Mid Staffordshire Postgraduate Medical Centre (Education) Trustees' Report and Financial Statements for the year ended 31 March 2025 7D INS
AUDIT
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Contents Reference and Administrative Detalls of the Company, its Trustees and Advisers Trustees' Report Trustees' Responsibilities Statement Independent Auditors' Report on the Financial Statements Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Financial Statements Page 1 2-5 7-11 12 13 - 14 15 16 - 30
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Reference and Administrative Details of the Company, its Trustees and Advisers for the year ended 31 March 2025 Trustees Dr. MG Poulson Mrs SJ Preston (resigned 1 February 2025) Mr JC Lotz (reșlgned 24 March 2025) Mr D Durrans (resigned 4 November 2024) Mr M Oldham (appointed 1 February 2025) DR W Carroll Dr B Jose Dr A Kennedy Company registered number 02891836 Charity registered number 1037738 Registered office Royal Stoke University Hospital Newcostle Road Stoke on Trent ST4 60G Company secretary Dr. MG Poulson Independent auditors Dains Audit Limited Sulte 2, Albion House 2 Etrurla Office Village Forge Lane Etruria Stoke on Trent ST1 5RQ Bankers HSBC Bank pic 8 Market Square' Stafford ST16 2JP Page 1
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Trustees report for the year ended 31 March 2025 The Trustees present their annual report together with the audited financial statements of the company for the year ended 31 March 2025. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charily's governing document, the Charities Act 2011, Ie Compuries Aul 2006 und Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Heporting Standard applicable in the UK and Republic of Ireland published in October 2019. Since the company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. Objectives and activitles a. Policies and objectives To provide continuing education for fully qualified members of the medical and paramedical profession. b. Strategies for achieving objectives The charity provides conference, seminar, library and IT facilities for the University Hospitals of North Midlands NHS Trust (UHNM) to enable education of general practitioners, hospital doctors and dentists, medical students and other members of the multi-disciplinary team in Mid and North Staffordshire. The provision of these facilities will enable the Trust and other local health providers to ensure their medical, dental and paramedical staff can offer the highest quality healthcare to the general public. c. Main activities undertaken to further the compony's purposes for the public benefit The charity supports local patient self-help groups by providing free meeting room facilities and also supports national patient groups by providing facilities for conferences at specially reduced rates. Covid19 restrictions have now been lifted and face to face activities were welcomed back. The charity will continue to provide high quality service in terms of staff, teaching resources, housekeeping and maintenance of existing facilities to enable the delivery of medical and dental education. Investments in audio visual and computer equipment and new national directives for the implementation of medical training will also continue. The trustees have had regard to the Charity's Commission's guidance on public benetit. Page 2
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Trustees' report (continued) for the year ended 31 March 2025 Achievements and performance a. Fundraising activities and income generation The company has not undertaken any fundraising activities in the year. Financial review a. Results for the year The statement of financial activities is shown on page 12. During the year a deficit of £122,524 has been made (2024 - £169,659). At the year end, the charity had carried forward funds of £508,514 (2024 - £631,038). b. Reserves policy The charity seeks to maintain sufficient unrestricted reserves to enable its day to day operations to continue for at least 12 months. c. Going concern After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. d. Principal funding Principal funding is from University Hospitals of North Midlands for the hire of the facilities. Structure, governance and management a. Constitution Mid Staffordshire Postgraduate Medical Centre (Education) is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. b. Methods of appointment or election of Trustees The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. Page 3
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Trustees' report (continued for the year ended 31 March 202: Structure, governance and management (continued) c. Organisational structure and decision-making policies Day to day administration of the Charity is the responsiblity of the Postgraduote Centre Director and the PGMC Charity Administrator. In accordance With the Memorandum and Articles of Association, the business of the Company is managed by the Councll of Management, which comprises the Trustees, with a minimum of three members. The Council of Management has the power to appoint at any time any person to membership and any such person appointed shall be a member of the company. d. Policies adopted for the induction and training of Trustees New Trustees are usually familiar with the work of the Charity. They will receive a copy of the objectives of the Charity, its Terms of Reference, Trustee Annual Report and Accounts and Minutes of recent meetings and will be briefed by the Chair and/or the Director as required. e. Related party relationships Close links with UHNM Trust have continued throughout the year and the charlty is extremely grateful for all the help and support received in providing services such as security, finance, catering, maintenance and housekeeping. We look forward to continuing this relationship. f. Risk management The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. g. Future developments Due to the expansion in Foundation Doctors this year the Centre is concentrating on delivering high qualty Simulation Training to the Trainees whilst also expanding the Simulation Team to complete what training is needed to fulfil the Doctors Portfolio requirements. The Imaging Academy is now up and running in Room 6 and they continue to support professional development and excellence in radiography Page 4
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Trustees' report (continued) for the year'ended 31 March 202! Disclosure of information to auditors Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that: so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Approved by order of the members of the board of Trustees and signed on their behalf by: Mack Alon Mr M Oldham Trustee Dr M G Roulson Company Secretary Dote: 3 November 2025 Page 5
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Statement of Trustees' responsibilities for the year ended 31 March 2025 The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Compony law requires the Trustees to prepore financial statements for each financial year. Under company law, the Trustees must not approve the financial stalements unless they are sulisfied that they yive a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that perlod. In preparing these financial statements, the Trustees are required to: • • select suitable accounting policles and then apply them consistently; obsèrve the methods and principles of the Charities SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on Its behalf by: Mak Oldhi Mr M Oldhom Trustee Dr M G Pouison Company Secretary Date: 3 November 2025 Page 6
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Independent Auditors' Report to the Members of Mid Staffordshire Postgraduate Medical Centre (Education) Opinion We have audited the financial statements of Mid Staffordshire Postgraduate Medical Centre (Education) (the 'charitable company") for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including o summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireiand' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: • give a true and fair view of the state of the charitable company's offairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended: : have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in otcordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilitles 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 United Kingdom, Including the Financial Reporting Counci'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 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 uncertaintles 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. Page 7
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Independent Auditors' Report to the Members of Mid Staffordshire Postgraduate Medical Centre (Education) (continued) Other information The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Trustees are responsible for the other information contained within the annual report. 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. 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 knowiedge obtained in the course of 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 materlal misstatement in the financial statements themselves. If, based on the work we have performed, we conciude 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. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees' report for the financial year for which the financial statements are. prepared is consistent with the financial statements. • the Trustees' report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our oplnion: • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of Trustees' remuneration specified by low are not made; or we have not recelved all the information and explanations we require for our audit; or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report. Page 8
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Independent Auditors' Report to the Members of Mid Staffordshire Postgraduate Medical Centre (Education) (continued) Responsibilities of trustees As explained more fully in the trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company iaw) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the choritable company's abilly to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. - Auditors' responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detalled below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and nor-compliance with laws and regulations, wos as follows: • the senior statutory auditor ensured that the engagement team collectively had the appropriate competence. capabllifles and skills to identify or recognise non-compllance with applicable laws and regulations; • we identified the laws and regulations applicable to the charitable company through discussions with trustees and other management, and from our commercial knowledge and experience of the sector; • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the financal reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legisiation; • we assessed the extent of compliance with the lows and regulations identified above through making enquiries of management and inspecting legal correspondence; and • Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. Page 9
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Independent Auditors' Report to the Members of Mid Staffordshire Postgraduate Medical Centre (Education) (continued) We assessed the susceptibility of the charitoble company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and • considering the internal controis in place to mitiqate risks of fraud and non-compliance with laws and requlations. To address the risk of fraud through manogement bias and override of controls, we: • performed analytical procedures to identify any unusual or unexpected relatlonships: • tested journal entries to identify unusual transactions; • assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and • investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which Included, but were not limited to: agreeing financiol statement disclosures to underlying supporting documentation; • reading the minutes of meetings of those charged with governance: • enquiring of management as to actual and potential litigation and claims; and • reviewing correspondence with HMRC, relevant regulators and the charitable company's legal advisors. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compllance with a law or regulation is removed from the events and transactions reflected in the financia statements, as we will be less likely to become aware of instances of non-compliance. The rlsk is also greater regarding irregularities occurring due to fraud rather than error, as fraud Involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilties. This description forms part of our auditors' report. • Page 10
• Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Independent Auditors' Report to the Members of Mid Staffordshire Postgraduate Medica! Centre (Education) (continued) Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitoble company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by low, we do not accept or assume responsibility to anyone other than the charitable company and Its members, as a body, for our audit work, for this report, or for the opinions we have formed. sitatas Jonathan Dudley (Senior statutory auditor) for and on behalf of Dains Audit Limited Statutory Auditor Chartered Accountants Suite 2, Albion House 2 Etrurig Office Village Forge Lane Etrurla Stoke on Trent ST1 5RQ 3 November 2025 Page 11
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guárantee) Statement of financial activities (incorporating income and expenditure account) for the year ended 31 March 2025 Income from: Charitable activities Total income Expenditure on: Charitable activities Total expenditure Net expenditure Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward Note 3 4 11 Unrestricted funds 2025 102,760 102,760 127,762 127,762 (25,002) (22,157) (47,159) 219;727 (47,159) 172,568 Restricted funds 2025 € 3,600 3,600 101,122 101,122 (97,522) 22,157 (75,365) 411,311 (75,365) 335,946 The Statement of. Financial Activities includes ail gains and losses recognised in the year. The notes on pages 16 to 30 form part of these financiol statements. Total funds 2025 106,360 106,360 228,884 228,884 (122,524) (122,524) 631,038 (122,524) 508,514 Total funds 2024 103,059 103,059 272,718 272,718 (169,659) (169,659) 800,697 (169,659) 631,038 Page 12
Mid Staffordshire Postgraduate Medical Centre (Education) Balance sheet As at 31 March 2025 Fixed assets Intangible assets Tangible assets Note 7 8 Current assets Debtors Cash at bank and in hand Total Current Assets Creditors: amounts falling due within one year Net current assets Total assets less current liobilities Total net assets. Charity funds Restricted funds Unrestricted funds Total funds 9 10 25,251 90,642 115,893 (9,016) 11. 11 2025 8,352 393,285 401,637 106,877 508,514 508,514 335,946 172,56B 508,514 18,387 73,187 91,574 (7,300) 2024 11,484 535,280 546,764 84,274 631,038 631,038 411,311 219.727 631,038 Page 13
• Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Registered number: 02891836 Balance sheet (continued) As at 31 March 2025 The Trustees acknowledge their responsibillies for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entitles subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Dr MG Poulson Trustee Date: 3 November 2025 The notes on pages 16 to 30 form part of these financial statements. Page 14
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Statement of cash flows for the year ended 31 March 2025 Cash flows from operating activities Net cash from operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 16 to 30 form part of these financial statements 2025 29,765 (12,310). (12,310) 17,455 73,187 90,642 2024 11,415 (94,524) (94,524) (83,109) 156,296. 73,187 Page 15
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 1. Accounting policies 1.1 Basis of preparation of financial statements The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with the accuunling pulicies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to chartes preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest E. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated 1.2 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. 1.3 Going concern The financial statements have been prepared on a going concern basis The trustees assess whether the use of going concern is appropriate ie. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the obility of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. 1.4 Income All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, It is probable that a transfer of economic benefits will he required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a bosis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Page 16
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 1. Accounting policies (continued) 1.5 Expenditure (continued) Support costs are those costs incurred directly in support of the expenditure on the objects of the company and include project management corried out at Headquarters. Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities. 1.6 Intangible assets and amortisation Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses: Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life. Amortisation is provided on the following basis: Computer softwarc - 20% Straight line 1.7 Tangible fixed assets and depreciation Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less ther estlmated residual value, over their expected useful lives on the following bases: Long-term leasehold property - Over the life of the lease Office equipment - 20% straight line A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying volue of fixed assets and their recoverable amounts are recognised as impairments. Impalment losses are recognised in the Statement of financial activities incorporating income and expenditure account. 1.8 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 pald or payable by the bank. 1.9 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. Page 17
Mid Staffordshire Postgroduate Medical Centre (Education) (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 1. Accounting policies (continued) 1.10 Cash at bank and in hand Cash at bank and 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. 1.11 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 anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost. 1.12 Financial instruments The company only has financial assets and financial liabilties 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. 1.13 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used In accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Page 18
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 2. 3. Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and ore based on historical experierice and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. There are no estimates or judgements that management would like to bring to the readers attention. Income from charitable activities Unrestricted funds 2025 Restricted funds 2025 € Grant funding Meetings income Course fee income. Other income Simulation bookings 87,172 15,280 308 - 102,760 - 3,600 3,600 Total funds 2025 € 87,172 15,280 308 3,600 106,360 Page 19 •
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 3. Income from charitable activities (continued) Grant funding Meetings income Course fee income Other income Simulation bookings Unrestricted funds 2024 € - 85,191 8,500 368 94,059 4. Analysis of expenditure on charitable activities Unrestricted funds 2025 Educational activities 127,762 Educationai activities Unrestricted funds 2024 € 122,102 Restricted funds 2024 € 5,400 - 3,600 9,000 Restricted funds 2025 101,122 Restricted funds 2024 150,616 Total funds 2024 € 5,400 85,191 8,500 368 3,600 103,059 Total 2025 228,884 Total 2024 272,718 Page 20
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 5. Analysis of expenditure by activities Activities undertaken directly 2025 Support costs 2025 Educational activities 7,695 221,189 Activitles undertaken directly Support costs 2024 2024 Educational activities 5,472 267,246 Analysis of direct costs Total funds 2025 Catering Course materials 2,608 5,087 7,695 Total funds 2025 228,884 Total funds 2024 272,718 Total funds 2024 2,583 2,889 5,472 Page 21
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 5. Analyșis of expenditure by activities (continued) Analysis of support costs • Depreciation and amortisation Salary recharges Management fees Auditors remuneration Equipment maintenance Building maintenance Insurance Other costs Disposal of fixed assets 6. Net income/(expenditure) This is stated after charging: Depreciation of tangible fixed assets - owned by the charity Amortisation of intangible fixed assets - owned by the charity Loss on disposal of assets During the year, no Trustees received any remuneration (2024 - ENII) During the year, no Trustees received any beriefits in kird (2024 - ENI) During the year, no Trustees received any relmbursement of expenses (2024 - ENIl) Total funds 2025 157,437 13,680 7,410 15,495 2,084 21,040 4,045 221,189 2025 154,305 3,132 - 157,437 Total funds 2024 179,567 504 13,680 6,210 7,662 36,782 16,659 4,767 1,415 267,246 2024 € 176,433 3,132 1,415 180,980 Page 22
Mid Staffordshire Postgraduate Medical Centre (Education) ( company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 7. Intangible assets Computer software cost- At 1 April 2024' At 31 March 2025 15,660 15,660 Amortisation At 1 Aprll 2024 Charge for the year •At 31 March 2025 4,176 3,132 7,308 Net book value At 31 March 2025 At 31 March 2024 8,352 11,484 Page 23
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 Tangible fixed assets • Long-term leasehold property € Cost or valuation At 1 April 2024 Additions At 31 March 2025 42,127 42,127 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 14.102 2,531 16,633 Net book value At 31 March 2025 At 31 March 2024 25,494 28,025 Office equipment 1,030,600 12,310 1,042,910 523,345 151,774 675,119 367,7917 507,255 Total € 1,072,727 12,310 1,085,037 537,447 154,305 691,752 393,285 535,280 Page 24
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 9. Debtors • Trade debtors Prepayments and accrued Income 2025 10,362 14,889 25,251 10. Creditors: Amounts falling due within one year Accruals and deferred income 2025 9,016 2024 7,982 10,405 18,387 2024 7,300 Page 25
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Notes to the financal statements for the year ended 31 March 2025 11. Statement of funds Statement of funds - current year Balance at 1 April 2024 Income Expenditure Unrestricted funds General Funds Restricted funds GP VTS restricted fund Innovation and development funds SIM development funds Training and development fund Imaging academy 219,727 102,760 (127,762) 18,726 22.922 42,256 62,727 264,680 411,311 3,600 : 3,600 (2,608) (11.511) (11,576) (7,872) (67,555) (101,122) Total of funds 631,038 106,360 (22B,884) Transfers Balance at 31 In/but March 2025 (22,157) 172,568 - 5,504 14,698 1,955 - 22,957 16,118 16,915 48,978 56,810 197,125 335,946 508,514 Page 26
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Notes to the finoncial statements for the year ended 31 March 2025 11. Statement of funds (continued) Statement of funds - prior year Balance at 1 April 2023 Unrestricted funds Designated funds Designated Funds General funds General Funds 504 Total Unrestricted funds 247,266 247,770 Restricted funds GP VTS restricted fund Innovation and development funds SIM development funds Training and development fund Imaging academy 21,309 34,433 98,101 72,249 326,835 552,927 Total of funds 800,697 Income Expenditure (504) 94,059 94,059 (121,598) (122,102) 3,600 5,400 9,000 (2,583) (11,511) (59,445) (9,522) (67,555) (150,616) 103,059 (272,718) Balance at 31 March 2024 219,727 219,727 18,726 22,922 42,256 62,727 264,680 411,311 . 635.038 Page 27
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Votes to the financial statement or the year ended 31 March 202 11. Statement of funds (continued) Details of funds: The trustees had previously designated funds for the undergraduate medical school development. General funds are unrestricted funds for use in pursuance of the charity's objectives. The balance on the GP VTS scheme is to be used for the running costs of the scheme. Innovation and development funds are to provide a new Wi-Fi system/technology for doctors and delegates accessing the Postgraduate Centre. SIM development funds have been received, from Health Education England in order to develop a Simulation Training Unit/Patient Safety Centre in the RAB Thomas Lecture Theatre. Training and development funds support training for staff. Imaging academy - HEE funding was secured to support development of a Midlands imaging Academy, delivering training to the School of Radiology, Post graduate Radiography, Medical Physics, and Radiology 12. Analysis of net assets between funds Analysis of net assets between funds - current year , Tangible fixed assets Intangible fixed assets Current assets Creditors due within one year Total Unrestricted funds 2025 151,064 3,456 27,064 (9,016) 172,568 Restricted funds 2025 242,221 4,896 88,829 335,946 Total funds 2025 393,285 8,352 115,893 (9,016) 508,514 Page 28
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 12. Analysis of net ossets between funds (continued) Analysis of net assets between funds - prior year Tangible fixed assets Intangible fixed assets Current assets Creditors due within one year • Total Unrestricted funds 2024 209,952 17,075 (7,300) 219,727 Restricted funds 2024 € 325,328 11,484 74,499 411,317 Reconciliation of net movement in funds to net cash flow from operating activities 2025 Net expenditure for the year (os per Statement of Financial Activities) Adjustments for: Depreciation charges Amortisation charges Loss on the sale of fixed assets Increase in debtors Increase/(decrease) in creditors Net cash provided by operating activities (122,524) 154,305 3,132 - (6,864) 1,716 29,765 Total funds 2024 535,280 11,484 91,574 (7,300) 631,038 2024 (169,659) 176,433 3,132 1,415 (340) 434 11,415 Page 29 :
Mid Staffordshire Postgraduate Medical Centre (Education) (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 14. Analysis of cash and cash equivalents Cash In hand Total cash and cash equivalents 2025 90,642 90,642 2024 73,187 73,187 15. Analysis of changes in net debt Cash at bank and in hand At 1 April 2024 73,187 73,187 Cash flows 17,455 17,455 At 31 March 2025 90,642 90,642 16. 17. Related party transactions The charity is related by way of common trustees to Mid-Staffordshire Medical Education Centre, whose principal activity is that of fundraising in relation to the developrient of medical education facilities in Mid Staffordshire. The charity occupies a building owned by the related charity rent free. The charity paid the audit fee of £875 (2024 - £850) including VAT on behaif of the related charity during the year. The charity registered office of the related charity is County Hospital, Weston Road, Stafford, ST16 3SA None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity. Controlling party The charity is controlled by the trustees who are also the directors. Page 30