Orkney MS Therapy Centre Ltd - Charities report - 22.2
Orkney MS Therapy Centre Ltd - Charities report - 22.2
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2022 |
| for |
| Orkney Multiple Sclerosis Therapy Centre |
| Ltd |
| Orkney Multiple Sclerosis Therapy Centre |
| Ltd |
| Contents of the Financial Statements |
| for the year ended 31 December 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 | 9 |
| Orkney Multiple Sclerosis Therapy Centre |
| Ltd (Registered number: SC120296) |
| Report of the Trustees |
| for the year ended 31 December 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 31 December 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 Activities |
| The company's objective is to aid and improve for the public benefit in Orkney the condition of those suffering from Multiple Sclerosis. Fund raising is the company's principal activity which enables the company to provide Multiple Sclerosis sufferers with therapy, guidance, moral and practical support. |
| ACHIEVEMENT AND PERFORMANCE |
| Achievements, Performance & Financial Review |
| In the 2022 year, the charity was very fortunate to receive a substantial donation of £27,184 from the spectacular Christmas Tractor Run. |
| The company has enjoyed continued support from Orkney Health And Care and Repsol Sinopec over the year and received donations from various sources to help fund its core activities. |
| FINANCIAL REVIEW |
| Investment Policy |
| Surplus funds are invested in interest bearing bonds and accounts to cover any future contingencies and to guarantee the continuation of the centre. |
| Reserves Policy |
| Surplus funds are held in bank accounts. Surplus funds of £247,236 are currently held, including the legacy funds. |
| No decision has yet been taken on any designation of the legacy funding but all funds are unrestricted. |
| 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. In the event of the company being wound up members are required to contribute an amount not exceeding £1. |
| Recruitment and appointment of trustees |
| As set out in the Articles of Association, the trustees are annually appointed or re-appointed by the members of the charitable company attending the Annual General Meeting. |
| Any person who has Multiple Sclerosis or anyone who is interested in and wishes to promote the objects of the company is eligible to become a member of the company. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Orkney Multiple Sclerosis Therapy Centre |
| Ltd (Registered number: SC120296) |
| Report of the Trustees |
| for the year ended 31 December 2022 |
| Trustees |
| Company Secretary |
| Independent Examiner |
| Charles W Flett |
| Foubister & Bain |
| 4 Broad Street |
| Kirkwall |
| Orkney |
| KW15 1NX |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| Orkney Multiple Sclerosis Therapy Centre |
| Ltd |
| I report on the accounts for the year ended 31 December 2022 set out on pages four to nine. |
| Respective responsibilities of trustees and examiner |
| The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
| Basis of the independent examiner's report |
| My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. |
| Independent examiner's statement |
| In connection with my examination, no matter has come to my attention : |
| (1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
| - | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
| - | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
| have not been met; or |
| (2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
| Charles W Flett |
| The Institute of Chartered Accountants of Scotland |
| Foubister & Bain |
| 4 Broad Street |
| Kirkwall |
| Orkney |
| KW15 1NX |
| 12 April 2023 |
| Orkney Multiple Sclerosis Therapy Centre |
| Ltd |
| Statement of Financial Activities |
| for the year ended 31 December 2022 |
| 2022 | 2021 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Other trading activities | 2 |
| Investment income | 3 |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| Other Trading Activities | 4,363 | 10,541 |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 211,953 |
| Orkney Multiple Sclerosis Therapy Centre |
| Ltd (Registered number: SC120296) |
| Balance Sheet |
| 31 December 2022 |
| 2022 | 2021 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| CURRENT ASSETS |
| Cash at bank and in hand |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 6 |
| Unrestricted funds | 211,953 |
| TOTAL FUNDS | 211,953 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 |
| Orkney Multiple Sclerosis Therapy Centre |
| Ltd |
| Notes to the Financial Statements |
| for the year ended 31 December 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. |
| 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. | OTHER TRADING ACTIVITIES |
| 2022 | 2021 |
| £ | £ |
| Christmas Tractor Run |
| Collecting Tins | 1,646 | 1,428 |
| Other Fundraising Events | 185 | 1,241 |
| Orkney Multiple Sclerosis Therapy Centre |
| Ltd |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2022 |
| 3. | INVESTMENT INCOME |
| 2022 | 2021 |
| £ | £ |
| Deposit account interest |
| 4. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021. |
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted |
| fund |
| £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Other trading activities |
| Investment income |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| Other Trading Activities | 10,541 |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 211,953 |
| Orkney Multiple Sclerosis Therapy Centre |
| Ltd |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2022 |
| 6. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.1.22 | in funds | 31.12.22 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 211,953 | 35,283 | 247,236 |
| TOTAL FUNDS | 35,283 | 247,236 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 39,646 | (4,363 | ) | 35,283 |
| TOTAL FUNDS | ( |
) | 35,283 |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.1.21 | in funds | 31.12.21 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 168,892 | 43,061 | 211,953 |
| TOTAL FUNDS | 168,892 | 43,061 | 211,953 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 53,602 | (10,541 | ) | 43,061 |
| TOTAL FUNDS | 53,602 | (10,541 | ) | 43,061 |
| Orkney Multiple Sclerosis Therapy Centre |
| Ltd |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2022 |
| 6. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net |
| movement | At |
| At 1.1.21 | in funds | 31.12.22 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 168,892 | 78,344 | 247,236 |
| TOTAL FUNDS | 168,892 | 78,344 | 247,236 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 93,248 | (14,904 | ) | 78,344 |
| TOTAL FUNDS | 93,248 | (14,904 | ) | 78,344 |
| 7. | RELATED PARTY DISCLOSURES |