COMPANY REGISTRATION NUMBER: 02269310 CHARITY REGISTRATION NUMBER: 701791
Wolverhampton & District M S Therapy Centre Limited Company Limited by Guarantee Financial Statements
31 December 2020
MURAS BAKER JONES LIMITED
Chartered accountants & statutory auditor Regent House Bath Avenue Wolverhampton West Midlands WV1 4EG
Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2020
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent auditor's report to the members | 5 |
| Statement of financial activities (including income and expenditure | |
| account) | 10 |
| Statement of financial position | 11 |
| Accounting policies | 12 |
| Notes to the financial statements | 15 |
Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 December 2020
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 December 2020.
Reference and administrative details
| Registered charity name | Wolverhampton & District M S Therapy Centre Limited | Wolverhampton & District M S Therapy Centre Limited |
|---|---|---|
| Charity registration number | 701791 | |
| Company registration number | 02269310 | |
| Principal office and registered | Newbridge Therapy Centre | |
| office | Meadow View Wharf | |
| Tettenhall Road | ||
| Wolverhampton | ||
| West Midlands | ||
| WV6 0JT | ||
| The trustees | ||
| Mr P Williams | ||
| Mr B J Woolley | ||
| Mr A P V Hand | (Resigned 14 December 2020) | |
| Mrs S M C Straughan | ||
| Mr P H Wright | (Resigned 17 December 2020) | |
| Mr J Walters | ||
| Mrs J Pemberton | ||
| Mr P Williams | (Appointed 7 January 2021) | |
| Auditor | Muras Baker Jones Limited | |
| Chartered accountants & statutory auditor | ||
| Regent House | ||
| Bath Avenue | ||
| Wolverhampton | ||
| West Midlands | ||
| WV1 4EG | ||
| Bankers | The Co-operative Bank | |
| Delf House | ||
| Southway | ||
| Skelmersdale | ||
| WN8 6WT |
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Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2020
Structure, governance and management
Incorporation
The company w as incorporated on 20 June 1988 and took over the Wolverhampton and District Friends of A.R.M.S. (the previously unincorporated body) from 1 January 1990. The company was registered as a charity on 19 July 1989. The company changed its name to Wolverhampton & District M.S. Therapy Centre Limited from 10 June 1999. On 10 April 2019 the company changed it's name to Wolverhampton & District M S Therapy Centre Limited.
Trustee induction and training
Trustees are elected and appointed annually at the AGM. Each trustee is either a patient or a person with in-depth knowledge of how the centre operates. Each trustee is issued with a copy of the Memorandum and Articles of Association and copies of the centre's Policies and Procedures. All trustees are kept up-to-date with changes in legislation.
Principle funding sources
All patients are encouraged to contribute tow ards the cost of the treatments they receive by making a donation. The schedule of suggested contributions will be review ed and increased to assist the centre's funding. These contributions will now be reviewed annually.
Patients, their carers and other volunteer helpers take part throughout the year in charity collections in the city centre and local supermarkets. Management and staff actively seek help from companies, clubs and other organisations to raise funds for us and to supply services and contribute equipment as the need arises. We have a small fundraising group who organise raffles, race nights, flower demonstrations and various other events to bring in funds.
Legal structure
The company is limited by guarantee and therefore does not have a share capital. The liability of members is limited and details of their guarantees are given in note 3 to the financial statements.
The company is also a registered charity.
Fixed assets
Acquisitions of fixed assets during the year are recorded in the notes to the financial statements.
Reserves policy
The trustee directors consider that an amount equivalent to the annual running costs of the centre should be retained on reserves.
The unrestricted funds for the year shows a deficit of £33,965 in comparison to a surplus of £6,336 in 2019. The trustees consider the free reserves of the charity for the coming year to be £110,673, w hich represents approximately 9 months of the actual running costs.
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Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2020
Structure, governance and management (continued)
Investment policy
The trustee directors have alw ays invested any funds raised in excess of the annual running costs with a suitable building society in order to be prepared for the possibility of expanding the centre should the opportunity arise. This has meant that the trustees were able to use accumulated funds tow ards the purchase of the adjoining bungalow.
Risk review
The trustee directors consider that the systems and procedures in operation are appropriate for the organisation and the risks are review ed regularly.
Objectives and activities
The objects and principal activities of the company throughout the year w ere to aid and improve, for the public benefit, the condition of those suffering from multiple sclerosis by the following means: by bringing together people with MS and those interested in MS, and by providing therapies, treatments, advice, guidance, moral and practical support for MS sufferers as w ell as those suffering from other symptoms or conditions.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
We had a problem in February when high winds blew the boundary fence and w all dow n onto our car
parking area. Our insurance company theAllianz were alerted and they sent their assessor to investigate. Discussions took place over 4 months of discussions while we convinced our neighbours that it was their responsibility and they paid to have it replaced. We were then able to avoid claiming on our insurance policy.
Staff at the centre started to putting up screens to provide social distancing for patients attending the centre and a one way system w as introduced. The centre was closed from the 23 March according to Government restrictions and reopened on the 7 September. Patients were encouraged to keep in touch using the Helpline. As the w eeks went by the Centre opened on less days with a restricted number of patients to attend but the Centre was forced to close again in accordance with Government rules. Our three members of staff were furloughed and our professionals w ere given small token payments to keep them on board for our reopening. Our centre manager was able to work from home by using a laptop.
The trustees agreed for work to be done during lock dow n on the centre's IT and computer system and this was This work had been completed at the end of July. Certain w orking practices were looked into and improvements were suggested. Our Centre Manager after completing 8 years at the Centre decided to move on and she finished w orking at the Centre on the 31 December.
Financial review
For the year ended 31 December 2020 total incoming resources amounted to £117,716 an decrease of 29.5% on the previous year. After deducting resources expended of £151,681, net outgoing resources amounted to £33,965.
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Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2020
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accept ed Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent ;
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state whether applicable UK Accounting Standards have been follow ed, subject to any material departures disclosed and explained in the financial statements;
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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 adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Auditor
Each of the persons who is a trustee at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
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they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
The trustees' annual report and the strategic report were approved on 5 July 2021 and signed on behalf of the board of trustees by:
Mr P Williams Trustee
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Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Wolverhampton & District M S Therapy Centre Limited
Year ended 31 December 2020
Opinion
We have audited the financial statements of Wolverhampton & District M S Therapy Centre Limited (the 'charity') for the year ended 31 December 2020 w hich comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and w e have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence w e have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Wolverhampton & District M S Therapy Centre Limited (continued)
Year ended 31 December 2020
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider w hether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine w hether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the w ork undertaken in the course of the audit:
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the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, w e have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to w hich the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations w e require for our audit.
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Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Wolverhampton & District M S Therapy Centre Limited (continued)
Year ended 31 December 2020
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Wolverhampton & District M S Therapy Centre Limited (continued)
Year ended 31 December 2020
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will alw ays detect a material misstatement w hen it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with law s and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to w hich our procedures are capable of detecting irregularities, including fraud is detailed below:
In planning and designing our audit tests we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management about their ow n identification and assessment of risks and irregularities. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framew orks that the company operates in, focusing on provisions of those law s and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations w e considered in this context included the UK Companies Act, UK tax legislation and other laws and regulations identified as risk areas identified from our discussions with management.
We communicated relevant identified law s and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with law s and regulations throughout the audit.
After consideration of the above risks w e then carried out audit procedures including the following:
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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reading minutes of management meetings;
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reviewing correspondence with H M Revenue & Customs;
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enquiring of management and reviewing any correspondence with legal advisors concerning actual and potential litigation and claims;
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reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant law s and regulations described as having a direct effect on the financial statements;
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in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
There are inherent limitations in our audit procedures described above. The more removed that the law s and regulations are from financial transactions the less likely it is that we would be aware on
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Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Wolverhampton & District M S Therapy Centre Limited (continued)
Year ended 31 December 2020
non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with law s and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that w e might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Oliver Ross BSC (Hons) FCA (Senior Statutory Auditor)
For and on behalf of Muras Baker Jones Limited Chartered accountants & statutory auditor Regent House Bath Avenue Wolverhampton West Midlands WV1 4EG
5 July 2021
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Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 December 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ |
£ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 84,182 |
– | 84,182 | 65,094 |
| Charitable activities | 5 | 14,633 |
– | 14,633 | 58,157 |
| Other trading activities | 6 | 17,013 |
– | 17,013 | 43,077 |
| Investment income | 7 | 1,888 |
– | 1,888 | 550 |
| -------------------------------- | -------------- | -------------------------------- | -------------------------------- | ||
| Total income | 117,716 | – | 117,716 | 166,878 | |
| ================================ | ============== | ================================ | ================================ | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of other trading activities | 8 | 903 |
– | 903 | 904 |
| Expenditure on charitable activities | 9 | 144,812 |
5,966 | 150,778 | 159,638 |
| -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 145,715 | 5,966 | 151,681 | 160,542 | |
| ================================ | ======================= | ================================ | ================================ | ||
| -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | ||
| Net (expenditure)/income and net | |||||
| movement in funds | (27,999) | (5,966) | (33,965) | 6,336 | |
| ================================ | ======================= | ================================ | ================================ | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 301,774 | 327,391 | 629,165 | 622,829 | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 273,775 | 321,425 | 595,200 | 629,165 | |
| ================================ | ================================ | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 15 to 19 form part of these financial statements.
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Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Statement of Financial Position
31 December 2020
| 2020 | 2019 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 14 | 459,227 | 468,694 | |
| Current assets | ||||
| Stocks | 15 | 120 | 321 | |
| Debtors | 16 | 433 | 488 | |
| Cash at bank and in hand | 157,361 | 162,792 | ||
| -------------------------------- | -------------------------------- | |||
| 157,914 | 163,601 | |||
| Creditors: amounts falling due within one year | 17 | 21,941 | 3,130 | |
| -------------------------------- | -------------------------------- | |||
| Net current assets | 135,973 | 160,471 | ||
| -------------------------------- | -------------------------------- | |||
| Total assets less current liabilities | 595,200 | 629,165 | ||
| -------------------------------- | -------------------------------- | |||
| Net assets | 595,200 | 629,165 | ||
| ================================ | ================================ | |||
| Funds of the charity | ||||
| Restricted funds | 321,425 | 327,391 | ||
| Unrestricted funds | 273,775 | 301,774 | ||
| -------------------------------- | -------------------------------- | |||
| Total charity funds | 18 | 595,200 | 629,165 | |
| ================================ | ================================ |
These financial statements were approved by the board of trustees and authorised for issue on 5 July 2021, and are signed on behalf of the board by:
Mr P Williams Trustee
Mr B J Woolley Trustee
The notes on pages 15 to 19 form part of these financial statements.
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Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Accounting Policies
Year ended 31 December 2020
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts 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 circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated w ith the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
legacy income is recognised when receipt is probable and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, 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 w hen received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
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Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Accounting Policies (continued)
Year ended 31 December 2020
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to w hich it relates:
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance 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 charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned betw een the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is show n within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follow s:
| Freehold property | - | 2% straight line |
|---|---|---|
| Short leasehold property | - | Over the period of the lease |
| Fixtures and fittings | - | 20% straight line |
| Equipment | - | 15%/33.3% straight line |
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also review ed for possible reversal at each reporting date.
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Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Accounting Policies (continued)
Year ended 31 December 2020
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflow s that largely independent of the cash inflow s from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Stocks
Stocks are measured at the low er of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2020
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is New bridge Therapy Centre, Meadow View Wharf, Tettenhall Road, Wolverhampton, West Midlands, WV6 0JT.
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 with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Limited by guarantee
The company is incorporated under the Companies Act and is limited by guarantee. The liability of the members is limited to £1 per member. There are no beneficial interests and under the terms of its Memorandum and Articles of Association any surplus can only be applied tow ards the promotion of the company' s objectives and no dividend or other form of distribution can be paid to its members.
4. Donations and legacies
| Donations and legacies | |||
|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 27,671 | – | 27,671 |
| Grants | |||
| COVID grant | 25,000 | – | 25,000 |
| Job retention scheme | 31,511 | – | 31,511 |
| ---------------------------- | -------------- | ---------------------------- | |
| 84,182 | – | 84,182 | |
| ============================ | ============== | ============================ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 59,490 | 5,604 | 65,094 |
| Grants | |||
| COVID grant | – | – | – |
| Job retention scheme | – | – | – |
| ---------------------------- | ----------------------- | ---------------------------- | |
| 59,490 | 5,604 | 65,094 | |
| ============================ | ======================= | ============================ |
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Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2020
| 5. | Charitable activities | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Fees and subscriptions for diving, | |||||
| physiotherapy and reflexology | 14,633 | 14,633 | 58,157 | 58,157 | |
| ============================ | ============================ | ============================ | ============================ | ||
| 6. | Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Fundraising events | 17,013 | 17,013 | 43,077 | 43,077 | |
| ============================ | ============================ | ============================ | ============================ | ||
| 7. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 1,888 | 1,888 | 550 | 550 | |
| ======================= | ======================= | ============== | ============== | ||
| 8. | Costs of other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Costs of generating funds | 903 | 903 | 904 | 904 | |
| ============== | ============== | ============== | ============== | ||
| 9. | Expenditure on charitable activities by activity type | ||||
| Activities | |||||
| undertaken | Support | Total funds | Total fund | ||
| directly | costs | 2020 | 2019 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 136,561 | – | 136,561 | 149,390 | |
| Governance costs | – | 14,217 | 14,217 | 10,248 | |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| 136,561 | 14,217 | 150,778 | 159,638 | ||
| ================================ | ============================ | ================================ | ================================ | ||
| 10. | Analysis of support costs | ||||
| Professional | |||||
| fees | Audit fees | Total 2020 | Total 2019 | ||
| £ | £ | £ | £ | ||
| Governance costs | 13,045 | 1,170 | 14,215 | 10,249 | |
| ============================ | ======================= | ============================ | ============================ |
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Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2020
11. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
| Net (expenditure)/income is stated after charging/(crediting): | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 9,467 | 10,589 |
| Fees payable for the audit of the financial statements | 1,170 | 995 |
| ======================= | ============================ |
12. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 71,379 | 60,739 |
| Wages and salaries - overtime | 6,480 | 8,704 |
| ---------------------------- | ---------------------------- | |
| 77,859 | 69,443 | |
| ============================ | ============================ | |
| The average head count of employees during the year was 3 (2019: 4). The | average | |
| number of full-time equivalent employees during the year is analysed as follows: | ||
| 2020 | 2019 | |
| No. | No. | |
| Number of staff - administration | 3 | 4 |
| ============== | ============== |
No employee received employee benefits of more than £60,000 during the year (2019: Nil).
13. Trustee remuneration and expenses
There has been no remuneration or expenses paid to the trustee directors.
14. Tangible fixed assets
| Tangible fixed assets | |||||
|---|---|---|---|---|---|
| Short | |||||
| Freehold | leasehold | Fixtures | |||
| property | property | and fittings | Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 1 January 2020 and | |||||
| 31 December 2020 | 522,024 | 22,329 | 67,123 | 83,596 | 695,072 |
| ================================ | ============================ | ============================ | ============================ | ================================ | |
| Depreciation | |||||
| At 1 January 2020 | 57,396 | 22,329 | 66,788 | 79,865 | 226,378 |
| Charge for the year | 7,640 | – | 241 | 1,586 | 9,467 |
| -------------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | -------------------------------- | |
| At 31 December 2020 | 65,036 | 22,329 | 67,029 | 81,451 | 235,845 |
| ================================ | ============================ | ============================ | ============================ | ================================ | |
| Carrying amount | |||||
| At 31 December 2020 | 456,988 | – | 94 | 2,145 | 459,227 |
| ================================ | ============================ | ============================ | ============================ | ================================ | |
| At 31 December 2019 | 464,628 | – | 335 | 3,731 | 468,694 |
| ================================ | ============================ | ============================ | ============================ | ================================ |
- 17 -
Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2020
15. Stocks
| 15. | Stocks | ||||
|---|---|---|---|---|---|
| 2020 | 2019 | ||||
| £ | £ | ||||
| Raw materials and consumables | 120 | 321 | |||
| ============== | ============== | ||||
| 16. | Debtors | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Prepayments and accrued income | 433 | 488 | |||
| ============== | ============== | ||||
| 17. | Creditors: amounts falling due within | one year | |||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Accruals and deferred income | 8,262 | 2,040 | |||
| Social security and other taxes | 3,212 | 1,090 | |||
| Other creditors | 10,467 | – | |||
| ---------------------------- | ----------------------- | ||||
| 21,941 | 3,130 | ||||
| ============================ | ======================= | ||||
| 18. | Analysis of charitable funds | ||||
| Unrestricted funds | |||||
| At | At | ||||
| 1 January 2 | 31 Decembe | ||||
| 020 | Income | Expenditure | r 2020 | ||
| £ | £ | £ | £ | ||
| General funds | 301,774 | 117,716 | (145,715) | 273,775 |
|
| ================================ | ================================ | ================================ | ================================ | ||
| At | At | ||||
| 1 January 2 | 31 Decembe | ||||
| 019 | Income | Expenditure | r 2019 | ||
| £ | £ | £ | £ | ||
| General funds | 295,076 | 161,274 | (154,576) | 301,774 |
|
| ================================ | ================================ | ================================ | ================================ | ||
| Restricted funds | |||||
| At | At | ||||
| 1 January 2 | 31 Decembe | ||||
| 020 | Income | Expenditure | r 2020 | ||
| £ | £ | £ | £ | ||
| Capital appeal | 327,391 | – | (5,966) | 321,425 |
|
| ================================ | ============== | ======================= | ================================ | ||
| At | At | ||||
| 1 January 2 | 31 Decembe | ||||
| 019 | Income | Expenditure | r 2019 | ||
| £ | £ | £ | £ | ||
| Capital appeal | 327,753 | 5,604 | (5,966) | 327,391 |
|
| ================================ | ======================= | ======================= | ================================ |
- 18 -
Wolverhampton & District M S Therapy Centre Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2020
18. Analysis of charitable funds (continued)
The capital appeal fund is part funding the acquisition of the bungalow and to refurbish the bungalow. Tw o treatment rooms, a consulting room and a training area will be created while the bungalow is refurbished.
19. Analysis of net assets between funds
| Analysis of net assets between funds | |||
|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Tangible fixed assets | 163,102 | 296,125 | 459,227 |
| Current assets | 132,614 | 25,300 | 157,914 |
| Creditors less than 1 year | (21,941) | – | (21,941) |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| Net assets | 273,775 | 321,425 | 595,200 |
| ================================ | ================================ | ================================ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Tangible fixed assets | 166,603 | 302,091 | 468,694 |
| Current assets | 138,300 | 25,300 | 163,600 |
| Creditors less than 1 year | (3,129) | – | (3,129) |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| Net assets | 301,774 | 327,391 | 629,165 |
| ================================ | ================================ | ================================ |
- 19 -