**REGISTERED CHARITY NUMBER: 286277**
**REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
**FOR**
**THE WESSEX NEUROLOGICAL CENTRE TRUST**
**THE WESSEX NEUROLOGICAL CENTRE TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 4|
|**Independent Examiner's Report**|5|
|**Statement of Financial Activities**|6|
|**Balance Sheet**|7|
|**Notes to the Financial Statements**|8 to 13|
## **THE WESSEX NEUROLOGICAL CENTRE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Public benefit**
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. The trustees refer to public benefit throughout this report.
The Trust's objects are the relief of sickness by the promotion of research into disorders of the nervous system and their treatment at the Wessex Neurological Centre and by such research improve the quality and range of treatment to be offered at the said Wessex Neurological Centre and to publish for general as well as medical consideration the results of such research. The Trust Deed permits the Trustees to resolve to apply Trust funds for other similar charitable purposes recommended by the Trustees.
To continue fund raising under the Smile4Wessex title for a range of new projects and equipment. To consider and where appropriate support from general funds requests for funding of small projects falling within the Trusts objects.
The Trustees met regularly during the period. The grants currently committed to are -
a. ROAR Project development of a database relating to aneurysms. The grant which has been approved is for £52,500 over 2 years, to be paid in tranches as work on the project is carried out. The project is going well and continuing to collect data.
b. Epilepsy Telemetry Suite - a £64,000 project. This is the charity's main current project, launched at the last gala dinner. The start was delayed but this is now underway.
The fundraising activities continue to be severely curtailed due to the COVID 19 pandemic. In response to the reduced income, the single employee Kathryn Grimes remains on reduced (80%) hours and pay which will continue until the situation improves.
The Trust normally undertakes a range of community fundraising events culminating in an annual dinner each year to celebrate success. Events have been limited and the gala dinner was on a smaller scale than normal due to the ongoing uncertainty, lack of public confidence and unpredictability surrounding Covid restrictions.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public interest when reviewing the Charity's aims and objectives and in planning future activities.
The Trustees are content with the performance in the year and hope to grow income again to the pre pandemic level once conditions allow.
Page 1
## **THE WESSEX NEUROLOGICAL CENTRE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022**
## **FINANCIAL REVIEW**
## **Reserves policy**
It is the policy of the Trust to maintain, over a period of time, free reserves by holding investments which produce sufficient income to cover up to an average of twelve months of recurring expenditure, which the Trustees estimate to be approximately £50,000 per annum. This is in accordance with charity Commission recommendations.
## **Investment policy**
The Trustees have absolute discretion over the investment policy of the Trust, as set out in the Trust Deed. The Trustees have instructed Rathbones to operate a medium risk strategy in order to achieve a balanced objective between income and capital growth.
During the year the Trust received income of £70,883 (2021 £64,878) and financed charitable expenditure of £45,410 (2021 £51,728). The Trust has funds of £311,272 (2021 £273,951) at the year end. The investment performance of the Trust's funds performed as expected during the year as market conditions recover from volatility caused by the Covid pandemic.
The charity's single employee, the Fundraising Co-ordinator has reduced her hours and salary by mutual agreement to 80% until the fundraising income improves.
Page 2
## **THE WESSEX NEUROLOGICAL CENTRE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Wessex Neurological Centre Trust, a registered Charity, was established by a Trust Deed executed on 31 December 1982. It is managed in accordance with the rules of the Trust Deed by a minimum of three Trustees who meet at least three times per year. In addition it operates a fund as part of the charity branded Smile4Wessex and employs a Fundraising Coordinator to raise funds for the Trust.
Election of Trustees takes place annually at the AGM by the members of the Trust. Names are proposed and seconded before the election. No other person or body is entitled to appoint a Trustee.
## **Risk Management**
The Trustees have examined the major risks which the charity faces and confirm that systems have been established so that the necessary steps can be taken to lessen these risks. The main current risk to the charity remains as the reduction in income resulting from the Covid pandemic restrictions, and the possibility that funding commitments could not be met from new income. Therefore, the trustees did not commit to any new large projects in 2021/2022 and the single employee's hours and pay remain reduced. The projects now committed to can be funded by the Rathbones funds in the event that future fundraising activities do not increase as expected.
## **Plans for the future**
It is hoped that as restrictions are lifted and public confidence recovers, income will return to the pre Covid level. After the ending of the Government furlough scheme the single employee Kathryn Grimes has agreed to continue on reduced hours and pay, to be kept under review as income hopefully increases.
## **Trustees' responsibilities in relation to the financial statements**
Trustees are responsible for preparing the annual report and financial statement in accordance with applicable law and United Kingdom Generally accepted Accounting Practice.
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:
**o** Select suitable accounting policies and then apply them consistently;
**o** Make judgements and estimates that are reasonable and prudent;
**o** State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statement; and
**o** Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the financial statements comply with the Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 286277
## **Principal address**
Smile4Wessex Appeal Office Mailpoint 101 Southampton General Hospital, Tremona Rd Southampton Hampshire SO16 6YD
Page 3
**THE WESSEX NEUROLOGICAL CENTRE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022**
## **Trustees**
O Sparrow (resigned 16.3.2022) J M Prior D O Butlers P Grundy M White (appointed 16.3.2022)
## **Chief Executive**
## **Independent Examiner**
S F Mackie FCA Morris Crocker Chartered Accountants Station House North Street Havant Hampshire PO9 1QU
26.01.2023 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. J M Prior - Trustee
Page 4
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WESSEX NEUROLOGICAL CENTRE TRUST**
## **Independent examiner's report to the trustees of The Wessex Neurological Centre Trust**
I report to the charity trustees on my examination of the accounts of The Wessex Neurological Centre Trust (the Trust) for the year ended 31 March 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
S F Mackie FCA Morris Crocker Chartered Accountants Station House North Street Havant Hampshire PO9 1QU
26.01.2023 Date: .............................................
Page 5
**THE WESSEX NEUROLOGICAL CENTRE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022**
|Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
63,897
Investment income
3
6,986
**Total**
70,883
**EXPENDITURE ON**
Raising funds
4
16,069
**Charitable activities**
5
Raising funds for research
29,341
**Total**
45,410
Net gains on investments
11,848
**NET INCOME**
37,321
**RECONCILIATION OF FUNDS**
Total funds brought forward
273,951
**TOTAL FUNDS CARRIED FORWARD**
311,272|Restricted
fund
£
-
-
-
-
-
-
-
-
-
-|2022
Total
funds
£
63,897
6,986
70,883
16,069
29,341
45,410
11,848
37,321
273,951
311,272|2021
Total
funds
£
60,007
4,871|
|---|---|---|---|
||||64,878|
||||3,639
48,089|
||||51,728|
||||35,519|
||||48,669
225,282|
||||273,951|
The notes form part of these financial statements
Page 6
**THE WESSEX NEUROLOGICAL CENTRE TRUST**
## **BALANCE SHEET 31 MARCH 2022**
|Notes
**FIXED ASSETS**
Investments
10
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
13
Unrestricted funds
**TOTAL FUNDS**|2022
£
250,010
62,841
(1,579)
61,262
311,272
311,272
311,272
311,272|2021
£
232,535
43,044
(1,628)
41,416
273,951
273,951
273,951
273,951|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 26.01.2023
............................................. J M Prior - Trustee
The notes form part of these financial statements
Page 7
**THE WESSEX NEUROLOGICAL CENTRE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **2. DONATIONS AND LEGACIES**
|Income from generating funds
Grants
Grants received, included in the above, are as follows:
Covid-19 JRS|2022
£
55,886
8,011
63,897
2022
£
8,011|2021
£
44,857
15,150|
|---|---|---|
|||60,007|
|||2021
£
15,150|
Page 8
continued...
**THE WESSEX NEUROLOGICAL CENTRE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
## **3. INVESTMENT INCOME**
|**3.**|**INVESTMENT INCOME**|||||
|---|---|---|---|---|---|
||||2022|2021||
||||£|£||
||Dividends from investments||6,111|4,871||
||Deposit account interest||875||-|
||||6,986|4,871||
||All investment income is derived from assets held in the United Kingdom.|||||
|**4.**|**RAISING FUNDS**|||||
||**Raising donations and legacies**|||||
||||2022|2021||
||||£|£||
||Smile 4 Wessex Fundraising||13,865|1,738||
||Investment management fees||2,204|1,901||
||||16,069|3,639||
|**5.**|**CHARITABLE ACTIVITIES COSTS**|||||
||||Support|||
|||Direct|costs (see|||
|||Costs|note 6)|Totals||
|||£|£|£||
||Raising funds for research|25,735|3,606|29,341||
|**6.**|**SUPPORT COSTS**|||||
|||||Governance||
|||||costs||
|||||£||
||Raising funds for research|||3,606||
||Support costs, included in the above, are as follows:|||||
||**Governance costs**|||||
||||2022|2021||
||||Raising|||
||||funds for|Total||
||||research|activities||
||||£|£||
||Accountancy and legal fees||3,606|5,082||
Page 9
continued...
## **THE WESSEX NEUROLOGICAL CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
## **Trustees' expenses**
During the year no trustee(s) (2021: nil) were reimbursed out of pocket expenses.
## **8. STAFF COSTS**
The average monthly number of employees during the year was as follows:
|Average staff
No employees received emoluments in excess of £60,000.
**9.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
44,857
Investment income
4,871
**Total**
49,728
**EXPENDITURE ON**
Raising funds
3,639
**Charitable activities**
Raising funds for research
32,939
**Total**
36,578
Net gains on investments
35,519
**NET INCOME**
48,669
**RECONCILIATION OF FUNDS**
Total funds brought forward
225,282
**TOTAL FUNDS CARRIED FORWARD**
273,951|2022
1
Restricted
fund
£
15,150
-
15,150
-
15,150
15,150
-
-
-
-|2021
1
Total
funds
£
60,007
4,871|
|---|---|---|
|||64,878|
|||3,639
48,089|
|||51,728|
|||35,519|
|||48,669
225,282|
|||273,951|
Page 10
continued...
**THE WESSEX NEUROLOGICAL CENTRE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
## **10. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 April 2021
Additions
Disposals
Revaluations
At 31 March 2022
**NET BOOK VALUE**
At 31 March 2022
At 31 March 2021
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Taxation and social security
Other creditors
**12.**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Unrestricted
Restricted
funds
fund
£
£
Investments
250,010
-
Current assets
62,841
-
Current liabilities
(1,579)
-
311,272
-
**13.**
**MOVEMENT IN FUNDS**
At 1.4.21
£
**Unrestricted funds**
General fund
243,951
Designated fund
30,000
273,951
**TOTAL FUNDS**
273,951|||Listed|Listed|Listed|
|---|---|---|---|---|---|
||||investment
s|||
|||||||
||||232,535|||
||||37,398|||
||||(31,771)|||
||||11,848|||
|||||||
||||250,010|||
|||||||
|||||||
|||||||
||||250,010|||
|||||||
||||232,535|||
|||||||
|||||||
||2022
£
193
1,386
1,579
2022
Total
funds
£
250,010
62,841
(1,579)
311,272
Net
movement
in funds
£
37,321
-
37,321
37,321|||2021
£
188
1,440
1,628
2021
Total
funds
£
232,535
43,044
(1,628)
273,951
At
31.3.22
£
281,272
30,000
311,272
311,272||
Page 11
continued...
## **THE WESSEX NEUROLOGICAL CENTRE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
## **13. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|70,883|(45,410)|11,848|37,321|
|**TOTAL FUNDS**|70,883|(45,410)|11,848|37,321|
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
Designated fund
**TOTAL FUNDS**|At 1.4.20
£
195,282
30,000
225,282
225,282|Net
movement
in funds
£
48,669
-
48,669
48,669|At
31.3.21
£
243,951
30,000|
|---|---|---|---|
||||273,951|
||||273,951|
Comparative net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|49,728|(36,578)|35,519|48,669|
|**Restricted funds**|||||
|Covid-19 JRS|15,150|(15,150)|-|-|
|**TOTAL FUNDS**|64,878|(51,728)|35,519|48,669|
Covid-19 JRS - Grants received from HMRC in order to partly fund staff wages in response to the economic disruption caused by Covid-19.
Page 12
continued...
**THE WESSEX NEUROLOGICAL CENTRE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
## **14. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2022.
Page 13