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← The Myalgic Encephalopathy Association Limited

2024-12-31-accounts

REGISTERED COMPANY NUMBER: 02361986 (England and Wales) REGISTERED CHARITY NUMBER: 801279

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

Astral Accountancy Services Limited 2B Marston House Cromwell Business Park Chipping Norton Oxfordshire OX7 5SR

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page
Report of the Trustees 1 to 10
Report of the Independent Auditors 11 to 12
Statement of Financial Activities 13
Balance Sheet 14
Cash Flow Statement 15
Notes to the Cash Flow Statement 16
Notes to the Financial Statements 17 to 27
Detailed Statement of Financial Activities 28 to 29

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Page 1

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES

Charitable Objectives

The charity's Vision is to improve the quality of life for those affected by ME/CFS. We do this by providing support and information; funding research to find biomedical markers and treatments and educating and informing the broad eco-system that includes media, politicians, educators, health and social care providers and the commercial sector.

What we do and why we do it

The ME Association has been providing expert help since 1980.

We have established an excellent reputation over the last 45 years and consistently deliver high standards of support, providing reliable and timely information, medical education and training, effective lobbying, and we make prudent research investments.

We understand the challenges that living with Post-Viral Fatigue Syndrome (PVFS), Myalgic Encephalopathy/Encephalomyelitis (ME), Chronic Fatigue Syndrome (CFS), and Long Covid can present, and we believe that nobody should struggle alone.

More than 400,000 people in the UK live with ME/CFS and around 1,800,000 with Long Covid which represents a real health crisis. These are life-changing and indiscriminate medical conditions that affect both adults and children regardless of socio-economic or ethnic background.

ME/CFS can lead to long-term disability and a lower quality of life than Multiple Sclerosis or Cancer. It most often presents as a complex post-infection syndrome that dramatically impacts a person's ability to complete everyday tasks and to mobilise normally. Long Covid affects people in a similar way.

There are no effective drug treatments, but convalescence and appropriate self-management can help stabilise and improve functional ability over time for some people. Complete recovery from ME/CFS is rare and for people who are severely affected the disease can be life-changing and in some cases life-threatening.

Research

Page 2

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Public benefit

In preparing these financial statements and their report, the Trustees confirm that they have had regard to the Charity Commission's guidance on public benefit, and that they consider the objectives and activities of the charity have historically and continue to fall within the scope of that guidance.

Page 3

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE

2024 was a significant year for the MEA, and has given us the opportunity to reflect on our key activities and achievements, discuss challenges and introduce future plans.

We are committed to working together with MEA members and the ME/CFS community and remain focused on improving the quality of life for those affected by ME/CFS. We do this by providing support and information; funding research to find biomedical markers and treatments and educating and informing the broad eco-system that includes media, politicians, educators, health and social care providers and the commercial sector.

1. Investment into research, information, and support programmes:

I) Research into causation

c) On-going research into mitochondrial dysfunction and metabolomics at the University of Oxford, including a new PhD position in 2025.

d) Funding to physios for ME, including a pilot study on lactate levels in people with ME/CFS - University of Liverpool.

e) Under consideration - research into the underlying physiological cause of post exertion malaise.

II) Research into diagnostic biomarkers - two separate studies

III) Research into management and treatment

Page 4

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

IV) Forthcoming Research Initiatives

V) Health and Social Care

VI) ME Connect Re-launch

Page 5

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

2. Improving operations, introducing new and updated approaches, Governance Review, Transparency, Consultation and Development

Page 6

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRATEGIC REPORT Financial review

In 2024, The ME Association saw total funds increasing by £253,060 bringing the yearend balance to £3,861,870.

Income

Total income for the year rose by £100,459 compared to 2023, driven by increases in both donations and legacies, as well as improved investment income due to favourable interest rates.

Membership subscription income remained consistent with 2023 levels. While this represents a relatively modest portion of our overall revenue, membership contributions continue playing a meaningful role in supporting the day-to-day operations of the charity.

Legacy income increased in 2024, reaching £628,031 , up £118,691 the previous year. Legacies remain a vital and appreciated source of funding for our work. We are deeply grateful to all supporters who remember the ME Association in their wills.

Unless any donation, legacy or fundraising income is expressly restricted to the purpose of funding research activities, all income is allocated to the charity's general funds. These general funds can be applied towards research activities alongside restricted funds when appropriate.

Expenditure

Total expenditure increased by £111,634 compared with the previous year.

We expanded our teams in Fundraising, the ME Connect helpline and Communications which has increased salary costs.

In 2025, we implemented a fully supported Customer Relationship Management (CRM Customer Relationship Management) software system. This significant project is a long-term investment that has increased our ability to track and engage with members and supporters.

The Audit, Investment and Risk Committee met regularly throughout the year to oversee financial management, improve governance and internal controls, and manage organisational risk. Their work supports the Board in fulfilling its duties and support long-term planning for the future of the charity.

Page 7

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRATEGIC REPORT Financial review

Reserves

At 31 December 2024, the ME Association held total funds of £3,861,870.

Investment Approach

The MEA carefully considers all potential investments and is very conscious of the fact that we are stewards of the funds that generous supporters have given to us. We will always try to act in their best interests. We are considering several initiatives that aim to improve the service we provide and bring more support to the communities we serve. And, while we constantly monitor funds held in reserve with the aim of effectively using them, we want to ensure they are invested prudently.

The Trustees aim to maintain reserves equivalent to at least 12 months of core costs , particularly to honour advance payments made through membership subscriptions. The Board also remains alert to:

Designated Reserves

From within its unrestricted funds, the ME Association has allocated £1,760,000 as designated reserves to support specific strategic and operational priorities:

Free Reserves

Free reserves are defined as unrestricted funds, minus designated reserves and the net book value of fixed assets, stood at £1,220,357 at 31 December 2024 (2023: £2,222,674). The reduction reflects allocations to designated reserves in anticipation of a long-term research project.

Unrestricted funds

Unrestricted funds at year-end totalled £3,086,948 (2023: £2,830,928), representing an increase of £256,020 during the year. These funds provide flexibility to respond to emerging needs, invest in growth, and supplement restricted funds when appropriate.

Restricted funds

The MEA holds restricted funds for the sole purpose of financing biomedical research into the causes and treatment of Myalgic Encephalopathy. These are principally held in the Ramsay Research Fund and must be used in line with donor intent.

As of 31 December 2024, restricted reserves stood at £774,922 (2023: £777,882), reflecting a small decrease of £2,960 over the year.

The charity recognises its obligation to retain sufficient restricted reserves to meet existing and future research commitments. In the event of the charity winding up, any remaining restricted funds must be transferred to a UK charity with objectives closely aligned with supporting and publishing ME research.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is established under a Memorandum of Association which established the objects and powers of the charitable company and is governed by its Articles of Association.

Page 8

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Charity constitution

The charity constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Membership

Members subscribe annually and voting rights are based on the currency of their subscription. Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the charitable company in the event of winding up.

Recruitment and appointment of new trustees

The charity is managed by elected trustees. The Articles of Association require that one third of the trustees retire every two years but remain eligible for re-election. Trustees are elected by the members of the charity and must comprise of people with an interest in ME/CFS.

Applications to become a trustee are advertised in both the quarterly magazine of the charity and its social network media. Reference is made that applications are welcome from all and to ethnic diversity. There is a limit of eight trustees but the Board can co-opt up to three additional members at any time. Co-opted trustees are then put forward to the membership for election at the next annual general meeting (AGM) at which elections will take place.

Voting takes place by either postal ballot or at the AGM.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02361986 (England and Wales)

Registered Charity number 801279

Registered office Unit 7 Apollo Office Court Radclive Road Gawcott Buckingham Buckinghamshire MK18 4DF

Trustees

Miss M Ainsworth-Wells Mr E S Dale Mr N H Riley (resigned 3.3.25) Dr C B Shepherd Mr D A Allen Mr M Mitchell (appointed 16.5.24) Ms G Evans (appointed 21.5.24) (resigned 20.10.24)

Auditors

Astral Accountancy Services Limited 2B Marston House Cromwell Business Park Chipping Norton Oxfordshire OX7 5SR

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Myalgic Encephalopathy Association Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Page 9

THE MYALGIC ENCEPHALOPA THY ASSOCIATION LIMrrED REPORT OF THE TRUSTF.ES FOR THF. YF.AR ENDED 31 DECEMBER 2024 STA TEMENT OF TRUSTEES, RFSPONStBtLfnES- continued Company law requires the trustees to prepare financial ststements for each financial year which give a trne and fair view of the state ol affairs of the charitable cotnpany alld of the incoming resources and application of resources, including Lhe income and expendiDire. of the charithble company foT that wiod. In prepaTing those financial statrmenLs, the truste&s are reqlliTed to select suitable accounting policies and then apply them consistently- observe the tnethoiL% and principles in the Chatity SORP. make judoemenis and estimatrs tha( are reasonable and pntht; tate whether applicablt accounting sthndards have beell followed. subjeci io ally matrrial departures disclosed and explained in the financial statements., prepare the financial Sta￿rnents on the going Conc￿ basis unless il is inappropriate to PTesume that the chaJitable cotnpany will continue in business. The trustees are responsible for keeping proper accollnling records which disc105e with ie&gonable accuracy a( any time the financial position of the charitable company and Lo enable (hem to ensure thai the financial statm¢nts comply with the Companies ACL 2006. They are also resrK)nsible for safegllarding the of the charitable cotnpany and hence for taking reasonable sleps for the prevention and detection of fraud and o(her irregularities. In so far as the trustees are aware.. there is no relevan( audit inforn]aiion of which the ch￿itable company's auditors are unaware: and the trustees have taken all steps that they ought to have taken to Tnake themselves aware of any relevant audit inf0m￿Li0n and to estsblish thai the audiiors are aware of that inforniation. AUDITORS The auditors, Astval Accountancy ServAces Llmitrd WAll proposed for re-ap￿1DttneDi at the forthcomillg Annual General Meeung. Report of the trnsiees. incoryK)rdiing a strategic rew)r¢ approved by order of the b(￿[d of trustees. as (he company directors. on ..*...%fS-..Lc4.l.S.......... and signed on (he board's behalf by: MrDA Ilen - Trustee Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

Opinion

We have audited the financial statements of The Myalgic Encephalopathy Association Limited (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we 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 charitable company'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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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 whether 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 whether this gives rise to a material misstatement in the financial statements themselves. 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 work undertaken in the course of the audit:

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIJIITED Matters on which we are required to report by exception In the light of the knowledge and undersianding of the charitable company and its environment obtained in the course of the audit, we have not identified tnaterial misslalements in the Report of the Trustees. We have nothing lo report in respect of the following ￿￿tte[S where the Companies Act 2(X)6 requires us to report to you if, Én our opinion.. adequate accounting records have not been kept or returns adequate for our audii have not been received from blanches not visited by us. or the financial siatetDents are not in agreement with the accounting record5 and returns. or ccrtain disclosures of trustce5' remuneration specified by law are not made; or we have not received all the inlorni&tion and explanations we require for our audit. Responsibilities of trustees As explained more lully in the Statement of Trustees, Rcspollsibililies, the lrnslees (who arc also the directors of the charitable company for the purposes of company lawl are responsible lor the preparation of the fmancial statements and for being satisfied that they give a Irue and fair view. and lor such internal control as the trustees determine is necessary to enable the preparation of financial statements thai are free from material misstatemenL whether due to fraud or e￿or. In preparlng ihe fmancial statements. the truslees are responsible lor assessing the charilable company's abilily to continue as a going concern, disclosing, a5 applicable, malters related to going concern and using the going concern basis of accounling unless the trustees either intend to liquidate the charitable company or to cease operdtlons. or have no realistic alternative but lo do so. Our respoLsibilities for the audit of the financial statements Our obJeclive5 are to obtain reasonable assur¢ince about whether the fmancial statements a5 a whole are free from material misstatemenL whether due to fraud or error. and to issue a Report of the IndependeDI Auditots that includes our opinion. Reasonable assurance is a high level ol assutance, but is Thot a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstaicvncnt when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expecied to influeThce the economic decisions of users tsken on the basis of these fIna￿CIal statements. A further description of our resFrf)nsibilities for the audit of the financial ststements is locaknl on the Financial Reporting Council's web5Lte at www.frc.org.uklaudilorsresponsibililies. This description fonns part of our Retrf)rt of the Independent Auditors. Use of our report This report is made solely to the chatitsble company's menlbers, as a trKKiy, in aCCord￿ce with Chaptr 3 of Part 16 of the Companies Act 2￿6. Our audit work has been ￿nde[taken 50 that we might State to the charitable compan} s n]embers those matters we are required to stste to them in an auditors, rep)rt and for no other purpose. To the fulles¢ cxtent perniitled by law, we do not accept or assume res￿nSibIlity to anyone other than the charitable company and the chariL2ble company's members as a b(MJy. for our audit worL for this re￿r( or for the opinions we have fornied. Mrs Tracy Norris (Senior StarU￿ry Auditor) for and on behalf of Astral AccounL3ncy Services Limiied 2B Marston House Cromwell Business Park Chipping Norton Oxfordshire OX7 5SR 17 September 2025 Page 12

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
Information and Support 5
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Charitable activities
6
Fundraising Expenses
Information and Support
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
786,528
89,742
32,717
67,467
976,454
18,596
701,838
720,434
256,020
2,830,928
3,086,948		 Restricted
fund
£
110,348
-
-
31,502
141,850
-
144,810
144,810
(2,960)
777,882
774,922		 2024
Total
funds
£
896,876
89,742
32,717
98,969
1,118,304
18,596
846,648
865,244
253,060
3,608,810
3,861,870		 2023
Total
funds
£
825,332
88,742
54,131
49,640
1,017,845
9,884
743,726
753,610
264,235
3,344,575
3,608,810

The notes form part of these financial statements

Page 13

THE MYA￿lc ENCEPHALOPATHY ASSOCIATION LIMITED BALANCE SHEET 31 DECE￿IBER 2024 2024 Total funds 2023 Total nds Unrestrictrd fimd5 ResrTictrd filnd No FIXED ASSETS Tan￿ble assets 13 106591 106591 112,754 CURRENT ASSETS Stocks Debtors Investlnentg Cash ai bank attd in i)and 14 15 16 7,881 379,497 1,655228 1.004.781 7,881 379,497 2,278,750 8.571 403.520 2,(KJ6.445 1.195.084 623522 3.IM7J87 826.679 3J74.066 3,613,620 CREDrroRS Amounts falling due within one year 17 (67,030) (51,757) (118,787) (117.5641 NET CURREwf ASSETS 2 980J57 774.922 3.755.279 3,496,056 TOTAL ASSF.TS LESS CURRENT LIABILITIES 3,086,948 774,922 3,861,870 3.608.810 NET ASSETS 774 922 3 608 810 18 Unrestricied funds Restricted funds 3,1186,948 774 922 2,830,928 777,882 TOTAL FUNDS 70 3,608.810 The financial ststrmenrs were approved by the Board of Trustres and authorised for issue on and were signed its behalf by.. Mr D A Allen- Trns The noies forni part of these financial stttements Patse 14

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
(Increase) / Decrease in Term Deposits
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2024
£
200,044
(8,097)
191,947
(5,757)
(272,305)
98,969
(179,093)
12,854
1,195,084
1,207,938		 2023
£
655,903
(4,196)
651,707
(2,090)
(944,728)
49,640
(897,178)
(245,471)
1,440,555
1,195,084

The notes form part of these financial statements

Page 15

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
Decrease in stocks
Decrease in debtors
Increase in creditors
Net cash provided by operations		 2024
£
253,060
11,921
(98,969)
8,097
690
24,022
1,223
200,044		 2023
£
264,235
12,006
(49,640)
4,196
2,415
402,571
20,120
655,903

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand
Liquid resources
Deposits included in cash
Current asset investments
Total		 At 1.1.24
£
1,195,084
1,195,084
-
2,006,445
2,006,445
3,201,529		 Cash flow
£
12,854
12,854
-
272,305
272,305
285,159		 At 31.12.24
£
1,207,938
1,207,938
-
2,278,750
2,278,750
3,486,688

The notes form part of these financial statements

Page 16

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Myalgic Encephalopathy Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either; the company is aware that the probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified to the executor's intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the company where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

Donated services of facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Other income is recognised in the period in which it is recoverable and to the extent the goods have been provided or on completion of the service.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Resources are expended in the furtherance of the charity's objectives.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.

continued...

Page 17

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

Expenditure

Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

All assets costing more than £200 are capitalised.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold property - Over 20 years
Fixtures and fittings - Over 4 years
Computer equipment - Over 4 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Taxation

The charity is exempt from corporation tax on its charitable activities offered by the Corporation Tax Act Part 2 of chapter 3. Accordingly, there is no corporation tax charged in these accounts.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Operating leases

Rentals under operating leases are charged to the Statement of financial activities incorporating income and expenditure account on a straight line basis over the lease term.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Company status

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

continued...

Page 18

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

Cash at Bank in hand

Company status

Cash at bank in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Cash deposits that are not readily accessible within 3 months are classified as Term deposits.

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipated it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2. DONATIONS AND LEGACIES

Donations
Legacies		 2024
£
268,845
628,031
896,876		 2023
£
315,992
509,340
825,332

3. OTHER TRADING ACTIVITIES

Fundraising events
Other incoming resources
Trading
4.
INVESTMENT INCOME
Investment income		 2024
£
20,586
597
11,534
32,717
2024
£
98,969		 2023
£
26,574
3,770
23,787
54,131
2023
£
49,640

continued...

Page 19

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

5. INCOME FROM CHARITABLE ACTIVITIES

2024
Activity
£
Subscriptions
Information and Support
89,742
CHARITABLE ACTIVITIES COSTS
Grant
Direct
funding of
Support
Costs
activities
costs
(see note 7)
(see note 8)
(see note 9)
£
£
£
Fundraising Expenses
18,596
-
-
Information and Support
674,010
164,828
7,810
692,606
164,828
7,810
DIRECT COSTS OF CHARITABLE ACTIVITIES
2024
£
Staff costs
375,803
Equipment hire
630
Purchases
4,127
Postage, telephone and stationery
34,812
Sundries
886
Travel and subsistence
1,665
Meeting costs
86
Printing
39,388
Office expenses
11,479
Repairs and maintenance
897
Cleaning
1,140
IT Costs
21,996
Irrecoverable VAT
22,475
Subscriptions
29,624
Training
625
Magazine contractors
29,999
Medical literature
5,790
Fundraising Cost
18,596
Other costs
7,712
Creative Costs
1,571
Campaigns
63,287
Depreciation
11,921
Interest payable and similar charges
8,097
692,606		 2023
£
88,742
Totals
£
18,596
846,648
865,244
2023
£
344,999
940
6,707
31,726
1,500
1,832
94
39,057
10,222
310
1,067
11,497
10,217
5,161
361
28,840
3,738
9,884
3,853
7,381
75,235
12,006
4,196
610,823

6. CHARITABLE ACTIVITIES COSTS

7. DIRECT COSTS OF CHARITABLE ACTIVITIES

continued...

Page 20

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

8. GRANTS PAYABLE

General Fund - University of Exeter
General Fund - Other
Ramsay Fund - Evidence Based Rehabilitation Academy
Ramsay Fund - University of Newcastle
Ramsay Fund - University of Surrey
Ramsay Fund - London School of Hygiene
Ramsay Fund - Others		 164,828
2024
£
16,596
3,422
21,757
14,940
16,103
91,760
**251 **		 137,654
2023
£
43,514
87,038
7,102

9. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Information and Support 7,810
Support costs, included in the above, are as follows:
2024 2023
Information
and Total
Support activities
£ £
Auditors Remuneration 4,600 4,600
Professional Fees 3,210 533
7,810 5,133

Support costs, included in the above, are as follows:

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors Remuneration
Depreciation - owned assets
Equipment hire		 2024
£
4,600
11,920
630		 2023
£
4,600
12,007
940

continued...

Page 21

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

During current year four Trustees received reimbursement of expenses amounting to £6,568, (2023 - 4 Trustee - £6,254).

12. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2024
£
344,284
21,704
9,815
375,803		 2023
£
322,460
15,685
6,854
344,999

The average monthly number of employees during the year was as follows:

Average Employees 2024
15		 2023
13

No employees received emoluments in excess of £60,000.

The Key Management Personnel of the charity are represented by the trustees, who are not remunerated.

13. TANGIBLE FIXED ASSETS

COST
At 1 January 2024
Additions
Disposals
At 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for year
Eliminated on disposal
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Leasehold
property
£
177,712
-
-
177,712
71,086
8,885
-
79,971
97,741
106,626		 Fixtures
and
fittings
£
2,482
-
-
2,482
2,312
88
-
2,400
82
170		 Computer
equipment
£
14,077
5,757
(1,429)
18,405
8,119
2,947
(1,429)
9,637
8,768
5,958		 Totals
£
194,271
5,757
(1,429)
198,599
81,517
11,920
(1,429)
92,008
106,591
112,754

continued...

Page 22

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

14.
STOCKS
Stocks
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Tax recoverable
Legacies
Prepayments and accrued income
16.
CURRENT ASSET INVESTMENTS
Term deposits
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Grant commitments
Accruals and deferred income
Deferred Income
Deferred income represents deferred annual membership subscriptions.
Deferred Income at 1 January 2024
Resources deferred during the year
Amounts released from previous years
Deferred Income at 31 December 2024		 2024
£
7,881
2024
£
-
4,397
2,945
361,477
10,678
379,497
2024
£
2,278,750
2024
£
10,867
7,457
33,118
21,757
45,588
**118,787 **		 2023
£
8,571
2023
£
114
8,558
2,151
390,000
2,697
403,520
2023
£
2,006,445
2023
£
5,853
5,183
37,221
21,757
47,550
117,564
£
37,860
40,723
(38,952)
40,723

continued...

Page 23

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

18. MOVEMENT IN FUNDS

Unrestricted funds
General Fund - Unrestricted
Designated Fund - Sinking Fund
Designated Fund - Core Services
Research Project
Restricted funds
Ramsay Research Fund
TOTAL FUNDS
Net movement in funds, included in the above a
Unrestricted funds
General Fund - Unrestricted
Restricted funds
Ramsay Research Fund
TOTAL FUNDS		 At 1.1.24
£
2,335,428
5,000
490,500
-
2,830,928
777,882
3,608,810
re as follows:		 Net
movement
in funds
£
256,020
-
-
-
256,020
(2,960)
253,060
Incoming
resources
£
976,454
141,850
**1,118,304 **		 Transfers
between
funds
£
(1,264,500)
5,000
59,500
1,200,000
-
-
-
Resources
expended
£
(720,434)
(144,810)
(865,244)		 At
31.12.24
£
1,326,948
10,000
550,000
1,200,000
3,086,948
774,922
3,861,870
Movement
in funds
£
256,020
(2,960)
253,060

continued...

Page 24

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

18. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.1.23
£
Unrestricted funds
General Fund - Unrestricted
2,619,274
Designated Fund - Sinking Fund
-
Designated Fund - Core Services
-
2,619,274
Restricted funds
Ramsay Research Fund
725,301
TOTAL FUNDS
3,344,575
Comparative net movement in funds, included in the above are a
Unrestricted funds
General Fund - Unrestricted
Restricted funds
Ramsay Research Fund
TOTAL FUNDS		 Net
movement
in funds
£
211,654
-
-
211,654
52,581
264,235
s follows:
Incoming
resources
£
827,610
190,235
1,017,845		 Transfers
between
funds
£
(495,500)
5,000
490,500
-
-
-
Resources
expended
£
(615,956)
(137,654)
(753,610)		 At
31.12.23
£
2,335,428
5,000
490,500
2,830,928
777,882
3,608,810
Movement
in funds
£
211,654
52,581
264,235

Page 25

continued...

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

18. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General Fund - Unrestricted
Designated Fund - Sinking Fund
Designated Fund - Core Services
Research Project
Restricted funds
Ramsay Research Fund
TOTAL FUNDS		 At 1.1.23
£
2,619,274
-
-
-
2,619,274
725,301
3,344,575		 Net
movement
in funds
£
467,674
-
-
-
467,674
49,621
517,295		 Transfers
between
funds
£
(1,760,000)
10,000
550,000
1,200,000
-
-
-		 At
31.12.24
£
1,326,948
10,000
550,000
1,200,000
3,086,948
774,922
3,861,870

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General Fund - Unrestricted
Restricted funds
Ramsay Research Fund
TOTAL FUNDS		 Incoming
resources
£
1,804,064
332,085
2,136,149		 Resources
expended
£
(1,336,390)
(282,464)
(1,618,854)		 Movement
in funds
£
467,674
49,621
517,295

Ramsay Research - This fund reflects funding restricted for use towards medical and scientific research into the nature and function of the disease processes involved in ME, plus CFS & PVFS as appropriate, and into the development of potential treatments for such aspects of the disease.

Page 26

continued...

THE MYALGIC ENCEPHALOPATHY ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

19. RELATED PARTY DISCLOSURES

Within the year Constellation IX Limited, a company that Mr.David Allen is both a director and shareholder of, invoiced the charity £22,400 (2023: £8,948) (inc. VAT) in respect of IT support, equipment and sundry supplies. Within the year Ainsworth & Wells Limited, a company that Ms.Martine Ainsworth-Wells is both a director and shareholder of, invoiced the charity £29,952 (2023: £31,200) (inc. VAT) in respect of campaign work.

Dr Charles Shepherd was reimbursed £5,996 (2023: £5,445) for expenses incurred during the year. Mr Neil Riley was reimbursed £137 (2023: £166) for expenses incurred during the year. Mr David Allen was reimbursed £420 (2023: £21) for expenses incurred during year. Mrs Georgina Evans was reimbursed £15 (2023: £65) for expenses incurred during year and Mr Ewan Dale was reimbursed £nil (2023: £421) for expenses incurred during year.

All transactions were undertaken at arms' length.

Page 27