RegisteTed number: 02345074 Company Number .701740 The South Wales Multiple Sclerosis Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements 31" March 2025 First 4 EnteTpiise Ltd TIA BuSinS Sense M.I.C.B Pm.Dip The Business C¢ntre I Peniel Green Road Llansamlet Swansea SA7 9AP
The South Wales Multiple Sclerosis Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31 March 2025 Contents Information Strncture, Governance and Management Chairmans, Report A¢¢ountant's Report Income and Expenditure Account for the year ended 315t March 2025 Statement of Financial Position as of 315t March 2025 io li Notes 12 Detailed Statement for Financial Activities Year Ended 31 March 2025 Detalled Statement of Financial Activities Continued 20 21
The South Wales Multiple Sclerosis Therdpy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31 March 2025 Information The trustees, who are also the directors for the purpose of company law, present their report and the unaudited financial statements of the Charity for the ycar ended 31° March 2025. Directors/Trustees Mrs Jeanette Hamilton Jones Mr Philip James Mrs Euryl James Mr Steven Burton Mr Leigh Stevens Mr David Denton Mrs Katherine Denton Christine Jones Mr Peter Lock Mr Phillip Jones Ms Chamjine Greig Secretary Ms Charniine Greig Company Number 02345074 Charity Number 701740 Registered Office Swansea Oxygen Clinic St Marys Court Swansea SAI 7DA Accountsnts Sense First 4 Enterprise Ltd TIA Business M.I.C.B Pm.Dip The Business Centre I Peniel Green Road Llansamlet Swansea SA7 9AP
The South Wales Multiple Scler05is Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31 March 2025 Structure, Governance Management Bankers The Co-operative BaDk PIC POBOX 101 l Balloon Street Manchester Alderniore si l Floor, Block B Westem House Lynch Road Peterborough PE2 6FZ M60 4EP Govering Document The South Wales Multiple Sclerosis Therapy CentTe Limited is a charitable company limited by guarantee, incorporated on 8th February 1989. The Company was established under a Memorandum of Association which established the objects and powers of thc charitable company and is governed undei its Articles of Association. In the event of the Company being wound up the membcrs are required to contribute an amount not exceeding £1. Recruitment and Appointment of Trustees The directors of the Company are also charity trustees for the putposes of charity law. Under the requirements of the Memorandum and Articles of Association all members of the man2gement committee retlre at the Annual General Meeting and sitting members who are eligible may declare their intention to stand for Te-election. Objectives and Activities The objects for which the Charity is founded are defined in its Memorandum and Articles of Association. The objectives which forni the CharRty's main activities including aiding and improving for the public benefit in the Area of Benefit the condition of those suffering from Multiple Sclerosis and by providing therapy (including hyperbaric oxygen therapy) for persons suffering from Multiple Sclerosis or other symptoms and conditions. The other main activity is to collect and organise the collections of funds foi furthering the Principal Objects of the Charity by advertisements, lectures, exhibitions. enfrrtaintnenL sporting events, promotions. lotteries, appeals, grant applications and to receive donations and subscriptions. Whilst the Charity has actively provided therapy for persons with Multiple Sclerosis, peTson5 with other conditions have been afforded hyperbaric oxygen therapy. These conditions included sport injuries, diabetes, spina] injury. cerebTal palsy, children with autism and stroke vtctims.
The South Wales Multiple Sclerosis Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31 March 2025 The Charity continues to be a member of Oxygen Helplin¢ UK, which is its lifeline for inforniation and support. Close liaison is also maintained with other similar Therapy Centres tbroughout the United Kingdom on Centre-reIated matters. The Centre continues to make available hyperbaric oxygen theiapy, physiotherdpy as well as other complimentary therapies, and a positive outlook foi people with Multiple Sclerosis and other conditions in its area of benefit.
The South Wales Multiple Sclerosis Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31" March 2025 Chairnians, Report For my ninth consecutive chaiTpersoDS report I am once again very pleased to inform you of yet another success1 year. The foorfall using the therapies available ensures a sound financial return supported by a small but steady stream of Charitable donations, however as suggested in last years report due to rising running costs the trustees took the difficult decision to raise fees &s from l April 2025. The small but committed team of staff are always very welcoming and are bighly regarded for the care that they demonstrate to all clients. New clients are accommodated at the earliest opportunity, with those enduring Multiple sclerosis being given a higher priority. Mrs Christine Jones, forn]er Centre Manager and now tnt¢¢ and company treaswer inforn]s me that raising fees will ensure financial stability. The completion of the loan for the new Oxygen Chamber and equipment. Tnjstees are always willing to give consideration for new innovations to improve the centre for the benefit of clients. within our financial limitations. The ongoing financial challenge is to secure a profitable return on our solar panels. Charitabje fund raising is very important to keep costs as low as possible for clients. It must therefore be stressed that all clients need to be aware of the charitable status of the MS Centre. As always, I would like to take this opportunity to thank my fellow trustees foT their support, the centre staff for their commitment as well as the volunteers and fund raisers who are vitally important. Anyone wishing to become a volunteer or fundraiser please make yourself know to centie staff. I would also like to invite any regular users of the centre to volunteer to become new trustecs, to bring new ideas and refresh the current expertise. Mally thanks Philip lames Chairperson
The South Wales Multiple Sclerosis Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31" March 2025 Financial Review During the year there were income resources of £126,745 and expenditure of £133,541 attributable to unrestricfrd funds giving rise to -£6,796 net incoming resources of in respect to general funds. At 31 st March 2025 the unrestricted general fimds amounted to £235,735 of which £171,273 is invested in fixed assets leaving £64.462 which Tepresented free reserves which can be used in accoTdance with the charitable objects at the discretion of the Trustees. There were no restricted funds at 31" March 2025. Investment Policy Under the Memornndum and Articles of Association. the Charity h&$ the pow¢r to make any investment which the Trustees see fit. The Charity has a policy of keeping surplus liquid fiu]ds in short-terni deposits which can be accessed readily. Reserve Policy The Trustees have established a policy whereby the unreslricted funds not cornmitted or invested in tangible fixed assets ('the free reserves,) held by the Charity should be between three and six months of resources expended, which equates to approximately £25,000 to £40,000 in general funds. At this level the Trustees feel that the current activities of the Charity would be able to continue in the event of a significant drop in funding. It would obviously be necessary to consider how the funding would be replaced or activities changed. At present the free reserves amount to £70,065 which are in excess of the range of funds detennined to be required. The policy is constantly under review to ensure that the minimum free reserves retained are sufficient to ensure the uninterrupted continulty of the Chartty's activities. Small Company Provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The Trustees, annual report was approved on .... on behalf of the Board of Trustees by: /.7./As.............. and signed Mr Phillip Jajnes ChairniaD
The South Wales Multiple Sclerosis Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31 March 2025 Accountantys Report I report to the Trustees on my examination of the financial statements of The South Wales Multiple Sclerosis Therapy Centre Limited for the year ended 31" March 2025. As the Trustees of the Company (and also its dir¢ctors for the purposes of Company law) you are responsible for the preparation of the fmancial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, l report in respect of my examination of the Charity's accounts as Caled out under Section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Conmnission under Swtion 145(5)(b) of the Charities Act 2011. We have not been instructed to carry out an audit of the fmancial statements. For this Teason. we have not verified the accuracy or completeness of the accounting iecords or inforn]ation and ¢xplanations you have given to us. and we do not. therefore. express any opinion on the financial statements. Signed Colin Grey First 4 Enterprise Ltd TIA Business Sense M.I.C.B Pm.Dip The Business Centre I Peniel Green Road Llansamlet Swansea SA7 9AP
The South Wales Multiple Sclerosis Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31 March 2025 5t Income and Expenditure Account for the year ended 31 March 2025 Notes Unrestricted Total Income and Endowments Donations and Legacies 112.668 I l2,668 Other Trading Activities 16,232 16.232 Invesknent Income 1,363 1,363 Other Income 1,389 Total Income 131,652 131652 Expenditure Charitable Activiti 126,091 126,091 Total Expenditure 126,091 Net Income & Movements ID Funds 5,561 5.561 Reconciliation of Funds Totak funds brought forward 2J9 154 219,154 Total funds carried forward 224,715 224,715
The South Wales Multiple Sclerosis Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31" March 2025 Statement of Financial Position as of 31 March 2025 2025 2024 Fixed Assets Tangible Fixed Assets 13 170 692 I70,692 171,273 171,273 Current A55ets Cash at Bank 48,038 64.926 Creditors Tyithin one year Net Current Assets 14 811 464 47,227 64,462 Net Assets 217 919 235 735 Funds of the Charity Unrestricted Funds Long Term Liabilities 217,919 224,715 11,020 235,735 217,919
The South Wales Multiple Sclerosis Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31 March 2025 Notes l. General Information The Charity is a public benefit elltity and a private company limited by guarantee, registered in England and Wales and a registered charity England and Wales. The address of the registered office is Swansea Oxygen Clinic, St Mary's Court, Winch Wen Industrial Estate, EnteTprise Park. Swansea. SAI 7DA. 2. Statement of Compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance wÉth the Financial Reporting Standard applicable ill the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. 3. Accounting Policies Basis of preparation Company status The charity is a Company limited by guarantee. In th¢ event of the charity being wound up, th¢ liability in respect of the guarantee is limited to a maxitnum of £1 per member of the Charity. Fund Accounting Funds held by the Charity are either". Unrestricted Funds: fimds which are available for us¢ at the discretion of the Trustees in furtherance of the general objectives of the charity. Restricted Funds: funds which are subject to restrictions on their expenditure imposed by the donoT or through the tern]s of an appea]. Ineoming Resources All incoming resouTces are included in the Statement of Financial Activities when the ChaTity is entitled to the income and an amount can be quantified with reasonable accuracy. The following specific policies are applied to particular income categories:
Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement
The South Wales Multiple Sclerosis Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31" March 2025 is not conditional on the delivery of specific perforniance by the ChaTity, are recognised when the Charity becomes unconditionally entitled to the Grdnt.
Donated services and facilities are included in the Statement of Financial Activities at the value to the Charity where this can be quantified. The value of services provided by volunteers has not been included in these financial statements. Investment income is included in the Statement of Financial Activities when rcceivable. Incoming resources from ants. where related to perforniance and specific deliverables, are included in the Statement of Financial Activities as the Charity earns the right to the consideTation by its perfOn)llce. Resources Expended Resources expended are included in the Statement of Financial Activities on an accrual basis as a liability is incurred. Expellditure includes VAT which cannot be recovered and is reported as part of the expenditure to which it relates: Costs of generdting funds comprise the costs associated with the attracting of voluntary income. Charitable expenditUTe comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requiTements of the Charity and include accountancy fees and costs linked to the strategic management of the Charity. All costs are allocated between the categories on the Statement of Financial Activities on a basis dcsigned to reflect the use of the resource. Costs directly attributable to specific activities and have been included in those cost categories. Other goods, which are attributable to more than one activity, are apportioned across cost categorie5 on the basis of an estimate of the proportion of time spent by staff on those activities or other appropriate basis. Going Concern There are no material uncertainties about the Charitys ability to continue. Judgments and Key sources of estimation uncertainty The preparation of the Financial Statements requires managcment to make judgements, estimates and assumptions that affect the aountS reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circUmsLres.
The South Wales Multiple Scler05is Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31" March 2025 Fund Accounting Unrestricted filnds are available for use at the discretion of the Trustees to further any of the Charity's purposes. Designated funds are unrestricted funds eaTmarked by the Trnstees for a particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the tern]s of appeal and fall into one of two sub-classes: restricted income funds or endowment funds. Ineoming Resources All incoming resources aTe included in the Statement of Financial Activities when entitlement has passed to the Charity. it is probable that the economic benefits associated with tlie transaction will flow to the Charity and the amount can be reliably measured. The following specific policies are applied to particular categories of incotne:
Income from donations or grants IS Tecognised when there is evidence of entitlcment to the gift. receipt is probable. and its amount can be measured Teliably. Legacy income is recognised when Teceipt is probable, and entitlement is estsblished. Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliable. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No Ounts are included for the contribution of general voluntcers. Income from contracts for the supply of services is recognlsed with the delivery of the contracted service. This is classified as unrestricted funds ullless there is a contractual requirement for it to be spent on a particular pury)ose and returned if unspenL in which case it may be regarded as restricted. Resources Expended Expenditure is recognised on an accruals basis as a liability is incued. Expenditure includes any VAT which cannot be fully recovered, and is classified UDder the headings of the Statement of Financial Activities to wbich it relates: Expenditure on raising funds includes the costs of all fundraising activities, events, non- charitsble trading activities, and the sale of donated goods. Expenditure on charitable activities includes all costs incurred by a Charity in undertakillg activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governaiice of the Charity apportioned to charitable activities. Other expenditure includes all expenditure that is neither related to raising funds for the Charity nor part of its expenditure on Chitable activities.
The South Wales Multiple Sclerosis Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31 March 2025
All costs are allocated to expenditurc categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs aTe apportioned between the activities they contribute to on a reasonable, justifiable, and Consistent basis. T&ngfible Fixed Assets All fixed assets are recorded at cost. Depreciation Depreciation is calculated to write off the cost or valuation of an asset, less its residual value, over thc useful economic life of that asset as follows: Fixtures and Fittings 25 % Straight line 33 % straight line Straight line over life expectancy (40 years) Straight line over life expectancy (20 years) Premises Altemations N¢w Oxygen Chamber New Oxygen Generator Impairment of Fixed Assets For the puqioses of impairnlent testing, when it is not possible to estimate the recoverable amount of an individual &sseL an estimate is made of the recoveIablc amount of the cash- generating unit to which the asset Ixlongs. The cash-g¢nerating unit is the smallest identifiable oup of asscts that includes the asset and gencrates casb inflows that largely indepcndellt of the cash infiows from other assets or groups of assets. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs ofpurchase, costs of conversion and other costs incUed in bringing the stock to its present location and condition. Financial Instruments A financial asset or a financial liability is recognised only wh¢n the Charity becomes a paty to the contractual piovisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
The South Wales Multiple Sclerosis Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31" March 2025 Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairnient at th¢ end of each reporting date. If theTe is objective evidence of impairment, an impairnient loss is recognised under the appropriate heading in the Statement of Financial Activities in which the initial gain was recognised. Defined Contribution Plans Contributions to defined contribution plans are recognised as an expense in the period in which the relatsd service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions ar¢ not expected to be settled wholly within 12 montlis of tlie end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as expense in the period in which it arises. 4. LiDiited by Guarantee The South Wales Multiple Sclerosis Therapy Centre Limited is a charitable company limited by guarantee, incorporated on 8th February 1989. The Company was established under a Memorandum of Association whicb established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the Company being wound up the members are required to contribute an amount not exceeding £1. 5. Donatiolls and Legacies 2025 Funds Unrestricted Total Donations Donations and other fid[aiSing activities 112,255 112,255 112255 112,255 6. Other Trading Activities 2025 Funds Unrestricted Total Sale of Goods Subscriptions Rent (Ultrasound) 1,232 6,810 2,600 10,642 1,232 6,810 2,600 10.642
The South Wales Multiple Sclerosis Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31 March 2025 7. Investment Income 2025 Funds Total Unrestricted 1,524 1.524 Bank Interest Received 1,524 1.524 8. Other Income 2025 Funds Unrestricted Total Miscellaneous Encome 2,324 2,324 2,324 9. Expenditure on Charitsble Activities 2025 Funds Unrestricted Total Direct charitable activities 128,297 128,297 Interest payable and similar charges 5,244 5,244 133,541 133,541 10. Staff Costs 2025 Fund5 Unrestricted 69,660 Total Wages and Salari¢s Pensions 69,660 2,821 72,481 72.481 The average head count of employecs during the year w&8 6. No employee received benefits of more than £60,000 during the year.
The South Wales Multiple Sclerosis Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 315t March 2025 11. Net Income 2025 Fund5 Unrestricted 581 1,036 1,617 Total 581 1,036 Depreciation of fixed assets Operating lease 12. Accountancy Fees 2025 Fund5 Total Unrestricted 648 648 Accountant fees 648 648 13. Tangible Fixed Assets Land & Property Fixtur & Fitting5 Total Cost As at l April 2024 As at 31 March 2025 206,718 206.718 257 342 257,342 50,624 Depreciation As at l April 2024 Provided dwing the year As at 31 March 2025 37,767 48,302 581 48,883 86,069 581 86,650 37,767 Net Book Value As at l April 2024 As at 31 March 2025 168,951 168,951 1,741 2,322 170,692 171,273 14. Credltors 2025 Funds Total Unrestricted 553 258 Other Taxes and S(Kial Security AccNaEs and Deferred Income 553 258 811 811 15. Trustee Remuneration and Expense5 No TemuneIations or other benefits from employment with the charity or a related party were received by the Trustees.
The South Wales Multiple Sclerosis Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31" March 2025 16. Pensions and Other Post Retirement Benefits The amount recognised in the financial statements is an expense relating to the defined contribution plan was £2.821. 17. Analysis of Charitable Funds Unrestricted Funds 0110412024 224,715 Income Expenditure 3110312025 131,652 133,541 217,919 General Funds
The South Wales Multiple Sclerosis Therapy Centre Limited Company Limited by Guarantee Unaudited Financial Statements for Year Ended 31 March 2025 Detailed Statement for Financial Activities Year Ended 31st March 2025 Income and Endowments Donations and Legacies Donation5 and Fundraising Activities 112255 112 55 Other Trading Activities Sale of Goods Subscriptions Rent (Ultrasound) 1,232 6.810 2,600 10,642 Investment Income Bank Interest Received 1.524 63 Other Income Miscellaneous Income 2,324 1,389 Total Income 125,649
The South Wales Multiple Sclerosis Therapy Centre Limited Cornpany Limited by Guarantee Unaudited Financial Statements for Year Ended 31 March 2025 Detaxjed Statement of Financial Activities Continued Expenditure Charitable ActfivAtfies Purchases Membership Fees Wages and Salaries Employ¢r Nl Pensions Staff Training Rent Light and Heat Repairs and Maintenance Cleaning Insurance Printing> Postage and Stationery Telecommunications Accountancy Fee General Expense Bank Interest Payable Credit Card Charges Operating Lease Depieciation Legal Expense 1.290 730 69.660 6.653 2.821 25.000 8,135 2,425 204 6,974 249 1,230 648 1,697 3,277 931 1.036 581 133,541 Net Income 6,796
The South Wales Muhlple Sdenjsls Therapy Centre Umited Company UDd by GuaTrntee Unaudlted Hnandal Statements for Year Ended 31° March 2015 Detalled Statement of Trlnandal Acdyldu Continued 730 and SthrifA Empkn)v 633 Lighi •nd Hwl &135 1425 974 249 1230 1ffj97 3277 931 l.036 581 133 N•t lt•mo