REGISTERED COMPANY NUMBER: 02366411 (England and Wales) REGISTERED CHARITY NUMBER: 803187
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29TH JUNE 2022
FOR
MS ACTION LIMITED
Cobbin Floyd Ltd Chartered Accountants 15a Station Road Epping Essex CM16 4HG
MS ACTION LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29TH JUNE 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
MS ACTION LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29TH JUNE 2022
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 29th June 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The provision of complementary and mainstream therapies for persons with multiple sclerosis and certain other conditions.
MS Action began providing complementary and mainstream therapies for people with multiple sclerosis and certain other conditions over 30 years ago. The centre is run mainly by people with neurological conditions for people with neurologic conditions. We aim to improve the quality of life for all of our service users through a variety of therapies and support. MS Action offers therapies specifically designed to meet the needs of our users and aims to offer these therapies at the lowest possible cost. All of MS Action therapists are licensed and fully qualified. The team of therapists work together to offer a holistic approach to help manage the conditions of our users.
Significant activities
Therapies and services currently offered at MS Action are Oxygen therapy, Physiotherapy, Shiatsu, Chiropody and Bowen.
Risk management
The trustees (who are also directors of MS Action Ltd) previously carried out a detailed review of the charity's activities. They produced a comprehensive strategic plan setting out the major opportunities available to the charity and the risks to which it is exposed. The trustees will monitor progress against the strategic objectives set out in the plan at each quarterly meeting and a comprehensive review of the plan will be carried out annually. As part of this process the trustees have implemented a risk management strategy which comprises;
i) An annual review of the risks the charity may face ii) The establishment of systems and processes to mitigate those risks identified in the plan iii) The implementation of procedures designed to minimise any potential impact on the charity should any of those risks materialise.
FINANCIAL REVIEW
Reserves policy
The directors have forecast the level of free reserves (that is those funds not tied up in fixed assets) the charity will require to sustain operations. The directors consider that the most appropriate level of free reserves is £100,000. The actual level of reserves is £131,839 which is £31,839 in excess of our target figure. Whilst the current level of reserves may prove sufficient, it is the directors view that it is prudent to ensure that there are sufficient free reserves to provide financial flexibility for future years.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02366411 (England and Wales)
Registered Charity number
803187
Registered office
Unit 17, Waltham Park Way Billet Road London E17 5DU
Page 1
MS ACTION LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29TH JUNE 2022
Trustees
Ms D Peacock Mrs A Knight D Peacock, Esq K Hymas, Esq
Company Secretary
D Peacock, Esq
Independent Examiner
Natalie Floyd ACA Cobbin Floyd Ltd Chartered Accountants 15a Station Road Epping Essex CM16 4HG
Approved by order of the board of trustees on 1st March 2023 and signed on its behalf by:
Ms D Peacock - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MS ACTION LIMITED
Independent examiner's report to the trustees of MS Action Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 29th June 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Natalie Floyd ACA Cobbin Floyd Ltd Chartered Accountants 15a Station Road Epping Essex CM16 4HG
1st March 2023
Page 3
MS ACTION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29TH JUNE 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Generated funds 123,864 Investment income 2 39 Total 123,903 EXPENDITURE ON Raising funds 19,987 Charitable activities Charitable activities 41,656 Other 78,891 Total 140,534 NET INCOME/(EXPENDITURE) (16,631) RECONCILIATION OF FUNDS Total funds brought forward 148,470 TOTAL FUNDS CARRIED FORWARD 131,839 |
2021 Total funds £ 68,145 20 68,165 23,293 27,487 41,982 92,762 (24,597) 173,067 148,470 |
|---|---|
The notes form part of these financial statements
Page 4
MS ACTION LIMITED
BALANCE SHEET
29TH JUNE 2022
| 2022 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 1,226 CURRENT ASSETS Debtors 8 8,010 Cash at bank 129,343 137,353 CREDITORS Amounts falling due within one year 9 (6,740) NET CURRENT ASSETS 130,613 TOTAL ASSETS LESS CURRENT LIABILITIES 131,839 NET ASSETS 131,839 FUNDS 10 Unrestricted funds 131,839 TOTAL FUNDS 131,839 |
2021 Total funds £ 1,635 8,051 141,397 149,448 (2,613) 146,835 148,470 148,470 148,470 148,470 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th June 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 29th June 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 1st March 2023 and were signed on its behalf by:
D Peacock - Trustee
The notes form part of these financial statements
Page 5
MS ACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29TH JUNE 2022
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.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Deposit account interest | 39 | 20 |
Page 6
continued...
MS ACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29TH JUNE 2022
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 409 | 409 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 29th June 2022 nor for the year ended 29th June 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 29th June 2022 nor for the year ended 29th June 2021.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Directors' Employees No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Generated funds Investment income Total EXPENDITURE ON Raising funds Charitable activities Charitable activities Other Total NET INCOME/(EXPENDITURE) |
2022 2021 3 3 2 2 5 5 Unrestricted fund £ 68,145 20 68,165 23,293 27,487 41,982 92,762 (24,597) |
|---|---|
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
Page 7
MS ACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29TH JUNE 2022
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | |
|---|---|---|---|
| Unrestricted | |||
| fund | |||
| £ | |||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 173,067 | ||
| TOTAL FUNDS CARRIED FORWARD | 148,470 | ||
| 7. | TANGIBLE FIXED ASSETS | ||
| Fixtures | |||
| and | |||
| fittings | |||
| £ | |||
| COST | |||
| At 30th June 2021 and 29th June 2022 | 49,436 | ||
| DEPRECIATION | |||
| At 30th June 2021 | 47,801 | ||
| Charge for year | 409 | ||
| At 29th June 2022 | 48,210 | ||
| NET BOOK VALUE | |||
| At 29th June 2022 | 1,226 | ||
| At 29th June 2021 | 1,635 | ||
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Debtors and prepayments | 8,010 | 8,051 |
continued...
Page 8
MS ACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29TH JUNE 2022
| 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes Other creditors and accruals 10. MOVEMENT IN FUNDS At 30.6.21 £ Unrestricted funds General fund 148,470 TOTAL FUNDS 148,470 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 123,903 TOTAL FUNDS 123,903 Comparatives for movement in funds At 30.6.20 £ Unrestricted funds General fund 173,067 TOTAL FUNDS 173,067 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 68,165 TOTAL FUNDS 68,165 |
2022 2021 £ £ 4,688 1,173 2,052 1,440 6,740 2,613 Net movement At in funds 29.6.22 £ £ (16,631) 131,839 (16,631) 131,839 Resources Movement expended in funds £ £ (140,534) (16,631) (140,534) (16,631) Net movement At in funds 29.6.21 £ £ (24,597) 148,470 (24,597) 148,470 Resources Movement expended in funds £ £ (92,762) (24,597) (92,762) (24,597) |
|---|---|
continued...
Page 9
MS ACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29TH JUNE 2022
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 30.6.20 £ 173,067 173,067 |
Net movement in funds £ (41,228) (41,228) |
At 29.6.22 £ 131,839 |
|---|---|---|---|
| 131,839 |
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 TOTAL FUNDS |
Incoming resources £ 192,068 192,068 |
Resources Movement expended in funds £ £ (233,296) (41,228) (233,296) (41,228) |
Resources Movement expended in funds £ £ (233,296) (41,228) (233,296) (41,228) |
|---|---|---|---|
| (41,228) |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 29th June 2022.
Page 10
MS ACTION LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29TH JUNE 2022
| INCOME AND ENDOWMENTS Generated funds Incoming resources from charitable activities Appeals and donations Membership Government grants Investment income Deposit account interest Total incoming resources EXPENDITURE Raising funds Wages Charitable activities Therapists, instructors and supplies Oxygen Volunteer expenses Support costs Finance Bank charges Credit card charges Other Rent and rates Insurance Light and heat Telephone Postage and stationery Sundries Cleaning Repairs and renewals Computer expenses Advertising Depreciation of tangible fixed assets |
2022 £ 81,255 37,407 5,202 - 123,864 39 123,903 19,987 36,821 1,946 2,283 41,050 395 1,059 1,454 21,635 4,715 3,469 755 132 3,253 566 40,180 606 271 409 75,991 |
2021 £ 48,207 11,543 5,162 3,233 |
|---|---|---|
| 68,145 20 |
||
| 68,165 23,293 24,827 2,064 596 |
||
| 27,487 295 662 |
||
| 957 21,873 3,860 3,704 1,020 244 1,659 489 5,754 573 - 409 |
||
| 39,585 |
This page does not form part of the statutory financial statements
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MS ACTION LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29TH JUNE 2022
| Other Governance costs Accountancy Bookkeeping Total resources expended Net expenditure |
2022 £ 1,512 540 2,052 140,534 (16,631) |
2021 £ 1,440 - 1,440 92,762 (24,597) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 12