Company registratiOD number: 02270804 Charity registration number: 900083 Multiple Sclerosis Therapy Centre South West Limited (A ¢ompJny limitd by &uarfint¢¢) Arlnud Rep)rt Financial Statements for the Ycar Ended 31 mch 2024 Thompson Jenner LLP Chartered Acwuntsnts I Colleton Cresrxnl Exeter Devon EX2 4DG ADCItrJJ8X 2710912024 COMPANIES HOUSE A37
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Multiple Selerosls Therapy Centre Soutb West Llmited Contents Reference and Administrative Detsi15 Trustces, Report 2to5 Independeni Examinees Report Swem¢nt of Financial Athivities 7t08 Dalance She¢t Notes to the Financial Siit¢ments IOto25
Multiple Sclerosis Therapy Centre Soutb West Limited Reference And Administrative Details Ch*lrmN R O Gibson TNste R O Gibson K A Jamicson S J RedOn J Dowden T Courtnty M A Holmes SeerntAry CbArlty ReKistratlovA Numb¢r 900D83 Company Re%lstNtIoD Number 02270804 The charity ij incorrnttd in England & Wales. West Grange Clyst Heath Exeter Devon EX2 7EY Brtwin Dolphin Group Ashleigh Court Ashl¢i8h Way Langa8e Business Park Plymouth PL7 SJX Registered Investment Advljon Independent ExamSner Thompson Jenner LLP Chartered Accountants I Colleton Crescenl Exeter Devon EX2 4DG Bankers CAF Bmnk Ltd 25 Kfftngs Hill Avenue Kin8s Hill West Mailing Kent ME19 4JQ Pag¢ I
Multiple Sderosis Therapy CeDtre Soutb West Limited Trustees, Report The trustees, who are directors for the puT>se$ of company law, present the annual report ttsgether with the financial statements and auditots, rep)rt of the charitable company for the year ended 31 March 2024. I. REFERENCE AND ADMINISTRATIVE DETAILS 1.1 LegAI Strnc¢ur¢ The Company was incorporated in England and Wales on 24 June 1988 and 15 limited by guarantee under Company number 02270804. It is a rcgistered Chartty under number 900083. The Charity also operates under the name of the South West MS Centre. 1.2 Addr¢ss Re8iStered office and headquarters: West Grange. Clyst Heath, Exeter. EX2 7EY. IJ Trustees Dd Exeeutiv¢ Committee Rory Gibson (Chair) (AppDinted 2 April 2019) Kar¢n Jamieson (Appointed I l Jun¢ 2020. resigned 2410912024) Siephert Rcardon (Appointed 13 March 2020) Jackie Dowdcn (Appointed 22 September 2022> Tristan Court¢n8y (Appoint¢d I l May 2023) Mike Holmes- Company Secretary (Appointed 20 Augusi 2020) Key manwent Persore7 include atl TnJst¢e5 Ind the Chief Exe¢utiv¢ Offi¢¢r. 1.4 Profe$$loDAI Advlsor$ Independent Ex8miner5: Thompson Jenner LLP. I Colleton Crescent, Exeter. EX2 4DG Bankers.. CAF Bank Ltd, 25 Kin8s Hill Avenue, Kin8$ Hill, West Mailin8 KenL 19 4JQ Investment AdvisorJ.' Brewin Dolphin Grou Ashlci8h Urt. Ashlei8h Way, LaJJ8age Business Park. Plymouth. PL7 5JX Insurance Brokets: Little ANT Insurance, The Old BaftL 306 Torquay Road, PaiEnton. Devon TQ3 2ER 2. STRucfuRE, GOVERNANCE AIYD MANAGEMEKr 2.1 Governin¢¢ The Charity5 governing dorumenl is it5 memorandum and artirle5 of as30¢iation. The key ppIC in the orggnisaiton are: . The M¢mLxrs . The Execut5ve Committee (Tte¢S in Law) . Th¢ Cerbtre's Staff, including volunteers Page 2
Multlple Sclerog19 Therapy Centre Soutb West Limiled TStee$, Report Membership of the Cenlre is open to individuals who wish to usc lh¢ facilities of the Centre, or who wish to further the objects of the Centre. E8ch membePs liability is limited on winding up to an amount not exceeding £1.00. Member5 in addition pay an annual membership fet. The trusiees we all members, will be appointed for a 3 year lerni and they cgn serve a meximum of 3 terni3. Each year, a third of the direaoTS will resign. The Executive Committee has total responsibility for impl¢mcntin8 the aim$ and objectiv¢$ of the ctre through the development of appropriate policies and slratcgics. Regular committee Meetin arc held at It bi-rnonthly throughout the year to monitor rcview the work of thc Ccntre. The number of memb¢r3 a5 at 31 March 2024 wo5 342. (2023: 350.) 2.2 TStee Indu¢tlon Tr•lnlni The CEO and Chair are responsible for ensuring that new Trustees are familiar¢sed with the resou18 and finance5 of the Charity and with their duties as Trus¢ee5 by distribution of tlx Charity Commission's appropriate guides as lo the duties and resp)nsibilities of Chlty Tntslees. 2.3 Risk Asse$$m¢nt The Trus¢eeJ undertgke coniinuous &qses8ment of the major risks to which the Centre is exposed using uideline$ d¢v¢lop¢d by the Charity Con15310n. Key are identified and gularlY reviewed. The ecessary action that neeth kn be iaken to mitigate risks is identified put in hand and monitored. Financial reserves policy h&$ been ¢SblIShed to ensur¢ th¢ continued op¢rgtion of the Centre during temporary shortf1 of inrne and also to dc81 with the necesyary and continuoLL8 ndIng of repairs to ihe building & West Grdnge, which 1$ a Grade 11 Listed building owned by the Charity. 3. OWECTIVES AM) ACTIVITIES 3.1 ObJeetlv¢ The objcct for which the C¢ntre established And is w 8td and improv¢ th¢ condition of those diagnosed with Multiple S¢lerosis. the ar¢a of operntion being the South W¢$t of Eng]and whi¢h in practice extend5 from mid Somer5et and West Dorset down to East Comwall. 3.2 Publie B¢rt¢fit Th¢ Trustees are satisfied the Ch&ity'$ $12t¢d obje¢¢ive fall$ within the ¢ate80ry "advancerneftt of hettlth. which is set out in the Charities Act 2011. Thc Chority meets this objecrive through the provision of oxygen therapy. principally to people with Multiple Sclerosi5 but also to oihcr rnembtts of the public who seek to obtain benefit from such treatmenL The Trust¢es have complied with the Charities A¢t 2011 and their duty to 'have regard, to public benefit guidance provlded by the Charity Commission wh&) exercising powers or dleS to which thc guidance is relevant. 3.3 PrAnelpAI A¢tlvlty Th¢ main activity of the Charity continues to be the provision of oxygen therdpy tO8ether with physiothcrapy. Oth¢r therapies are also provided at West Grange to enable an extended rang¢ of services to be rnade available for the benefit of rnembets. Aside from the provision of oxygen therapy. the therapies provided are by independent provid¢rs and not directly by the Charity. These therapies include yog4 refiexolo&Y. massag4 Pilates, chiropody and physiother8py. Ptt8e 3
Multiple Sclerosis Tberapy CeDtre South West Limited Trustees, Report 3.4 Staff Th¢ Board appreciate the Commitment of 1 the Centre staft and fants5tic volunteers during these ¢halleftgin8 times. 3.5 Building Use Any rooms not required for th¢ Centre's own operaiion arc hired or Icascd out whve possible. in order to provide moximum use of the facilities and irt order ro obtain ¢Ontriblon$ towards ihe running costs of th¢ building. During ihe year, The Consultancy occupied the top floor of ihe main building tenants. McTimoney Chiroprnctors I¢ed the reor and front rooms of the Co8ch House for their practi¢c. 4. FINANCIAL REVIEW The Centre is dependent on a hifth level of fundraising* and is particularly graieful for all the fifftdrni$ing tivi¢ie5 carried out to raise fvnds and everyonc whts or8anises 3uch 8Ctivitiey. The result for th¢ year. bcforc investment rnovemcnt4 was a deficit of £64.600 (2023: d¢ficit £99,701). Total combined income for the year was £230,408 which 1$ an inCree from last yw's total combined income of £166,690. Unrestricted iNomt for the year was £224.533 whith is an in¢r¢a5e from last year's unrestricicd income of £166,390. Total combined expensu including resrricled expenditure but excluding investment movement$ hav¢ intreasaj by £28,617 from £266,391 to £295.008. The inLTea8e in expenditur¢ is linked to the in(zeAse in Centre ac¢ivity. Ther¢ has bn a gatn on investments of £16,515 (2023.. loss of £18.079). These results show an overdl deficit for the year of £48,085 12023.. deficit of £l17.780). Urwestricted fiJn¢ls have decreased by £48,818 to £896.669. whilst restricted hjnds have increesed by £733 to £2.003. Th¢ total free unrcstricted reserves of the charity has decreued by £36.260 from £319,597 to £283.337 diJ¢losed in Note 19 on Page 22 of the &ccountS. Rtserves Poliey Th¢ Chrty's free reserves are £283.337. Thwe ar¢ the net a8sets of unrestricted fijnds and undpsiwjared fid$ excluding tangibl¢ fixed assets. The rge1 l¢vcl of fr¢¢ reserveg is 9 month5, expenditure, whith is £221.000. Free r¢5erves are in excess of thc re5erv¢s policy by £62.337. £243,148 of the charity's free rescrves h&ve been placed in en investment portfolio mana8ed by Brewin Dolphin. Page 4
mtiple Sderosis Therapy Centre Soutb West Limited Trustees, Report 5. FtryURE PLANS The Ch8rity ha5 been far from immune from the etyects of the risin8 costs of living felt by all Members and others in society. Significant downward pressure ort charitable givin& fundrnising And donations h&% been seen d at the same time significant in¢re&se5 in utility costs given rise to a widenirE 'adin" deficiL The cost of maintaining our propeny at the Grange has also come under closer scrutiny. with a lack of investment in yeaTS past leaving us wilh littl¢ option than to spend considerable sums on the upkeep and fabric of the building, merely to maintain their operability. As ¢otnmunicated to the AGM and subsequenily in newslette the Board review of the Stainabl[[ty of our presence at the Grang¢ concluded that to protect the future of the Charity this will be best served from a new lOl0n. Th¢ property is and is still b¢inE actively tn&rketed for sale and at the same tim¢ a ar¢h Corfinues for a $uithblc new home. The Bofyrd is focussed on ensurin8 that the Charity is placed on a solid financial foundation. with the ability to operate on 8 balon¢ed budget. with controllable costs and in¢ome levels which are achievable in th¢s¢ difficult times, The goal is to preserve the chlty for fjjturc generations of users. Smll comp•nies prowision gta¢emeo¢ This report h&s be¢n prepaffd in accordan¢¢ with the small companies regime under the Companies Act 2006. 'annual repo 'was Bpprovcd by the tru5tee5 of the charity on.: . d signed on its behalf by,. Trustee Pag¢ 5
Multiple Sclerosis Tberapy Ceotre South West Limited Independent Examiner's Report to tbe IntteS of Mulllple Sclerosb Therapy Ceotre South West Limited ('the Compafjy,) I report the charity trus$ on my examination of ihe accounts of the coMpY for the year ended 31 March 2024. Regponsibiliti¢g and b0919 of roport As the charity's trustees of (he Company (and also its directors for the purposes of company law) you are responsible for the preparntion of the accoun in accordance with the rwuirements of the Companies Act 2006 ('the 2006 Act'l. Having satisfied mys¢lF that the aAt$ of the Company a not required to be audited under Part 16 of the 2006 A¢t and kre eligibl¢ fr)r independeni ¢xaminAtion, I report in rcspe£t of my exominoiion ofyour charity'5 counts Lq carried out under section 145 of thc Charities Act 2011 {'the 2011 Act,). In carrying out my examination I have followed th¢ Directions given by the Charity Commission under section 145(5Xb) OF the 2011 Ad. Independent examlner's stgtement I have compl¢t¢d my examination. I confirln that no matt¢rs have Come my attention in eonneciion wilh the examIn10n giving m¢ ¢au5e to believe: l. accounting records were not kept in respeei of Muliiple Sclero$is Thernpy Centre South Wesi Limiied required by section 386 oFthe 2006 Act; or 2. the a¢coun(s do not accord with thos¢ records. or 3. Ihc #¢counis do Troi romply with the &ccountin8 requirements of 3e¢lion 396 of the 2006 Ad other than 8ny rtqUlTement that the accounts give & 'true and f•ir vieW whith is not a matter considered as part of an independent eKuminaiiun' or 4. the accounis hgve not been prep8r¢d in a¢¢ordance with the methods 8nd principles of th¢ Stent of Recommended Practice for accounling and reporting by chwities [4)plicable ty charities preparing ¢heir a(wunts in accordance wilh the Financial RenIng Standard appli¢abl¢ in the UK and Republic of Ireland (FRS 10211. I have no concems and have come across no other matters in connection with the examination to whith attention should be drawn in this report in order to enable a proper widerstanding of the accounts to be reached. David Tuckcr ACA FCCA ThoTnpson Jenncr LLP Chartered A¢eo¥Jntants Instiiute of Chartered A¢countanls in England and Wal¢s I Colleton Crc5c¢nt Ex¢l¢r Devon EX2 4DG Page 6
Multiple Selerosis Therapy Centre Soutkn West Limited Statement of FiDaneial A¢¢ivlties for the Ye4r Eoded 31 March 2024 ncluding Inconie and Expenditure Aeeount and Statement of Total Recognised Gafins and Losses) Unre9tri¢trd llds Restricted funds Tot21 2024 Note Incfjm¢ 4nd Endowments from; Donations And le8acie5 Charitable activiti¢s Other tradin8 activitie5 Investrnetht income 22J17 114.879 79.566 7.771 5,875 28,192 114,879 79,566 7,771 Tothl income 224.533 5.875 230,408_ Exp¢ndithre om: R&ising funds Choritsbl¢ 4rtiviti¢s (16,500) 276.226 {16.500) 278.508) 2,282 Total expenditurc Gainslloss¢$ on invejtsncnt assets (292,726) 16,515 {2282) <295,008) 16,515 Net (expenditureyinwme Tran5f¢r5 between fid8 (51.678) 3,593 (48.085) Net movmcni in fvnds (48,818) 733 {48,085) Re¢ouelllA¢IoD Of Total fvnd$ brought forward 945.487 ijoo 946,787 -898,702 Total Sjnds ¢aTri¢d forward 19 896.669 2.033. The notes on pBge5 10 to 25 forni an integral part of these flnanclaj ststemen Page 7
Multiple Sclerosi$ Therapy Centre South West Limlted Statement of Financial Activities for the Year Ended 31 Mareb 2024 (Including Intome and ExpeDditure Aecount and Statement of Total Recogpised Gain$ and Losses) CompArntive infonnAtion for the prlor perlod UTrr¢strict¢d funds Restricted To¢al 2023 Not¢ In¢ome And Endowments frnm: Donations w)d legacies C.haritshle activitie.s Imer trIng activities Inweslment incom¢ 27,178 RA,227 40,528 10,457 300 27,478 88,227 40.528 10.457 Tot&1 income 166,390 300 166.690 Exptndilure tsA". Raising fiind5 Charitable acuviti¢s (10,935) 255,456 {10,935) 255.456) To1 expenditure G•inslloss¢s on investsnent &8set3 1266,391) 118,079) (266,391) 18.079) N¢¢ (expenditurcyincome Trortsfcrs between funds (118,080) 300 630 (117.780) Ner movcmcnt in fid5 (117.450) {330) (117,780) RecoDciliAtion of fund5 Tothl funds brought forward 1.062.937 .630 1,064,567. Totst funds carried forwwd 19 945 487 1.300 946 787 All ofthe charity'5 tIVItIeS deriv¢ from continuing operations during the obove two pui¢)ds. The fiJnd$ breakdown for 2023 is shown in note 19. The notes on pages 10 to 25 fomi an integral pgrt of these financial 5wemenl& Page 8
Multiple Stler05i5 Therapy Centre South West Limited (Registration number: 02270804) Balance Sh¢et as at 31 Mgreh 2024 2024 2023 No¢• Flxeo Tangible assets Investments 12 13 613,332 243,148 856,480 625,890 289.771 915,661 Current $¢ts Stocks Debiors Cash at bank and in hAnd 14 15 16 493 37,381 25.305 510 21,881 39,424 61,815 63.179 Creditsrs: Amounts falllng due within one year Net ¢wrrMt wets 17 20.957) 30,689) 42.222 31.126 Net *ets 898.702 . 946.787 Funds Df th¢ charlty: Rèstrkted itteome fuad$ Restricted fimds 19 2,033 iJoo Unrejtrlcted Income funds Unrejtrithd funds 896.669 945,487 Total fvnds 19 898,702 946,787 For the financial year ending 31 March 2024 the charity was entitl to exemption from audii under Section 477 of the Companies Act 2006 rel1n8 to small companic5. Directors, rc5pon5ibili¢ies; The membets have not required the charity io obtain an audii of its aLwunts for the year in questlon In drdanCe with se¢tion 476: and Th¢ directors acknowledge their responJibiliti¢s for complying with the Kquirements of the Act with respect to accounling records and ihe prep8rntion of accountg. "' statements on pages 7 to 25 were approved by the trustses, and authoTised for issue on d.5igned on their behalf by: on Trustec The notes on pa8e5 10 to 25 form an inl¢gral part of these fin8n¢iai stat¢rnents. Page 9
Multlple Sclerosb Tberapy Centre South West Limited Notes to the FinaDcial StstemeDl$ for the Year Ended 31 Mareh 2024 I Charity slatus The charity is limited by guarantee, inc4rwratcd in England & Wales. and consequently d(yes not have sh8re capital. Each of the trustees is liable to contribute &n amount not ex¢ecding £1 towards the 8ssets of thc charity in the evenl of liquidation. 2 Actouoting polieies SllmmAry of $Ignifint Ateounting polieies nd key a¢¢ountiDg eslim#tes The principal accounting poli¢i¢$ applied in the preparation of th¢K financi stst¢mcnts are sct out b¢low:' These F4)lici have been consist¢ntly applied to 1 the yeaxs prented. unless otherwise staled. Si•tement of ¢ompliAnee Thc financi statcm¢nty have be¢n pr¢p8r¢d in accordance with Accounting and Reportin8 by Charilies: Sthiemenl of Recommended Pwtice ¥Jplicabl¢ to charities preparing their ac¢ounts in 8¢cordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 20191 (Charities SORP (FRS 102)), the Financial Reporting stdard Applicable in the UK and Republic of Ireland (FRS 1021. They also comply with the Companie$ Act 2006 and Charitie5 Act 201 Bajis of preparatio Multiple Scle105is Therapy Cefttre South West Limited meets the definition of a public benefit entity under FRS 102. Assets ond liabilities ar¢ initially recogni$ed at histoii¢al $t or transaciion vatue unless otheri¥ise 5taied in the relevant accounting policy notes. Going ¢onerD The ¢rustees conshdcr that there are no matcrial uncertaintie5 about the charity's ability to CntInUe ¥ 8 going concern nor si8nificant greL8 of uncertainty affect the carrying volu¢ of &8sets held by the Charity. Income Ind endowments All in¢ome is Tecowiised once the charity has entiilcment to the inMe. it is probable that the income will be received and the amounr of the inwme r¢ceivable Can be me&qured ffliably. Donotions and.legdfies'. Donotions we re8n1$ed when the charity has been notified in lling of both the amount and settl¢m¢nt date. In Ihe event (hat a donation is subject to conditions that requirc a Itvel of perforniance by the charity before the charity is entided io the fvnds. the income is deferred and not Te¢ogni5ed until ¢ith¢r thos¢ rA)ndilions ¢ fvlly meL or the fuifilment of those conditions 15 wholly within ihe control of the charity and il 15 probable that th¢$e onditions will be fulfilled in the feporting period. Defernedlncon D¢f¢rred income represents amounts te¢eived for fufvre periods and 15 released to incoming resources in the period for whic14 li hL8 been received. Suth inwm¢ 1$ only d¢f¢Tred wheD: - The donor srxifies that the grant or donation rnust only be used in fvture aecowiting peiiods: or - The donor has imposed conditions whith musl be met before the charity has unconditional cntitlement. Pa8e 10
Multlple Selero$is Tberapy Centre South West Limited Notes to the FinaDeial Statements for the Year Ended 31 March 2024 Glfi aid Income tsx recoverable in relation to donuions rettived under gift aid or deed$ of Venant is recognised at the time of the donation. Inveslmeni Income Dividertds are reco8nised once the dividend been declared notification has L*en received ofthc dividend Expenditure All expenditure is recolsed once thtye is a legfyi or constNclive obli8ation to thai expdIt[We, it ij probable settlement is requir th¢ amounl can be measured reliably. All costs pJe allocated to the applible expenditure heading th&t aggreg&te Simil costs to that category. Where costs ¢t be directly attributed lo particular headings they have been allocated on a basis consistent with the use of resoutres. with ¢entrnl $taff C051s allocated on the b&5is of time spcnt. and depreciation chargeg allocated on the portion of the as$¢t's uJ¢. Other support costs are alloc&ed based on usag¢. Raisingfunds These are costs incurred in attracting Volunt inMe, the mfin•84Jnerti of investmcnts those inowred in ding adivities Ihat raije fund5. Charltable aertvlilo Chari(able expendi1C comprises those incurred by the charity tn the d¢livery of its ¥¢tivilies 8nd sttvices for its eriC18r1es. li in¢lud¢s l>)Ih Gosts that can be allocated directly to such activities and those costs of an indirect nature necessary to support th¢rn. Support eosts SuPrt Costs include ccntrjt fvn¢tion5 find h&ve been allocated to activity cost catC8oriu on a basis ct+ngistent with the use of resource& for exAmple, stsff LY)sts by the time spent And other o)sts by their usa8e. Governance ¢osts These include the costs attributabl¢ to the charity's wmpli8nce with CnstitiOnal and sthtutory requirements, induding &udit, strnte8tc mon&gement and trustees's meetin&s and reimbur8ed Cxpcnses. GoverllmeDt ¥rnnts Government grants 8re T¢¢018¢d bwd on th¢ Accrual model and 8re measured the fair value of th¢ asset rettived or receivabl¢. Grants are cl&ssificd os reloting either to reY¢nu¢ or to assets. Grants relating to revenue are recolSed in income over the period in which the related costs gre recognised Grdnts relating to etS recognised ov¢r the expectcd ful life of the asset. WThere part of a grant relating to an asset is deferred, it is regrtised as deferr&a incom The Coronayirus Job Reteniion Scheme ST1 has been crediied to other Irteome 50 8$ to match the grant the underlyin8 eligible furlou8hed aff expenditure to which it relAtes. Pagell
Multlple Sderosis Tberapy Centre South West Llmited Iyotes to the Financial Statements for the Year Ended 31 March 2024 Taxatio The chority 13 wnsid¢r¢d to p$ the tests sel out in Poragraph I Schedule 6 of the Finanee Act 2010 and therefore it mccts the definition of a charitable company for UK corporation t piirposes. Accordingly. th¢ charity is Potentially excmpt from Iallon in respect of income or capitsl gains rc¢cived within caiegories covered by Chaptcr 3 Part I l of the Corporation T&x Act 2010 or Section 256 of Ihe Taxation of Chargeable Gairts Act 1992, te the extent that sh income or gains are applied exclusively to ¢h4ri¢able purrM)ses. Tanglblt fixed issets Indlvldual flxed 4LY•¥i¥ Lu¥iln¥ £1 fy) ur Illu iiiiliully i¥wi'd¢d #( w¥(. l¥¥¥ LY ¥ubb¥4u¥iII &¥'Luiiiulat¢d d¢preciation 8md subsequent accumulated impairmtnt losses. DeprtciAtiOD ond amortisation Depreciation is provided on iangible red assets so os to WTit¢ off thc c051 or valuation, lem Any estimated residual valuc. over their expected useful eCormi¢ life as follows: Aiwt ¢lA Freehold propety FTeehold land Plant and machinery Chamb¢r and equipment OITice equlpment Computer equipment Motor vehicle5 Depr¢el•¢lon method #nd r*t• IVO on co$i Noc depreciated 250/0 r¢ducing balan¢e IOYO reducing ban¢t 1S¥• reducing baignce 15V• reducing ban¢t 25V• rtducing balance Fixed 4s5et investments Fixcd asset inve5tm¢tits, other than proarnMe related investments. are included at market value at the bdance 5heei date. Realised gains gnd105SC5 On investments 8re ]Culated as th¢ difference bets¥een gles proceeds and th¢ir mwket value at the Start of thE year, or their subsequent cosl and are charged OT credited to the S(tttemenl of Financial Activities in the peiiod of disposal. Unrealis¢d goin$ gmd loss¢s represent the movemeni in market values during the year and are credited or charged to the Stat¢ment of Financial Activities based oft the market value at the year end. Siijck Stock is valued the lower of cost and CS¢imllted Jelling price less c¥)sts to complefr and sell, after due r¢8grd ror obsolete and slow movin8 Stocks. Cost is deterniined using the first-1 firstryout (FIFO). Trade debtors Trade d¢btors we 8moun¢s du¢ from customer5 for m¢rchandi5¢ sold or services perfonned in th¢ ordinary urse olbusiness. Trade debtors are reco8nised initially ai the transllction price. They are $ubsequertily measur¢d 8t amortised cost using the effective interest method. less provision for impalmi¢nt. A provision for ¢he impoirnient of trade debtor9 L8 established when there is objective evidence thw the ehariry will not be abl¢ to collect ail amounts due ording to the original t¢m7s of the receivables. Page 12
Multlple Selerosis Therxpy Centre Soutb West Llmited Notes to the Financial Statements for the Year Ended 31 Marcb 2024 Csh And cash equivlents C85h And cath cquivalenis rA)mpri8e cash on hgnd and call dcposSts. Jnd other short-l¢nn highly liquid investsnents that are retdily nVertible to a known onwunt of cash and are subject to an insilf1(ant ri$k of chan8c in value. TrAde (reditors Trade ¢reditOTS are obligations to pay for 8OCxls or savices that have been acquired in the ordiftary course of busin$ from suppliers. Acwunts payable are ¢1ossifi¢d as current liabilities if the charity does not hav¢ an unconditional right. at the end of the reporting period. to defer settlement of the creditor for at Iwt twelve months after the rq)orting d&te. If there ig an Uncondition righi io defer 5ettl¢ment for at least twelv¢ months fter the r¢portin8 they are presented u non-current liobilities. Trade creditors are reo)8nised initially at Ihe tran$tIon pric¢ and sub$equently mwured Al amorti5ed ¢vsi Using the effective interest method. Fund slrn¢tsre Unre5trict¢d inrAJm¢ funds are g¢n¢ral fund5 that are available for use at the ITUStee5 discretion in Sjrtherance of the objectives of the charity. DeSiated fiJnd5 are unrestricted funds set &8ide for specific purposes at the discretion of the rnIees. Restri¢ted inwme funds 4re those donated for use in a particular area or for specifiG PUTPO%S. the use of which is restricted to th81 or¢a or purpose. P¢ngl•n$ and oth*r poJ¢ re¢irem•nt obll%Atloni The charity operates a d¢fin¢d contribution pension scheme which 1$ a pension plan under which fixed rJ)ntributions art paid into a pension fjjnd and the ¢harity has no legal or Cons¢1)ve obligation lo pay fijrther rA)ntributions even if the fund does Th)1 hold sufficient ats to pay 811 ernployees the benefits relating tr> employee seryice in the current 8nd prior periodk Contributions to defiocd contribution plons aff recognised in the Statement of Financial Activities when they are due. If contribution payments ¢xGe¢d the contributioft due for suvice, the exces$ is rec4>8nised a prepayment. Flnanelal InJtrum¢ots ,Rèci)8n"Ihon and maLsuremenl The ch8rity only Iw financial assets liabilities of a kind ihat qualify as bg5ic fin¢1 instruments. Basi finan¢iAi instrumellts are initially re(x)gnised at transaction Yu¢ and subsequently meaAw¢d at.their settlement value. Page 13
Multiple Sclerosis Tbernpy Celltre Sovth West Limited Notes to tbe Fin4Dcial Statements for Ibe Year Ended 31 March 2024 3 ID¢om¢ from dontioms and legacies Unft¥lricted funds GeD¢r41 Restrl¢ted Tot•1 2024 Total 2023 Donwions and le8a¢i¢g: Donions from comp•nics, trusts and similor proceeds Don&ion$ from indivithRi$ Membership fees 5,891 9,196 7,230 1250 4,625 7.141 13.821 7,230 6,394 14.747 6J37 27.478 Of the total income from donations ond le84¢ics in 2023. £27.178 w&5 unrestricted and £300 was rc5tricted. 4 1n¢Mi¢ from ¢hJirlt•ble *etlvltle• Ullrestricled funds General Tot•1 2024 Totsl 2023 C¢ntr¢ sales Treathient 3.844 111.035 3,887 84.340 111.035 114,879 114.879 88.227 Page 14
Multipl¢ Sclerosis Therapy C¢Dlr¢ South West Lfimlted Notes to the FlnaDeial Statements for tbe Year Ended 31 Mareh 2024 S Ineome from oth¢r trndin£ a¢tivi¢i Unrestrlcted funds G¢nernl Ttst*l funds Totsl 2023 Trnding income" Shop inconle from sale of donated 8OOtts ar services Sales of goods aftd scrYice5 Fundraisifbg events Solar panel income Property rental income Sundry income 2.457 1,422 32,470 653 42.393 2.457 .422 32.470 653 42.393 171 1.898 935 15.874 1,154 20.260 407 79.566 . 79,566 40.528. 6 Invu¢ment ID¢om• Unrestrlet¢d Total 2024 Total 2023 GeDerAI Intrrest receivable and Similar income; Interest rtseivable on bjnk d¢Fo$its Oihcr income from red asset investtnents 518 7,253. 7,771 518 7.253 150 10.307. 7.771 10.457 Pts8¢ 15
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Multiple Sclerosis Tberapy Centre South West Limited Notes to tbe Financial Statements for tbe Year Ended 31 MArcb 2024 8 Net incomintloutgoing resourees 2024 2023 N¢t outgoing restsurces for the yeAr ID¢lud•: Independent examination fee Depreciation of fixed &ssets 3.326 17,558. 2.880 18.464 9 TNs¢eei rtmullerntion expense$ No trusiees, nor any persons connected with them, have received any remun¢ration from the charity during th¢ No irustees have re¢¢ived any rcimbursed expenses fM the charity during the year. 10 S¢4ff colts The a88regat¢ payroll costs were follows.. 2024 2023 Sialf costs during the year wtrn: Wage5 And salaries Social Security ¢OSt$ Pension costs Other staff ¢o$t$ 130,393 3.923 108,491 1.520 2.683 4.140 1.269 139 1.00 The monthly aveT88¢ numbBr of persons (includin8 Knior mana8em¢nt team) employed by ihe charity dwin8 the y¢aT w&s as follows.. 21124 No 2023 No Supwrt seNices Man88ement And thinistration 6 (2023 - 5) of the above employee5 Participated in Ihe Defined Contribution Pension Sch¢mes. Contributions lo the eFnployee pension h¢M¢S ftir the Ye tytall¢d .515 (2023 - £2.683). No ¢mploy¢¢ rec¢i¥ed emoluments of fftorc th8n £60,000 during th¢ ye8r. The totsl employee benefits of the key management personn¢l of the charity were £39,757 (2023 - £37,973). I l Taxatlon The tharity 15 a r¢gistcrcd charity and 15 therefore exempt from IatiOn. P88¢ 18
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Multiple Sclerosts Thernpy Centre Soutb West Limited Notes to the FIDaDcial Statements for the Year EDded 31 Marcb 2024 13 Fixed &ss¢t investmeots Othtr lovestmtfjts Listed inYeJtments TDtsI Market v•lue At l April 2023 DispKpsals Nei goin{loS$) on investments 289.771 163.138) 16,515 289.771 (63.138) 16,515 At 31 March 2024 243 148 243 148 There were no investment &8sets outside the UK. 14 S¢o¢k 2024 2023 Sto¢ks 49.3 510 IS D¢btors 2024 2023 Trnde debior¥ Prepayments Ac¢nd income Tax recoverable Other debioTS 5,015 16.554 1,160 ,057 14,092 507 5,321 904 14,652 37.381 16 Cash Ood ¢ash equiv•ltDts 2024 2023 Cash on h8nd Cash bpJ)k 60 25.245 60 39,364 39.424. -25,305 Poge 20
Multlple Stlerosis Therapy Centre Soutb West Limited Notes to the Finaneial Statements for the Year Eoded 31 MArch 2024 17 Credltors: #mounts f*lling due wltbln OD¢ year 2024 2023 Trade creditors Othcr t&xation and social security A¢¢Nals Deferred Income 4.241 5.570 6.990 4.156 15.699 4,178 3.808 20.957 30.689 2024 2023 Deferred income at l April 2023 Regources deferred in the period Amounts relwed from previous periods Deferred incotne at yt4r end 3.808 4.156 3,945 3.808 3.945 4,156 3.808 18 Contin%eDt gJ¥ets Le8¥ Income As 31 Mar¢h 2024, the charity had been notified of one residuary le8&¢y the valu¢ of whith is unc¢rt&ln as the executor is awaiting conflTmation of other claims on the est&t4 but it is UikelY to exc<ed £3 J61. As At the date of si8nins no fithr InfOrntion had been received and so this legocy hL8 not been actsed. Page 21
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Multiple Sclerosis Therapy Centre South We$t Limited Iyoteg to tbe FiDglleial StAtements for the Year Ended 31 March 2024 The specific purpo5¢5 for which the fund$ are to be applied are as follows.. Designated Funds There is a designated fund for £527,781 (2023 £505.044) for the nti book valu¢ of the property. Initially the property cijuld not be sold Witho the approval of the donor until 2077 and hence this 8mount was designaied. This restriction has now b¢en rcmoved. however it has be¢n deemed appropriare to still in¢lude the value of the property as & separaie deSiated fvnd. Purpose of Re5th¢t¢d Funds The garden paty fund contwns a grant £500 to b¢ used toward5 a $ummer garden porty, benches were puTcha5ed in 2022-23, so this fjjnd has been tr8nsferrcd io fixed Assets. The ECC Community Grant relates to a £500 grant received for the pUhse of8arden fijrnittwe. benches were purchased in 2022-23, $0 this fijnd h&8 been tnnsferred to fixed assets. The ECC H¢rii&g¢ Open Day Grant related to a £300 grant reeeived for th¢ Heritage Open Day whith occurr¢d in S¢pternber and the funds spenL Th¢ ECC F¢Xe Grant relates lo a £JOO gronr received for expenses in rtldtion to the summer feie. All the fvnds hav¢ been spent. The restricted dona(ion5 from individuals rcpres¢nts amounts rec¢iv¢d for membces entertuinmenl fijnd. Th¢5e are donations lowar(ts events. food and eniert•iDJneni for ih¢ members, benefit. The Norman Family Trust granl and restricted don105 from individuals For chamber chairs represents amounts received for the purthase of chamlw chairs. The chairs were purchased in May 2024. Th¢ IKEA fimd represent5 8 donation in memory of Mark for the use of the coffee machin¢. Th¢ r¢sl of the restricted hjnds will be used on rDff¢e supplie& The NHS Covid 19 vcIne Outreach Fund represenls fid$ restricted for the support to ntn vaccine ¢linics for people with multiply sclerosis and iheir carcry al the Muliipl¢ Sclerosis Ther8py C¢ntre South WesL The NHS have been runJ)ing vac¢inc clini¢$ at the Centre and we have used the fijnds against room hire, The Gibbons Trust is a trIcted &Jnd towards providing & free weekly DIY exercise c]S session to each member wtr#) currently undertakes excrclse classes with the Centre. The restrictrd donaiions for chamber chabr5 represents amounts rtteived to puhSe ¢hairs for tIK oxygen therapy chamber. Page 24
Multiple Sclero$ts Therapy Centre South West Limited Notes to the FiDaDcial Statements for the Year Ended 31 March 2024 20 Analysis of Det *ssets betweeD funds Total funds At 31 MArch 2024 Unrnstrlrt¢d fvnds General Ddlgnated Restrirt fllnd$ Tangible fixed Sets Fixed asS¢t investments Current asse Current liabilities 613,332 613,332 243.148 63,179 20.957 243.148 61.146 20.957 2.033 Total net &%sets 283.337 613.332 2.033 898,702 Totfil fuDds 8t 31 MArch 2023 Unrestrict•d funds Genernl D¢slEngt•d Restrieted fundj Tan8ible fLx¢d ll55e13 Fixod ass¢t inv¢stme Current assets Current liabilitics 623,890 625,890 289,771 61.815 30,689 289.771 60.5I5 130.689) 1,3rM) Tolal net a55¢ts 319.597 625,890 1,300 946,787 Page 25