2025-03-31-accounts - James Paget University Hospitals Charitable Fund

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Annual Report & Financial Statements Year Ending March 2025

Registered Charity 1050406

Contents Page
Trustees’ Report	3
Thank you to our supporters	3
Reference and Administrative Details of the Charity, its Trustees and Advisors	5
Structure, Governance and Management	6
Public Benefit	7
Charity review and Performance	9
Financial Review	11
Plans for Future Periods	13
Foreword to the Accounts	15
Statement of Trustees’ Responsibilities	15
Independent Auditor’s Report	16
Statement of Financial Activities	19
Balance Sheet	20
Statement of Cash Flows	21
Accounting Policies	22
Notes to the Accounts	25

Thank you

We are delighted to present the Annual Report for the James Paget University Hospital Charity, highlighting our achievements over the past year. We exist for every patient and every colleague. Through the generosity of our supporters, we ensure that James Paget University Hospital can reach further and aim higher to support the entire hospital community in Great Yarmouth, Lowestoft, Waveney, and beyond.

This year has been a milestone for the James Paget University Hospital Charity. Through the generosity and dedication of our donors, staff and volunteers, we celebrated the delivery of the hospital’s new robotic-assisted surgical system in November 2024, a transformational achievement that demonstrates what we can accomplish together.

In 2024–25 we also strengthened our focus on patient choice, staff wellbeing, and community fundraising, ensuring that every donation made a tangible difference to the care and experience of patients and colleagues alike.

Our work continues to be guided by the Strategic Implementation Plan 2023–26, ensuring transparency, accountability and alignment with the hospital’s long-term vision.

We extend our heartfelt thanks to every supporter who has helped us reach further and aim higher for our patients and our staff.

For over forty years the James Paget University Hospital has supported the local community and thanks to generous donations from the public and local businesses we have been able to raise much-needed funds to support the hospital’s vital work.

The hospital receives Government funding for healthcare but there is always more that we can do. Your donations mean that we can help more people, save more lives, develop new treatments, build state-of-the-art facilities and support our incredible patients and their families.

Below is a selection of the events and fundraisers which are only possible thanks to the wonderful people who have supported us this year:

In March, The Lowestoft Lions continued their generous support for our hospital by making two further donations – one to our Maternity team and the other to our Intensive Care Unit. The Lions keep in touch with our Charity and regularly provide support to projects that require funding. The Lions donated £200 for birth boxes for our maternity team and £100 to our ICU to allow them to purchase some rehabilitation equipment for patients.

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We’d like to thank John Maddock and everyone at Gorleston Golf Club after a £1,100 donation to our Sandra Chapman Centre in February. John regularly organises a charity golf day competition at the local Club to win the Maddock Tankard. This was established by John’s late father Dan and mother Gillian, and John continues the tradition, with proceeds going to the Sandra Chapman Centre, who looked after both of his parents.
Also in February, we said a big thank you to the Great Yarmouth Road Runners, who have raised over £1400 for our Acute Cardiac Unit (ACU). Fifteen members of the running club locked away their razors for a month to grow their beards and moustaches for a sponsored ‘Movember’ event to raise money for the ACU, after club vice chair Gary Pillar received care on the unit following a heart attack.
In January, the Turnstone Pub Quiz in Hopton donated £729.60 to our hospital. Phil Ball and Chris Godbold, the organisers, hold the quiz weekly and in December, have a special Christmas quiz. Money is raised each week through a raffle, and at the Christmas quiz, all entry fees are also donated. A huge thank you to the quiz masters’ and regular quizzers who support the events and donate to our hospital charity.
More than 200 people turned out at Great Yarmouth Town Hall on Friday, October 18 to celebrate the Remarkable People award as winners across 17 award categories were crowned - after they'd been selected from more than 800 nominations from patients and staff at the hospital. This was made possible by a wide range of corporate and individual sponsors who kindly support this event.

Reference and Administrative Details of the Charity, its Trustees and Advisors

Charity Name and Registration Number

The James Paget University Hospitals Charitable Fund is registered with the Charity Commission as Charity number 1050406.

The Charity can be contacted in the following ways; By post

The James Paget Hospital Charity James Paget University Hospitals NHS Foundation Trust Lowestoft Road Gorleston Norfolk NR31 6LA

Telephone 01493 453559 E-mail Charity@jpaget.nhs.uk Website https://www.jpaget-Charity.org.uk/

Charity Contact

Georgina Carr- Director of Charity 01493 453348 georgina.carr@jpaget.nhs.uk

Trustees

The James Paget University Hospitals NHS Foundation Trust is the corporate Trustee. The following individuals were directors of the Trust during the year ended 31 March 2025 and to the date the accounts were approved;

In accordance with the Charity’s declaration of Trust, members of the NHS Foundation Trust’s Board of Directors acted as ex-officio Trustees of the Charitable Fund.

Mr JG Barber	Deputy Chief Executive
Professor P Baker	Non-Executive Director from December 2025
Mr J Bowman	Non-Executive Director from December 2025
Mr VV Chitre	Chief Medical Officer until December 2025
Ms J Churchill	Non Executive Director from December 2025
Ms R Cocker	Group Chief Nurse from December 2025
Mrs S Collier	Non Executive Director
Ms C Dillaway	Chief Operating Officer from May 2024
Professor Lesley Dwyer	Group Chief Executive from April 2025
Mr MD Flynn	Director of Strategic Projects
Mr M Friend	Chair until October 2025
Mrs SJ Goldie	Director of People and Culture
Mr S Gordon	Interim Managing Director until December 2025
Ms N Gray	Non Executive Director from December 2025
Mr JJ Hennessey	Non Executive Director until December 2025
Mr W Van’t Hoff	Non Executive Director from December 2025
Mr S Javes	Non Executive Director
Mr NS Kee	Chief Operating Officer until April 2024
Professor SM Lindqvist	Non Executive Director until December 2025
Mr PC Morris	Chief Nurse until April 2025
Professor CJ Notley	Non Executive Director
Mr E Prosser-Snelling	Group Digital Director from 2025
Mr David Roberts	Interim Group Chair from October 2025

Miss J Segasby

Chief Executive until April 2025 (Group Chief Delivery Officer from April 2025)

Mr R Sherwin Mr EW Taylor Mr Marcus Thorman Mr I Walker Dr SJ Whiteman

Group Chief Medical Officer from December 2025 Chief Finance Officer Chief Finance Officer from May 2025 Interim Group Director of Governance from December 2025 Non Executive Director until December 2025

Principal Office

The accounting records and day-to-day administration of the Charitable Funds are dealt with by the James Paget University Hospitals NHS Foundation Trust at Lowestoft Road, Gorleston, Norfolk, NR31 6LA.

Principal Advisers

 Banker National Westminster Bank PLC 11 Market Place Great Yarmouth Norfolk, NR30 1LY

 Investment Advisor Investec Wealth & Investment Limited 2 Gresham Street London, EC2V 7QP

 Auditor Whitings LLP, Chartered Accountants, Greenwood House, Greenwood Court, Skyliner Way, Bury St. Edmunds, Suffolk, IP32 7GY

• Solicitor Capsticks LLP Toronto Square, Toronto Street, Leeds, LS1 2HJ

Charity Structure, Governance and Management arrangements

The Charitable Fund is governed by Trust Deed. The Charity is responsible for administering and managing the following special purpose Charities:

James Paget University Hospitals General Fund.

Under the provisions of the Charities Amendment Act 1995, the Charity Commission has directed that all charitable funds, including the main Charity, form one Charity for the purposes of accounting and registration only.

In accordance with the Charity’s declaration of Trust, members of the NHS Foundation Trust’s Board of Directors act as ex-officio Trustees of the Charitable Funds. The Executive and Non-Executive members of the James Paget University Hospitals NHS Foundation Trust’s Board of Directors are appointed through the normal recruitment, training and induction process for those positions.

The Trustees, through the Charitable Fund’s Management Board are responsible for controlling expenditure and also for investment policy and decisions. In all decision making, consideration is given to the Charity Commission’s general guidance on public benefit ‘Charities and Public Benefit’ and independence.

The James Paget University Hospitals NHS Foundation Trust acts as sole corporate Trustee to the James Paget University Hospitals Charitable Fund, and as such is a related party.

The major risks, to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks.

The Charity is a member of the Fundraising Regulator.

Further details are available here:

https://www.fundraisingregulator.org.uk/directory/james-paget-university-hospitals-charitable-fund

Charity purpose

The James Paget University Hospital Charity raises money to enhance people’s experience at the James Paget University Hospital.

Vision, Mission and Values

Vision: To enhance everyone’s experience at the James Paget University Hospital.

Mission: We exist for every patient and every colleague. Through the generosity of our supporters, we ensure that the James Paget University Hospital can reach further and aim higher to support the entire hospital community.

Values: We care for our patients, each other and ourselves through these behaviours;

Courtesy and respect
Attentively kind and helpful
Responsive communication
Effective and professional

Public Benefit

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set up.

Our priorities reflect the purposes that the Charity was set up to further.

Charity Structure

Charity Fund Managment Board (CFMB) Responsible for the legal running of the charity, including holding the Charity Director accountable a Director of Charity Responsible for day to day decisions (operational), and for making these decisions alongside other key senior managers as appropriate (Executive Managing Director, Head of Financial and Commercial Accounting, Head of Communications etc). Accountable to the CFMB Charity Team Charity Manager Charity Administrator a The Charity Team is supported by an Endowment supervisor (full time) and the Head of Financial and Commercial Accounting, who dedicates 5% of his time to the Charity. These roles are managed under the Hospital’s Finance structure.

Objects and Governing Documents

The Charitable Funds are used to meet the objects of the original donations or bequests, so far as is reasonably practicable in accordance with the Charity’s governing documents.

Where there are no specific objects, the funds are used by the Charity for such purposes relating to services provided by them under the National Health Service Act 2006 by enhancing and improving the care, well-being and safety of patients, staff and carers within the James Paget University Hospitals NHS Foundation Trust by applying Charitable Funds in ways in which the NHS budget could not be applied.

Where separate restricted funds have been established these funds’ objectives are determined by the donor’s wishes or the original fundraising proposals.

The Charity carries out these objectives by:

Adhering to a grants policy that promotes equitable access to charity funds and supports staff in making applications to enhance patient and staff experience across the Hospital.
Encouraging the use of larger sums, for longer-term projects in research, trials or equipment purchase that would be outside of the work generally carried out by the James Paget University Hospitals NHS Foundation Trust.

Supporting short term revenue costs in specific areas, such as fixed term posts and other costs, where this cannot be justified through the James Paget University Hospitals NHS Foundation Trust budget.
Contributing to certain training and development costs for staff.

Charitable Fund Objects

James Paget University Hospitals General Fund

Governing document :

Declaration of Trust dated 1 April 1996 and statutory instrument of 31 August 1997, and supplemental deeds of 24 November 1998 and 16 January 2007.

Objects: Funds vested in the James Paget University Hospitals General Fund are unrestricted and as such are used for any charitable purpose or purposes relating to the National Health Service wholly or mainly for the James Paget University Hospital.

Aims:

The primary aim for the coming year will be:

To continue to deliver the charity strategy, updated in 2025, that will increase awareness and support of the charity throughout the local community.

Grant Making Policy

The Charity’s grant making policy is that grants must be used for any charitable purpose or purposes relating to the National Health Service. Grants awarded from charitable funds shall be conditional upon:

the item being within the terms of Charitable Grants Policy;
being approved by the fund manager or appropriate signatory level for the Grant amount;
confirmation being obtained that sufficient funds are available; and
confirmation that the expenditure is for, or has a clear link to, patient benefit.

Charity review and performance

The Charity is now three years into a new strategy, with a mission to reach further and aim higher to support the Hospital. This will build on the successes of its operations and focus on increasing local recognition and support to further reflect the size of the Hospital as a local employer and the regard it is held within as an NHS provider.

The Strategy is as follows;

An honest and transparent fundraising model - every donor understands what their gift will be spent on, when it will be spent and the difference this will make.

An assurance framework - which gives the Hospital community the information needed to ensure we are fundraising efficiently and effectively in line with regulatory practice.

Agreed fundraising targets that plan for the future – which align with the Hospital’s objectives and strategic direction. These should be supported by robust grant giving and reserve policies.

Increased awareness and understanding - evidenced through staff and public knowledge of the charity’s vision and mission

By April 2025, we had achieved the following progress;

Create an honest and transparent fundraising model:

Used annual report content to evidence impact and encourage unrestricted giving.

• Identified funding priorities at the start of the year to direct donations to the right benefit.

Create an assurance framework:

• Used the Charity Assurance Document, Risk Register and Fundraising Preference Service data to review effectiveness.

• Communicated established policies (Grants, Fundraising, Reserves) across the Trust to ensure compliant activity and expenditure.

Establish agreed fundraising targets that plan for the future:

‑ • Maintained longer term fundraising goals aligned with Trust objectives, including equipment and innovation funds.

‑ • Used fundraising plans and legacy forecasting to inform cash flow and reserves monitoring.

Create increased awareness and understanding:

• Supported divisional Charity Champions and shared impact updates Trust ‑ wide.

Reported on successful charitable fund applications and celebrated outcomes.

Charity risks and the Trustees response

The major risks, to which the Charity is exposed, as identified by the Trustees, have been reviewed regularly and systems have been established to mitigate those risks. The Trustees review the risks via a framework quarterly.

The Charity has been compliant with fundraising standards. The Charity is committed to following the Code of Fundraising Practice and is a member of the Fundraising Regulator.

Complaints are dealt with through the Trust’s policy and procedures and can also be reported to the Fundraising Regulator. There we no complaints in this financial year.

Financial Review

Income

The Charity’s income is from five different sources: donations (£211k), legacies (£1,011k), investment income (£79k) and fundraising activities (£20k). Total income during the year ended 31 March 2025 was £1,321k, a £40k increase on income received in the year ended 31 March 2024.

Donations have remained at a similar level year on year, however remain at a lower levels and there will be a focus on increasing donated income over the coming periods. Events and Charity led fundraising income has stayed stable, but income levels remain relatively small in line with the strategy (£20k in 24/25 compared to £21k in 23/24).

The Charity has not received any grants or bursaries from outside of the United Kingdom and the Charity does not actively raise funds outside of the United Kingdom. The Trustees note that although the public remain generous towards NHS Charities, the cost-of-living crisis could continue to adversely affect charitable income. The Trustees continue to monitor further developments on both the economy and the cost-of-living crisis, and further commentary on the impact on the Charity’s investment portfolio is included under investment performance.

Expenditure

Including governance and running costs, the Charity spent £2,055k during the year on Charitable activities (2024/25 £565k), representing a £1,490k increase, reflecting the commitment to purchase the surgical robot.

Other grants were made to support the Hospital’s services and purchase additional equipment to enhance patient experience.

Here are some key highlights of how the Grants were used;

Two Paxman scalp cooling machines were purchased for the Sandra Chapman Centre, costing £42,619, to prevent hair loss due to chemotherapy sessions
Six RITA devices were purchased, costing £31,160, to support Dementia patients, which contain games and nostalgia items to support care
Lone worker devices for staff, costing £8,632, to support staff when they attend home visits
The Improvewell App for Maternity, costing £16,200, was purchased to improve staff engagement and management

Net income/expenditure

Net expenditure before gains or losses on investments for 2024/25 was £(734)k, compared to net income of £716k in 2023/24. The drivers for the net change between years were stable levels of income between the periods, increased contributions to capital including the surgical robot commitment.

Net gain/ (loss) on revaluation and disposal of investment assets

In accordance with UK accounting standards, fixed asset investments have been adjusted to reflect the current market value of investments held as at 31 March 2025.

During the year ended 31 March 2025 the Charitable Fund’s investment asset values have shown an increase of £87k to a balance of £2,729k, although this will reduce during 2025/26 due to sales of investments and drawing back cash to support the purchase of the surgical robot. A £33k gain on

investment movements and revaluation was recognised within the statement of financial activities for the period (2023/24 £128k gain).

Investment Policy

The assets of a Charity must be invested in accordance with the Trustee Act 2000. Therefore the above objectives are to be achieved by investing prudently in a broad range of fixed interest securities and equities, which are quoted on a Recognised Investment Exchange and Unit Trusts and OEICs (open ended investment company), which are authorised under the Financial Services Land Markets Act 2000.

Investment Performance

Total Fund Balances

The Charity is reporting a net decrease in funds of £(701,000) for the year ended 31 March 2025 (31 March 2024 £844,000 increase). This leaves total fund balances of £2,580,000 compared with £3,281,000 at 31 March 2024.

Investments are exposed to the risks of stock market fluctuations; performance will be dependent upon future economic conditions and both upward and downward swings in investment valuations could occur. For this reason, it is the Charity’s policy to hold some unrealised investment revaluations in a separate fund, which is not made available to spend until it is realised.

Of the total fund balance £633,000 is held as restricted funds at 31 March 2025 (31 March 2024 £852,000) further details are available in note 16.1 of the financial statements.

Reserves Policy

The Trustees’ reserves policy is to expend unrestricted reserves (excluding unrealised investment gains/losses) within a reasonable period in furtherance of the charitable objects. Under normal circumstances, a period of one year is considered to be reasonable; therefore, the Charity would be expected to hold reserves approximately equal to average annual unrestricted income.

As at 31 March 2025 the reserves held were £1,841k reflecting a reduction of £398k against reserves held of £2,239k for the period ended 31 March 2024. This movement is in line with the plan and moves the Charity closer to it reserves policy.

A reserves policy has been created which recommends minimum and maximum reserve amounts the charity should hold. The Charitable Funds Management adopted this policy in the 22/23 year.

Plans for Future Periods

The charity agreed has outlined the following outcomes for 25/26;

Outcome 1 – Transparent Fundraising

Clearly communicate how donations support quality improvement, digital transformation, and innovation in patient care.
Use the annual report as a donor engagement tool.
Encourage unrestricted donations by showing how flexible funding enables impact.

Outcome 2 – Assurance Framework

Integrate with hospital digital and governance strategies.
Ensure transparency and compliance with regulatory bodies.
Review impact annually using assurance and effectiveness metrics.

Outcome 3 – Strategic Fundraising Targets

Prioritize funding aligned with Clinical Strategy themes including the New Hospital Programme.
Support future-ready initiatives like the Surgical Robot and digital health.
Forecast and monitor long-term fundraising income and reserves.

Outcome 4 – Awareness and Understanding

Raise awareness of the charity’s impact on health equity, staff wellbeing, and patient experience.
Report on successful fund applications and celebrate charitable outcomes.
Establish divisional Charity Champions to extend visibility.

Outcome 5 – Support Integrated and Community Care

Invest in equipment and services that help patients recover at home.
Support initiatives that reduce hospital admissions and length of stay.
Fund community-based diagnostic and therapeutic access.

Outcome 6 – Enable Digital and Workforce Transformation

Fund tools that enable virtual care and remote monitoring.
Support training and innovation in new workforce models.
Contribute to a tech-enabled future hospital environment.

Outcome 7 – Improve Health Equity and Patient Experience

Target funding to initiatives addressing frailty, obesity, dementia and other local health inequalities.
Support personalized, inclusive, and culturally competent models of care.
Expand access through one-stop clinics and digital outreach.

A Big Thank You

The Trustees of the James Paget University Hospitals Charitable Fund wish to express their thanks to the many generous donations from members of the public, without which the Charity would be unable to support the James Paget University Hospitals NHS Foundation Trust so effectively in enhancing the services and facilities available to its patients and visitors.

Approved on behalf of the Corporate Trustee:

Date: 28 January 2026

Chair of Corporate Trustee

Foreword to the Accounts

These accounts for the year ended 31 March 2025 have been prepared by the Trustees in accordance with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Trust Deed and the requirements of the Statement of Recommended Practice 2019: Accounting and Reporting by Charities.

Statement of Trustees’ responsibilities in respect of the Trustees’ annual report and the financial statements

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP 2019 (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

True and Fair override

The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view". This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Signed on behalf of the Trustees:

Signed: Date: 28 January 2026

Chair of Corporate Trustee

Independent Auditor’s Report to the Corporate Trustee of James Paget University Hospitals Charitable Fund

Opinion

We have audited the financial statements of James Paget University Hospitals Charitable Fund (the ‘charity’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including 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:

give a true and fair view of the state of the charity’s affairs 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 accordance with the requirements of the Charities Act 2011.

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 responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 trustee’s 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 charity'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 Corporate Trustee with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustee's annual report, other than the financial statements and our auditor’s report thereon. The Corporate Trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the information given in the Corporate Trustee’s report is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.

Responsibilities of the Corporate Trustee

As explained more fully in the Corporate Trustee’s responsibilities statement, the Corporate Trustee is 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 Corporate Trustee determines 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 Corporate Trustee is responsible for assessing the charity’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 Corporate Trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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:

Enquiry of management about any known or suspected instances of non-compliance with laws and regulations, and fraud;
Enquiry of management around actual and potential litigation and claims;

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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and evaluating the rationale of any significant transactions outside the course of normal operations.

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 compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk 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 is available on the FRC's website at: https://www.frc.org.uk/auditorsresponsibilities.This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s Corporate Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Corporate Trustee those matters we are required to state to them in an auditor’s 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 charity and the charity’s Corporate Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Whitings LLP Statutory Auditor Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY

Date:

Whitings LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

James Paget University Hospitals Charitable Fund Statement of Financial Activities for the year ended 31 March 2025

Unrestricted Funds Note £ 000	Unrestricted Funds Note £ 000	Restricted Funds £ 000	Total Unrestricted 2025 Funds £ 000 £ 000	Total Unrestricted 2025 Funds £ 000 £ 000	Restricted Funds £ 000	Total 2024 £ 000
Income and Endowments from: Donations and Legacies 1 Income from fundraising Investment income 2 Total income Expenditure Raising funds 3, 4 Charitable activities 7, 8 Total expenditure Net (losses)/gains on investment assets Transfers between funds Net movement in funds 11 Reconciliation of funds Total funds brought forward Total funds carried forward Net (expenditure)/income before (losses)/gains on investments	772 11 79 862 (25) (1,356) (1,381) (519) 33 4 (482) 2,429 1,947	450 9 - 459 (10) (664) (674) (215) - (4) (219) 852 633	1,222 20 79 1,321 (35) (2,020) (2,055) (734) 33 - (701) 3,281 2,580	363 8 75 446 (24) (412) (436) 10 128 206 344 2,085 2,429	822 13 - 835 (9) (120) (129) 706 - (206) 500 352 852	1,185 21 75
						1,281
						(33) (532)
						(565)
						716
						128 -
						844
						2,437
						3,281

The notes on pages 22 to 29 form part of these financial statements

James Paget University Hospitals Charitable Fund Balance Sheet at 31 March 2025

Balance Sheet at 31 March 2025
Unrestricted Funds Note £ 000	Restricted Funds £ 000	As at 31st March Unrestricted 2025 Funds £ 000 £ 000		Restricted Funds £ 000	As at 31st March 2024 £ 000
Fixed assets Investments 12, 13 1,958 Total fixed assets 1,958 Current assets Debtors 14 630 Cash at bank and in hand 387 Total current assets 1,017 Creditors Amounts falling due within one year 15 (1,028) Net current assets/(liabilities) (11) Total assets less current liabilities 1,947 Total net assets 1,947 Funds of the Charity Restricted income funds 16, 17 - Unrestricted income funds 16, 18 1,841 Unrestricted revaluation 106 Total funds 1,947	771 771 323 250 573 (711) (138) 633 633 633 - - 633	2,729 2,729 953 637 1,590 (1,739) (149) 2,580 2,580 633 1,841 106 2,580	2,642 2,642 96 66 162 (375) (213) 2,429 2,429 - 2,239 190 2,429	- - 734 216 950 (98) 852 852 852 852 - - 852	2,642
					2,642
					830 282
					1,112
					(473)
					639

					3,281

					3,281
					852 2,239 190
					3,281

The notes on pages 22 to 29 form part of these financial statements

Approved on behalf of the Corporate Trustee on 28 January 2026, and signed on its behalf by

Trustee

David Roberts, Chair James Paget University Hospitals NHS Foundation Trust

James Paget University Hospitals Charitable Fund Statement of Cash Flows for the year ended 31 March 2025

Note	Unrestricted Funds £ 000	Restricted Funds £ 000	Total Funds 31st March 2025 £ 000	Unrestricted Funds £ 000	Restricted Funds £ 000	Total Funds 31st March 2024 £ 000
Net cash used in operating activities 20 Cash flows from investing activities: Dividends, Interest and rents from Investments Proceeds from sale of Investments Purchase of investments Proceeds from sale of investments Decrease / (Increase) in cash held for Investment Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	(474) 79 1,175 (481) 22 795 321 66 387	805 - - - (771) (771) 34 216 250	331 79 1,175 (481) (749) 24 355 282 637	(45) 75 1,647 (1,704) 7 25 (20) 86 66	(218) - - - - - (218) 434 216
						(263)
						75 1,647 (1,704) 7
						25
						(238) 520
						282

Th The notes on pages 22 to 29 form part of these financial statements

Accounting policies Year ended 31 March 2025

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the registered office is James Paget University Hospitals NHS Foundation Trust at Lowestoft Road, Gorleston, Norfolk, NR31 6LA.The principal activities of the charity are detailed within the Trustees report.

2. Accounting convention

The financial statements have been prepared under the historic cost convention, with the exception of investments which are included at fair value.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a “true and fair” view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a “true and fair view”. This departure has involved following the 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) issued in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

3. Income

All income is recognised once the Charity has entitlement to the resources, it is probable (more likely than not) that the resources will be received and the monetary value of income can be measured with sufficient reliability.

Where there are terms or conditions attached to income, particularly grants, then these terms or conditions must be met before the income is recognised as the entitlement condition will not be satisfied until that point. Where terms or conditions have not been met or uncertainty exists as to whether they can be met then the relevant income is not recognised in the year but deferred and shown on the balance sheet as deferred income.

4. Income from legacies

Legacies are accounted for as income either upon receipt or where the receipt of the legacy is probable. Receipt is probable when:

Confirmation has been received from the representatives of the estate(s) that probate has been granted
• The executors have established that there are sufficient assets in the estate to pay the legacy and
All conditions attached to the legacy have been fulfilled or are within the Charity’s control.
If there is uncertainty as to the amount of the legacy and it cannot be reliably estimated then the legacy is shown as a contingent asset until all of the conditions for income recognition are met.

5. Expenditure

The accounts are prepared in accordance with the accruals concept. All expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party.

a) Cost of generating funds

The costs of generating funds are the costs associated with generating income for the funds held on trust. The cost of generating funds includes investment management costs. The General Fund will include minor fundraising activities such as fetes and raffles.

b) Charitable activities

Charitable activities include grant payments, made to third parties (including NHS bodies) in furtherance of the funds to relieve those who are sick. They are accounted for on an accruals basis where the conditions for their payment have been met or where a third party has reasonable expectation that they will receive the grant. This includes a large number of grants paid to NHS bodies, the actual number of which is not monitored for reasons of practicality. These costs also include support costs such as administration, where both staff time and the resources used in maintaining the Trust funds are recharged from the James Paget University Hospitals NHS Foundation Trust.

c) Governance costs

These are accounted for on an accruals basis and relate to the general running of the Charity as opposed to the direct management functions inherent in generating funds and grant making activities.

The support costs included in b) above are apportioned to different Charitable activities based on the value of expenditure incurred during the year, as analysed in note 5 to the accounts. All expenditure is inclusive of irrecoverable VAT.

6. Structure of funds

Where there is a legal restriction on the purpose to which a fund may be put, the fund is classified in the accounts as a restricted fund. All of the assets of restricted funds are held in a form appropriate to the terms of the restrictions.

7. Fixed asset investments

Fixed asset investments are shown at market value.

a) Quoted stocks and shares are included in the balance sheet at mid-market price, as quoted on the relevant stock exchange.

b) Other investment fixed assets are included at Trustees’ best estimate of market value.

c) Fixed interest investment assets are included net of any accrued income due.

8. Recognition of gains and losses

All gains and losses, both realised and unrealised, are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and carrying value (opening market value or, if purchased during the year, purchase cost). Unrealised gains and losses are calculated as the difference between market value at the year end and carrying value (opening market value or, if purchased during the year, purchase cost).

9. Going concern

The trustees consider that the James Paget University Hospitals Charitable Fund’s has sufficient reserves and sufficient ability to generate voluntary income into the future to ensure its ability to continue as a going concern. The trustees do not consider there to be any other material uncertainties impacting the Charity’s ability to continue as a going concern.

Notes to the Accounts for the year ended 31 March 2025

1 Analysis of donations and legacies Donations Legacies 2 Analysis of gross income from investments Investments listed on Stock Exchange Investment assets in the UK Investment assets outside the UK 3 Costs of generating voluntary income Fund raising costs 4 Investment management costs Management fee Patients Staff welfare and welfare and amenities amenities 2025 2025 5 Support costs £ 000 £ 000 Finance and administration bought-in from NHS 6 3 6 3	Capital contributions 2025 £ 000 150 150	Unrestricted Funds £ 000 144 628 772 Unrestricted Funds £ 000 10 Unrestricted funds £ 000 15 15 Revenue equipment & consumables 2025 £ 000 36 36	Restricted Funds £ 000 67 383 450 Restricted Funds £ 000 6 Restricted funds £ 000 4 4 Staff costs and training 2025 £ 000 51 51	Total 2025 £ 000 211 1,011 1,222 Total 2025 £ 000 52 27 79 Total 2025 £ 000 16 Total 2025 £ 000 19 19 Total 2025 £ 000 246 246	Total 2024 £ 000 215 970
					1,185
					Total 2024 £ 000 60 15
					75
					Total 2024 £ 000 9
					Total 2024 £ 000 24
					24
					Total 2024 £ 000 216
					216

Support costs are allocated on the same basis as expenditure incurred on grant funded activty.

Notes to the Accounts for the year ended 31 March 2025

6 Grants made to institutions

All grants are made to the James Paget University Hospitals NHS Foundation Trust and the corporate Trustee operates a scheme of delegation, through which all grant funded activity is managed by fund gatekeepers responsible for the day to day disbursements, in accordance with the objectives of the Charitable funds and the James Paget University Hospitals NHS Foundation Trust standing orders and financial instructions. The Charity does not make grants to individuals. The grants received by the beneficiaries for each category of Charitable activity is disclosed in note 7.

7 Charitable Activities Patients welfare and amenities Staff welfare and amenities Contribution to NHS: Capital contributions Revenue equipment and consumables Staff costs and training 8 Governance costs Audit fee Legal Fee	Unrestricted grant funded activity 2025 £ 000 28 16 696 169 237 1,146 Note 9	Restricted grant funded activity 2025 £ 000 (47) - 613 47 - 613	Unrestricted Support costs 2025 £ 000 11 3 103 32 51 200 Unrestricted funds 2025 £ 000 10 - 10	Restricted Support costs 2025 £ 000 (5) - 47 4 - 46 Restricted funds 2025 £ 000 5 - 5	Total funds 2025 £ 000 (13) 19 1,459 252 288 2,005 Total funds 2025 £ 000 15 - 15	Total funds 2024 £ 000 124 104 10 84 197
						519
						Total funds 2024 £ 000 13 -
						13

9 Auditors Remuneration

The auditors remuneration of £15,000 (2024 - £13,000) related solely to the audit with no other additional work undertaken (2024 - £nil).

10 Staff costs

The management function including the Charity Director role and the administration function is supplied by the James Paget University Hospitals NHS Foundation Trust and recharged to the Charity. There are therefore no directly employed staff of the Charity.

		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		2025	2025	2025	2024
		£ 000	£ 000	£ 000	£ 000
11	Changes in resources available for
	charity use
	Net movement in funds for the year	(482)	(219)	(701)	844

Notes to the Accounts for the year ended 31 March 2025

12 Analysis of fixed asset investments Opening market value Less: disposals at carrying value Add: acquisitions at cost Increase / (Decrease) in cash held Gross transfer of funds Net gain/(loss) on revaluation Market value at 31 March Note 13 Historic cost at 31 March 13 Market value of fixed asset investments Investment assets in the UK Investment assets outside the UK Cash held as part of the investment portfolio	Unrestricted funds £ 000 2,642 (1,132) 481 749 (771) (11) 1,958 1,796	Restricted funds £ 000 - - - 771 - 771 771	Total 2025 £ 000 2,642 (1,132) 481 749 - (11) 2,729 2,567 Total 2025 £ 000 727 1,175 827 2,729	Total 2024 £ 000 2,464 (1,661) 1,704 (7) - 142
				2,642
				2,374
				Total 2024 £ 000 981 1,583 78
				2,642

There are no Investments in individual entities held at 31 March 2025 which are over 5% of the portfolio by value (2024 None)

14 Analysis of debtors Amounts falling due within one year: Prepayments Accrued income Other debtors 15 Analysis of creditors Amounts falling due within one year: Amounts due to James Paget University Hospitals NHS Foundation Trust Other creditors Accruals	Total 2025 £ 000 5 935 13 953 Total 2025 £ 000 113 5 1,621 1,739	Total 2024 £ 000 4 819 7
		830
		Total 2024 £ 000 220 5 248
		473

Notes to the Accounts for the year ended 31 March 2025

16.1 Analysis of funds Restricted funds Surgical Robot Appeal Barclays Grant NHS Charities Together Surgical Outpatients Other legacy restrictions Total Restricted Funds	Balance 31 March 2024 £ 000 629 (11) - 2 232 852	Income £ 000 76 - - - 383 459	Expenditure Transfers Between Funds £ 000 £ 000 (704) (4) 47 - (3) - - - (14) - (674) (4)	Balance 31 March 2025 £ 000 (3) 36 (3) 2 601
				633

16.2 Outline summary of Unrestricted Fund Movements

General Fund* Sandra Chapman Centre Ward 17 All other Funds < £100,000 Total Unrestricted Funds	Balance 31 March 2024 £ 000 292 830 148 1,159 2,429	Income £ 000 125 72 4 661 862	Expenditure Transfers Between Funds £ 000 £ 000 (188) 100 (696) - (20) - (477) (96) (1,381) 4	Gains and Losses £ 000 33 - - - 33	Balance 31 March 2025 £ 000 362 206 132 1,247
					1,947

The General Fund of the charity includes the General non designated funds of the charity, unallocated income from investments and any unapportioned losses or gains on investments.

17 Description of the nature and purpose of Restricted Funds

NHS Charities Together For the health and wellbeing of Staff and Patients, during the pandemic. Barclays Grant To provide a Health and Wellbeing Hub for staff in a covid secure atmosphere.

Robot Appeal To raise funds to buy a state of the art Surgical Robot for the Hospital Theatres

Surgical Outpatients and Other Legacy Restrictions are created by legacy receipts with restrictions.

18 Description of the nature and purpose of Unrestricted Designated Funds

General Fund

Funds vested in the James Paget University Hospitals General Fund are unrestricted and as such are used for any Charitable purpose or purposes relating to the National Health Service wholly or mainly for the James Paget Hospital.

The balance of the General Fund is sufficient to enable the funds to be applied in accordance with its objects and the wishes of its donors.

19 Contingent assets

The Charitable Fund has no contingent assets in the form of legacies due at 31 March 2025 (2024 None).

Notes to the Accounts for the year ended 31 March 2025

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

Net movement in funds Decrease/(Increase) in debtors (Decrease)/Increase in creditors (Gains) / losses on investments Net cash provided (used) Dividends and interest on investments	Unrestricted Funds £ 000 (482) (33) (79) (534) 654 (474)	Restricted Funds £ 000 (219) - - 411 613 805	Total Funds 31st March 2025 £ 000 (701) (33) (79) (123) 1,267 331	Total Funds 31st March 2024 £ 000 844 (128) (75) (786) (118)
				(263)

21 Trustee and connected person transactions

No remuneration or expenses are paid or payable to Trustees of the Charity. All Trustees are paid solely for the duties performed for the James Paget University Hospitals NHS Foundation Trust as laid down by statute, there are no salary recharges to the Charity for Trustees.

The James Paget University Hospitals NHS Foundation Trust acts as sole corporate trustee to the James Paget University Hospitals Charitable Fund, where members of the NHS Foundation Trust's Board of Directors act as ex-officio Trustees of the Charitable Fund.

22 Related party transactions

The James Paget University Hospitals NHS Foundation Trust acts as sole corporate Trustee to the James Paget University Hospitals Charitable Fund, and as such is both a related party and the ultimate controlling party.

The Charitable Fund has made revenue and capital grant commitments to the James Paget University Hospitals NHS Foundation Trust to the value of £2,007,000 (2024 - £514,000), including £248,000 (2024 - £210,000) for management and administration services. As at 31 March 2025 the Charitable Fund had a creditor balance owing to the NHS Foundation Trust of £113,000 (2024 - £220,000). The Charitable Fund has grant commitments as at 31 March of £1,606,000 (2024 - £235,000)

During the year 7 of the ex-officio Trustees gave donations or fundraising income totalling £257 (2024 - £308) of which £48 related to the restricted surgical robot appeal (2024 - £80). There were no other related party transactions between the ex-officio Trustees or members of the key management staff or parties related to them with the Charitable Fund.

23 Financial instruments

Financial assets measured at fair value through income and expenditure	Total 2025 £ 000 2,729 2,729	Total 2024 £ 000 2,642
		2,642

Financial assets measured at fair value through income and expenditure comprise fixed asset investments

24 Post balance sheet events

The charity purchased a surgical robot for £1,278,000 during May 2025 of which £664,000 was accrued as a creditor at 31 March 2025.