REGISTERED COMPANY NUMBER: 02366411 (England and Wales) REGISTERED CHARITY NUMBER: 803187
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE PERIOD 30TH JUNE 2022 TO 30TH JUNE 2023
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 PERIOD 30TH JUNE 2022 TO 30TH JUNE 2023
| 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 PERIOD 30TH JUNE 2022 TO 30TH JUNE 2023
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 period 30th June 2022 to 30th June 2023. 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
There was a change of trustees (who are also directors of MS Action Ltd) on 30th September 2023. Since their appointment, they have worked to update policies and procedures and have carried out a thorough detailed review of the charities' finances and activities. Systems have been put in place to update policies and procedures annually and detailed financial reports are produced and reviewed at least every six months.
The trustees have updated health and safety procedures and have carried out several risk assessments with actions that are being implemented and reviewed.
FINANCIAL REVIEW
Reserves policy
Covid and lockdown affected reserves negatively and many clients were slow to return to the centre following the end of lockdown. People have been slowly returning and new members have joined with income steadily increasing.
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 as at June 2023 was £181,189 which is £81,189 in excess of our target figure. The company has recently been advised that they are required to either move from its current premises or pay a substantially increased rent and the directors view is 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 PERIOD 30TH JUNE 2022 TO 30TH JUNE 2023
Trustees
Ms D Peacock (resigned 30.9.23) Mrs A Knight (resigned 20.8.22) D Peacock, Esq (resigned 30.9.23) K Hymas, Esq (resigned 30.9.23) P Benscher, Esq (appointed 30.9.23) R Emmerson, Esq (appointed 30.9.23) Ms C Juste, (appointed 30.9.23) Ms J Murphy (appointed 30.9.23)
Company Secretary
Ms S Marks
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 ............................................. and signed on its behalf by:
.............................................................................. Ms J Murphy - 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 period 30th June 2022 to 30th June 2023.
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
-
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
Date: .............................................
Page 3
MS ACTION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 30TH JUNE 2022 TO 30TH JUNE 2023
| Period | |||
|---|---|---|---|
| 30.6.22 | |||
| to | Year Ended | ||
| 30.6.23 | 29.6.22 | ||
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Generated funds | 211,795 | 123,864 | |
| Investment income | 2 | 1,332 | 39 |
| Total | 213,127 | 123,903 | |
| EXPENDITURE ON | |||
| Raising funds | 32,815 | 19,987 | |
| Charitable activities | |||
| Charitable activities | 82,218 | 41,656 | |
| Other | 48,744 | 78,891 | |
| Total | 163,777 | 140,534 | |
| NET INCOME/(EXPENDITURE) | 49,350 | (16,631) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 131,839 | 148,470 | |
| TOTAL FUNDS CARRIED FORWARD | 181,189 | 131,839 |
The notes form part of these financial statements
Page 4
MS ACTION LIMITED
BALANCE SHEET 30TH JUNE 2023
| 2023 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 2,689 CURRENT ASSETS Debtors 8 9,224 Cash at bank 172,099 181,323 CREDITORS Amounts falling due within one year 9 (2,823) NET CURRENT ASSETS 178,500 TOTAL ASSETS LESS CURRENT LIABILITIES 181,189 NET ASSETS 181,189 FUNDS 10 Unrestricted funds 181,189 TOTAL FUNDS 181,189 |
2022 Total funds £ 1,226 8,010 129,343 137,353 (6,740) 130,613 131,839 131,839 131,839 131,839 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30th June 2023.
The members have not required the company to obtain an audit of its financial statements for the period ended 30th June 2023 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 ............................................. and were signed on its behalf by:
............................................. J Murphy - Trustee
The notes form part of these financial statements
Page 5
MS ACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 30TH JUNE 2022 TO 30TH JUNE 2023
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.
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.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Period | ||
| 30.6.22 | ||
| to | Year Ended | |
| 30.6.23 | 29.6.22 | |
| £ | £ | |
| Deposit account interest | 1,332 | 39 |
Page 6
continued...
MS ACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 30TH JUNE 2022 TO 30TH JUNE 2023
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Period | ||
|---|---|---|
| 30.6.22 | ||
| to | Year Ended | |
| 30.6.23 | 29.6.22 | |
| £ | £ | |
| Depreciation - owned assets | 877 | 409 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 30th June 2023 nor for the year ended 29th June 2022.
Trustees' expenses
There were no trustees' expenses paid for the period ended 30th June 2023 nor for the year ended 29th June 2022.
5. STAFF COSTS
The average monthly number of employees during the period was as follows:
| Period | ||
|---|---|---|
| 30.6.22 | ||
| to | Year Ended | |
| 30.6.23 | 29.6.22 | |
| Directors' | 3 | 3 |
| Employees | 4 | 2 |
| 7 | 5 | |
| No employees received emoluments in excess of £60,000. | ||
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
| Unrestricted | ||
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Generated funds | 123,864 | |
| Investment income | 39 | |
| Total | 123,903 | |
| EXPENDITURE ON | ||
| Raising funds | 19,987 | |
| Charitable activities | ||
| Charitable activities | 41,656 | |
| Other | 78,891 | |
| Total | 140,534 |
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
Page 7
MS ACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 30TH JUNE 2022 TO 30TH JUNE 2023
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | ||
|---|---|---|---|
| Unrestricted | |||
| fund | |||
| £ | |||
| NET INCOME/(EXPENDITURE) | (16,631) | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 148,470 | ||
| TOTAL FUNDS CARRIED FORWARD | 131,839 | ||
| 7. | TANGIBLE FIXED ASSETS | ||
| Fixtures | |||
| and | |||
| fittings | |||
| £ | |||
| COST | |||
| At 30th June 2022 | 49,436 | ||
| Additions | 2,340 | ||
| At 30th June 2023 | 51,776 | ||
| DEPRECIATION | |||
| At 30th June 2022 | 48,210 | ||
| Charge for year | 877 | ||
| At 30th June 2023 | 49,087 | ||
| NET BOOK VALUE | |||
| At 30th June 2023 | 2,689 | ||
| At 29th June 2022 | 1,226 | ||
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Debtors and prepayments | 9,224 | 8,010 |
continued...
Page 8
MS ACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 30TH JUNE 2022 TO 30TH JUNE 2023
| 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes Other creditors and accruals 10. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 30.6.22 £ 131,839 131,839 Incoming resources £ 213,127 213,127 At 30.6.21 £ 148,470 148,470 Incoming resources £ 123,903 123,903 |
2023 2022 £ £ - 4,688 2,823 2,052 2,823 6,740 Net movement At in funds 30.6.23 £ £ 49,350 181,189 49,350 181,189 Resources Movement expended in funds £ £ (163,777) 49,350 (163,777) 49,350 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) |
2022 £ 4,688 2,052 |
|---|---|---|---|
| 6,740 |
continued...
Page 9
MS ACTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 30TH JUNE 2022 TO 30TH JUNE 2023
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the period ended 30th June 2023.
Page 10
MS ACTION LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 30TH JUNE 2022 TO 30TH JUNE 2023
| Period | |||
|---|---|---|---|
| 30.6.22 | |||
| to | Year En | ded | |
| 30.6.23 | 29.6.22 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Generated funds | |||
| Incoming resources from charitable activities | 105,568 | 81,255 | |
| Appeals and donations | 101,502 | 37,407 | |
| Membership | 4,725 | 5,202 | |
| 211,795 | 123,864 | ||
| Investment income | |||
| Deposit account interest | 1,332 | 39 | |
| Total incoming resources | 213,127 | 123,903 | |
| EXPENDITURE | |||
| Raising funds | |||
| Salaries and national insurance | 32,575 | 19,987 | |
| Pensions | 240 | - | |
| 32,815 | 19,987 | ||
| Charitable activities | |||
| Therapists, instructors and supplies | 75,555 | 36,821 | |
| Oxygen | 540 | 1,946 | |
| Volunteer expenses | 5,246 | 2,283 | |
| 81,341 | 41,050 | ||
| Support costs | |||
| Finance | |||
| Bank charges | 324 | 395 | |
| Credit card charges | 1,231 | 1,059 | |
| 1,555 | 1,454 | ||
| Other | |||
| Rent and rates | 22,402 | 21,635 | |
| Insurance | 4,844 | 4,715 | |
| Light and heat | 4,760 | 3,469 | |
| Telephone | 814 | 755 | |
| Postage and stationery | 707 | 132 | |
| Sundries | 1,838 | 3,253 | |
| Cleaning | 1,066 | 566 | |
| Carried forward | 36,431 | 34,525 |
This page does not form part of the statutory financial statements
Page 11
MS ACTION LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 30TH JUNE 2022 TO 30TH JUNE 2023
| Period | |||
|---|---|---|---|
| 30.6.22 | |||
| to | Year En | ded | |
| 30.6.23 | 29.6.22 | ||
| £ | £ | ||
| Other | |||
| Brought forward | 36,431 | 34,525 | |
| Repairs and renewals | 3,498 | 40,180 | |
| Computer expenses | 1,552 | 606 | |
| Advertising | - | 271 | |
| Travel and subsistence | 1,004 | - | |
| Depreciation of tangible fixed assets | 877 | 409 | |
| 43,362 | 75,991 | ||
| Governance costs | |||
| Accountancy | 1,638 | 1,512 | |
| Legal and professional | 702 | - | |
| Bookkeeping | 2,364 | 540 | |
| 4,704 | 2,052 | ||
| Total resources expended | 163,777 | 140,534 | |
| Net income/(expenditure) | 49,350 | (16,631) |
This page does not form part of the statutory financial statements
Page 12