Chaoty r•gistr8tlon nUM￿r299524
comp￿￿ reglstratkn rNMnber0221S16S {EThU￿nd and Walesl
HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
ANNUAL REPORT AND UNAUDrrED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
LEGAL AND ADMINISTRATIVE INFORMATION
TrustO8S
Mr R Greener
MrA
Mr R &Jrth41
Socrg
Charity number
293524
Company number
0￿15165
Prfncipal address
30 CatnpJs
Hertft¥dsl¥"te
SG62JF
R8glst8r8d 0ffi¢o
JO Camws F￿8
Letrtpht¥th ￿￿en &iy
Sfj6￿F
Independent examlner
John Wiknn FCA Aml
Fthard vlibr￿ cknarie￿ Acc(*Jnlants
Walfi￿d
Hert[{￿￿514[￿
WI)25 ONE
Bankgrs
LE87 2BB
CAF Bar
25 Kit￿ Hil Avetwe
Wesi K4alSr
ME1J 4JQ

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
CONTENTS
Pa98
Indep￿dent exarrir*rfs report
Slater￿ntafr￿a[Kjal admks
8818rta sheet
Note5 tothe tinanrAalstaternents
10_18

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
Th8 T￿Stee8 wesent their reP￿rt￿ f￿a￿Lia1 statWDEtts*Jr the yea eVK￿ 31 DeL￿ber 2024.
firhonuel slolem¢nts hevc b¢en prcwred in xoyd￿¢Cl￿lth ￿ •wounbry xt wt M notc 1 to ihe finynciol
StslemenLs and comkly with Ihe charitatle c<5mpan￿$ Anid¢s ol Assoi?aiitsn. Ihe ¢oTryaniesA¢t 2W6
3nd'Acc(Hmting and Rep(rtry bychaithes". Slate￿ent of ReC0rrrf￿ practi￿ Wuble lo charibes preparing their
8¢(x)unts in ac¢ord*ce wth the Finartd Rq*xtrVJ &aKlard ap￿tsb1￿ in the UK Repth1￿ (K Iidand IFRS 1021
18ftectNt 1 Jawary 20191".
Objectrwes and a¢ti¥rf*s
Chaiytable
Theobjectsof the chantaLle4xxnFanyave".
To aid aThJ wmwove for LMJNIC benÈfrt in tho AJ*a of Benefft Iwjhich s ErYJkndl the Condit￿ (K su(f&iiw from
SeJeto&s by 8hy WLd ￿n$ li￿d1￿j any WI(vhTw."
By briroing to￿ther ￿ller￿ mulbple $¢kroSBa￿ perws intere51ed In $deros￿..
B)'prov￿lng ad￿¢•, gJvJ*)¢8 nKK81 ww)rtfc* perstr)s sufferM)g from s￿￿S..
Bs prowdiry therapy lindudirMJ hyFwbaric owen tWap41 fcrf perws from MUIll￿e Sderrw5 or Olher
s￿pl0￿S or Exknditl(￿.
ofchanty
To promde the Thosteffeclwe Iherapip5 ￿s5*￿e frKevery pet51￿ affe(*ed ty MuftryAe Sd￿0￿5 ￿ Hertfotdshire and of
ou￿1￿9¢OUnlie$, esreo4ty &yJth Bed[Uds￿mre Lubyi.
0urobiect￿￿S lor Ihe ieerwefft."
To balancE the txxjgpl. YnprDvE (xjr s￿laY￿￿ty irKTease our rp5etves. a5 part of a pr￿ that ￿ryI1 take a
nurnber of years io c(xnplete.
To Improve Ihe q￿lIty olour Oxygen Therapy PrograttwDg.
To achieve a rrK)re effKtive use of bJldifo* Camws Ftve.
Complete an3nnual utk*te of the Bus￿esS Plan.
To Conbnue markebng to exp8￿1 We up of Oxygen Trerapy dwts without Multipk Sckro$i5 in
ord8r lo gwwate rnue #xWirvJ fvntts lo svbs*li* Ireatrwts for In f￿8￿91 newj
To ImprovefMfJndrf4Sry.
st￿￿s fora(*ievirn obigctitfs
In order 10 Improve OLf finances. th& t4ggest IM￿ is frrm cU￿￿j Costs antl marteiirv) our serv￿9 10 more p)18nu81
CUStomer5. We ￿entfied sawros were posgtrAe by frr￿￿n9 on ddweriro Oxygen Therapy alone and inyitsng olhei
businesses 10 offÈr other In ¢Èntre. as Ffvp¢Abewy. WÈ engèwj yrylh kn¢al t¥immertAI agÈnts
to idenirfy a suii*le premi￿ 10 r8lc¢818 Iha ¢antr8 and hav& enw8d INO neg01&3b¢ns with the cl) a number ol
potential oplK)ns. We &e fflarkeknry to 2XP3tKI take w of Oxygen TIWa￿ for ￿0[￿e wrth Olher condths. Includi
can￿r, ME, Chr(￿Ic Faugue Syrmtrome a￿1 Flbramyagla Our markeang Is In soc131 media and nevJSPa￿rs 01
NEga￿lle5. Wp ¢ornL¥np free SloDes vAth PaKI regjlarlyoffemg ￿￿￿TSe$S￿)ns ￿ pe(Ve tran find
oul bvhai Oxyg¥n T￿r$pY is like.
The Trustees have paid due regard lo the benefft gu￿lar￿ issued ￿ the Charity comTh￿On in d￿dIng wthal
activitie5 the rhanlab* mmpany 51Kwkl undErt*e.

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
TRUSTEES. REPORT (CONTINUEDIIINCLUDING DIRECTORS. REPORTI
FOR THE YEAR ENDED 31 DECEMBER 2024
Thè main acbwty is Ox¥gÈn T1￿8￿y, d￿Ne￿d by¢yJrwplNxJse bained Oper*ots.
U$8 olvolunleers
We b8nefit en<xrvK)u￿Y from the titne a[￿ skll dt>naled by ￿Jr 18 vdUn1e￿ 14 cperdlor and administrati¥8 mles.
We simrly wowde what we Ijo ther aid gener￿. Volunteers rAai a lea(Sng roè in the
pro¥iS￿n of Own TIErapy eXp￿￿rIced vduntws regI￿ty w(xk ￿ ad￿￿. IT, f1w￿. fvrIdra￿irVj 8nd recepbgn
¢CVnplom*ling our$mall t019 of xtaft.
W8 me818nnually wi￿} all staff and lh8 knrd ol Trustees revw the n￿lberS ol pet¥)lfr bwng trgaled ￿LI Mjwtif
opportunities to expand this. We akn ￿le¥1 qupjty thouyh Ixjr ¢knlty AwrdtKx sdf-assessment prO￿s5 and Ihrough
inteNiÈws and QUe*￿nn81￿￿ryththe
Strategk rÈport
The description under the headIn￿.Ach￿veMents ￿ perfomiarKe" and"Fir￿a reviw Ihp wrry)anyl
requiiements frjrthe trustees to w2setrt a stralegiG reFXXt.
Achlevements and pertorrnance
Achievefflents
Following the suEcesshA sale of ¢MJr buikjiw in Novtrnber 2023 we h8¥e w fotrJssed on firx1ing a $rnal￿r renied
prwmises for wr 0pept￿￿s. We have wcKked ￿th an eroffteerirE fim) expWIe￿ in the delivery of hyperbaric oxygen
5ySteThs lo devdop a Sulth￿ SpE£lf￿a￿ We have ￿Ted a ne￿e and surfa￿e Hyperbaric Oxygen Charnber lo
enable the ￿￿tre to grow and devd(p oxyy ther4ry Vve have etw wlh kxxl c￿n￿erCial propety ￿efits In our
search fur a Suitab￿ p￿￿[15e5 and after many y￿￿9s. and eye5sng furfhw Irrtere5t in a nuTnber Df industhal units have
8$ yel been ￿n$l￿CeSS￿l in securing a èase. We c(rfinue ow search in e￿ and ate oplimBtsc that we VJill wre 8
Suitab￿ prernise5 in the CO￿rvj yEar.
PprfDnTrance
We have to bcus on irKreasry the nunberot sessions édNereAI to d￿nts0verthe past y. In the terrn it
15 ImPOrt3nl lo nDtÈ thai we pffjwdirvj Oxygen peo￿ who do havÈ MLAlIp￿ Sdeiosis. We
8re pl$ased Oiher peo￿• are atsogetbng heb th•1 w inpr¢v& the qLdity olth¥r lfves. That in Wps the chanty to b8
r￿re Sustainab￿ and Iherefore aNe 10contw￿ PEx* mU￿p￿ s￿er￿ lenn.
F￿ndraISIng3chieveffje1rf5
We pay Inbute to Ihe many IrKI￿1dUaLs. w(X4)4 rtharilatrle trusts cornpanEs who Supry￿l us because thal support is
ial forall Mèdo.
Our cash reserve8 are the cdy fc*m of invesbThM we ￿*. We ¢QrfIn￿ to e*Th very tstesof inieresi on this.
Financial rpview
Our purpos¢ remains th• wgltsre of any and al alf•cted Jy MU￿P1• S￿￿r￿s in Hgrtfordshyg Arvj Surf￿nd1
8reas. We ivanl lo de1V￿rIhe ￿)$1 effedive tlwapies pDsstAe. in nKistalkYdable %w.
In 2024 tnadp a deficit of £40.193 C￿n￿e￿ to a 8￿u$ of £211.803 in 20rJ tMJI thal was b￿lse of Ihe Sa￿ of the
prowrty for£8SJ,LKIOof which £286.396 was 8 netgan on of lh& wr¥>bla fixed ass*. Ihe building. Ifwe
exdude Ihai lo look at reguL4r Iyrations we fnd that ¥¥e male d eefiul of-"76.593 in 2023 so that the results In 2024
rewesenl a small improvement. (Per3￿ Ir￿Me ¥A5 up n 2024 at £￿.02￿ uwnpared to 191.275 in 2023. Expenditure
as down at £139,15¢ compared to £167.￿8 in 2023. Part of ihese wsl S￿ngS were prOfeS￿onal costs in 2023 in
I)n￿￿n iwlh the sotrch for ￿￿tI91 n8w the chanty ro rwt.

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
TRUSTEES. REPORT (CONTINUEDIIINCLUDING DIRECTORS. REPORTI
FOR THE YEAR ENDED 31 DECEMBER 2024
The of q)eraling the C￿Te rernahn urthr wwAaTI*)5e s(Jubny by Ihe eoaTd. a setvitE o￿anisa1Kjll. the u)st of
staff is a￿sYS goin9 10 be the ts99est Part of our expeThsiure. to rnana9e end olPer costs
arefully.
Fundraising
Fundraising is awa>s a vital partof wha1¥￿ do. It is very dNetse ￿lInd￿des..
Bvjg rot laryogr#nlS.
Th8 many s￿laI￿r grant rnakng InJ5ts Ihal we ￿e in ￿fjth.
Street 3nd stole cdleclK￿s and the t¥1￿hr￿j ￿t5 many Lrf us have.
In house furtrai&ng Initi8bves wch 85 the Furthsin9 Tatde. IW Cbjb *)d Raffks.
mar8th￿. Cyd& Rac*saryJ 01￿ SpMSor￿ evwts.
MuGh of Ihe atxjve rE￿Ne5 sth5taniial inw( Wp and SU￿(¥1 I￿￿n Lxjr exc￿￿￿1 vol￿1￿￿5. whD we q)weck4le very
rwch.
H¢￿￿v&r. al furKtra1$￿9 has L*en ￿tyaffeded by¢he Cowi&19 PatKlerr*.
CorJtiilNrtions owrt4eAlrt￿r5
Ail donation5 from ijur mernbers a￿ deeply aP￿￿ated.
We want to thank all those who nkgke Hertf¢xtshre Muwe S¢￿$ Centre il is. Fyst the perp￿ l*iry
Oxygen Therapy with us. many ofbvhom mak$ cogknbubms through don*on8 and fundra￿n9 efforts. Eath every
Volunteer. The Cenlre's paKI Stsft. espeaaly Meire m￿rade. Each rTrembÈr of the &)ard. Our many trET￿S In other
org3nisalions.
We pay S￿al Inbute 10 al thp Ory￿a￿0￿1hathaVeffl￿ donati￿ arKI grdnt5 to the Charity.
Our Inco￿ is priwpally from.
Sdling oxyg￿ Therapy to peop￿￿th klult¥lp $de￿￿s
Sdling Oxyga4 Therapy to peoplewho <k> rKM have Mumple
Generating In￿rne frofft Fun(knls￿g
The expendrture of thecharity ￿ dorni[￿ted t¥lhe salaTr costsof slall. 15 fulty in line wth the Ltycts of thg charty.
Ao8erves
11 is U)e pdi¢y ol ¢h¥ritsble wmpgny thal unrestrKted ￿1¢h have not tten (Èspjnaled tor ¥ specific use shou
b£ maintained at a levd equivalent lo bel%w_n th'ee six fr￿￿'S exjenthlwe. The tslee5 consKler that resetves at
iIN518vel wil ensure that. ￿ Ihe eyenl ora ￿gnfficWt drop in fundirvJ. theywll Je aL4e lo O￿tinUE Ihe chanlable coryanW5
nt activities while C￿SKIe13￿On IS gi¥en to Ways in athirt￿31 fuThls may be rdised In 2024 unrestricted
exPe￿Il￿re wa5 £139 154 ThereFore 3 rrwlhs expwxlitwe WTKvnts lo £34 789 This levd ol rese￿e5 has finally been
Oth￿¥ed the sale ofthe in 2023.
Al 31st December 2024 we hal unrestiict& rese￿e5 or t638.523 and resIr￿d funds of £20.624. Thp target of
reserves 35 Stated 15 £34,789.
Investment Policy
r pdi¢y Is k> take aw inve5trnent¢)twbJt*ty that Canbrfil ￿ chaTty. after 3 to 6 fforth5 rgserves.

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
TRUSTEES. REPORT (CONTINUEDIIINCLUDING DIRECTORS. REPORTI
FOR THE YEAR ENDED 31 DECEMBER 2024
Plans forthofvturg
WO￿ is g(xrg foTbvtrd io".
Find new prem￿e8 the thBrity b rent wrdo* B Ox)¥¢n Ch*nbBr and move 811 aperBtiW¥ t¢
those Dew preTh￿S.
Continue to expand the Oxygen Twy seM¢e. Akeay Si9nknl new nun*ers of cusiomers. with
rAnditions olher than klultipk Sdero¥. are ￿n9 Ihis tspat￿￿nt makin9 a S￿￿fir￿n1 cnntntwlion lo the
rmantsal health of thè ¢h*ty as a %•PwJle.
Focus fvndr¥islr￿ to raise nYKe ffthey.
This charity has had a h"f& inpgca fm the IN8s of nwny MS. *nc8 1988. t>JrirKJ that the wtture
and enwrofimenl exiernally has changed sub5tanlJally. ￿￿WeVer. desre rernains io help we people affected by
sder0￿5 and Olher condrf￿s and do Ihis in 5uth a way that se￿￿5 Viab￿ kng lertn.
Structuro. govom•nu and manogom•nt
The charitaile IxKnp3ny is a company kmited by gua￿￿e, 29 January 1988. 2215165 and
re9slered * 8 Charity on 4 Au9USi 1988.
Ihe charitstle cwipany was e¥aWithed a MenKMdum and ArtthsofAssou*k)I whth ests￿l$he(l Ihe cl)trects
and tK)wers of the chantaNe a)mpany.
ThEI charil¥¥e c(Mnpany E n￿nag￿ by a Board ofTruste8s. At ￿Y￿V* thwg m￿1 te a rninimum of three Trus
and a maxinum of nine Tnjstees. A Trustee ran be wnted byall ReS(￿ut￿ ofthe mernbersor by Cow1￿
by a tsC￿On (rfthe Trustees until the next A(￿.
At eath Anriu81 Gen6ral Meeting (AGMI 8nyTDJStees ￿ ha￿ Lyxwtrttrd a Il*ee yèar ￿rM of servic8 since aw*nimeni
818 previ￿$ AGM musi retire Ir.)m c4fts bJl may off8r ihemsel¥es for re418Ction by the memtÉrs, unless Ihey hsve
(x>mpleted three conse(ubve terrns.
Th¢ Tw¥tets, •ty•lw th8 tliwiNsfor the Lsw, and th) ¥*rvéd %Yoré.'
Mr R Greener
Mr M Boscher
Mr R Levene
MrA CoulttrK4rd
Mr R ￿1￿1*11
IResigned 22 Janw 20241
IA¥wnied 12 Fclmuary 20241
{A[¥Mxn￿d 8 &wtenibBt 20251
N¢n8 of the vu*ees h¥v& 8ny be￿￿¢￿91 Inieresl il the Cwpany. Wl ol tha Irust*s are memtr*rs of the oJmp8ny 8r*J
uarantee tocon1n￿le É1 In Iheewenl of a %11ndw￿ wb.
Eath year we note whth nw people have Bwd have ￿tired from in Ihis way Ihe last sel of
8tt0unts w8r8 drawn up. We 8yess our d88p appw48￿ fcy th8 outstanOr¥] s8rw¢8 of Rae who rolred 8$ 8
Trustee in January 2024.
InLluthn aNdt￿[ning011ruSteP5
New Tnjslees an ￿du¢bQn Eryr8mn* tr•ThNJ 6 provkjed eathye8rk*81 Board mernb8rs.
Organisalionalstnthte
Th@ charitable c(xnpany is [￿ana￿ by a Board of Trus1￿. At one titr￿ thet8 ￿s1 be a of ltrree Ttustee5
and a of ninÈ Trusieas.
IheTrustees ddegaieday to dayrUnnIr￿ of te ctkqritatrle ¢￿pan￿S to the senKK staff

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
TRUSTEES. REPORT (CONTINUEDIIINCLUDING DIRECTORS. REPORTI
FOR THE YEAR ENDED 31 DECEMBER 2024
Relaticnship widernefwork
whi￿ this MulliplÈ S¢lero*s Therapy Centrtr Is entirpty IrwJÈpÈ*dpni WÈ are to bÈ members of a national
aS&Oc￿lI0n for tho 49 Trjultiplè SeknoFA6 T￿rapY C•nb•s aiOuNI th• UK. eal•d MuttiFl• Sdsrosts NalK)nal Thèrspy
C*ntr8S.
Relationships with relaled parties
We are entirely indep￿d￿￿t Imghty vakne our rdatxmthips Ihe MS SOCW. tIv3 MS TtUSt, M&UK
Risk facto￿ andTrvie
The TnJslep5 have as5e5sed thÈ rrw risks lo wlbth the dwitalAÈ (xKnpany li exposed aThl arÈsaisfied thai 5yStèrts are
p￿¢• to m￿48le &%p)sure to Ih)se I￿$.
Mr A Covl¢hard
Trusteg
Da￿.. 21 SeFthtr*er ￿25

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
STATEMENT OF TRUSTEES. RESPONSIBILTfiES
FOR THE YEAR ENDED 31 DECEMBER 2024
Th8 trustees, wtK) are asDthe dreL*x5 of Hert[(￿Sh￿￿￿thIb'p￿ SdBrDS￿ Thwwcentre Ltd f￿the purTX>Se ￿c(￿np￿Y
Lqw. ere resFonsible ts preparirvj the Trustees. Repm sr¥1em￿S Fl aCcLYd￿tr witrh app&c*)le law and
Unitgd Kingdom AccoLffjling Slandards (United KingknGener¥ly kncepled pr￿tice).
Comp8ny Law requres the Iru51eps to prepare fin2ncwl slaterr￿￿10re￿h fvanual yearwhKth give atTue atwjfair ¥￿W of
the State ofafaiTS oftt*eharitable ecynwy oftht appl￿11¢* of r￿u￿te8. 1rdL¥l￿9 Ihe
Icorr* and eXp￿a￿Vr&. of the charit*le Dhat year.
In wepwng these finart￿l slator(*nls. tnkstses we iwjwred to-
-sdath suitaYÈ aNlthÈn appty
- d)seNe the melh(hlsand pmrarles in ￿ [￿arit￿ SQRP..
. makel￿￿r￿ents e5timatesthat are red￿nth prLxI
. staia wP*thar awlSc8bk uK*￿]x￿￿r0 Sta)dath ha%* W folty•Fed. subiKI to any n￿￿81 d8partwas d￿￿)sed and
explaine(I In the 5tstemenis.' and
- wepare Ihp financHI statements w Ihe {￿cE￿ bays ￿￿eSS it is h4apFwate lo presuffte Ihatlhe charifab19
cotnpany vril contirvJe n ope[ab￿.
trustee$ arg resKoisb￿ for adewale r8oxd$ Ihaldi5eh)sowdh r985(J78We accuw al any the
finarKJal p05rt￿n of the Gtrkirrfabk GoTpany aid tQ ￿5￿re thal state[t￿ntS ￿ryly the
Comp8nies Act 2006. They are also resFX)wJle for Saf￿jUardiry the a￿tS ofthe tharita)le CoM￿Y aid hen￿ fortsking
a$<#￿￿e Steps forit* WeV6ntith arKJ delettKJn fraA arKJ (the" Tregu￿￿8.

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
I r8POrt to IV* tru*8è8 on my exarninat￿n ofthe ￿an(l¥ staiantnts of Hert￿sh￿ muh'P￿ St$8rosi¥ Ther•)yCèntrè Ltd
chanleble ctsrtpawl for the year endad 31 Decem￿r 2024.
Respon*￿ill&S and basis of rnport
As the Iwstee5 ofthe tharrtable c(￿p*Y la￿ atso itS{￿etto￿trthtr wrp)ses 01￿mpanY L8wI ytsj èo respcfisb￿ for the
prepar¥lh)n ofthe f￿*￿181 statements in reqL1r￿ents ofiheConynEs Act (the 2006kn1.
sal￿fied MYSe￿that firkrKHI state￿￿tS ofthe (h￿1￿* ￿￿nyare requred to be audited under P&t 16 of
IhÈ 2006 Ad and are el19b￿ for ir*ÈpereÈniÈXam￿atkn. I rewi il my examinabM ofthts Chaniabk wnpanys
fin8rri¥1 staivDents cul under 145 01 Ihe Ch*iies Ad 2011 Illp 2Q11 AEI!. In tsTrying QLrt my exaTDination I
have followed all Ihe 4ylicable Directions al￿ by the Ch¥ity CoThnissh)n 5ethon 1495llbl oflhe 2011 Act.
Independe￿ exarninerfs statement
I ha¥e CoMp￿ted Thy eL4Thinalion. I wnfirm that malter5 haveixThe to rnyattention in ￿￿neCt￿)n with the examination
olviw me cause ie kltve that ￿ any rnaienal respeci."
accountiry records were notkepl in restÉd rKthe th*iab* <rynpany as secbm 386 of the 2LD6 Act,. or
Ihe financial stat￿nts ￿tac£1￿d *ith tIK>se re￿)rrts.' or
thB ￿Tran￿la1 stalernenis do Dot Com￿Y ￿1h Ihe ofsBCbon ￿ ofthe 2006 Aci oll*r than
requirernentthal kne acC￿nts gve a ￿ andtsrvTh¥w￿ch IS Nbt a Ma￿erc￿s￿lered as ￿of an IndeFendenl
examinalir>n.'
th8 ￿[￿nCial stslernEnts havp tK>I been wppThl in acr(MtlarKe with Ihe priWAp￿SoIIhe Stai8mEnt of
RecornmencÈd Practi￿ far aCCx)untiTh3 and rerth.ro by tharitès to charities rKeparbig Iheiraccounts in
accordanTr with Ihe FinarKral ReFKKh￿ S13ndard applicknle ￿ the UKaThl Re￿tA￿ of Ireland IFRS 1021.
I h8V8 no conc8ms and h8we no other maN8rs in ¢(mr￿*1￿ th& ex*minabon to attention str￿d bo
dra%vn in this report in order lo enatrle a uThlerS￿dlry oflhe financial *alement5 b be reached.
John W1150n FCA ATII
Howard Chartere¢ Accwn•n¢s
36 Crown Rise
Watford
Hertfc*d$hYg
WD25 (￿E
Dated." r2 &pterrkner2)25

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
STATEMENT OF FINANCIAL ACTIVMES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEM8ER 2024
To*1 Unro8tri¢tsd Ro8tri¢tod
lund5
fund3
2023
2023
Total
2024
2024
2024
Notes
In¢omo and endoymients from..
Donatso￿ and lega¢Es
Ch￿lIats￿ ¥tyvibes
Other tradiTrJ a￿l￿beS
Investments
Ot￿r inc[￿￿@
6405
76.4E
11.782
6.405
76.466
11.7B2
6.721
74.375
9.914
265
268.396
6.721
74.375
9.914
288.398
Totsl Income
.022
379.671
379.671
ExpenthtuTr on..
Raising funds
Ch￿ab￿
23.688
112.527
14.694
153.174
14.694
153.174
112.527
Totsl expgN&ture
136.215
136.215
167.868
167.868
Net Incomdlexpendlturel and
mov•mant th funds
140.193
140.1931
211.803
211.W)3
Recondllawon of fvnds..
Fund balances al 1 January 2024
678.716
20.624 699.340
466.913
20,624
487.5J7
Fund balances at 31 OèGèmb
2024
638.523
20.624
659.147
678.716
20,624
699.340
siatsrn8niof fina￿81 ach¥i1*5 *ickJdes all gains*wJ k)sses wised in the year. Wl ir*J)me *d *xpe￿j1Ure derive

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
BALANCE SHEET
AS A T 31 DECEMBER 2024
Cuvrent ass0ts
Debto
Cash at bar* and bi
14
31,501
648.075
7.494
745.751
619.576
753.245
CrgdltOV5: amowbtsfalllng wilhin one
year
16
(20.4291
118.5361
Nqt ¢untnt 8s$6t¥
734.709
¢r*dltQFs= amowts tslllng aft¥r ￿re
than one ypaT
17
135.3691
N8t 88St18
659,147
699.340
In¢ome fund¥
Restn¢￿￿ funds
19
20.624
20.624
Unrestricted fu￿5
Deswnaled ILrd5
General Unrestrith￿ funds
21
683
678.033
637.840
638.523
678.716
659,147
699.340
Tre ¢cMpeny E enknlled to Ihe exeww frcAn heaL*lit rew1renwtt￿t&ned Fl Sect￿ 477 aftre ConN>anEs Act 20t6. lor
ihe year ended 31 De¢ernb￿ 2024.
direL*oLS aGkniMl&Jge their Test￿51￿1￿S wilh requwetllen15 of the c￿panE￿A￿t 2006 re5PÈLt
to actounbry r￿[d8 tnd Ihp preparatrffi statem￿.
ny3mb￿ have ￿ reouiW the cOMp￿Y to an au¢Jit of ds rn1r￿￿1 StslemenlsEf ts ywin qL￿S￿on in
accordan￿wth sect￿￿ 476.
These finaTrial staternents have prepa￿ ￿ aC￿rd￿ withlhp wovtsiorts to tornpanies subiectto the
srnall Ixxnpanies regiTrE.
Ih8 financ*1 stslerwnts we awoved by Tru$i88¥M 21 $8ptsmtw 2025
MrA Coulthard
Trustee
Twsl¢¢
Company RegIStra￿On No. 02215165

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
A￿OUnt￿9 pol￿195
Charity inlarmBtit
Hertfwdshire MUtiOe Thwaw Cgntre L*1 Isa txiwatrcLKnpany Iwnited byguarante8 IrK0[wra￿ In England
and Vlales. The regstered offre ￿ 30 Fiva. LeiCh￿1h GardBnCty. H8rifLYdshre. SG6 2JF.
The finantial sta*rfftnts hait in a¢¢r*darte wlh tre ttoriiaye ¢￿p*Y.$ Meww)randum arvj Articles
ofA5$0tyatson. the Conynies Act 2(Yh- and-AccwnDry and ReFwDro by Ch￿Tres.. &¥temenl of Rewmmended
P￿t￿e applicab￿ to cTraribe5 piepanng Ihew a¢xwnts in wlh the Fiwcial Rew>rtng Startard applicabl8
in IheVK and Repth1￿ d IrÉ4and IFRS 102) leltethe 1 Jatmjary 20191-. Thp C￿lab￿ C(￿n￿nY is a Public 8pnpfrt
Enbty8S dofiwd by FRS 102.
The chant*le ¢Crfnp￿Y t*en •l¥anlage ofthe in the S(KIP fr*ttwties apWyiry FRS 1[￿ Updqte
Bulletin 1 not to prepare a Statement ofcash Fkms
The finanoal stale￿ntS are twre(I n sWir¥J. vthTrch is Ihe fwKtKwl tJJff8ncyollh8 ctsrit*l8 c¢)mpaMy. ￿￿et￿tY
dThiyunt¥ in thetse fintjiirydl *dter￿its aty ￿)U￿e£l Iv the Q
The finan￿tI state￿nts ha'le been urxlÈrthe INsturi(a th$ti￿Ve￿N, Im¢Kkfied to Ind￿è thÈ rÈvaluatK)n
of ftpehold propettses ar￿ io ￿¢￿jde ￿¥￿Str￿n1 wpwbes atvj (•18in firw(i* aifair Yaluel. ThB priDcipal
acco￿nIrg pol￿￿% adopted are set oulbekA¥.
1.2 Golng COr￿¢M
The d)8nt*le ¢¢th￿)y meets its day to day wthiry ra￿*131 wui*rnerts*ith SUFWtof k)&ns prowded ty
SUPF(rters as (J8t8ik8d in nol8 1610 In adLlition 1he ¢blaned a back loan. repaygble 0￿r
a ien year p2ri(xi to (x)ver the Iranth￿ Per￿￿ 35they seek b relum chantaNeuThp3ny ID a swplus posthon.
The ofthe tharitaAe tmwls&*viliES aE *Jth Iha bB considerat4e uyedictable ¥*Alati￿ in
mi)0 of cash inflows. Th8 buslees ha%* ryepared wt¥8(ied cath fyjw tht*mabon brlhe period eThlin9 12 mont
frrth ts d8le trwrapproval rltw￿{wnt$. On bas￿ ofths cash infNmalh)i discusyois *ryth Ihe
charitable coryany s lendE*S. Ihe trust￿ cotNderlhat th2 dHrfable (x)nyany ￿111 continup to Iyefate ￿1th￿ th8 cash
balaTKes cuirenly avala￿e.
Htsw￿er, rnargw Df facilit￿ over rewiretnFtts is TWJI lapJB 8T￿, Inhe￿￿Y IhFre can no certa￿ty in relaliDD to
these matters. On thts basis. the knstees conside" il approp'kats to prewe the acLtunts an the 90ing (X)n￿rn basis
The ￿aunt5 do not In￿Ude any wlJJ5tnwts thal res￿1 fTQm a ￿li￿ra￿al cfthe k>an farAlibe5 by the Chantsb
Gotnpanys bndets.
1.3 Charitable fijnth
Un￿tricied fmds areavwl** fcrf use of ihe trLLStees in furiheraw of they c*8DtaUe obJectiv8S.
Restncied lthids ￿e S￿￿eCI10 speukcornSthJ75 by dOr￿￿S or￿￿1(ar& as lo h￿¥theY rnay be used. The wrposes
and uses ofthe re5trited futKJs are set(xrt In the notes to the ￿an(la1 *atern￿.
1.4 In¢om•
I￿orne is re￿￿15ed when Ihe charilth cfjrrpany is enriued trj il after any perforrnar￿ rxindilk?ns have been
t. the a￿￿nIS be rrwured relthy. and il ihat irww V*ill be r￿9¥8￿.
Cash dcraiic*)s ara reco￿1$￿ ¢n r8¢epl. Other&￿•￿$ re(o)lisad or￿e ch￿b￿companY has
notsfied oflhe d(naknon. unless perfor1r0￿e IxhidlK)ns deferia d the awK)unL IT￿me tsx recoverable in
r￿al￿ to donations r￿￿ed under r￿AKI ordeed5 of ￿￿enant is atthe twDe ofthe thnatK)n.
10-

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS IcopillNUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
ACcoUntw￿ pol￿•e$
(Continued)
Gr8nts are in Lh¢ Staterneni of Fir￿¢1￿1 fv4bvib¢sin the ycwin afe rec¢i¥8bk.
Inc<)ming resouTes frorn fuNtraisiry ¥enlures are rwni5&I in the Slalement Df Finanual Actnrities In Ihe year in
whith they are re￿ivable.
1.5 Exp•Nliwr•
Expenditure ￿ ￿c(￿)nted for i)n an ba￿S 3tKI has been clasgfied utKler headings that a9jr￿Jate all cost
related lo the category. WtrEre costs raTr￿t be <*rectly attrl)uted to pa[bcu￿ headiTvJs they have allorat￿ to
aciivthes tr) 8 basis ¢wstenl WAlh Ihe use of restyjrces. Res￿ree$ experthd Indude ¥ttnbu18ble VAT that is not
reco¥eratye by the dwnty.
Resou￿$ zie all(x*ed totrE partular ¥knerelherAJSt relates dir￿ tothat a¢bvty.
Fundr8isin9 expenditure ¢owises f))sis irwThed in Ir￿U(￿ and or9•)Isatity)s ￿ ctsitribuie fnancialy to
charit¢s work. ThE inclu(ksthe wsts of¥owiiyrKJ fry th)natyN￿ slagng rlsteci81 fijnIr8￿ry events.
The ch￿ry to (apitsl*e expe￿itU￿ ￿ fttedassets o)W kss than £2.SK).
1.6 Cash Cash Èqulva￿rlts
Cash cash ￿1valentS Indude cash in hand. dep￿tS alcall wdh bar*s. Olher short-term li(WKI investments
wilh ongnal maturths afltrrfee rr￿th5or kss. and overdratts. Barlt overdrafts are ¥Athn bwowings In
CLJtrenl liabilthe5.
1.7 Financial in5trurnents
The charit*le c¢KnP￿Y ha￿e￿cled 104ytyth& pyo￿l[￿￿SecIK￿ 11 Fi￿cHI In51tutnwrts' ar￿ SectK)n 12
'OVier FirwriLid lrtstruif￿Its IS¥￿ OIFRS 102 its dll ￿ its #I￿1￿1￿11￿.
Financial instsumentsar8 te¢owis&I in the ¢h81il*le cthnpan￿s bak*)co she81 %%tsn ￿ c￿ntable comfy9W
bec(Ynes party lo the conlr&tu* Prthrysx￿ of theinsknrnenL
Financial asBelsand ￿a￿lit￿Sare uffset. V•ilh Ihe net atTK)unis F￿esented ￿ the staiEtTrents. whEn therB Is a
1e9alfvenfoi￿ab1e nghl to Sel off Ihp ￿￿15 tt￿re 15 ￿ Intenti{￿ to setde on a net ba5E orto realilè
lh& asset and seNia Iho Iiablty stiiiutt•.
B8si¢ ffnon¢wl assets
BasK assets, i￿￿1￿ debtLY5 a[￿ cash a[￿ bank ba￿n￿5. ￿e inthally Tneasured at tr￿sact￿n price
Indudino IransadM costs afKI arÈ $￿É￿en￿l£MÈd at an¥xbsed c¢tst ÈifethÈ ￿tÈre51 methtrtl unltrss
e atraryeTnwlc￿SIrfUteSa tw5￿11￿. ltrp transaGiw ￿ rTr&*5UtFd al th8 we5Fnl valuB Dfth
ture re￿iptS dscwnted ata rnarket rale of interest. Finarrfxal assets cLassthed asrec￿¥ab￿￿i￿in one yearare not
arnotbsed.
8a5Ltinancial liabilities. ncluling Credrt￿S bank kjans are IThtialyTecogTh5￿ att￿5￿tion txice unless Ihe
arrawmtni ¢￿$￿tu￿$4 finarKing Ihe debl insxJm*i is mea￿10￿ 8lthe present v8Jut ofthe
fulure paymni$diso)unW ata tDark81 iale ol intstest. FinarKa¥1%9kn1diss c￿&*￿￿￿ a$ payabb wilhn or* y8¥aie not
arnortssed.
Debt are subseqLEnUy car￿￿ atam(xW rx>sL theeff8di¥e interest rate rnel1￿.
Trade ¢r8diicts 8r8 oN1gai￿$ io ￿Y frrf orservtes th91 ￿3¥• a(4Lir&d ordinary ¢ours8 of
operthons supplers. ￿￿o￿nts payab￿ are cL45sir￿d as cwrenl ithkniies If pasment is due wthin one year or les5.
If not, they are presented as no￿4￿[rent kabditE5. Trae vecitors are [￿n￿l Initial￿ al p[1￿ and
subsEquenlly rnEasured at att￿58￿ oist ￿(￿j tre effe(*ve nlerest tr￿.

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS IcopillNUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
ACcoUntw￿ pol￿•e$
(Continued)
Dern¢ognHhn dnn&rt¢x•lliabllitN?
rinancial liabilthes are derecowised char1tat4eixKty￿rfs dAyation5 exwrp or aredthrgpd or
can¢elbd.
1.8 EmpltsyÈtr ￿nefits
Tho CDSt Df any unus&l 4ntiU#mèni * r￿n￿ad in thè thè ètrpk>yèèsg&nri￿ rèCèw*
TerMDaI￿n tynefits are rectyntsed vtThwialeiyas an exp8nse (knaritab￿ cory8nyi$ dW￿rtstrab
mrfitted to temiinate the ernp￿yrwl ol an effVDyee ￿ toprowde terminalion beneffts
1.9 Retirement bwefits
PayI￿nIS ID defned c￿t[bJ1VJn rEtitBTh*wrt 5the[r￿at8 ￿￿[￿j as an exp8[￿ as tr￿fall due.
CrlllLzI accounllny e5tirn*5 and ludgwnents
In the applicahon of Ihe ¢haritatrAe cfynpany s w)Jltiry FKYW. ￿ trL£lees a￿ rRqthred to makejthgementS,
eslxnales aThJ assurnpbons a￿￿tIhe carrying an￿nI ofa5sets and katxlilEs tha12re not rea*ly apparerrt from oth
sources. The esttnates and 3SS(X3ated assumpti(￿3 are based on h￿tor￿z1 arKI otherfaGtot5thatare
nsKlered to be rdevani. Aciual resLd3 w (Iff¥ frrn estirfes
The eslwies uThYwtyiTrJ asswnrrfwswe revwvy th) an tyaws. Re￿$￿￿$ to accwntiry esbmates a
rec(vJnised in the pEr￿d In ¥Jl¥ch the estinwe B re￿Sed 8ff¥ts only Ihal pviod. or in the penod or
Ihe re4iSX)n ar￿ future petKQs where the [￿l￿on affec15 both cU[￿tatI1 ftJlu(e peri(xls.
Unr¢slrkt*d Vnr*stri¢t•d
nds
general
neral
2024
DonaibnsarK1 gils
6.405
6.721
Pro¥l$lorb of PhysitiihÈrdW and Oxygon Thèrapy
Unvp5tricted Unresirictpd
Funds
Funds
2024
2023
InrA)rr* frorn therawes
76,466
74.375
12-

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS IcopillNUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
knGom¢ from 4)thortradhvJ a¢trit
VnrEytrirted UnrestrictEd
fund5
nd5
2024
2023
Fundraisin9 events
11.782
9.914
come Imm Ikwe8kneMs
Vnr•stri¢ted Unrtrstri¢t•d
luThJ¥
lunds
2024
Inter￿ receDiatle
265
Other
Tot4 Vnr*strl¢t
nds
gEneral
2024
Nei gain on dtspos81 oflangbleffixed assets
288.396
Funtha15ing and wbllcity
Unv•$trfclod un￿st￿cted
funtts
lurds
gener31
9ervyg1
2D24
2023
Commun
fundraisin
Seeking donations. ￿aC
Staging fundrE*9ng events
9,826
13,862
6.347
8.347
Community fundpi*ng. ev￿1$ sponstyshy
23,688
14.694
13-

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS IcopillNUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Pvov15ion of Physiolhordw aThl Oxygon Therapy
2C124
2023
Stattetssts
Gen￿￿ ruMingu)sb
PIwiiw¥ Lxbis
InsuranTr costs
Repairs and mainten8rKecosts
orrte costs
EquiE¥nenl costs
Iranw)rt ¢ost¥
Legaland wofes￿on￿ ¢Xbsts
GovematKe cos
Bank charyas aThY othei fin8rte COSL8
59.gm
724
4.029
4.726
58.fA)9
9.07
4.363
20.673
3.913
419
25
12.281
1.637
38
32.353
2.520
22.084
18.855
112.527
153.174
Analysis by lund
tyn￿tr￿d knd5- generHJ
112,527
153,174
10 N•t mvwn¢nt kn fvr
2024
2023
Thtr nel rnvementin fimds ts siaied aftèr thawirylltwet*tiNJI'.
Fees payable lothe tharity's I￿￿eP￿t￿ent exattmner.
- f￿the Independent eXaTDina¢￿ of the charity's Sta￿nents
- ftrtsx advisory semtes
Lossiiyofitlon d¥rf)sal of ￿r￿j￿Ie assets
2,460
2,520
1288.3961
11
Trustse5
During thè datsghtttofonè T￿￿￿waS Èn¥W bYtr￿ tharity. grogs saarypaKI to thom
during the yearwas £1.*5.
None¢f￿ oth¥ tsu5tees lor any persOr60￿neded wth Iheml rwnuwation orbeneffts from tre
charitat￿e cotTyany during thp year.
14-

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS IcopillNUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12 En¥Jbyo¢$
Nurnber of ernployee
The ￿er￿e Thonthly wmbgr of Ihe year *w.'
2024
Nwnber
2023
Number
Managernent and admnrbtraknD
Oxygon ThoRpy
2024
Wages and Sal￿￿5
Oth¥FEnsKhl ¢05ts
58232
1272
57.458
59.S)4
13 Taxallon
The tharity is exetryt frvmlaxatiDn au*vth because 11 its ap￿l￿fOr L*aritable PLvpJses.
14 Dèbtors
2024
2023
AIMS￿ntS falllng due wlthln ont ye*.
Trad8 debltys
Otherdebtors
Pre￿yMents and income
2.925
25.048
3.528
974
185
6.315
31.501
7.494
15
Loan$ 8nd overthaft8
2024
2023
Bank knans
41.264
PaYa￿e within c￿e year
PaydNe afteron& ￿ar
35.369
The long.lerm103ns are SUPFthed by a ￿ardntee tolhe ￿r￿erfrOm1he UK tknerrrfnent ￿der the Boun￿ Back Loan
15-

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS IcopillNUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Loans and 0￿r￿aft*
(Continued)
The ¢h8nlgble company obleined ￿ Bounce W Loen frcffi 8erc*ys Bank. rcp•yJtl¢ over ten Ye•￿ ￿ryth
repasffnents n the firsl year. intwesi rnte ts 2.5% rw wvm. wiin Ihe mleresi in Ihe firsi ts¥elve m<￿th5 be
covered bythe UK GoVernr￿t
16 Croditorn.. amounts fallingth*withth one yoar
2024
2023
Noi•8
Bank knans
Tiade creditors
Oth¢r¢rodrt(*s
Accruals and deferred irwT
1$
5.895
6,427
2.156
1,686
11.683
7.060
20,429
18.536
17 Credltors.. amounts fallln9th*3ftermore Ihan one year
2024
2023
Bank kjans
35.￿9
Bank loans
Debt due In one year
In more Ihan year ￿ not lh￿ tsiY)yews
In more than two years rrnyo Ihan thr88 yews
In more Ihal five Y￿
5.895
5.895
17.685
11.789
41.264
Retlremeht benefit schemÈs
2024
2023
Dgflnpd ¢ontrlbutlon xhBn
Chargeto profit or Ioss in respectoldefined ￿r￿bUb0n sch￿DeS
1272
The thant#)le rAYnp￿ry I¥￿￿te4 a rtpfined c0nlriW￿ $rJ￿. for al quaifwng pmpk)yees Thp. of
e scherre are W sep¥*tyfrom ltrnse ofthe thailabk mrrpany in ￿ indepe￿enty adnnistered fir￿.
16-

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS IcopillNUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19 R¢strl¢t0411unds
The r¢eln¢ted fundsoflhe therity c￿nprisethC ur¢xpcrhYed b8￿nc￿etr¢c￿$8nd grontshdd on trusl subject to
SP8ufic co￿111￿￿9 by¢M(YJ as to hthty Ihey rnay be wd.
Mo¥om•nt in
funds
Balanco at
Fumittxe. FIX￿r*S and EqL4xwI
Oxygen CompT8550r Fund
Olher Restrided Fthds
8.058
20.624
20.624
20.624
Furnitye, fixture$ 8nd equiprrenl- ThisfurKI to wr(kne e(witMrEnl. fuTniture and fith'ros in the Centre.
Oxygen Cory4xesw FU￿ is ￿ pmide furwts ￿ ieFlacethe oMy4en tank when requir￿.
Other re$lriied fvnd5 ncJLth ￿$t￿1*Y furth". VeF¥d8 fu￿. Outreach PhysKjtr*￿pY ￿leCt.
PhysDlherapy and EquiprEnt Funds. new lhEr3￿ couthes. the (xisl Df an An￿31 Remew Flu5 funong from Noth
HerfNd5hire Trstrict C1￿clI to provide trainw￿ staff in speaaltst PiL*es Umwses.
AThAtysi8 of net as8ots bot**¢n funds
nd5
2024
fund5
2024
2024
At 31 0*￿￿b*2024.
Current asset￿{1￿9￿11b.esI
638.523
20.fj24
659.147
638.523
2D,624
559.147
Total
2023
20TJ
2023
At 31 Oot•hbtr2023:
Current asse￿Il•t￿l￿e$j
Long IkqPJlitES
714.085
13S.3fj91
20.024
734.709
135.3691
678.716
20,624
699.340
17-

HERTFORDSHIRE MULTIPLE SCLEROSIS THERAPY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS IcopillNUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21 D¢slwat¢d fvnds
Th¢ Lr(e8lricled funds of the chortyccffiwse the uncxpcrth b8lancesoldongtiofis and gronts which orc Th)1
subie¥l lo specific ￿ljIbOn5 by ¢(M￿r$ and as to ho￿ ￿Y ma) be used. These itKlu¢e ¢&signaW funds
Movement in
fund*
Incarnkny
Oxygen Gomwessor Fund
Oxygen Con¥Kess¢r FU￿ ￿ to provhJe ￿[4￿ethe tr* oK￿n tsnk Wh￿ wuir*.
18-

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