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2024-03-31-accounts

Registered number: 02970800 Charity number: 1041307

ARK MEDICAL TRUST

(A company limited by guarantee)

TRUSTEES' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

ARK MEDICAL TRUST

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 6
Independent auditor's report on the financial statements 7 - 10
Consolidated statement of financial activities 11
Consolidated balance sheet 12 - 13
Company balance sheet 14 - 15
Consolidated statement of cash flows 16
Notes to the financial statements 17 - 35

ARK MEDICAL TRUST

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees

C I O Brookes, Chairman

M Rees

M C D Roberts

D Newman

R G Finlayson

R E Walker

Company registered number

02970800

Charity registered number

1041307

Registered office

Victoria House, 39 Winchester Street, Basingstoke, Hampshire, RG21 1EQ

Principal operating office

Ark Centre, Dinwoodie Drive, Basingstoke, Hampshire, RG24 9NN

Company secretary

R G Finlayson

Independent auditor

Shaw Gibbs (Audit) Limited, Wey Court West, Union Road, Farnham, Surrey, GU9 7PT

Bankers

Lloyds TSB Plc

Solicitors

Lamb Brooks LLP, Basingstoke

Page 1

ARK MEDICAL TRUST

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements of the Company for the year 1 April 2023 to 31 March 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Group and the Company qualify as small under section 383 of the Companies Act 2006, the Group 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 activities

Policies and objectives

The objectives of the Charity continue to be providing and advancing the study and general knowledge of science and medicine, surgery and dentistry which is achieved by the charity's wholly owned subsidiary which operates a conferencing and education facility with particular emphasis in the medical sector. We also offer sponsorship for the use of the ARK Centre by patient and other community groups.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

Review of activities

Throughout the year, the Charity continued its support with providing a secure and uplifting environment for community groups, facilitating their activities without imposing significant financial burdens on their members, by funding room hire at the Ark Conference Centre. This support has been instrumental in enabling various community groups to meet over many years, collaborate, and share experiences. Beneficiaries of our Community Support funding during the year, include Basingstoke Breast Care, Prostate PRISM, Look Good Feeling Better, Gynae Support Group, Focus Group, and the Endometriosis Group.

While the Charity has not actively engaged in fundraising in recent years, we are proud to report our support for the Ark Conference Centre Business. The centre has successfully provided conference and training spaces and celebration dinners to a diverse number of businesses and groups, both from the UK and abroad.

During the year, The Ark provided conferencing and training facilities to the NHS, community groups, charities, pharmaceutical companies, local authorities, building and utility companies. We are pleased to report a significant uplift in business during the year following the impact of covid. Our commitment to growth and ambition has allowed the centre to extend their reach and collaborate with new and familiar businesses and organisations beyond its immediate geographic area. It has been a good year to see companies restore their inperson meetings. Following on from the disruptions brought about by the pandemic, businesses appear to be looking to reconnect with clients and consumers.

The BlueCafeBar has continued to be extremely popular for refreshments, breakfasts and lunches for the families of patients and staff at the North Hampshire Hospital, alongside providing business buffets, lunches and dinners for conference delegates. Celebratory dinners, cream teas and Christmas lunches remained popular once again this year.

Page 2

ARK MEDICAL TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (continued)

We express our gratitude to all those who have supported us, including our dedicated Trustees, Ark Employees and Community Partners. The Charity remains committed to ensuring that individuals and groups have access to a supportive environment for their activities.

Financial review

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.

Reserves policy

It is the policy of the Charity to aim to build its free reserves to a level which equates to approximately a year's unrestricted expenditure for the Group. The trustees consider that this would provide sufficient funds to cover management, administration and support costs and to respond to any emergency needs, which may arise from time to time.

Investments policy

A significant amount of the Charity's funds have been invested in The Ark Conference Centre Limited. The Charity does not currently have any other significant fixed asset investments as resources are short term.

At the balance sheet date unrestricted funds of £3,826,003 (2023: £4,286,254) and restricted funds of £63,571 (2023: £63,483) were held.

Structure, governance and management

Constitution and Governing document

Ark Medical Trust is a Company Limited by Guarantee, not having Share Capital, and is governed by its Memorandum and Articles of Association dated 23rd September 1994. It is registered as a charity with the Charity Commission.

Charity number: 1041307 Company number: 02970800

The Charity currently has no members other than the Trustees each of whom agree to contribute no more than £1 in the event of the Charity winding up.

Page 3

ARK MEDICAL TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management (continued)

Directors and Trustees

The directors of the charitable company ("the Charity") are its Trustees for the purpose of charity law and throughout this report are collectively referred to as "The Board". New Trustees are appointed at the discretion of the existing Trustees. Many of the Trustees have served a period of over 10 years. Due to their knowledge and the expertise they bring to the board we are delighted they have chosen to remain. There has been difficulty attracting new members to take their place.

As set out in the Articles of Association the Chairman of the Trustees is nominated by the Board.

At each Annual General Meeting one third of the members of the Board retire from office. Those members to retire are those who have been longest in office since their last election or appointment. A retiring member of the Board is eligible for re-election.

At the end of the year the Board consisted of four medical directors, an accountant and a lawyer.

Organisational structure

During this period, the Board met on three occasions with the objectives of overseeing the management of The Ark Conference Centre and the Charity. This includes fundraising activities and the management of the community sponsorship programme which normally would enable free use of the Ark Centre by community groups.

Trustee induction and training

New Trustees undergo orientation to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the Charity.

Trustees meet regularly at The Ark Conference Centre and are made aware of changes relating to the running of the Charity.

Risk management

Risk Assessment Record is reviewed annually with detailed discussions taking place of any changes to the perceived exposure to certain areas of risk. The Conflict of Interest Register is also reviewed annually to reflect any changes.

Page 4

ARK MEDICAL TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management (continued)

Plans for future periods

The Board will continue to maintain due diligence and financial prudence. The process of consolidating and improving existing space continues rather than physically expanding the premises. This has been shown with the investment in new technology which will continue to maintain the centre's state of the art status within the conferencing world.

Statement of Trustees' responsibilities

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).

Company law requires the Trustees to prepare financial statements for each financial period. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 5

ARK MEDICAL TRUST (A company limited by guarantee} TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Dlsclosurn of Infomiatlon to audltor Each of the persons who are Trustees at the time when this Trustees. report is approved has confinned that.. so far as that Trustee is aware, there is no relevant audit infom)ation of which the charitable group's auditor is unaKpre, and that Trustee has taken all the steps that ought to have been tsken as a Trustee in order to be aware of any relevant audrt information and to establish that the charitable group's auditor is aware of that infomiation. Audftor The auditor, Shaw Gibbs (Audit) Limited, has indicated their willingness to continue in office. The designated Trustees will propose a motion reappoinkn'ng the audrtor at a meeting of the Trustees. Approved by order of the members of the board of Trustees and syned on their behalf by: (.A C l O Brook88 (Chair of Trustees) Date.. Iz Page 6

ARK MEDICAL TRUST

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARK MEDICAL TRUST

Opinion

We have audited the financial statements of Ark Medical Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a 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 Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 basis for our opinion.

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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent 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

ARK MEDICAL TRUST

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARK MEDICAL TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's 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 knowledge 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 material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude 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:

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 opinion:

Page 8

ARK MEDICAL TRUST

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARK MEDICAL TRUST (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 law) 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 Group's and the parent charitable company's ability 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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 Auditor's 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 detailed below:

We gained an understanding of the legal and regulatory framework applicable to the group and parent charitable company and the industry in which it operates, and considered the risk of acts by the group and parent charitable company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011, the Companies Act 2006 and UK tax legislation.

Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud.

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/auditorsresponsibilities. This description forms part of our Auditor's report.

Page 9

ARK MEDICAL TRUST (A company limited by guarnntee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARK MEDICAL TRUST (CONTINUED) Use of our report This report is made solely to the charitable companrfs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. and to the charitable Companls trustees. as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the chartiable companls members those matters we are required to state to them in an Auditorfs report and for no other purpose. To the fullest extent permitted by law, 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. lvl . G,2tra,￿. Mark Dickinson FCA (Senior statutory auditor) for and on behalf of Shaw Gibbs (Audit) Limited statutory Auditor Wey Court West Union Road Farnham Surrey GU9 7PT Date: Page 10

ARK MEDICAL TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
Income from:
Other trading activities
3
Investments
4
Other income
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
863,625
16,983
-
880,608
1,340,551
312
1,340,863
(460,255)
4,286,254
(460,255)
3,825,999		 Restricted
funds
2024
£
-
88
-
88
-
-
-
88
63,483
88
63,571		 Total
funds
2024
£
863,625
17,071
-
880,696
1,340,551
312
1,340,863
(460,167)
4,349,737
(460,167)
3,889,570		 Total
funds
2023
£
1,220,204
360
25,693
1,246,257
1,229,687
312
1,229,999
16,258
4,333,479
16,258
4,349,737

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 17 to 35 form part of these financial statements.

Page 11

ARK MEDICAL TRUST

(A company limited by guarantee) REGISTERED NUMBER: 02970800

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
12
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 8,535
55,046
641,054
704,635
(79,605)		 2024
£
3,264,540
625,030
3,889,570
63,571
3,825,999
3,889,570		 13,427
56,979
1,025,741
1,096,147
(76,490)		 2023
£
3,330,080
1,019,657
4,349,737
63,483
4,286,254
4,349,737

Page 12

ARK MEDICAL TRUST (A company limited by guardntae) REGISTERED NUMBER: 02970800 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The Trustees acknowledge their responsibilities for cOMp￿.ng with the requirements of the Act wrth respect to accounting records and p￿Paration of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entrties subject to the small companies regime. The financial statements were approved and aLrtI￿riSed for issue by Trustees and signed on their behalf by.. C l 0 Brookes {Chair of Trustees) C D Roberts (Twstee) Date.. The notes on pages 17 to 35 fomi part of these financial statements. Page 13

ARK MEDICAL TRUST

(A company limited by guarantee) REGISTERED NUMBER: 02970800

COMPANY BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 29,240
75,803
105,043
(1,080)		 2024
£
12,870
3,772,737
3,785,607
103,963
3,889,570
63,571
3,825,999
3,889,570		 37,640
75,356
112,996
(30)		 2023
£
12,870
4,223,901
4,236,771
112,966
4,349,737
63,483
4,286,254
4,349,737

The Company's net movement in funds for the year was £ (460,167) (2023 - £16,257) .

Page 14

ARK MEDICAL TRUST (A company limited by guarantee) REGISTERED NUMBER: 02970800 COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The Trustees acknowledge their responsibilities 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 wrth the provision8 appluble to entits'es subject to the small companies regime. The financial statements were approved and authorised for issue by the Twstees and signed on their behalf by.. C l O Brookes (Chair of Trustees) MCD obert3 (Trustee) Date.. The notes on pages 17 to 35 form part of these financial statements. Page 15

ARK MEDICAL TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Interest receivable
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 17 to 35 form part of these financial statements		 2024
£
(371,542)
(88)
(13,057)
(13,145)
-
(384,687)
1,025,741
641,054		 2023
£
19,794
(360)
(43,743)
(44,103)
-
(24,309)
1,050,050
1,025,741

Page 16

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. General information

Ark Medical Trust, is a private 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.

The Company is incorporated in England & Wales and its registered office address is Victoria House, 39 Winchester Street, Basingstoke, Hampshire, RG21 1EQ.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Ark Medical Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 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.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Turnover comprises revenue recognised by the subsidiary company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Page 17

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.3 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 be 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 basis 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.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

2.4 Government grants

Grants are accounted under the accruals model as permitted by FRS 102.

Grants of a revenue nature are recognised in the Statement of Financial Activities in the same period as the related expenditure.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

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. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Artwork is not depreciated.

Page 18

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.6 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

2.7 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

At each reporting date, stocks are assessed for impairment. The impairment loss is recognised immediately in profit or loss.

2.8 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.

2.9 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.

2.10 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 Consolidated statement of financial activities as a finance cost.

2.11 Financial instruments

The Group only has financial assets and financial liabilities 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.

2.12 Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight-line basis over the lease term.

Page 19

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.13 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.14 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 Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group 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.

Investment income, gains and losses are allocated to the appropriate fund.

3. Trading income

Trading income
Total 2023		 Unrestricted
funds
2024
£
863,625
1,220,204		 Total
funds
2024
£
863,625
1,220,204		 Total
funds
2023
£
1,220,204

Page 20

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

4. Investment income

Interest receivable - restricted
Interest receivable - unrestricted
Total 2023		 Unrestricted
funds
2024
£
-
16,983
16,983
-		 Restricted
funds
2024
£
88
-
88
360		 Total
funds
2024
£
88
16,983
17,071
360		 Total
funds
2023
£
360
-
360
5.
Other incoming resources
Government grants receivable
Total 2023
6.
Expenditure on raising funds
Costs of raising voluntary income
Costs of raising funds
Total 2023		 Unrestricted
funds
2024
£
-
25,693
Unrestricted
funds
2024
£
1,779
900		 Total
funds
2024
£
-
25,693
Total
funds
2024
£
1,779
900		 Total
funds
2023
£
25,693
Total
funds
2023
£
900

Page 21

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6. Expenditure on raising funds (continued)

Fundraising trading expenses

Cost of sales and administrative expenses
Depreciation
Total 2023		 Unrestricted
funds
2024
£
1,259,889
78,883
1,338,772
1,228,787		 Total
funds
2024
£
1,259,889
78,883
1,338,772
1,228,787		 Total
funds
2023
£
1,139,107
89,680
1,228,787

7. Analysis of expenditure on charitable activities

Summary by fund type

General fund
Total 2023		 Unrestricted
funds
2024
£
312
312		 Total
2024
£
312
312		 Total
2023
£
312

Page 22

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. Analysis of expenditure by activities

General fund
Total 2023		 Support
costs
2024
£
312
312		 Total
funds
2024
£
312
312		 Total
funds
2023
£
312

9. Auditor's remuneration

2024 2023
£ £
Fees payable to the Company's auditor for the audit of the Company's
annual accounts 7,075 5,120
Fees payable to the Company's auditor in respect of:
Audit of the subsidiary annual accounts 7,275 6,575
All non-audit services not included above 1,350 485

The total fees payable to the Company's auditor was £15,700 (2023: £12,180).

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 Group
2024
£
401,957
33,593
7,855
443,405		 Group
2023
£
352,688
33,889
6,723
393,300

Page 23

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Staff costs (continued)

The average number of persons employed by the Group during the year was as follows:

Group Group
2024 2023
No. No.
Employees 17 14

The number of Group employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2024 2023
No. No.
In the band £80,001 - £90,000 1 1
The Company had 0 employees (2023 - 0).

Page 24

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .

12. Tangible fixed assets

Group

Cost or valuation
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Long-term
leasehold
property
£
4,403,885
-
-
4,403,885
1,248,782
38,935
-
1,287,717
3,116,168
3,155,103		 Plant,
machinery &
fixtures
£
1,540,137
13,057
(22,328)
1,530,866
1,365,160
39,661
(22,327)
1,382,494
148,372
174,977		 Total
£
5,944,022
13,057
(22,328)
5,934,751
2,613,942
78,596
(22,327)
2,670,211
3,264,540
3,330,080

Page 25

ARK MEDICAL TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12.
Tangible fixed assets (continued)
Company
Cost or valuation
At 1 April 2023
At 31 March 2024
Depreciation
At 1 April 2023
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Fixtures,
fittings &
equipment
£
13,350
13,350
480
480
12,870
12,870

£12,870 of the assets are artwork and so are not depreciated in accordance with the Company's accounting policy.

Page 26

ARK MEDICAL TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. Fixed asset investments

Group

The Group has no fixed asset investments.

Company
Cost or valuation
At 1 April 2023
At 31 March 2024
Impairment
At 1 April 2023
Impairment
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Investments
in
subsidiary
company
£
5,733,969
5,733,969
1,510,068
451,164
1,961,232
3,772,737
4,223,901

The fixed asset investment cost relates to net capital contributions made to The Ark Conference Centre Limited.

Page 27

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. Fixed asset investments (continued)

Principal subsidiaries

The following was a subsidiary undertaking of the Company:

Name Company Registered office or principal Principal activity number place of business The Ark Conference Centre 03683701 Dinwoodie Drive, Basingstoke, Provision of a facility Limited Hampshire, RG24 9NN for conferencing and training in the field of medicine Class of Holding Included in shares consolidation Ordinary 100% Yes

Provision of a facility for conferencing and training in the field of medicine

The financial results of the subsidiary for the year were:

Name Income Expenditure Profit for Net assets
£ £ the year £
£
The Ark Conference Centre Limited 887,608 (1,338,770) (451,162) 3,772,742
14. Stocks
Group Group
2024 2023
£ £
Finished goods and goods for resale 8,535 13,427

Page 28

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Group
2024
£
30,033
568
24,445
55,046		 Group
2023
£
23,262
2,512
31,205
56,979		 Company
2024
£
-
-
29,240
29,240		 Company
2023
£
-
-
37,640
37,640

16. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals		 Group
2024
£
26,652
9,690
1,630
41,633
79,605		 Group
2023
£
24,170
8,291
1,308
42,721
76,490		 Company
2024
£
-
-
-
1,080
1,080		 Company
2023
£
-
-
-
30
30

Page 29

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17.
Statement of funds
Statement of funds - current year
Unrestricted funds
Reserves
Restricted funds
Training fund
Total of funds		 Balance at 1
April 2023
£
4,286,254
63,483
4,349,737		 Income
£
880,608
88
880,696		 Expenditure
£
(1,340,863)
-
(1,340,863)		 Balance at
31 March
2024
£
3,825,999
63,571
3,889,570

Page 30

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Reserves
Restricted funds
Training fund
Total of funds		 Balance at
1 April 2022
£
4,270,356
63,123
4,333,479		 Income
£
1,245,897
360
1,246,257		 Expenditure
£
(1,229,999)
-
(1,229,999)		 Balance at
31 March
2023
£
4,286,254
63,483
4,349,737

18. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at 1
April 2023
£
4,286,254
63,483
4,349,737		 Income
£
880,608
88
880,696		 Expenditure
£
(1,340,863)
-
(1,340,863)		 Balance at
31 March
2024
£
3,825,999
63,571
3,889,570

Page 31

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. Summary of funds (continued)

Summary of funds - prior year

General funds
Restricted funds		 Balance at
1 April 2022
£
4,270,356
63,123
4,333,479		 Income
£
1,245,897
360
1,246,257		 Expenditure
£
(1,229,999)
-
(1,229,999)		 Balance at
31 March
2023
£
4,286,254
63,483
4,349,737

Training fund - An anonymous donation was given to the Trust, from an ex-patient of one of the Trustees to be used for the advancement of education.

Basingstoke Breast Cancer self-help group - A grant was made by Tesco Bags of Help to support the meetings of this group.

Page 32

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

19. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Total
Analysis of net assets between funds - prior period
Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
3,264,540
641,064
(79,605)
3,825,999
Unrestricted
funds
2023
£
3,330,080
1,032,664
(76,490)
4,286,254		 Restricted
funds
2024
£
-
63,571
-
63,571
Restricted
funds
2023
£
-
63,483
-
63,483		 Total
funds
2024
£
3,264,540
704,635
(79,605)
3,889,570
Total
funds
2023
£
3,330,080
1,096,147
(76,490)
4,349,737

20. Free reserves

Free reserves are the amount of funds that the Charity holds at the end of the reporting period after making allowance for any restricted funds, designated funds and the carrying amount of fixed assets held.

Total reserves
Restricted reserves
Designated reserves
Net book value of fixed assets		 2024
£
3,889,570
(63,571)
-
(3,264,540)
561,459		 2023
£
4,349,737
(63,483)
-
(3,330,080)
956,174

Page 33

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the period (as per Statement
Activities)
Adjustments for:
Depreciation charges
Interest receivable
Loss on disposal of fixed assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
22.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
23.
Analysis of changes in net debt
Cash at bank and in hand		 of Financial
At 1 April
2023
£
1,025,741
1,025,741		 Group
2024
£
(460,167)
78,596
88
-
4,892
1,933
3,112
(371,546)
Group
2024
£
641,054
641,054
Cash flows
£
(384,687)
(384,687)		 Group
2023
£
16,258
89,668
360
799
(2,907)
(23,414)
(60,970)
19,794
Group
2023
£
1,025,741
1,025,741
At 31 March
2024
£
641,054
641,054

Page 34

ARK MEDICAL TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

24. Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £7,492 (2023 - £6,723). Contributions totalling £1,629 (2023 - £1,306) were payable to the fund at the reporting date.

25. Operating lease commitments

At 31 March 2024 the Group had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2024
£
4,696
746
5,442		 Group
2023
£
11,108
3,701
14,809

The Company had no commitments under non-cancellable operating leases.

26. Related party transactions

During the year the Company incurred room hire charges on behalf of other organisations of £8,400 (2023: £5,400) from its subsidiary, The Ark Conference Centre Limited. At the year end the Company had prepaid for room hire totalling £29,239 (2023: £37,640).

Page 35