flow from oparatlng a¢tlvltl•$ 2024 2023 Net (expendilure)lincome for the year {as per Statement of Financial Activities) (137,005) {463,267) Adjustment for: Decreasel(increase) in deblors Increasel{decrease) in creditors 3,524.589 (985,945) 701 Net cash provided by operaling activlties Page11
MSTART (MEDICAL AND SPORTING TECHNOLOGY RESEARCH TRUST) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Analysls of cash and cash equlvalents 2024 2023 Cash In hand 6 908 722 3525911 Total 13. Penslon commltments The charity Operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the furKI and amounte(I to £753 (2023.. £2,074). There are no outstanding conlributions as at the balance sheet date. 14. Related party transa¢tlon8 Durlng the year, no Trustees recelved any remuneration. Durlng the year, no Trustees recelved any beneflts In klnd. During the year, no Trustees received any reimbursement of expenses. Page 12