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 charit￿S 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
Ex￿ndIture 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 othe￿iSe 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