REGISTERED CHARITY NUMBER: 286277
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
THE WESSEX NEUROLOGICAL CENTRE TRUST
THE WESSEX NEUROLOGICAL CENTRE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 12 |
THE WESSEX NEUROLOGICAL CENTRE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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 grant for the ROAR project was due to come to an end, with the final payment due in November 2024.
The charity had completed fundraising for the telemetry suite at a cost of £64,000 which was still waiting to be installed by the hospital.
The charity also accepted an application for a new major project, an auto guide robotic navigated arm for epilepsy surgery which was a commitment of £147,000.
Fundraising activities remained at a healthy level.
FINANCIAL REVIEW
Reserves policy
It is the policy of the Trust to maintain, over a period of time, free reserves by holding investments 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 £117,662 (2023: £77,817) and financed charitable expenditure of £68,363 (2023: £43,659). The Trust has funds of £383,773 (2023: £328,542) at the year end. The performance of the Trust's funds has recovered but continues to be affected by global factors.
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THE WESSEX NEUROLOGICAL CENTRE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
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 previous risk to the charity during the post Covid pandemic has now abated and the Trustees are confident that a new large project can now be sought and funded. Any new projects can still be funded by the Rathbones funds in the event of un-anticipated funding reduction.
Plans for the future
The Trustees agreed that they would not seek a further major project until funds were replenished, although they would invite applications for smaller projects.
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:
• Select suitable accounting policies and then apply them consistently;
• Make judgements and estimates that are reasonable and prudent;
• 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
• 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.
Julia Prior stood down on 5.11.2024 after 8 years of service and the other trustees would like to recognise her contribution and thank her for her service to the Trust.
Darren O'Sullivan has been appointed as a new Trustee and we are pleased to welcome him to his role.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 286277
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THE WESSEX NEUROLOGICAL CENTRE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Principal address Smile4Wessex Appeal Office Mailpoint 101 Southampton General Hospital, Tremona Rd Southampton Hampshire SO16 6YD
Trustees
J M Prior (resigned 5.11.2024) D O Butlers P Grundy M White D O'Sullivan (appointed 6.11.2024)
Independent Examiner
S F Mackie Morris Crocker Chartered Accountants Station House North Street Havant Hampshire PO9 1QU Approved by order of the board of trustees on 21[st] January 2025 and signed on its behalf by:
D O'Sullivan - Trustee
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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 2024.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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
Morris Crocker Chartered Accountants Station House North Street Havant Hampshire PO9 1QU
Date: ............................................. 23 January 2025
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THE WESSEX NEUROLOGICAL CENTRE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 109,650 Investment income 3 8,012 Total 117,662 EXPENDITURE ON Raising funds 4 15,592 Charitable activities 5 Raising funds for research 52,771 Total 68,363 Net gains/(losses) on investments 5,932 NET INCOME 55,231 RECONCILIATION OF FUNDS Total funds brought forward 328,542 TOTAL FUNDS CARRIED FORWARD 383,773 |
Restricted fund £ - - - - - - - - - - |
2024 Total funds £ 109,650 8,012 117,662 15,592 52,771 68,363 5,932 55,231 328,542 383,773 |
2023 Total funds £ 70,288 7,529 77,817 13,430 30,229 43,659 (16,888) 17,270 311,272 328,542 |
|---|---|---|---|
The notes form part of these financial statements
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THE WESSEX NEUROLOGICAL CENTRE TRUST
BALANCE SHEET 31 MARCH 2024
| 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 |
2024 £ 246,871 139,766 (2,864) 136,902 383,773 383,773 383,773 383,773 |
2023 £ 238,444 91,975 (1,877) 90,098 328,542 328,542 328,542 328,542 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 21[st] January 2025 and were signed on its behalf by:
D O'Sullivan - Trustee
The notes form part of these financial statements
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THE WESSEX NEUROLOGICAL CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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.
The trustees consider that there are no material uncertainties regarding the charity's ability to continue as a going concern.
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.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Financial Instruments.
The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and investments in stocks and shares. The measurement basis used for these instruments is detailed below.
Debtors and cash at bank
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand included cash held on deposit or in a current account.
Creditors and provisions
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THE WESSEX NEUROLOGICAL CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES - continued
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
2. DONATIONS AND LEGACIES
| Income from generating funds 3. INVESTMENT INCOME Dividends from investments Deposit account interest All investment income is derived from assets held in the United Kingdom. |
2024 £ 109,650 2024 £ 5,341 2,671 8,012 |
2023 £ 70,288 2023 £ 6,519 1,010 7,529 |
|---|---|---|
4. RAISING FUNDS
| Raising donations and legacies Smile 4 Wessex Fundraising Investment management fees 5. CHARITABLE ACTIVITIES COSTS Raising funds for research |
2024 £ 13,425 2,167 15,592 Support Direct costs (see Costs note 6) £ £ 50,166 2,605 |
2023 £ 11,256 2,174 13,430 Totals £ 52,771 |
|---|---|---|
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THE WESSEX NEUROLOGICAL CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
6. SUPPORT COSTS
| SUPPORT COSTS | ||
|---|---|---|
| Governance | ||
| costs | ||
| £ | ||
| Raising funds for research | 2,605 | |
| Support costs, included in the above, are as follows: | ||
| Governance costs | ||
| 2024 | 2023 | |
| Raising | ||
| funds for | Total |
|
| research | activities |
|
| £ | £ | |
| Accountancy and legal fees | 1,080 | 864 |
| Independent Examiners fees | 1,525 | 1,452 |
| 2,605 | 2,316 |
Support costs, included in the above, are as follows:
Governance costs
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
During the year no trustee(s) (2023: nil) were reimbursed out of pocket expenses.
8. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Average staff | 2024 1 |
2023 1 |
|---|---|---|
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 70,288 Investment income 7,529 Total 77,817 EXPENDITURE ON Raising funds 13,430 Charitable activities Raising funds for research 30,229 Total 43,659 |
Restricted fund £ - - - - - - |
Total funds £ 70,288 7,529 77,817 13,430 30,229 43,659 |
|---|---|---|
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THE WESSEX NEUROLOGICAL CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
| 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds fund £ £ Net gains/(losses) on investments (16,888) - NET INCOME 17,270 - RECONCILIATION OF FUNDS Total funds brought forward 311,272 - TOTAL FUNDS CARRIED FORWARD 328,542 - 10. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2023 Additions Disposals Revaluations At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Taxation and social security 1,232 Other creditors 1,632 2,864 |
Total funds £ (16,888) 17,270 311,272 328,542 Listed investmen t s 238,444 61,171 (59,535) 6,791 246,871 246,871 238,444 2023 £ 318 1,559 1,877 |
|---|---|
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THE WESSEX NEUROLOGICAL CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted funds £ Investments 246,871 Current assets 139,766 Current liabilities (2,864) 383,773 13. MOVEMENT IN FUNDS |
Restricted fund £ - - - - |
2024 Total funds £ 246,871 139,766 (2,864) 383,773 |
2023 Total funds £ 238,444 91,975 (1,877) 328,542 |
|---|---|---|---|
| At 1.4.23 £ Unrestricted funds General fund 328,542 TOTAL FUNDS 328,542 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 117,662 (68,363) TOTAL FUNDS 117,662 (68,363) Comparatives for movement in funds Net movement At 1.4.22 in funds £ £ Unrestricted funds General fund 281,272 17,270 Designated fund 30,000 - 311,272 17,270 TOTAL FUNDS 311,272 17,270 |
Net movement At in funds 31.3.24 £ £ 55,231 383,773 55,231 383,773 Gains and Movement losses in funds £ £ 5,932 55,231 5,932 55,231 Transfers between At funds 31.3.23 £ £ 30,000 328,542 (30,000) - - 328,542 - 328,542 |
|---|---|
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THE WESSEX NEUROLOGICAL CENTRE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
13. MOVEMENT IN FUNDS - continued
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 | 77,817 | (43,659) | (16,888) | 17,270 |
| TOTAL FUNDS | 77,817 | (43,659) | (16,888) | 17,270 |
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
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